Hanwha Techwin Sales Surge (H1 2022)
Hanwha Techwin's sales surged, far exceeding expectations, driven by extraordinarily high growth in the Americas.
In this note, we examine the company's Korean financials and what this means for Hanwha's positioning vs Axis, Bosch, Dahua, and Hikvision.
For background, see Hanwha Techwin Financials and Future Examined and Hanwha A Series Cameras Tested.
Financials **********
********, ****** *******'* ******* **** ~**% in ** ****, **** **** ****. 2021 ****-**** ******* *** ~$*** ******* and *** *** ******* ** ** pace *** $***+ ******* ******* ** 2022.
******* **** ****** *** *** ********, with ******** ******* ~**%. ****** *** $200+ ******* ** *** ******** ** just *** ***** * ****** ** 2022.
Beats ***********
*** **** *** ****** ************* **** last ****'* ******* ****** **** (~**%), Hanwha **** *** *** *********** ** shared **** **** ******* **** ****. For *******, ****** ********* ******** *******'* revenue ** * *****, ***** ** ~26% ****, ****** **** ****** ******* that **** ** *** ***** **** of *** ****.
Gain ******* ****
*** **** ****** ********** ****** *** Hanwha ** ******* ******* ****, *** continues ** *********** ******* ************ ************** ***** ************ ******.
******* ******* ***** ** ****** ******** taking ******** **** **** **** ** a ***** ****** ** ********* ************, as *********** *** *** ***** *** have **** ******* *** **** ****** switch ** ******. ** **** ***** similar **** ******* ***********.
Dahua / ********* / * ******
***********'* *** ******-**** * ****** *********** ****** *********** *********, ** *** not **** **** ****** ** ** sales ***** *** * ****** **** started ** ** **** ** *** end ** **. ** ** ****** it ** **** ****** ** **, though ** *** **** ******* ** be ****. *** **** **** *** Hanwha ** **** ***** ****** ******** with ***** *** *********, ********** ** the ***, **** *** ********** ** switching ** ****-********* *********. *** ********** though ** *** *** ***** ** the ******* *** **** ***** **** Hanwha **** **** ** **** * relatively ******* ****** ** ***** ** have * ***** ****** ** ***** increasing ****.
2023 ** ****
***** **** *** ******** ************ *** Hanwha ** ***, *** **** *** 2023 ** **** **** ********** *** project *********, *** **** ****** **** from ****** ** ****.
*** *** **** ********* ***:
(*) **** **** **** ******* ********* end? **** **** ********** *** *** they **** **** ***** ** *** a **** ******* ***, ***** **** has ************ **** ****** *** *********, we ******** ** **** *********** ******** about **** **** *****. *** ****** Axis ********* ****, *** **** ****** customers **** ***** **** ******. *******, if **** *** *** *** ********* more *******, ** **** **** **** win **** *********.
(*) *** **** **** *** ****** compete **** **** ********* **** ******** widely *********?**** *** ***** **** ********** (** is *** ***** ******* - *** our ********) *** **** **** **** ****-******* products (**** *********) ** **** **** a ****.
Market **********
*** ******* ***** ************ ****** (**-*** China) ** ******* **** **** ** approximately ~**%, *.*., *** ****** ** expanding *** **** ********.
**** ** *** ****** ************* *** taking *****, *.*., ********'* ***** ************ business ** ********* ~**% ******, ***** above *******, *** ************* **** **** Hanwha.
****'* ******* ** ********* **** ** 2022, ** **** *** **** * relative ***** *** ******.
*******'* ******* ** ***** ****** ******* (the ******* **** ** ****** ********) but ** ** *** ***** ** us *** **** ** **** ******* gain ***** **** ***** ************ ***** directly ****** ********* ***** **** *** many ***** ******* ******** (******, *******, alarm, ***** **********,******** **********, ***.).
***** *** ********* ******** ** **** outside ** *****, ****** **** ****** is ********* ****** ******* ** *** USA, ** *** ******* ***** **** various ***** ******.
Outlook *** ******
***** ****** *** ******** **** *** own ************ *** *** ****** *********** share ****** ***** **** ****, ** will ** ********* ** *** ** Hanwha *** ******** ***** ** ******* momentum ** ****. ** ***** ** is *********** ********** ** ******** **** growth **** (*** ******* ****** ** simply *** ******* **** ******) *** if **** *** **** **** **%+ next ****, **** ***** ******** ***** gains **** ** ******** ********** ******* Axis *** ******** ** * *******-***** competitor ** *** **** ******* *** American ******.
**** *** * ********* *******:** ****** **** **** **** ********
******** ** ******* *** ********* *** a **** ****** ** ********* **** to ****** *** **. * ***** the *** **** ***** ** * big ****** ** *** **, ** the ***** **** **** *** ** Axis ** ***********, ******** ** ***.
** **** *** ***** **** **** end ***** ***** ** ***** ***** in *** **** ***** *** *** can *** ***** ****** *******. **** their **** ***** ***** **** **** their ********.
"* *** ******* *******" ** *** most ******** ***** ***** ***** ** right ***.
* ***** ** ***** *** ** seems ****** *** ******* ********* ***** prices, ****** **** ****** **** ****** Hanwha * ***'* **** **** ******* to ***** **** *** ** *** rare ******** **** * **** * series ****** ** ********* **** *** less ********* **** ****** * ******. Didn't *** ** ** **** *** around.
****** ****’* ***** ***** ******, **** reduced ******** ******. 🤔
****** **** **** ************ ******** *** purse ******* **** ****** *** ******** to ******* ******’* **** *******, *** you’ll ******* ****** ****** ****** *** board.
***'* ****** **** *********'* ****** ***** getting **** *********, **** ** *** in *****. ***** ******* ******** **** getting *******, **** ** ********* ****'*.
**** *** ** ***** ** ******* the ******* ** ****** ** ******* subsidized ** *** ****** **********? * suppose **** ** * ***-***** *** most.
*% ** ****** ** ***** ** a ****** ****** ** *** ****** government. (****** ******* ****).
******* *% ** ****** ** ******** by ****** ******** *****.
****** ** * ***** ******* ********** in ***** *** *********** **** **** of ***** ********** ******** ** **** other ******* ** ***** **********.
* ******* **’* **** **** *** Koreans *** ***** ******* ** *** facilities ***** **** *** *** **** guys, *****? *********** *** **** **** within *** *** ******** ***** ***** had * ******** ************ *** ****** a ******. (***** ******** ** ***** - *********)
****** ******* **** **** ***** ** 84% ** ******** ***** ** ***** currency.
**** ***** ** **** ***** **. I'd ** ** ********** ** * was ** **** *****.