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272210KOSPI

Hanwha Systems

76,600
-1,000 (-1.29%)

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

Hanwha Systems is a company established in 2000 and is listed on the KOSPI market. It is part of the Hanwha Group and is headquartered in Gumi, Gyeongsangbuk-do.

The company operates in defense and ICT segments. The defense business develops and supplies military electronics, including radar, naval combat systems, and satellites. The ICT business provides system integration, IT outsourcing, and digital platforms.

Business overview as filed

당사는 방산전자 분야 핵심기술을 바탕으로 제품의 개발, 생산 및 판매, MRO를 주요사업으로 하는 방산사업과 기업의 전산시스템을 구축(SI), 유지보수(ITO) 등 서비스 판매 및 디지털플랫폼을 주요 사업으로 하는 ICT 사업을 주로 영위하고 있습니다. 또한, 당사의 방산기술과 ICT 기술 적용을 통한 미국 함정시장 진입 및 글로벌 수출 기회 확대를 위해 미국 소재 Hanwha Philly Shipyard Inc.를 주요 종속회사로 두고 있습니다.[방산부문]

방산부문은 감시정찰, 미래 네트워크중심전(NCW)을 위한 통합솔루션을 제공하는 지휘통제통신, 국내 최초 전투기용 능동위상배열(AESA) 레이다를 포함한 항공기에 탑재되는 전자장비 및 각종 센서류를 통합하는 항공전자, 국내 유일의 수상함 및 잠수함 전투체계 독자개발 역량을 갖추고 있는 해양시스템, 한반도 지역 및 주변국을 실시간으로 감시할 수 있는 초소형 관측위성체계 및 SAR, EOㆍIR 등의 위성사업, 무기체계와 군사장비의 유지보수와 성능 개량을 담당하는 MRO 등을 주요 사업으로 수행하고 있습니다.[ICT부문]

ICT부문은 기업이 비즈니스를 수행하기 위해 필요한 정보화 시스템을 구축 하는 SI사업과 고객의 전산시스템을 운영 및 관리하는 IT아웃소싱 및 블록체인, AI 등 딥테크 기술을 활용한 디지털플랫폼 등을 주요사업으로 수행하고 있습니다.

Company overview

가. 연결대상 종속회사 개황 (1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적/상업적 명칭

당사의 명칭은 한화시스템 주식회사이고 영문명은 Hanwha Systems Co., Ltd. 입니다.

다. 설립일자 및 존속기간

당사는 2000년 1월 11일 삼성톰슨CSF 주식회사로 설립되었습니다. 당사는 1977년 삼성정밀에서 시작된 회사로 1978년 1급 방산업체로 지정되며 방위사업을 시작하였고, 1987년 삼성항공산업주식회사로 사명이 변경되었으며, 1991년 삼성전자로 사업이 이관되었습니다. 1999년 프랑스 톰슨 CSF와 삼성전자간 JV 계약 체결로 삼성톰슨CSF 주식회사로 출범하였으며, 2001년 삼성탈레스로 사명이 변경되었습니다. 2015년 계열 변경되어 한화탈레스로 사명을 변경하였고, 2016년 10월 한화시스템으로 사명을 변경하였습니다. 또한 당사는 2019년 11월 13일 한국거래소 유가증권시장에 상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 경상북도 구미시 산호대로 264-60

- 전화번호 : 02-729-4605

- 홈페이지 : https://www.hanwhasystems.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

(1) 연결회사의 각 사업부문별 주요 사업의 내용

[방산부문]방산부문은 방산전자 분야 핵심기술을 바탕으로 군사장비(방산품)의 개발, 생산 및 판매를 주요 사업으로 영위하고 있습니다 .[ICT부문]ICT부문은 기업의 전산 시스템을 구축(SI), 유지보수(ITO)하는 서비스 사업을 영위하고 있습니다.

사. 신용평가에 관한 사항

신용등급 체계 및 부여 의미

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.05.13), 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

6.23%
[3.73%, 11.25%] · 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 66.7% (2026-07-29). 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

0.65
Beta [0.45, 0.85] · KOSPI200 · As of 2026-10-08
Intercept
+0.033%[-0.631%, +0.698%]
R squared
0.16
Observations
252
Trading-time corrected beta
0.52[-0.11, 1.15]
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 KOSPI200 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

20182019202020212022202320242025TTM
RevenueKRW 100M11,28915,46016,42920,89521,88024,53128,03736,64241,305
Revenue growth%—36.946.2727.194.7112.1214.2930.69—
Operating incomeKRW 100M4488589291,1202409292,1931,1991,662
Operating income growth%—91.518.2820.66-78.56286.60136.18-45.34—
Net incomeKRW 100M412729936979-8083,4314,4542,091782
Net income growth%—76.7528.384.59-182.51—29.82-53.04—
Attributable to ownersKRW 100M———983-7663,4924,5432,4221,756
Attributable to minoritiesKRW 100M———-4-42-61-89-331-974
Operating margin%3.975.555.655.361.103.797.823.274.02
Net margin%3.654.725.704.68-3.6913.9915.895.711.89
ROE%———4.42-3.8316.3218.245.003.91
ROA%2.173.033.472.51-2.057.657.782.030.66
Debt ratio%131.62148.78160.9873.8795.43108.12136.88106.50159.15
Current ratio%122.65130.28123.84196.32143.7696.8685.4087.8287.15
Quick ratio%79.37106.2397.07166.53120.7271.1862.6163.5069.34
Reserve ratio%60.8976.0188.01138.65127.30138.95177.99193.91185.99
Free cash flowKRW 100M7753,6611,2922,3642,203-490-1,072-2,202—
FCF margin%6.8623.687.8611.3110.07-2.00-3.82-6.01—
OCF conversion%274.10560.55186.78323.37—24.3029.7837.65—
Capex to revenue%3.152.752.783.832.215.398.558.16—
Receivable daysdays—44.836.929.632.530.633.337.9—
Inventory daysdays—91.884.477.873.574.284.979.2—
Payable daysdays—42.035.923.827.031.835.440.8—
Cash conversion cycledays—94.585.483.679.073.082.876.4—
EPSKRW556706850642-4321,8492,4051,282929
PERx—14.6620.3524.92—9.399.4042.4378.54
BPSKRW—8,7869,36811,76410,58811,32713,18125,66823,781
PBRx—1.181.851.361.001.531.712.123.07
Dividend per shareKRW—310230160250280350——
Payout ratio%—43.9127.0624.92—15.1514.55——

Consolidated basis

Profit flowKRW 100M

Revenue
36,642
Cost of sales
32,724
Gross profit
3,917
SG&A expenses
2,718
Operating income
1,199
Profit before tax
1,150
Income tax benefit
857
Other
84
Non-operating expenses
49
Net income
2,091

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

20182019202020212022202320242025
19,01524,09226,95138,94339,45644,83257,240*103,273
10,80614,40816,62416,54519,26723,29133,076*53,263
8,2109,68410,32722,39820,19021,54124,164*50,010

Income statement

20182019202020212022202320242025
11,28915,46016,42920,89521,880*24,531*28,03736,642
4488589291,120240*929*2,1931,199
4228227911,281-570*4,134*5,8141,150
412729936979-8083,4314,4542,091
Basic earnings per shareKRW556706850642-432Not applicableNot applicableNot applicable
Diluted earnings per shareKRWNot applicableNot applicableNot applicable642-432Not applicableNot applicableNot applicable
319646981978-1,9711,6674,10823,970

Cash flow statement

20182019202020212022202320242025
Net incomefrom the income statement412729936979-8083,4314,4542,091
Total adjustments to operating cash flowcomputed7183,3578122,1863,493-2,597-3,128-1,304
1,1304,0861,7483,1652,6868341,326787
-225-1,334-996-2,680-6,794-8,637-4,420-11,704
-111846-97610,483-2726735112,373
Cash at beginning of periodKRW 100M1,2472,0425,6405,39916,36812,2824,7611,998
2,0425,6405,39916,36812,2824,7611,9983,255
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 2026.05.13.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 26안진회계법인2025-12-31
2024적정의견Term 25안진회계법인2025-12-31
2023적정의견Term 24안진회계법인2025-12-31
2022적정Term 23안진회계법인2022-12-31
2021적정Term 22안진회계법인2022-12-31
2020적정Term 21안진회계법인2022-12-31
2019적정Term 20삼일회계법인2019-12-31
2018적정Term 19삼일회계법인2019-12-31
2017적정Term 18안진회계법인2019-12-31

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 5Y0.69
%
%
Cost of equity7.85%
Weighted average cost of capital—
Initial growth5.0%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW76,600

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 modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE59,654-22.1%
Residual income model RIM11,796-84.6%
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% + 0.69 × 5.00% = 7.85%

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(5.00% × (1 − 0.00%), 0) = 5.00%

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

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 = 25,668 KRW, ROE = 5.00%, payout ratio = 0.00%, r = 7.85%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
125,6681,2822,016-7340.9272-680
226,9501,3462,117-7700.8597-662
328,2971,4132,222-8090.7971-645
429,7101,4842,333-8490.7390-628
531,1941,5582,450-8920.6852-611
Terminal value-15,5370.6852-10,646

P_0 = 25,668 + -3,226 + -10,646 = 11,796 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 = 787.4 − 2,989.5 + 8,239.5 (net borrowing) = 6,037.4 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
15.00%6,339.00.92725,877.4
24.25%6,608.20.85975,680.8
33.50%6,839.30.79715,451.4
42.75%7,027.30.73905,193.4
52.00%7,167.80.68524,911.5
Terminal value2.00%124,901.30.685285,584.4
Total112,698.8

P_0 = 112,698.8 KRW hundred million ÷ 188,919,389 (shares) = 59,654 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.

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