[Click e-Stock] "Hyundai Mobis Expected to Achieve Mid- to Long-Term Growth with Humanoid Actuators"

On January 5, KB Securities analyzed that Hyundai Mobis is being re-highlighted as a core stock in the automobile and parts sector, based on expectations for mid- to long-term growth through its humanoid robot business. Accordingly, the target price was raised by 25.0% from the previous level to 500,000 won.

Kang Sungjin, a researcher at KB Securities, stated, "If Hyundai Motor Group mass-produces 30,000 humanoids annually, Hyundai Mobis could add 12.21 billion won in annual operating profit. If 1 million units are produced annually, the company could add 2.6 trillion won in annual operating profit." He explained, "We have reflected this in our long-term operating profit forecasts and raised the target price."

Kang predicted that the market's perception of Hyundai Motor Group's competitiveness in humanoids would be elevated to a new level with the 2026 CES as a catalyst. He said, "Through CES, Hyundai Motor Group will showcase a humanoid vision that is powerfully integrated into the group's long-term business strategy," and added, "Hyundai Motor Group is expected to be recognized as a player capable of overcoming the structural challenge of coordination failure in humanoid development."

He cited Tesla as an important benchmark in the global humanoid competition. He analyzed, "Tesla was able to develop humanoids faster than its competitors due to a 'zero-friction' environment," and noted, "When Optimus was first unveiled in 2021, it was the subject of ridicule, but it is now considered the humanoid closest to commercialization." He added, "This was possible because investment decisions related to humanoids were made quickly and aggressively, the development capabilities of existing businesses were shared with the humanoid business, and there was a clear business vision for general-purpose humanoids."

He believes that many of these success factors for Tesla could also apply to Hyundai Motor Group and Hyundai Mobis. Kang identified the following as key investment points for Hyundai Mobis's actuator business: the fast decision-making structure of Hyundai Motor Group; the scalability of Hyundai Mobis's capabilities in parts development, mass production, and quality control; and sufficient investment capacity based on stable cash generation.

He emphasized, "Hyundai Motor Group is capable of making fast decisions in the humanoid field, similar to Tesla," and added, "The capabilities Hyundai Mobis has accumulated in parts development, mass production, and quality control can be fully applied to the actuator business." He further evaluated, "Stable cash generation is creating the investment capacity needed for the long-term humanoid project."