Hyundai Mobis, Key Supplier for Hyundai’s Atlas, Target Price Raised [Click eStock]

Daishin Securities Raises Hyundai Mobis Target Price
From 570,000 Won to 730,000 Won
"Atlas Parts Sales Projected at 2.2 Trillion Won in 2030"

On May 21, Daishin Securities maintained its "Buy" investment opinion on Hyundai Mobis and raised its target price from 570,000 won to 730,000 won.

Kim Guyeon, a researcher at Daishin Securities, stated, "The target price of 730,000 won reflects Hyundai Mobis's target corporate value of 65 trillion won." He explained that the company has been officially positioned as a key parts supplier to Boston Dynamics, the robotics affiliate of Hyundai Motor Group. "Hyundai Mobis is expected to complete the development of actuators for the humanoid robot Atlas within this year and begin initial mass production," he said, citing this as the reason for the increase. Boston Dynamics' performance is recognized through the equity method by all affiliates holding stakes, but because Hyundai Mobis supplies actuators directly to Boston Dynamics, its sales are expected to be recognized directly. Kim added, "By supplying actuators, which account for the highest cost component in humanoid robots, Hyundai Mobis will benefit most directly from Boston Dynamics’ growth." Actuators, which function as robot joints, are known to account for 60% of the total manufacturing cost of humanoid robots.

Kim estimated Hyundai Mobis's corporate value at 65 trillion won, valuing its core business, such as automotive parts, at 47 trillion won, and the robotics business at 18 trillion won. He said, "The estimate reflects expected actuator sales to Boston Dynamics of 2.2 trillion won in 2030," and continued, "If the unit cost of actuators for 50,000 Atlas units sold in 2030 is estimated at 4.3 trillion won, and assuming Hyundai Mobis supplies 50% of the volume, this leads to the projected sales figure." He further emphasized, "If the sales volume reaches 300,000 units, the sales impact for Hyundai Mobis would be 3.9 trillion won, which is about 8% of this year’s automotive parts sales."

This content was produced with the assistance of AI translation services.