[Click e-Stock] "Robotez Demonstrates Differentiated Capabilities in Industry... Target Price Raised"

Hanwha Investment & Securities Raises Robotez Target Price to KRW 350,000

On August 24, Hanwha Investment & Securities announced that Robotez is demonstrating differentiated capabilities within its industry, raising the target stock price from KRW 320,000 to KRW 350,000 while maintaining its 'Buy' investment rating.

Robotez’s sales in the first half of the year reached KRW 27.2 billion, marking a 50.3% increase compared to the same period last year. Second-quarter sales were KRW 15.4 billion, up 29.8% from the previous quarter. Sungrae Kim, a researcher at Hanwha Investment & Securities, stated, "Based on volume alone, the first-half supply was almost equivalent to the annual volume from last year (220,000 units), and visible improvements have been made in both production capacity expansion and shipment performance to meet strong demand."

Operating profit in the first half recorded a deficit of KRW 9.9 billion, turning from a profit of KRW 1.1 billion in the same period last year. This was mainly due to a one-off performance compensation expense of KRW 11.8 billion paid in the first quarter; excluding this, operating profit would be KRW 1.9 billion, showing a positive trend in fundamentals.

The increasing volume of Robotez’s actuators is expected to continue in the second half of the year, driven by global leading companies preparing for the commercialization of robots. Hanwha Investment & Securities forecasts this year’s total shipments at around 500,000 units. However, due to supply constraints of high-spec motors, sales growth is likely to be centered on lower-priced actuators, with this year’s sales estimated at KRW 60.6 billion (up 55.7% year-on-year), lower than the previous projection of KRW 66.3 billion.

Starting in the fourth quarter, the Uzbekistan plant is scheduled to become operational, and next year’s sales are projected to see even stronger growth. Next year’s shipments are forecast at 885,000 units (up 76%), with sales expected to reach KRW 120.2 billion (up 98.3%).

Hanwha Investment & Securities raised Robotez’s target stock price based on its differentiated capabilities within the industry. Researcher Kim commented, "Robotez is proving its actuator differentiation based on its own humanoid robot technology, and with the establishment of a mass production system in Uzbekistan, annual production capacity is expected to expand tenfold from the current 300,000 units to 3 million units within five years, which will enable growth that is clearly distinguished from other competitors."

He added, "Relatively low local labor and indirect costs in Uzbekistan will further expand profitability as local production volume of actuators increases."

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