Aetom Accelerates Growth of Key Subsidiary Cheonghan Electronics...Reassessment Expected on AI MLCC and Semiconductor Momentum

Following an expansion in orders for its core flat transformer business, KOSDAQ-listed Aetom is also seeing growth from its subsidiary Cheonghan Electronics, raising expectations for a potential corporate value reassessment. Cheonghan Electronics is expanding its business around multilayer ceramic capacitors (MLCC) for artificial intelligence (AI) servers and memory semiconductor distribution as new growth pillars.

According to the financial investment industry on September 3, Aetom's high-efficiency flat transformer business is broadening its applications to electric vehicles and AI data centers. The subsidiary, Cheonghan Electronics, is also strengthening its MLCC and memory semiconductor business, thereby expanding the foundation for performance growth.

Cheonghan Electronics distributes and supplies passive components such as MLCCs, electromagnetic compatibility (EMC) parts, and resistors from domestic and international manufacturers. As investments in AI data centers increase, server power consumption and power density are also rising, leading to growing demand for high-capacity, high-specification MLCCs. Multiple MLCCs are used in AI accelerators and high-performance power supply units to ensure stable power delivery.

Based on its existing client network built through its passive component business, Cheonghan Electronics is expanding into the market for components used in high-performance information technology (IT) devices such as AI servers and data centers.

The company is also fostering memory semiconductor distribution as a new growth engine. Recently, it signed official distributor agreements with Chinese and Taiwanese memory semiconductor firms, expanding its product line. The strategy is to increase revenue through cross-selling—supplying memory semiconductors together with passive components to existing customers.

Cheonghan Electronics’ annual revenue is expected to rise from 3.2 billion won in 2026 to 4.5 billion won in 2027 and 5.3 billion won in 2028. The growth rate from 2026 to 2028 is projected to be about 65.6%.

Growth in the memory semiconductor business is expected to be especially pronounced. Memory semiconductor sales are forecast to increase from 800 million won in 2026 to 1.3 billion won in 2027, and 1.8 billion won in 2028. This represents a 125% growth rate over two years. The proportion of memory semiconductors in total sales is also anticipated to rise from 25% in 2026 to approximately 34% in 2028.

Synergy between Aetom’s core business and Cheonghan Electronics' operations is also anticipated. Aetom is expanding into the electric vehicle electronic components market based on its flat transformer technology and, more recently, is working with Seongho Electronics to enter the global power supply (SMPS·CRPS) market for AI data centers.

Industry analysts believe that combining Aetom's flat transformers essential for AI data center power infrastructure with Cheonghan Electronics' MLCC and memory semiconductor supply chain can enable broader customer reach and business diversification.

An industry official stated, "Power supply devices for AI data centers utilize a variety of power-related components, including high-efficiency transformers and high-specification MLCCs. Attention should be paid to the potential for business expansion by leveraging Aetom's power conversion technologies together with Cheonghan Electronics' component supply chain."

Aetom is also expanding its order pipeline in automotive electronics by supplying parts for Hyundai Mobis' next-generation electric vehicle platform, collaborating with LS Automotive, and engaging in projects related to Harbinger Motors, a North American electric commercial vehicle company.

There is growing optimism that, if Aetom's core automotive electronics and AI data center order book continues to expand and Cheonghan Electronics' MLCC and memory semiconductor sales growth accelerates in earnest, the company could achieve significant improvements in its financial performance.

A securities industry insider commented, "Aetom is structured for growth not only through an expanding order book in its core business, but also by increasing new business revenue from Cheonghan Electronics. If the subsidiary's earnings contribution rises further, it could become an opportunity to reassess Aetom’s business portfolio and corporate value."

This content was produced with the assistance of AI translation services.