[Click eStock] "Innospace, Launch Vehicle Sales Expected to Surge"

ResearchAlum predicted on the 18th that Innospace will benefit from the increasing demand for small rocket launch vehicles.

Researcher Seunghwan Lee from ResearchAlum explained, "The core technology of the launch vehicle business is rocket technology," adding, "Due to the possibility of being repurposed for military uses such as missiles, M&A or technology transfer is legally restricted."

He continued, "Companies aiming to enter the launch vehicle business must independently develop all technologies," emphasizing, "This acts as a strong entry barrier."

Lee analyzed, "Unlike SpaceX and Rocket Lab, which use liquid-fuel-based engines, Innospace rockets adopt a hybrid method," and added, "The hybrid method combines the advantages of solid and liquid fuels, reducing explosion risks and lowering costs for explosion-proof facilities."

He emphasized, "The effective payload can be increased," and "The hybrid rocket engine developed by Innospace has a simpler structure compared to liquid or solid engines, reducing the number of parts by more than 30%."

Furthermore, he explained, "It is also cost-efficient," and "The main launch vehicle, Hanbit-Nano, is evaluated to have a competitive launch cost of $33,000 per kg."

He stated, "With the commercial launch of Hanbit-Nano as a milestone, seven launches are planned next year and ten launches in 2026," adding, "To demonstrate launch capability, long-term exclusive contracts have been secured for the Alcantara launch site in Brazil and the Arnhem launch site in Australia, enabling up to 24 launches annually."

It is estimated that next year, sales will reach 44.8 billion KRW with an operating loss of 1.1 billion KRW. In 2026, sales are expected to reach 92.1 billion KRW with an operating profit of 14.8 billion KRW, marking a turnaround to profitability. A ‘positive’ stock outlook for Innospace was presented along with a target price of 38,000 KRW.