Hana Securities on the 10th said ATUM is expanding the business scope of its planar transformer technology from a focus on mobile to electric vehicles and data centers. It did not provide an investment opinion or a target price. The previous session's closing price was 4,410 won.
Hana Securities said ATUM is the only company in Korea that holds the original planar transformer technology.
Kwon Tae-woo, an analyst at Hana Securities, said, "ATUM, unlike conventional wound types that coil copper wire, has secured planar transformer technology that processes copper foil into a flat form, reducing size and heat generation and enabling production automation," and added, "ATUM is virtually the only player mass-producing transformers with height reduced to within 3 cm."
According to Hana Securities, ATUM's planar technology has built high entry barriers and is recently showing tangible results that are translating into actual sales. Notably, it won its first long-term order to supply CM filters for six years for the integrated charging control unit (ICCU) used in Hyundai Mobis' electric vehicle platform. It is also preparing to enter the artificial intelligence (AI) data center infrastructure market, a new growth driver.
Kwon said, "Recently, it signed a joint development agreement for switched-mode power supplies (SMPS) for data centers and optical communications with Sungho Electronics, attempting to expand beyond exclusive transformer supply into finished goods," and added, "The 3.3-kilowatt (kW) module is aiming for KC certification within the year, and the 12 kW class is under development targeting certification in the first half of next year."
The synchronized growth of subsidiaries is also said to be contributing to the companywide expansion in scale. Cheonghan Electronics, a subsidiary that is a top-tier distributor of multilayer ceramic capacitors (MLCCs) in Korea, is benefiting from increased demand for high-value MLCCs and higher prices as data center investment expands. DST, a processor of marine engine cylinder parts, is likewise seeing rising orders amid a boom in shipbuilding and as marine engines begin to be used for power generation in data centers.
Kwon said, "While ATUM currently has a large proportion of component distribution (MLCC) and marine and machinery parts in its profile, it is expanding its business scope from a component manufacturer to a power solutions company on the back of its research and development workforce."