HD现代能源解决方案三季度营业利润低于共识41.3%，两日累计大跌后暂不追空

HD Hyundai Energy Solutions (322000.KS) extended losses for a second day after third-quarter results fell well short of expectations. A stronger won eroded profitability at the company's U.S. solar module business more than anticipated, and brokerages responded by cutting earnings forecasts and price targets, weighing on investor sentiment.
The stock traded at 84,100 won as of 3:15 p.m. on the 27th, down 12.67% from the previous session, according to the Korea Exchange. The decline followed a 17.78% plunge on the 26th, when the company released its results.
Third-quarter revenue rose 24.5% from a year earlier to 150.8 billion won, while operating profit climbed 39.0% to 20.4 billion won. Both figures grew, but fell far short of market expectations. Operating profit came in 41.3% below the consensus estimate of 34.9 billion won, and 46.5% below DS Investment & Securities' earlier forecast of 38.2 billion won.
The currency was the main culprit. The average won-dollar exchange rate fell 5.6% to 1,418 won in the third quarter from 1,502 won in the second, according to Kyobo Securities. With no currency hedging in place, the won value of dollar-denominated U.S. revenue shrank, while raw materials purchased at higher exchange rates in the second quarter flowed into third-quarter costs, squeezing margins from both sides. Kyobo Securities estimated the exchange-rate impact alone reduced operating profit by about 8.4 billion won.
Sales volumes themselves held up, analysts said. Kyobo Securities said domestic and U.S. shipments each rose 10% from the previous quarter and average selling prices held steady, leaving the underlying earnings structure intact. DS Investment & Securities also estimated that U.S. volumes posted the largest increase and that most high-cost raw materials had worked their way through.
Still, the scale of the earnings shortfall prompted brokerages to lower their expectations. DS Investment & Securities cut its earnings estimates for this year and next, lowering its price target to 170,000 won from 260,000 won. Kyobo Securities trimmed its operating profit forecast for this year by 21.7% to 115.4 billion won from 147.4 billion won, and for next year by 19.8% to 131.6 billion won from 164.0 billion won, cutting its price target to 184,000 won from 275,000 won.
The currency drag may ease in the fourth quarter. DS Investment & Securities projected operating profit will recover to 25.5 billion won as revenue from Hillsboro is fully reflected and U.S. inventories continue to draw down. A meaningful rebound in the share price, however, will require clarity on domestic capacity expansion and next year's business plan, the brokerage said. "For a meaningful share price gain to continue, whether the company expands domestic production facilities and the 2027 business plan reflecting that will be important," said An Joo-won, an analyst at DS Investment & Securities.