Samsung Securities has raised its target price for HL Mando by approximately 19%, from the previous 80,000 won to 95,000 won. Researcher Lim Eun-young at Samsung Securities assessed that HL Mando could emerge as a key beneficiary of growth in the future mobility and robotics industries.

■ Differentiation Through Thermal Management Technology

According to the report, thermal management in robotic systems is a critical factor that determines performance and durability. HL Mando is analyzed to have implemented a technology that efficiently controls heat by applying a multi-layer structural design inside actuators, which are essential components of robot drive systems. Samsung Securities projected that such technological capabilities would serve as the foundation for securing a competitive advantage in the market for robot drive devices.

■ Global Partnerships Already in Operation

HL Mando is already supplying components for 'Spot,' the quadruped robot from global robotics company BD. It has also established itself as a key supplier of steering systems and Integrated Electronic Brake Systems (IDB) to major North American electric vehicle manufacturers. The industry expects that once the mass production market for robots takes off in earnest, there will be significant additional growth potential driven by the expansion of actuator supply.

■ Target Price on a Steady Upward Trend

Samsung Securities has continuously raised its target price for HL Mando since setting it at 48,000 won in July of last year, reflecting earnings improvements and the securing of new growth drivers. It presented a target of 80,000 won in May and has now raised it to 95,000 won.

■ Expected Benefits from Supply Chain Restructuring

As the supply chain restructuring between the United States and China accelerates and competitors continue to experience poor earnings performance, HL Mando's market position is expected to strengthen further. The assessment is that growth visibility is increasing in both the smart chassis and robot actuator businesses.

Within the securities industry, the analysis suggests that HL Mando has entered a phase of corporate revaluation by securing the robotics industry as a new growth axis on top of the stable earnings base of its existing automotive electronics business. Expectations for medium- to long-term growth are rising as the expansion of the next-generation mobility and industrial robot markets converge.

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