[Edaily Reporter Shin Ha-yeon ] On the 2nd, Shinhan Investment Securities assessed that for HyundaiMobis(012330), while its stable after-sales service (A/S) business is supporting the downside of earnings, the normalization of the manufacturing division and the robotics business will serve as drivers for mid- to long-term stock price growth. The firm maintained its “Buy” rating but lowered the target price from 900,000 won to 790,000 won to reflect the decline in global peer valuations.

Park Kwang-rae, an analyst at Shinhan Investment Securities, stated, “In the short term, the robust profit base of the after-sales service division will support the stock price against downside risks, and in the second half of the year, the reduction of losses in the manufacturing division will be the key factor driving a stock price rebound.” He added, “In the medium to long term, robot actuators will be the key to valuation expansion.”

The firm projected that second-quarter consolidated revenue would reach 16.6464 trillion won, a 4.5% increase year-over-year, while operating profit would rise 2.5% to 892.1 billion won, in line with market expectations (915.1 billion won). Net profit is expected to increase by 13.1% to 1.0546 trillion won.

The after-sales service (A/S) business is key to sustaining earnings. The firm estimated that second-quarter operating profit for the A/S division would rise 16.2% to 9620억 won, with an operating margin of 26.1%. Despite ongoing tariff burdens and the fact that price hikes have not yet taken full effect, analysts believe that exchange rate effects and an increase in the global fleet size will underpin profitability.

On the other hand, the manufacturing division is expected to narrow its deficit. The deficit is projected to shrink from approximately 120 billion won in the first quarter to between 60 and 80 billion won in the second quarter. Researcher Park noted, “Production disruptions caused by the Daejeon fire were resolved in June, and some quality-related cost recoveries will also be reflected.” However, he cited rising memory semiconductor prices, the burden of dollar-denominated component payments, and air freight costs related to the fire in India as headwinds.

He identified the humanoid robot business as a medium- to long-term growth driver. In particular, he highlighted that each Boston Dynamics humanoid robot, “Atlas,” is equipped with approximately 31 actuators. Researcher Park stated, “Assuming an average selling price (ASP) of $500 to $1,000 per actuator, HyundaiMobis’ revenue per Atlas unit is estimated to be approximately $16,000 to $31,000,” adding, “Full-scale mass production is expected to begin in 2028, following the supply of samples in the second half of 2027.”

Researcher Park assessed, “While the current market capitalization reflects the stable profit base of the after-sales service (A/S) business, it does not sufficiently reflect the normalization of the manufacturing division and the potential for robot actuator options.”