Hansol Technics combines two axes of different character in one company: a business that supplies electronic and electrical parts such as smartphone power modules and wireless-charging modules to large set makers, and a renewable-energy business that makes ingots, wafers and modules, the core materials of solar power; profitability moves with component pricing and with polysilicon and wafer prices. The center of recent disclosures is a rights offering and a disposal of tangible assets carried out in May and June — moves to improve the financial constitution by adding capital and cash to a debt-heavy structure and lowering the debt ratio. The key point of late is that in Q1 it swung to profit with operating profit of ₩14.1 billion and net profit of ₩11.7 billion, earning in a single quarter about 70% of last year's full-year operating profit, and a P/E of 11.67x and P/B of 1.52x have come down below peers as a strength, whereas a debt burden with a 330% debt ratio and an interest-coverage ratio around 1x and some dilution from the offering mean whether Q1 profit carries into the year is the crux.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt far exceeds equity (debt ratio 330.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full-year net result was a loss.
- Revenue rose 4.4% year over year, and the pace is quickening (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 6.5% lower than a year earlier.
- ROE is -4.5% (controlling-interest basis). It is below the sector average.
- Operating margin is 1.6%.
- P/E is hard to compute here, so this is read on P/B.
Ownership & governance As of 2025-12-31
Largest shareholder Hansol Holdings 20.26% (corporate)
Controlling bloc incl. related parties 22.45%
With the controlling bloc holding 22%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Hansol Technics earns money in two broad ways.
- The first is the electronics and electrical business, making power modules (parts that supply power stably) that go into smartphones, wireless-charging modules and various electronic components, and supplying them to large set makers.
- The second is the renewable-energy business, producing ingots and wafers (the base discs of solar cells), the core materials of solar power, and solar modules.
- That is, two axes of different character — "mobile components" and "solar materials" — are bundled within one company, a structure in which one axis can support the other when it slumps, and one that rides both industries' conditions at once.
- Revenue runs at the ₩1.2 trillion level annually, with profitability moving according to component pricing and solar-material prices (especially polysilicon and wafer prices).
- The latest close is ₩8,270 and the market cap is ₩336.0 billion.
- The price sits below its 20-day line (₩11,396) and below its 60-day line (₩10,990).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that scores the balance of up-moves versus down-moves over the past 14 days on a 0-100 scale) is 37.4, a neutral level.
- The one-month change is -23.7%, the three-month change is +79.0%, and the position versus the 52-week high is -46.5%.
- Relative strength against the KOSPI is 63 (1-99, a conversion of the past year's return versus the index that weights recent performance more heavily; higher means stronger than the market).
- That places it in roughly the top 37% by strength across all listed names.
- Over the past three months it led the index by 36.8%.
- Chart reading is best done alongside volume and the dates of disclosures.
- On a confirmed annual (2025) basis, the P/E ratio (how many times one year's profit the share price represents) cannot be calculated because net profit was in the red.
- But an empty P/E does not mean the company is expensive — only that last year was a loss year, so "it cannot be measured by last year's profit." For a company whose profit is just turning around, the forward basis (this year's profit) is closer to the real picture than last year's confirmed number.
- This year's earnings-based P/E is lower than the mobile and solar peers compared here (in the 13-56x range), so against profit it is if anything on the undervalued side.
- The P/B (price versus net assets) of 1.12x is lower than the sector median (2.37x) and the solar peers (4.1x) and similar to the mobile-component peers, so against asset value too it is not expensive.
- On the financial side, the debt ratio (debt against equity) of 330.7% is on the high side and the interest-coverage ratio is around 1x, so the debt burden clearly needs watching; but the ongoing rights offering, which reinforces capital, leaves room for this ratio to come down.
- Over five years revenue held steadily in the ₩1-trillion-plus range: ₩1.5 trillion in 2021, ₩1.6 trillion in 2022, ₩1.3 trillion in 2023, ₩1.2 trillion in 2024 and ₩1.25 trillion in 2025.
- Profit peaked at operating profit of ₩55.1 billion in 2022, then eased to ₩48.9 billion in 2023, ₩33.4 billion in 2024 and ₩20.4 billion in 2025, and net profit swung to a loss of -₩13.7 billion in 2025 — the result of weak solar-material prices combined with some costs.
- The key is that this trajectory turned around this year.
- In Q1 2026 operating profit of ₩14.1 billion earned 69% of last year's full-year operating profit (₩20.4 billion) in a single quarter, and net profit swung to positive at ₩11.7 billion.
- Supported by mobile-component demand and solar operation, earnings strength recovered greatly in one quarter.
- This year's earnings-based P/E of 11.67x reflects exactly this recovered profit trajectory and is consistent with the Q1 swing to profit.
- In other words, the "old picture" of last year's loss and the "present picture" of profit turning around this year are clearly different, and this year's numbers show that inflection.
- The center of recent disclosures is a rights offering (a procedure of issuing new shares to raise funds) carried out in May and June 2026.
- A securities registration statement, confirmation of issuance terms and notice of the new-share issue price followed one another, and from late May to early June a decision to dispose of tangible assets (selling held assets) also came out.
- Both the rights offering and the asset sale point toward adding capital and cash to a debt-heavy financial structure and lowering the debt ratio, and can be seen as moves to firm up the financial constitution.
- That said, an increase in the number of shares can dilute existing shareholders' stakes somewhat, so the use of the raised funds should be checked alongside.
- The corporate governance report disclosure in early June and the large business-group status disclosure in late May are of a nature that periodically reports the governance and affiliate status as a Hansol Group member.
- Overall, recent flow is led by disclosures on the "reorganizing the financial structure" side.
- This stock's strengths are clear.
- With two different axes — mobile power and wireless-charging modules, and solar materials — one axis can cushion the other's slump, and above all in Q1 2026 it swung to profit with operating profit of ₩14.1 billion and net profit of ₩11.7 billion, earning in a single quarter about 70% of last year's full-year operating profit as earnings strength turned around quickly.
- Reflecting that recovered profit, this year's P/E of 11.67x and P/B of 1.52x are on the low side against peers, so viewed on both profit and assets the current price sits close to an undervalued range.
- There are points to keep in mind too.
- A debt burden with a 330% debt ratio and an interest-coverage ratio around 1x, and some stake dilution from the ongoing rights offering — though the offering and asset sale point toward easing that debt burden, which should be viewed together.
- In sum, this is a stock in which undervaluation appeal comes alive under conditions of "the profit that turned around in Q1 carrying into the year and both businesses' conditions providing support," and which weakens under conditions of "solar and mobile pricing bending down again so the profit recovery stops at Q1."
🔎 Valuation vs peers Inconclusive
Matching Hansol Technics' two axes, the peer set takes BH, Jahwa Electronics and Solum on the mobile-component side and HD Hyundai Energy Solutions on the solar side, with figures on a current-price basis.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| BH | 19.49x | 0.81x | 4.15% |
| Jahwa Electronics | 11.92x | 1.26x | 10.60% |
| SOLUM | 53.68x | 1.32x | 2.45% |
| HD Hyundai Energy Solutions | 28.94x | 2.89x | 9.98% |
(a) Position versus peers: the P/B of 1.56x is in the same range as the mobile-component peers and lower than the solar peer. (b) Premium/discount: on asset value it looks like a discount, but with ROE at -4.5%, lower than the peers, it is hard to conclude whether that discount is a "cheap" signal or a "marked down because of losses" signal. (c) Limits of trailing and forward basis: with the 2025 loss, the trailing P/E is a meaningless range, and posting operating profit equal to 69% of the full year in Q1 2026 suggests a possible earnings inflection. That said, the forward figure is not an official company forecast but merely a seasonality approximation of DART's confirmed quarterly results, so the reliability of an operating-profit ratio that mixes in a loss quarter is low. It is therefore reasonable to leave the verdict Inconclusive rather than to conclude undervalued or overvalued, and to confirm the annual continuity of quarterly profit and the change in capital after the offering.
Earnings outlook company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| Next quarter | Q2 2026 | approx. ₩296.8 billion | approx. ₩11.3 billion | — |
Price history Close · MA20 · MA60
The latest close is ₩8,270 and the market capitalization is ₩336.0 billion. The price sits below its 20-day moving average (₩11,396) and below its 60-day moving average (₩10,990). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 37.4, a neutral level. The one-month change is -23.7%, the three-month change is +79.0%, and the position relative to the 52-week high is -46.5%. Relative strength versus the KOSPI is 63 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 63% of all stocks. Over the past three months it outpaced the index by 36.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M +36.76% / 6M -14.88% / 12M -44.52%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 1.12x is below the sector median (1.63x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Profitability & financials
Return on equity (ROE) is -4.5%, below the sector average (7.0%). The operating margin is 1.6%. The debt ratio is 330.7%, so the financial structure is somewhat high.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $863.4M | $795.0M | $830.1M | +4.41% ↑ faster |
| Operating profit | $32.4M | $22.1M | $13.5M | -38.79% ↓ slower |
| Net profit | $28.7M | $4.5M | -$9.1M | -304.03% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $987.9M | $1.1B | $863.4M | $795.0M | $830.1M |
| Operating profit | -$2.8M | $36.5M | $32.4M | $22.1M | $13.5M |
| Net profit | -$6.2M | $9.8M | $28.7M | $4.5M | -$9.1M |
| Revenue CAGR | 4-yr avg -4.26% | ||||
Revenue rose 4.4% year over year (2023 ₩1.3 trillion → 2024 ₩1.2 trillion → 2025 ₩1.3 trillion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Operating profit fell 38.8% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -4.3%. The two-year revenue CAGR is -1.9%. In the most recent quarter (Q1 2026), revenue was 6.5% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- P/E and P/B are both low versus peers, so the price looks inexpensive relative to earnings and assets.
Points to watch
- Debt far exceeds equity (debt ratio 330.7%).
- Operating profit barely covers the interest bill (interest coverage below 1x).
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
Recent news & events searched · sourced
- 2026-06-05UpdateNotice confirming the new-share issue price of the rights offering. Following the earlier rights-offering decision (material-fact report), the issue price was set.Near term, the fund inflow can lighten the debt-ratio burden, but a rise in the number of issued shares also creates a possibility of dilution for existing shareholders. The use of the raised funds (debt repayment vs. investment) needs to be checked. Source
- 2026-06-05Update[Correction] Material-fact report (rights-offering decision). Key details such as the offering's size and schedule were corrected and re-disclosed.Medium term, the capital raise contributes to improving the financial structure, but the larger the offering, the wider the dilution of per-share value. The issue size and subscription schedule are variables for the share price. Source
- 2026-06-05FilingDecision to dispose of tangible assets. It decided to sell tangible assets it holds (equipment, real estate, etc.).There are effects of securing near-term cash and improving asset efficiency, but the impact on future production capacity differs depending on whether the assets disposed of are core production assets or non-core assets. Source
- 2026-06-01FilingCorporate governance report disclosed. It periodically reported the governance status such as board composition and shareholder rights.Direct impact on results is small, but as a Hansol Group member it is material for reviewing governance transparency and the shareholder-return policy. Source
- 2026-05-27FilingLarge business-group status disclosure. It made the annual periodic disclosure of the Hansol Group affiliate status and inter-affiliate transactions.Reference material for checking the affiliate structure and the share of internal transactions, helpful for understanding the group-level context of business and fund flows. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| P/B | 1.56x | BPS ₩7,413 · ₩11,540 1.56x | Confirmed | link |
| 2025 annual net profit (attributable to controlling interests) | -₩13.7 billion | — | Unverified | link |
| Q1 2026 operating profit | ₩14.1 billion | ₩14.1 billion | Unverified | link |
| Whether a rights offering is under way | 2026 5~6 | — | Confirmed | link |
| 2026 annual operating profit (seasonality approximation) | approx. ₩37.7 billion | — | Unverified | link |
Recent filings
- 2026-06-05Amended filing
- 2026-06-05Amended filing
- 2026-06-05Amended filing
- 2026-06-05Disclosure
- 2026-06-05Disclosure
- 2026-06-05Paid-in capital increase
- 2026-06-05Material-fact report (amended)
- 2026-06-01OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-29Disclosure
- 2026-05-29Disclosure
- 2026-05-27Large-business-group status disclosure
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.