“The ultimate future of the automotive market is self-driving, and development of electric parts has increased this year from the previous year, even in the face of the electric car catharsis (temporary demand stagnation). MotifLink has 20 years of leading technology and experience, and through this listing, we plan to become a global electrification parts module company.”
Kim Ki-han, CEO of MotifLink, met with Maeil Economy and emphasized this.
MotifLink was established in 1977 to produce transformers for home appliances. For the next 30 years, Samsung Electronics has been supplying transformers and EMC filters in the TV and home appliances sectors.
It has maintained its No. 1 position in the eco-friendly automobile power conversion parts category of domestic automakers by participating in the preliminary development stage of Korea’s first eco-friendly automobile power conversion parts in 2006.
Transformers (transformers) and EMC filters account for about 6 to 4 sales.
Power conversion system parts, the company’s main product, are essential devices that supply power to the entire system while adjusting the magnitude of voltage and current.
If you compare it to a person, it is a part corresponding to the valve or detailed blood vessels inside the heart.
In particular, it is evaluated as a rare total solution company that can design, verify, and mass-produce customized power conversion systems for each vehicle through its longest history.
Its strength is its advanced technology development capabilities, which it has secured by investing 5-6% of its sales in development over the years. Of the total 110 employees, only 50 development personnel are available.
Based on this, most of the electronic equipment companies such as Hyundai Mobis are secured as customers.
“The power conversion system is essential in various fields such as satellites and defense in addition to vehicles that use electricity such as hybrid cars, electric cars, and hydrogen cars,” CEO Kim said. “In addition to the driving system, there is a demand for all electronic products such as steering, braking, and lighting, so we are preemptively responding from the development stage of various customers based on the technology and experience accumulated in mobility for 20 years.”
Sales also recorded 43 billion won in 2021, 66.1 billion won in 2022, and 82.9 billion won in 2023, showing an annual growth rate of about 39%.
The company has set a target of 100 billion won in sales next year, although it will not exceed last year’s level this year, when the impact of Casm is strong.
CEO Kim is pushing for the listing this time to expand his business beyond parts to “modules” based on his know-how in designing and mass-producing electrified power conversion parts that he has accumulated for 20 years.
The funds raised through the listing will be invested in the development and mass production of electric power conversion modules at home and abroad and the establishment of a third plant in Vietnam to support them.
CEO Kim said, “We will develop a battery charging converter (FDC) module for hydrogen cars and finish it this year, and complete the dual coverter for commercial vehicles in the first half of next year,” adding, “The module-type filter connector has been selected for one project by the customer company after completing the development, and we are discussing horizontal expansion with the customer company.”
In addition, it plans to enter the local power conversion parts market by establishing a joint venture (JV) with Sterling Tools Group, a partner of India’s Hyundai-Kia Automotive Group.
It recently signed a contract with the group and will proceed with the establishment with the goal of production in the first half of 2026.
CEO Kim said, “Based on the design system that we have invested in over the years, we are seeking to transform from an existing mobility electrification parts company into a module-based hardware company,” adding, “When the ongoing project is completed, it will be the basis for our leap into an electrification parts module company.”
“We will do our best to become a company that customers find first, not a company that finds customers based on its own modules five years later,” he stressed.
Meanwhile, MotifLink will conduct a demand forecast for institutional investors on the 31st of next month.
The desired range of public offering price is 5,600 won to 6400 won, and the total amount of public offering is about 16.9 billion won to 19.3 billion won. It will then go public on the KOSDAQ after a general subscription in February.
It has a stable governance structure with 88.99 percent of the largest shareholders and related parties. The listing organizer is Mirae Asset Securities.
