SPGSPG 058610 ↗

Caveat

For Q2 2026 (three months to June 2026), consolidated revenue was KRW 88.77bn, up 10.3% year over year, operating profit KRW 4.00bn (+2%), and net profit KRW 2.44bn. FY2025 revenue was KRW 341.67bn, down 12.05% from KRW 388.48bn in FY2024, even as operating profit reportedly rose more than 30%: the company is shrinking on its legacy household-appliance and industrial-motor lines while precision robot reducers, still a minority of revenue, pull profitability up.

Sell-side estimates cited in Korean trade press project FY2026 total revenue of roughly KRW 418.6bn (+19.4%) and operating profit of roughly KRW 27.1bn (+46.4%, ~6.5% margin), with 'pure robot' precision-reducer and actuator sales projected to reach only around KRW 30bn, about 7.2% of projected 2026 revenue but a disproportionate share of the projected profit growth. These are analyst projections carried in trade press, not company guidance or a disclosed segment result, and should be treated as such.

On the customer side, SPG supplies planetary reducers with a stated reference base among Korean quadruped-robot makers and harmonic reducers into defense programmes (ammunition-handling components for Hanwha Aerospace's K10, the K9 self-propelled howitzer's autoloader breech mechanism, MUM-T (manned-unmanned teaming) systems, and Hyundai Wia's remote weapon station) alongside Rainbow Robotics and other domestic robotics customers, per company and trade-press statements; none of these relationships comes with a disclosed unit volume or dollar figure. Market capitalisation was approximately KRW 2.75tn as of August 2026 against FY2025 revenue of KRW 341.67bn, a price-to-sales ratio near 8x for a business where a low-single-digit percentage of revenue is currently 'pure robot' by the company's and analysts' own accounting: the robot narrative is real and growing fast off a small base, but it is not yet what the company's income statement is made of.

风险提示

2026 年二季度（截至 2026 年 6 月的三个月）：合并收入 887.7 亿韩元，同比 +10.3%；营业利润 40.0 亿韩元（+2%）；净利润 24.4 亿韩元。FY2025 收入 3,416.7 亿韩元，较 FY2024 的 3,884.8 亿韩元下降 12.05%，但据报道营业利润逆势增长超 30%——公司在传统家电与工业马达业务上收缩，而占比仍属少数的精密机器人减速器业务正在拉动盈利能力。

韩国财经媒体援引的卖方预测认为，FY2026 全年收入约 4,186 亿韩元（+19.4%），营业利润约 271 亿韩元（+46.4%，利润率约 6.5%），其中“纯机器人”精密减速器与执行器销售预计仅达约 300 亿韩元——约占 2026 年预期收入的 7.2%，但对预期利润增长的贡献比例不成比例地更高。这些是财经媒体转载的分析师预测，并非公司指引或已披露的分部业绩，应据此看待。

客户方面，据公司与财经媒体表述，SPG 向韩国国内四足机器人厂商提供行星减速器参考应用案例，并向国防项目供应谐波减速器——包括韩华航空航天 K10 弹药运输装甲车的弹药传送部件、K9 自行火炮自动装弹机的闭锁机构部件、有人-无人协同（MUM-T）系统，以及现代威亚遥控武器站部件，同时也是 Rainbow Robotics 及其他国内机器人客户的供应商；上述合作关系均未披露具体数量或金额。截至 2026 年 8 月，市值约 2.75 万亿韩元，对应 FY2025 收入 3,416.7 亿韩元，市销率接近 8 倍——而按公司与分析师自身口径，目前仅有个位数比例的收入属于“纯机器人”业务：机器人叙事真实且在低基数上快速增长，但尚未构成公司损益表的主体。