Roll-to-roll electrode-process equipment (coater, calender, slitter) maker, backlog-driven
PNT (People & Technology)
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.
137400.KQ Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · Backlog KRW 1.68tn (end-Q2 2025, -22.7% YoY) · 3Q-cum 2025 revenue -42.3% (EV chasm). Diversifying into LFP materials/ESS cells
- Customer 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.
- Segments · Secondary battery equipment · Materials (PNT Materials)
Revenue from
- Samsung SDI High confidence
Samsung SDI is one of the three Korean cell makers buying PNT's electrode-process equipment (coaters, slitters).Mentions KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - SK Innovation (SK On) High confidence
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.Mentions KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)Mentions EN Asia Economic Daily Published May 9, 2024: Battery equipment market to grow to KRW 95 trillion by 2035Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - LG Energy Solution High confidence
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.Mentions KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - 해외 셀 제조사 (유럽·중국·미국) Medium confidence
PNT exports roll-to-roll equipment to overseas battery makers in Europe, China and the US, with exports exceeding domestic sales.Mentions KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)Mentions EN Asia Economic Daily Published May 9, 2024: Battery equipment market to grow to KRW 95 trillion by 2035Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - 동박·분리막 제조사 (동박·분리막 장비) Medium confidence
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.Mentions KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)Mentions KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year
Pays to
- 티타늄 드럼·정밀 롤 (동박 장비 핵심 부품, 일본 의존) Medium confidence
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.Confirms KO Newspim Published Oct 25, 2023: PNT expects about KRW 2 trillion order backlog this year - 기계 부품·구동계·전장 모듈 (비공개) Low confidence
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.
Investments
- PNT Materials (LFP materials & ESS cell in-sourcing) High confidence
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.Confirms KO Mirae Asset Securities Published Aug 1, 2025: Mirae Asset Securities report on PNT — LFP cathode/ESS/copper-foil new businesses (target KRW 53,000)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| PNT (People & Technology) | node | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-12Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩84,000 · Price ₩31,850 (07-10) · Upside +164%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Mirae Asset Securities | Buy | ₩90,000 | Feb 27, 2026 | Report ↗ |
| Yuanta Securities | Buy | ₩78,000 | Apr 20, 2023 | Report ↗ |
Despite some project delays, raised the target to KRW 90,000 and kept Buy on customer diversification and dry-electrode/solid-state readiness.