[Click eStock] "Hanmi Semiconductor to Strengthen No.1 Position in HBM TCB Equipment"

On October 24, LS Securities projected that Hanmi Semiconductor will expand its market share in TCB for high bandwidth memory (HBM) applications next year. The target price was raised by 50% to 180,000 won.

Cha Yongho, a researcher at LS Securities, stated, "We are revising down this year's earnings forecast due to delays in HBM4 equipment orders," but added, "For next year, we are raising our estimates for revenue by 14% and operating profit by 19%."

He continued, "TCB market share for North American clients is expected to remain at 90% in both 2025 and 2026, while for SK Hynix, it is projected to increase from 50% in 2025 to 60% in 2026."

He emphasized, "Compared to HBM3e, HBM4 presents a higher level of difficulty for TCB, and Hanmi Semiconductor, as the global leader in TCB equipment for HBM, will be able to showcase its technological prowess."

Researcher Cha estimated, "For the third quarter, consolidated revenue was likely 169.6 billion won, with operating profit at 85.3 billion won," and analyzed that "these figures represent downward revisions of 22% and 20%, respectively, from our previous estimates." He added, "Nvidia has raised its speed requirement for suppliers from 8Gbps to 10Gbps, which is delaying the HBM4 ramp-up, and the timing of equipment orders from HBM suppliers has also been postponed."