[Click eStock] "Hanmi Semiconductor Maintains Competitiveness After HBM4"

DS Investment & Securities forecasted on the 29th that Hanmi Semiconductor will maintain its competitiveness even after HBM4. They newly issued a 'Buy' investment rating and set a target price of 190,000 KRW.

Lee Su-rim, a researcher at DS Investment & Securities, explained, "HBM4 requires 16-layer stacking at the existing height of 720μm, so the introduction of hybrid bonding was expected to be inevitable," adding, "However, as JEDEC relaxed the stacking height to 775μm, it is highly likely that the TC bonding method, which has higher yield and lower cost compared to hybrid bonding, will be maintained."

She continued, "Hanmi Semiconductor, which holds about 65% or more of the entire HBM TC bonder market share, will continue to benefit," and added, "Ultimately, the evolution to a hybrid bonding method is inevitable to achieve a higher number of stacks and lower height."

Furthermore, she analyzed, "Considering the technical difficulty, it is expected that the TC bonding method will be used concurrently until 2027?2028," and "Hanmi Semiconductor is also continuing the development of hybrid bonders, so concerns about a decrease in equipment demand are premature."

It is estimated to achieve sales of 541.8 billion KRW and operating profit of 211.3 billion KRW this year, representing increases of 241% and 511%, respectively, compared to last year.