[Edaily Reporter Shin Ha-yeon ] On the 30th, Meritz Securities assessed that the potential for HL Mando(204320)to expand beyond its automotive parts business into the robot actuator sector is a key factor in the revaluation of the company’s corporate value. The firm maintained its “Buy” investment rating and target price of 76,000 won.

Kim Jun-sung, an analyst at Meritz Securities, explained, “While the average price-to-earnings ratio (PER) for the automotive parts sector in 2026 is 12.9x, that of the robotics parts sector reaches 103.5x,” adding, “This is based on the difference in potential growth.”

He explained, “At the beginning of the year, the company aimed to supply third-generation humanoid actuators to a U.S.-based world-class model developer, but as preparations for mass production of the third-generation model were delayed, the order target was shifted to the fourth generation,” adding, “The results of the fourth-generation bid are expected to be confirmed as early as the end of the first half of 2027.”

He continued, “If this order is confirmed, the value of the robotics components business will be added to the value of the existing automotive components business using the SOTP (Sum-of-the-Parts) method,” and assessed that “it is justified to assign a premium to robotics component manufacturers that have secured proprietary technology, mass production capabilities, and a customer base.”

In particular, the report predicted that humanoid actuators would become the core component accounting for the largest share of future robot manufacturing costs. According to the report, actuators are estimated to account for 34.5% of the manufacturing cost of a single humanoid robot, amounting to between $19,000 and $26,000.

Furthermore, the firm projected that second-quarter earnings would meet market expectations. Second-quarter revenue is expected to reach 2.4773 trillion won, a 3.2% increase year-over-year, while operating profit is forecast to decline by 2.4% to 101.6 billion won, in line with the consensus. While the recovery in sales from U.S. customers is positive, the analysis suggests that slowing sales at HyundaiMotor Group and GM, along with logistics costs and the cost burden of ADAS, will partially impact profitability.

Analyst Kim stated, “Our goal is to secure an order for Tesla’s fourth-generation humanoid actuators in 2027 and to establish a new North American actuator subsidiary and begin mass production in 2028,” adding, “The process of expanding our business from automobiles to robots will be the key driver of corporate value growth.”