Company Introduction - Wafer transport equipment and robot

#Raon Tech [232680]

1. Company Introduction
   - Wafer transport equipment and robot manufacturing for semiconductor equipment
   - Vertical integration of vacuum robot technology (only in Korea)
   - Advanced vacuum robot technology (only 3 companies worldwide can produce)

2. investment point
   a) Customer expansion
      - Eugene Tech, NAURA (China), Messon Technology, Intel
      - In particular, expectation of benefits from expansion of Chinese customers
   b) Expanding the applicable equipment group and resuming investment in all processes
      - Expand to non-memory, HBM, glass substrates, etc
      - Expectations for Resumption of Full Fair Investment
   c) Safety margin
      - Conditions for issuing convertible bonds are favorable

3. Valuation
   - Expected 2024 Earnings: 100 Billion / 25 Billion
   - Possibility of undervaluation compared to current market capitalization (100 billion won)

4. Risks
   - Delayed investment in all semiconductor processes
   - China's weakening of semiconductor rollout or easing U.S. sanctions on China
   - Short-term supply-demand issues (institutional selling pressure)

5. Other
   - ASP likely to rise due to increased exports to China
   - Delayed stock price gains compared to competitors (past overvalued, small-cap indifference, passive IR)

The main customers are #JusungEngineering and #Tes, and Tes is also the top contributor to the sales of both Harnik and Samjeon, and the sales of RaonTech in the past have increased significantly. RaonTech CAPA is about 100 billion won, and it is planned to expand +100% this year.

*It is held and can be bought and sold at any time. The results of the investment judgment belong to each person.