BH Humanoid Robots: Korea’s iPhone Parts Maker Pivots

For years, the fortunes of BH(비에이치) rose and fell with every Apple launch cycle. Now the Korean component maker is making a deliberate move to change that equation — and the vehicle it has chosen is the humanoid robot.

From Smartphone Flex Circuits to Robot Arms

BH is best known as a leading supplier of flexible printed circuit boards (FPCBs) and wireless charging modules for Apple’s iPhone lineup. However, the company is now targeting the fast-expanding humanoid robot market with the same core technologies. In particular, analysts estimate that a single robot arm will require more than 20 FPCBs — a density that dwarfs the component count in a typical smartphone.

That number alone explains the excitement. More components per unit means higher revenue per customer relationship.

BH plans to begin sample shipments of robot-grade wireless charging modules in April 2025, with mass production targeted for the second half of the year. Furthermore, the company has already secured orders for next-generation robot platforms — a detail that removes much of the execution risk investors might otherwise price in.

The China-Decoupling Tailwind

Timing matters here. Global humanoid robot developers — many headquartered in the United States — are actively seeking to reduce their dependence on Chinese component supply chains. As a result, Korean suppliers with proven quality records are suddenly in a strong position to fill that gap.

BH’s subsidiary, BH EVS, showcased a robot wireless charger at CES, signaling the group’s ambitions in what the industry calls “Physical AI” — a term for AI systems embedded in robots that interact with the physical world. The charger currently delivers 1 kW of output, enough to fully charge a humanoid robot in roughly two hours. BH plans to scale that up to 1.7 kW and beyond.

Supply-chain diversification is a geopolitical trend, not just a business preference. BH is positioned to benefit structurally.

BH Humanoid Robots Strategy Meets a Solid Base Business

Meanwhile, BH’s core smartphone business is holding up well. DS Investment Securities — one of Korea’s mid-sized brokerage houses — projects Q1 2025 revenue of ₩380.1 billion and operating profit of ₩6.4 billion, both ahead of market consensus. Steady demand for iPhone 17 components is expected to support the first half, while the second half should see a meaningful uplift from foldable-phone parts, which carry higher unit prices than standard smartphone components.

In addition, BH’s long-troubled IT OLED substrate business — which supplies flexible base layers for organic light-emitting displays used in laptops and tablets — is expected to narrow its losses in H2 2025 as new model production ramps. A full swing to profitability by 2027 is now considered realistic, according to DS Investment Securities.

For investors, the OLED substrate line is worth watching. It has been a drag on margins, but a turnaround there would add a third earnings pillar alongside smartphones and robots.

Valuation Reset on the Table

DS Investment Securities raised its target price for BH from ₩25,000 to ₩37,000 — a 48% upward revision. The rationale is straightforward: the robot pivot is real, the Apple foldable phone launch is becoming more concrete, and the OLED substrate business is on a recovery path.

In Korean equity markets, a 48% target-price revision from a sell-side house is unusual enough to command attention. It suggests analysts believe the market has not yet priced in BH’s new growth vectors.

By contrast, BH’s current valuation still largely reflects its identity as an iPhone parts vendor. If the BH humanoid robots business delivers on its H2 mass-production timeline, that identity — and the multiple attached to it — could shift considerably.

What to Watch

Three milestones will define BH’s near-term trajectory. First, whether April sample shipments of robot wireless charging modules convert into confirmed mass-production contracts. Second, the pace at which Apple’s rumored foldable device moves toward commercial release — BH stands to gain directly from that launch. Third, the H2 2025 OLED substrate ramp, which will indicate whether the 2027 profitability target is credible.

Nevertheless, risks remain. Humanoid robot adoption timelines are notoriously difficult to predict, and BH’s robot revenue is still pre-commercial. Therefore, the investment case rests heavily on execution over the next two to three quarters.

Korea’s component industry has long been defined by its ability to move fast when platform shifts arrive. BH’s bet on humanoid robots suggests the same instinct is alive and well — this time pointed well beyond the smartphone.