KR Auto Parts/Robotics; Initiate Mobis (N)/Mando (UW), Autoever (U/G to N), CH Auto; Policy from EU/CH, China’s HDT Electrification Goal, Global Xacros: AI CAPEX 2.0: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

研报英文原文证据摘录

KR Auto Parts/Robotics; Initiate Mobis (N)/Mando (UW), Autoever (U/G to N), CH Auto; Policy from EU/CH, China’s HDT Electrification Goal, Global Xacros: AI CAPEX 2.0: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D

Specialist Sales

APAC Specialist Sales J P M O R G A N

22 June 2026

• The shift to software-defined vehicle (SDV) architecture is reallocating value toward auto OEMs, as they increasingly own

the software layer and orchestrate hardware/software integration, reducing parts suppliers’ profit pools in legacy hardware.

• We expect Hyundai Mobis and HL Mando’s OE parts margins to remain lackluster, while Hyundai Autoever is better

positioned as HMG’s software provider, benefiting from SDV and robotics transitions.

• Robotics offers exponential supply chain growth, but while actuators (~50% of BOM) may see near-term tightness,

longer-term risks include commoditization and Chinese competition—making software (fleet management, optimization)

a more durable profit pool.

• We upgrade Autoever to Neutral and initiate on Mobis (Neutral) and Mando (Underweight), preferring auto OEMs Hyundai

Motor/Kia (both OW) over parts suppliers as OEM discretion rises across autos and robotics. Autoever is best positioned

for long-term value creation as HMG’s captive software integrator, while Mobis and Mando face hardware-centric margin

pressure and intensifying competition.

• Investor Feedback: There was a news headline of Hyundai Motor Group (HMG) buying Softbank's remaining stake in

Boston Dynamics for $325mn (Reuters). Bulls saw this as a positive catalyst, expecting faster and more effective decision-

making ahead of a potential Boston Dynamics IPO. However, some investors pushed back, interpreting the news negatively