Hana Securities said on the 20th that Hanwha Solutions' market capitalization "could reach 11 trillion won," but added that "because the proposed target market cap includes the most optimistic assumptions, additional verification is needed." It maintained a Buy rating and raised the target price to 65,000 won from 47,000 won. Hanwha Solutions closed the previous session at 58,500 won.
Yoon Jae-sung, an analyst at Hana Securities, said, "Considering the easing of oversupply in the U.S. solar module market in 2026 and higher selling prices, companywide earnings are expected to improve, led by Qcells."
Yoon projected that Hanwha Solutions' consolidated operating profit this year will increase by about 1 trillion won from an operating loss of 353.2 billion won last year to 615.7 billion won, in line with market expectations.
He said this is because improvements to the Advanced Manufacturing Production Credit (AMPC) have enabled normal operation at module plants, allowing about 420 billion won in profit improvement year over year, and because a shortage of solar modules that meet the Non-FEOC (Foreign Entity of Concern) rules is widening premiums, lifting average selling prices (ASP) by 4–5 cents per watt (W), leading to a 650 billion won annual operating profit improvement.
Yoon gave a positive assessment of the medium- to long-term growth potential of the solar business. He said, "Plans to expand the medium- to long-term solar market size based on SpaceX by Elon Musk and meetings with Chinese perovskite companies are factors that inevitably increase the potential for valuation expansion."
However, Yoon said, "Given that the proposed target market capitalization includes the most optimistic assumptions, the following need to be verified to secure further upside: whether the ASP increase for solar modules expands further versus current assumptions, whether Hanwha Solutions' mass production plan for perovskite tandem cells is clarified, and whether plans to sell various assets to reduce borrowing fund are specified."