[Click e-Stock] "'Production' Growth at ROBOTIS to Drive Earnings Next Year"

LS Securities on Wednesday set a target price of 329,000 won for ROBOTIS, 37.7% above its current share price, and maintained its "Buy" rating.

Lee Byung-geun, a researcher at LS Securities, said he expects ROBOTIS's 2027 revenue to grow 77.5% year over year to 117.6 billion won and operating profit to reach 20.1 billion won.

He cited the start of operations at the company's Uzbekistan plant as a key driver of earnings growth. "ROBOTIS plans to complete construction by the end of this year, ramp up production, and begin full-scale mass production in the first half of next year. It plans to add annual production capacity of 800,000 to 1 million units locally and secure capacity for 5 million units by 2031," Lee said. "The company plans to keep core processes in Korea while relocating processes with a high proportion of manual labor to the local site to resolve production bottlenecks."

Growing global demand for physical AI research and development has recently also led to increased shipments by ROBOTIS. Actuator shipments totaled about 220,000 units over the past year and reached 200,000 in the first quarter of this year alone. The company's annual shipment target is 500,000 units. As for orders from MicroDuck, the company has requested supplies for up to 50,000 units, which would require ROBOTIS to supply 750,000 actuators.

"At an actuator price of 20,000 won per unit, the total supply value would be about 15 billion won. Assuming deliveries are spread evenly over three years, this could contribute about 5 billion won in annual revenue," Lee said. "Actual revenue recognition will depend on confirmed orders and delivery schedules, but this is positive in terms of expanding the customer base and improving visibility into medium-term shipments."

He forecast that ROBOTIS would pursue medium- to long-term growth through a solutions business that supports customers' robot development and commercialization, moving beyond supplying individual components. "ROBOTIS is opening up its hardware, software, and training data to expand its developer base and encourage adoption of its products," Lee said. "If the platform's reach expands, particularly among universities and research institutions, the applications for its actuators and hands could also broaden."

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