[At the Crossroads of Listed Companies] Ateam⑤ Hyundai Mobis Under Due Diligence... Attention on Partner Company Registration Status

Electric Vehicle Transformer Supply Target
Reflecting 2024 Revenue Forecast at IPO

It has been confirmed that Atom, a KOSDAQ-listed company, is undergoing due diligence for partner registration from Hyundai Mobis. This is a procedure to supply Atom's electric vehicle-related transformer parts. However, the exact registration timing and supply contract schedule have not been finalized yet.

According to an Atom official on the 4th, Atom is currently conducting due diligence for partner registration with Hyundai Mobis. It is known that they are supplementing deficiencies pointed out by Hyundai Mobis and revising detailed contents.

Atom has been preparing to enter the electric vehicle market since 2022. According to Atom's business report, Atom applied its core technology, molding coil, to the 'secondary coil' of transformers used in electric vehicles to enhance related functions.

Additionally, based on know-how gained from portable charger transformers, they have developed various products necessary for electric vehicles, such as OBC (On Board Charger) transformers, LDC (Low-voltage DC-DC Converter) transformers, and SPMS (Switching Mode Power Supply) for electric vehicles.

The industry expects Atom's partner registration with Hyundai Mobis to be completed in October. However, Atom stated, "Partner registration is completed when the client company is satisfied with the results, so the detailed schedule is unknown."

Previously, Atom presented the electric vehicle transformer business as the company's vision at the time of its KOSDAQ listing in December last year. The plan is to shift the main revenue source from existing TA (portable chargers) and TV transformers to electric vehicle transformers.

In fact, Atom reflected electric vehicle transformer-related sales in the performance forecasts that influenced the public offering price calculation. Since Atom was listed through a technology special case method that allows even deficit companies to list, future performance forecasts play an important role in corporate value.

At that time, Atom projected electric vehicle (EV) parts sales of 2.3 billion KRW and electric vehicle charger sales of 1.8 billion KRW for 2023 (July 2023 to June 2024) to occur for the first time. In 2024, electric vehicle parts sales were expected to grow rapidly to 11.2 billion KRW and charger sales to 7.6 billion KRW, and by 2025, total electric vehicle-related sales were estimated to reach 48.9 billion KRW, surpassing existing TA and TV sales.

Based on these forecasts, Atom's public offering price was set at 18,000 KRW per share, with a market capitalization of about 96 billion KRW immediately after listing. However, contrary to the company's forecasts, no electric vehicle-related sales occurred in 2023. This year, partner registration has not yet been completed, so whether the forecasted sales will be achieved remains uncertain. As a result, Atom's stock price has halved compared to the public offering price.