Hansol Chemical "Raising OP estimates reflecting H2O2 ASP increase from 2Q26"

研报英文原文证据摘录

Hansol Chemical "Raising OP estimates reflecting H2O2 ASP increase from 2Q26"

E 15,914 15,943 0 15,893

accretive) are well on track to see YoY revenue growth with 1/ Precursor revenues now

12/27E 21,668 22,422 3 19,274

forecasted to grow +36%/+34% YoY (2027E should also mark more meaningful ramp

12/28E 25,281 26,572 5 22,691

of Hf precursors) while 2/ Hansol is continuing to work to qualify, we believe new

customers (ESS) for battery binders. While QD material revenue growth could remain Jimmy Yoon

muted into 2H26/2027E, on the back of LCD QD TV set demand weakness, we believe Analyst

potential commercialization of electroluminescent QD (EL QD) materials into 2H27 could jimmy.yoon@ubs.com

offer room to see some re-acceleration into 2028E. +65-6495 4617

Nicolas Gaudois

Changes to our forecasts Analyst

nicolas.gaudois@ubs.com

We revise up our 2Q26E OP to Won51bn (was Won49bn) on the back of reflecting the

+65-6495 5148

renegotiated ASP terms for H2O2 though we also lower 2026E OP to Won197bn (was

Won204bn) reflecting slower QD material revenues. For 2207/28E, reflecting a higher Luke Yoo

ASP and margin base for H2O2, we revise up our OP forecasts by 3%/5% respectively. Analyst

luke.yoo@ubs.com

Post revision, this leaves our 2Q26E OP 9% below but 20%/29% above 2027/28E pre-

+65-6495 6743

results consensus OP.

Valuation: Won390,000 from Won355,000 – Buy

Our PT is based on 17.4x '27E P/E (was 16.4x '26E P/E), slightly higher than global peers

and between historical average and +1 StD of 14.3x-18.5x, we believe justified by

higher-than-peers' earnings CAGR of 14.1% in '27E-'30E (was 13.9% in '27E-'30E).

Highlights (Wonb) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 772 776 884 1,023 1,241 1,434 1,612 1,778

EBIT (UBS) 124 129 156 197 294 356 397 458