{"slug":"pnt","name":"피엔티","name_en":"PNT (People & Technology)","ticker":"137400.KQ","updated_at":"2026-07-12T06:27:18.453+00:00","canonical":"https://valuechain.wiki/pnt","same_as":["https://finance.yahoo.com/quote/137400.KQ","https://finance.naver.com/item/main.naver?code=137400"],"citable":"밸류체인 그래프 기준 피엔티의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, PNT (People & Technology) is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 9 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"이차전지 전극공정 롤투롤 장비(코터·캘린더·슬리터) 전문, 수주잔고 기반","kicker_en":"Roll-to-roll electrode-process equipment (coater, calender, slitter) maker, backlog-driven","lead":"피엔티는 리튬이온전지 전극공정용 롤투롤 장비를 만드는 장비 회사다. 양극·음극박에 활물질을 코팅·건조하는 전극 코터가 주력이고 캘린더(압연)·슬리터·노칭 장비, 동박·분리막 제조 장비까지 공급한다. 국내 배터리 3사(LG에너지솔루션·삼성SDI·SK온)와 해외 셀사에 납품하며, 수주잔고가 실적을 앞서 정하는 사업 구조다. 자회사 피엔티머티리얼즈로 LFP 소재 사업도 겸한다.","lead_en":"PNT makes roll-to-roll equipment for lithium-ion battery electrode processing. Its core product is the electrode coater that coats and dries active material onto cathode and anode foils, alongside calenders (roll-pressing), slitters, notching machines and copper-foil and separator equipment. It supplies Korea's three cell makers (LG Energy Solution, Samsung SDI, SK On) and overseas cell makers, on a backlog-driven model, and also runs an LFP materials business through subsidiary PNT Materials.","segments":{"fy":2025,"parts":[{"desc":"전극 코터·캘린더·슬리터·노칭 등 롤투롤 장비, 동박·분리막 장비. 매출 대부분을 차지","name":"이차전지 장비 사업부"},{"desc":"LFP 배터리 소재·셀 양산(ESS용 초기 200MWh) 내재화 추진","name":"소재 사업부(피엔티머티리얼즈)"}],"total":"수주잔고 1.68조원(2025 2Q말, 전년比 -22.7%) · 2025 3Q누적 매출 -42.3%(EV 캐즘). LFP 소재·ESS 셀로 다각화 중","source":"https://www.newspim.com/news/view/20231025000204","concentration":"매출이 국내 배터리 3사(LG에너지솔루션·삼성SDI·SK온)와 해외 셀사에 편중. 수주잔고 중심이라 셀사 증설 투자 사이클에 실적이 연동된다."},"segments_en":{"fy":2025,"parts":[{"desc":"Roll-to-roll coaters, calenders, slitters, notching machines, plus copper-foil and separator equipment; the bulk of revenue","name":"Secondary battery equipment"},{"desc":"LFP battery materials and cell production (initial 200MWh for ESS), pursuing vertical integration","name":"Materials (PNT Materials)"}],"total":"Backlog KRW 1.68tn (end-Q2 2025, -22.7% YoY) · 3Q-cum 2025 revenue -42.3% (EV chasm). Diversifying into LFP materials/ESS cells","source":"https://www.newspim.com/news/view/20231025000204","concentration":"Revenue is concentrated among Korea's three cell makers (LG Energy Solution, Samsung SDI, SK On) and overseas cell makers; being backlog-driven, results track cell makers' expansion capex cycle."},"returns_yearly":{"2021":62.2,"2022":11.6,"2023":-17.8,"2024":12.2,"2025":31.1,"2026":-39.8},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":2,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":1,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":1,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"피엔티의 논점은 '캐즘을 맞은 배터리 전극장비 1위의 소재 다각화'다. 양극·음극 전극 코터 등 롤투롤 장비에서 국내 3사(LG엔솔·삼성SDI·SK온)·해외 셀사에 납품하며 수주잔고가 실적을 앞서 정하는 구조인데, EV 수요 캐즘으로 셀사 증설이 지연되며 2025년 3분기 누적 매출이 -42.3% 급감하고 수주잔고도 1.68조원(-22.7%)으로 되돌렸다. 이 단일 사이클 리스크를 줄이려 자회사 피엔티머티리얼즈로 LFP 배터리(구미 0.2GWh ESS)·양극재까지 내재화해 장비(사이클)에서 소재·셀(반복)로 매출 구조를 넓힌다. 관건은 셀사 capex 재개 시점과 LFP 신사업의 양산 성공이다.","analysis_en":"PNT's thesis is 'the No.1 battery electrode-equipment maker diversifying into materials as the chasm bites.' Its roll-to-roll equipment (electrode coaters and more) ships to Korea's three cell makers (LGES, Samsung SDI, SK On) and overseas cells, with backlog setting results ahead of time; but the EV-demand chasm delayed cell-maker expansion, cutting 3Q-cumulative 2025 revenue -42.3% and pulling backlog back to KRW 1.68tn (-22.7%). To reduce this single-cycle risk, subsidiary PNT Materials in-sources LFP batteries (a 0.2GWh ESS line in Gumi) and cathode material, broadening revenue from cyclical equipment into recurring materials/cells. What matters is when cell-maker capex resumes and whether the LFP new business scales.","analysis_asof":"2026-07-12"},"edges":[{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"fy":2025,"chasm":true,"backlog_krw_tn":1.68,"backlog_yoy_pct":-22.7,"revenue_3q_cum_yoy_pct":-42.3},"note":"삼성SDI는 피엔티 전극공정 장비(코터·슬리터 등)의 국내 배터리 3사 고객 중 하나다.","note_en":"Samsung SDI is one of the three Korean cell makers buying PNT's electrode-process equipment (coaters, slitters).","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"EV 캐즘으로 셀사 증설 투자가 지연되며 피엔티 실적이 급감 — 2025년 3분기 누적 매출 -42.3%·영업이익 -47.3%. 수주잔고는 2분기말 1.68조원으로 전년比 -22.7%(2조 고점에서 감소). 수주잔고 중심 구조라 셀사 capex 사이클에 실적이 직결되며, 개별 고객별 수주액은 미공개.","excerpt_en":"The EV demand chasm delayed cell makers' capacity investment, sharply cutting PNT's results — 3Q-cumulative 2025 revenue -42.3%, operating profit -47.3%. Backlog was KRW 1.68tn at end-Q2, down 22.7% YoY (off the ~KRW 2tn peak). As a backlog-driven business its results track cell-maker capex cycles, and per-customer order values are undisclosed."},{"stance":"mentions","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — 캐즘발 설비투자 둔화로 목표주가 6.6만→5.3만 하향(P/E 11배). 다만 LFP 양극재·ESS·동박 신사업이 다각화 축.","excerpt_en":"Mirae Asset — cut target from KRW 66,000 to 53,000 (P/E 11x) on chasm-driven capex slowdown; LFP cathode, ESS and copper-foil are diversification axes."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"주요 고객사에 삼성SDI가 포함되며, 국내 3사와 해외 배터리사를 대상으로 장비를 공급한다.","excerpt_en":"Major customers include Samsung SDI, with equipment supplied to Korea's three makers and overseas battery firms."},{"stance":"confirms","publisher":"바이라인네트워크","publisher_en":"Byline Network","kind":"news","lang":"ko","published_at":"2022-07-15","url":"https://byline.network/2022/07/15-195/","title":"배터리랑 같이 크는 장비 업체 피엔티","title_en":"PNT, the equipment maker growing with batteries","excerpt":"피엔티는 LG에너지솔루션·삼성SDI·SK온 국내 배터리 3사 모두에 롤투롤 전극공정 장비를 공급한다.","excerpt_en":"PNT supplies roll-to-roll electrode-process equipment to all three Korean cell makers: LG Energy Solution, Samsung SDI and SK On."}]},{"direction":"revenue","counterparty":"SK Innovation (SK On)","counterparty_slug":"sk-innovation","confidence":"high","metric":{"fy":2025,"chasm":true,"backlog_krw_tn":1.68,"backlog_yoy_pct":-22.7,"revenue_3q_cum_yoy_pct":-42.3},"note":"SK온(SK이노베이션 배터리 부문)은 피엔티의 고속·광폭 전극 코터 등 롤투롤 장비를 도입한 국내 배터리 3사 고객이다.","note_en":"SK On (SK Innovation's battery arm) is one of the three Korean cell makers using PNT's high-speed, wide-width electrode coaters and roll-to-roll lines.","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"EV 캐즘으로 셀사 증설 투자가 지연되며 피엔티 실적이 급감 — 2025년 3분기 누적 매출 -42.3%·영업이익 -47.3%. 수주잔고는 2분기말 1.68조원으로 전년比 -22.7%(2조 고점에서 감소). 수주잔고 중심 구조라 셀사 capex 사이클에 실적이 직결되며, 개별 고객별 수주액은 미공개.","excerpt_en":"The EV demand chasm delayed cell makers' capacity investment, sharply cutting PNT's results — 3Q-cumulative 2025 revenue -42.3%, operating profit -47.3%. Backlog was KRW 1.68tn at end-Q2, down 22.7% YoY (off the ~KRW 2tn peak). As a backlog-driven business its results track cell-maker capex cycles, and per-customer order values are undisclosed."},{"stance":"mentions","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — 캐즘발 설비투자 둔화로 목표주가 6.6만→5.3만 하향(P/E 11배). 다만 LFP 양극재·ESS·동박 신사업이 다각화 축.","excerpt_en":"Mirae Asset — cut target from KRW 66,000 to 53,000 (P/E 11x) on chasm-driven capex slowdown; LFP cathode, ESS and copper-foil are diversification axes."},{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Economic Daily","kind":"news","lang":"en","published_at":"2024-05-09","url":"https://view.asiae.co.kr/en/article/2024050914290717851","title":"배터리 장비 시장, 2035년 95조 성장","title_en":"Battery equipment market to grow to KRW 95 trillion by 2035","excerpt":"피엔티는 활물질을 집전체에 균일하게 도포하는 코터와 전극 두께를 줄이는 롤투롤 압연 장비를 공급하는 국산 장비사로 소개된다.","excerpt_en":"PNT is described as a domestic supplier of coaters that apply active material onto current collectors and roll-to-roll rolling equipment that reduces electrode thickness."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"피엔티 주요 고객사에 SK이노베이션(SK온)이 포함되며 수주잔고는 약 2조원 수준이다.","excerpt_en":"PNT's major customers include SK Innovation (SK On), with an order backlog of about KRW 2 trillion."}]},{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"fy":2025,"chasm":true,"backlog_krw_tn":1.68,"backlog_yoy_pct":-22.7,"revenue_3q_cum_yoy_pct":-42.3},"note":"LG에너지솔루션(LG화학 시절 포함)은 전극 코팅 장비 공급사를 일본 히라노텍시드에서 피엔티로 바꾸며 전극 코터·롤투롤 장비를 도입했다. 국내 배터리 3사 중 핵심 고객이다.","note_en":"LG Energy Solution (including its LG Chem era) switched its electrode-coating equipment supplier from Japan's Hirano Techseed to PNT, adopting PNT electrode coaters and roll-to-roll lines; it is a core customer among Korea's three cell makers.","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"EV 캐즘으로 셀사 증설 투자가 지연되며 피엔티 실적이 급감 — 2025년 3분기 누적 매출 -42.3%·영업이익 -47.3%. 수주잔고는 2분기말 1.68조원으로 전년比 -22.7%(2조 고점에서 감소). 수주잔고 중심 구조라 셀사 capex 사이클에 실적이 직결되며, 개별 고객별 수주액은 미공개.","excerpt_en":"The EV demand chasm delayed cell makers' capacity investment, sharply cutting PNT's results — 3Q-cumulative 2025 revenue -42.3%, operating profit -47.3%. Backlog was KRW 1.68tn at end-Q2, down 22.7% YoY (off the ~KRW 2tn peak). As a backlog-driven business its results track cell-maker capex cycles, and per-customer order values are undisclosed."},{"stance":"mentions","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — 캐즘발 설비투자 둔화로 목표주가 6.6만→5.3만 하향(P/E 11배). 다만 LFP 양극재·ESS·동박 신사업이 다각화 축.","excerpt_en":"Mirae Asset — cut target from KRW 66,000 to 53,000 (P/E 11x) on chasm-driven capex slowdown; LFP cathode, ESS and copper-foil are diversification axes."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"피엔티의 주요 고객사는 LG에너지솔루션·삼성SDI·SK이노베이션과 해외 배터리 제조사이며, 수주잔고는 약 2조원(1조8,390억) 수준이다.","excerpt_en":"PNT's major customers are LG Energy Solution, Samsung SDI, SK Innovation and overseas battery makers, with an order backlog of about KRW 2 trillion (KRW 1,839B)."},{"stance":"confirms","publisher":"바이라인네트워크","publisher_en":"Byline Network","kind":"news","lang":"ko","published_at":"2022-07-15","url":"https://byline.network/2022/07/15-195/","title":"배터리랑 같이 크는 장비 업체 피엔티","title_en":"PNT, the equipment maker growing with batteries","excerpt":"피엔티는 롤투롤 기반 이차전지 장비 제조업체로, 국내 배터리 3사(LG에너지솔루션·삼성SDI·SK온)에 전극·분리막·동박 장비를 공급한다. 일본 수출규제 이후 국산화 수요로 성장했다.","excerpt_en":"PNT is a roll-to-roll secondary-battery equipment maker supplying electrode, separator and copper-foil equipment to Korea's three cell makers (LG Energy Solution, Samsung SDI, SK On), growing on localization demand after Japan's export controls."}]},{"direction":"investment","counterparty":"피엔티머티리얼즈 (LFP 소재·ESS 셀 내재화)","counterparty_slug":null,"confidence":"high","metric":{"plant":"gumi_4","mass_prod":"2026H1","lfp_ess_line_gwh":0.2},"note":"피엔티는 장비 캐즘의 단일 사이클 리스크를 줄이려 자회사 피엔티머티리얼즈로 LFP 밸류체인을 내재화한다 — 구미 4공장에 0.2GWh ESS용 LFP 배터리 라인을 구축(연말 시제품·2026 상반기 양산)하고 LFP 양극활물질까지 확장한다. 장비(사이클성)에서 소재·셀(반복성)로 매출 구조를 넓히는 성장 베팅.","note_en":"To reduce the single-cycle risk of the equipment chasm, PNT in-sources the LFP value chain via subsidiary PNT Materials — building a 0.2GWh ESS-grade LFP battery line at its Gumi Plant 4 (prototype by year-end, mass production H1 2026) and expanding into LFP cathode active material. A growth bet broadening revenue from cyclical equipment into recurring materials/cells.","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"피엔티머티리얼즈: LFP 배터리·양극재 소재 사업 내재화 추진(구미 4공장 ESS LFP 라인).","excerpt_en":"PNT Materials: in-sourcing LFP battery and cathode-material business (Gumi Plant 4 ESS LFP line)."},{"stance":"confirms","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — LFP 양극재·ESS·동박 신사업 포트폴리오가 장비 사이클 의존을 낮추는 성장 축.","excerpt_en":"Mirae Asset — the LFP cathode/ESS/copper-foil portfolio is a growth axis lowering dependence on the equipment cycle."}]},{"direction":"revenue","counterparty":"해외 셀 제조사 (유럽·중국·미국)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2025,"chasm":true,"backlog_krw_tn":1.68,"backlog_yoy_pct":-22.7,"revenue_3q_cum_yoy_pct":-42.3},"note":"피엔티는 유럽·중국·미국 등 해외 배터리 제조사에도 롤투롤 장비를 수출한다. 수출 비중이 국내보다 크다.","note_en":"PNT exports roll-to-roll equipment to overseas battery makers in Europe, China and the US, with exports exceeding domestic sales.","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"EV 캐즘으로 셀사 증설 투자가 지연되며 피엔티 실적이 급감 — 2025년 3분기 누적 매출 -42.3%·영업이익 -47.3%. 수주잔고는 2분기말 1.68조원으로 전년比 -22.7%(2조 고점에서 감소). 수주잔고 중심 구조라 셀사 capex 사이클에 실적이 직결되며, 개별 고객별 수주액은 미공개.","excerpt_en":"The EV demand chasm delayed cell makers' capacity investment, sharply cutting PNT's results — 3Q-cumulative 2025 revenue -42.3%, operating profit -47.3%. Backlog was KRW 1.68tn at end-Q2, down 22.7% YoY (off the ~KRW 2tn peak). As a backlog-driven business its results track cell-maker capex cycles, and per-customer order values are undisclosed."},{"stance":"mentions","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — 캐즘발 설비투자 둔화로 목표주가 6.6만→5.3만 하향(P/E 11배). 다만 LFP 양극재·ESS·동박 신사업이 다각화 축.","excerpt_en":"Mirae Asset — cut target from KRW 66,000 to 53,000 (P/E 11x) on chasm-driven capex slowdown; LFP cathode, ESS and copper-foil are diversification axes."},{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Economic Daily","kind":"news","lang":"en","published_at":"2024-05-09","url":"https://view.asiae.co.kr/en/article/2024050914290717851","title":"배터리 장비 시장, 2035년 95조 성장","title_en":"Battery equipment market to grow to KRW 95 trillion by 2035","excerpt":"피엔티는 활물질을 집전체에 균일하게 도포하는 코터와 전극 두께를 줄이는 롤투롤 압연 장비를 공급하는 국산 장비사로 소개된다.","excerpt_en":"PNT is described as a domestic supplier of coaters that apply active material onto current collectors and roll-to-roll rolling equipment that reduces electrode thickness."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"피엔티의 주요 고객사에는 국내 배터리 3사와 함께 해외 배터리 제조사가 포함된다.","excerpt_en":"PNT's major customers include overseas battery makers alongside Korea's three domestic cell makers."}]},{"direction":"revenue","counterparty":"동박·분리막 제조사 (동박·분리막 장비)","counterparty_slug":null,"confidence":"mid","metric":{"fy":2025,"chasm":true,"backlog_krw_tn":1.68,"backlog_yoy_pct":-22.7,"revenue_3q_cum_yoy_pct":-42.3},"note":"피엔티는 셀 전극 장비 외에 동박에 물질을 도포·가공하는 동박 제조 장비와 분리막 제조 장비도 공급한다. 동박 장비의 일본 의존 부품(티타늄 드럼)까지 국산화를 추진 중이다.","note_en":"Beyond cell electrode equipment, PNT supplies copper-foil production equipment and separator equipment, and is localizing Japanese-dominated parts (titanium drums) for copper-foil machines.","sources":[{"stance":"confirms","publisher":"DART","publisher_en":"DART (KRX filing)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316000390","title":"피엔티 사업보고서 (2025)","title_en":"PNT business report (FY2025)","excerpt":"EV 캐즘으로 셀사 증설 투자가 지연되며 피엔티 실적이 급감 — 2025년 3분기 누적 매출 -42.3%·영업이익 -47.3%. 수주잔고는 2분기말 1.68조원으로 전년比 -22.7%(2조 고점에서 감소). 수주잔고 중심 구조라 셀사 capex 사이클에 실적이 직결되며, 개별 고객별 수주액은 미공개.","excerpt_en":"The EV demand chasm delayed cell makers' capacity investment, sharply cutting PNT's results — 3Q-cumulative 2025 revenue -42.3%, operating profit -47.3%. Backlog was KRW 1.68tn at end-Q2, down 22.7% YoY (off the ~KRW 2tn peak). As a backlog-driven business its results track cell-maker capex cycles, and per-customer order values are undisclosed."},{"stance":"mentions","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2025-08-01","url":"https://securities.miraeasset.com/bbs/download/2138114.pdf","title":"미래에셋증권 피엔티 리포트 — LFP 양극재·ESS·동박 신사업(목표주가 5.3만원)","title_en":"Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)","excerpt":"미래에셋 — 캐즘발 설비투자 둔화로 목표주가 6.6만→5.3만 하향(P/E 11배). 다만 LFP 양극재·ESS·동박 신사업이 다각화 축.","excerpt_en":"Mirae Asset — cut target from KRW 66,000 to 53,000 (P/E 11x) on chasm-driven capex slowdown; LFP cathode, ESS and copper-foil are diversification axes."},{"stance":"mentions","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"피엔티는 동박 제조 장비를 만들며, 일본이 주도하는 티타늄 드럼을 중국 자회사를 통해 개발해 동박 장비 국산화를 노린다.","excerpt_en":"PNT makes copper-foil production equipment and is developing Japanese-dominated titanium drums via its Chinese subsidiary to fully localize copper-foil equipment."},{"stance":"confirms","publisher":"바이라인네트워크","publisher_en":"Byline Network","kind":"news","lang":"ko","published_at":"2022-07-15","url":"https://byline.network/2022/07/15-195/","title":"배터리랑 같이 크는 장비 업체 피엔티","title_en":"PNT, the equipment maker growing with batteries","excerpt":"피엔티는 배터리 핵심 소재인 동박에 물질을 도포하는 장비와 양극·음극·분리막 제조 설비를 공급한다.","excerpt_en":"PNT supplies equipment that coats material onto copper foil, a core battery material, as well as cathode, anode and separator production equipment."}]},{"direction":"cost","counterparty":"티타늄 드럼·정밀 롤 (동박 장비 핵심 부품, 일본 의존)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"동박 제조 장비의 핵심 부품인 티타늄 드럼은 일본 공급사가 주도해 왔다. 피엔티는 이를 중국 자회사를 통해 국산·내재화해 원가를 낮추려 한다. 개별 조달처는 비공개.","note_en":"Titanium drums, a core part of copper-foil equipment, have been dominated by Japanese suppliers; PNT is internalizing them via its Chinese subsidiary to cut cost. Specific suppliers are undisclosed.","sources":[{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2023-10-25","url":"https://www.newspim.com/news/view/20231025000204","title":"피엔티, 올해 수주잔고 약 2조원 예상","title_en":"PNT expects about KRW 2 trillion order backlog this year","excerpt":"동박 장비에 쓰이는 티타늄 드럼은 일본 공급사가 주도해 왔고, 피엔티는 중국 자회사를 통해 이를 개발해 국산화를 추진한다.","excerpt_en":"Titanium drums used in copper-foil equipment have been dominated by Japanese suppliers, and PNT is developing them via its Chinese subsidiary to localize production."}]},{"direction":"cost","counterparty":"기계 부품·구동계·전장 모듈 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"롤투롤 장비는 정밀 롤·구동 모터·제어 전장·프레임 등 다수 기계·전장 부품을 조립해 만든다. 피엔티는 18년간 기계 제조 기술을 축적했으며 부품 조달처는 비공개다.","note_en":"Roll-to-roll equipment is assembled from many mechanical and electrical parts such as precision rolls, drive motors, control electronics and frames; PNT has built up machine-building know-how over 18 years, with component suppliers undisclosed.","sources":[{"stance":"mentions","publisher":"바이라인네트워크","publisher_en":"Byline Network","kind":"news","lang":"ko","published_at":"2022-07-15","url":"https://byline.network/2022/07/15-195/","title":"배터리랑 같이 크는 장비 업체 피엔티","title_en":"PNT, the equipment maker growing with batteries","excerpt":"피엔티는 롤투롤 기계를 제조하며 기계 제조 기술을 18년간 축적해 해외 장비업체 수준의 기술력과 가격 경쟁력을 갖췄다.","excerpt_en":"PNT builds roll-to-roll machinery and has accumulated machine-building technology over 18 years, reaching the technology and price competitiveness of foreign equipment makers."}]}]}