[Click eStock] "Hanmi Semiconductor, Orders Expected to Continue This Year"

Sangsangin Securities analyzed on the 5th that Hanmi Semiconductor is expected to receive additional orders this year due to the expansion plans of its customers' production capacity (Capa). The investment opinion 'Buy' and the target stock price of 74,000 KRW were maintained.

Sangsangin Securities forecasted that Hanmi Semiconductor's sales and operating profit for the fourth quarter of last year would reach 47 billion KRW and 10.9 billion KRW, respectively, representing decreases of 22.8% and 24.8% compared to the same period last year. Jung Min-gyu, a researcher at Sangsangin Securities, said, "In the fourth quarter, performance is expected to improve as additional bonder sales, which were not anticipated within the year, occurred due to the accelerated growth of the front-end industry (HBM). This is likely influenced by the recovery of MSVP sales as the semiconductor market in Greater China improves."

Sangsangin Securities projected that Hanmi Semiconductor's sales and operating profit for this year will increase by 188.5% and 467.5% year-on-year to 443.7 billion KRW and 153.7 billion KRW, respectively.

He explained, "In 2024, a supply shortage is expected due to strong demand for artificial intelligence (AI) GPUs. The launch timing of NVIDIA's H200 and B100, equipped with HBM3e, has been gradually advancing, and memory companies are expected to begin mass production of HBM3e as early as the first quarter." He added, "The recognition of Hanmi Semiconductor's TC bonder sales is also expected to begin in earnest from the first quarter."

Additional orders are also anticipated. He emphasized, "For TC bonders for HBM3e, exclusive supply to major customers is expected based on technological capabilities, and additional orders are expected due to customers' Capa expansion plans."

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