HD Hyundai Electric (267260 KS) 2Q26 First Glance: In-line/ Stable 2H26 Outlook, No Capacity Addition Announced

研报英文原文证据摘录

HD Hyundai Electric (267260 KS) 2Q26 First Glance: In-line/ Stable 2H26 Outlook, No Capacity Addition Announced

Specialist Sales

APAC Specialist Sales J P M O R G A N

28 July 2026

HD Hyundai Electric (267260 KS) 2Q26 First Glance: In-line/

Stable 2H26 Outlook, No Capacity Addition Announced

Joann Kim

+852 2800 8016

joann.kim@jpmorgan.com

*Sales commentary only

HD Hyundai Electric (267260 KS) 2Q26 Off The Calls: In-Line Results, Stable 2H26, No Capacity Addition Announced

• 2Q26 Results - Largely In-line : Hyundai Elec reported 2Q26 Rev of W1,142bn (3.8% below JPMe / 4.7% below Cons) and

OP of W287bn (1.7% above JPMe / 2.7% below Cons, in line with buyside expectations of ~W290bn). OPM expanded to

25.1% in 2Q25 (vs JPMe 25.3%, Cons 26.3%)

• 2Q orders came in at $1.44bn (-20% QoQ, +45% YoY). 1H26 order run rate vs annual guidance is at 62.4%, and total

backlog has reached $8.5bn (+30% YoY). US accounts 69.3% of the total orderbook.

• AIDC: Co secured a long-term supply agreement for power and distribution transformers with a major Big Tech company

(W1.1tn awarded for 2027–2028 delivery, with larger volumes under discussion for 2029–2030). AIDC contribution to new

orders is expected to reach 16% in 2027, up from 1.8%/6.3% in 2025/2026. Co is also in talks with three other big techs on

potential orders, making good progress with two; if order visibility improves, further US capacity expansion could follow. It is

also developing SST-based 800V DC products.

• US Operation Outlook: Expecting stable shipment/delivery in 2H26, with recently shortened AIDC connection period to the

grid; positive for future demand growth, though not seeing immediate impact yet.

• JPM Valuation: Stephen Tsui rates HD Hyundai Electric as OW with PT of W1.375.000, basd on a SOTP valuation implying