[Special Stock] Mobase Electronics Transforms into an Electric Vehicle Parts Company... Joins the '1 Trillion Club' with Unique Technology

Mobease Electronics is showing strong performance. The expectation that profits will surge due to the development of high value-added components, moving away from a mass production system focused on low-cost parts, seems to be influencing the stock price.

As of 9:36 AM on the 18th, Mobease Electronics is trading at 2,145 KRW, up 15.32% from the previous day.

Mobease Electronics developed the integrated controller applied to Hyundai Motor Company's Genesis '2023 G90' launched last month. Users can write on the handwriting recognition control to set destinations or enter phone numbers. The response has been so positive that it is applied to all Genesis brand models, including the electric vehicle GV60.

Mobease Electronics was the first in Korea to commercialize this technology in 2020 and began supplying it to Hyundai Motor Company. Mobease Electronics is the only company in Korea mass-producing handwriting recognition controllers. CEO Kim Sang-young said in an interview with a media outlet, "As the electric vehicle and electronic device (electronic components) markets expand, Mobease Electronics, which possesses unique technology, is seeing both sales and profits improve."

Last year, Mobease Electronics recorded consolidated sales of 922.2 billion KRW and operating profit of 43.9 billion KRW. Sales increased by 20.6% and operating profit by 182.6% compared to the previous year, achieving the best performance in its history. The securities industry expects the company to join the '1 trillion KRW club' this year.

Sales in the electronic control system sector are rapidly increasing. It is expected that the proportion of total sales will exceed 50% in two years, up from the mid-30% range currently. According to market research firm Strategy Analytics (SA), the global automotive electronic components market is expected to grow from $400 billion in 2024 to $700 billion by 2028.

Mobease Electronics has signed a supply contract with the U.S. electric vehicle startup Canoo. It will supply multifunction switches and tailgate switches for minivans starting in August. CEO Kim said, "We are also negotiating electronic device supply contracts with other electric vehicle companies such as Lucid and Rivian."