한미반도체

Business Overview

Hanmi Semiconductor is a semiconductor back-end (packaging/test) equipment manufacturer whose flagship product is the TC bonder (thermo-compression bonder), which precisely bonds DRAM under high temperature and high pressure in the HBM manufacturing process (source: ZDNet Korea, 2025-07-30; Sisa Journal-e). It launched HBM4 production equipment in 2025, and equipment for HBM5/HBM6 production is planned for launch in the second half of 2026 (E).

In 2021, the company invested KRW 37.5 billion in front-end equipment maker HPSP (a 12.50% stake), and reports indicate that combined corporate and CEO personal investments had realized cumulative gains of approximately KRW 479.5 billion (as reported on 2026-01-08). As of the year-end 2025 disclosure of equity investments in other companies, the HPSP stake had been significantly reduced to 0.39% (329,339 shares) (Business Report, fiscal year-end 2025-12-31).

5-Year Financial Trend

Revenue and operating profit fell sharply during the 2022-2023 semiconductor downturn (2023 revenue -51.5% YoY), but from 2024 onward, increased TC bonder supply amid rising HBM demand drove a sharp rebound in revenue and operating profit, with the operating margin settling in the 40% range (fnguide Company Guide, fiscal year-end 2025-12).

2026 Quarterly Earnings Volatility

Quarterly volatility is significant, reflecting the cyclicality inherent to the semiconductor back-end equipment industry; revenue and operating profit also fell sharply during the 2022-2023 downturn.

Competitive Landscape — HBM TC Bonder Market

Valuation (Factual Multiples)

The EPS and BPS above are simple calculations dividing by the period-end total shares outstanding, and may differ from official figures based on the weighted-average number of shares outstanding (official figures not available). Peer company Besi (BESI, Euronext) trades at a trailing multiple of 86.6x (as of 2026-07-24), consistent with the broader tendency of the semiconductor back-end equipment sector to trade at elevated multiples.

Supply-Demand Trends (Web Estimates — Not Cross-Checked)

Supply-demand data could not be cross-checked against primary sources due to the absence of an official KRX login; the figures below are all uncross-checked estimates based on secondary web sources (snapshot around the reference date 2026-07-29).

• Foreign net buying (estimate, not cross-checked): 2026-07-29 snapshot +254,154 shares (web estimate, alphasquare)
• Institutional net buying (estimate, not cross-checked): 2026-07-29 snapshot +49,001 shares (web estimate) · 2026-07-27 snapshot +61,860 (unit unclear)
• Retail net buying (estimate, not cross-checked): 2026-07-29 snapshot -300,539 shares (web estimate)
• Short-selling ratio (estimate, not cross-checked): 13.75% of trading volume (web estimate)
• Foreign ownership ratio (estimate, not cross-checked): 7.12-7.16% (web estimate, varies by source)

Cumulative foreign/institutional net buying, margin loan balances, and the foreign ownership limit utilization ratio are not available.

Ownership Structure & Disclosures

On 2025-05-22, CEO Kwak Dong-shin gifted 483,071 shares each to his two children, a fact corroborated by both the substantial shareholding disclosure and the change in related-party ownership (Business Report, fiscal year-end 2025-12-31, filing number 20260312001230). Mirae Asset Global Investments newly reported a 5.13% stake on 2026-02-11, expanded it to 7.67% by 2026-04-01, then reduced it to 4.97% by 2026-07-01 (based on substantial shareholding reports). The pledged (collateralized) share ratio held by the largest shareholder and related parties expanded from approximately 7.17% in August 2024 to approximately 11.77% in December 2025.

Macro Environment

SK hynix and Samsung Electronics' expanded 2026 capex for HBM4 capacity additions (each in the mid-KRW 30 trillion range, including approximately KRW 12 trillion for EUV, etc.) was found to be directly linked to Hanmi Semiconductor's TC bonder orders. US Department of Commerce export controls on HBM/TSV-related equipment have effectively blocked the sales channel to China, and on 2026-07-28~29 the KOSPI triggered circuit breakers for two consecutive days for the first time ever, with the semiconductor sector broadly declining sharply.

Recent News Timeline

• 2026-07-20: Disclosed plans to acquire a site of over 5,000 pyeong for an 8th plant near the existing 7th plant in Juan, Incheon — expected to be the largest production facility since the company's founding (reported based on primary disclosure)
• 2026-07-14: Announced Q2 2026 (preliminary) consolidated revenue of KRW 251.1 billion (quarterly record high) and operating profit of KRW 130.3 billion (operating margin 51.9%, quarterly record high)
• 2026-07-23: Foreign investors net sold KRW 139.9 billion worth of Hanmi Semiconductor shares over four trading days (7/20-23), while net buying SK hynix and Samsung Electronics heavily over the same period
• 2026-07-02: CEO Kwak Dong-shin disclosed plans for an additional KRW 5.0 billion share buyback (scheduled acquisition date 2026-07-30), bringing cumulative purchases to KRW 69.5 billion
• 2026-06-09 (based on contract-signing report): Disclosed an order for HBM4 manufacturing equipment worth KRW 44.2 billion (7.66% of revenue) from SK hynix
• 2026-05-15: Announced plans to establish a local subsidiary in San Jose, California, US — a base to address the US semiconductor supply chain
• 2026-02-27: Voluntary disclosures related to TC bonder orders fully suspended since mid-January (at customer's request); concurrently, investment in the Juan Industrial Complex site and facilities in Incheon underway to expand annual production capacity by 60%
• 2026-07-28~29 (reference, after the analysis date): Semiconductor sector broadly declined amid KOSPI circuit breakers triggered on two consecutive days; Hanmi Semiconductor fell in tandem (2026-07-29 close KRW 164,600, -5.13% vs previous day)

Points to Note

• Customer concentration with the largest client — specific customer-level revenue breakdowns are not available, and a September 2025 report (lower recency relative to the present) indicated that SK hynix order volumes had declined versus expectations, so the latest order trends should be reconfirmed.
• ASMPT won multiple HBM4 equipment orders from SK hynix in 2025, signaling signs of supply-chain diversification.
• Quarterly earnings volatility is significant — following Q1 2026 operating profit of KRW 8.4 billion (-87.9%), it swung sharply to KRW 130.3 billion in Q2, and revenue and operating profit also fell sharply during the 2022-2023 semiconductor downturn.
• In-house calculated PER of 73.3x and PBR of 22.7x (2025A basis) represent elevated multiples even within the semiconductor equipment sector.
• The pledged (collateralized) share ratio held by the largest shareholder and related parties expanded from approximately 7.17% in August 2024 to approximately 11.77% in December 2025.
• US-China semiconductor export controls present a channel through which restrictions on customers' China sales could indirectly affect equipment orders.