A securities industry analysis has found that ROBOTIS is significantly expanding its actuator production capacity (Capa), a core component, in response to the expansion of mass production in the global humanoid robot market. As mass production of humanoids begins in earnest, centered on China, whether ROBOTIS can expand its actuator supply is cited as a key variable for future growth.

■ Hyundai Motor Securities: "Investment Opinion BUY, Target Price 380,000 Won"

On the 26th, Hyundai Motor Securities released a report on ROBOTIS (108490) titled "Capacity Expansion in Response to the Start of Humanoid Mass Production," giving an investment opinion of 'BUY' and a target price of 380,000 won. However, the target price represents a 5.7% downward adjustment from the previous 403,000 won.

■ Expansion in Uzbekistan... Up to 5 Million Units Per Year by 2031

Hyundai Motor Securities placed weight on the fact that ROBOTIS is expanding with a new plant in Uzbekistan to meet growing actuator demand. ROBOTIS's production capacity expansion plan is as follows:

• Existing annual production capacity: 300,000 units
• Adding more than 200,000 units this year to expand to over 500,000 units
• 2027: 1 million units
• 2031: 5 million units

■ From the Second Half of This Year, 'Dynamixel Q' to Be Supplied to Chinese Humanoid Companies

The shift toward mass production in the humanoid market was also evaluated as an important change for ROBOTIS. Hyundai Motor Securities forecast that as humanoid mass production begins in China, the QDD-type 'Dynamixel Q' series will be supplied in earnest from the second half of this year, mainly targeting Chinese humanoid companies.

In particular, the analysis found that if production capacity expansion proceeds alongside the normalization of rare earth supply and demand and the in-house production of motors, the possibility of future disruptions in actuator supply can be reduced. As the humanoid market moves from the research and development stage to the actual mass production stage, the ability to stably supply core drive components in large volumes can translate into competitiveness.

ROBOTIS is expanding its product lineup from actuators to robot hands and humanoids. In previous analyses, Hyundai Motor Securities had also projected that ROBOTIS's production capacity would expand rapidly based on the Uzbekistan expansion.

■ Remaining Challenge: Whether Growth Prospects Translate into Earnings

However, it remains to be seen whether the growth outlook for the humanoid industry will translate into actual large-scale orders and increased revenue. The fixed cost burden from production capacity expansion, the mass production schedules of global humanoid companies, and whether actuator supply contracts expand are also cited as variables that will determine future performance.

[Stock prices may exhibit heightened volatility depending on corporate performance, industry conditions, merger terms, market supply and demand, and other factors. Securities firms' analyses and forecasts may differ from actual future results and do not guarantee returns on specific stocks. Before making investment decisions, it is necessary to comprehensively review the company's official disclosures, financial condition, and business progress. This article is not intended to recommend the purchase or sale of any specific stock. This article was written with AI assistance.]