Hanmi Semiconductor Expected to Benefit from Expanded Foundry Investment

[Asia Economy Reporter Ji-hwan Park] Hanwha Investment & Securities recommended buying Hanmi Semiconductor on the 3rd, expecting benefits from expanded foundry investments and increased difficulty in back-end processes.

Researcher Soonhak Lee of Hanwha Investment & Securities stated, "Hanmi Semiconductor has been in the spotlight until the first half of this year, but due to the exceptionally strong performance in Q2, the stock price has been adjusting in the second half. Since the trend of expanding foundry and back-end process investments is just beginning, we recommend buying at the current stock price."

Hanmi Semiconductor's main equipment is Vision Placement, which performs cutting, cleaning, drying, inspection, sorting, and stacking functions for semiconductor packages. As of the first half of the year, this equipment accounts for 59% of total sales. The company's major customers are global semiconductor back-end process companies, and as foundry investments increase, demand for Hanmi Semiconductor's equipment also rises. Recently, the difficulty of back-end processes such as 2.5D and 3D packaging has increased, and since there are limited equipment suppliers capable of addressing these challenges, orders tend to concentrate on established companies like Hanmi Semiconductor, which is also considered a beneficial factor.

On September 27, Hanmi Semiconductor significantly raised its sales guidance for this year from 308 billion KRW to 390 billion KRW through a public announcement. This revised guidance represents a 52% growth compared to the previous year. Researcher Soonhak Lee said, "With a cumulative operating profit margin of 31% in the first half, a simple application suggests that operating profit this year will exceed 120 billion KRW." Although the stock price experienced adjustments after the Q2 surprise performance, the long-term growth potential remains valid. At the end of this year, the new strip grinder equipment for Advanced Packaging will be mass-produced and supplied, and next year, the TC Bonder equipment is expected to receive approval, indicating anticipated growth through portfolio diversification.

The company has maintained outstanding technological capabilities in the semiconductor back-end process equipment field. Recently, foundry investment competition has intensified, and new fab constructions are being discussed in the US and Europe, making the joint expansion of back-end process companies at each base more visible. Researcher Soonhak Lee emphasized, "Demand for back-end process equipment is expected to increase for at least three more years," adding, "With profitability improvements through microSAW internalization and growth through product diversification, the corporate value is expected to continue rising."

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