HL Mando (204320)
HL Mando (204320) is a Korean chassis supplier that makes braking, steering, and suspension systems, including brake-by-wire and steer-by-wire, for global automakers. In ETFpedia it sits in the Hyundai Motor robotics value chain as the by-wire supplier moving into parking and mobility robotics, productized as its PARKIE parking robot and e-corner module.
| Ticker | 204320 |
|---|---|
| Exchange | KOSPI |
| Sector | Consumer Discretionary · Auto Parts & Mobility Robotics |
| Country | South Korea |
| Wikidata | Q6748120 |
| Last updated | 2026-06-08 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
HL Mando posted Q1 2026 consolidated revenue of ₩2,311.7 billion, up 1.8% year over year, with operating profit of ₩93.6 billion (+18.2%) and net income of ₩53.1 billion, up 53.2%, as profitability improved on a roughly flat top line. By region, Korea contributed ₩996.8 billion (43.1% of parts revenue), China ₩528.0 billion, and the United States ₩405.5 billion.
| Revenue | ₩2,311.7B+1.8%YoY |
|---|---|
| Operating profit | ₩93.6B+18.2%YoY · 4.0% operating margin |
| Net income | ₩53.1B+53.2%YoY |
| Korea revenue | ₩996.8B · 43.1% of parts revenue |
Revenue by segment
| Auto parts & other — Korea | ₩996.8B · 43.1%of revenue |
|---|---|
| Auto parts & other — China | ₩528.0B · 22.8%of revenue |
| Auto parts & other — United States | ₩405.5B · 17.5%of revenue |
| Auto parts & other — India | ₩283.6B · 12.3%of revenue |
Recent & upcoming events
- · PARKIE parking robot and by-wire chassis at CES.HL Mando, with affiliate HL Klemove, has shown its PARKIE parking robot, a prior CES Best Innovation Award winner, and its Steerite Fit electric-signal steering, alongside e-corner by-wire modules that enable four-wheel independent steering for vehicles and delivery robots. (source)
- · FY2025 annual results filed.Full-year 2025 revenue of ₩9,454.8 billion (+6.9%), operating profit ₩357.1 billion (-0.5%), and net income ₩122.8 billion (-22.4%), as top-line growth outpaced a flat-to-lower bottom line. (source)
Consolidated totals are from the DART 분기보고서 (Q1 2026). The segment table shows the auto-parts-and-other business split by region; regional figures are before intercompany elimination, so shares do not sum to 100%.
Figures are as of 2026-06-08 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does HL Mando do?
HL Mando makes the parts that stop and steer a car. Its three product groups are braking (ABS, ESC, integrated dynamic brake), steering (electric power steering, rear-wheel steering, steer-by-wire), and suspension (shock absorbers, smart damping). The standout is by-wire: brake-by-wire and steer-by-wire replace the mechanical link between the pedal or wheel and the actuator with an electric signal, so a computer controls each wheel directly. That same capability shows up in robotics. Mando, with affiliate HL Klemove, has shown the PARKIE parking robot, a past CES Best Innovation Award winner, and an e-corner module that lets a vehicle steer all four wheels independently, enabling parallel parking or turning in place (Korea Herald). Revenue spreads across regions: in Q1 2026, Korea was ₩996.8 billion, China ₩528.0 billion, and the United States ₩405.5 billion (DART 분기보고서).
Why is HL Mando in the robotics value chain?
The Hyundai Motor robotics value chain ties together the companies that build and deploy robots, from the Atlas humanoid to the parts and software around it. HL Mando’s place is the motion layer. Moving a car precisely, braking, steering, and damping by electric signal, is the same problem a robot solves to move itself, so the actuation and sensing Mando refined for advanced driver assistance carries straight over to physical-AI robots. Its by-wire e-corner module is already pitched for delivery robots as well as vehicles (Korea Herald).
“PARKIE, the parking robot that won last year’s Best Innovation Award” was shown alongside HL Mando’s Steerite Fit electric-signal steering at CES.
What did HL Mando report most recently?
In Q1 2026 (the quarter ended March 31, 2026), HL Mando posted consolidated revenue of ₩2,311.7 billion, up 1.8% year over year, with operating profit of ₩93.6 billion, up 18.2%, a 4.0% operating margin, and net income of ₩53.1 billion, up 53.2% (DART 분기보고서). The top line was roughly flat, but profitability climbed: operating profit and net income both rose sharply on a better cost mix. By region, Korea contributed 43.1% of parts revenue, China 22.8%, the US 17.5%, and India 12.3%.
For the full year 2025, HL Mando reported revenue of ₩9,454.8 billion (+6.9%), operating profit of ₩357.1 billion (-0.5%), and net income of ₩122.8 billion (-22.4%) (DART 사업보고서). Revenue grew faster than profit in 2025, so the Q1 2026 margin recovery is the number to watch.
What are the risks for HL Mando?
- Auto-cycle exposure. Mando earns almost entirely from vehicle production. A slowdown in global auto demand hits revenue before any robotics upside arrives.
- Robotics is still early. PARKIE and the e-corner module are showcase products, not a large revenue line yet. The mobility-robotics thesis is a multi-year option, not current earnings.
- Customer concentration and pricing. As a tier-one supplier, Mando faces price pressure from large automaker customers, which can squeeze margins even when volumes hold.
- Profit volatility. FY2025 net income fell 22% even as revenue grew, a reminder that bottom-line results can swing on costs, currency, and one-offs.
Related securities, concepts & terms
- Hyundai Motor Robotics Value Chainparent
- Robotics & Physical AIparent
- Hyundai Wia (011210)sibling
- Hyundai Autoever (307950)sibling
Related indices & ETFs
- Akros Hyundai Motor Robotics Value Chain TOP3 Plus Index · AkrosThe proprietary Akros index that frames the Hyundai robotics value chain. No ETF tracks it yet.
Frequently asked questions about HL Mando
What does HL Mando do?
HL Mando is a Korean auto-parts supplier focused on the chassis: braking, steering, and suspension systems for global automakers, including brake-by-wire and steer-by-wire. It is extending that actuation and sensing expertise into robotics, with the PARKIE parking robot and an e-corner by-wire module that lets a vehicle steer all four wheels independently (Korea Herald). In Q1 2026 it reported ₩2,311.7 billion of revenue (DART 분기보고서).
What is HL Mando's role in the Hyundai robotics value chain?
HL Mando is the chassis and by-wire supplier moving into mobility robotics. The skill of moving a car precisely, controlling brakes, steering, and suspension by electric signal, is the same skill a robot needs to move itself, so Mando's automotive motion-control know-how transfers directly into physical-AI robots. It has productized that as the PARKIE parking robot and the e-corner module (Korea Herald).
What was HL Mando's latest quarterly revenue?
HL Mando reported consolidated revenue of ₩2,311.7 billion in Q1 2026 (the quarter ended March 31, 2026), up 1.8% year over year, with operating profit of ₩93.6 billion (+18.2%) and net income of ₩53.1 billion (+53.2%) (DART 분기보고서). Profitability improved even though the top line was roughly flat.
When does HL Mando next report earnings?
Korean issuers do not pre-announce earnings dates. HL Mando's next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline. That date is estimated, not company-confirmed. HL Mando last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).
Sources & references
- HL만도 분기보고서 (2026.03) · Q1 2026 quarterly report · HL Mando / DART (FSS), 2026-05-15
- HL만도 사업보고서 (2025.12) · FY2025 annual report · HL Mando / DART (FSS), 2026-03-18
- HL Mando and HL Klemove Jointly Participate in CES 2025 · The Korea Herald, 2025-01-07
- Hyundai highlights edge of 'working robots' over China at CES · The Korea Herald, 2026-01-08