Hanmi Semiconductor
Hanmi Semiconductor · Semiconductor Equipment
01Wall Street Consensus
02Earnings Results
※ Net income KRW 19.03B (-65.2% YoY). EPS surprise -47.87%, revenue surprise -40.74%
Key Takeaways
- Q1 revenue KRW 50.9B (-65.5% YoY) — missed consensus by 40.7%
- Q1 operating profit KRW 8.46B (-87.9% YoY) — earnings shock
- Net income KRW 19.03B (-65.2% YoY)
- HBM3E TC bonder orders peaked in 2025; HBM4 tools not yet recognized as revenue
- Market cap KRW 35T vs OP KRW 8.46B — market shock
- TC bonder market — three-way (Hanmi, ASMPT, Hanwha Semitech) diversification pressure
Key Checkpoints
- 01TC (Thermo-Compression) bonder order backlog — global #1 market share maintenance
- 02HBM packaging equipment demand — direct beneficiary of HBM3E/HBM4 capacity expansion
- 03New customer wins — expansion beyond SK Hynix to Samsung, Micron, and CXMT
- 04Revenue recognition timing — large equipment orders create quarterly lumpiness
- 05R&D spending on next-gen bonding technology for HBM4 and beyond
Upside Catalysts
- HBM capacity expansion cycle: every major memory maker increasing HBM production requiring TC bonders
- Samsung HBM4 ramp — new customer volume as Samsung invests aggressively to catch SK Hynix
- Technology moat: proprietary TC bonding process with highest yield rates in industry
- Micron HBM3E entry — additional customer diversification opportunity
- Advanced packaging secular trend: chiplet architecture driving long-term equipment demand
Risk Factors
- Customer concentration: SK Hynix represents majority of revenue — single-customer risk
- Order lumpiness: semiconductor equipment revenue highly cyclical and lumpy quarter-to-quarter
- Competition: ASM Pacific, Besi entering TC bonder market — pricing pressure risk
- KOSPI crash -4.37% dragging small/mid-cap Korean tech stocks disproportionately
- Valuation: trading at premium multiples — vulnerable to any order slowdown
1Final Verdict
Hanmi Semiconductor is the global #1 TC (Thermo-Compression) bonder maker, the critical equipment for HBM packaging. Consensus EPS ₩1,200, Revenue ₩180B.
As every major memory company races to expand HBM capacity, Hanmi sits at the center of the supply chain bottleneck. The company's TC bonders are essential for stacking HBM dies, and with HBM4 requiring even more precise bonding, Hanmi's technological lead provides a durable competitive advantage.
The risk is order timing — equipment revenue is inherently lumpy, and any quarterly miss could cause significant stock volatility, especially in the current risk-off KOSPI environment.
2Market Position & Growth
TC Bonder Leadership:
- Global #1 market share in thermo-compression bonding equipment
- Proprietary technology with highest yield rates
- Essential for HBM die stacking — no viable alternative process
Order Pipeline:
- SK Hynix: ongoing HBM3E expansion + HBM4 prep orders
- Samsung: aggressive investment to close HBM gap — new large customer
- Micron: entering HBM3E production — emerging customer
- Chinese memory (CXMT): potential future demand driver
Growth Drivers:
- HBM capacity expansion: industry capex increasing 30-40% YoY for HBM
- Advanced packaging trend: chiplets, 3D stacking all require bonding equipment
- Technology evolution: HBM4 requires next-gen bonders — upgrade cycle opportunity
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)