[Click eStock] Wonik P&E, Benefiting from Secondary Battery Industry "Rapid Growth Pace"

[Asia Economy Reporter Lee Seon-ae] On the 19th, SK Securities released an analysis stating that Wonik P&E could achieve faster growth than currently expected. However, they did not provide an investment opinion or target price.

Wonik P&E is a company specializing in activation process equipment for secondary batteries. Its main products are chargers/dischargers, which repeatedly charge and discharge secondary batteries to impart electrical characteristics, and cycler equipment that inspects battery lifespan. As a company specialized in activation process equipment, it is estimated to have the largest sales scale of activation equipment in South Korea. As of the first half of the year, the sales proportion of formation (chargers/dischargers) and cycler equipment accounted for 92.0%. Its main customers are the three domestic cell manufacturers, and it also supplies overseas companies. Recently, the proportion of deliveries to SK Innovation (SKI) has increased due to SKI's aggressive investment in secondary batteries.

Additionally, Wonik P&E has received a valuation premium as a reference supplier to major European companies, similar to electrode process companies, by delivering cycler equipment that inspects battery lifespan since the early stages of investment in Northvolt.

Park Chan-sol, a researcher at SK Securities, stated, "Wonik P&E’s cycler equipment (accounting for about 50% of annual sales) is steadily supplied to global cell manufacturers, resulting in performance growth alongside the market. It is likely to achieve record quarterly performance in the fourth quarter of this year. For the full year, we expect sales of 207 billion KRW (+62.1% YoY) and operating profit of 24.8 billion KRW (+20.4% YoY)." He emphasized, "Future expansion of volume to Samsung SDI and successful delivery of chargers/dischargers to Northvolt will serve as important indicators confirming Wonik P&E’s potential for increased growth."