Hanwha Investment & Securities said on the 22nd that Satrec Initiative's revenue from ultra-high-resolution satellite imagery is expected to start in earnest in the fourth quarter of this year (October–December).
Hanwha Investment & Securities maintained a Buy investment rating on Satrec Initiative and raised the target price to 90,000 won from 65,000 won. That is 26.9% higher than the closing price on the 19th (70,900 won).
Bae Seong-jo, an analyst at Hanwha Investment & Securities, projected that Satrec Initiative will post a consolidated profit for five consecutive quarters through the third quarter of this year (July–September). He also expected annual revenue to surpass 200 billion won.
Bae said, "With no large domestic projects through year-end, we estimate the order backlog will hit an all-time high of 541.7 billion won at the end of September and then decrease to 370 billion won by year-end," while adding, "We expect new order recovery from 2026."
The reason is that Satrec Initiative plans to launch five additional ultra-small cluster satellites in 2026 and five in 2027, and there is ample possibility that cases of selling ultra-high-resolution satellites like "SpaceEye-T" overseas will also emerge.
After successfully launching its first ultra-high-resolution in-house satellite, SpaceEye-T 1, in March, Satrec Initiative's subsidiary won a contract worth tens of millions of euros to supply satellite imagery to major European institutions.
Bae said, "We expect revenue from ultra-high-resolution satellite imagery to begin in earnest from the fourth quarter of this year," adding, "Assuming we secure at least one additional customer per year, we could expect considerable operating leverage over the next two to three years."