Harmonic Drive Systems Inc

6324: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Midterm Thesis on Further Robotics Penetration in China Unchanged Amid Near-Term Headwinds

Kangyuxiao Li

Nov 27, 2024

Business Strategy and Outlook

Harmonic Drive Systems has been able to capitalize on demand growth with industrial robots and semiconductor production equipment; its compact strain wave reduction gears (also known as speed reducers) serve as critical components of both. The company seeks to refine its product quality toward existing applications as well as find new applications that can serve as new long-term growth drivers. We think small industrial robots and semiconductor equipment will continue to serve as key target markets.

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Harmonic Drive Systems Inc

Midterm Thesis on Further Robotics Penetration in China Unchanged Amid Near-Term Headwinds

Business Strategy and Outlook

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