Hana Securities analyzed on the 17th that Toprun Total Solutions is expected to continue its growth due to the overseas contract signing in the institutional sector and ongoing demand for LCDs in the display institutional sector. However, it did not provide an investment opinion or target stock price. The closing price of Toprun Total Solutions on the previous trading day was 10,120 won.
Toprun Total Solutions' institutional sector has primarily supplied backlight units (BLUs) for vehicle displays to domestic clients until now. Research Institute Kim Seong-ho noted, "Toprun Total Solutions has signed a BLU supply contract worth 46.5 billion won with the German automotive parts company Continental, and is expected to generate annual revenue of over 10 billion won for the next four years," stating that "the institutional sector is expected to continue to serve as a cash cow in the future."
Research Institute Kim projected that it would take some time for Toprun Total Solutions to transition to organic light-emitting diodes (OLEDs) in the display institutional sector. He stated, "The penetration rate of OLEDs in global vehicle displays is expected to reach around 10% by 2025, so the demand for LCDs is expected to continue for the time being," adding that "the demand for BLUs used in LCD panels is also expected to be maintained."
Research Institute Kim estimated Toprun Total Solutions' revenue and operating profit for 2025 to be 553.1 billion won and 26 billion won, respectively. He noted, "Thanks to the acquisition of compensation equipment company AP Solutions last November, it is expected that the diversification of the OLED portfolio will enable the expansion of the value chain within the display industry," adding that "if the results of the contracts for the institutional sector business targeting overseas clients are reflected and the OLED business is fully initiated, additional revenue growth will be possible."