Hanwha Solutions stock: NH cuts target after Q3 earnings miss
Published on 10/30/2026 at 01:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSWeak quarter, clearer recovery path
- NH Investment retained its Buy rating despite lower profit forecasts and a reduced valuation target.
- Higher module prices and stronger sales volumes are expected to support profitability over the medium term.
- Cost overruns, project delays and chemical losses remain key risks for investors.
Hanwha Solutions stock came under fresh analyst scrutiny on October 30 after NH Investment & Securities cut its target price following weaker-than-expected third-quarter earnings. The assessment was reported by Edaily.
Costs weigh on quarterly performance
Hanwha Solutions reported third-quarter operating profit of KRW 90.5 billion, below the KRW 209.0 billion consensus cited by Edaily. The shortfall reflected a larger-than-expected loss in the chemicals division, higher costs in the renewable-energy engineering, procurement and construction business, and project delays. Operating profit fell 70.5% from the previous quarter, while the operating margin was 2.3%.
NH Investment reduced its target from KRW 43,000 to KRW 37,000 and maintained a Buy rating. The brokerage lowered its operating-profit forecasts because of staffing costs, higher material expenses and delayed revenue recognition.
Solar recovery remains the central thesis
The analyst view is not uniformly negative. Module sales volume increased 54% sequentially even as selling prices declined 6%. NH Investment expects module prices and sales volumes to improve, with the expansion of the Advanced Manufacturing Production Credit providing additional support.
Edaily also reported that Hanwha Solutions expects higher-priced contracts to benefit from the implementation of Section 232 of the U.S. Trade Expansion Act. The analyst said profitability improvements from those volumes should become more visible from 2027, while the ramp-up of the Cartersville cell facility could support modules eligible for the U.S. Domestic Content Addition tax credit.
What investors should monitor
The investment case therefore depends on whether better module economics can offset continuing EPC and development-asset costs. Investors should watch the timing of delayed revenue recognition, chemical-sector losses and the pace at which new U.S. manufacturing capacity reaches commercial scale.
Hanwha Solutions stock at a glance
- Company: Hanwha Solutions Corporation
- ISIN: KR7009830001
- Ticker: 009830.KS
- Latest reported event: NH Investment target-price cut and Buy-rating confirmation on October 30, 2026
The broader Korean market context can be followed through the KOSPI market overview.
