Hivision System (126700) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Hivision System's main line is making automation equipment that precisely assembles and inspects smartphone camera modules and selling it to clients; it is also building new businesses in secondary-battery equipment, automotive electronics and 3D printers, and is a global equipment maker with subsidiaries in China, Vietnam and India. After confirming a weak 2025 in February 2026, with full-year revenue of ₩171.1 billion, operating profit of -₩32.6 billion and net profit of -₩17.1 billion, supply contracts of ₩19.2 billion each (11.2% of annual revenue) followed in May and June this year, and Q1 revenue turned to +22.6% year over year. The point worth watching now: if the revenue uptrend continues quarter by quarter and operating profit narrows its loss toward the black, the undervaluation and financial cushion (a P/B of 0.59x and a current ratio of 478.7%) come fully into focus; but if the top-line recovery stops at one-off orders and the loss drags on, asset value alone weakens.
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30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “Camera Modules & Optical Components” (Semiconductors & IT Components · IT Hardware & Equipment), a type typically read first through forward P/E.
Camera modules and optical components ride the product-launch cycles and adoption volumes of set makers, so profit varies widely year to year. Since new design wins and rising volumes drive future earnings, forward price-to-earnings (P/E on expected profit) is the first lens rather than trailing results.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
That said, earnings are swinging with the industry cycle right now, so this metric is best viewed alongside asset value and the demand backdrop.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- The most recent full-year net result was a loss.
- Revenue fell 45.2% year over year (3-year trend: falling).
- Most recent quarter (Q1 2026) revenue was 22.6% higher than a year earlier.
- ROE is -6.9% (controlling-interest basis). It is below the sector average.
- Operating margin is -19.0%.
- A sector-metric and in-depth research verdict — see “Valuation vs peers” below for the basis.
Ownership & governance As of 2025-12-31
Largest shareholder Choi Doo-won 12% (individual)
Controlling bloc incl. related parties 16.18%
With the controlling bloc holding 16%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Hivision System's main line is making and selling automation equipment that assembles and inspects the camera modules and parts that go into smartphones. It supplies clients (handset and parts makers) with equipment where machines, instead of human hands, precisely align camera modules and screen out defects, and earns revenue that way. On top of that, it is building new businesses such as secondary-battery equipment, automotive electronics and 3D printers, so the business is not tied to cameras alone. Centered on its Korean headquarters, it is a global equipment maker with six subsidiaries in China, Vietnam and India. With a market cap of ₩146.9 billion it is not a large company, so it is worth weighing that each supply contract has a relatively large impact on results and the share price.
The latest close is ₩10,700 and the market capitalization is ₩159.9 billion. The price sits above its 20-day moving average (₩9,450) and below its 60-day moving average (₩11,560). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.4, a neutral level. The one-month change is +9.2%, the three-month change is -42.9%, and the position relative to the 52-week high is -49.3%. Relative strength versus the KOSDAQ is 39 (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 38% of all stocks. Over the past three months it lagged the index by 11.8%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Last year's (2025) full-year revenue was ₩171.1 billion, operating profit -₩32.6 billion and net profit -₩17.1 billion, a loss. With an operating margin of -19.0% and ROE (how much the company earns in a year on its equity) of -6.9%, profitability is in a loss phase. Financial strength itself, though, is on the supportive side. The current ratio (assets convertible to cash within a year against debt due within a year) of 478.7% means current assets of ₩194.2 billion are more than four times current liabilities of ₩40.6 billion, so this is not a company under heavy short-term funding pressure. On valuation, because of the loss the P/E (the share price as a multiple of one year's earnings) cannot be computed, and P/B (the share price as a multiple of book value) is 0.65x. A P/B below 1x means the market cap is priced cheaper than the net assets the company holds, which is read as an undervaluation phase in terms of asset value. Since earnings are in the red, earnings-based ratios like the current P/E carry little meaning, and this is a stage of confirming recovery through quarterly results.
Revenue fell for two straight years, from ₩348.3 billion in 2023 to ₩312.0 billion in 2024 to ₩171.1 billion in 2025, and operating profit turned from black to red. It was a year in which the top line and profitability bent together. In the most recent quarter, Q1 2026, however, the first sign of change appears. Quarterly revenue of ₩28.0 billion was up +22.6% year over year. The revenue trend that had been declining turned back to growth, which can be read as an early recovery sign of a base forming. That said, operating profit in the same quarter was -₩7.5 billion, still a loss, so revenue turned but profit has not yet climbed into the black. The company broadening beyond camera modules into secondary-battery and automotive-electronics equipment, and new supply contracts arriving this year, support this revenue rebound. In short, this is an early-recovery stretch where the top line has begun to grow again and the coming quarters will confirm whether profit follows.
Recent disclosures are directly tied to the revenue recovery. On May 11 and June 15, 2026 (a corrected filing), single sale and supply contracts of ₩19.2 billion each were disclosed, a not-insignificant size equal to 11.2% of recent annual revenue. For such contracts, how the amount and delivery period feed into future revenue, and whether the deal is a one-off or a recurring transaction, decide the medium-term interpretation. On February 2, 2026, there was a results-change disclosure of full-year revenue of ₩171.1 billion, operating profit of -₩32.6 billion and net profit of -₩17.1 billion, a document confirming last year's weakness. In other words, this is a flow of new orders arriving this year after confirming last year's weaker results, and it is best to match the direction of the disclosures against quarterly results.
This stock's strengths and weaknesses are fairly clear. The strength is the price against assets. At a P/B of 0.59x it trades below net assets, and with a current ratio of 478.7% it has ample short-term financial cushion and the stamina to hold on. On top of that, Q1 2026 revenue turned to +22.6% year over year and new supply contracts kept coming, so early signs of a top-line recovery appear. Against peers too, its P/B is on the low side versus Comeron (P/B 0.69) and Dio (P/B 0.84), so on an asset basis it sits at a cheap spot. On the cautionary side is profitability. Last year's operating profit turned to a loss and Q1 this year is still an operating loss, so whether the revenue rebound extends into a profit needs confirmation in the next results. Accordingly, if the revenue uptrend continues quarter by quarter and operating profit narrows its loss toward the black, the low-P/B strength comes fully into focus; conversely, if the top-line recovery stops at one-off orders and the loss drags on, asset value alone weakens.
🔎 Valuation vs peers Undervalued
Peers with adjacent market capitalizations within the medical, precision and optical instruments sector.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Dio | — | 0.88x | 4.31% |
| Komelon | 8.28x | 0.74x | 9.20% |
| KNR Systems | — | 6.36x | -36.99% |
We looked first at public-data peers with nearby market capitalizations within medical, precision and optical instruments. The current P/E (the share price as a multiple of one year's earnings) cannot be confirmed, and P/B (the share price as a multiple of book value) is 0.65x. That said, smaller-cap names are heavily affected by earnings swings and financing disclosures, so we did not draw firm conclusions from last year's confirmed-earnings ratios alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩212.8 billion | — | — |
| Next quarter | Q2 2026 | ₩50.6 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩10,700 and the market capitalization is ₩159.9 billion. The price sits above its 20-day moving average (₩9,450) and below its 60-day moving average (₩11,560). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 56.4, a neutral level. The one-month change is +9.2%, the three-month change is -42.9%, and the position relative to the 52-week high is -49.3%. Relative strength versus the KOSDAQ is 39 (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 38% of all stocks. Over the past three months it lagged the index by 11.8%. 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 -11.81% / 6M -10.06% / 12M -29.98%
Key metrics Computed vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.65x is below the sector median (1.23x).
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 -6.9%, below the sector average (2.0%). The operating margin is -19.0%. The debt ratio is 24.3%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $244.7M | $219.2M | $120.2M | -45.16% ↓ slower |
| Operating profit | $41.3M | $21.8M | -$22.9M | -205.06% ↓ slower |
| Net profit | $32.2M | $27.7M | -$12.0M | -143.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $191.7M | $138.9M | $244.7M | $219.2M | $120.2M |
| Operating profit | $30.6M | $17.6M | $41.3M | $21.8M | -$22.9M |
| Net profit | $30.4M | $16.9M | $32.2M | $27.7M | -$12.0M |
| Revenue CAGR | 4-yr avg -11.02% | ||||
Revenue fell 45.2% year over year (2023 ₩348.3 billion → 2024 ₩312.0 billion → 2025 ₩171.1 billion), and the three-year trend is 'falling'. The rate of decline widened from the prior year. Operating profit fell 205.1% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is -11.0%. The two-year revenue CAGR is -29.9%. In the most recent quarter (Q1 2026), revenue was 22.6% higher than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- —
Points to watch
- The most recent full year was a loss, so it is worth checking whether profitability recovers.
- Revenue fell 45.2% year over year (3-year trend: falling).
Recent news & events searched · sourced
- 2026-06-15Contract[Corrected] single sale and supply contract signed: contract amount ₩19.2 billion, 11.2% of recent revenueThe contract amount and period are the key to future revenue recognition. Whether it is a one-off or a repeatable transaction decides the medium-term interpretation. Source
- 2026-05-11ContractSingle sale and supply contract signed: contract amount ₩19.2 billion, 11.2% of recent revenueThe contract amount and period are the key to future revenue recognition. Whether it is a one-off or a repeatable transaction decides the medium-term interpretation. Source
- 2026-02-02EarningsRevenue or profit-structure change of 30% or more (15% for large corporations): full-year revenue ₩171.1 billion, operating profit -₩32.6 billion, net profit -₩17.1 billionThis is recent confirmed or preliminary results. Check whether it points the same way as the annual trend and whether any one-off factors are involved. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩10,700 | ₩10,700 | Confirmed | link |
| Latest quarterly results | revenue ₩28.0 billion, operating profit -₩7.5 billion | revenue ₩28.0 billion, operating profit -₩7.5 billion | Confirmed | link |
| Full-year results | revenue ₩171.1 billion, operating profit -₩32.6 billion | revenue ₩171.1 billion, operating profit -₩32.6 billion | Confirmed | link |
| Contract disclosure source text | [amended] single supply contract signed: contract value ₩19.2 billion · vs recent revenue 11.2% | [amended] single supply contract signed: contract value ₩19.2 billion · vs recent revenue 11.2% | Confirmed | link |
| Contract disclosure source text | single supply contract signed: contract value ₩19.2 billion · vs recent revenue 11.2% | single supply contract signed: contract value ₩19.2 billion · vs recent revenue 11.2% | Confirmed | link |
| Results disclosure source text | revenue30%: revenue ₩171.1 billion · operating profit -₩32.6 billion · net profit -₩17.1 billion | revenue30%: revenue ₩171.1 billion · operating profit -₩32.6 billion · net profit -₩17.1 billion | Confirmed | link |
| Outlook-box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-15PeriodicQuarterly report
- 2026-05-11Single supply/sales contract
- 2026-03-27Disclosure
- 2026-03-27Shareholders' meeting notice
- 2026-03-19PeriodicAnnual business report
- 2026-03-19Audit report
- 2026-03-12Disclosure
- 2026-03-12Shareholders' meeting notice
- 2026-03-12Amended filing
- 2026-03-12TreasuryTreasury-stock 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.