[풍산 방산사업 인수전]③ 수출 감소, 신사업 부진은 '디스카운트' 요인

Poongsan faces a significant valuation discount in the defense sector due to a shrinking proportion of high-margin exports and the stagnation of its new drone ventures. Despite the global defense boom, the company's heavy reliance on low-margin domestic sales and small-caliber ammunition limits its growth potential compared to large-caliber shell manufacturers.