[Edaily Reporter Shin Ha-yeon] On the 2nd, Meritz Securities assessed that the value of Hyundai Mobis’s actuator business—which will be utilized in the mass production of Boston Dynamics’ (BD) humanoid robot “Atlas”—has begun to be fully reflected in the stock price, and raised its target price by 80% from 500,000 won to 900,000 won. The investment rating was maintained at “Buy.”

Kim Jun-sung, an analyst at Meritz Securities, explained, “The mass-production model (5th generation) of Atlas unveiled at CES 2026 is equipped with a total of 31 body actuators,” adding, “Hyundai Mobis is jointly developing this body actuator technology with Boston Dynamics.”

He added, “Hyundai Mobis plans to establish a mass production base in the U.S., begin recognizing revenue starting in 2027, and aims to produce 350,000 units by 2028.”

He also explained, “Along with increasing the total production volume target, joint development of hand actuators is also scheduled to begin soon,” adding, “Ultimately, Hyundai Mobis will also take on the role of providing integrated solutions combining actuators, sensors, and controllers.”

He also highlighted the commercialization process for humanoid robots, which is set to begin in earnest in the second half of this year. Researcher Kim stated, “Boston Dynamics and Hyundai Motor Group will launch a U.S. sales roadshow in the second half of this year,” adding, “We plan to secure potential customers across various industries, including Google DeepMind, as well as the automotive, logistics and warehousing, electrical/electronics and semiconductor, food and beverage, construction and infrastructure, and energy and power generation sectors.”

He added, “We are targeting demand for replacing simple repetitive tasks or dangerous work.”

He also rated the profitability of the humanoid actuator business highly. Analyst Kim noted, “Mass production using proprietary technology without external dependence implies high margins,” and analyzed that “based on the production of 350,000 actuators in 2028, expected revenue is 525 billion won, with EBITDA at around 157.5 billion won.”

He assessed, “There are projections that the humanoid market could reach 10 times the size of the automotive market,” adding, “If a company has a solid foundation in technology internalization, mass production capabilities, and securing supply chains, a high valuation is justified.”

Meritz Securities estimated Hyundai Mobis’ fair market capitalization at 82 trillion won. This figure is the sum of the value of its existing automotive parts business (52.6 trillion won) and the value of its humanoid actuator business (24.9 trillion won).

Researcher Kim said, "If supply volumes are finalized after 2028 and the expansion of the business scope beyond actuators to include sensors and controllers is confirmed, further growth in corporate value can be expected."