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.
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%.
- P/E is hard to compute here, so this is read on P/B.
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
- 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 ₩9,080 and the market cap is ₩135.7 billion.
- The price sits below its 20-day line (₩10,748) and below its 60-day line (₩14,358).
- Trading beneath both its short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge comparing upward and downward strength over the past 14 days on a 0-100 scale) is 31.2, a neutral level.
- The one-month change is -18.1%, the three-month change is -42.2%, and the price sits -57.0% from its 52-week high.
- Relative strength versus the KOSDAQ is 42 (on a 1-99 scale that converts return against the index over the past year while weighting recent performance more heavily; higher means stronger than the market).
- That places it roughly in the top 58% of all stocks for strength.
- Over the past three months it lagged the index by 24.8%.
- Chart reading is best done alongside volume and disclosure dates.
- 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 0.59x.
- 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 | — | 0.87x | -0.71% |
| Komelon | 7.83x | 0.70x | 8.94% |
| KNR Systems | — | 5.01x | -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 0.55x. 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 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 ₩9,080 and the market capitalization is ₩135.7 billion. The price sits below its 20-day moving average (₩10,748) and below its 60-day moving average (₩14,358). 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 31.2, a neutral level. The one-month change is -18.1%, the three-month change is -42.2%, and the position relative to the 52-week high is -57.0%. Relative strength versus the KOSDAQ is 42 (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 42% of all stocks. Over the past three months it lagged the index by 24.8%. 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 -24.78% / 6M -34.30% / 12M -39.03%
Key metrics vs sector median
Valuation
A net loss makes the P/E an unreliable valuation gauge. The P/B of 0.55x is below the sector median (1.61x).
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 (5.0%). The operating margin is -19.0%. The debt ratio is 127.8%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $230.8M | $206.8M | $113.4M | -45.16% ↓ slower |
| Operating profit | $39.0M | $20.5M | -$21.6M | -205.06% ↓ slower |
| Net profit | $30.4M | $26.1M | -$11.3M | -143.29% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $180.9M | $131.0M | $230.8M | $206.8M | $113.4M |
| Operating profit | $28.8M | $16.6M | $39.0M | $20.5M | -$21.6M |
| Net profit | $28.7M | $15.9M | $30.4M | $26.1M | -$11.3M |
| 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 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
- 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 | ₩9,080 | ₩9,080 | 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 | []ㆍapprox. : approx. ₩19.2 billion · revenue 11.2% | []ㆍapprox. : approx. ₩19.2 billion · revenue 11.2% | Confirmed | link |
| Contract disclosure source text | ㆍapprox. : approx. ₩19.2 billion · revenue 11.2% | ㆍapprox. : approx. ₩19.2 billion · 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
- 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.