Meritz Securities announced on June 2 that it has raised its target price for Hyundai Mobis to 900,000 won, citing the anticipated benefits from the mass production of the humanoid robot Atlas. The firm maintained its investment rating of "buy."
In a report released on the same day, analyst Kim Jun-sung stated, "With the clarification of supply volumes post-2028 and the expansion of business areas beyond actuators to include sensors and controllers, we expect further corporate value growth."
Kim noted that the mass-produced fifth-generation Atlas, unveiled at CES 2026, will feature a total of 31 body actuators. He explained that the actuator technology, independently developed by Boston Dynamics, was transferred to Hyundai Mobis free of charge in May.
He added, "Hyundai Mobis plans to establish a large-scale production base in the U.S., with revenue recognition starting in 2027 and a first production target of 350,000 units (including 11,000 Atlas units) by 2028."
Furthermore, he mentioned that the transfer of hand actuator technology will soon take place, and ultimately, Hyundai Mobis will play a role in the integrated supply of actuators, sensors, and controllers.
Additionally, Kim pointed out that Boston Dynamics and the Hyundai Motor Group will kick off a sales roadshow in the U.S. in the second half of this year, aiming to secure potential customers across various industries, including Google DeepMind, the first customer for Atlas.
He concluded, "The independent production of proprietary technology without external reliance signifies high margins. We anticipate that the expected revenue from 350,000 actuators in 2028 will reach 525 billion won, with an expected EBITDA of 157.5 billion won."
* This article has been translated by AI.
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