ResearchAlum analyzed on the 3rd that Smac's performance will significantly improve starting this year, highlighting that it has secured growth drivers related to used batteries and robots, making it a noteworthy time to pay attention.
Researcher Lee Seung-hwan of ResearchAlum stated, "Smac is estimated to achieve sales of 178.6 billion KRW and operating profit of 21.2 billion KRW this year," adding, "which represents an increase of 12.0% and 80.9%, respectively, compared to last year."
He continued, "Since the end of last year, raw material prices have stabilized," and "Smac's selling prices have also risen by about 4-6% or more and are expected to be maintained for some time."
Furthermore, he emphasized, "Through restructuring, labor costs have been reduced, and profitability will improve due to increased sales from exports and stabilization of raw material prices."
The researcher analyzed, "Smac is accelerating the development of new business technologies, including automated process technology for used battery robots and AI edge computing-based industrial robot intelligence technology," adding, "They have completed the development of automated discharge and disassembly robot process technology, which is a pre-treatment process for used battery recycling."
He noted, "It is understood that they have recently secured orders from one or two companies," emphasizing, "During the disassembly of electric vehicle used batteries, there is a risk of fire due to reasons such as incomplete discharge, which threatens worker safety." He added, "Through Smac's automated disassembly process technology, worker safety can be ensured," and "Expansion of its application in the used battery industry is expected."
He stated, "In addition to automation technology, a process to check the discharge status of systems and modules and respond to abnormalities will also be established."
Researcher Lee said, "Another new business is the development of core element condition diagnosis and security technology for industrial robots based on AI-powered edge computing," introducing, "Edge computing robot intelligence technology collects various data produced in processing operations and enables equipment to self-diagnose and predict equipment defects and lifespan by analyzing data through edge computing."
He predicted, "Applying edge computing technology, intelligence, and security technology to processing equipment within smart factories will contribute to efficient factory management, enhance smart factory security, and improve productivity."
Researcher Lee gave a 'positive' stock outlook for Smac and suggested a target price of 4,200 KRW. He explained, "The target price was calculated by applying a price-to-earnings ratio (PER) of 8.6 times to this year's expected earnings per share (EPS) of 488 KRW, considering the remaining convertible bonds," adding, "This applies a 25% discount to the industry average PER of 11.5 times."
He explained, "The 7th tranche of convertible bonds conversion request has been processed, and about 6.7 billion KRW remains," adding, "Although there is an overhang issue, it is judged to be an undervalued range where Smac's value is not yet reflected."
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