ROBOTIS (108490) has climbed above the 240,000 won level. As of the morning of the 21st, the stock is trading at 241,500 won, up 2,500 won (about 1.05%) from the previous trading day.

The rise is underpinned by assessments that shipments of the company's core product are expanding amid growing global research and development demand. LS Securities analyzed that global R&D demand is increasing, centered on ROBOTIS's smart actuator business, and that expanded production capacity and business diversification are strengthening its mid-to-long-term growth foundation.

◆ Dynamixel Shipments Rising Along with Global R&D Demand

According to LS Securities, ROBOTIS is expanding its business into hands, humanoids, and data and software, based on its smart actuator 'Dynamixel.' Dynamixel serves as the company's main business foundation, and ROBOTIS is broadening its scope from supplying existing products to robotics-related business areas with it as the central axis.

The trend of growing global R&D demand is also translating into product shipments. LS Securities explained that Dynamixel shipment volumes are increasing in line with expanding demand in the research and development sector.

◆ Effects of Expanded Production Capacity: Reflection in Earnings a 'Mid-Term Watching Point'

Expanded production capacity was also cited as a point to watch regarding future earnings. LS Securities projected that the effects of production capacity expansion would be reflected in earnings over the medium term.

This means that the current increase in shipments and the future expansion of production capacity need to be viewed separately. While the rise in shipments is an already visible business trend, the reflection of expanded production capacity in earnings remains to be confirmed going forward.

◆ Beyond Hardware to Open Source and Solutions

ROBOTIS's business expansion is not limited to hardware. LS Securities assessed that the company is strengthening its mid-to-long-term growth foundation through an open-source strategy and a solutions business. The strategy of broadening its business scope from Dynamixel as the starting point to hands, humanoids, data, and software was presented as the core of its growth direction.

However, the production capacity expansion and mid-to-long-term growth outlook mentioned by LS Securities are merely analyses of future performance, and the actual scale of revenue and profit growth has not been confirmed. Specific shipment growth rates, the scale of production capacity expansion, and earnings forecasts were not included in the materials provided.

With ROBOTIS shares rising to 241,500 won, the securities industry is focusing on: the increase in global R&D demand for Dynamixel; the expansion of humanoid-related business; and whether expanded production capacity will be reflected in earnings.

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