[Click e-Stock] "HL Mando Set to Benefit from Non-Chinese Humanoid Demand... Target Price Maintained"

This year's sales forecast: 9.828 trillion won
Continued improvement in core business performance
"Revaluation as a key components supplier expected"

Analysts in the securities industry have reported that HL Mando, an automotive parts company, is poised to become a major beneficiary within the non-Chinese humanoid (bipedal robot) actuator supply chain.

According to IBK Investment & Securities on August 26, researcher Lee Seunghoon said the previous day, “HL Mando has proven mass production and quality control capabilities, as well as a North American production base,” adding, “We consider HL Mando a prime candidate to benefit in the process of building a non-Chinese humanoid actuator supply chain.” Accordingly, he maintained a ‘Buy’ investment rating and a target share price of 70,000 won.

“This year’s performance expected to exceed forecasts”

Lee stated, “This year, HL Mando’s sales are expected to reach 9.828 trillion won (up 3.9% year-on-year), and its operating profit is expected to be 409 billion won (up 14.5%).” He further noted, “The company is expected to fully achieve its own guidance of 9.6 trillion won in sales and an operating profit margin of 4.0%.”

By region, sales are forecasted at 3.167 trillion won in Korea (up 0.1%), 2.163 trillion won in China (up 5.6%), 2.509 trillion won in North America (up 3.8%), and 1.018 trillion won in India (up 10.0%).

HL Mando is pushing into the humanoid actuator market based on the company’s expertise in precision motors and control technologies for braking and steering systems. Currently, HL Mando is supplying samples and conducting product validation with humanoid companies in both North America and South Korea.

Possible sales of 600 billion won per 100,000 units produced

Lee commented, “We aim to develop a total of nine product lineups—three each of QDD (quasi direct drive), harmonic, and linear types—with plans to win orders next year and begin mass production in 2028.” He emphasized, “The U.S. movement to exclude Chinese robot components and the requirement from customers for local production are opportunities for HL Mando, which has a production base in North America.” HL Mando is considering phased investments of up to 200 billion won, depending on order status.

Assuming HL Mando supplies approximately five actuators per humanoid robot, representing about a 20% share per unit, Lee estimated that sales could reach about 600 billion won for every 100,000 humanoids produced.

He added, “If HL Mando secures orders from leading North American companies, the company is expected to be revalued as a core supplier for humanoid parts, moving beyond its reputation as an automotive parts manufacturer.”

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