Wide-Moat Harmonic Drive Systems Strongly Positioned for Secular Growth in the Robotics Space

Harmonic Drive Systems has been able to capitalize on demand growth with industrial robots and semiconductor production equipment, by having its compact strain wave reduction gears (also known as speed reducers) serve as critical components of both. The company seeks to continue refining its product quality toward existing applications as well as to 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.