[Click eStock] "SOS Lab Would Have Had a Higher Market Cap If It Were Unlisted"

DS Investment & Securities evaluated SOSLAB on the 16th, stating that if it were a private company, it would have traded at a price higher than its current market capitalization of around 200 billion KRW, and praised the company for impressively proving its technological capabilities in a short period.

SOSLAB, established in 2016, is a Lidar company for autonomous driving, with its full-scale business foundation built from 2019. It has achieved rapid growth by receiving the CES Innovation Award and gaining technological recognition from Samsung, Hyundai Motor Company, and POSCO.

SOSLAB is gaining attention because it is a rare domestic native Lidar developer that successfully listed on KOSDAQ. Additionally, since 2022, it has mass-produced and supplied robot-oriented Lidar to SEMES, a subsidiary of Samsung Electronics, and is developing Lidar to be mounted on mobile robot autonomous driving (MoBED) in collaboration with Hyundai Motor Robotics Lab.

Researcher Kim Suhyun of DS Investment & Securities explained, "The case of mass-applying Lidar to unmanned charging vehicles and cranes at POSCO sites is also noteworthy," adding, "Winning orders for parking control systems at Gimhae and Yeosu airports is another important achievement, with the related scale known to be about 2 to 3 billion KRW."

The key achievement SOSLAB needs to prove going forward is the success of Lidar for autonomous vehicles. In 2023, it is collaborating with SL, a lamp company for automobiles, to develop core Lidar technologies and products, with the development and commercialization of fixed Lidar (ML-A) being critical.

Researcher Kim said, "The company aims to equip fixed Lidar on headlamps and rear lamps produced by SL starting in 2026 and supply them to global automobiles."

SOSLAB’s sales in 2024 are expected to be 6.6 billion KRW (up 60.7% year-on-year), with an operating loss of 11 billion KRW. Growth is expected to be driven by airport parking control and POSCO-related sales. In 2025, sales for Hyundai Motor’s MoBED are expected to ramp up, and expansion of airport corporation clients is also anticipated, with sales estimated to reach up to 13.2 billion KRW (up 99.9% year-on-year) and an operating loss of 7.7 billion KRW.

Researcher Kim evaluated, "Although the performance guidance presented before listing needs to be somewhat lowered, continuous technological validation and business expansion will act as positive factors."