Hanwha Vision Financials and Future Examined 2023
Hanwha Vision's growth was very strong in 2022, benefiting both from PRC legal restrictions in the USA and Axis' massive product shortages. But what are the companies' plans to continue growing and gaining more market share?
In this note, based on an interview with Hanwha Vision America's President Choong Hoon Ha, Executive Vice President of Sales & Operations Tom Cook, and Senior Director of Marketing Miguel Lazatin, IPVM examines Hanwha Vision's position and plans for the future.
For background, see:
- Hanwha Techwin Rebrands To Hanwha Vision
- Hanwha Techwin Sales Surge (H1 2022)
- Hanwha Techwin Financials and Future Examined
- Hanwha A Series Cameras Tested
Revenue ******* ₩* ******** ****** ***
****** ******'* ****** ******* *** ~$*** million *** ** ****, ***** *** beyond *** ₩* ******** ****** *** (~$777 ******* ***) ********* ********** ********* by *** ****** ******* ****** *****, said *** ****, ********* ** ** sales *** ********** ** ****** ****** America.
HQ ******* ******
**** **** **** **** ***** ***** be **** ********** **** *** ******* from *** ****** ****** ***** ***** Hanwha ****** *** ₩* ******** ****** Won ($*** ******* ***) ** *****:
** *** * ********** ****** **** in *** ********. *** ** *** reasons *** *** *******'* ******** ** slightly ******** ********** ** **** ** hit ₩* ******** ****** *** ** Hanwha ****** ********, ****'* * *** indicator ****** ****** ***** **** **** the ***** *** ****** ***** ********** into *** *******.
** ********, ******* **** **** ************ ₩1 ******** ****** *** ** ******* means *** ****** ***** *** *** the ****** ******* ****** ****** ****** America's ***********:
₩* ******** ****** ***, **** ****** calculated **** *** ** ****** ** a ****** **** **** $* *******, but **** ** * ********** ****** for *** *******.
****** ***** *** ***** ** ********** companies, *** *** **** ********* ***** that ₩* ******** ****** *** *******. We ******* **** *** ******** ******** became *** ** *** *******, **** businesses ** *** ****** *****. *** CEO**. ***[****-**** ***], ** *********** ** ***** ***** the ******.
***(****** ****** *******) ******** *** **** than **% ** *** ***** ****** sales ******* [** ****** ******]. ** he[Ahn] ** **** ***** **** *** achievement
Hanwha ****** ******* **** *** ****
****** ****** ******* ******** *** **% of ****** ******'* ****** *******, ********* to ****** **** **, ********* ** Hanwha ****** *******. ** **** ******,****** *****'* ****** **************** **** ****** ******* ******* (*** name ****** ************* ******* **** ****) **** ~$*** ******* *** ** 2021 ***** *** ~$*** ******* ** 2022 *****, ** **% *** ******, which ** **** ****** **** ****** Vision's **% *** ***** ****** ******* the ******** ** ****.
Main ******* *** ******
**** ********, **** **** **** **** Hanwha ******'* **** ***** ** **** are "**** **** **%" ****** *** sales *********** **** *** **** ****** in ****. ** *********, ****** ****/***, competitor ********* *********, *** ******'* ***** representative ********* ** *** **** ******* for **** ******:
[The] ****, *** [***********] ******* ********* *** ***** [left] an open market to gain. And then Axis, Bosch, and Avigilon, who are our main competitors, struggled mightily with inventory ******. Axis was probably highlighted the most that they struggled and even struggled to this year.
**'**hired **** ** ****** ** *** **** ** ****** ** ***** ******* *****. **** ** **** ** ***********. You add that many salespeople and you get growth. So the opportunities were there. Because of [the] things that happened in the North American market, [there were opportunities] for us to grow. We captured that and now we're trying to retain those customers that we won over with specific programs that will continue our growth. [Emphasis added]
Increasing *********
****** ****** ******* *** *** *** employees ** *** **, ******, *** Latin *******, ********* ** **. ****** Vision ******* *** * **% ********* growth ** *** **** *.* *****.
Growth ** ******, ******, *** ******
**** *********** ****** ** ****** *** Mexico:
** **** ******** ** **** ** Canada ** * ******** ***** ********, right *** *** ******** ******** ** growing **** **% **** ****. **'* well ** *** *** ** ****** the **** **** ** *** ** Mexico.
**** **** ** ******, ** **** Hanwha ******'* *********** *** "**," ********** in *** **, ******** ** ******** years' ******* ********* *****:
* ** **** **** ** ******, their ******** **** ** ***** * bit ** *** ***** **** ** this ****. **** ****, **** **** kind ** ****, *** **** *** a **** **** *** **** ****.
****: **** ***** ** ***** **** Hanwha ******'* ****** **** ** ******* more ******* ***** *** ******** ** the **** *** *****.
Growth ***********
**** **** **** **** ****** ****** America ** ******** *** **** ***** this **** *** ***** ** *** the $* ******* *** ***** ** the ***** ******** ****** ***** ** 2025 ** ****:
**'** ***** ** ****** **** *******. Our **** ** *** $* ******* USD ** ***** ******* *** ********** in ****. ****'* ******** *** ** 2026 *** ***** **** ****.
**** ** ** ********* ****, ******** to *** **** ** *** ***** American ******, *** *****, ** ********, put ****** ***** ** ** ** line **** **** *****.
Investment *** *********
****** ****** *******'* ********* ** ** Sales *** ********** **** ********* *** investment *** ********* ***** ****** ****** has **** ** *** **, ********* a ******* ******:
** **** ***** **** **** ** we *** ********* *** ********. ** North *******, * *** ** ********* investments. **'** ********* *** *******.** ***** * ***Hanwha ****** ******* ****** in Englewood, New Jersey**** ******** *** ** *******'* ******** and ** *** **** ** **** companies, **** ** *** **** ***** service ******. **** ********* [***] ***** parties [** **] **********. ** ****** us ** ******* * *** ** our *****, *** ****** ** **** better.
*** ******* **** ***** *** ***** departments **** *** *********** ** ******'* business *******, ***** ****** *** ******* continue ********* ******** ** *********:
** **** ****** ** *parts **********. This stuff isn't sexy, per se, but it's very important *** *** ****** ******* ** *** ********. [This is] what we have found during our experience managing the entire supply chain, from chip to manufacturing to logistics to our customers [during COVID] helped ** ** ********** **** ******* ******* *** ** *** *****. [Emphasis added]
**** ***** **** ****** *** * new **** ****** ** *** *******'* headquarters *** * *** **** ******* / ***** ****** **.
** *** ********* **demo ******* ****** *** *******. ** **** *** ** *** ************. ** **** * [***] *** [ones] ** ** ******* *** *** worked ** ** ** *****, [**] California, *****, ********, *** *******. ** will ******** ****** ** **** **** in *** ******, **** *** ****. [Emphasis *****]
** ********, **** ******* *** ** in *** ******** *** ****** ** globally ***** *** **** / ********** *******.
******, ***** **** ** * *** R&D ****** ** ********** ** ***** product ******** ** ****** ******'* ******* market - *** ********:
** ********* ** [*****] **** ** have ***********a *** *&* ****** ** ***** *****, **********. Their offices were just opened up in June and there's a joint office with another division called "* *****."We *** **** ** *&* ****** **** ******** *********** ****** ** *** ** ***** ****** ** ** * ******* ***** **** ************* ** **** *** ******** ** * ******* ***** ** ******* ******** *** ********. We're investing in having, product management and product development closer to us than just in South Korea. [Emphasis added]
***********, **** ***** *** ********** ****** Vision *** **** ** ***** *******, including ************* *** ****** *******, ****** new ***** *********/ *** ***** *******, and ********** ***** ***** **********:
** *** ** *** *********** ** those *********. ** ** **** *** business ** ***** ******** ** *** market *** ********, ** **** **'* necessary.
** *** **** ** * ***** new ***** ******** ** ****** **** a *** ***** ******, ******* *** expansion ** ***** *******'* ********. **'** been **** ********** ** ******* **** business, *** ** ********* **, ***** ** *****,*** *** **** **** *** **** extremely ****, ******* **** ******** *** partnering **** **** ***** ******** *** there.
***********, ***** ******* ******* * **** challenging ****** *** ****** **** *** US, ***** *** **** ** ***** barriers *** ********** *** ***-**** *** products.
**** ********** **** *** ***** *********** are ********* ** ******** *** *******'* growth:
** *** **** ** **** ** that ****, *** **** ** ******. There *** * *** ** ****** that **'** *****, ** *** ****** salespeople, ** **** ***, ********** ********.
Emphasis ** **
****** ********** ********** *** ********** ** AI *** *** ******* *** ****** development ** *** ********. **** ********* customer ******** *** ** *** *** WiseDetector ******* **** ** *** ********** released *** ***** ***:
**'** *** ** **** ***-**** *********** on **** ** **** ****. **'* overwhelming *** *** ************ ** **. A *** ** ********* **** **** we ****, ***** ** * ******** shirt, ***** *****, ****, **** ********.
** **** ** **** *** **** step. *** **** **'** ***** ** introducing * ******* ****** [*** ************], which ****** ****[*********] ** ****** ***** AI ****** *** ***** ** ****, and **** *** **** ********* ********** and *********** *** *** ******** **'** getting **** *** *** *****. ** had ** ***-**** ******* ** ***. We ********* **** ******* ** * lot ** ******* ********** ********.
****: **** *** **** ** ******* with ***** ********* ************. ** **** buy *** **** ** **** *********.
*******, ****** ********* *** ****** * Series **** ** *** **** ******** at ****'******* **** *** ******* ****.
M&A ******** ********* ** ****** *****
****** ****** ******* *** *** ******** any ********* *&* ***** ** ****, but *** ********* ** ** ***** and ********** **** **** ***** *** company ****** *** ₩* ******** ****** Won ******* *********, ****** ***** ******** to ******* *** *********** ***** *** company *** ****:
****** *** ***** ** ***********. *** company ******* *** ****** **** ** to **** ** ************* *** ************. I ********* **** ₩* ******** ****** Won *********, **** *** *** ******** of ****** ***** ** *** ** there *** ************ **** *** ***** recommend **** **** *****, ** ***** look ** **** *** ***. **** have * ***** ********** *****[*** ****].
**** **** ********* *** *******'* ********* in ********* *********** *******, ********* ********* in ** *** **** ********-******* **********:
** *****'* ********* **** ***** *****, whether **'* ** ** ***** ** data ********, *** **** ** **** at *** ******* *** **** **'** trying ** **********. ** **** ** take * ******* ****'* *******.
******* ** *** **** ********, ****** Vision *******'* ****** ******** ** *********, Miguel *******, **** **** **** ****** Vision's ******** **** *** ** ** video ******** ****:
*** ***** ******** ******** *** *** finite ****** **** **** ****. *** can **** **** *****, *** *** get ****'* ********* ** *** ******. Our ****** ********, *** ********** ** not ***** ** ** ***** ** video ********.
*******, *********** *** *****-******** *********, **** commented **** ** ** ********* ** agree **** **** ******, *** **** it ** ********* ** ******** *** acquisitions:
*** ********** **** ******* ************ ******** to ****. ** *** **** ** a *** ** *********, **** ********** companies *** ******* *** ********** ** 2021 ***** ** *** **** ******* that's *** *** ****** *****. * lot ** ********* **** ** **** but **** ***'* **** ** **** for *** ***** *****. ** *** want ** ***** ***** ** ****, they'll **** *** ****'* *** ***** to **** *** **.
Hanwha * ****** & *** ************
****** ******** *** ******-**** * ****** lines ********* ******** ********* *** ***** users ** ****. ****** ****** *******'* Executive ** ** ***** *** ********** Cook ********* *** ********** ** *** line *** ****** ***** *** ******:
** **** ***** *** ****** *** then ** ******* *** ********** ***** month. ** **** ******* ***** *****. We're ****** * *** ** ** come *** **** **** *** ************* business ********* ** ***, *** *** regional ************ ********* **** ******** ****** and ****'** ******* ***** ******** **** us *** ** * ******. **'* all * ******.
**** ************* ****** ******'* * ******. ********* *********** ** *** ***** A ****** ******, **** ********* *** improvements ****** *** ****:
** ***** *******, **'** ****** ***** light, ****** *** ** *** *** timeframe. **'** ****** ** * ****** analog. *****'* * ****** *** ** and ****** *** ****** *** **. They're ****** ****** *** ***** ** we ** ***** *** *** ******.
*******, **** ***** ******* ** ********** due ** ***********' ******* ** **** lower-end ****** ****** *** *** *** company **** *** ****** ** ***** wars **** ********* *** *****:
** *** **** ** *** ********* strategy, ****'** **% ***** **** ** you ****** *** ******* ** *** NVR ********. ****'* * *** *** to *** **** ** **** ***** point.
** ***'* ***** **'* ** ********** unless ** **** ***** ** *** Hikvision, ***** ****, *** ****'** ******** still ****** * ****** *** ******. We ***'* **** *** *** **'** not ****** *** **** *** ** this *****.
Adding *****, ************-***** ******** ** *** ******
**** ********* *** ******** ** *** subscriptions ** ***** ********, ********** ** cloud-related ********. ****** ****** *******'* ********* VP ** ***** *** ********** **** said *** ******* **** *** **** subscription-based ***** ** *** ******:
** **** ** ****** *** ******. We **** ** **** **** *** market ** ***** *** **** * product **** ******* ** *** ******.
**** ********* ****** ******'* ******* *** cooperation **** ***** ***:
*****'* **** **** ******** ** *****-******* businesses. ******* *** **** * *********. I **** **** ******* ** *****, especially ** *** **** ****** ******. We're ****** ***** **** ******** ** be ** *** ************. **** ** not *** ***** ******** ** ***** solutions *** ****** ******, *** ** allows ** ** **** * ***** solution *****.
**** ***** *** ******* *** ***** software ********* *** **** **** *** product ***** **** **** ** ***** and ************-*****:
**** **** ****, ** ** **** by ****** *** ****** ** ******** engineers **** **'** *****, **** ** are *********** [** ****] *** ******* lines **** **** ** *****-*****, ************-***** products ** *** ******.
* **** ***** ****** ** **** something **** ** **** ** **** into ******** ** *** ****** **** has *** *** ******** ** **** we *** *** ** *** * proprietary *** **** ******** *** ******** has ****** ******** ** ** ** now **** *** **** ******. ** will **** ****** ******** ****** ****** cameras ********* ** **.
**** ********* ****** ******'* ******* **** for *** ********, ********* *** ****** of * *************-** ****, ** ****** license, *** * ******* ************ ****:
** **** ***** ***** ********* ******** of *** **** ********. *** ***** probably ** * *************-** ****. *** would ** ** ****** ******* *******. One **** ** * *****, ******* subscription.
* *****, ****** ***** ** *** annual ******** ** ******* ************* *** products **** **** **** ***** ** front. ******* ** ** **** ***** companies ******* ***-****** ***** *** ***** calls--nobody *** *** ******* ***** ********* wanted ****.
**** **** **** ***** **** ***** solutions. *** ** ********* **** *** moving *** *** *** ** ****, they **** ***** ******* ** ***** private *******, **** ********** ******* ***** own ***. *** ****** ********** ** blowing ***** **** ***** ***/*** *** cloud *********. * *** **** * market ****** *** ***** *** *** not *** *********.
***** *******. * **** *** ********* they *** ****** *** ** **** of ***** **** *** ** *** right ***** * ***** *** **** we ******* ********* ** *** ****** manufactures ** **** *****. ***, * have *** ************ ***** *** **** paragraph:
*** ******** ******* ***** ** **** is * **** ******* ****** *** us. * ********** ********** ** ***** the *** ***** *** **** *****'* mean * ***'* ***** **** **.