Hanon Systems（01880.KS）：第二季度营业利润不及预期，因研发费用确认增加

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31 Jul 2026 11:11:42 ET │ 13 pages

Hanon Systems (018880.KS)

2Q OP miss due to higher R&D expense recognition

CITI'S TAKE

Hanon reported below consensus OP in 2Q, due to higher R&D expense

recognition. After lowering FY26-28 NP estimates by 6-14%, we lower our

12-m TP to W3,100.

2Q miss — Hanon System (Hanon) reported W2.9tr revenue (+1% y/y) and W104bn

OP (+61% y/y) in 2Q26, OP coming in at 8% below consensus. We attribute below

consensus OP to higher-than-expected R&D expense recognition as Hanon

capitalized 23% of R&D spending in 2Q26 (down from 34% in 1Q26). Revenue

increased +1% y/y amid 9% y/y increase in revenue from Europe being partially offset

by 6%/2% y/y decline in revenue from America/Korea. Tariff was less of a swing in

2Q26 OP as Hanon recouped most of gross tariff amount from clients, in our view.

Slow progress of new order so far — Hanon secured $290m new order in 2Q26

(composed of $88m new-win order & $202m re-win order), ending 1H26 with

$342m new order (or 26% of Hanon’s 2026 full-year new order target of $1.3bn).

While Hanon is cautiously optimistic in delivering its 2026 new order target (as it

expects more robust new order in-take in 2H26 vs. 1H26), we see a risk of 2026

actual new order falling below company’s target, especially after two consecutive

years of missing its previous new order target in both 2024 & 2025.

n

Sell

Price (31 Jul 26 15:45)

W3,305

Target price

W3,100↓

from W3,800

Expected share price return

-6.2%

Expected dividend yield

0.0%

Expected total return

-6.2%

Market Cap

W3,391,798M

US$2,382M

Price Performance

(RIC: 018880.KS, BB: 018880 KS)

Guiding at sequentially higher OPM in 3Q — Hanon expects sequentially higher

OPM in 3Q26 (vs. 3.6% in 2Q26), given: 1) likely incremental higher production

volume at OEMs; and 2) sequentially larger tariff recoup amount expected in 3Q (vs.

2Q). That said, consensus is already assuming higher OPM of 3.9% in 3Q26 (vs. 3.6%

in 2Q26).

Lowering TP — After lowering FY26-28 NP estimates by 6-14% (reflecting lower

volume and higher R&D expense recognition assumptions), we lower our 12-m TP to

W3,100 by applying FY27E P/E of ~12x (where we change our valuation methodology

…