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Korean auto-parts maker of thermal management systems (HVAC, EV battery cooling) for Hyundai/Kia and global automakers.
Korean auto-parts maker of thermal management systems (HVAC, EV battery cooling) for Hyundai/Kia and global automakers.
Wins supply awards for each new vehicle platform, then ships climate and thermal-management systems for the model's life, so sales follow carmakers' production schedules. Hyundai Motor Group is a major customer, alongside Ford and other global automakers, and its heat pumps and battery-cooling hardware are EV-specific.
In one line: A smaller, HVAC-focused Korean Denso.
Moat: narrow (customer qualification, switching costs). Long-qualified Tier-1 supplier; automakers rarely re-source thermal systems mid-platform.
Headquarters: Daejeon, South Korea · Founded: 1986 · Employees: 2,223
Size Hanon Systems (018880.KS) is a South Korea Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.31B, the 121st largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩3,060 on 6 Nov 2026.
Performance Over six months the shares fell 27.7%, against -10.0% for the median peer and -24.5% for the South Korea market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +11.6%); the operating margin is 3.5% (peer median 6.8%).
Valuation It trades at 12.3× forward earnings against a peer median of 19.9× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (6.3% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩11.0T | ₩10.9T | ₩10.00T | ₩9.52T | ₩8.63T |
| Revenue growth | — | +9% | +5% | +10% | — |
| Gross profit | ₩1.12T | ₩965B | ₩812B | ₩910B | ₩793B |
| EBITDA | ₩1.15T | ₩1.01T | ₩747B | ₩882B | ₩814B |
| Net income | -₩5.06B | -₩199B | -₩363B | ₩51.0B | ₩20.4B |
| Free cash flow | ₩356B | -₩191B | ₩176B | ₩36.2B | -₩6.77B |
| Capital expenditure | ₩361B | ₩490B | ₩741B | ₩800B | ₩642B |
| Total debt | ₩3.79T | ₩3.86T | ₩4.57T | ₩4.15T | ₩4.28T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hanon Systems 018880.KS | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% |
| Denso 6902.T | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% |
| Valeo FR.PA | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 018880.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.6% | -6.2% | 4th lowest of 21 |
| 6-month return | -27.7% | -10.0% | 6th lowest of 21 |
| Distance from 52-week high | -48.5% | -35.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +5.0% | +11.6% | 8th lowest of 21 |
| Operating margin | 3.5% | 6.8% | 5th lowest of 21 |
| Forward P/E | 12.3× | 19.9× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.6% | 10.4% | 4th least demanding of 15 |
| Growth delivered (Del g) | +9.6% | +10.8% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -6.0 pp | +6.7 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | -2.4 pp | -0.5 pp | 7th lowest of 21 |
| EV / EBITDA | 5.3× | 17.7× | 2nd cheapest of 8 |
| Net debt / EBITDA | 2.4× | 0.6× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Weifu High-Technology 000581.SZ | China | $2.29B | -11% | +17% | -3% | 10.2× | 16.4% | -1.4% |
| Huada Automotive Technology 603358.SS | China | $2.28B | +3% | +5% | -3% | 24.7× | n/a | n/a |
| Toyota Boshoku 3116.T | Japan | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% | +9.9% |
| Chongqing Zongshen Power Machinery 001696.SZ | China | $2.25B | -24% | -5% | 5% | 17.3× | 7.6% | +9.6% |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |
| IKD 600933.SS | China | $2.21B | -16% | +26% | 14% | 13.3× | n/a | n/a |
| Keboda Technology 603786.SS | China | $2.20B | -32% | -1% | 10% | 20.4× | n/a | n/a |
| Hesai 2525.HK | Hong Kong | $2.20B | -39% | +39% | 1% | 34.2× | n/a | n/a |
| Belrise Industries BELRISE.NS | India | $2.19B | -6% | +12% | 8% | 31.6× | 18.6% | +13.0% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |
| PHINIA PHIN | United States | $2.48B | -14% | +6% | 9% | 10.1× | 0.4% | +27.5% |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Gabriel India GABRIEL.NS | India | $2.58B | +22% | +24% | 7% | 47.7× | 55.1% | +22.5% |
| Feilong Auto Components 002536.SZ | China | $2.60B | -20% | +5% | 4% | 35.4× | n/a | n/a |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| Zhejiang Wanfeng Auto Wheel 002085.SZ | China | $2.64B | -36% | -2% | 7% | 19.5× | 3.7% | +8.4% |