Wayvis Co., Ltd. (CEO Min-seok Han), a gallium nitride (GaN) RF semiconductor and defense specialist, announced on the 2nd that it had signed a contract with Hanwha Systems worth 7.5 billion won to supply a high-frequency signal generation module assembly for the 'Cheonma (K-31)'.
This contract allows Wayvis to anticipate significant, long-term, and stable revenue streams from the Cheonma system's MRO business. Weapon systems typically operate for 20 to 40 years, with the initial acquisition cost accounting for only 20 to 30% of total operating costs, while MRO (maintenance, repair, and overhaul) accounts for over 70 to 80%. Therefore, beyond a single contract, Wayvis can generate cumulative revenues that far exceed the initial supply amount throughout the entire system's operational lifecycle.
The high-frequency signal generation module assembly, successfully localized by Wayvis based on its proprietary technology, is a core component directly related to the Cheonma system's combat capability. By replacing previously imported components, it holds significant strategic value in terms of supply chain stability and maintenance efficiency. This achievement is particularly significant as it aligns closely with the government's recently emphasized "three pillars of defense industry development" (domestic production of core components, full-scale transition to lifecycle-based MRO, and expansion of defense industry exports) as a national strategic project.
The Cheonma, a short-range surface-to-air weapon system, began development in the late 1980s. More than 100 units have been deployed by the Army since 1999. Demand for sequential performance improvements and maintenance of all units is expected to continue. Wayvis's current contract covers approximately 20 units, and it anticipates significant cumulative sales growth in the future.
Choi Yoon-ho, CTO of Wayvis, said, “Through this contract, we expect to expand our participation in the Cheonma system’s MRO business, as well as expand into the maintenance and performance improvement business of ships, aircraft, and air defense weapon systems that Wayvis is already successfully participating in development or mass production.” He added, “In particular, as the Defense Acquisition Program Administration is increasingly applying the integrated MRO method that takes into account the entire life cycle cost of equipment, Wayvis’ position as a company with domestic technology is expected to continue to be strengthened.”
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