Hyundai Mobis Co-Develops Atlas Technology [Click eJongmok]

Not only body actuator technology,
but also the transfer of hand actuator technology is planned
Meritz Securities raises target price to 900,000 won

On June 4, Meritz Securities maintained its "Buy" investment rating on Hyundai Mobis and raised its target price from 500,000 won to 900,000 won.

Junseong Kim, an analyst at Meritz Securities, stated, "Since Hyundai Mobis has secured proprietary technology and proven its ability for mass production, it is time to start assigning new value to the company." He explained that the new valuation is the sum of the existing automotive parts business value of 52.6 trillion won and the new humanoid actuator business value of 24.9 trillion won.

According to Kim, the body actuator technology installed in Atlas, developed by Boston Dynamics—a robotics affiliate of Hyundai Motor Group—was co-developed with Hyundai Mobis. He added that the joint development of the hand actuator will soon be completed, and Hyundai Mobis is expected to take on the role of supplying integrated solutions for Atlas actuators, sensors, and controllers.

He forecast that as Boston Dynamics and Hyundai Motor Group begin the Atlas sales roadshow in the second half of this year, Hyundai Mobis's valuation will also rise. He also highlighted that in-house mass production of proprietary technology means high margins, adding, "Estimated sales of 350,000 actuators in 2028 are expected to reach 525 billion won."

Hyundai Mobis plans to establish a mass production base in the United States, with revenue recognition starting in 2027, and aims to achieve its first production target of 350,000 units by 2028. These actuators will be supplied for 11,000 units of Atlas. Kim further explained, "After 2028, as supply volumes become more concrete and the business expands from actuators to sensors and controllers, we can expect further increases in corporate value."

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