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KREDKRED
489790KOSPI

Hanwha Vision

49,050
-350 (-0.71%)

Price chart

  • MA5
  • MA20
  • MA60
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 Vision is a company established on September 1, 2024, through a spin-off from Hanwha Aerospace. It is listed on the KOSPI market and is headquartered in Seongnam, Gyeonggi-do.

The company operates as a business holding company. Its security segment provides global video security solutions including cameras, storage devices, and management software. The industrial equipment segment produces chip mounters, semiconductor equipment, and machine tools. The semiconductor design segment focuses on non-memory chip design services.

Business overview as filed

사업부문별 요약재무현황 당사는 2024년 9월 1일자로 한화에어로스페이스(주)로부터 인적분할되어, 시큐리티 사업과 산업용장비 사업 등을 영위하는 舊한화비전(주)와 한화세미텍(주), 그 밖에 다수의 해외법인의 지분을 보유하였습니다. 당사는 지주회사로서 종속법인의 경영활동을 지원하고 신사업을 발굴하는 역할을 수행하였습니다. 2024년 09월 30일 "독점규제및공정거래에관한법률"에 따른 지주회사로 설립신고하였으며 2024년 10월 14일 지주회사 전환됨을 공정거래위원회로부터 통보 받았습니다. 당사는 2025년 1월 1일자로 당사가 지분의 100%를 소유한 舊한화비전(주)와 상법 제527조의3에 의한 소규모합병을 진행하였고, 사명을 한화인더스트리얼솔루션즈(주)에서 한화비전(주)로 변경하였습니다. 이로서 당사는 사업지주회사로서 시큐리티 부문의 사업을 직접 영위함과 동시에 지주회사로서 종속법인의 경영활동을 지원하는 역할을 수행하게 되었습니다.이후 당사는 지주회사로서 "독점규제및공정거래에관한법률" 제18조(지주회사의 행위제한 등)에 규제를 받아왔습니다만, 상기의 합병으로 2025년 3월 31일을 기준으로 "독점규제및공정거래에관한법률" 제2조 7호 및 동법 시행령 제3조에 따른 지주회사의 기준을 충족하지 못하게 되어, 2025년 7월 1일자로 공정거래위원회로부터 지주회사에서 적용 제외됨을 통보 받았습니다.시큐리티 사업 부문의 한화비전(주) 및 해외법인은 세계 최고 수준의 광학 설계, 제조 및 영상 처리 기술을 바탕으로 카메라, 저장장치, 통합관리 소프트웨어 등을 제공하는 글로벌 영상 보안 솔루션 기업으로, 첨단 기술 기반의 미래 성장 동력 확보를 위한 시큐리티(CCTV) 사업을 영위하고 있습니다.

CCTV, 저장장치 등의 감시장비를 공급하는 시큐리티사업은 2025년 연결 조정 후 기준 내수매출 1,637억원(12%), 수출매출 11,713억원(88%)으로 영상 및 지능형 기술이 아날로그/네트워크 기반의 다양한 솔루션 또는 서비스와 결합하여 고객에게 안전, 안심, 유용한 부가가치를 제공하는 사업입니다.산업용장비 사업 부문의 한화세미텍(주) 및 그 해외법인은 칩마운터, 반도체 전/후공정 장비, 공작기계 등을 생산하며, 2025년 연결 조정 후 기준 내수매출 1,801억원(39%), 수출매출 2,758억원(61%), 총 4,581억원을 기록하며 첨단 메카트로닉스 기술을 바탕으로 최고 수준의 제품 기능/성능 및 신뢰성이 요구되는 사업을 영위하고 있습니다.반도체설계 부문의 FABLESS-PIONEER HOLDINGS, INC. 및 국내외종속법인은 비메모리 반도체칩의 설계용역을 주업으로 하며, 2025년 연결 조정 후 외부매출액은 없으며, 영상처리 SoC 및 NPU 설계에 관한 연구 개발을 수행하였습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "한화비전 주식회사" 입니다.영문으로는 "Hanwha Vision Co., Ltd." 라고 표기합니다.

다. 설립일자 및 존속기간

당사는 2024년 8월 14일 개최된 한화에어로스페이스의 임시주주총회 결의에 따라 2024년 9월 1일을 분할기일로 인적분할하여 신설설립되었으며, 2024년 9월 27일 한국거래소 유가증권시장에 재상장되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주소 : 경기도 성남시 분당구 판교로 319번길 6- 전화번호 : 070-7147-8880- 홈페이지 : https://www.hanwhavision.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사 및 당사의 종속회사는 사업부문을 크게 3가지로 구분하고 있으며, 각 부문의 주요 사업 내용은 다음과 같습니다.

(1) 연결회사의 각 사업부문별 주요 사업의 내용

(2) 연결회사의 각 사업부문별 손익 내역

(3) 주요 제품 및 서비스 등

사. 신용평가에 관한 사항

당사는 공시서류작성기준일 현재 NICE신용평가, 한국기업평가로부터 기업어음 'A2+'등급의 신용등급을 받고 있습니다. 기업어음 'A2+'등급은 총 6개 등급 중 상위 2등급에 해당됩니다. 신용등급 별 상세 정의는 아래와 같습니다.

[NICE신용평가 신용등급] - 기업어음 신용등급의 정의 [한국기업평가 신용등급]- 기업어음 신용등급

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.16), 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

5.88%
[3.94%, 8.82%] · 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 64.0% (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

0.90
Beta [0.76, 1.04] · KOSPI200 · As of 2026-10-08
Intercept
-0.274%[-0.778%, +0.230%]
R squared
0.38
Observations
252
Trading-time corrected beta
0.90[0.55, 1.24]
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

20242025TTM
RevenueKRW 100M4,93317,90918,656
Revenue growth%—263.03—
Operating incomeKRW 100M-11,6231,494
Net incomeKRW 100M324261,174
Net income growth%—1,227.39—
Attributable to ownersKRW 100M1064561,191
Attributable to minoritiesKRW 100M-74-30-17
Operating margin%-0.029.068.01
Net margin%0.652.386.29
ROE%1.295.2712.56
ROA%0.202.365.23
Debt ratio%92.93108.88136.84
Current ratio%187.93180.59163.56
Quick ratio%129.68134.89110.68
Reserve ratio%2,815.963,003.353,246.69
Free cash flowKRW 100M320-1,017—
FCF margin%6.48-5.68—
OCF conversion%1,770.5313.32—
Capex to revenue%5.046.00—
Receivable daysdays—103.0—
Inventory daysdays—129.1—
Payable daysdays—84.4—
Cash conversion cycledays—147.7—
EPSKRW2109022,358
PERx150.4849.7822.99
BPSKRW16,29817,15018,778
PBRx1.942.622.89
Dividend per shareNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
17,909
Gross profit
9,497
Cost of sales
8,412
SG&A expenses
5,220
Other
2,654
Operating income
1,623
Non-operating expenses
1,413
Income tax benefit
402
Profit before tax
210
Net income
426
Other
185

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.

Free cash flow breakdownKRW 100M

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

20242025
15,91118,094
7,6649,432
8,2478,662

Income statement

20242025
4,93317,909
-1*1,623
199*210
32426
Basic earnings per shareKRW210*902
Diluted earnings per shareKRW210*902
210377

Cash flow statement

20242025
Net incomefrom the income statement32426
Total adjustments to operating cash flowcomputed536-369
56857
-744-671
-1,0721,576
Cash at beginning of periodKRW 100M2,7581,538
1,5382,488
Net change in cash and cash equivalentsKRW 100MNot 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 2026.03.16.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 2삼일회계법인2025-12-31
2024적정의견Term 1삼일회계법인2025-12-31

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.

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 1Y0.90
%
%
Cost of equity8.91%
Weighted average cost of capital—
Initial growth5.3%
Effective tax rate0.0%
Base fiscal year2025
Current priceKRW49,050

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 FCFFNo borrowing line filed
Discounted cash flow FCFEBase-year cash flow not positive
Residual income model RIM7,072-85.6%
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% + 0.90 × 5.00% = 8.91%

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(5.27% × (1 − 0.00%), 0) = 5.27%

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 = 17,150 KRW, ROE = 5.27%, payout ratio = 0.00%, r = 8.91%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
117,1509031,528-6250.9182-574
218,0539511,609-6580.8431-555
319,0041,0011,693-6930.7741-536
420,0041,0531,782-7290.7108-518
521,0571,1091,876-7680.6526-501
Terminal value-11,3300.6526-7,394

P_0 = 17,150 + -2,684 + -7,394 = 7,072 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 KOSPI list