[Click eStock] "Binatek, MEA Growth Expected with Supercap Diversification"

On the 31st, Eugene Investment & Securities analyzed Vinatek, expecting an expansion in the applications of supercapacitors and growth in membrane electrode assemblies (MEA). They newly issued a 'Buy' investment rating and set a target price of 80,000 KRW.

Supercapacitors are capacitors with a larger storage capacity than conventional capacitors. The difference from batteries, which operate through chemical reactions, is that charging and discharging occur through physical reactions.

Researcher Heo Jun-seo of Eugene Investment & Securities stated, "Currently, sales are generated from smart meters and automotive electronics," adding, "There is potential for expansion into ESS and other areas, and last year, we completed a demonstration of a short-duration hybrid ESS using the new LIC product in collaboration with Korea Electric Power Corporation."

He emphasized, "Since it can be applied in areas requiring low capacity and high output power sources such as logistics automation and trams, additional expansion is expected," forecasting supercapacitor sales of 53.4 billion KRW in 2024.

Growth is also anticipated in MEA. MEA, or membrane electrode assembly, is a core component of fuel cell stacks, where the membrane is surrounded by catalysts and supports.

He noted, "The company proactively secured a mass production line for the new MEA business using the stable cash flow generated by its cash cow, the supercapacitor," and evaluated that "negotiations are underway with multiple water electrolysis and fuel cell companies, and talks with Company B are progressing smoothly."

He added, "Although the company's MEA is for PEMFC, durability has been enhanced to allow application in water electrolysis facilities," and assessed that "with major advanced countries investing policy funds in this environment, the number of water electrolysis and fuel cell companies is increasing, which is expected to benefit Vinatek."

Eugene Investment & Securities projected Vinatek's sales and operating profit for this year to be 68.1 billion KRW and 6.3 billion KRW, respectively. He stated, "Considering the rising utilization rate of the proactively secured MEA capacity and price increases due to the higher capacity and diversification of supercapacitors, the expected sales and operating profit in 2030 are 229.2 billion KRW and 37.8 billion KRW," emphasizing, "Due to fixed cost leverage effects, sales will increase, and the operating margin, which is 9.3% in 2024, is expected to improve to 16.5% by 2030."

This content was produced with the assistance of AI translation services.