Mirae Asset Securities said on the 12th that Trueen (ticker: 417790), a specialist in AI-based security cameras, is improving its fundamental business profile through overseas expansion and a push into the B2C market.

First-Quarter Results Dampened by Seasonal Factors

Trueen posted revenue of 7.8 billion won in the first quarter of 2026, down 20.9% year on year. Operating profit fell 10.3% quarter on quarter to 1.7 billion won, with an operating margin of 21.5%. The earnings slowdown was attributed largely to seasonal factors, as public-sector budget disbursements are concentrated in the second half of the year.

On a full-year basis, Trueen recorded revenue of 4.9 billion won and operating profit of 1.3 billion won in 2025, with an operating margin of 26.5%.

Overseas Revenue Growing Rapidly

International sales are expanding at a striking pace. Overseas revenue rose approximately 49% year on year in 2025. EGLOO, the company's AI smart home-camera brand, saw global sales surge roughly 2,800% year on year, driven by its entry into the Japanese market. The EGLOO S8 model has also obtained PbD (Privacy by Design) pilot certification.

India Opportunity on the Horizon

The prospect of entering the Indian market is also attracting attention. India mandates STQC (Standardisation, Testing and Quality Certification) accreditation for CCTV equipment used in government and public-sector projects. Trueen is currently working through the STQC certification process with global partners, centred on its high-end, on-device AI camera TA Series.

Structural Tailwind from China Restrictions

In the global security-equipment market, persistent concerns over Chinese-made products and tightening regulatory restrictions are expected to benefit non-Chinese IP camera manufacturers. The global AI camera market is projected to expand at a compound annual growth rate (CAGR) of 23.9% through to 2028.

Key Risks

Principal downside risks identified include delays in the recovery of public-sector procurement orders, setbacks in obtaining overseas certifications, and the possibility of slower-than-expected revenue conversion. The company's shares are currently trading at 6,320 won. Mirae Asset Securities did not issue an investment rating or target price.