KOSDAQMachinery114810

Hansol IONES

₩15,550▼ 0.77%2026-10-02 close

Market Cap

₩434B

Turnover

₩3.6B

Volume

230,000 shares

Shares out.

28.1M

PER

17.6×

PBR

1.7×

EPS

₩757

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

Precision Machining and Cleaning Enter HBM Expansion Phase

Hansol iONES has rebuilt its earnings through 2024-2025 on its precision machining and cleaning/coating businesses for semiconductor front-end equipment, and in 2026 new variables such as HBM-related line orders and expanded EUV parts production have emerged.

1
In 2025, consolidated revenue reached 198.8 billion won and operating profit 33.3 billion won, both record highs, while net profit attributable to owners declined from the prior year.
2
Quarterly revenue kept growing through 2026, but operating margin has swung noticeably quarter to quarter as the product mix shifts.
3
The cleaning and coating segment has begun booking revenue from new orders tied to HBM-capable DRAM lines.
4
Three core parts for ASML's EUV lithography systems have passed qualification and entered mass production, with a fourth item still under qualification.
5
Parent company Hansol Technics has been acquiring back-end semiconductor equipment makers, extending the group's front-to-back-end value chain strategy.

Business structure

Hansol iONES was established in 2005 and listed on KOSDAQ in 2013, and has restructured itself as a specialist in semiconductor and display equipment parts since joining Hansol Group in 2022.

Its core operations are split into two pillars: ultra-precision machining of parts used in front-end semiconductor equipment, and cleaning/coating that removes contaminants from used parts and restores coatings.

The cleaning and coating business operates mainly around Samsung Electronics, and the company competes in the domestic cleaning/coating market alongside Comico, Wonik QnC, and Cynos, among others.

Its major customers include Samsung Electronics, LG Display and AVACO, and it maintains ongoing engagement with domestic and overseas major equipment makers through new-equipment and retrofit/upgrade work.

As of 2024, revenue was split roughly 77.5% precision machining and 22.5% cleaning/coating, with precision machining accounting for the bulk of sales.

The company has built an integrated process chain from precision machining to cleaning/coating, repair, and packaging/delivery, which it says helps shorten customers' development schedules and secure quality consistency.

New businesses include an EUV/DUV parts reuse business serving a lithography equipment maker, and development of a focus ring using the ceramic material 'Iconic' as a substitute for natural quartz, currently being qualified with a Japanese equipment customer.

In 2023 the company completed a new cleaning/coating plant expansion in Anseong's Sinsohyeon-dong area, which is now in normal operation, and it runs production and R&D across multiple sites including its Anseong headquarters, a Hwaseong cleaning/coating plant, and a Dongtan technology research center.

Earnings trend

Quarterly revenue · Operating profit

₩47B₩9.1B25Q2₩51.2B₩9.4B25Q3₩51.7B₩2.9B25Q4₩49.2B₩7.1B26Q1₩53.7B₩6.6B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩163.9B₩36.1B2022₩123.9B₩8.2B2023₩157.1B₩23.1B2024₩198.8B₩33.3B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩47B	₩9.1B	19.3%
2025Q3	₩51.2B	₩9.4B	18.3%
2025Q4	₩51.7B	₩2.9B	5.7%
2026Q1	₩49.2B	₩7.1B	14.5%
2026Q2	₩53.7B	₩6.6B	12.2%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩163.9B	₩36.1B	₩28.3B	22.0%	18.8%	50.8%
2023	₩123.9B	₩8.2B	₩2.1B	6.6%	1.4%	45.4%
2024	₩157.1B	₩23.1B	₩31.1B	14.7%	17.1%	27.3%
2025	₩198.8B	₩33.3B	₩28.4B	16.8%	13.5%	21.0%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-17

Earnings analysis

In 2022 revenue was 163.9 billion won and operating profit 36.1 billion won (22.0% margin), a high-profitability period, but in 2023 revenue fell 24.4% to 123.9 billion won and operating profit dropped to 8.2 billion won (6.6% margin), a sharp deterioration.

Net profit shrank to 2.1 billion won in 2023, a year in which profit-generating capacity was significantly impaired. In 2024, the company achieved a clear turnaround with revenue of 157.1 billion won (+26.8%) and operating profit of 23.1 billion won (+180.7%, 14.7% margin), while net profit surged to 31.1 billion won.

In 2025, revenue reached 198.8 billion won and operating profit 33.3 billion won (16.8% margin), both fresh record highs. However, 2025 net profit attributable to owners was 28.4 billion won, actually down from 31.1 billion won in 2024, suggesting non-operating items or tax burden affected the bottom line.

On a quarterly basis, momentum held up through Q3 2025 (revenue 51.2 billion won, operating profit 9.4 billion won), but Q4 2025 saw operating profit plunge to 2.9 billion won (5.7% margin) even as revenue rose slightly to 51.7 billion won.

In Q1 2026, revenue was 49.2 billion won and operating profit 7.1 billion won (14.5% margin), a partial margin recovery, while Q2 2026 revenue rose to 53.7 billion won but operating profit stayed at 6.6 billion won (12.2% margin), showing revenue growth and margin improvement have not yet moved fully in tandem.

Korea Investment & Securities attributed the Q1 2026 dynamics to a mix deterioration in which customer inventory adjustments reduced supply of higher-margin etch equipment parts while the share of lower-margin deposition equipment parts increased.

Over this period the balance sheet steadily improved, with the debt-to-equity ratio falling from 50.8% in 2022 to 21.0% in 2025, and operating cash flow stayed positive in all four years.

Industry analysis

The equipment-parts and cleaning/coating industry that Hansol iONES belongs to is directly tied to memory chipmakers' fab utilization rates and capex cycles. After the 2023 downturn, the memory market recovered through 2024-2025, and related parts and materials companies' earnings improved in tandem.

More recently, expanding demand for high-bandwidth memory (HBM) has led domestic memory makers to pursue 1c process conversion and capacity expansion, with HBM4 shipments concentrated in the second half of 2026, which is expected to lift utilization and cleaning/coating demand as the year progresses.

In the cleaning/coating market, the company competes with Comico, Wonik QnC and Cynos, while in precision machining, companies that have secured vendor status with global equipment makers hold a competitive edge.

In lithography, global equipment makers including ASML are increasing reuse and maintenance demand in high-vacuum, high-cleanliness, high-precision environments, expanding supply opportunities for companies that pass qualification testing.

A major front-end equipment customer reportedly said on its Q1 conference call that 2026 semiconductor equipment revenue would grow more than 20% year over year, with second-half sales exceeding first-half and high investment intensity maintained through 2027.

However, this improvement is concentrated among specific customers and items, meaning parts suppliers' results could quickly reverse if semiconductor capex were to be adjusted downward.

Outlook

Analysts note that the cleaning/coating segment has gained new entry into an HBM-capable customer's DRAM line, with related revenue beginning to be recorded.

In precision machining, revenue from a customer that had been concentrated in a single item is expected to expand to three items starting in 2026, with mass production seen stabilizing in the second or third quarter.

In the lithography parts reuse business, three ASML EUV component items have passed qualification and entered mass production, with a fourth item still being verified.

The company has said it is also watching order flow for Applied Materials' (AMAT) core parts, citing potential annual growth of more than 10% year over year, while noting that because AMAT's 2026 orders are expected to slow in the first half and recover in the second, some first-half volatility could occur.

New customer (affiliate) shipments of DUV lithography parts, and qualification of a focus ring using the ceramic material 'Iconic' with a Japanese equipment customer, are also cited as factors that could diversify revenue.

Parent Hansol Technics is pursuing a rights offering to fund the acquisition of a back-end semiconductor equipment maker as part of a group-wide push to build a front-to-back-end value chain, and how this links into the company's own business is worth monitoring.

Valuation

PER

17.6×

PBR

1.7×

ROE

10.1%

EPS

₩757

BPS

₩7,810

Dividend per share

₩0

Hansol iONES shares have moved toward the upper end of their historical trading band, reflecting the earnings recovery through 2025-2026. Korea Investment & Securities issued a new price target of 21,500 won in an April 2026 report, citing valuation normalization as cleaning/coating utilization rises.

In April 2026, Hanwha Investment & Securities also set a new price target of 26,300 won, assessing that the price-to-earnings ratio based on then-forecast earnings was below the peer-group average.

However, given that operating margin has since swung between roughly 12% and 17% across quarters, how far these forecasts hold up needs to be checked against subsequent quarterly results.

Relative to book value per share, the stock tends to trade at a certain premium, and with no clear dividend payment track record in recent years, the pace of earnings improvement appears to be a bigger driver of the share price than dividend appeal.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-17

Bull factors

Cleaning/Coating Leverage Emerging

The cleaning/coating segment is seen as one where profitability improves sharply once revenue passes a certain threshold, and it has begun booking new orders tied to HBM-capable DRAM lines.

This segment is viewed as having greater operating leverage than precision machining, so rising utilization could help lift overall margins. Analysts expect related revenue to expand from a single item to three items and for mass production to stabilize in the second or third quarter of 2026.

Expanding Position in the Global Supply Chain

Three core parts for ASML's EUV systems have passed qualification and entered mass production, with a fourth item still being verified. The lithography parts reuse business is tied to growing maintenance and reuse demand for semiconductor equipment.

Relationships with existing customers such as Applied Materials (AMAT) are also maintained, broadening the company's standing as a parts vendor.

Improving Balance Sheet

The debt-to-equity ratio fell steadily from 50.8% in 2022 to 21.0% in 2025, while equity grew from 150.8 billion won to 210.3 billion won over the same period. Operating cash flow stayed positive in all four years, showing that the earnings recovery has translated into stronger cash generation. This financial stability could provide capacity to fund new business investment or further capacity expansion.

Bear factors

Net Profit Softness and Margin Volatility

Although operating profit hit a record high again in 2025, net profit attributable to owners fell to 28.4 billion won from 31.1 billion won in 2024. Into 2026, quarterly operating margin has continued to swing between roughly 12% and 17%, with revenue growth and margin improvement not moving fully together.

Notably, in Q4 2025 operating profit shrank sharply from the prior quarter even as revenue rose, underscoring persistent profit volatility tied to seasonal costs or product-mix shifts.

Product Mix Risk

According to Korea Investment & Securities, in Q1 2026 customer inventory adjustments reduced supply of higher-margin etch equipment parts while the share of lower-margin deposition equipment parts rose, causing operating profit to fall short of expectations.

This illustrates how, when precision machining revenue is concentrated in specific processes or items, a mix shift alone can meaningfully move margins.

The cleaning/coating business could similarly see delayed profitability contribution in the early stages of entering a new production line, when utilization is still low.

Customer and Cycle Dependence

The precision machining segment relies heavily on a small number of large equipment makers and memory customers, so changes in a given customer's order schedule or inventory policy directly affect results.

In 2023, amid a semiconductor downturn, revenue fell 24.4% and operating profit plunged 77.2%, so a similar swing cannot be ruled out if the industry turns down again.

The company has also indicated that a major customer's (AMAT's) 2026 orders are expected to slow in the first half and recover in the second, implying volatility within the year.

Risk factors

Industry Cycle Risk

The company's results are heavily influenced by memory chipmakers' capex and utilization cycles, and in 2023 revenue fell 24.4% and operating profit plunged 77.2% year over year.

If the memory market enters another adjustment phase, both the precision machining and cleaning/coating segments could be affected simultaneously. This is a structural risk shared across the broader semiconductor equipment and parts industry.

Governance and Historical Track Record Risk

Before joining Hansol Group, Hansol iONES had prior management's violations of accounting standards come to light, leading to its designation as a KOSDAQ investment-caution stock for two consecutive years starting in 2022.

It was later reinstated to the KOSDAQ premium (blue-chip) segment in 2025 on the back of improved finances and earnings recovery, but it is hard to say market caution over the past accounting issue has fully dissipated.

On governance, capital allocation or business direction could be influenced by the group-wide M&A strategy pursued by controlling shareholder Hansol Technics.

Cost and Investment Burden Risk

Expanding into new cleaning/coating lines or the EUV/DUV reuse business involves upfront capital spending and qualification testing costs, and fixed-cost burden can weigh on margins until utilization reaches target levels. A temporary rise in the share of lower-margin parts also amplifies quarterly profit volatility.

If equipment makers' order schedules diverge from expectations, costs related to inventory and production-plan adjustments could emerge.

What to watch next

Mid-November 2026
Timing for Q3 2026 preliminary results, a chance to check whether HBM-related growth in the cleaning/coating segment continues and whether precision machining operating margin recovers.
Fourth quarter of 2026
A window to confirm the qualification test outcome for the fourth ASML EUV component and whether additional mass production follows.
Early 2027
Timing of the FY2026 annual report and confirmed full-year results, allowing a final check of the revenue mix shift between precision machining and cleaning/coating and the year's margin trend.
Fourth quarter of 2026 (upon group-level disclosures)
Watch for how the completion of parent Hansol Technics' back-end equipment acquisition and the group's front-to-back-end value chain integration affects Hansol iONES' business.

Overall view

Hansol iONES has shown a clear recovery, posting record revenue and operating profit in both 2024 and 2025 following the sharp 2023 earnings decline.

However, net profit attributable to owners actually fell in 2025 versus 2024, and quarterly operating margin has continued to swing between roughly 12% and 17% into 2026, meaning revenue growth and margin improvement have not fully moved together.

The cleaning/coating segment has entered a phase where new orders tied to HBM-capable lines could bring revenue leverage, while precision machining is expanding its supply-chain standing through parts shipments to global equipment makers such as ASML and Applied Materials.

The balance sheet has improved, with a steadily lower debt ratio and stable positive operating cash flow.

On the other hand, the company's history of being designated an investment-caution stock over past accounting issues, its dependence on a small number of large customers, and quarterly profit volatility tied to product-mix shifts remain factors to watch.

Some brokerages issued price targets in April 2026 citing potential earnings growth and valuation normalization, but how those forecasts play out needs to be checked against subsequent quarterly disclosures.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.