Hyundai Mobis: First Take: 2Q OP a decent beat; management tone somewhat conservative

研报英文原文证据摘录

Hyundai Mobis: First Take: 2Q OP a decent beat; management tone somewhat conservative

J P M O R G A N Asia Pacific Equity Research

24 July 2026

Hyundai Mobis Overweight

012330.KS, 012330 KS

First Take: 2Q OP a decent beat; management tone Price (23 Jul 26):W529,000

somewhat conservative Price Target (Dec-27):W710,000

Our First Take: Hyundai Mobis (Mobis) posted 2Q OP of W975bn, ahead of

JPMe (W901bn) and BBGe (W913bn). The beat was led by: 1) resilient core-parts

performance (sales W4.0tn; +10% y/y, in-line with JPMe); and 2) ASP hikes and

FX tailwinds, which more than offset: i) input cost inflation (notably

semiconductors); ii) continued weakness in the EV parts business; and iii)

production disruptions related to the India factory fire. Management’s tone was

somewhat conservative, flagging: a) lingering India fire impacts; b) ongoing input Korea Auto, EV battery, Nuclear and

cost inflation; and c) higher logistics costs, while pointing to offsets such as mix Utility

improvement and strong A/S profitability. At current levels, we believe the share Sonny Lee AC

price largely reflects the core auto parts franchise, with robotics/actuators (82-2) 758 5716

representing incremental optionality rather than fully priced expectations. We sonny.lee@jpmorgan.com

reiterate Overweight and maintain our Dec-27 PT of W710,000. Seri Yoon

(82-2) 758 5704

seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

Key Positives Branch

• Core-parts resilience supported earnings despite tepid volume growth,

helped by strength in electronic components.

• A/S delivered a record-high quarterly OP margin of 28%, supported by FX

tailwinds and ASP hikes, despite demand headwinds linked to the Middle East

conflict and a softer US backdrop.