[Click eStock] "Hanatech's Performance Turnaround Expected in 2026"

Yuanta Securities forecasted on January 9 that Hanatech will enter a performance turnaround starting in 2026. The company has significantly improved its mid- to long-term revenue visibility by securing a series of large-scale supply contracts for secondary battery equipment last year.

Kwon Myungjun, a researcher at Yuanta Securities, stated, "2026 will mark a performance turnaround," adding, "There were a total of seven disclosed supply contracts in 2025, and a significant portion of these could be recognized as revenue starting this year."

In December last year, Hanatech signed a supply contract for secondary battery assembly equipment worth 157.58 billion won. The contract, scheduled for delivery by January 2028, consists of four items in total: two for equipment and two for installation. Researcher Kwon explained, "Given that the contract comprises four items (two equipment and two installation), we expect revenue recognition to begin in 2026," adding, "The company is also anticipating additional orders from its clients."

In addition, there were further orders for secondary battery assembly and high-speed stacking equipment: 10.2 billion won in December last year, 23.14 billion won and 13.01 billion won in November, 28.4 billion won in June, and 12.44 billion won and 22.74 billion won in April.

The new equipment business is also showing visible progress. Researcher Kwon noted, "Noteworthy new businesses include secondary battery Z-Stacking, WIP, and UTG hot edge processing." He added, "According to the order disclosures, the company has already secured orders for stacking equipment. There remains both the possibility of additional orders and the risk of investment delays depending on whether clients postpone their Fab construction."

The WIP equipment has also entered the commercialization stage. Researcher Kwon stated, "In January last year, the company secured an order for all-solid-state high-temperature, high-pressure press equipment (WIP) from a domestic battery manufacturer," adding, "This year, the company is expected to benefit from additional orders from existing clients and expanded overseas business."