[Click eStock] "RaonTech Enters Structural Growth Phase... Undervalued Stock Price Is a Bonus"

[Asia Economy Reporter Ji-hwan Park] Kiwoom Securities evaluated on the 4th that Raontech, despite entering a structural growth phase, is still undervalued in terms of stock price, making it highly attractive for investment.

Raontech is a company specializing in industrial robots, with most of its sales coming from semiconductor wafer transfer modules. It possesses vacuum robot solutions that only three global companies can produce, and is diversifying its customer base for semiconductor vacuum robots. As process expansion and sales channel diversification are rapidly progressing, it has entered a structural growth phase. Based on proven performance, Kiwoom Securities analysts believe that re-rating through securing additional global customers is also possible.

Hyunjin Oh, a researcher at Kiwoom Securities, stated, "As semiconductor manufacturing processes become increasingly advanced, the importance of vacuum robots and transfer modules that enhance equipment reliability and performance is growing." He added, "By successfully developing and mass-producing a 7-axis robot with a 4-arm structure controlled individually, the company has secured a technological competitive edge."

There is an analysis that the company has entered a structural growth phase due to customer diversification. This year, sales are expected to reach 41.8 billion KRW, and operating profit 6.1 billion KRW, representing increases of 127% and 452% respectively compared to the previous year. Once the production capacity expansion carried out to meet customer demand in the second half is completed, the annual production capacity is expected to increase from the existing 50 billion KRW to 150 billion KRW.

Researcher Oh said, "The main investment momentum is that the company has entered a structural growth phase due to accelerating customer diversification." He added, "Along with technological competitiveness, the movement toward domestic production of semiconductor equipment is contributing to the replacement of overseas competitors' products with the company's vacuum robots." It is understood that process expansion and sales channel diversification toward top sales customers such as Jusung Engineering, TES, and Wonik IPS are also progressing rapidly, and through this, the company's share within major domestic semiconductor companies is expected to increase.

The stock price has recently declined alongside other semiconductor-related companies. Researcher Oh said, "Considering that large-scale mid- to long-term domestic semiconductor equipment investments are planned, and that additional global customers can be secured based on proven performance and mass production reliability, the stock price is still undervalued."