Skip to main content
KREDKRED
166090KOSDAQ

Hana Materials

64,200
+2,600 (+4.22%)

Price chart

  • MA5
  • MA20
  • MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

Hana Materials was established on January 23, 2007. The company is listed on the KOSDAQ market and is classified as a mid-sized enterprise. It has a subsidiary called Hana SNB Investment Co., Ltd.

The company produces silicon and silicon carbide electrodes and rings used in the semiconductor etching process. It also operates in the new technology venture capital business through its subsidiary, which invests in semiconductor and battery material and equipment startups.

Business overview as filed

반도체 부품 부문당사의 주요제품은 반도체 등의 제조공정에 사용되는 실리콘 부품(Si-Parts), 실리콘카바이드 부품(SiC-Parts)이며, 이는 반도체의 핵심 제조공정인 에칭(식각)공정에 사용되는 소모성 부품입니다. 최근 반도체 공정에서의 고집적도를 위한 선폭 미세화에 따른 고밀도 플라즈마 환경의 도입과 Dry Etching 공정의 확산으로 중요성이 더욱 부각되고 있습니다.

신기술사업금융 부문당사의 종속회사인 하나에스앤비인베스트먼트 주식회사는 반도체 및 배터리 산업에서 사용되는 소재/부품/장비 업종 내 신기술사업자 및 중소/신규 스타트업(Start-up)기업 투자 지원 및 육성을 목적으로 설립 되었습니다. 투자 대상 기업 각각의 상황에 맞는 동반 성장 환경을 구축할 수 있도록 다양한 측면의 기업 지원 사업을 진행할 것입니다.

2025년 반도체 장비부품 부문 당기 매출은 2,729억원으로 전년 동기 대비 9% 증가하였으며, 영업이익은 506억으로 전년 동기 대비 17% 증가하였습니다. 신기술사업금융은 당기 매출은 6.1억, 영업이익은 (-)5.5억원 입니다. 기업공시서식 작성기준의 '주요종속회사'(지배회사 별도(개별)재무제표상 자산총액의 10% 이상이거나 750억원 이상) 에 해당하지 않습니다.

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

주1) 회사는 신기술사업금융업을 영위하기 위하여 하나에스앤비인베스트먼트 주식회사를 2023년 1월 5일 설립하였습니다.주2) 회사는 (GP)하나에스앤비인베스트먼트㈜가 조성한 "하나에스앤비 소부장1호 신기술조합"에 LP로서 30억(93.75%)을 2024년 5월 14일에 투자하였습니다.

1-1. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 '하나머티리얼즈 주식회사'이고, 영문명칭은 Hana Materials Inc. 입니다.

다. 설립일자 2007년 1월 23일 설립되었으며, 2013년 4월 19일 회사의 상호를 하나실리콘 주식회사에서 하나머티리얼즈 주식회사로 변경하였습니다.

라. 본사의 주소 , 전화번호, 홈페이지 주소

마. 중소기업 등 해당여부

당사는 본 보고서 제출일 현재 중소기업기본법 제2조에 의한 중소기업에 해당되지 않으며「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법 제2조 제1호」에 의한 중견기업에 해당됩니다.

중소기업 등 해당 여부

바. 주요 사업의 내용당사는 반도체 핵심 제조공정인 에칭(식각)공정에 사용되는 소모성 부품인 실리콘(Silicon) 및 실리콘카바이드(SiC) 소재의 일렉트로드(Electrode)와 링(Ring) 제조 및 판매를 주요 사업으로 하고 있습니다.

제17기 정기주주총회(2024.03.25)에서 정관 일부 변경 (사업목적추가 : 부동산 개발 및 판매업) 되었습니다.

사. 신용평가에 관한 사항

신용등급정의

주) 신용등급 및 등급정의 의미는 이크레더블 기준입니다.

아. 회사의 주권상장(또는 등록·지정) 및 특례상장에 관한 사항

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.13), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

5.90%
[3.68%, 9.46%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 46.8% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.11
Beta [0.98, 1.24] · KOSDAQ150 · As of 2026-10-08
Intercept
+0.244%[-0.121%, +0.608%]
R squared
0.53
Observations
252
Trading-time corrected beta
1.12[0.91, 1.34]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2016Separate basis2017Separate basis2018Separate basis2019Separate basis2020Separate basis2021Separate basis2022Separate basis2023Consolidated basis2024Consolidated basis2025Consolidated basisTTMConsolidated basis
RevenueKRW 100M6131,0291,7561,5482,0072,7113,0732,3362,5162,7353,342
Revenue growth%—67.9470.59-11.8129.6235.0913.36—7.748.68—
Operating incomeKRW 100M111235496409531823937413434501802
Operating income growth%—111.40110.78-17.5829.8554.9413.94—5.1615.36—
Net incomeKRW 100M90194362277380667801342318384642
Net income growth%—115.3586.38-23.7137.6075.2220.19—-7.1320.84—
Attributable to ownersKRW 100M———————342318384642
Attributable to minoritiesKRW 100M———————0000
Operating margin%18.1722.8728.2626.4126.4630.3530.5017.6717.2518.3123.99
Net margin%14.7418.9020.6517.8618.9624.5926.0814.6412.6214.0319.21
ROE%———————8.558.988.2810.47
ROA%12.4114.4014.579.3710.7915.0316.715.085.535.607.44
Debt ratio%74.3457.81107.95102.9187.4672.6561.1868.2762.2147.8640.67
Current ratio%85.2270.5051.5974.24123.61107.89143.51103.06113.41118.98139.35
Quick ratio%38.3335.4121.1332.8785.8867.3772.7547.3360.8665.1178.27
Reserve ratio%1,015.151,688.971,139.121,391.881,738.212,300.133,010.543,291.573,560.213,923.464,242.33
Free cash flowKRW 100M83-328-565-113558654-99-765335485—
FCF margin%13.53-31.85-32.18-7.3127.8124.12-3.22-32.7313.3217.74—
OCF conversion%169.32159.66122.20145.85186.40144.86103.05129.25238.32178.61—
Capex to revenue%11.4362.0257.4133.367.5311.5130.0951.6516.767.32—
Inventory daysdays—71.563.895.879.982.0114.9—143.5123.3—
EPSKRW1,2312,1981,8921,4211,9603,4254,1051,7521,6271,9843,246
PERx—16.836.3713.3414.5918.347.9728.6514.1121.7219.47
BPSKRW———————20,23517,88823,44531,003
PBRx———————2.481.281.842.04
Dividend per shareKRW—250250200300600600200250300—
Payout ratio%—11.3713.2114.0715.3117.5214.6211.4215.3715.12—

Profit flowKRW 100M

Revenue
2,735
Cost of sales
1,884
Gross profit
851
Operating income
501
SG&A expenses
350
Non-operating income
8
Profit before tax
508
Net income
384
Income tax expense
125

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2016201720182019202020212022202320242025
7271,3502,4882,9513,5254,4374,7966,7265,7396,856
3104951,2921,4971,6451,8671,8212,7292,2012,219
4178551,1971,4541,8812,5702,9763,9973,5384,637

Income statement

2016201720182019202020212022202320242025
6131,0291,756*1,5482,0072,7113,0732,3362,5162,735
111235496*409531823937413434501
112232457*359483815940405409508
90194362277380667801342318384
Basic earnings per shareKRW1,2312,198*1,8921,4211,9603,4254,1051,7521,6271,984
Diluted earnings per shareKRW1,2182,170*1,8731,4201,9553,3904,0801,7411,6171,984
881983592834627705351,071-4041,221

Cash flow statement

2016201720182019202020212022202320242025
Net incomefrom the income statement90194362277380667801342318384
Total adjustments to operating cash flowcomputed631168012732929924100439302
153310443403709966826442757685
-79-640-1,109-580-259-779-924-1,250-257-122
-49333647216-54-184-53817-457-528
Cash at beginning of periodKRW 100M1944472867462464308316361
44472867Not applicableNot applicableNot applicable316361395
Net change in cash and cash equivalentsKRW 100M253-19393972-152942Not applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.13.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 19삼일회계법인2025-12-31
2024적정의견Term 18대주회계법인2025-12-31
2023적정의견Term 17대주회계법인2025-12-31
2022적정Term 16대주회계법인2022-12-31
2021적정Term 15대주회계법인2022-12-31
2020적정Term 14삼일회계법인2022-12-31
2019적정Term 13삼일회계법인2019-12-31
2018적정Term 12삼일회계법인2019-12-31
2017적정Term 11삼일회계법인2019-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 5Y0.95
%
%
Cost of equity9.12%
Weighted average cost of capital8.56%
Initial growth7.0%
Effective tax rate24.5%
Base fiscal year2025
Current priceKRW64,200

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model4,296-93.3%
Dividend discount model DDM4,812-92.5%
Discounted cash flow FCFF40,122-37.5%
Discounted cash flow FCFE5,733-91.1%
Residual income model RIM20,161-68.6%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.95 × 5.00% = 9.12%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(8.28% × (1 − 15.12%), 0) = 7.02%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 300 × (1 + 2.00%) / (9.12% − 2.00%) = 306 / 0.0712 = 4,296 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 300, g_1 = 7.02%, g_T = 2.00%, r = 9.12%

YearGrowthDividend KRWDiscount factorPresent value KRW
17.02%3210.9164294
25.77%3400.8398285
34.51%3550.7696273
43.26%3660.7053258
52.00%3740.6463242
Terminal value2.00%5,3530.64633,460
Total4,812

P_0 = 4,812 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 23,445 KRW, ROE = 8.28%, payout ratio = 15.12%, r = 9.12%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
123,4451,9402,139-1980.9164-182
225,0922,0772,289-2120.8398-178
326,8542,2232,450-2270.7696-175
428,7412,3792,622-2430.7053-171
530,7602,5462,806-2600.6463-168
Terminal value-3,7270.6463-2,409

P_0 = 23,445 + -875 + -2,409 = 20,161 KRW

Discounted cash flow FCFF

FCFF0=CFO−CapEx+Int (1−τ),WACC=ED+E r+DD+E kd (1−τ)\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 685.4 − 200.2 + 33.5 × (1 − 24.51%) = 510.5 KRW hundred million

Weighted average cost of capital

E = 12,697.3, D = 1,349.9 KRW hundred million; equity weight = 90.39%, debt weight = 9.61%; cost of debt k_d = 4.40%

WACC = 90.39% × 9.12% + 9.61% × 4.40% × (1 − 24.51%) = 8.56%

Vfirm=∑t=1NFCFFt(1+WACC)t+FCFFN(1+gT)(WACC−gT) (1+WACC)N,FCFFt=FCFFt−1(1+gt),P0=Vfirm−D+CashSharesV_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}
YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.02%546.40.9211503.3
25.77%577.90.8484490.3
34.51%604.00.7815472.0
43.26%623.60.7199448.9
52.00%636.10.6631421.8
Terminal value2.00%9,884.00.66316,553.8
Total8,890.1

Firm value = 8,890.1; less borrowings 1,349.9; plus cash 395.0 → 7,935.2 KRW hundred million

P_0 = 7,935.2 KRW hundred million ÷ 19,777,674 (shares) = 40,122 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 685.4 − 200.2 + -414.5 (net borrowing) = 70.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
17.02%75.70.916469.3
25.77%80.00.839867.2
34.51%83.60.769664.4
43.26%86.30.705360.9
52.00%88.10.646356.9
Terminal value2.00%1,261.40.6463815.2
Total1,133.9

P_0 = 1,133.9 KRW hundred million ÷ 19,777,674 (shares) = 5,733 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

See the full KOSDAQ list