[E-Daily Reporter Hyera Lee ] On the 15th, Hana Securities projected that HL Mando(204320)is undervalued even when considering only its automotive division, and that its stock price momentum will strengthen as its robot actuator business gains full momentum in the second half of the year. The firm maintained its “Buy” rating and target price of 69,000 won.

Song Seon-jae, an analyst at Hana Securities, stated in a report released that day, “Second-quarter earnings are expected to meet market expectations, driven by a diversified customer portfolio and an improved product mix, despite a slowdown in industrial production.” He added, “In the second half of the year, profitability is expected to be maintained through the resolution of production disruptions at major clients, new vehicle launches, expansion of the customer base to include global electric vehicle (EV) manufacturers and local automakers in Shinhung, as well as cost compensation from clients.”
Analyst Song predicted that the key driver of growth would come from progress in the robot actuator business. He explained, “We are currently developing actuators across three types and nine lineups, conducting marketing activities with clients using prototypes, and plan to complete a master model reflecting market demands in the second half of the year.” He added, “As full-scale order acquisition activities begin following the completion of the pilot production line in the U.S., each instance of order confirmation will have a positive impact on the stock price.”
Hana Securities estimated that HL Mando’s second-quarter revenue and operating profit would be 2.43 trillion won and 101 billion won, respectively—a 1% increase and a 3% decrease compared to the same period last year. The operating profit margin is expected to be 4.2%, in line with market expectations.
Analyst Song stated, “While performance in South Korea is expected to be sluggish due to production disruptions at major clients, increased global EV supply in the U.S. and Europe will offset weak demand. Additionally, in China and India, expanded deliveries focused on global EVs and local original equipment manufacturers (OEMs), combined with favorable exchange rate effects, will lead to a slight overall increase in revenue.” He added, “Despite rising prices for raw materials such as semiconductors, as well as increases in labor and R&D costs, the decline in profitability will be largely offset by an improved product mix and cost pass-through to customers.”
Researcher Song emphasized, “Based on its automotive drive and control technologies and experience supplying robotic actuators, HL Mando has secured a U.S. production base and mass-production capabilities, placing it in a favorable position to enter the North American humanoid robot market,” adding, “As full-scale order acquisition activities begin in the second half of the year, the robotics business will serve as a new driver of stock price growth.”