[Click eStock] "Hanmi Semiconductor Meets 3Q Expectations, Aiming for Mid- to Long-Term Growth with New Equipment"

3Q Operating Profit 30.9 Billion KRW... 25% Increase YoY
Expectations for High Growth in 'Advanced Packaging'

[Asia Economy Reporter Minwoo Lee] Hanmi Semiconductor posted results in the third quarter of this year that largely met expectations. Since 2022, new equipment has benefited from the expansion of back-end processes, which is expected to drive mid- to long-term growth.

On the 22nd, Samsung Securities evaluated Hanmi Semiconductor's third-quarter results in this way, maintaining a 'Buy' investment rating and a target price of 47,000 KRW. The closing price the previous day was 30,150 KRW.

Hanmi Semiconductor recorded consolidated sales of 91.7 billion KRW and operating profit of 30.9 billion KRW in the third quarter of this year. These figures represent increases of 17.71% and 24.38%, respectively, compared to the same period last year. Sales fell short of market consensus by 5.81%, but operating profit exceeded expectations by 5.11%. The rise in profit margins in the camera module segment and increased sales of flip chip bonders (FC bonders) were considered key factors.

The expansion of back-end processes is seen as a mid- to long-term growth driver. Hanmi Semiconductor's new equipment is aligned with the structural growth of back-end processes known as 'Advanced Packaging.' Researcher Hyunki Bae of Samsung Securities stated, "The growth rates of strip grinders and vision inspection equipment could reach around 20% annually, matching the average annual growth rate of advanced packaging over the next five years," adding, "The share of VP 8.0 equipment, which is estimated to have about a 50% premium in average selling price, could increase to around 20% next year in Hanmi Semiconductor's vision placement (VP) equipment."

Therefore, the mid- to long-term growth potential is considered valid. Researcher Bae explained, "The achievement of sales around 390 billion KRW this year, which Hanmi Semiconductor has already announced, is reflected in the stock price, so attention is focused on additional growth next year," and added, "The gradual expansion of mid- to long-term advanced back-end process high growth, along with rising profit margins and dividends, is expected to continuously attract interest from domestic and international investors."

This content was produced with the assistance of AI translation services.