[Special Stock] Amogreentech, Genuine Beneficiary of Supplying Key Cybertruck Parts with 2 Million Preorders Increased

Amogreentech is showing strong performance. Securities firms' analysis that sales will increase as it supplies high-efficiency magnetic components to Tesla's electric vehicle 'Cybertruck' seems to be influencing the stock price.

As of 9:26 AM on the 1st, Amogreentech is trading at 13,290 KRW, up 5.31% from the previous day.

Hana Securities maintained a buy rating and a target price of 20,000 KRW for Amogreentech, expecting high growth every year.

Researcher Kim Gyusang of Hana Securities explained, "Amogreentech has been supplying high-efficiency magnetic components to Tesla electric vehicles for several years," adding, "It has now established itself as a core business division." He continued, "Sales of high-efficiency magnetic components recorded significant growth each year, from 25.2 billion KRW in 2020 to 37.4 billion KRW in 2021, and 48.2 billion KRW last year," and added, "This year’s sales are expected to be 56.9 billion KRW, and 82.2 billion KRW next year."

He also noted, "Along with the increase in sales of high-efficiency magnetic components, the operating profit margin has also risen," predicting, "It will exceed 10% next year."

Researcher Kim analyzed, "This year’s sales will reach 154.1 billion KRW, an 8.4% increase from last year, and operating profit will increase by 42.1% to 12.6 billion KRW," and forecasted, "Next year’s sales will grow 30% from this year to 200.4 billion KRW, and operating profit will increase by 70.2% to 21.4 billion KRW."

He added, "Amogreentech operates an ESS business based on lithium iron phosphate," and introduced, "It is the exclusive supplier to Progress Rail, a subsidiary of Caterpillar, for electric locomotives." He further explained, "Orders for electric locomotives will continue to increase due to minimizing volatility caused by the sharp rise in diesel prices and companies’ decarbonization policies."

American electric vehicle company Tesla has delivered its new electric pickup truck, the 'Cybertruck', to customers for the first time. Elon Musk, Tesla’s Chief Executive Officer (CEO), drove the top-tier Cybertruck model himself to the event. Musk said the Cybertruck will "change the face of the road" and that "finally, the future looks like the future."

In September, Tesla Cybertruck reservations exceeded 2 million. It is reported that pre-orders were suspended as the number of reservations exceeded the production capacity.