[Click e-Stock] "Hanmi Semiconductor, Key Beneficiary of the AI Memory Supercycle"

On January 20, Leading Investment & Securities projected that Hanmi Semiconductor would continue its unrivaled structural growth by expanding the strengths of its existing 'TC Bonder' even during the transition to the next generation of high-bandwidth memory (HBM). The target stock price was raised to 2.4 million won.

Yoo Seongman, a researcher at Leading Investment & Securities, stated, "The core growth driver for Hanmi Semiconductor is its technological leadership, which remains intact even amid changes in HBM generations," adding, "Last year, Hanmi Semiconductor established a mass production system for the TC BONDER 4 to respond to HBM4 (6th generation)."

He continued, "Even as package specifications transition to a 16-Hi, 2048-bit structure, the application of the TC Bonder will remain," and explained, "For HBM4 height (approximately 775μm) as specified by JEDEC, the TC Bonder is fully capable of handling the requirements."

Furthermore, he emphasized, "Even for the next generation, HBM4E 16-Hi, the TC Bonder is expected to serve as the main process. Only in ultra-high stack and some segments of HBM5 will hybrid and fluxless bonders play a supplementary role."

Researcher Yoo analyzed, "Hanmi Semiconductor is solidifying its product roadmap to secure a lead in the next-generation market," and added, "The company plans to launch the Wide TC Bonder by the end of this year." He further stated, "Hanmi Semiconductor is currently investing about 100 billion won to build a hybrid bonder factory with a total floor area of approximately 14,600 square meters."

He predicted, "The TC Bonder market is expected to grow at an average annual rate of about 13% from this year through 2030," and added, "Given Hanmi Semiconductor's overwhelming market share, the company is highly likely to enjoy sales and profit leverage that outpaces market growth."