Hanwha Vision: Revenue Scaled Up After 2024 Listing, With Profit Margins Near 8%

Thesis

The data supports a company with a much larger revenue base than in its first reporting year and a double-digit return on equity of 13.4% on a trailing basis. Operating income of ₩149.4B and net income of ₩119.1B on trailing revenue of ₩1.87T show solid profitability. The data does not show why the share price fell from its 52-week high, since no news headlines are provided. Free cash flow of ₩21.1B is small relative to net income, and the balance sheet carries ₩220.9B of borrowings against ₩98.4B of cash. Investor flow, foreign ownership and short balance data are not available, so positioning cannot be assessed. Price returns are mixed: -2.0% over one month, +6.3% over three months and -17.3% over one year.

Business overview

Hanwha Vision is listed on KOSPI in the Electronics sector. The company was founded on 2024-09-02 and listed on 2024-09-27, with 50,488,390 listed shares and a market capitalization of about ₩2.34T. The 52-week price range runs from ₩30,950 to ₩97,900. The CEO is listed as 김기철. The reported 2024 figures cover a short period (revenue of ₩493.3B), so year-over-year comparison is limited. Recent filings include several 5%+ holding reports, a change in the largest shareholder's holdings, insider shareholding reports, a corporate governance report amendment and an IR event on 2026-09-09. The data does not describe the company's products or customers.

Financial analysis

All figures below come from filed financial statements (DART). In 2025, revenue was ₩1.79T, up 263% from ₩493.3B in 2024. Operating income was ₩162.3B (9.1% margin) versus roughly breakeven in 2024. Net income was ₩45.6B in 2025 against ₩10.6B in 2024, and ROE was 5.4% versus 1.3%. On a trailing basis to H1 2026, revenue is ₩1.87T, operating income ₩149.4B (8.0% margin) and net income ₩119.1B (6.4% margin). Trailing ROE is 13.4%. The operating margin is below the 2025 level of 9.1%. Net income rose well above the 2025 level, though the data does not explain why. Liabilities-to-equity is 136.8%. Cash is ₩98.4B, borrowings are ₩220.9B, and free cash flow is ₩21.1B.

Valuation

The current P/E is 19.6x, P/B 2.5x and P/S 1.3x. Enterprise value is ₩2.46T. EV/EBITDA and dividend yield are not available. At the end of 2025 the P/E was 49.7x and the P/B 2.6x, so earnings multiple is notably lower now while book multiple is similar. Among peers with data, Samsung Electronics trades at 9.9x P/E and 2.6x P/B, and LG Electronics at 29.0x P/E and 1.1x P/B. Hanwha Vision sits between them on P/E and is close to Samsung on P/B. RFHIC, Joongang Advanced Materials and KMW have no multiples in the data. With only two comparable peers, the comparison is limited.

Catalysts

• A 5%+ holding report was filed on 2026-10-12 and another on 2026-10-02, which point to changes in significant shareholdings.
• The half-year report for June 2026 was filed on 2026-08-13 and is the source of the latest trailing figures.
• A change in the largest shareholder's holdings was filed on 2026-08-10, which could matter for ownership structure.
• An IR event was held on 2026-09-09, though the data gives no details of its content.
• An amended corporate governance report was filed on 2026-09-23.

Risks

• The share price is 52.8% below its 52-week high of ₩97,900 and down 17.3% over one year, showing considerable volatility.
• Free cash flow of ₩21.1B is low compared with trailing net income of ₩119.1B.
• Borrowings of ₩220.9B exceed cash of ₩98.4B, and liabilities are 136.8% of equity.
• The trailing operating margin of 8.0% is below the 9.1% reported for 2025.
• Investor flows, foreign ownership, short balance and news data are not available, which limits visibility into market sentiment.

Closing view

The filed data shows a business that has grown quickly since its 2024 listing, with mid-to-high single-digit operating margins and a trailing ROE of 13.4%. The earnings multiple of 19.6x is far below the 49.7x at the end of 2025 and sits within the range of the two peers with data. Weaker cash conversion, moderate leverage and a sharp fall from the 52-week high are the main counterpoints, and missing flow and news data leave gaps. The evidence is mixed rather than one-directional.

Model estimate of fair value

The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).

Report history

1. Oct 13, 2026InitiationHanwha Vision: Revenue Scaled Up After 2024 Listing, With Profit Margins Near 8%