[Click eStock] "Hancom Expected to Show Explosive Growth Potential Based on AI"

On November 24, IBK Investment & Securities analyzed that Hancom is demonstrating strong growth potential as it transitions into an artificial intelligence (AI)-focused company.

In the third quarter of this year, Hancom reported sales of 84.1 billion won, surpassing the consensus estimate of 83.3 billion won. However, its operating profit was 12.4 billion won, slightly below the market estimate of 14.1 billion won.

Lee Seunghoon, a researcher at IBK Investment & Securities, stated, "The company's top-line growth was driven by stable demand for on-premise software and robust growth in non-installation product lines such as SaaS and web office." He added, "Notably, the non-installation product lines grew by 56.3% year-on-year, driving the expansion of headquarters revenue."

However, Hancom Lifecare remained at a similar level to the previous year as some product contracts were deferred. On the cost side, advertising and promotional expenses increased by 29.1% year-on-year due to the rebranding process as an AI company, and labor costs also rose due to retroactive application of salary negotiations. Nevertheless, it is seen as positive that Hancom Lifecare achieved an operating profit of around 3 billion won for the second consecutive quarter.

Looking ahead, Hancom is focusing on expanding the public (B2G) market and growing its non-installation product lines as core strategies. Lee noted, "Accumulating public AI references through securing large-scale B2G projects, such as building AI systems for the National Assembly or the Ministry of the Interior and Safety, will be a key momentum." In addition, Hancom plans to accelerate its transition to a cloud- and AI-centered revenue structure by strengthening technological competitiveness through collaboration with LG AI Research Institute and launching new products such as Hancom Assistant, Web Office, Hancom AI Agent, and Assistant Edge.

Global business is also gaining momentum. Hancom is pursuing the establishment of an AI financial joint venture with Japan's Kiraboshi Financial Group and is strengthening its presence in the Japanese financial sector through 'Hancom Auth,' a biometric authentication solution jointly developed with FacePhi. Lee evaluated, "Hancom is entering a full-fledged growth phase by securing solid B2G-based references, launching new AI products, and expanding its global business."

This content was produced with the assistance of AI translation services.