Hanmi Semiconductor (042700)

Hanmi Semiconductor, established in 1980, is a specialized semiconductor equipment company that primarily develops and manufactures semiconductor post-processing equipment. Its core products include the 'TC Bonder (Thermal Compression Bonder)', essential for High Bandwidth Memory (HBM) production, and 'Micro Saw & Vision Placement (MSVP)', which cuts, cleans, inspects, and sorts semiconductor packages. The company also supplies 'EMI Shield' equipment used in the aerospace and low-earth orbit satellite communication markets. Approximately 70% of 2025 revenue is expected to come from TC Bonders, and the revenue contribution of MSVP equipment also increased by approximately 1.8 times in 2025 compared to 2024. Key customers include SK Hynix and Micron, and discussions for TC Bonder supply with Samsung Electronics are also underway. Hanmi Semiconductor holds the top position in the HBM TC Bonder market with an overwhelming global market share of 71.2%, and has maintained its world No. 1 position in the Micro Saw & Vision Placement (MSVP) market for 23 consecutive years. The company boasts unparalleled technological prowess, holding over 270 patents, including more than 120 HBM-related equipment patents, and possesses the original technology for all NCF and MR-MUF type TC Bonders for HBM production. Furthermore, through vertical integration, producing over 90% of its components in-house, the company ensures the precision and durability of its equipment. Hanmi Semiconductor's revenue decreased by 51.5% year-over-year to KRW 159 billion in 2023, but showed a recovery, surging by 251.5% to KRW 558.9 billion in 2024. In 2025, revenue grew by 3.2% year-over-year to KRW 576.7 billion. Operating income decreased by 69.1% year-over-year to KRW 34.6 billion in 2023, but significantly increased by 638.2% to KRW 255.4 billion in 2024. In 2025, operating income slightly decreased by 1.6% year-over-year to KRW 251.4 billion. Operating profit margin declined from 34.15% in 2022 to 21.76% in 2023, but maintained high profitability at 45.69% in 2024 and 43.59% in 2025. In the third quarter of 2025, the company recorded revenue of KRW -13.8 billion and operating income of KRW -18.5 billion. Hanmi Semiconductor's financial health is very sound. As of 2025, the debt-to-equity ratio is a very low 17.82%, indicating a stable financial structure. The current ratio is 410.65%, demonstrating excellent short-term debt repayment capability. Return on Equity (ROE) recorded 31.00% in 2025, indicating high capital efficiency and profitability. Hanmi Semiconductor is projected for continuous growth, driven by the rapid expansion of the AI semiconductor market and the anticipated explosive increase in HBM demand. Following the 'TC Bonder 4' for HBM4, the company plans to launch 'Wide TC Bonder' for HBM5 and HBM6 production, invest in hybrid bonder technology, and expand its business into AI system semiconductor packaging equipment. Furthermore, by diversifying its customer base beyond SK Hynix to include Micron and Samsung Electronics, the company is expected to further solidify its market position.