[Click e-Stock] "P&S Robotics Expected to Achieve Gradual Growth"

On December 3, Kiwoom Securities evaluated P&S Robotics, stating that the competitiveness of its WalkBot is being recognized and that the company is expected to achieve gradual growth.

P&S Robotics is a company primarily engaged in the sales of the gait rehabilitation robot "WalkBot." In the third quarter, the company recorded sales of 800 million won, marking a 42.9% decrease compared to the same period last year. Its operating loss turned to a deficit of 800 million won, reflecting somewhat sluggish performance.

Hakjun Kim, a researcher at Kiwoom Securities, explained, "This is not due to a deterioration in business fundamentals, but rather appears to be the result of seasonality. Revenue is recognized only after the product arrives at the client and assembly is completed, so performance tends to be concentrated in the fourth quarter."

He added, "As of the cumulative third quarter, 93.7% of current product sales are from exports. Domestic results are somewhat disappointing, and the domestic market is currently being contested by three companies, including P&S Robotics."

Researcher Kim analyzed that P&S Robotics is steadily building up references and is recognized for its technological capabilities both in Korea and overseas.

He stated, "Compared to the overall market size, the gait rehabilitation market has high technological entry barriers, making it difficult for new competitors to enter. Export references are accumulating in regions such as Russia and Europe, and as one of the key players in the domestic market, the company is expected to grow its performance in line with market expansion."

He further noted, "An AI-based, patient-customized shoulder training robot named 'HealerBot' is also in development. Although it has not yet been launched, it was exhibited at the medical trade show 'MEDICA.' After its launch, it is expected to be used for various shoulder conditions, and business expansion is also anticipated."

Researcher Kim cited the company's consistent earnings as a strength of P&S Robotics. He stated, "While the company's results are not growing explosively, it continues to expand its market base and achieve steady growth. For 2025, sales are projected at 8.9 billion won, with operating profit expected to reach 1.9 billion won."