Hanwha Investment & Securities on the 24th said Hyundai Mobis is emerging as a core axis for mass-producing robots within the group as commercialization of Boston Dynamics (BD)'s Humanoid Robot becomes more concrete. It raised the target price to 810,000 won from 590,000 won and maintained a "buy" rating.
Kim Seong-rae, an analyst at Hanwha Investment & Securities, said Hyundai Mobis has entered a phase where the value of its robotics business will begin to stand out in earnest, on top of stable growth in its vehicle parts business.
Kim said, "The company released its Robotics business plan at CID in Aug. last year, and in less than a year the Boston Dynamics robot commercialization plan has rapidly taken shape, positioning it as a key axis in the group's robot mass-production development."
In particular, as the commercialization schedule for Boston Dynamics' Humanoid Robot "Atlas" becomes visible, Hyundai Mobis' role is also expanding, the analysis said.
Kim said, "It began optimizing actuator design and preparing mass-production plants for field application in 2028, and in May it also presented a plan to build a mass-production line in the United States with capacity for 350,000 actuators."
It also projected that the core vehicle parts business will continue its stable growth.
Kim said, "Despite a slowdown in captive volumes, modules and core parts are expected to continue sales growth thanks to a mix shift toward high-value-added parts," adding, "With the full-scale production and sales of affordable EVs such as the EV2, positive sales growth is also expected in the electrification segment due to increased volumes of eco-friendly vehicles."
However, it projected that the impact of slowing demand for battery electric vehicles (BEVs) in North America will partly show up in the second quarter.
Kim said, "We expect impacts such as a reduction in the size of the Advanced Manufacturing Production Credit (AMPC) due to slowing North American BEV demand and rising raw material prices," but added, "Profitability will continue to improve through volume increases from new captive model launches in the second half and price recovery."
Hyundai Mobis' second-quarter operating profit is estimated at 908 billion won. In the after-sales (AS) institutional sector, it is expected to maintain a high margin of more than 25% thanks to tariff easing, exchange-rate effects, and price normalization.
Hanwha Investment & Securities in particular viewed the value of the robotics business as a key factor for a future re-rating of corporate value.
Kim said, "As we enter the stage of robot commercialization, the core competitive factor will shift from implementing physical AI-based technologies to the capability to deliver products that meet user-required QCD (performance, reliability, cost)," adding, "The time has come for Hyundai Mobis' strength in mass-producing automotive parts to stand out."
Kim added, "Considering at least 25,000 units of in-group Humanoid demand, the volume of robot actuators Hyundai Mobis will handle, including safety stock, is estimated at more than about 1 million units," and projected, "From 2028 to 2032, actuator sales alone will exceed 2.7 trillion won, and total sales in the robotics business will grow to around 3.8 trillion won."
Kim added, "With the approach of the expiration of buy-sell options among existing shareholders set as a condition for BD's initial public offering (IPO) and a heightened possibility of a rights offering, Hyundai Mobis' additional equity acquisition in Boston Dynamics could also serve as a momentum driver for future share price gains."