DB Securities on the 23rd projected that SL Corporation will see its corporate value rise as it expands supply of Robotics components. It kept its "Buy" rating and raised the target price to 84,000 won. SL Corporation's closing price in the previous trading day was 55,100 won.
SL Corporation, an auto parts maker that produces car lamps, has recently begun producing Robotics components and is transforming into a Robotics company.
Nam Ju-shin, an analyst at DB Securities, said, "SL Corporation supplies the leg assembly for Boston Dynamics' quadruped robot and the indicator lamp for the logistics robot Stretch," and noted, "For Hyundai Motor Robotics Lab's "MobED" and "PluD (Plug & Drive)" platforms, it is supplying a lidar module and a BPA (battery package assembly)."
He added, "In some projects, it is even performing an EMS role for robot contract manufacturing, and entry into the robot value chain leveraging mechanical module manufacturing capabilities is expected."
This year, earnings gains based on new model launches are expected to become visible.
Nam said, "Thanks to tariff refunds, the company posted strong results in the fourth quarter of last year, and the payout ratio was raised from 15% in 2024 to 40% last year," and analyzed, "The lamp business is entering a structural growth phase as North American hybrid vehicle (HEV) sales expand." He also said, "Uncertainty related to tariff expenses has passed its peak," and explained, "Orders received since 2023 have begun to be recognized as revenue starting this year."