SM Hwajin

What SM Hwajin does

SM Hwajin (SM화진 주식회사) is a South Korean surface treatment specialist founded in 1992 and headquartered in Yeongcheon-si, Gyeongbuk. The company supplies advanced surface-treated components and contract manufacturing services primarily to global automotive OEMs — including Hyundai/Kia, SsangYong Motor, Nissan, and Honda — and, since 2019, has expanded into consumer electronics and home appliances with customers such as KT. SM Hwajin is a subsidiary of the SM Group (SM그룹) conglomerate and operates three manufacturing facilities in Yeongcheon-si (Donam-dong and Samu-dong) with approximately 300 employees.

The company's technology portfolio spans five proprietary surface treatment processes: water pressure transfer (수압전사), ion plating equipment (IPE), pad print ('Real Touch' convergence of transfer/deposition/painting), painting/coating (도장), and ISP (injection surface processing for real-material substitute finishes). These processes are applied to plastic and metal components to deliver differentiated aesthetic, tactile, and durability properties, with R&D documented in patents and certifications displayed on the R&D page of its corporate website. The company holds ISO 45001 and ISO 14001 certifications (obtained September 2021), a KDB Global Star Enterprise designation (2013), the 51st Trade Day $30 Million Export Tower (2014), a 석탑산업훈장 (Stone Tower Industrial Merit) award (2013), and the 2012 Gyeongbuk Province SME Grand Prize. A surface-treated KT GenieTV Set-top Box Soundbar designed in collaboration with Italian designer Stefano Giovannoni won a 2023 Red Dot Design Award.

SM Hwajin's business model is direct B2B sales of surface-treated components and professional surface treatment services to enterprise customers, with quote-based pricing on multi-year supply contracts. Revenue streams are split between (1) surface-treated parts for automotive OEMs and Tier 1 suppliers — the historical core — and (2) an expanding consumer electronics, mobile, and building materials surface treatment line. The company sells through direct sales relationships rather than channel partners, and marketing activity has included PR-driven brand awareness efforts such as a UBC documentary broadcast (October 2020) and earned media around export milestones. Following a 2018 embezzlement/breach-of-trust scandal involving former executives, the company entered court rehabilitation at Daegu District Court in 2019, was delisted from KOSDAQ in July 2020, and has since continued operations under SM Group ownership with a small-scale merger in October 2023, a stock split announcement in June 2025, and a planned 34th regular shareholders' meeting in March 2026.

Name

SM Hwajin

Legal name

SM화진 주식회사

Website

https://hwajin-corp.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

SM Hwajin (SM화진) is a South Korean surface treatment specialist founded in 1992, supplying proprietary finishing processes (water pressure transfer, IPE, pad print, painting, ISP) to automotive OEMs including Hyundai/Kia, SsangYong, Nissan, and Honda, and to consumer electronics customers such as KT, across three factories in Yeongcheon-si.

Ownership category

akta.pro rank

Headquarters

HQ city

Yongchon

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. 표면처리 부품 공급: 자동차 및 전자 산업 분야에 표면처리 기술을 적용한 부품 제조 및 판매. 현대/기아자동차, 쌍용자동차, 일본 닛산자동차, 혼다자동차 등 완성차 메이커들과 거래.
2. 생활가전 및 모빌리티 표면처리: TV, 세탁기, 노트북 등 생활가전 및 모빌리티, 건축자재 등 다양한 분야의 표면처리 서비스 확장

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

SM Hwajin is a specialized surface treatment company that applies advanced coating and finishing processes to automotive and electronics components. Its core offering comprises five proprietary process technologies — water pressure transfer (hydrostatic transfer), IPE (ion plating embedding), pad print (Real Touch), painting, and ISP (injection surface print) — supplied as treated components to automotive OEMs and consumer electronics manufacturers.

Product overview

SM화진 is a surface treatment specialist serving the automotive and electronics industries. Its portfolio spans five distinct surface treatment technologies: 수압전사 (Water Pressure Transfer), IPE (Ion Plating Embedding), 패드프린트 (Pad Print/Real Touch), 도장 (Painting), and ISP (Injection Surface Print). These five process technologies form a complementary product lineup, with each method suited to different aesthetic, tactile, and durability requirements for automotive components and consumer electronics.

Differentiator

Problem solved

Functional benefit

Products and services

• Water Pressure Transfer (수압전사)
• IPE (Ion Plating Embedding)
• Pad Print / Real Touch (패드프린트)
• Painting (도장)
• ISP (Injection Molded Surface Print)

Quantifiable outcome

• 제51회 무역의 날 삼천만 불 수출의 탑 수상

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• 대구가톨릭대학교coreStrategic or Co-development Partner · 29 July 2022SM그룹 대구경북 5개 계열사와 대구가톨릭대학교 산학협력 MOU 체결. 공동연구 기반 조성 및 인력 교류, 전문인력 양성을 통한 상호 협력체계 구축. 기술개발과 인재양성을 위한 인적·물적 지원 협력, 공동 연구 기반 조성, 기업 운영 컨설팅을 통한 사업지원 등 산학 협력 활성화 합의.
• 영천시coreStrategic or Co-development PartnerSM화진, 영천시 주력 제조산업 성장지원사업 협약 체결. 영천시와 지역 기업 간 상생·협력 위한 소통의 장 마련.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Others

• Songwon Industrial: Korean specialty chemicals supplier producing additives, stabilizers, and coating-related materials used in industrial finishes. Comparable as an upstream materials supplier into the surface-treatment/coatings value chain that SM Hwajin operates within.

Direct peers

• Axalta Coating Systems: Global automotive coatings supplier serving major OEMs including Hyundai/Kia and Japanese automakers with refinish, OEM, and industrial coatings. Highly comparable B2B motion and customer base to SM Hwajin's automotive surface treatment business.

Broad incumbents

• BASF Coatings: Global automotive OEM coatings division of BASF serving major Korean, Japanese, and global auto manufacturers. Comparable as a global coatings incumbent competing in the same customer accounts as SM Hwajin's surface treatment services.
• PPG Industries: Global coatings supplier with a dedicated automotive OEM coatings business serving Hyundai/Kia and other major automakers. Comparable to SM Hwajin as a B2B coatings vendor to the same automotive customer base, though operating globally with a much broader product portfolio.
• Nippon Paint Holdings: Asian-headquartered global coatings manufacturer serving automotive OEM, industrial, and decorative markets. Comparable as a broad regional incumbent supplying coatings into Korean and Japanese OEM supply chains similar to those SM Hwajin serves.
• KCC Corporation: Korean industrial coatings, paints, and materials conglomerate serving automotive, construction, and electronics customers. Comparable as a diversified Korean incumbent in industrial surface coatings, with broader scale than SM Hwajin's niche focus.
• AkzoNobel: Global paints and coatings supplier with automotive and specialty coatings businesses serving major OEMs worldwide. Comparable as a broad incumbent operating in the same end-markets as SM Hwajin, though at significantly larger scale.
• Samhwa Paints Industrial: Korean industrial paints and coatings manufacturer with automotive and industrial finishes. Comparable as a Korean coatings incumbent overlapping in some of the same automotive OEM customer accounts served by SM Hwajin.
• NOROO Holdings: Major Korean coatings and paints manufacturer with extensive automotive and industrial coatings portfolio. Comparable as a regional incumbent competing in similar Korean OEM supply chains, though broader in product scope than SM Hwajin's specialized finishing services.

Regional players

• Mankiewicz Seibert: German specialist coatings manufacturer focused on premium automotive interior and exterior finishes. Comparable as a specialized high-end surface-treatment supplier serving premium OEMs, though primarily European-focused rather than Korean.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/watch?v=yJzHbZ5aidU
• LinkedInlinkedin.com/company/hwajin-corp

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SM Hwajin