HL Mando said it set a record for annual sales, helped by growing interest in humanoid robots, despite headwinds including the impact of U.S. tariffs and a global slowdown in electric vehicle sales. The company expects demand to surge this year for actuators, a key humanoid-robot component, lifting expectations for improved results.
On Feb. 5, HL Mando disclosed preliminary consolidated results of 9.4548 trillion won ($9,454.8 billion) in revenue and 357.1 billion won ($357.1 billion) in operating profit for last year. Revenue rose 6.9% from a year earlier, while operating profit fell 0.5%. Fourth-quarter revenue increased 1.6% to 2.4616 trillion won ($2,461.6 billion), and operating profit dropped 28.2% to 79.7 billion won ($79.7 billion).
Operating profit slipped from a year earlier after one-time costs, but revenue hit an all-time high. HL Mando cited expanding sales in emerging markets by major customers including Hyundai Motor Group and stronger sales of higher-margin models such as hybrids. As demand for HEV and EV parts increased, its operating margin improved to the 4% range last year from the 3% range in 2023.
The company said momentum could continue this year on expectations for a larger North American robotaxi market, growth in emerging markets such as India, and rising actuator demand. HL Mando supplies actuators for quadruped robots to multiple global robotics companies. It also supplies parts including steering systems (R-EPS), integrated drive modules (IDM) and suspension components to the top three robotaxi companies in the United States and the No. 1 robotaxi company in China.
Actuators are expected to be a key growth driver. They control robot movement and account for about 50% to 70% of total cost, the company said. Tesla’s humanoid robot Optimus targets commercialization in 2027, and Hyundai Motor’s Atlas targets 2028. HL Mando plans to begin mass production of actuators in 2028-2029.
A securities industry official said HL Mando aims to raise actuator revenue to 26% of total sales, or 2.3 trillion won ($2,300 billion), around 2035. The official said expanding global robotics customers, along with robotaxi operators’ plans to broaden service cities and increase fleet sizes this year, should support continued earnings growth.
* This article has been translated by AI.
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