[E-Daily Reporter Kwon Oh Seok ] On the 16th, the independent research firm Valuefinder analyzed that Namuga Co.,Ltd(190510)is rapidly diversifying its business portfolio into non-mobile sectors—such as robotics, drones, and security—including being officially selected as a partner for 3D sensing camera modules for a global automaker’s robot platform.

Founded in 2004 and listed on the KOSDAQ market in 2015, Namuga Co.,Ltd is a specialized manufacturer that has primarily produced compact camera modules (CCMs) for smartphones and ToF- and LiDAR-based 3D sensing modules. In the first half of this year, on a consolidated basis, revenue was 191.1 billion won and operating profit was 6 billion won, down 23.9% and 64.7%, respectively, compared to the same period last year. The decline in shipments of flagship smartphones by major clients and price cuts due to cost pressures are cited as the main reasons for the poor performance.
However, a clear recovery in performance is expected starting in the second half of this year, driven primarily by the smartphone business. Domestic pre-sales of the new foldable model released in the third quarter increased by more than 30% compared to the previous model, and with full-scale supply of the next-generation flagship model set to begin in the fourth quarter, annual operating profit is projected to recover to 2024 levels.
Results in new business segments are also becoming visible. In January of this year, Namuga Co.,Ltd was officially selected as a partner to supply 3D sensing camera modules for robots to a global automaker’s robot platform, and in June, it completed the construction of a dedicated robot production line. The 3D vision solution mounted on the upper body of robots has completed technical validation with the client and has entered the stage of directly developing next-generation humanoid vision solutions. Additionally, monthly shipments of infrared (IR) cameras for Google’s Waymo have nearly doubled since May.
The company is also accelerating its entry into the drone and security markets. In the drone sector, it is currently conducting a collaborative project with a Canadian rescue drone company and is continuing supply discussions with domestic defense and drone specialists. In the security market, the company made its debut in March by unveiling the physical security solution “VICON.” This solution is characterized by its maximized security, achieved by combining RGB cameras and 3D sensing technology with a post-quantum cryptography (PQC) architecture jointly developed with its affiliate, AI-Matic.
Jeon Woo-bin, an analyst at Valuefinder, noted, “Namuga Co.,Ltd is rapidly building a track record in the robotics and automotive electronics sectors, including being selected as a global vendor for automotive robot platforms and expanding supplies to Waymo.”
He added, “Along with a rebound in core business performance in the second half of the year driven by increased adoption in flagship models, the speed at which revenue from new applications—such as drones and security—grows will be a key variable in the medium- to long-term re-rating of the company’s valuation.”