SL CORPORATION - Company Intelligence Brief

1. Business Overview

SL Corporation (KOSPI: 005850) is a Korean industrial company in its 57th year of operation. Based on the available DART filing data, the company reports consolidated financial statements indicating it operates through multiple subsidiaries or business segments. The filing indicates total assets of KRW 3.7 trillion as of December 2024, suggesting substantial operational scale.

[TRANSLATION NOTE] The specific business activities, product lines, and segment details are not included in the provided numerical DART data. The Korean-language business description sections would be required to provide precise detail on what SL Corporation manufactures or what services it provides.

2. Financial Trend

SL Corporation demonstrates consistent growth momentum:

• Revenue trajectory: Sales increased from KRW 4.17 trillion (FY2022) to KRW 4.84 trillion (FY2023) to KRW 4.97 trillion (FY2024), representing 2.8% year-over-year growth in the most recent period.

• Profitability improvement: Operating profit rose from KRW 198 billion (FY2022) to KRW 386 billion (FY2023) to KRW 395 billion (FY2024). Operating margin improved from 4.7% (FY2022) to 8.0% (FY2023), stabilizing at 7.9% (FY2024). Net income reached KRW 382 billion in FY2024, up 9.4% from KRW 349 billion in FY2023.

• Balance sheet strength: Total debt (KRW 1.30 trillion) represents just 35% of total assets (KRW 3.70 trillion). Retained earnings surged from KRW 1.47 trillion to KRW 1.78 trillion year-over-year, indicating strong earnings retention. Equity expanded to KRW 2.40 trillion, representing a healthy 65% equity-to-assets ratio.

3. Ownership Structure

[TRANSLATION NOTE] The provided DART filing data contains only financial statement line items. Ownership structure, including controlling shareholder identity, stake percentages, and foreign ownership levels, would be found in separate disclosure sections (주식등의소유현황 or 최대주주등의현황) not included in this dataset. This information cannot be accurately reported without access to those specific filing sections.

4. Key Risks

1. Margin compression vulnerability: Despite healthy absolute profit growth, the operating margin remained flat between FY2023 (8.0%) and FY2024 (7.9%), while revenue grew only 2.8%. This suggests potential pricing pressure or rising input costs that could compress profitability if revenue growth slows.

2. Working capital expansion: Current assets increased KRW 275 billion year-over-year while current liabilities grew only KRW 26 billion, suggesting potential inventory build-up or receivables collection challenges that could pressure cash conversion cycles.

5. Investment Consideration

SL Corporation presents a financially stable, moderately growing industrial company with improving profitability and conservative leverage, though investors require clarity on business segment composition and ownership structure to fully assess strategic positioning and governance quality.