NH Investment & Securities on the 22nd maintained its "Buy (BUY)" rating on Hyundai Mobis, saying high returns are expected as Hyundai Motor Group transitions to physical AI (artificial intelligence), and raised its target price to 870,000 won from 580,000 won. The previous trading day's closing price of Hyundai Mobis was 670,000 won.
Researcher Ha at NH Investment & Securities said, "As Hyundai Motor Group shifts to physical AI, demand for high-margin auto parts is expanding, and the company has begun to be recognized by the market as a key supplier of actuators, which serve as the muscles for Humanoid Robot," and added, "We set the target price by applying a 30% premium to the 12-month forward earnings per share (EPS) over the global auto parts average, reflecting a price-earnings ratio (PER) of 17.9 times."
It also assessed that profitability in the core manufacturing segment remains solid. Ha said, "Despite concerns about a slowdown in global new-car sales, earnings power is robust on the back of rising average selling price (ASP) in manufacturing and growing demand for after-sales (AS) parts," and added, "Hyundai Mobis supplies not only the sensors installed in self-driving cars but also the integrated controllers that process the vast data collected by the sensors and control the vehicle." Ha went on to say, "Higher installation rates for self-driving will lead to structural top-line growth and margin improvement."
In particular, analysts said Hyundai Mobis is expected to benefit directly from the expansion of humanoid mass production as well as from the value of its equity in Boston Dynamics (BD). Ha said, "Hyundai Mobis plans to supply 100% of the actuators, which account for about 40%–45% of humanoid manufacturing costs," and noted, "Actuator revenue is expected to begin in earnest from 2027, starting with pilot line operations in 2026." Ha added, "As the company plans to expand its supply scope to other component areas such as sensors and controllers, it will become a direct beneficiary of the humanoid market's growth."