Hyundai Autoever: 2Q OP a slight beat; Enterprise IT robust, navigation drag persists, robotics upside back-ended; stay Neutral

研报英文原文证据摘录

Hyundai Autoever: 2Q OP a slight beat; Enterprise IT robust, navigation drag persists, robotics upside back-ended; stay Neutral

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

29 July 2026

Hyundai Autoever Neutral

307950.KS, 307950 KS

2Q OP a slight beat; Enterprise IT robust, navigation Price (29 Jul 26):W332,000

drag persists, robotics upside back-ended; stay Neutral ▼Price Target (Dec-27):W390,000 Prior (Dec-27):W750,000

Hyundai Autoever’s (Autoever) 2Q OP of W91bn was a slight beat vs. JPMe/

BBGe, led by stronger Enterprise IT (SI: system integration; ITO: IT outsourcing) Korea Auto, EV battery, Nuclear and

Utilitythat more than offset softer in-vehicle SW (navigation, middleware). Enterprise IT

benefited from Hyundai Motor Group’s (HMG) digital transformation tailwinds Sonny Lee AC

and some catch-up revenue recognition from projects deferred in 1Q. In-vehicle (82-2) 758 5716

sonny.lee@jpmorgan.com

SW revenue fell 8% y/y as navigation adoption declined, although middleware

continued to grow. We see navigation as the key headwind given it remains about Seri Yoon

(82-2) 758 5704

two-thirds of the SW division and was historically high-margin (~20% GPM). On seri.yoon@jpmorgan.com

robotics, management guided to limited near-term earnings impact from the J.P. Morgan Securities (Far East) Limited, Seoul

training center, and we expect meaningful revenue contribution to be back-end Branch

loaded into 2028. We cut our PT to W390,000 (from W750,000) and stay Neutral,

shifting to a 30x mid-cycle P/E amid a sector de-rating and slower SW profitability

Quarterly Forecasts (FYE Dec)

improvement. We await clearer SW margin uplift and more earnings-visible

Revenue (W bn)

robotics benefits. 2025A 2026E 2027E

Q1 833 936A 1,080