Hyundai Mobis Company Limited (Hyundai Mobis) needs to secure rights to supply after-sales parts for the group's new physical AI business

[Financial News] Kiwoom Securities said on the 13th that, to sustain its competitive edge, Hyundai Mobis may eventually be required to secure the rights to the after-sales parts business for Hyundai Motor Group's new physical AI venture. This comes as rival Hanon Systems considers launching a new after-sales business within the year. Kiwoom Securities maintained its 'Buy' rating on Hyundai Mobis but cut its target price from 750,000 won to 640,000 won.
Shin Yun-cheol, a researcher at Kiwoom Securities, said, "While there is unlikely to be any direct encroachment on Hyundai Mobis' after-sales business in the short term, from investors' perspective, this means there are more investment options in a high-margin business that Hyundai Mobis alone has operated among domestic automotive electronics parts makers," adding, "Investors should bear in mind the possibility that investment demand will gradually be spread across more options."
Hyundai Mobis is expected to begin delivering samples of joint actuators for the Boston Dynamics Atlas, which will be deployed at Hyundai Motor Group's RMAC, opened at the end of September, within the year.
Researcher Shin said, "For a full-scale expansion of the multiple, Hyundai Mobis will need to increase its robotics mass-production orders to include components other than joint actuators, such as grippers," and "large-scale orders must be confirmed to make up for the 2026 target attainment rate for non-captive orders of core components, which stood at just 8% as of the end of the first half." 


[email protected] Kang Gu-gwi Reporter