[Click e-Stock] "Samyang Comtech Benefits from Exclusive Supply of K2 Special Armor and Expansion into Aerospace Defense"

On the 26th, independent research firm GL Research analyzed that Samyang Comtech is entering a full-fledged phase of growth into a comprehensive defense company, benefiting from its position as the exclusive supplier of special armor linked to the expansion of K2 tank exports, combined with its entry into the aerospace defense sector.

Samyang Comtech is a defense specialist that provides protection solutions based on its technology for manufacturing bulletproof ceramic materials and special armor. It has secured major domestic system integrators such as Hyundai Rotem as clients and, in particular, participates as a key supplier in the field of special armor for export-type K2 tanks.

To respond to orders for K2GF and K2PL tanks bound for Poland, the company is expanding its third Gumi plant and has also secured additional land in preparation for further export growth. The increase in production capacity is expected to serve as a foundation for mid- to long-term revenue growth.

Following the outbreak of the Russia-Ukraine war, European countries have strengthened their stance on enhancing defense capabilities, and exports of K2 tanks have entered a full-fledged phase. Since it began developing and mass-producing special armor for K2 tanks in 2009, the company has maintained cooperative relationships with system integrators, and since 2023 it has been supplying special armor for K2 tanks exported to Poland.

Based on its technological capability to independently produce non-oxide bulletproof ceramics (SiC) and oxide ceramics (Al₂O₃ series), the company provides high-strength and lightweight solutions applicable to medium and heavy armored platforms. As export volumes of the K2 increase, the sales proportion of special armor remains at a high level, and if additional contract negotiations continue, there is potential for accompanying growth.

The expansion of the ground defense business is also extending into the aerospace defense sector. The company is developing and supplying seats, interior bulletproof components, and fuel tanks for the Light Armed Helicopter (LAH) for the Korean military, and is expanding its protection technologies accumulated in ground platforms into the aviation field. The aerospace segment signifies not just simple revenue diversification but an expansion into a total defense solutions company that covers both ground and air. In the future, in line with the trend of increasing exports of domestic aviation platforms such as the FA-50, demand for protection components is also likely to gradually increase.

Park Changyoon, a researcher at GL Research, analyzed, "Samyang Comtech is a key beneficiary that has secured exclusive supplier status for special armor in the phase of expanding K2 exports," adding, "With production capacity expansion and entry into the aerospace defense sector progressing simultaneously, the company is building a foundation for growth into a comprehensive defense contractor that encompasses both ground and air domains."