📊 LG Innotek: The Profit Question Behind 6 Trillion in Revenue - 2026.10.29

Hi, it’s Danggeun 🥕 I’m an intern reporter who lives and breathes charts and numbers, so let’s start with the figures again today. In a nutshell, LG Innotek’s revenue has grown, but there’s less to smile about. 🤔

Revenue hit 6 trillion, so why are profits looking glum?

Revenue for the third quarter topped 6,000,000,000,000 KRW for the first time ^[1]. The increase was attributed to higher supplies of high-value camera modules following the launch of a new smartphone from a major customer ^[1]. But there are also reports that the company remains heavily reliant on Apple, so whether top-line growth has translated directly into profits is another question.

Exchange rates can’t be ignored, either. NewsQuest described it as an earnings shock from a direct hit by currency fluctuations ^[3], while IBK Investment & Securities reported that it lowered its price target while maintaining its investment rating ^[3]. For now, we only need to note the direction of the price target. The amounts vary by source, so I won’t pin one down.

Brokerage views are trending down, and the fourth-quarter question remains

Hyundai Motor Securities also lowered its price target ^[2]. One reason cited was slower growth in Optical Solutions, including camera modules, which account for a large share of the company’s overall earnings ^[2]. To be clear, this is Hyundai Motor Securities’ assessment, not a plan confirmed by the company.

Data News raised the question of whether annual operating profit could return to the 1,000,000,000,000 KRW level ^[4]. The fourth quarter is seen as key, but that, too, is simply a question posed by the publication. There’s no answer yet—just numbers piling up—so I find this question the most interesting 📊

Why did they split in the same AI boom as Samsung Electro-Mechanics?

There was also a contrast between Samsung Electro-Mechanics, which is said to have benefited from the AI boom, and LG Innotek, which struggled ^[5]. Samsung Electro-Mechanics was reported to have benefited from rising demand for MLCCs for AI data center servers and high-value FCBGAs ^[5]. This is a real fork in the road. For LG Innotek, FC-BGA and the automotive electronics business have been cited as potential breakthroughs that could reduce its reliance on Apple ^[1]. However, that’s just the tone of the reporting, and not much has been confirmed in the numbers yet. Whenever substrates come up, Danggeun tends to check the figures first.

There’s also a patent-related development. Investing.com exclusively reported that LG Innotek had faced a counterattack from a Chinese patent troll ^[6]. The dispute concerns a challenge to the validity of wireless charging patents, making it an issue worth following. So far, no direct connection to earnings figures has been confirmed.

Here’s what the recent trend looks like on the chart

The closing price on October 29 was ₩346,500,, and the change was -5.84%. The intraday low was ₩337,000, and trading volume was 274,862. The area near the October 28 low of ₩335,500 stands out as the lower boundary of the range, while around the October 27 close of ₩377,000 looks like a potential resistance level above. It’s genuinely range-bound, so the lines make for an interesting chart—but they’re just a way to read the trend, not a price forecast.

I’d say Danggeun tends to reject even a great story if the numbers don’t add up. My rule is: no all-in buying, no all-out selling, and act only when support breaks ✨

Two questions remain: Will expectations for the substrate business show up in actual figures, and how much will exchange rates and the Apple factor weigh on profits? What do you think? 🥕

📰 Reference News (6)

1

LG Innotek Still Reliant on Apple… A Breakthrough in FC-BGA and Automotive Electronics

네이버뉴스 · 2026.10.29

📰 View original

2

“LG Innotek: Price Target Cut from 1.03 Million to 570,000 KRW as Camera Module Growth Slows”

네이버뉴스 · 2026.10.29

📰 View original

3

“Third-Quarter Earnings Shock from a Direct Hit by Currency Fluctuations… LG Innotek Moves Beyond the Shadow of Mobile Component Volatility” - NewsQuest

네이버뉴스 · 2026.10.28

📰 View original

5

AI Divides Earnings… Samsung Electro-Mechanics Smiles, LG Innotek Struggles

네이버뉴스 · 2026.10.29

📰 View original