Hanwha Investment & Securities on the 16th said as Hyundai Motor Group and other key clients' robotics businesses take shape, SL Corporation's expanding role will also stand out. It maintained a "Buy" rating and raised the target price to 52,000 won. SL Corporation's previous closing price was 43,550 won.
SL Corporation's 2026 revenue was projected at 5.6 trillion won, up 9.3% from a year earlier. Operating profit was forecast at 428 billion won, up 17% from a year earlier, with an operating margin (OPM) of 7.6%. The outlook is that it will break out of a low-growth phase and enter a full-fledged high-growth trajectory.
Kim Seong-rae, a researcher at Hanwha Investment & Securities, said, "Although regional demand uncertainty persists, such as lower electrification demand in the United States, SL Corporation supplies lamp and electrification products centered on hybrid electric vehicles (HEVs), where demand is relatively solid, which is positive in that it can minimize the impact on sales," adding, "In particular, in line with key clients' new model cycles in North America and India, benefits are expected to increase in 2026."
Hanwha Investment & Securities also said attention should be paid to the fact that the Robotics business has begun to expand.
Kim said, "As major clients' Robotics businesses have recently expanded, expectations are also rising for the visibility of SL Corporation's robot business as a major partner."
SL Corporation is already supplying the leg module for Boston Dynamics' quadruped robot (Spot) and the indicator lamp for the logistics robot (Stretch). Starting in the first half of next year, through lidar cooperation with SOSLAB, it also plans to mass-produce and supply the modules for Hyundai Motor Group Robotics Lab's autonomous mobile robot "Mobed" and the wheel-drive type actuator "PluD (Plug & Drive)."
Kim said, "Depending on whether the related technologies and products are unveiled and the business roadmap is fleshed out at venues such as CES 2026, the visibility of SL Corporation's robot business scalability is also expected to improve."