[Edaily Reporter Kwon Oh Seok ] An analysis suggests that expectations for improved performance are growing as TPC Mechatronics Corporation(048770)is pushing forward with its transition from a manufacturer of pneumatic automation components to a producer of core robotic drive components.

According to the financial investment industry on the 1st, Daein Asset Management, an investment firm specializing in corporate valuation analysis, stated in a recent report that TPC Robotics has entered a phase of earnings recovery driven by expanding sales of semiconductor packaging products and assessed that a turnaround is highly likely by 2026.
The report highlighted “HCBOT,” with which TPC Robotics is currently engaged in core technology transfers and joint development and production partnerships. HCBOT is a company that has proven its mass-production capabilities and performance by supplying core components to “AGIBOT,” the global leader in the humanoid robot market with a market share of approximately 31% as of 2025. The analysis notes that the company possesses a differentiated competitive edge over domestic competitors—who have limited mass-production references—as it has secured a technology portfolio capable of covering not only joint actuators but also end-effectors such as robotic hands and end-effectors.
Based on this technology, TPC Robotics aims to transition to its own branded products within the third quarter and supply them to domestic and international clients. Citing data from McKinsey, the report emphasized that drive systems—such as actuators—account for approximately 40–60% of a humanoid robot’s production cost. It projected that if the company secures price competitiveness, its products are likely to be adopted, aligning with clients’ demand for cost reduction.
The company’s market entry strategy is also diversifying. It is currently pursuing the supply of actuators for a mass-production project involving humanoid robots by a major domestic automotive OEM; given the project’s high production cost structure, low-cost components are expected to be a key factor in securing market entry. Additionally, the company is preparing to participate in technology events targeting major domestic electronics manufacturers and has reportedly joined SEOJIN SYSTEM CO., LTD’s robot foundry ecosystem, with deliveries already underway to its production hub in Vietnam.
Earnings trends are also showing signs of improvement. In the first quarter of this year, company-wide revenue increased by 19.4% year-over-year, while revenue from the robotics division grew by 84.0%. The utilization rate of robotics equipment has risen from 53% in 2025 to the current level of 100%, and the share of revenue from the semiconductor sector has expanded from 4.0% to 10.5%.
The fact that profitability continues to improve even during the seasonal off-peak period was also viewed positively. Following its successful return to profitability in the fourth quarter of 2025—with revenue of 24.8 billion won and operating profit of 520 million won—the company maintained a similar level in the first quarter of 2026, recording revenue of 23.9 billion won. During the same period, the operating loss narrowed to approximately 10 million won, indicating that the company is nearing the break-even point.
The report projected that a performance turnaround in 2026 is highly likely if several factors converge: the leverage effect of fixed costs driven by revenue growth, increased utilization rates of robotic equipment, expanded sales to the semiconductor sector, and the impact of price hikes in the existing pneumatic business.