[Click e-Stock] "Mplus Secures Momentum with Undervaluation and Robot-Based Notching Equipment Development"

On February 9, independent research firm Valuefinder stated that Mplus achieved outstanding results in 2025 despite sluggish industry conditions, and that it has secured momentum by completing the development of notching equipment that utilizes robots.

Lee Chungheon, a researcher at Valuefinder, said, "Mplus is trading at 7.4 times its 2025 PER (price-to-earnings ratio), so its undervaluation merit deserves attention," adding, "The company has recently completed the development of automated electrode-feeding equipment using robots and ultra-high-speed notching equipment, and we believe this is significantly increasing the likelihood of orders from its clients."

Mplus recorded 2025 sales of 184.2 billion won, up 43% year-on-year, and operating profit of 24.6 billion won, up 143% over the same period. Net profit for the year also rose 79.7% to 19.7 billion won.

Lee analyzed, "Despite the downturn in the secondary battery industry, the company managed to improve its results year-on-year and achieve high profitability thanks to discovering overseas customers and pursuing a cooperative growth model," adding, "This was made possible because it worked with its clients from the research and development stage, jointly carrying out product design and factory consulting." In particular, the company has the strength to gain an advantage when new lines are added, backed by higher quality and superior durability compared with competitors.

Mplus plans to supply secondary battery assembly equipment to two additional finished car manufacturers by 2027. While five pieces of equipment are required for pouch-type processes, prismatic-type orders, which require eight to nine pieces of equipment, are increasing, and this is expected to have a positive impact on profitability. In addition, the company is understood to be focusing on diversifying its portfolio by entering new businesses such as robotics and parts supply, thereby enhancing efficiency related to maintenance and repair.

Lee added, "Mplus holds 146 business-related technology patents, and with its overall equipment efficiency at around 90%, it enjoys an overwhelming competitive edge. We expect it to continue expanding its customer base and to increase its earnings this year as a result."