[Click eStock] Inometry, "Expecting Strong Earnings Growth from Q2"

[Asia Economy Reporter Hyunseok Yoo] SK Securities analyzed on the 18th that Inometry will enter the early stage of a high-growth performance phase starting from the second quarter. No investment opinion or target price was provided.

SK Securities forecasted that Inometry's performance will improve from the first quarter low point. Seochungwoo, a researcher at SK Securities, said, "In the first quarter, the performance was even worse than the same period last year because, despite having a large order backlog compared to the previous year, timely delivery to China and other regions was not possible due to the impact of COVID-19," adding, "Although the impact of COVID-19 has not completely disappeared in the second quarter, it is estimated that the situation has stabilized significantly compared to the first quarter."

In particular, this year is expected to benefit from aggressive capacity expansions by client companies. He stated, "Since the beginning of this year, all three domestic electric vehicle battery companies have been actively expanding their production capacity (CAPA) and are presumed to be testing Inometry's demo equipment," and evaluated, "Inometry's main product, the secondary battery X-ray inspection equipment, is the latest device capable of detecting internal defects in batteries. As it is still in the early stage of adoption, the full-scale adoption by client companies can lead to steep performance growth."

SK Securities projected that Inometry's sales and operating profit this year will increase by 60% and 102% year-on-year to 51 billion KRW and 10.7 billion KRW, respectively. He emphasized, "Benefiting from the capacity expansion of major domestic clients and the expansion of new overseas clients, it is expected that performance will show a clear growth trend from the first quarter low point toward the end of the year."

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