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DEEP RESEARCH · SUKGYUNG AT

Sukgyung AT: Where Nano Materials Meet the Energy Transition

A review centered on the Gimje third plant, solid-state battery materials, and 5G/6G, TIM, and SMR expansion.

Date: 2025-12-27 · Advanced materials/solid-state battery lens · Naver Blog source and references

Investment decisions are your own responsibility. This material is research and is not a buy or sell recommendation.

0. Bottom line first

Sukgyung AT is moving from a niche leader in dental fillers and cosmetic pigments toward a nano-materials platform targeting solid-state batteries, communications, heat dissipation, and SMR materials. Q3 2025 profitability suggests this transition is being built on real cash generation, not only a theme.

Sukgyung AT nano-materials growth strategy image

1. Fundamentals visible in the numbers

Official fact: The source reports Q3 2025 revenue of about KRW 4.126bn, up 13.8% year over year. Cumulative Q3 2025 revenue was KRW 15.0bn, up 52%, and cumulative operating profit was KRW 5.5bn, up 247%.

ItemSource figureReading
Q3 revenueAbout KRW 4.126bnUp 13.8% year over year
Cumulative revenueKRW 15.0bnUp 52% year over year
Cumulative operating profitKRW 5.5bnUp 247% year over year
Cumulative OPMAbout 37%Evidence of pricing power in nano materials

Interpretation: This level of margin despite higher R&D expense points to both product-mix improvement and profitable magnetic-material processing orders. The Yeongam second-plant fire should be separated as a one-off factor.

2. Gimje third plant: relieving the CAPA bottleneck

The Gimje third plant reads as more than expansion. It is a dedicated base for strategic next-generation materials. The source lists solid electrolytes, hollow silica, thermal materials, and spherical glass as key production targets.

SSB

Solid electrolyte

A production line for borate-based solid electrolytes.

6G

Hollow silica

A low-k material for 5G/6G and semiconductor substrates.

Thermal

TIM filler

MgO and alumina-based inorganic fillers for EV and electronics heat control.

Dental

Spherical glass

A next-generation dental-material product line.

3. Solid-state batteries: the borate path

Solid-state battery material is the central re-rating driver. The source says sulfide electrolytes have high ionic conductivity but react with moisture to generate hydrogen sulfide, requiring expensive dry-room infrastructure.

Interpretation: Sukgyung AT's borate-based electrolyte is an alternative path emphasizing safety, process convenience, and economics. The key is whether the company's claimed conductivity improvement turns into customer evaluation success and mass-production approval.

Solid electrolyte competitionProcess cost and safety matter alongside performance
Sulfidehigh conductivity, moisture sensitivity
Boratesafety and economics path
PatentsKorea registered, U.S./Japan filed
Mass productioncustomer approval needed
Patents and clean-room investment improve credibility before commercialization.

4. Portfolio expansion

  • Hollow silica: a low-dielectric and low-loss material for reducing signal loss in 5G/6G mmWave bands.
  • TIM thermal filler: MgO and Al2O3-based materials for EV battery and AI semiconductor heat issues.
  • SMR shielding: the source presents high-purity MgO shielding material replacing BeO as hidden value, with potential demand of about 300 tons per reactor if reflected in SMR designs around 2027.

5. Conclusion

My conclusion is that 2026 will determine whether Sukgyung AT truly steps up. The source presents forecasts of revenue above KRW 30.0bn in 2026 and about KRW 60.0bn in 2027, with operating profit rising from KRW 6.4bn in 2025 to KRW 11.0bn in 2026 and KRW 25.0bn in 2027. To validate that path, I would track Gimje utilization, solid-state material approval, and hollow-silica/TIM customer test results.

Sources

Naver original