Hanmi Semiconductor (042700)

[Business Overview] Hanmi Semiconductor is Korea's leading manufacturer of TC bonders — the back-end packaging equipment used to stack HBM (High Bandwidth Memory) dies via TSV (Through-Silicon Via). Hanmi is the dominant supplier to SK Hynix's HBM3/HBM3E lines and a qualified supplier to Micron, with growing share at Samsung. [Core Competitiveness] Hanmi's moat is technology leadership in TC bonder thermal compression bonding — the most critical and constrained step in HBM stacking yield. SK Hynix's HBM dominance has translated directly into Hanmi's order book; the company is one of the purest "AI infrastructure pick-and-shovel" plays in Korea. [Earnings Analysis] 2024–2025 revenue and operating profit grew sharply on HBM CapEx surge from SK Hynix. Order backlog provides multi-quarter revenue visibility. [Financial Health] Net cash balance sheet. Strong free-cash-flow generation supports both R&D investment in next-gen bonders (hybrid bonding) and shareholder returns. [Outlook] HBM CapEx pace at SK Hynix and Micron, hybrid-bonding qualification (the next packaging technology), and any Samsung HBM3E ramp acceleration are the principal swing factors. Risks include HBM CapEx slowdown and competitive entry from Japanese / Taiwanese equipment makers.