[Edaily Reporter Kim Yoon-jung] Yuanta Securities assessed that #Hyundai Mobis is seeing its growth potential highlighted as a key supplier of components for humanoid robots. The firm maintained its 'Buy' rating, raised the target price to 870,000 won, and selected the stock as the sector’s sole 'Top Pick.'

On the 16th, Kim Yong-min, an analyst at Yuanta Securities, stated, “The growth of Boston Dynamics (BD) is synonymous with the growth of Hyundai Mobis,” adding, “While Hyundai Motor and Kia are customers of BD, Hyundai Mobis is a key component supplier for humanoid robots.”
Researcher Kim noted, “In the medium to long term, BD’s growth will have a higher correlation with Hyundai Mobis’ performance than with the group’s automakers,” adding, “Hyundai Mobis’ future role will be that of a Tier 1 hardware platform supplier for the humanoid robot industry, rather than a mere parts supplier.”
He projected that after accumulating mass production experience for components used in BD’s humanoid robot “Atlas,” Hyundai Mobis would be able to expand its supply scope to non-affiliated customers. Analyst Kim analyzed, “If Hyundai Mobis can broaden its supply scope to non-affiliated customers based on its experience supplying parts to BD, the scope of benefits will extend beyond BD’s growth to the entire global humanoid market.”
He assessed that the robotics industry has entered a phase of competition to secure platform dominance, similar to the early days of the electric vehicle market. He explained, “Just as global automakers and parts suppliers competed to secure supply chains for core components—such as electric vehicle platforms, batteries, motors, inverters, and thermal management systems—in the early 2020s, a similar trend is emerging in the robotics industry today,” adding, “However, competition from a hardware platform perspective remains relatively limited.”
He cited Hyundai Mobis’ supply chain and quality management capabilities, accumulated through its existing automotive parts business, as key strengths. Analyst Kim assessed, “The supply chain and quality management capabilities we possess from our existing business are themselves a competitive advantage for the robotics parts business,” adding, “Since we are responsible for supplying core components within the group rather than meeting internal robot demand, valuation dilution is expected to be limited even after BD’s listing.”
Yuanta Securities identified the following as catalysts for a rise in the stock price: △SoftBank’s exercise of its put option on BD, scheduled for June–July; △expansion of BD’s captive volume through third-party equity investments during the rights offering in the second half of the year; and △orders for robot parts from non-affiliated robotics companies outside of BD.