[Click eStock] "Robotis Supplies Core Robot Component 'Actuator'"

Hana Securities evaluated Robotis on the 10th, stating that "it will deliver short-term results based on its superior position as an actuator manufacturer and supplier." An actuator is a component composed of a single module including a motor, reducer, controller, and communication, used in the joints and mobility devices of robots.

On the same day, Jaeho Choi, a researcher at Hana Securities, said, "Actuators, which account for the majority of Robotis's total sales (98.6% as of Q3 last year), are essential core components used in all types of robots. In particular, humanoid robots, where the technology supremacy competition is fierce recently, require about 40 to 50 actuators," he explained.

He especially noted that actuator manufacturers can gain pricing negotiation power from their position as essential parts suppliers. Researcher Choi emphasized, "Considering that production processes are expanding significantly in manufacturing humanoid and walking robots, this is the field where results will appear first in the short term."

He added, "In the case of reducers included in actuators, Japan's Harmonic Drive holds over 70% of the global market share, but Robotis is one of the few companies that have succeeded in domestic production and commercialization," and explained, "Through its partnership with LG Electronics, Robotis holds a strong position with high mid-to-long-term benefits extending to collaborative robots and autonomous driving robots."

He also pointed out Robotis's global top-tier actuator manufacturing technology. Researcher Choi said, "Through its self-developed actuator brand 'Dynamixel,' Robotis offers about 100 diverse product lineups ranging from low-cost models to high-performance models," and added, "Robotis's products are used in significant references such as Tesla's humanoid robot 'Optimus' prototype and Google's 'Aloha Project.'"

No specific investment opinion was provided. On the 7th, Robotis's closing price was 31,750 KRW. Researcher Choi said, "Companies that have received strategic equity investments from large corporations tend to have high potential for technology development and business expansion, thus receiving high valuations. In terms of price-to-sales ratio (PSR), Rainbow Robotics is over 300 times, Doosan Robotics over 80 times, and Yuil Robotics over 20 times, but Robotis is undervalued at about 10 times PSR."

Furthermore, he noted, "Attention should be paid to the clear visibility of performance improvement starting this year with the full-scale expansion of autonomous driving robot sales. Actuator segment growth is expected to be about 30% through new product launches, and 200 units of autonomous driving robots are projected," adding, "Assuming this, even with conservative estimates, sales will reach about 45 billion KRW, and operating profit will turn positive."