[E-Daily Reporter KIM YOON-JEONG ] KB Securities forecasts that #Hanwha Vision will continue its medium- to long-term growth momentum, driven by strong growth in its semiconductor equipment business and its stable security (video surveillance) business.

On the 7th, Lee Chang-min, an analyst at KB Securities, stated, “The key investment points for Hanwha Vision are expectations for high growth in its semiconductor equipment business and stable performance from its security division,” adding, “Considering the rapidly growing high-bandwidth memory (HBM) market, driven by artificial intelligence (AI) servers, Hanwha Vision is expected to increase its market share in the TC bonder segment and achieve corresponding earnings growth.”
KB Securities explained that Hanwha Vision primarily operates in video security solutions and semiconductor and surface mount technology (SMT) equipment businesses, noting that as of the first quarter of this year, the security division accounted for 79% of total revenue, while industrial equipment—including semiconductor equipment—accounted for 21%.
In particular, the firm projected that the growth potential of the semiconductor equipment business would come to the fore. The analyst said, “Hanwha Vision emerged as a dark horse in the market after securing orders for TC bonders from SK hynix in March and May 2025,” adding, “Given the rapidly growing HBM market, driven primarily by AI servers, Hanwha Vision is expected to increase its market share in TC bonders and achieve corresponding earnings growth.”
The analyst also predicted that the company would secure a competitive edge in the next-generation hybrid bonder market. “With the transition to hybrid bonding becoming inevitable starting with HBM5, Hanwha Vision is expected to launch a hybrid bonder in 2028 based on its joint development with SK hynix and reap the associated benefits,” the analyst stated.
The security business is also projected to maintain a steady growth trajectory. The analyst explained, “Revenue growth is expected to continue due to the shift toward AI CCTV and the expansion of regulations on Chinese-made CCTV.”
According to KB Securities, Hanwha Vision’s annual revenue for 2025 was 1.7909 trillion won, a 77% increase from the previous year, while operating profit was 162.3 billion won, a 19% decrease. The operating profit margin (OPM) stood at 9.1%. The analyst noted, “Hanwha Semitek’s earnings grew significantly as shipments of TC bonders began in earnest, in addition to strong performance in its existing SMT and machine tool businesses.”
However, intensifying competition in the next-generation hybrid bonder market was cited as a risk factor. The analyst noted, “Hanwha Vision possesses the technological capabilities and track record to gain an edge over competitors—such as through the joint development of hybrid bonders with key clients since 2021—but there is a possibility of market share decline and earnings slowdown due to intensifying competition.”