KOSDAQElectronic Components396300

SeA Mechanics

₩6,160▲ 0.98%2026-10-02 close

Market Cap

₩162.9B

Turnover

₩32.7B

Volume

5.3M

Shares out.

26.5M

PER

18.0×

PBR

1.9×

EPS

₩315

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

SeA Mechanics Becomes HT Robotics, Pivots to Robotics and AIDC Parts

Aluminum die-casting parts maker SeA Mechanics has renamed itself HT Robotics and is using strength in ESS parts as a springboard to expand into robotics and AI data center (AIDC) components.

1
At an extraordinary general meeting on August 19, 2026, the company changed its name from SeA Mechanics to HT Robotics, emphasizing a robotics-centered identity.
2
Consolidated Q2 2026 revenue was KRW 37.45 billion with operating profit of KRW 2.04 billion, marking four consecutive quarters of operating profit improvement.
3
The ESS parts order backlog has topped KRW 600 billion, with supply to LG Energy Solution's North American project driving the earnings improvement.
4
The company has registered as a supplier to a major domestic power equipment company and plans to begin initial shipments of AIDC power infrastructure components in Q4 2026.
5
The company swung from a 2025 annual operating loss of KRW 1.85 billion to a profit in H1 2026, but 2025 operating cash flow of negative KRW 11.68 billion diverged from reported net income.

Business structure

HT Robotics (formerly SeA Mechanics) was founded in 1999 and listed on KOSDAQ in March 2022 as an aluminum die-casting precision parts maker. As of Q1 2026, revenue mix was skewed toward the parts business at KRW 24.2 billion (72.0%), versus the IT business at KRW 8.7 billion (25.9%).

The parts business covers secondary battery end plates, ESS components, and EV/hydrogen vehicle parts, while the IT business centers on display-related mechanisms supplied to LG Electronics, including TV stands and wall mounts.

The company's core competitive edge is high-vacuum, precision die-casting technology that minimizes air bubbles and impurities inside the mold, a process also applicable to robot joint housings and actuator cases requiring lightweight, high-precision structures.

Its main customer base spans large corporate value chains including LG Electronics, LG Energy Solution, and Hyundai Motor Group. At an extraordinary general meeting held at its Gumi headquarters on August 19, 2026, the company changed its name to HT Robotics, with the new name combining Human and Technology.

In robotics, it already supplies AI home robot mechanism parts to a global appliance maker, and in June 2026 signed an MOU with a collaborative robot specialist for joint development of AI deburring solutions and process automation.

In addition, at its March 2026 annual general meeting the company added 11 new business purposes including intelligent robots, physical AI hardware, and AI data center (AIDC) cooling solutions, kicking off a broader portfolio realignment.

Earnings trend

Quarterly revenue · Operating profit

₩18.3B-₩1.3B25Q2₩23.3B-₩300M25Q3₩24.6B₩400M25Q4₩33.6B₩1.7B26Q1₩37.4B₩2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩87.6B₩2.3B2022₩86.8B₩2B2023₩92.3B-₩2.7B2024₩85.8B-₩1.9B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩18.3B	-₩1.3B	−7.1%
2025Q3	₩23.3B	-₩300M	−1.5%
2025Q4	₩24.6B	₩400M	1.6%
2026Q1	₩33.6B	₩1.7B	4.9%
2026Q2	₩37.4B	₩2B	5.4%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩87.6B	₩2.3B	₩3.8B	2.6%	6.0%	23.9%
2023	₩86.8B	₩2B	₩6.4B	2.3%	9.0%	45.1%
2024	₩92.3B	-₩2.7B	₩2.5B	−2.9%	3.6%	84.1%
2025	₩85.8B	-₩1.9B	₩1.4B	−2.2%	1.9%	101.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Annual revenue was KRW 87.64 billion in 2022 with operating profit of KRW 2.25 billion (2.6% margin), and KRW 86.78 billion in 2023 with operating profit of KRW 1.99 billion (2.3%), showing a relatively stable profit structure.

In 2024, revenue rose to KRW 92.34 billion but the company swung to an operating loss of KRW 2.66 billion (-2.9%).

In 2025, revenue declined to KRW 85.83 billion, yet the operating loss narrowed to KRW 1.85 billion (-2.2%), and net income attributable to owners remained positive at KRW 1.42 billion, continuing an unbroken streak of positive net income across all four years despite swings in operating profit.

On a quarterly basis, a weak Q2 2025 with revenue of KRW 18.30 billion, an operating loss of KRW 1.30 billion, and a net loss of KRW 1.04 billion improved to revenue of KRW 23.33 billion and a narrower operating loss of KRW 0.34 billion in Q3 2025, before turning to an operating profit of KRW 0.40 billion on revenue of KRW 24.59 billion in Q4 2025.

This trend continued for four consecutive quarters, with Q1 2026 revenue of KRW 33.62 billion and operating profit of KRW 1.65 billion, followed by Q2 2026 revenue of KRW 37.45 billion and operating profit of KRW 2.04 billion, with both revenue and operating profit expanding together.

Net income attributable to owners also rose steadily, from KRW 2.10 billion in Q4 2025 to KRW 2.21 billion in Q1 2026 and KRW 3.19 billion in Q2 2026.

However, on the cash flow side, 2025 operating cash flow came in at negative KRW 11.68 billion, in contrast to positive operating cash flow of KRW 4.79 billion, KRW 7.61 billion, and KRW 3.88 billion in 2022, 2023, and 2024 respectively, indicating a gap between reported net income and actual cash generation.

The debt ratio also climbed each year, from 23.9% in 2022 to 45.1% in 2023, 84.1% in 2024, and 101.0% in 2025, suggesting that investment burdens tied to the ESS, robotics, and AIDC business expansion are showing up in the balance sheet.

Industry analysis

According to material cited by the company, the global robotics market is projected to grow from KRW 38 trillion in 2024 to KRW 110 trillion by 2030, with the AI robotics segment reaching roughly KRW 85 trillion by 2030, and the South Korean government's goal of deploying one million robots by 2030 could bring policy funding and tax benefits to parts and solutions suppliers.

The ESS market is seeing rising component demand as key customer LG Energy Solution expands its ESS business across North America and Europe, while the AIDC segment is tied to continued hyperscale data center construction and expansion by global big tech companies centered on North America, prompting major power equipment firms to diversify their component sourcing.

In contrast, the legacy automotive and IT businesses, which include electrification parts and display mechanisms, were the source of weak results in 2024-2025 amid slowing EV demand and stagnant display market growth.

KOSDAQ hosts a number of similarly positioned companies supplying aluminum die-cast components for EV, ESS, and robotics value chains, indicating rising competitive intensity in this space.

Hanyang Securities noted in a June 2026 report that SeA Mechanics (now HT Robotics) is at a point of expanding its portfolio across future industries requiring lightweighting and precision.

The company has stated it is pursuing inclusion in the KOSDAQ robotics sector alongside the name change, and is also considering M&A to internalize core technologies.

Outlook

The company plans to hold a conference call IR briefing in early September 2026, followed by 'roadshow IR' sessions at least twice a month in Q4 targeting domestic and overseas institutions, with order backlog composition, M&A target screening status, and AI home robot mechanism mass production timeline updates as key agenda items.

In the ESS segment, the company has said that supply of die-cast end plate modules for LG Energy Solution's North American ESS project is expected to generate roughly KRW 190 billion in cumulative revenue from 2025 through 2028, and the current ESS-related order backlog exceeds KRW 600 billion.

In the AIDC segment, the company has completed supplier registration with a major domestic power equipment company and plans to begin initial supply of aluminum die-cast components and assembled products for power distribution systems in Q4 2026.

In robotics, the company continues to supply AI home robot mechanism parts to an existing global appliance customer, while whether the June 2026 MOU with a collaborative robot company for AI deburring solutions and process automation moves into mass production is the next point to confirm.

The company has stated it intends to keep investing in robotics and AIDC cooling solutions, supported by cash generation from its existing core businesses.

Valuation

PER

18.0×

PBR

1.9×

ROE

11.1%

EPS

₩315

BPS

₩3,023

Dividend per share

₩0

After posting consecutive operating losses in 2024 and 2025, the company entered a profit-recovery phase with four straight quarters of expanding operating profit from Q4 2025 through Q2 2026.

Its price-to-book multiple trades at a relatively elevated level compared with its earlier period of weak performance, which can be read as a premium reflecting expectations around business diversification.

The company pays no dividend, so market assessment of earnings recovery and new-business progress plays a larger role in share price behavior than dividend appeal.

That said, the steadily rising debt ratio and 2025 operating cash flow turning negative even as net income stayed positive are factors worth weighing together when assessing the quality of earnings.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23

Bull factors

Expansion into robotics and AIDC

Alongside the name change, the company added intelligent robots, physical AI hardware, and AIDC cooling solutions to its business purposes and has registered as a supplier to a major domestic power equipment company ahead of initial deliveries in Q4 2026.

Its existing high-vacuum die-casting technology can potentially extend to robot joint housings and data center heat dissipation parts, pointing to new revenue sources. Partnerships such as the joint development MOU with a collaborative robot company are also increasing.

Improving ESS parts performance

Backed by LG Energy Solution's expanding ESS investment in North America and Europe, related order backlog has exceeded KRW 600 billion, contributing to four consecutive quarters of rising operating profit from Q4 2025 through Q2 2026.

Revenue from the North American ESS project, expected to reach roughly KRW 190 billion cumulatively from 2025 to 2028, could serve as a stable cash generation base. This shows the existing core business functioning as a support structure for new-business investment.

Diversified large-corporate customer base

The company's customer base spans large domestic corporate value chains including LG Electronics, LG Energy Solution, and Hyundai Motor Group, a structure that can reduce dependence on any single industry cycle.

Its entry into robotics and AIDC is also being built on relationships with a major domestic power equipment company and a global appliance maker, showing existing customer relationships being leveraged as a springboard for new business expansion.

Bear factors

Weakness in legacy auto and IT business

Behind the swing to an operating loss in 2024 despite higher revenue were slowing EV demand and weaker demand for display-related IT mechanisms. In 2025, revenue also declined from the prior year, indicating the legacy core business has not fully recovered.

Since new business contribution remains limited, continued weakness in the legacy business could weigh on overall results.

Cash flow and balance sheet strain

2025 operating cash flow came in at negative KRW 11.68 billion, a clear divergence from net income of KRW 1.42 billion in the same period.

The debt ratio has also risen for four straight years, from 23.9% in 2022 to 101.0% in 2025, raising the possibility of greater need for external funding to support new business investment. If this trend continues, financial flexibility could become constrained.

Early-stage new businesses amid rising competition

The robotics and AIDC parts businesses are still at the initial-supply stage, and it will take time before revenue contribution becomes meaningful.

A number of similarly positioned KOSDAQ-listed companies supplying aluminum die-cast components for EV, ESS, and robotics value chains have intensified competition, which could be a variable affecting the pace of new-business expansion.

Risk factors

Business transformation execution risk

The name change and addition of new business purposes are steps toward establishing a robotics- and AIDC-centered identity, but converting this into actual revenue contribution requires further steps such as mass-production stabilization and quality verification.

The plan to internalize core technology through M&A is still at the target-screening stage, with timing and outcomes uncertain.

Financial soundness and cash flow risk

The debt ratio has risen every year from 23.9% in 2022 to 101.0% in 2025, and 2025 operating cash flow of negative KRW 11.68 billion moved in the opposite direction from net income.

If new-business investment continues, reliance on external financing could increase, making it necessary to continue monitoring changes in the balance sheet.

End-market cycle and customer concentration risk

A significant portion of revenue is concentrated among a small number of large corporate customers including LG Electronics, LG Energy Solution, and Hyundai Motor Group, and the newly entered AIDC segment also begins with a supply structure routed through a single domestic power equipment company.

A repeat of slowing EV or display market demand, or changes to major customers' investment plans, could increase earnings volatility.

What to watch next

Q4 2026
It will be important to confirm whether initial delivery of AIDC power infrastructure components through the domestic power equipment company begins as planned.
Q4 2026
In the planned 'roadshow IR' sessions held at least twice a month, it is worth watching whether order backlog composition, M&A target screening status, and the AI home robot mechanism mass-production timeline become more concrete.
Around November 2026 (expected Q3 report filing)
It will be worth checking in the Q3 2026 results whether the revenue contribution from ESS, robotics, and AIDC segments and the trend of improving operating margin continue.
H2 2026
This is a point to check whether the June 2026 MOU with a collaborative robot company for AI deburring solution co-development progresses to the mass-production application stage.

Overall view

HT Robotics (formerly SeA Mechanics) formalized its identity shift from an aluminum die-casting-based auto and IT parts maker to a robotics and AIDC parts company with its August 2026 name change.

The operating loss phase that persisted through 2025 turned into four consecutive quarters of expanding operating profit from Q4 2025 through Q2 2026, driven mainly by growth in the ESS parts order backlog and the recognition of North American project revenue.

At the same time, the company is pursuing diversification through entry into the AIDC parts supply chain via a major domestic power equipment company, supply of robot mechanisms to a global appliance maker, and joint development with a collaborative robot company.

However, 2025 operating cash flow moved in the opposite direction from net income, turning negative, and the debt ratio has risen for four consecutive years, both factors worth examining together when assessing earnings quality and financial flexibility.

The new robotics and AIDC businesses remain at the initial-supply or development-partnership stage, so the timing and scale of their actual revenue contribution should be confirmed progressively through upcoming quarterly results and IR disclosures.

Before forming an investment view, it is worth weighing the pace of business diversification, the durability of the legacy business recovery, and changes in the balance sheet together in a balanced way.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.