Pim Korea

PIM Korea, founded in 2001, is a specialist in Metal Injection Molding (MIM) that listed on KONEX in 2023 before transferring to KOSDAQ in April 2025.

The company holds Korea's only titanium MIM mass-production technology, along with aluminum MIM and hybrid new-material technology that bonds two different materials into a single part. It has partnered with POSCO and RIST to secure titanium powder manufacturing technology, advancing in-house material capability.

Its established products include automotive turbocharger and transmission parts, dental implant components, and wearable device parts, with LG Innotek, Samsung Electronics, Hyundai Transys, and Osstem Implant as key customers.

More recently the company has expanded into IT (smartwatch and smart ring components), autonomous driving (aluminum ADAS camera module parts), and robotics (logistics robot and humanoid components). In robotics, it is developing brackets for humanoid shoulder and arm joints and ultra-small reducers for finger joints.

In the near term, however, automotive parts still account for a substantial share of revenue, with meaningful contribution from robot parts expected only after customers begin mass production around 2028. Industry observers regard PIM Korea as one of the leading domestic firms in the metal injection molding field.

Consolidated revenue in 2025 was KRW 36.93bn, a slight decrease from KRW 37.45bn in 2024. Operating profit fell sharply to KRW 1.46bn from KRW 3.61bn, pushing the operating margin down from 9.6% to 3.9%. Net income attributable to owners swung from a profit of KRW 2.78bn in 2024 to a loss of KRW 54mn in 2025.

The profitability decline reflects a combination of rising cost-of-sales burden and weaker non-operating income, as the cost ratio increased while financial income and foreign-currency translation gains both dropped versus the prior year.

On a quarterly basis, the company posted a net loss of KRW 1.82bn in Q2 2025 before recovering to net profits of KRW 472mn in Q3 and KRW 993mn in Q4.

However, Q1 2026 operating profit fell back into a loss of KRW 747mn, before the company returned to profit in Q2 2026 with revenue of KRW 10.50bn, operating profit of KRW 180mn, and net income of KRW 761mn.

These quarter-to-quarter swings are attributed to development costs and initial expenses tied to new-business expansion. Over the trailing four quarters (Q3 2025 through Q2 2026), combined net income attributable to owners totaled roughly KRW 2.18bn, indicating an annualized profit trend has been maintained.

Meanwhile, operating cash flow rose to KRW 7.38bn in 2025 from KRW 3.55bn in 2024, and the debt ratio declined from 75.2% to 50.8%, pointing to an improved financial structure.

Observers note that the humanoid robot industry moved beyond the concept stage around CES 2026, entering a phase where products come with actual prices and delivery schedules.

Boston Dynamics' unveiling of production specifications for its electric Atlas and the start of pre-orders for household humanoids priced around $20,000 are fueling competition over hardware readiness.

In this shift, materials technology that can satisfy both weight reduction and durability requirements—titanium in particular—has gained prominence.

Analysts note PIM Korea's strength in mass-producing ultra-small, high-precision metal parts gives it potential to establish a technical barrier to entry in the humanoid hand and joint reducer market.

That said, revenue contribution from robot parts remains at an early stage, with many forecasts pointing to a growth phase emerging around 2028, once key customers' mass-production plans materialize.

The legacy automotive parts market is tied to OEM production cycles and electrification/lightweighting trends, functioning more as a stable cash-flow contributor than a growth driver.

IT wearable (smartwatch and smart ring) and autonomous-driving ADAS component markets are each being developed as separate growth axes, reflecting an ongoing revenue diversification effort.

On the competitive front, few firms specialize in MIM, and even fewer possess titanium MIM mass-production technology, which is cited as a differentiating factor for the company.

The company has signed a memorandum of understanding with robotics specialist Bonsystems to collaborate on ultra-small reducers for humanoid robots, with joint development of a robot hand prototype also included in the scope of cooperation.

IBK Securities projected in a June report that growth would be led by IT and automotive products from the second half, with entry into data-center cooling parts in 2027 and the humanoid ultra-small reducer market in 2028.

DB Securities analyzed in a February 23 report that PIM Korea is developing MIM-based ultra-small reducers optimized for humanoid robot hands and is expected to enter the value chain, without issuing an investment rating or price target.

That report expected robot-related revenue to grow in line with a customer's plan to mass-produce 30,000 units annually from 2028, with a target for the robotics business to account for 20-30% of company revenue by 2030.

NH Investment & Securities stated in a March report that expanding customers and product lines based on titanium MIM technology could push the robotics business's target margin above 30%.

These targets and projections, however, are each brokerage's own estimates, and whether actual contracts or mass production materialize will need to be confirmed through future disclosures.

In the automotive and IT parts segments, stable transactions with existing customers are expected to support modest revenue, while costs tied to new-business investment could weigh on near-term margins.