[Click eStock] "PIE, Focus on New Industry Achievements Beyond Batteries"

On the 7th, Kiwoom Securities analyzed that PIE's achievements in new industrial sectors beyond the battery industry are attracting attention.

Hyunjin Oh, a researcher at Kiwoom Securities, stated, "The company is a software firm providing AI vision inspection and data-driven smart factory solutions," adding, "Its main customers for existing sales are the three domestic secondary battery cell makers, and it is notable that the company's solutions can be applied to all secondary battery form factors and processes."

PIE's AI vision solution is an AI algorithm that processes images faster and more accurately by utilizing vision control technology on measurement inspection data obtained through hardware (cameras, lenses, etc.). Additionally, through data-driven smart factory solutions, it integrates inspection data to perform analysis, monitoring, and prediction, contributing to factory stabilization.

Researcher Oh noted, "Unlike inspection equipment companies, the company has a lightweight business model centered on AI software," and evaluated that "through subsidiaries, it has internalized AI solution development and automated equipment manufacturing."

PIE continues to grow its performance despite sluggish upstream markets by responding to changes in form factors of its customers within the secondary battery industry. Last year, its consolidated sales reached 124 billion KRW, a 45% increase from the previous year, and operating profit rose 142% to 9.7 billion KRW. While demand for inspection to improve battery safety continues to expand, achievements in new industrial sectors are also anticipated.

In particular, PIE plans to expand its customer base to various industries such as automotive, pharmaceuticals, PCB, and semiconductors. Researcher Oh said, "In addition to existing secondary battery companies, from this year, we plan to expand customers to automotive, pharmaceuticals, PCB, and semiconductors," adding, "Negotiations on specifications and PoC stages are currently underway with major customers in each industry."

Commercialization of non-destructive inspection solutions such as ultrasound and X-ray/CT inspections is also expected. PIE's solutions are likely to be applied within the glass substrate industry as well, potentially used for full inspection during glass substrate through-processes and crack inspection through bubbles in glass interposers.

Meanwhile, although PIE's differentiated performance and entry into new industries suggest promising mid- to long-term growth, caution is advised regarding short-term stock price volatility. On March 4, one month after listing, approximately 10.2% of sale restrictions will be lifted, including shares held by venture finance and small shareholders. Researcher Oh advised, "Attention to increased short-term stock price volatility after listing is necessary."