"If One Atlas Is Sold, 28% Goes to Hyundai Mobis" Target Price Raised Above 1.2 Million Won... LG Energy Solution's Target Price Plunges on Falling EV Share [Zootopia]

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[The Financial News] Here is a roundup of major brokerage reports for the morning of June 2.
Analysts said the actuators used in Hyundai Motor Group's humanoid robot Atlas could become a new growth engine for Hyundai Mobis.
LG Energy Solution had its target price lowered as competition in the U.S. Energy Storage System (ESS) market intensified, while its share in the electric vehicle (EV) battery market continued to decline. Hanmi Pharmaceutical was also praised for reaffirming its R&D competitiveness after securing a new drug technology export deal worth up to 1.9 trillion won with Eli Lilly and Company, marking its biggest global deal in six years.
\r\n\r\n◆Hyundai Mobis (012330)― KB Securities / Analyst Kang Seong-jin
- Target price: 1.2 million won (raised 60% from 750,000 won) | Previous close: 761,000 won
- Investment rating: Buy (maintained)
KB Securities raised its target price for Hyundai Mobis to 1.2 million won, citing a positive outlook for the company's actuator business.
Assuming Atlas will exclusively capture about 60% of the future high-end industrial humanoid robot market, Hyundai Mobis, which has secured a foothold in the supply chain for the high-value-added actuators that power Atlas, is expected to emerge as the industry's strongest structural beneficiary.
Analyst Kang Seong-jin said, "By 2035, the actuator business is expected to grow into a flagship segment generating 14 trillion won in operating profit," adding, "We expect Atlas's selling price to fall to $190,000, or about 280 million won, making it as economical as labor costing 48 million won."
He added, "If 1.5 million Atlas units are sold and 28% of the selling price is spent on actuators, Hyundai Mobis could generate 186 trillion won in actuator revenue."※ActuatorA component that receives electrical signals and produces actual movement. It serves as the robot's "joints and muscles" and is considered a core part that accounts for the largest share of humanoid manufacturing costs.
\r\n\r\n◆LG Energy Solution (373220)― LS Securities / Analyst Jeong Gyeong-hee
- Target price: 397,000 won (cut 4.5% from 416,000 won) | Previous close: 455,000 won
- Investment rating: Hold (maintained)
LS Securities lowered its target price for LG Energy Solution to 397,000 won, saying that the decline in its EV battery market share is likely to continue and that competition in the U.S. Energy Storage System (ESS) market will be fiercer than expected.
Citing data from SNE Research, Analyst Jeong Gyeong-hee explained, "LG Energy Solution's share of the global EV battery market fell to 9% from 10% last year in the January-April period this year," adding, "While the share of prismatic batteries continues to rise in the battery market, the share of cylindrical and pouch-type batteries, which LG Energy Solution mainly produces, is declining."
She added, "As major non-Chinese automakers are also increasing their adoption of prismatic batteries, the likelihood of further EV battery market share losses is high."
While viewing the U.S. ESS market as a new growth opportunity, Jeong maintained a cautious stance, saying, "It is necessary to take into account the possibility of intensifying competition, including from Chinese companies."
\r\n\r\n◆Hanmi Pharmaceutical (128940)― KIWOOM Securities / Analyst Heo Hye-min
- Target price: 660,000 won (raised) | Previous close: 539,000 won
- Investment rating: Buy (maintained)
KIWOOM Securities raised its target price for Hanmi Pharmaceutical to 660,000 won, saying the company had reaffirmed its R&D competitiveness after signing a technology export deal worth up to 1.9 trillion won with Eli Lilly and Company.
Hanmi Pharmaceutical transferred its long-acting GLP-2 analog biopharmaceutical, sonefpeglutide, to Lilly the previous day. The deal is worth up to $1.26 billion, or about 1.9 trillion won, including an upfront payment of $75 million, or about 112.9 billion won.
Analyst Heo Hye-min said, "Currently, the only approved GLP-2 treatment is Takeda Pharmaceutical Company Limited's GATTEX, but it must be administered daily," adding, "Sonefpeglutide can be given once a month, allowing for commercial differentiation." She said Hanmi Pharmaceutical's long-acting platform technology, Lapscovery, was behind the deal.※LAPSCOVERYA biopharmaceutical platform technology independently developed by Hanmi Pharmaceutical. It stands for "Long Acting Protein/Peptide Discovery" and extends the half-life of biopharmaceuticals, dramatically reducing dosing frequency to once a week or once a month.
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sms@fnnews.com Seong Min-seo Reporter