JMS 믹싱 장비: IPO, 비전 및 도전 과제

기업공개 계획, 5천억 매출 목표, 배터리 부문 확장 및 해외 사업에서 도전에 직면한 JMS CEO.

### JMS 이영진 대표의 미래 비전과 앞으로의 과제
* 🏭 JMS는 **음극, 양극, 분리막, 전해질 등 고객이 원하는 상태로 재료를 가공**하는 혼합 장비 전문 기업입니다.
* 💰 상장 일정은 **4월 1일부터**, 공모가 밴드는 **1만8000~1만5000원 내외**, 지난해 매출은 약 1300억 원에서 2배 이상 성장한 **약 6000억 원**을 목표로 상장할 계획입니다.
* 📈 3~5년 내 **매출 5000억 원 달성**을 목표로 하고 있지만, **영업이익률 개선**과 **배터리 부문 외 사업 확대**의 중요성을 강조하고 있습니다.
* 🔋 배터리 업계에서 건식 전극이 성장하는 추세에 따라, CEO는 **분말 혼합에 대한 전문성을 건식 전극 공정에 적용**하여 회사를 차별화할 수 있는 기회를 포착했습니다.
* 🌍 해외 진출은 전문 인력과 도구가 필요하기 때문에 **국내 장비 업체와 인프라 비용을 분담**하는 것이 핵심 과제이며, 이를 위해 노력하고 있습니다.
* 🏗 배터리 산업 특유의 현장 설치 작업에 필요한 엔지니어 양성의 어려움을 인식하고, 이를 극복해 **중기 목표인 매출 5조 원, 이익률 10% 이상 달성**을 목표로 하고 있습니다.
* 💼 이 회사는 이미 고객 기반을 확장하기 위해 많은 노력을 기울이고 있지만, **CEO는 신뢰성을 훼손하지 않으면서 고객 기반을 확장하는 것이 어렵다**는 것을 알게 되었습니다.
* 🤝 업계에서 인프라 비용 분담에 대한 논의가 이루어지고 있지만, **각 공정마다 개별적인 조정이 필요**하기 때문에 실제 구축에서는 이러한 측면을 조정하기 어려울 수 있습니다.

Hello, this is Director Suwon. Soon, the company will be listed. I'm planning to share interesting stories before the listing with CEO Lee Young-jin from JMS. CEO, hello. Hello. JMS is well known as a mixing equipment specialist. Could you briefly introduce mixing equipment? Mixing equipment literally means equipment that mixes materials. We use such equipment to process materials into the desired state requested by customers. We are responsible for the engineering process of mixing various materials such as cathodes, anodes, separators, and electrolytes. Do you mix everything together? Yes, we mix everything. Well, since cell manufacturers mainly do the mixing, do material suppliers also mix everything? Initially, separators and electrolytes are provided by each material supplier. Then, cell makers assemble them into cells.

We mix slurry for application. Our CEO Lee Young-jin appeared on our channel and gave a detailed introduction about mixing equipment when he first appeared. If you are curious about mixing equipment, please check out the link above to listen to the overall content about mixing equipment. Before you go public today, I would like to ask you about various situations. What is the listing schedule like now? It starts from April 1st, and around April 16th, I think it is a public offering period, and the listing date is scheduled for the end of April. What is the offering price band? It's around 18,000 to 15,000 won. From April 1st, institutional investors are participating, right? You need to do well until then. You have to work hard. How much was the revenue last year? It was about 130 billion won.

Last year, we hit around 600 billion won, more than doubled. Why did that happen? Because we received a lot of orders. We received a lot of orders, which is why our sales increased significantly. Who do you mainly supply to now and where? Mainly, we supply to Samsung SDI, LG, and Northvolt. Among them, can you talk about the revenue distribution by each customer? It's quite similar for each company. Based on estimates, our sales are distributed almost equally. We think it's about the same for the three major customers when looking at the aggregated orders. How much market share do you think we should aim for in the eyes of the CEO? For us, the criteria for sales recognition is delivery. The products need to be delivered to the customers. However, costs are another story.

There are quite a few preliminary parts, especially like the mentioned installation costs. It's a bit regrettable that these things are all done in advance, so it's a bit disappointing. Can we improve on that? What I mean is, as the customer companies, or all companies, are now in a position where they need to nurture engineers, a lot of investment has been made in that area. So, now, we need to earn money. We need to work hard to earn it. Currently, mainly supplying to Samsung, LG, and Northvolt, the urgency is almost the same. If we divide it into thirds, well, the mixing equipment... From what I've heard in the past, the level of technology is very high. Also, people need to assemble the equipment delivered on-site, so there might be some complexity. Mainly, there is a lot of overseas.

Where are most of the installations located abroad? We have a subsidiary in Sweden, two in Europe, and in North America, we have the United States and Canada. So, we set up subsidiaries in those places, right? If it goes like this every year, many engineers will have to go abroad, right? Yes, that's correct. How many people are currently going out, and how many employees are there in total? Among our 300 employees, it's not like 50 people are going out from each site. We have partner companies, and usually, when we work on a site, there are around 10 to 20 people going out recently. Some will rotate and stay there for a year.

Since there are none, I don't know if it's completely matched or completely matched anyway, but two companies that make mixing equipment are already listed. When compared to competitors, what is the most competitive advantage of company MNS A? If you think about the overall variation difference a bit, it would be helpful. First of all, the business field is the widest, and then the areas we can actually work in are much broader. There are many more types of machines as well. Could you please explain more specifically? For example, in the case of my competitors, they have probably only done wet processes. They mainly focus on battery cells. One place only did cells, and another place started doing pharmaceuticals and bios. Our company originally started with medicines.

We have various pills like our Go Young-jae Tylenol. So, originally, we started with mixing powders. Mixing powders was the main focus for us. Yes, and in the past, when we coated brown glass, mixing paste is similar to today's slurry, I think. In terms of materials we can handle, we have much more. We actually find it very easy to switch between powders and slurry, changing their forms. We have a lot of experience. Our company was established in the 80s. Officially, in 1986. Yes, the actual start of the company was in 1981, I believe. So, what did you mainly mix back then? In the past, mixing wasn't a big part of it, actually. Technologies like coating powders or drying powders.

And when we go to the hospital now, you know, there are autoclaves. We originally had our own sterilizer. Yes, we knew about steam, gas, and so on. So, in fact, how should I put it, well, the battery for the aquarium was good, so that's how it turned out like this now. But about 10 years ago, the pharmaceutical side had a much higher proportion. It was more on the pharmaceutical side. And now, as I mentioned earlier, it's quite easy to move back and forth with this kind of material itself. So, now, we are also working in space aviation. In space aviation, what do we have? We have propulsion systems, explosives, and so on. Oh, that's interesting. There are solid propellants too. Are there solid propellants as well? I see. How much is the battery sales accounted for now? It's 99.9%, according to the CEO.

The market share will also increase, so the absolute sales will increase as well. About 20% of it was in a different field last year. That is now a unique portfolio that other competitors do not have. It's a customer portfolio, an industry group portfolio, right? That's right. So, in doing that, J mns is the only one, right? There is only us domestically, and there are only three in the world. Oh, really? It's an extremely unique industry. In the industry itself, there are only three in the world. It can be compared with the US and Japan. There, most companies are in defense or other areas, not in the battery sector. Originally, companies like us, who make mixers, all started with food and pharmaceuticals. For example, when it comes to cells, mixing equipment stands out so much, that's how it turned out. Just a few years ago, it was almost like a snack business.

Mixing what's right, the population doesn't increase, there's no future in the industry. Oh, I see. But now, the battery has exploded and burst, that's correct. But things like space propulsion or mixing explosives are also considered very unique. But it might not be easy to openly talk about that side. We can't predict the market either. Oh, really? Since we don't know how it will turn out, right? So, how much funding are you raising through the IPO this time? How much funding will you raise at the time of listing? I think it's around 350 billion to 400 billion, as far as I know. Once you raise that funding, what will you do with the money? If suddenly our order volume increases, we need to solve our operating funds, and we also need to hire more people, right? That's right. There is no separate investment plan right now.

Did you expand the Gimhae factory last year? Yes, we did. Do you have any additional expansion plans? Of course, we have plans, but for now, we are focusing on resolving operating funds with procurement funds. We plan to take the next step after securing operational funds. Where is the factory located right now? It is located in Gimhae and 2,000. It's between 2,000 and 2,001 Mart. Both combined, how big is it in 2,000? So, it's around 7,000 to 8,000 square meters in a similar size. How many factories are there in total? There are three factories there. One is 7,000 square meters, right? Yes, not all of the 7,000 square meters are used. I see, not all are used. We are adjusting it to fit the battery process, so the width is about 20m and the length is about 100m.

There are about three factories in Gimhae, and in Icheon, there are about one and a half. When did you get the certificate for the Gimhae factory? We've been steadily increasing since last year. It hasn't been long. Right, if we put it at 2000, it's a bit inconvenient because it's a bit lacking. So, we're planning to expand in Gimhae. It's a bit difficult to find people for 2000 in Gimhae. Oh, really? Because most of them are in the semiconductor field due to Hynix. In Gimhae, there are shipyards below because there are Chinese companies and industrial complexes. Since there are plants, petrochemical plants, and shipbuilding, it's because of people. That's why you went to Gimhae. There are also people, and most of our products go to Busan. So, we prefer Busan. Yes, we ship from Busan by sea to the US or Europe, so we caught nearby. We also consider logistics costs. Then, what about now, Icheon and Gimhae?

When all four factories are in full operation, how much revenue can we expect? If we manage the timing perfectly and steadily increase production, we could possibly reach 4 trillion won in revenue. Last year, our revenue was around 1.4 trillion won. What is this year's revenue target? It's around 3.3 to 3.5 trillion won. How much is the current order backlog? It's 333 billion won. We have orders booked until 2023. If we secure additional orders this year, do you think we can achieve the target? Yes, so 3 trillion and 333 billion won. What is the revenue target? It's over 3.5 trillion won. We should increase it soon. Let's plan accordingly, maybe up to 7...

You should go and check it out once, so you need to be a bit sensitive and observant about the fish tank. It seems like you need to observe the customers because they are a company that has been steadily expanding and doing well. However, despite that, there seems to be a slight downturn signal in the electric vehicle market. How do you predict that area? Yes, recently there has been a lot of talk about CATL. Yes, it has been growing rapidly for about three years, and it has been growing rapidly in the past three years. In the future, I don't think the trend of using cgr will change at all, that's my opinion. Oh, I see. Of course, it could change a bit, especially with the U.S. presidential election and the current market situation not being very good. But ultimately, the field that should apply batteries now is not just cars, right? It's not just cars, but also other areas as big as cars.

There are markets and ES as well, but there are quite a lot of areas where dispatch needs to be applied, more than you might think. Because there are so many, new companies continue to emerge. Since their goals are slightly different, it should be fine. In the mid- to long-term, it might slow down a bit. It's not likely to suddenly crash and stop. According to the CEO, this year's sales target is around 350 billion, which is more than double compared to last year. However, in about 3 to 5 years, the company is expected to have grown to a certain size. What is your prediction? Personally, I think the company needs to reach 500 billion in terms of sales. It should reach 500 billion. However, in our case, there are also areas where sales need to be improved.

If you don't grasp that part, the number 500 million becomes meaningless. I am thinking of focusing more on improving operating profit. In order to increase the profit margin, what kind of work should be done? We have a slightly different vision from our two competitors, and we actually don't want to be too tied to cell making. Yes, so in the end, there are areas where the company needs to expand its business. Among them, there are areas such as pharmaceuticals and food, which we originally grew in, and then there are areas like defense and now even batteries. If we focus too much on just the battery sector, we will inevitably be dragged along. It seems like the company has been experiencing difficulties in business operations in recent years. Therefore, I want to balance that out and focus more on the core. Last year, we had about 30 billion in defense.

Did you do it? Oh, there was none last year, hardly any. There wasn't any last year. Actually, I can't talk about the orders. I think it will increase a lot compared to last year. So, this year, around the beginning of next year, when we look at it, we can see that the sales in this sector have come out like this. This is based on the Indian standard. If we look at it based on our orders, we can say it more positively. But based on the Indian standard, due to the construction schedule in India, companies like us are affected by delays and things can be pushed forward. That's right. Actually, my sales target for 2023 was originally higher than this. It was higher. But since the construction industry is so volatile, if there are delays in construction schedules, our sales can also be affected. So, those are the parts.

It seems like it could be a variable. Oh, that's because other competitors find it difficult. In the case of dry matter, there isn't much experience because it's not common, or the business group that can do the best. So, it sounds like we will do better, right? So, what is the significance of this? Well, there is talk about Future Eco Mixers in the future, but in reality, it's a bit difficult, that's the general consensus. Actually, due to Tesla, interest in dry matter in this process has increased significantly. What preparations are currently being made in the company? This is about continuous mixing, not dry matter processing. So, in the case of separating membrane or continuous mixing, it could be relevant, but in fact, because Cellman King requires much more raw materials, there is a bit of a difference.

Yes, so first of all, continuous type, we have also seen a lot from the past, and now the design is completed. Since we usually operate on an order-to-order basis, if the customer does not choose, we do not produce. However, we did have some concerns about making a demo device. Recently, various tasks have been continuously coming up from last year and the year before last. We do not prefer continuous type because it is difficult to change jobs in continuous type. If you mention jobs, it is difficult to produce various models. You need a separate dedicated line, right? That's correct. If you are going to continuously produce the same slurry for that model, then I recommend it. Well, actually, if not, then I would consider it a bit of a non-recommended case. In the case of dry type, I think we can do it here.

Battery companies are showing a lot of interest, and soon there will be discussions about new products. When that happens, the differentiation from other competitors lies in the dry side of the electrode. This is because, as you mentioned earlier, by adding powder or powder-like food or bio, it is possible. Yes, it seems that we don't feel much burden in mixing the powder. But in reality, cell companies do not apply sticky substances to the dry solid electrode. Instead, they sprinkle powder-like substances. If you just sprinkle the powder, it won't stick at all, so you need to make it stick by adding something. When you work on the dry solid electrode, there will be some changes in the material itself.

We make it, but is there actually movement for that? Of course, there is. Oh, really. Then, why do you do that on the cell side? When we do wet chemistry, we use an organic solvent at the cathode, right? But we vaporize that organic solvent, right? Yes, to recover the NPS. In fact, just the act itself is dangerous. It involves a huge amount of money, right? Money is involved. To save that money, right? We have to save it. By doing it in a dry way, mixing something with the powder, right? Changing it. Yes, that's correct. When do you actually change it? When? When do you actually conduct such tests? Are there any companies that are not conducting those tests? As far as I know, all companies are doing it. If you want to come to our company, yes, I want to do something in a dry way regarding those active materials. Just to set up a pilot line, we need equipment.

Do you have movements like that? There are many such questions, right? Do you only receive inquiries, or have you actually placed any? Oh, currently, we haven't placed any. So, when do you think those will go out, roughly? For example, could we predict that we might start seeing them in about a month or two from now? Actually, you don't necessarily need to buy pilots from us. Oh, really? Then, from the perspective of the CEO, even if you were to make pilots, if you believe that there could be actual orders, when do you estimate that might happen? For example, if orders come out this year, would it be next year? It's already March this year, so orders should come out next year or the year after, right? Oh, I see. Even though initially, it was said that it would take about 10 years for dry electrodes to come out nationwide, if it changes to dry electrodes in about 2 to 3 years minimum, wouldn't there be significant changes in that field? Yes, that's right.

Do you need to change everything? Only the structure remains the same, but the rest will change. I see. Where are you preparing from? Where are you preparing from? Ah, a company that is pushing the dry process technology very hard and has a good position is Tesla, right? Yes, Tesla. In fact, as we mentioned at the Future Battery Conference before, Samsung, LG, and most battery cell makers are all introducing dry processes nationwide. When this was first introduced, it was estimated to take about 10 years, but this was first discussed in 2020, right? I see, it was introduced three years ago in 2020. But if it changes like that, there is a positive direction in terms of the company's environment.

We already have some mixer types, whether it's done by batch or continuous, it's up to the customer's choice, but I don't think it's that difficult. In about 2 to 3 years, as I mentioned earlier, the long-term plan, is that included in the equipment now? It's not difficult just looking at the equipment, but I'm not sure about matching the materials to the final product. I'm not the one who created the cell, but now when customers inquire, they want to change the powder and how they want to mix it. But after that mixing, where does the quality standard reach? It seems that this needs to be clarified. Lastly, I would like to ask one more question. In the process of moving forward in that direction, what do you, as the CEO, feel is the biggest risk for the company?

If you are considering that risk, how do you think we will resolve it? Right now, rather than being the biggest risk of our company, the risk related to this industry is probably the same for all companies. This industry involves all companies, facilities, and businesses related to battery production. So, it hasn't been long since it expanded. Not many people actually know much about it. It seems there is a shortage of talent. For example, we manufacture machines, do engineering work on-site, and also handle installations. The truth is, it's quite challenging to train engineers in that area. Our way of working in general engineering is a bit different. Therefore, we need to do a lot of catching up. For example, in utility engineering, which you may be familiar with.

There are major companies in South Korea, like Samsung Engineering, for example. The type of work culture in these large engineering companies is quite different. It is very challenging, and you have to go through a tunnel to grow as an engineer. Breaking through that tunnel is really tough, especially when it comes to battery installations, which are the most challenging due to their large size. We have a high presence on-site, so we try to minimize tasks like welding and cutting. Not only us but also our competitors are making efforts to minimize these tasks. Nevertheless, working on-site is inevitable. For example, in the case of FA equipment, the tasks are less, but since we are closer to the plant, there are urgent processes that we need to handle.

Among all the processes involved in making this cell, the area where we have the most people involved is quite challenging. Overcoming those challenges well, aiming for the mid-term goal I mentioned earlier, achieving a revenue of 5 trillion KRW with a profit margin of over 10%, would be great. Don't you think we should expand our customer base a bit more? Yes, but we are already doing a lot right now. However, I think it's a bit difficult to expand the customer base. Because if we expand too much, there might be issues with whether the new customers are trustworthy. There were many incidents last year, right? They said they would do something, but it didn't work out. Yes, that's right. For example, there was that incident in the UK, with Brexit, and recently with Libya as well. Yes, if we give in to all their demands, it could lead to more problems. Then, there are quite a few foreign companies, aren't there?

We are very lucky, so we need to make good choices. There are many personnel going abroad, and various special tools and professional personnel are needed. Recently, many domestic equipment companies are expanding overseas and jointly promoting projects. If there is a vision or goal regarding this, in the past, we focused more on sales, like all companies did. However, now, especially when going abroad, installation costs are high, so the emphasis has increased. Discussions are emerging to share these costs. It may not be easy to align these aspects when it comes to actual construction, as each process requires individual adjustments. Though there is intention, it seems challenging to coordinate. Any company, any company at all, has the intention.

I think we need such resources to share infrastructure, and I also engage in such activities a lot, right? Actually, for example, we need engineers at about level 3, but in some processes, only level 2 is needed. However, when we try to do that, some may benefit while others may incur losses. If that fits well, it could be possible. So far, we have discussed with CEO JMS Ye Yeong-joon about the aspirations for IPO and the mid- to long-term vision of the company. I wish the CEO a successful listing. Thank you. I hope you continue to show good management and performance in the future. Thank you for today.

LG‧삼성‧노스볼트가 쓰는 배터리 믹싱 장비, 제일엠앤에스가 공급

디일렉(THE ELEC)은
반도체와 디스플레이, 배터리 등
각종 전자부품 업계의 소식을
전문으로 다루는 인터넷 신문사입니다.

공식 홈페이지 http://www.thelec.kr
문의 thelec@thelec.kr

전자부품 전문 미디어 디일렉

디일렉 THEELEC

JMS CEO, 믹싱 장비와 회사 상장에 대해 논의하다

JMS는 음극, 양극, 분리막 등 소재를 가공하는 혼합 장비 전문 기업입니다.

공모가 밴드는 18,000~15,000원으로 4월 말 상장이 예정되어 있습니다.

JMS는 지난해 삼성SDI, LG, 노스볼트에 거의 비슷한 매출 비중으로 납품하는 등 수주 물량이 많아 매출이 크게 늘었습니다.

대표이사는 매출 인정을 위해 납품에 집중해야 한다고 강조하며, 특히 첨단 기술 장비와 해외 시장에서의 입지가 탄탄한 만큼 수익 창출이 절실하다고 말합니다.

글로벌 설치 및 경쟁 우위 기업 MNS A

MNS A사의 설비 대부분은 유럽, 북미(미국 및 캐나다)에 위치하고 있으며 스웨덴에 자회사를 두고 있습니다.

이 회사의 경쟁 우위는 광범위한 사업 분야, 광범위한 영역에서 작업할 수 있는 능력, 다양한 재료와 형태를 다루는 경험을 포함하여 제공하는 다양한 기계에 있습니다.

이 회사는 원래 분말 혼합에 중점을 두었다가 의약품으로 전환했고, 현재는 우주 항공 분야에도 진출하여 현재 매출의 대부분을 배터리가 차지하고 있는 등 다양한 역사를 가지고 있습니다.

확장 계획 및 고유한 시장 포지셔닝

이 회사는 배터리 분야에서 독보적인 포트폴리오를 보유하고 있으며, 전 세계적으로 유사한 회사는 단 세 곳뿐입니다.

운영자금 해결에 주력하고 있으며, 기업공개(IPO)를 통해 3,500억~4,000억을 조달할 계획입니다.

현재 김해에 3개, 이천에 1개 공장을 두고 있으며, 숙련된 인력 수급의 어려움을 극복하기 위해 김해에 추가 증설을 계획하고 있습니다.

회사 수익, 시장 확장 및 매출 전망

매출 목표는 3조 3,000억~3조 5,000억 원이며, 현재 수주 잔고는 3,330억 원입니다.

향후 3조 5천억 원 이상, 최대 7조 원까지 목표를 늘릴 계획입니다.

올해 매출 목표는 약 3,500억 원, 장기적으로는 5,000억 원 달성을 목표로 하고 있습니다.

영업이익 개선을 위해 배터리 외에도 제약, 식품, 방산 등의 분야로 사업을 확장할 계획입니다.

변동하는 매출 전망 및 시장 동향

2023년 매출 전망은 건설 산업의 변동성으로 인해 불확실합니다.

테슬라의 영향을 받아 건조 물질 처리에 대한 관심이 높아지면서 향후 제품 논의에 영향을 미칠 것으로 예상됩니다.

배터리 산업에서 지속적인 혼합의 과제와 회사 제품의 차별화는 향후 비즈니스 전략에서 고려해야 할 핵심 사항입니다.

배터리 생산에서 건식 공정 기술로의 전환

현재 많은 기업이 비용을 절감하고 안전성을 개선하기 위해 배터리 생산에 건식 공정 기술로 전환하고 있습니다.

전환에는 습식 화학에 사용되는 유기 용매를 기화시키고 분말과 무언가를 혼합하여 공정을 건식 화학으로 변경하는 과정이 포함됩니다.

테슬라, 삼성, LG와 같은 주요 기업들이 건식 공정 기술을 추진하고 있으며, 초기에는 10년이 걸릴 것으로 예상했던 전환이 2~3년 안에 이루어질 것으로 예상됩니다.

배터리 생산 및 엔지니어링의 과제

재료와 혼합 공정 변경에 대한 고객의 요구는 품질 표준을 충족하는 데 어려움을 줍니다.

특히 배터리 엔지니어링 분야의 인재 부족과 까다로운 업무 문화로 인해 CEO는 업계에서 회사의 가장 큰 리스크를 우려하고 있습니다.

대형 배터리 생산에서 용접 및 절단과 같은 현장 작업을 최소화해야 하는 필요성은 업계 전반의 과제를 가중시킵니다.

매출 5조 원, 이익률 10% 이상 달성을 목표로 하고 있지만 고객 기반 확대에 어려움을 겪고 있습니다.

신뢰성 문제와 과거 사건 사고로 인해 특히 해외 기업과의 빠른 확장이 어려운 상황입니다.

해외 진출 시 높은 설치 비용으로 인해 이러한 비용과 인프라에 대한 자원을 공유하는 방안이 논의되고 있습니다.