009830 (Hanwha Solutions)
Overview
009830 is the stock code for Hanwha Solutions, listed on the Korea Exchange's KOSPI market. As a core affiliate of Hanwha Group, it is centered on the chemicals (petrochemicals), Q CELLS (solar power), and advanced materials businesses; after spinning off its distribution segment (Galleria) in 2022, it was reorganized into a portfolio centered on eco-friendly energy and materials. It has a dual nature: it is one of the world's top-tier operators by solar cell and module production capacity, while also being a major supplier in Korea's PVC and caustic soda markets.
Main Content
Company Overview
- Stock code: 009830 (KOSPI)
- Company name: Hanwha Solutions Corporation (한화솔루션(주))
- Parent company: Hanwha Group (major shareholders include affiliates such as Hanwha Energy and Hanwha)
- Headquarters: Hanwha Building, Cheonggyecheon-ro, Jung-gu, Seoul
- Business segments: Chemicals, Q CELLS (solar power), Advanced Materials
- Consolidated revenue: approximately KRW 13 trillion (as of 2023; subject to change depending on the business environment)
Business Segments
1) Chemicals segment
Based on its Yeocheon and Ulsan plants, it produces PVC (polyvinyl chloride), caustic soda, TDI (toluene diisocyanate), plasticizers, and others. It holds a high share of the domestic PVC market and is a typical cyclical business sensitive to conditions in downstream industries such as construction, automobiles, and electronics.
2) Q CELLS segment (Hanwha Q CELLS)
It has a vertically integrated structure spanning solar ingots, wafers, cells, and modules, with production bases in Germany, the United States, Korea, Malaysia, and elsewhere. It operates a large module plant (Solar Hub) in Georgia, USA, and is positioned as a major supplier in the North American residential, commercial, and utility-scale markets. Conflicting factors—benefits from IRA (Inflation Reduction Act) tax credits and low-priced Chinese competition—determine its performance.
3) Advanced Materials segment
It produces electronic materials, films for solar power and displays, automotive materials, and others, and has pursued expansion into secondary battery and semiconductor materials.
Governance and History
Starting as Korea Explosives in 1965, it changed its name to Hanwha General Chemical (한화종합화학), Hanwha Chemical (한화케미칼), and others, and in 2020 it absorbed and merged Hanwha Q CELLS to establish the current Hanwha Solutions system. In September 2022, it spun off its distribution segment as Hanwha Galleria, and in 2023 it carried out a large-scale rights issue to secure investment funds for solar power and materials. Vice Chairman Kim Dong-kwan is known to have overseen Hanwha Solutions' management at the group level.
Investment Points and Risks
- Positive factors: US solar manufacturing incentives (IRA AMPC), energy transition demand, preference for non-Chinese supply chains
- Negative factors: sharp fall in polysilicon and module prices due to Chinese oversupply, sluggish petrochemical industry conditions, high debt ratio and borrowing burden
- Stock characteristics: at the same time, it has the characteristics of a policy stock that reacts sensitively to solar policy and tariff news
Latest Trends
In 2024–2025, Hanwha Solutions experienced both weak performance and restructuring as the petrochemical downturn and solar price decline overlapped. As the Solar Hub in Georgia, USA, began full-scale operation, AMPC tax credit receipts expanded, but profitability came under pressure from falling module selling prices. The strengthening of US tariffs on Chinese and Southeast Asian solar products is a factor for relative benefit for the company; conversely, a change in tariff policy direction is cited as the biggest variable. In the chemicals segment, restructuring efforts such as disposing of low-profit businesses and consolidating plants continued, and investment in new businesses such as secondary battery materials and recycling has been selectively reduced or adjusted. In 2025, expanded orders for energy storage systems (ESS) and North American utility-scale projects are emerging as new growth axes.
Related Topics
- [[Hanwha Group]]
- [[Hanwha Q CELLS]]
- [[Solar power]]
- [[Petrochemicals]]
- [[KOSPI]]