[Special Stock] SNsys Succeeds in Localizing the "Brain" of Ships... Soaring on Shipbuilding "Supercycle"

SNsys, an integrated shipbuilding equipment solutions provider, is surging on its first day of trading on the KOSDAQ market.

As of 9:33 a.m. on August 19, the stock was trading at 55,500 won, up 85.0% from its IPO price of 30,000 won.

SNsys was established in June 2017 after being spun off from Samsung Heavy Industries’ electrical and electronics division. The company develops, manufactures, and maintains key ship and offshore plant equipment such as switchboards, ballast water treatment systems, and navigation control solutions.

Seong Hyundong, a researcher at KB Securities, stated, “SNsys is expanding its business areas to data centers, semiconductors, and offshore wind power through its partnership with ABB, a global power automation solutions company.” He added, “With the development of next-generation ballast water treatment systems, the company is expanding its supply range from large, high-priced vessels (5%) to small and medium-sized ships (95%).” He further noted, “Joint development of an integrated platform for vessel control systems with Hanwha affiliates, as well as securing orders for the localization of naval warship projects, are also positive factors.”

Recently, the shipbuilding industry has entered a long-term boom, referred to as a “structural supercycle,” due to a combination of factors including stricter environmental regulations, technological transformation, and a surge in energy transportation demand. From 2023 to 2028, the global ship retrofit market is expected to grow at an average annual rate of 4.4%. As environmental regulations from the International Maritime Organization (IMO) and the EU become stricter, the transition to eco-friendly ships is accelerating. This is driving traditional hardware-focused equipment companies to evolve into advanced technology-based firms that integrate both software and hardware.

Park Jongseon, a researcher at Eugene Investment & Securities, commented, “SNsys has developed the world’s first next-generation ballast water treatment system that eliminates the use of chemicals.” He added, “Key investment points include the establishment of a core lineup for eco-friendly ships and the development of next-generation smart ships that combine artificial intelligence (AI) platforms.”

SNsys is leading innovation in the shipbuilding equipment sector by focusing on research and development and specialized engineering talent in line with industry trends. The company has demonstrated its technological prowess by obtaining global certification for the nation’s first integrated control and energy optimization infrastructure (IAS) class navigation control system for eco-friendly and smart ships. It has also succeeded in localizing the core integrated control system, which serves as the “brain” of a ship.

Based on partnerships with leading domestic shipyards such as Samsung Heavy Industries and Hanwha Ocean, SNsys has jointly developed key technologies such as next-generation navigation control systems and dual-fuel supply devices, thereby strengthening its market dominance. The company has secured global shipping giants such as Maersk and MOL as clients, in addition to domestic shipyards, and has successfully completed more than 20,000 projects since its founding.

Before the listing, Bae Jaehyuk, CEO of SNsys, stated, “SNsys possesses strong technological capabilities, having commercialized the nation’s first integrated control system for LNG carriers.” He added, “We hold the highest level of global certifications (33) and patents (123) among shipbuilding equipment companies.”