Source Facts: Hanwha Investment & Securities / June 24, 2026
Investment Rating & Target Price: BUY / 810,000 KRW
Key Momentum: Realization of the robot parts business scale expansion following the tangible roadmap for Boston Dynamics (BD) Atlas commercialization
📊 1. Valuation Metrics and Investment Indicators Analysis
- Maintains “BUY” rating, raises target price to 810,000 KRW.
- Reflects KOSPI value premium (+30%) applied to the existing automotive parts business and a beta trend of 0.93 for finished cars.
- Calculated the value of the robotics business at 12.1 trillion KRW by applying the 16.0x average PSR of global major robot parts manufacturers.
- Maintains efficient valuation indicators compared to market consensus (based on 2027E): P/E 9.5x, P/B 0.8x, and EV/EBITDA 8.6x.
🚀 2. Market Opportunity (TAM) and Detailed Earnings Estimates
- Robot Actuator Mass Production: Expected to generate over 2.7 trillion KRW in total actuator revenue over 5 years from ’28 to ’32.
- Robot Parts Business Expansion: Including the expansion of robot parts areas such as Hand Units, securing Non-cap clients, and A/S revenue, the total scale of the robot parts business is expected to grow to 3.8 trillion KRW (annual average of 756 billion KRW) over 5 years from ’28 to ’32.
- Automotive Parts Performance: 2Q operating profit expected to be 908 billion KRW. Profitability improvement is expected in the second half due to the effect of new Captive vehicle launches, eased tariffs for the A/S sector, and currency exchange effects.
- Revenue Outlook: Sales are expected to continue growing from 57.2 trillion KRW in 2024 to approximately 72.5 trillion KRW in 2027.
📝 Editor’s Comment (by K-STOCK Editor)
This marks an accelerating transition from a traditional automotive parts supplier to a core robot parts provider. In particular, the fact that the project with Boston Dynamics has materialized into a concrete mass production plan serves as a key basis for justifying the valuation re-rating in the market. While there are short-term macro risks such as the slowdown in North American EV demand in the second quarter, it is necessary to closely monitor the operating rates of actuator mass production plants and the trend of order backlogs to see if the growth momentum of securing a long-term robot parts supply chain can offset this.
📢 Disclaimer and Source Information Source: This content was structured and newly written based on financial facts and numerical data from the officially released securities report
Investment Risk Notice: This content is provided for informational and linguistic reference purposes only. It does not constitute financial advice or a recommendation to buy/sell any specific stock under any circumstances. All investment decisions and financial responsibilities belong to the investor.
Contact: For compliance or copyright-related inquiries, please contact ksb220805@gmail.com.
🔥 Bulls vs Bears, drop your analysis in the comments!
