[Edaily Reporter KIM YOON-JEONG ] IBK Investment & Securities noted that SPG CO., LTD(058610)is the only company in Korea to offer a full lineup of three types of precision gearboxes for humanoid robots, and projected that its medium- to long-term growth potential will be highlighted through the expansion of its robot gearbox and actuator businesses. The firm initiated coverage with a “Buy” rating and a target price of 100,000 won.

On the 20th, Kim Hye-bin, an analyst at IBK Investment & Securities, stated, “As the global humanoid market is in its nascent stage, the reducers required vary by client and form factor, and the company is a strategic choice with customization capabilities and mass production capacity for three types of precision reducers.”
SPG CO., LTD. primarily manufactures fan motors used in white goods and geared motors for industrial automation. Currently, fan motors and geared motors account for approximately 65% and 30% of total revenue, respectively.
IBK Investment & Securities projected that the revenue share of precision gearboxes will expand from 4% in 2025 to around 10% in 2027, driven by growth in the automation and robotics markets. The firm forecast that overall corporate profitability will improve as the share of low-margin motor sales decreases and high-margin gearbox sales increase.
In particular, the firm analyzed that the precision gear reducer business will grow around two key pillars.
First, SPG CO., LTD is the sole supplier of gearboxes for Rainbow Robotics’ robots. In the first quarter of this year, the company began supplying precision gearboxes for quadruped walking robots, and it expects to ship approximately 1,000 units for the defense industry by 2027. Given that each robot is equipped with 12 gearheads, revenue from Rainbow Robotics in 2027 is estimated to reach 16 billion won—approximately double the previous year’s figure.
In addition, the company anticipates expansion of its robotic actuator (SDD) business, which integrates reducers, motors, and controllers. The SDD addresses heat dissipation issues by over 30% compared to existing products, and following participation in North America’s largest automation exhibition last June, the company is currently reviewing non-disclosure agreements (NDAs) with multiple U.S. firms. The company expects to complete the establishment of its production line in August and begin full-scale mass production starting in October.
The company also expects its second-quarter performance to continue its upward trend. IBK Investment & Securities projected second-quarter revenue of 91.1 billion won and operating profit of 5.2 billion won. This represents year-over-year increases of 13.3% and 32.9%, respectively. The operating profit margin was estimated at 5.7%. Analyst Kim stated, “We anticipate continued revenue growth driven by high-value-added gearboxes and improved profitability resulting from company-wide price increases beyond the second quarter.”