We will begin the presentation of Hanwha Solutions' first quarter of 2025. Good afternoon. I am Yoon An Sik, CFO of Hanwha Solutions. I would like to thank everyone for joining the call today. I will brief you on the business performance, financials, and outlook by segment for the first quarter of 2025. First, the company's performance during the first quarter of 2025. Please turn to page 8 of the presentation. In the first quarter of 2024, the consolidated revenue declined by about 33% QoQ to a record KRW 3,094.5 billion due to the sales of the power generation asset and declining EPC sales and motor shipment. Despite the improving performance of the renewable division, the consolidated operating profit declined by 72% QoQ to a record KRW 30.3 billion due to the maintenance cost of the chemical division.
Pre-tax profit was negative KRW 68.1 billion, and the net profit was negative KRW 30.2 billion. For detailed performance by segment, please refer to the bottom of page 8 of the presentation. Next, on financials. Please turn to page 9. As of the end of first quarter 2025, the total assets increased by KRW 444.7 billion from the end of last year to KRW 30,481 billion, and the cash and cash equivalents decreased by KRW 215 billion to KRW 2,095 billion. Total liabilities increased by KRW 612 billion from the end of last year to KRW 20,042 billion, and the borrowing increased by KRW 1,067 billion to KRW 13,789 billion, and the net borrowing increased by KRW 1,283 billion to KRW 11,694 billion.
As of the end of the first quarter 2025, the debt-to-equity ratio increased by 9 percentage points from the end of last year to 192%, and the net debt ratio rose by 14 percentage points to 112%. Next, I will brief you on the performance by segment for the first quarter of 2025. First, renewable energy. In the first quarter, while the revenue from the sales of the power generation asset and the EPC segment declined, the operating profit increased by 125% QoQ to a record KRW 136.2 billion due to the base effect of the one-time expense of the previous quarter and the improving performance of the residential energy business. As the module ASP and the shipment are expected to increase in the second quarter, we predict that the operating profit will continue to increase.
The revenue guidance for the second quarter of the power generation asset sales and EPC business is around KRW 400 billion-KRW 500 billion. Next, on chemical segment. In the first quarter, the operating loss grew to KRW 91.2 billion due to the large-scale regular maintenance carried over from the previous quarter. The profitability is expected to improve in the second quarter due to the base effect of the turnaround and the solid performance of key products. Next, advanced materials. In Q1, the operating loss slightly narrowed due to the high utilization of the new solar plant, offsetting the pressure from the higher raw material cost for lightweight composite material. The operating profit for Q2 is expected to improve, driven by higher sales to major clients. Next, on equity method income.
In Q1, the equity method income turned to profit due to improved market conditions for major chemical products and the rise in Hanwha Ocean's stock price. Despite continued improvements in some chemical products markets, the equity method income is expected to decline due to the reduced impact from Hanwha Ocean's stock price fluctuation. This concludes the presentation. Thank you very much for listening.
* and 1 buttons on your phone. To cancel your question, please press the * and 2 buttons.
Now Q&A session will begin. Please press * one, that is * and one, if you have any questions. Questions will be taken according to the order you have pressed the number * one. For cancellation, please press * two, that is * and two on your phone.
처음으로 질문해 주실 분은 미래에셋증권의 이진호 님입니다.
The first question will be provided by Jin Ho Lee from Mirae Asset Securities. Please go ahead with your question.
네, 안녕하십니까. 미래에셋증권 이진호입니다. 제 질문 기회를 주셔서 감사합니다. 저는 세 가지 질문을 드리고 싶습니다. 먼저 첫 번째는 신재생에너지 부문의 주택용 에너지 산업 사업에 대한 질문입니다. 아마 TPO 사업 쪽인 것으로 파악이 되는데, 혹시 해당 사업 모델과 향후 가이던스에 대해서 조금 설명해 주시면 감사하겠습니다. 두 번째는 셀 웨이퍼 공장에 대한 질문입니다. 업데이트된 창업 가능 시점은 언제인지, 그리고 연말까지 풀 캐파로 램프업하겠다는 일정은 변함없으신지 궁금합니다. 세 번째는 관세, ADCVD에 대한 질문인데요. 해당 관세로 인해서 중국 수입량이 앞으로 확 줄어들 것이라는 기대감이 좀 있는데요. 혹시 향후 수입량이나 그리고 저희의 재고나 이런 것에 대해서 코멘트해 주실 분이 있으시면 말씀 부탁드리겠습니다. 감사합니다.
Thank you for the opportunity. I have three questions for you, and they are mostly about the renewable energy. First, about the renewable energy, it seems that on the residential business side, it seems that you are operating the TPO. Could you elaborate on the business model and possibly share with us the guidance for the year? The second question is about the cell and wafer plant. You have shared with us earlier the schedule to have those plants fully operational, and is there any updates to the schedule? The plan to have the facility fully operational by the end of this year still holds true. The third question is about the dumping, the ADC, and the duties, rather, AD and the CVD.
With those in effect, it's expected to happen anytime soon, and that will bring about the imports from China declining greatly. If you can, please share with us some comments about your expectations about the import volume into the U.S., market and the inventory level.
increase in profit from the residential energy business. We have now classified the residential energy business in the presentation materials and indicated it this time. First of all, various activities are contributing in a complex way to the operating profit of the residential energy business. This includes not only the ABS securitization we mentioned before, but also TPO asset sales and other financial services related to the residential energy business.
To answer your first question, the operating profit of the renewable energy has increased thanks to the stronger performance from the residential energy business, and we have decided that it will make sense to have it separated out so it is reflected in the presentation from this quarter and onwards. That is the result of the combination of many different actions and activities, namely the securitization of ABS and the sales of the TPO assets and the financing services that we are offering to the consumers.
이번 1분기에 주택용 에너지 사업에서 한 22% 정도의 높은 이익률과 성장세를 보였는데요. 가이던스 같은 경우는 아직 사업 초기 단계인 만큼 좀 구체적인 성장률, 이 가이던스에 대해서는 제시하기는 지금은 어려운 상황입니다. 하지만 저희 미국 주택용 태양광 시장의 구조적인 성장과 저희의 경쟁력이 맞물리면서 중장기적으로는 지속적인 성장이 기대되는 비즈니스라고 말씀드릴 수 있겠습니다.
Because of those combined efforts, in the first quarter of this year, the OPM we recorded in this area was 22%, and this area grew quite significantly. In terms of the guidance, as this is a very early phase of this business overall, we believe that it will be a bit too premature to share any guidance figure yet. Just to share with you the general trend or the tendency that we expect to see from this business is that based upon the structural growth that is expected in the U.S., residential market and also our strategic direction, we expect this business to grow steadily in the mid to long term.
실제로도 시장 전망치를 보면 미국 주택용 시장은 금리 부담으로 2024년 한때 위축되었으나 2025년부터는 회복돼서 장기적으로 2035년까지 연평균 약 8%의 성장이 전망이 되고 있고요. 지금 저희가 영위하고 있는 TPO 사업 같은 경우는 고객이 초기 설치비 부담 없이 시스템을 사용할 수 있어서 금리가 좀 높은 상황에서도 경쟁력을 유지하고 있고, 그러기에 시장 내에서도 지속적인 성장이 기대된다고 말씀드릴 수 있겠습니다.
If I may share with you the market forecast, it's because of the high rate, high interest rate, the overall residential solar market declined slightly in 2024, but it rebounded in 2025, and the trend is expected to continue until 2035, and the expected annual growth rate of this market is around 8%. The TPO is a segment that we are offering services to, and it is extremely beneficial to the consumers because they can install these products without making a huge initial investment. Because of that reason, even though the market rate is very relatively high, we are offering the TPO at a relatively comparative fashion.
그리고 두 번째 질문하신 미국에서의 인곳 웨이퍼 셀 가동 시점은 일단은 2025년 중반 이후에 완공돼서 연말에 초기 생산 들어갈 것으로 예상이 됩니다.
About the schedule for the U.S., plant for ingot, wafer, and cell, there is no major change to our schedule. We expect the construction of this facility to be completed sometime after the middle part of 2025. We will start the production by the end of 2025.
and generally, inventory levels are inferred based on U.S., production volume, installation demand, and import volume. However, there is a time lag in the release of such data, and especially in the case of production volume, it is difficult to determine competitors' utilization rates, so it is challenging to accurately estimate the inventory level.
Let me try to respond to you about your question about the inventory level of the modules in the U.S., market. Of course, as you are well aware, there is no official data. The best possible option to actually conjecture this data is to calculate based upon the production volume of a respective manufacturer and to calculate the demand for the installation and the amount that are imported from outside of the U.S., It all boils down to the differences in the date of the respective data. Especially for the production volume of the competition, we have only the limited visibility, so we cannot predict the actual figure.
다만 최근에 월별 모듈 수입량이 감소하는 추세이고 설치 수요도 양호한 수준을 보이고 있어서 재고 부담은 점차 완화되고 있는 것으로 추정이 됩니다. 그리고 실제로도 4분기부터는 모듈 설치량이 수입량을 상회하면서 3분기 대비 재고는 감소한 것으로 보여지고 있습니다. 다만 재고 부담이 완전히 해소되는 시점을 단정하기는 아직 어려운 상황이다라고 말씀드릴 수 있겠습니다.
If we follow the monthly trend of the modules in the U.S., market, the import is declining, meanwhile the installation is maintaining at an average pace. That can be translated into the alleviation of the inventory pressure. We have witnessed from the fourth quarter and onwards that while the demand for the installation maintains, the inventory levels is about, or the demand, it's still there. We believe that the situation will improve, but it's difficult to actually predict from when the inventory pressure will go away completely.
다음으로 질문해 주실 분은 JPMorgan의 Parsley Ong님입니다.
The following question will be presented by Parsley Ong from JPMorgan. Please go ahead with your question.
Hi, thank you for the chance to ask questions. I have two questions. The first is on your residential energy business. Thank you for your elaboration earlier, but can I just clarify? Is this basically related to EnFin, your residential solar financing business? Out of that KRW 129 billion OP that you booked in first quarter 2025, how much of it was sort of one-off in nature, like securitization of ABS, etc.? What kind of margin would you say is a normal industry margin for residential solar financing business? Earlier you mentioned that the industry grows at 8% CAGR, I assume, revenue. Is that the kind of growth rate we can expect for your solar financing business over the next few years? What kind of competitive edge does Hanwha have versus some of the other solar financing companies in the US market?
The second question is on your module shipment and price or margin outlook. Could you share with us in first quarter what was your shipment trend? How much was the IRA AMPC? What is your expectation for 2Q shipments and for full year 2025? Is there any change to your guidance? In terms of U.S., module prices, are you starting, when do you expect, are you starting to see an improvement and stabilization, and do you expect some kind of recovery? Thank you.
explain it in detail, but just to confirm, I would like to ask again whether this residential energy is related to the financing subsidiary, EnFin. Also, the operating profit has now been updated to KRW 190 billion, and if possible, could you share how much of this is from ABS securitization or one-off costs, and how the rest is composed? If you could share that, I would appreciate it. Also, regarding this margin, could you share what the industry standard margin level is? Earlier, you mentioned that the compound annual growth rate over the next 10 years would be about 8%. Should we expect that Hanwha Solutions' solar financing segment can also achieve this level of growth? Additionally, compared to other solar financing companies operating in the United States, what are Hanwha Solutions' competitive advantages? For the second question, I would like to ask about module shipments and related segment details.
1분기에 시그먼트와 관련된 어떤 그런 추세가 있었는지, IRA 그리고 AMPC로 잡은 금액이 어느 정도 되는지에 대해서 말씀 부탁드리겠습니다. 그리고 마찬가지로 2분기에도 시그먼트, 그리고 이런 어떤 정도로 예상을 하고 계시는지, 그리고 2025년 총 1년 동안의 가이던스가 혹시 변경되거나 하진 않았는지 말씀 부탁드리겠습니다. 그리고 마지막으로 혹시 모듈 가격 관련해서도 혹시 미국에서 안정화가 되고 있다, 회복되고 있다라고 보고 계시는지에 대한 답변도 같이 부탁드립니다.
Q1 sales volume would decrease by about 40% compared to Q4, and in fact, the Q1 module sales volume decreased by about 40% compared to Q4. As for AMPC, last year about KRW 190 billion was reflected, and in Q4 last year about KRW 190 billion was reflected. We mentioned that a similar level of AMPC amount would be reflected in Q1 this year, and the AMPC amount reflected in Q1 this year was KRW 183.9 billion, maintaining a similar level to the previous quarter.
Let me first respond to you about the module shipments and IRA AMPC for the first quarter of this year. In the previous earnings call for the fourth quarter of 2024, we shared with you that for the first quarter of this year, the shipment will decline by about 40% QoQ, and we believe that our expectation turned out to be truth. For the AMPC, the KRW 190 billion was what we had booked for the fourth quarter of last year. During the previous call, we also said that the AMPC amount that we will record into our books will be in the same range, and it was the case as well. We have booked KRW 183.9 billion for the first quarter of this year.
2분기 모듈 판매량은 1분기 대비 약 10% 정도 증가할 것으로 예상이 되고, 저희가 올해 판매량 가이던스를 약 9기가 내외로 말씀드렸는데, 여기서 가이던스는 유지하는 걸로 말씀드리겠습니다. 그리고 2분기 AMPC는 1분기 대비 증가한 약 KRW 200,000,000,000 초반대로 봐주시면 될 것 같습니다.
For the second quarter shipment and AMPC, we expect the shipment to grow by 10% quarter on quarter, and the AMPC will be about early KRW 200 billion range. For the whole year 2025, we maintain the guidance that we have shared with you earlier, which was 9 gigawatt.
그리고 ASP 관련해서 좀 트렌드를 말씀을 드리면, 사실 1분기에도 ASP가 살짝 소폭 상승했고, 2분기 같은 경우도 당사의 ASP는 상승 흐름을 이어갈 것으로 보고 있습니다. 이는 미국에서 시행 중인 다양한 관세 정책이 시장에 효과적으로 작용하고 있다라고 이해해 주시면 되겠습니다.
As for the ASP, yes, we have witnessed some marginal growth in the ASP in the first quarter, and we expect that trend will continue down on the second quarter as well. I believe that that is thanks to the variety of other policies that the U.S., government has implemented on this product and also involving tariffs.
그래서 모듈 가격을 구체적인 수치로 공개할 수는 없지만, 현재 미국 내 모듈 가격은 저점에서 조금씩 상승하는 것으로 추세 전환했다라고 보여지고요. 최근 발표된 동남아산 관세 영향으로 인해 미국 시장에서 경쟁력을 잃어가는 기업들이 점차 발생하고 있고, 저희는 미국 내에 생산 설비를 보유하고 있어서 이에 보다 좀 유연하고 효과적으로 대응이 가능합니다. 따라서 저희는 보다 경쟁력 있는 생산 설비를 바탕으로 모듈 가격 상승 시 수익성 개선도 가능할 것으로 예상을 하고 있습니다.
Of course, we cannot disclose exactly how the module price is at this moment, but the general trend is that it is starting to bottom out, and that is the general trend for the module price for the U.S., market. Because of the recent announcement on the new tariffs for the exporter of the modules from Southeast Asia, some companies are losing competitiveness in the U.S., market. Meanwhile, we do maintain the local manufacturing facilities in the United States, so that enables us to be more flexible and efficient in responding to any fluctuation in the market. With that, as a competitive advantage, we believe that we can expect that profitability will go even higher with the recovery of module price.
먼저 저희가 미국 주택용 시장에서 경쟁사 대비 좀 차별화된 점에 대해서 말씀을 드리겠습니다.
Let me respond to you or elaborate our competitive advantage in the residential energy market.
TPO model in the U.S. First, other competitors are companies with a business model focused on installation and sales, and they do not have module manufacturing facilities in the U.S., On the other hand, we have large-scale manufacturing facilities locally in the U.S., so we operate a portfolio that includes profits from modules and other materials.
For the TPO services that we are offering in the U.S., market, there are two definite competitive advantages that we have over the other players in the U.S., market. They are mostly focused on the installation and the sales, and they do not necessarily own the manufacturing facilities in the United States. Meanwhile, we do own a massive manufacturing complex in the United States, so that means that we can expect additional profit and revenue from the modules and the other parts and the material that goes into this business.
그리고 ABS 유동화랑 TPO 같은 경우는 일회성은 아니고 매분기 발생할 것으로 예상을 하고 있습니다. 그리고 하지만 저희 주택용 에너지 사업에서는 론보다는 TPO의 비중이 증가할 것으로 예상됨에 따라서 ABS 유동화에 따른 수익 인식보다는 TPO에서 발생하는 수익이 빠르게 커질 것으로 예상을 합니다.
Our profit includes the profit from the ABS securitization and the TPO as a sales as well. Because of the nature of this residential energy business, we expect the share will be larger from the securitization or larger from the TPO rather than from the securitization of ABS.
미국 태양광 사업 관련 금융 서비스를 제공하는 경쟁사는 다양한 금융사들이 유사한 서비스를 제공하고 있습니다.
As for the solar financing companies, as you have rightly mentioned, there are many different players offering many different types of financing schemes.
그리고 제가 앞서 말씀드렸던 2035년까지 연평균 8%의 성장은 미국 전체 시장의 주택용 시장의 성장률이고, 이것이 저희 회사의 주택용 에너지 사업의 성장률을 대변할 수는 없지만 저희 내부적으로도 이와 더불어서 같이 큰 성장을 기대하고 있고, 가이던스는 지금 현재 제공드리기는 어려우나 나중에 사업이 좀 더 안정화되면 수치적으로 가이던스를 제공해 드릴 수 있을 것으로 보입니다.
About the CAGR of 8%, that is what is being predicted for the overall U.S., residential energy business market for the year 2035. We believe that our business will grow in the similar range. As I have said earlier, the business is still in a very early phase, so we cannot share any guidance as of yet. Once the business is more stabilized, I hope that we can share the figure with you earlier.
다음으로 질문해 주실 분은 Hana Securities의 Yoon Jae-seong 님입니다.
The following question will be presented by Jae Sung Yoon from Hana Securities. Please go ahead with your question.
네, 하나증권 윤재성입니다. 질문 기회 감사합니다. 두 가지 질문 있고요. 일단 첫 번째는 개발 자산 매각과 EPC 관련해서 작년 1, 2분기도 보면 매출액이 적었을 때 적자를 냈던 바가 있는데, 이번 2분기 같은 경우도 매출 가이던스가 그렇게 높지는 않은 것 같아서 2분기에도 적자를 예상하면 될지에 대한 의견 부탁드리고요. 두 번째는 지금 미국 내 환경이 조금씩 나아지는 것 같습니다, 모듈 쪽이. 근데 지금 현재 미국 내 중국 지분이 들어간 태양광 모듈 설비가 전체 캐파의 한 40% 정도 되는 걸로 알고 있는데, 이 업체들에 대한 보조금이 지속될 수 있을지에 대해서 미국 정부의 스탠스가 어떻게 될지 회사가 내부적으로 생각하시는 부분이 있다면 말씀 좀 부탁드립니다.
Thank you for the opportunity. I have two questions as well. The first is about the sales of the power generation asset sales and the EPC. If I remember the performance of the first quarter of last year, you recorded the loss, and it seems that in the second quarter of this year, am I correct to forecast that you will also record the loss, and it will be some kind of a seasonality? The second question is about the U.S., module market. You said that it is turning around, it is improving. If I recall correctly, about 40% of the total capacity in the U.S., market has some kind of the Chinese ownership inside. Do you believe that the U.S., government will continue the subsidy, offering subsidy to those companies as well?
through some small-scale sales and EPC. Looking at the data so far, it seems that you understand there tends to be a loss when the sales are not large. In most cases, that is true, but it is not necessarily the case every quarter. For the second quarter, we are providing revenue guidance of KRW 400 billion-KRW 500 billion, mainly focused on EPC rather than sales. As you know, we do not officially provide guidance related to profitability. As I mentioned earlier, if there are sales, there tends to be some improvement in performance, but the absence of sales does not necessarily mean performance will worsen, so please note that this can vary each quarter.
Let me respond to your first question about the sales of the power generation asset in the first quarter of this year. There was the minor sales of the development asset and the EPC. Because of that reason, we have recorded the revenue of KRW 419 billion and the operating loss of KRW 41.8 billion. In the second quarter, we expect the EPC revenue to, we'll focus on the EPC business and the figure will be around KRW 400-500 billion. It is our policy to not disclose the profitability-related figure as a guidance. You might think that when there is a massive sales in our power development asset, then there is improvement in the profitability. Without, then there is no profit. It is not necessarily the case. There will be some kind of fluctuation on a quarter-to-quarter basis.
in the U.S., but if actual production and subsequent sales have taken place in the U.S., it is considered that they are eligible to receive it.
For the Chinese companies operational in the U.S., manufacturing and selling those products, of course we cannot verify if and when they have received that AMPC, but they are eligible.
현재 IRA 정책은 그대로 유지되고 있으며 이에 대한 미국 정부의 스탠스는 우리가 미리 예측하는 것은 어렵습니다. 다만 현재까지 알려진 내용을 바탕으로 예측해 본다면 큰 변화는 없을 것으로 예상합니다.
It is the U.S., government's position to maintain the RA. Of course, we cannot predict any possible change in the government's position in the future. According to what has happened so far, we do not expect any major change any time soon.
마지막으로 질문해 주실 분은 삼성증권의 조현결입니다.
The last question will be presented by Hyun-woo Cho from Samsung Securities. Please go ahead with your question.
네, 안녕하세요. 스포츠코 조현결입니다. 주택용 에너지 사업에 대해서 몇 가지 여쭤보려고 하는데요. 작년에 금융 부문을 별도로 기재해서 응시를 해주셨는데 이번 1분기부터는 주택용 에너지로 바뀌었는데 작년에 실적이 주택용 에너지가 그 작년에 보여주셨던 금융 부분만 보면 되는 건지 아니면 그거 플러스 알파가 있었는지가 궁금하고요. 두 번째로는 주택용 에너지 사업이 이렇게 수익성이 되게 좋은 데에 있어서는 혹시 주택용 에너지를 설치할 때 TPO 비즈니스 같은 경우에는 아마 ITC 30% 받는 걸 저희가 아마 수혜를 누릴 것 같은데 그 효과가 좀 지대했던 건지가 궁금합니다. 마지막으로 세 번째는 사실 지금 주택용 에너지를 빼고 보면 모듈 제조는 여전히 마이너스 20% 정도의 영업 이익률을 기록하고 있는 걸로 보이는데 앞서 말씀주신 것처럼 태양광 모듈 업체들이 아직 금융 비즈니스를 안 하고 있고 금융 업체들이 많이 하고 있다면 지금 미국에 있는 태양광 모듈 업체들도 이 금융 비즈니스에 빠르게 치어들려고 노력을 할 것 같은데 혹시 그런 움직임이 포착되시는지 그렇게 됐을 때 수익성이 지금보다 내려갈 가능성이 있을지 말씀 주시면 감사하겠습니다.
Three questions about the residential energy business. Last year you have separated your performance for the financial sectors, but now you have decided to actually separate the residential energy business. Am I correct to actually predict or look into the performance of the residential energy business last year by looking at the performance of the financial segment last year? The second question is that the residential energy business, the profitability is pretty strong. Is it because of the residential TPO you are eligible for the ITC of 30%? The third question is that if you look into the module manufacturing only, the OPM is still very negative, about minus 20%. So far there are only the financing companies that are offering the solar financing in this market and not the solar module manufacturer that are offering the financing services yet.
Considering such a high profitability of the residential solar business or the energy business, do you expect the conventional or existing solar module manufacturing to diversify their business model to enter into the solar financing business as well?
than KRW 100 billion. In the fourth quarter last year, a profit was recorded due to ABS securitization recognition for installment financing, but the full-scale reflection of sales and profit from the TPO-related energy business began in the first quarter this year, so you can understand that the profit increased significantly compared to the previous quarter.
For the operating profit of the residential energy business for the fourth quarter of last year, it was about KRW 20 billion. In the first quarter of this year, it went up by KRW 100 billion. For the fourth quarter of last year, we have captured the ABS securitization of the instrument financing. There was practically no TPO-related revenue recognized. That started to be recorded into the books from the first quarter of this year. That has contributed to such a strong growth in our revenue and also operating profit.
그리고 저희가 주택용 에너지 사업에서의 수익성이 좋은 이유에 대해서 말씀을 드리면 저희는 우선 제조부터 판매, 설치까지 수직 계열화된 구조를 구축하고 있고 이를 기반으로 과거에도 주택용 태양광 시장에서 높은 점유율과 수익성을 기록한 바 있습니다. 최근 미국의 기준 금리 인하 그리고 과거 누적된 대기 수요의 본격적인 해소로 인해서 주택용 시장의 빠른 회복세가 감지되고 있는데요. 당사 같은 경우는 이미 보유하고 있던 주택용 시장 내 경쟁력을 바탕으로 이 주택용 에너지 사업에서 빠르게 성장하고 있고 수익성 또한 경쟁사 대비 양호한 수준을 유지하고 있습니다.
Also, to elaborate on high profitability in the residential energy business, we do have the vertically integrated structure from manufacturing, sales, and installation and onwards. That is why we have had a very strong presence in the residential solar market and the profitability as well. Now, in the U.S., market, the rate is going down and there has been the pent-up demand for this service. We are witnessing the fast recovery of the residential energy business. Utilizing our traditional competitive advantage in this area, we are growing very rapidly with a very healthy profit.