Hana Securities forecast on the 10th that Hanwha Solutions (KRX: 009830) will report operating profit of 230.7bn won in the second quarter of 2026, beating the market consensus of 179.2bn won by 29% and representing a 126% increase on the same period a year earlier.
The solar division is expected to contribute 128.9bn won in operating profit, a 107% improvement quarter on quarter. The gain reflects a 9% rise in module selling prices — the second consecutive quarterly increase — driven by expanding price premiums on modules that comply with Non-FEOC (non-Foreign Entity of Concern) regulations, a United States policy framework designed to limit the role of Chinese-linked suppliers in American clean-energy supply chains.
The chemicals division is forecast to deliver operating profit of 96.9bn won, surging 184% from the previous quarter, lifted by higher product prices following the outbreak of the Iran conflict and a favourable ethylene-sourcing strategy.
Third-quarter operating profit is expected to ease to 184.4bn won, down 20% quarter on quarter, as chemicals earnings moderate with the end of the conflict. However, the solar segment is projected to continue its recovery, with operating profit climbing a further 44% quarter on quarter to 185.8bn won. The anticipated commissioning of the Cartersville cell factory in Georgia in July should enable production of modules that meet Domestic Content Adder (DCA) requirements — a provision under United States clean-energy legislation that confers additional subsidies on products with sufficient American-made content — which is expected to support further price increases.
For the full year 2026, Hana Securities estimates Hanwha Solutions will generate operating profit of 791.1bn won, an improvement of more than 1.1tn won compared with the prior year.
Analyst Yun Jae-seong at Hana Securities maintained a Buy rating and a target price of 60,000 won on the stock. Shares closed at 30,800 won on the 9th.