iM Securities analyzed that Hanwha Ocean is solidly building its mid- to long-term growth foundation based on a stable order backlog and industry-leading profitability.

Amid the competitive landscape within the shipbuilding industry, the pace at which Hanwha Ocean secures production capacity is drawing attention. According to iM Securities, Hanwha Ocean's scheduled deliveries for 2028 total 34 vessels, which is somewhat fewer compared to similar shipbuilders. However, it has secured 23 slots for 2029 deliveries, filling about half of its total production capacity, and is evaluated to be rapidly narrowing the gap with its competitors.

In terms of profitability, improvement in the commercial ship sector is particularly notable. Hanwha Ocean is assessed to achieve an operating margin of 18% in its commercial ship business in the first quarter of 2026, even excluding one-off factors. This signifies that the company has established the industry's most stable profit resilience and fundamentals, going beyond the simple effect of improved shipbuilding industry conditions.

New growth drivers in the defense sector, as well as the commercial sector, are also drawing market attention. Following the government's announcement of the "Republic of Korea Nuclear-Powered Submarine Basic Plan" in May of this year, the Ministry of National Defense set a goal of launching the lead ship in the mid-2030s. This is a more aggressive schedule than market expectations. Accordingly, Hanwha Ocean, which possesses submarine construction technology and special ship business capabilities, is highly likely to emerge as a key beneficiary when the nuclear-powered submarine project gets underway in earnest.

The securities industry diagnosed that Hanwha Ocean is simultaneously securing overwhelming profitability in the commercial ship sector and expectations for the expansion of its special ship business, thereby completing a "dual-axis growth structure" spanning both commercial and defense sectors. With expectations for new defense sector businesses added to the fundamental momentum of securing an order backlog and production slots, the company's mid- to long-term growth prospects are expected to be further strengthened.

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