[Click eStock] "Rino Gong-yeop, Strong Performance Thanks to Demand Recovery"

On the 12th, Hana Securities maintained a 'BUY' investment rating and a target price of 260,000 KRW for Rino Industrial, expecting strong performance due to the recovery in mass production socket demand.

Rino Industrial is a company that produces consumable parts such as IC test sockets for semiconductor test package equipment, Rino pins which check electrical defects between semiconductors and printed circuit boards, and medical device parts used in ultrasonic probes. Based on cumulative sales up to the third quarter of last year, the sales composition ratio was 60% sockets, 28% pins, and 10% medical device parts.

In the fourth quarter of last year, sales amounted to 83.4 billion KRW, a 44% increase compared to the same period the previous year, and operating profit was 37 billion KRW, up 22%. Sales of mass production sockets entered a recovery phase, exceeding expectations in both sales and operating profit.

Hana Securities forecasts that Rino Industrial's annual sales this year will reach 318.5 billion KRW, a 14% increase from the previous year, and operating profit will increase by 23% to 153 billion KRW. Analyst Min-Kyung Kim stated, "Mass production socket sales are expected to continue recovering due to the recovery trend in smartphone sales centered on emerging countries and the expansion of market share by major customers," adding, "R&D sales are also steadily maintained as AI demand expands into the inference domain, and the need for AP development to equip on-device AI functions continues."

Additionally, Rino Industrial plans to relocate to a new factory in the fourth quarter of 2026, with related facility investments expected to exceed 50 billion KRW this year. After the relocation, the annual production capacity is projected to expand to over 900 billion KRW in sales terms.