[Edaily Reporter Kim Hyung-il ] DS Investment & Securities has issued a “Buy” rating and a target price of 54,000 won for SAMHYUN CO.,LTD(437730). The firm’s analysis suggests that while the automotive parts business continues to post losses, the robotics business is expected to grow—starting with the supply of actuator modules to a North American humanoid robot manufacturer—enabling the company to return to profitability by 2028.

On the 12th, Choi Tae-yong, an analyst at DS Investment & Securities, stated that the value of SAMHYOON CO.,LTD’s robotics business was a key factor in determining the target price. He applied a price-to-sales ratio (PSR) of 20.5x to the estimated 2028 robotics revenue of 86.1 billion won. This reflects an average annual growth rate of 48% for robotics revenue from 2028 to 2030 and represents a 24% discount from the highest multiple of 27.1x observed among overseas robotics actuator companies.

For existing businesses such as automotive and defense, the firm applied an estimated 2028 net profit of 1.6 billion won and an average price-to-earnings ratio (PER) of 11.2 times, based on overseas vehicle electrification parts manufacturers. The firm explained that since the target price is sensitive to robot revenue estimates, it is likely to be reevaluated depending on future changes in the order environment. The share count assumes the conversion of 48.5 billion won in convertible bonds (CBs) whose conversion price exceeds the current stock price.

The timing of SAMHYOON CO.,LTD’s return to profitability depends on the scale of its robotics revenue. In 2026, a loss is expected due to a decline in automotive parts revenue, compounded by the expansion of the research workforce and depreciation expenses for a new factory. Next year, automotive revenue is projected to recover with the mass production of electrification components already secured through orders; however, with a capacity utilization rate of only 52%, the automotive division is expected to remain in the red through 2028.

On the other hand, as revenue from the robotics business begins to grow in earnest, the company is projected to return to profitability company-wide by 2028. It is estimated that the majority of the operating profit expected at that time will come from the robotics division. However, the report noted that if mass production schedules for robotics clients are delayed, the timing of the return to profitability could also be pushed back.

SAMHYOON CO.,LTD is driving its robotics business with a focus on integrated actuator modules that combine motors, gearboxes, and controllers into a single unit. It also supplies individual components such as motors. The company has applied the motor and controller design capabilities accumulated in its automotive electrification components business to robotics and has introduced the automation systems previously used for mass-producing automotive parts into its robotics production.

Currently, the only confirmed robot supply contract is an initial mass production order signed last September with a North American humanoid robot manufacturer. The initial shipment is scheduled for December. The company plans to secure an actuator production capacity (CAPA) of 500,000 units at Plant 2 by April 2027, prior to securing orders for mass production.

Researcher Choi analyzed, “If SAMHYOON CO.,LTD’s clients’ production schedules proceed as expected, robot sales could grow to 1.4 times the previous estimates in 2027–2028 and 1.6 times in 2029–2030.”