Source Fact: Daishin Securities / June 25, 2026
Investment Opinion & Target Price: N/R / Current Price (as of June 24, 2026): 15,180 KRW
Core Momentum: Full-scale mass production of multi-joint robot ODMs for global Japanese clients alongside a 2x capacity (CAPA) upgrade via the new 2nd plant
📊 1. [Section Title: Valuation and Investment Metrics Analysis]
- Rating & Target Price: Issued as a ‘Not Rated’ (N/R) company report with no official target price assigned. The current stock price is 15,180 KRW (as of June 24, 2026).
- Historical Financial Trend (2021A → 2025A):
- Revenue: Progressed from 8 billion KRW (2021A) → 10 billion KRW (2022A) → 10 billion KRW (2023A) → 12 billion KRW (2024A) → 13 billion KRW (2025A).
- Operating Profit: Documented at 0 billion KRW (2021A) → 0 billion KRW (2022A) → -5 billion KRW (2023A) → -3 billion KRW (2024A) → -8 billion KRW (2025A).
- Controlling Interest Net Income: Traced at 0 billion KRW (2021A) → -1 billion KRW (2022A) → -5 billion KRW (2023A) → -4 billion KRW (2024A) → -8 billion KRW (2025A).
- Per-Share Metrics & Profitability (2025A):
- EPS (Earnings Per Share): Reported at -701 KRW.
- BPS (Book Value Per Share): Logged at 1,361 KRW.
- PBR (Price-to-Book Ratio): Tracked at 11.2x.
- ROE (Return on Equity): Recorded at -75.9%.
🚀 2. [Section Title: Target Addressable Market (TAM) & Detailed Earnings Estimates]
- Industrial Robot Specialized Vertical Integration:
- Listed on the KOSDAQ market in May 2025 via the technology exception track. Holds full-stack capabilities designing Cartesian, SCARA, multi-joint, and Autonomous Mobile Robots (AMR), distinguishing itself via in-house robot motion control SW engines.
- Accumulated over 800 active client relationships. Primary downstream sectors include Automotive/Secondary Batteries (47%) and Cosmetics/Medical Devices (31%), with core reference footprints across Hyundai Motor, Seojin Automotive, and Inzi Controls.
- Global Client Z-Brand ODM Scaling:
- Multi-joint robot ODM shipments to a prominent Japanese global brand have started hitting the revenue lines from 1Q26. Mass production applies to 3 out of 7 models.
- Negotiated structural cost cuts for key internal components (improving cost-to-income ratio by approximately 7%p) while expanding commercial reach via a global network of over 75 distribution hubs.
- CAPA Expansion & M&A Consolidation:
- Finalizing the construction of the new 2nd plant in the Namdong Industrial Complex, doubling existing capacity from 30 billion KRW to 60 billion KRW.
- Following the strategic acquisition of Hanyang Robotics, total consolidated capacity is estimated to reach up to 200 billion KRW, with consolidation effects blending into the financial reports starting 2Q26.
- Next-Generation R&D & In-House Localization:
- Completed testing for internal localization of precision reducers, targeting priority deployment inside the company’s multi-joint robot lineups to substitute high reliance on Japanese parts. Mid-to-long term pipelines include a dual-arm humanoid prototype under collaboration with DGIST and Inha University.
- Quarterly Performance Trajectory:
- 1Q26 revenue logged 1.9 billion KRW (+65% YoY) with an operating loss of 1.6 billion KRW. Short-term losses stem from upfront proactive investments tied to Hanyang Robotics consolidation.
- H2 expectations project an accelerated recovery curve as the business enters peak seasonality, matched with high-margin ODM volume rollouts and 2nd plant capacity scaling.
📝 Editor’s Comment (by K-STOCK Editor)
Listen up, bulls! Don’t let the short-term red ink in the backward-looking data tables blind you to the massive structural pivot happening under the hood. Nau Robotics is executing a textbook scaling playbook. Yes, the 1Q operating loss looked soft at 1.6 billion KRW, but that is purely a temporary drag from the upfront cash deployed to absorb Hanyang Robotics. The real story is that this asset is scaling into an absolute powerhouse, leveraging that acquisition to amplify its total capacity ceiling up to a staggering 200 billion KRW. More importantly, the high-margin global play is officially live—their multi-joint robot ODMs started printing real mass-production revenue for top-tier Japanese global brands in Q1, backed by an optimized 7% component cost reduction. They have even wrapped up validation tests to localize high-barrier precision reducers to eliminate external supply reliance. Sitting in the ‘Not Rated’ zone means the institutional crowd hasn’t even begun to price in this 200-billion KRW capacity leverage. When peak seasonality hits in H2 alongside the full operational integration of the new Namdong plant, the bears are going to get run over. Keep this high-upside automation player locked on your primary radar!
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