Hanbit Laser is an equipment company that builds production machinery using industrial lasers to cut, join, and mark metals and materials; the heart of its revenue is laser welding and cutting equipment for electric-vehicle battery production lines and marking systems that engrave a history onto battery cells, so its results move with customers' facility-investment cycles. In April 2026 it completed a ₩4.385 billion clean-type large-equipment manufacturing facility (18.66% of shareholders' equity), expanding capacity, and that same April it was selected as the lead organization for the Korea AeroSpace Administration's Space Pioneer project, taking on the development of a satellite meteorological-observation antenna and receiver (total project cost ₩11.686 billion, government contribution ₩9.020 billion, 2026-2030), broadening its business. What stands out now is that having turned from loss to profit, revenue is growing at a double-digit pace and the axis is widening into space and defense components, which are strengths; whereas the valuation multiple on this year's earnings is set somewhat high so that much of the recovery hope is already priced in, and there is small-cap volatility in that revenue swings heavily on one or two equipment orders.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue rose 30.8% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 690.5% higher than a year earlier.
- ROE is 8.0% (controlling-interest basis). It is above the sector average.
- Operating margin is 8.1%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Kim Jung-mook 30.56% (individual)
Controlling bloc incl. related parties 42.46%
With the controlling bloc holding 42%, the ownership structure is stable.
🔎 In-depth analysis
- Hanbit Laser is an equipment company that makes and sells production machinery using industrial lasers to cut, join (weld), and mark metals and materials.
- The heart of its revenue is laser welding and cutting equipment that goes into electric-vehicle battery (secondary-battery) production lines, and it also supplies laser marking systems (the iScan marker) that engrave and track a history onto each individual battery cell.
- In other words, it earns money by delivering the laser-process equipment that goes into a line when battery makers or automakers newly build or expand a plant, so its results move with customers' facility-investment cycles.
- More recently it has taken a step wider into the space and defense-components field, having been selected as the lead organization for a Korea AeroSpace Administration national project (development of a microwave antenna and receiver for satellite meteorological observation).
- The latest closing price is ₩3,430 and the market capitalization is ₩82.0 billion.
- The price sits below its 20-day line (₩4,320) and below its 60-day line (₩6,013).
- Trading beneath both its short- and medium-term moving averages, the trend is subdued.
- The RSI (a supplementary gauge that compares upward and downward strength over the past 14 days on a 0-100 scale) is 30.0, close to depressed territory.
- The price is down 30.1% over one month, down 14.2% over three months, and sits 65.7% below its 52-week high.
- Its relative strength versus the KOSDAQ is 58 (on a 1-99 scale that weights recent returns against the index over the past year more heavily; higher means stronger than the market), placing it in roughly the top 42% of all stocks by strength.
- Over the past three months it has led the index by 10.9%.
- The chart is best read alongside trading volume and the dates of disclosures.
- The P/E looks high, but this company is at an earnings inflection just after turning from loss to profit, so with a single year's earnings still small, the same earnings carry a large multiple.
- On last year's confirmed results the P/E is 39.2x, and given that last year's net profit (₩2.44 billion) exceeded operating profit (₩1.96 billion), some non-operating factors are mixed in, so on this year's earnings the multiple appears higher still.
- Profitability is at an ordinary level, with ROE (how much is earned in a year on shareholders' equity) of 8.0% and an operating margin of 8.1%, and it is a starting point with room to improve as earnings accumulate.
- The financials are solid: the debt ratio (debt relative to equity) is 136%, but the current ratio (assets immediately convertible to cash relative to debt due within a year) is 385% and the interest-coverage ratio (how many times operating profit can cover interest) is 8.7x, so near-term funding pressure is low.
- The top line is in a clear recovery.
- Revenue went ₩22.7 billion in 2023, ₩18.5 billion in 2024, and ₩24.2 billion in 2025 (+30.8%), falling one year then rising again, while operating profit turned from a -₩2.56 billion loss in 2024 to a +₩1.96 billion profit in 2025, and net profit likewise turned from -₩2.11 billion in 2024 to +₩2.44 billion (a turnaround).
- First-quarter 2026 revenue of ₩6.33 billion rose sharply year on year, continuing the profitable footing.
- The picture for this year's earnings runs as follows: battery customers' facility investment reviving, the newly completed clean-type large-equipment line last year winning orders for larger and more precise machines, and the Korea AeroSpace Administration national project added on top.
- The scale of earnings itself is still at an early stage of recovery, so a single year's net profit is not large, which is why the valuation multiple on this year's earnings is set high, not because the growth engine is weak.
- As the new line ramps up and space-project revenue begins in earnest, this is a phase in which the earnings base could thicken by another notch.
- Recent disclosures read along two threads: growth investment and business diversification.
- First, following the new facility investment first announced in October 2024, in April 2026 it completed a ₩4.385 billion clean-type large-equipment manufacturing facility (18.66% of shareholders' equity), securing the capacity to make larger and more precise machines.
- Second, in April 2026 it was selected as the lead organization for the Korea AeroSpace Administration's Space Pioneer project, taking on the development of a microwave antenna and low-noise receiver for satellite meteorological observation (total project cost ₩11.686 billion, government contribution ₩9.020 billion, 2026-2030).
- In May it also held an investor briefing (IR) in Daejeon to explain its management situation directly.
- The fact that the facility-investment schedule was pushed back due to permitting is a point to watch through the execution process.
- The strengths are clear.
- Having turned from loss to profit, revenue is growing at a double-digit pace; it is expanding capacity from a stable financial position; and it is widening the axis of the business from battery equipment alone into space and defense components.
- The points to watch together are that the valuation multiple on this year's earnings is set somewhat high, so much of the recovery hope is already reflected in the price, and that there is small-cap volatility particular to a stock whose revenue swings heavily on customers' facility-investment cycles and one or two equipment orders.
- In sum, if battery customers' expansion orders revive and the new line and space project feed through into real revenue, earnings could thicken quickly and the picture of filling in today's high multiple strengthens; conversely, in stretches where orders run dry, the pace of recovery may appear slow.
🔎 Valuation vs peers Overvalued
The peer set combines specialist laser-processing-equipment makers and secondary-battery manufacturing-equipment makers, because Hanbit Laser sits at the intersection of laser technology and battery equipment.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| EO Technics | 73.75x | 6.13x | 8.32% |
| Philoptics | 0.00x | 5.81x | -14.63% |
| M-Plus | 5.58x | 1.13x | 20.23% |
Looking at the peer set, laser specialist EO Technics trades at a P/E of 109x and P/B of 9.1x, reflecting a large technology premium, while Philoptics, which makes similar display and battery laser equipment, shows a downcycle with revenue plunging -74.8% and a loss (ROE -14.6%). By contrast, secondary-battery assembly-equipment maker M Plus trades cheaply relative to earnings at a P/E of 6.94x, P/B of 1.4x, and ROE of 20.2%. Hanbit Laser (P/E 50.8x, P/B 4.04x, ROE 8.0%) sits between these with P/E and P/B on the high side relative to its earnings efficiency (ROE 8%), read as hope for the turnaround and the new businesses (the space project and the new line) already being largely reflected in the price. Given the possibility that one-off factors were mixed into last year's net profit, the forward valuation on this year's earnings may look higher still, so the key is whether the expectations are realized in revenue and earnings. That said, because a small equipment stock's results swing heavily on one or two orders, it is more appropriate to read this as a phase of expectations priced in ahead rather than to call it simply expensive.
Price history Close · MA20 · MA60
The latest close is ₩3,430 and the market capitalization is ₩82.0 billion. The price sits below its 20-day moving average (₩4,320) and below its 60-day moving average (₩6,013). 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 30.0, near oversold territory. The one-month change is -30.1%, the three-month change is -14.2%, and the position relative to the 52-week high is -65.7%. Relative strength versus the KOSDAQ is 58 (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 58% of all stocks. Over the past three months it outpaced the index by 10.9%. 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 +10.91% / 6M -14.32% / 12M -32.40%
Key metrics vs sector median
Valuation
The P/E of 33.69x is above the sector median (14.44x). The P/B of 2.68x is above the sector median (1.44x).
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.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 8.0%, above the sector average (5.0%). The operating margin is 8.1%. The debt ratio is 136.2%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $15.0M | $12.3M | $16.1M | +30.76% ↑ faster |
| Operating profit | $427,676 | -$1.7M | $1.3M | — |
| Net profit | -$3.7M | -$1.4M | $1.6M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | $15.0M | $12.3M | $16.1M |
| Operating profit | — | — | $427,676 | -$1.7M | $1.3M |
| Net profit | — | — | -$3.7M | -$1.4M | $1.6M |
| Revenue CAGR | 2-yr avg 3.40% | ||||
Revenue rose 30.8% year over year (2023 ₩22.7 billion → 2024 ₩18.5 billion → 2025 ₩24.2 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 3 years on record, revenue compound annual growth (CAGR) is 3.4%. The two-year revenue CAGR is 3.4%. In the most recent quarter (Q1 2026), revenue was 690.5% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 30.8% year over year, a sign of growth.
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29FilingSelected as the lead organization for the Korea AeroSpace Administration's Space Pioneer project, 'development of a microwave radiometer quasi-optical antenna system and low-noise receiver' (2026.03-2030.12, total project cost ₩11.686 billion, government contribution ₩9.020 billion of which the company's share is ₩3.770 billion).The significance is more in medium-to-long-term business diversification than in near-term results. It adds a new axis of space and defense components to a revenue structure skewed toward battery equipment, though revenue recognition is spread over several years. Source
- 2026-04-14FilingNew facility investment (clean-type large-equipment manufacturing facility) amendment completed - investment amount ₩4.385 billion (18.66% of shareholders' equity), investment period 2025.06-2026.04, end date amended due to permitting delay.It secures the capacity to make larger and more precise machines, forming a base for medium-term growth. However, if utilization fails to keep up it can weigh as depreciation and fixed-cost burden, and execution risk remains after the schedule was pushed back twice. Source
- 2026-05-15IRInvestor briefing (IR) disclosure - on 2026.05.19 an in-person meeting at the Daejeon Chamber of Commerce and Industry to explain key management developments, with IR materials posted on KIND and the company's website.A setting in which the company itself communicates the state of its earnings recovery and new-business progress, a positive on the information-disclosure side rather than for near-term supply and demand. Source
- 2026-05-15EarningsQ1 2026 quarterly report - revenue ₩6.33 billion (+690.5% versus the cumulative prior-year period), operating profit ₩0.17 billion, net profit ₩0.31 billion, maintaining a profitable footing.It confirms a top-line recovery, but the prior-year base effect is large and equipment deliveries tend to be weighted to the second half, so it is hard to annualize the first-quarter figures directly. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| New facility investment amount (clean-type large-equipment manufacturing facility) | — | ₩4.4 billion, 2025.06~2026.04 | Confirmed | link |
| Korea AeroSpace Administration national project total cost / government contribution | — | ₩11.7 billion, ₩9.0 billion | Confirmed | link |
| Q1 2026 revenue | ₩6.3 billion | (2026.03) | Confirmed | link |
| Forward P/E on this year's estimated net profit | self-estimate | — | Unverified | link |
Recent filings
- 2026-05-15Disclosure
- 2026-05-15PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-14Amended filing
- 2026-03-26Disclosure
- 2026-03-26Shareholders' meeting notice
- 2026-03-18PeriodicAnnual business report
- 2026-03-17Audit report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
- 2026-03-16OwnershipOfficers'/major-shareholders' holdings report
📖 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.