Hanwha Vision makes money in three streams: its core video-security (surveillance) business, which bundles CCTV, AI cameras, and integrated management software (about 75% of revenue comes from overseas); the SMT equipment and TC bonders for HBM stacking handled by its subsidiary Hanwha Semitech; and the design of image-processing SoCs. In 2025 the security segment was the profit anchor with revenue of about ₩1.3351 trillion and operating profit of about ₩182.3 billion (+52% year on year), while in April 2026 the company invested in its semiconductor-equipment subsidiary through a rights issue and confirmed a trough (a net loss) in preliminary first-quarter results. What stands out lately is a "stability plus growth" combination - a steady video-security core with 75% overseas exposure, on top of which sits Hanwha Semitech, a maker of key equipment for the HBM era - valued at a P/B of 3.2x, below its direct peers. On the other side, the earnings recovery depends on how quickly Semitech's order backlog converts to revenue and profit, and with fierce competition in the HBM-equipment market, the durability of supply contracts is the key question.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 263.0% year over year, and the pace is holding steady (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 2.3% lower than a year earlier.
- ROE is 5.3% (controlling-interest basis).
- Operating margin is 9.1%.
- P/B is high versus peers, a stretch on an asset basis.
Ownership & governance As of 2025-12-31
Largest shareholder Hanwha 33.95% (corporate)
Controlling bloc incl. related parties 33.95%
With the controlling bloc holding 34%, the ownership structure is stable.
🔎 In-depth analysis
- Hanwha Vision makes money in three broad streams.
- First is its core video-security (surveillance) business, which sells integrated solutions bundling CCTV and AI cameras, storage devices (NVR), and integrated management software (VMS).
- Its roots lie in the optics and image-processing technology that came out of Samsung Techwin, and it generates about 75% of revenue overseas across Europe, the Americas, and the Middle East.
- In 2025 this security segment alone posted revenue of about ₩1.3351 trillion and operating profit of about ₩182.3 billion (+52% year on year), making it the company's profit anchor.
- Second is the industrial and semiconductor equipment handled by its subsidiary Hanwha Semitech (formerly part of Hanwha Precision Machinery), which makes SMT equipment (chip mounters) that attach electronic components to substrates, along with TC bonders (thermo-compression bonding equipment) used in stacking HBM (high-bandwidth memory).
- Third is the design of image-processing SoCs and NPUs (Wisenet 9), the brains of the camera.
- Consolidated revenue (about ₩1.7909 trillion in 2025) is larger than security's standalone revenue precisely because these equipment and design subsidiaries are combined in.
- The latest close is ₩43,150 and the market cap is ₩2.2 trillion.
- The price sits below its 20-day line (₩58,040) and below its 60-day line (₩70,382).
- Trading below both the short- and medium-term moving averages, the trend looks subdued.
- The RSI (an auxiliary gauge that weighs upward against downward momentum over the past 14 days on a 0-100 scale) is 27.7, close to oversold territory.
- The one-month change is -36.4%, the three-month change is -39.6%, and the position versus the 52-week high is -53.4%.
- Relative strength against the KOSPI is 25 (1-99, computed from returns versus the index over the past year with recent performance weighted more heavily; higher means stronger than the market).
- That places it in roughly the top 76% of all stocks by strength.
- Over the past three months it lagged the index by 54.3%.
- Chart reading is best done alongside trading volume and disclosure dates.
- Taken at face value, the metrics look demanding: the P/E (how many times one year's net profit the price represents) is 47.79x, the P/B (how many times book net assets the price represents) is 2.52x, and the ROE (how much is earned in a year on equity) is 5.3%.
- What matters, though, is that this P/E is on a trailing (last year's confirmed earnings) basis.
- The 2025 net profit of ₩45.6 billion was a trough figure, depressed even though the security core earned well, because the semiconductor-equipment subsidiary ran a loss.
- In fact, consolidated operating profit (₩162.2 billion) being smaller than security's standalone operating profit (₩182.3 billion) means the equipment and design segments were in a loss zone in 2025.
- The debt ratio (debt against equity) is 108.9%, not heavy, and the current ratio of 180.6% keeps short-term solvency stable.
- In other words, the financial footing is solid, and most of the seemingly high P/E comes from this being a "year of depressed earnings."
- On the surface, 2025 revenue jumped +263% year on year, but that reflects a step-change expansion from the spin-off and a change in consolidation scope, so it would be a mistake to read it directly as growth.
- The real point to watch is the direction of earnings.
- The first quarter of 2026 started at a trough, with consolidated revenue of ₩441.4 billion (-2.3% year on year), operating profit of ₩22.1 billion (-55%), and a net loss of -₩14.0 billion; the cause was that security profitability was temporarily depressed and the semiconductor-equipment segment had not yet fully recognized revenue.
- The picture ahead is Hanwha Semitech's TC bonders.
- As HBM demand rises structurally, TC-bonder supply to customers such as SK Hynix has continued, and the next-generation hybrid bonder (SHB2 Nano) has entered customer performance validation.
- With demand for AI-chip packaging equipment moving into full swing, the industrial and semiconductor-equipment segment's profit has considerable room to step up to the several-tens-of-billions-of-won-per-quarter range as 2026 progresses.
- Add in the normalization of the security core's profit (in the ₩180 billion-a-year range), and 2026 consolidated earnings are on a track for a sizable recovery from the 2025 trough.
- Even if the trailing P/E looks high, on a forward basis reflecting the earnings inflection the burden falls sharply.
- The flow of disclosures can be summed up as "subsidiary expansion plus a semiconductor-equipment drive." On April 29, 2026, a subsidiary rights-issue decision came together with capital contributions to related parties and the acquisition of shares in other companies, which reads as putting live capital into subsidiary investment such as semiconductor equipment (Hanwha Semitech).
- On the same day, preliminary first-quarter 2026 results (fair disclosure) were released, confirming trough earnings, and in May a quarterly report and several IR sessions followed.
- June's corporate-governance report and large-holdings report are regular disclosures on governance and supply-demand.
- That the earnings trough and the subsidiary capacity investment overlapped at the same time captures the character of the current phase well.
- The strengths are clear.
- This is a "stability plus growth" combination in which a global video-security core with 75% overseas exposure delivers steady profit (in the ₩180 billion-a-year range), on top of which sits Hanwha Semitech, a maker of the TC bonders and hybrid bonders that are key equipment for the HBM era.
- Compared with direct semiconductor-equipment peers (such as Hanmi Semiconductor) trading at 90-110x trailing P/E and 8-34x P/B, Hanwha Vision is valued far lower at a P/B of 3.2x, leaving substantial room for re-valuation as the equipment segment's profit is realized.
- The cautions are equally clear.
- As the first-quarter 2026 net loss shows, the earnings recovery hinges on the speed at which Semitech's orders convert into actual revenue and profit, and with fierce competition in the HBM-equipment market, the durability of supply contracts is the key question.
- In sum, if the semiconductor-packaging-equipment ramp proceeds on schedule, weight shifts toward the undervaluation being resolved; if equipment-revenue recognition is delayed or the security core's profitability recovers late, the depressed phase can drag on.
🔎 Valuation vs peers Undervalued
The core is global video security, and the growth axis is subsidiary Hanwha Semitech's HBM semiconductor-packaging equipment (TC bonders); the comparison is against semiconductor-equipment peers whose earnings substance overlaps.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Hanmi Semiconductor | 95.98x | 29.75x | 31.00% |
| EO Technics | 73.75x | 6.13x | 8.32% |
| Leeno Industrial | 35.11x | 7.30x | 20.78% |
Direct semiconductor-packaging-equipment peers (Hanmi Semiconductor at P/E 109.8, P/B 34.0; EO Technics at P/E 93.7, P/B 7.8) trade at very high multiples, whereas Hanwha Vision is markedly lower at a P/B of 3.2x. The trailing P/E of 60.9x is calculated on top of depressed earnings - 2025 net profit dragged down by the Semitech segment's loss and even a net loss in the first quarter - so it tends to understate the real business value. Adding the equipment segment's forward recovery to the security core's steady profit brings the multiple burden down quickly, and given the large discount to net-asset value (P/B) versus equipment peers, the assessment is undervalued. That said, this rests on the premise that Semitech's equipment revenue and profit conversion actually proceeds.
Price history Close · MA20 · MA60
The latest close is ₩43,150 and the market capitalization is ₩2.2 trillion. The price sits below its 20-day moving average (₩58,040) and below its 60-day moving average (₩70,382). 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 27.7, near oversold territory. The one-month change is -36.4%, the three-month change is -39.6%, and the position relative to the 52-week high is -53.4%. Relative strength versus the KOSPI is 25 (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 24% of all stocks. Over the past three months it lagged the index by 54.3%. 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 -54.28% / 6M -46.01% / 12M -64.47%
Key metrics vs sector median
Valuation
The P/E of 47.79x is above the sector median (16.19x). The P/B of 2.52x is above the sector median (1.32x).
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 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 5.3%. The operating margin is 9.1%. The debt ratio is 108.9%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | — | $327.0M | $1.2B | +263.03% |
| Operating profit | — | $3.6M | $107.5M | +2868.57% |
| Net profit | — | $7.0M | $30.2M | +330.26% |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $327.0M | $1.2B |
| Operating profit | — | — | — | $3.6M | $107.5M |
| Net profit | — | — | — | $7.0M | $30.2M |
| Revenue CAGR | 1-yr avg 263.03% | ||||
Revenue rose 263.0% year over year, and the three-year trend is 'mixed'. Operating profit rose 2868.6% year over year. In the most recent quarter (Q1 2026), revenue was 2.3% lower than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 263.0% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-29EarningsQ1 2026 consolidated preliminary results (fair disclosure): revenue ₩441.4 billion (-2.3% year on year), operating profit ₩22.1 billion (-55%), swing to a net loss (about -₩14.0 billion). A trough quarter in which security profitability contracted and the semiconductor-equipment segment's revenue recognition was delayed.Confirms the short-term earnings trough. The speed of recovery in subsequent quarters, especially in semiconductor equipment, is the key to re-valuation. Source
- 2026-04-29FilingDecision on a subsidiary rights issue, plus decisions on capital contributions to related parties and acquisition of shares in other companies. A move to inject capital into subsidiary expansion such as semiconductor equipment and design.Strengthens medium-term growth (semiconductor-packaging-equipment capacity and investment). In the short term, a factor of investment burden and changes in ownership structure. Source
- 2026-05-13FilingQ1 2026 quarterly report filed. Reflects the consolidated results and subsidiary status of the three axes: security, industrial equipment (Hanwha Semitech), and semiconductor design.A primary source for checking the segment profit structure (a steady core plus whether the equipment segment recovers). Source
- 2026-05-26IRNotice of an investor briefing (IR). A venue to explain, after the earnings trough, the business strategy and the direction of semiconductor equipment (TC bonders and hybrid bonders) to the market.An official communication channel for the company's medium-term earnings trajectory and subsidiary strategy. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-06-05OwnershipOwnership-change filing
- 2026-06-01Corporate governance report
- 2026-05-29Large-business-group status disclosure
- 2026-05-26Disclosure
- 2026-05-26Disclosure
- 2026-05-13PeriodicQuarterly report
- 2026-04-29Disclosure
- 2026-04-29EarningsFair-disclosure notice
- 2026-04-29Disclosure
- 2026-04-29Paid-in capital increase
- 2026-04-29Disclosure
- 2026-04-15EarningsEarnings 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.