韩美半导体二季度营业利润小幅超预期但股价盘中下跌

Hanmi Semiconductor posted second-quarter results that exceeded market expectations, driven by growing demand for high-bandwidth memory (HBM) equipment. Quarterly revenue reached a record high since the company's founding, and its quarterly operating margin surpassed 50% for the first time.
Hanmi Semiconductor (042700.KS) said it recorded consolidated revenue of 251.1 billion won and operating profit of 130.3 billion won in the second quarter. The figures represent increases of 39.5% and 51.0%, respectively, from a year earlier. The operating margin stood at 51.9%, the highest level on record.
Revenue was in line with the industry consensus estimate of 250.5 billion won based on the past month, while operating profit exceeded the consensus of 121 billion won by about 8%.
The earnings growth was led by rising demand for thermal compression (TC) bonders and micro saw and vision placement (MSVP) equipment for HBM, amid expanded investment in artificial intelligence (AI) semiconductors.
TC bonders are equipment that vertically stacks and bonds multiple DRAM chips during the HBM manufacturing process. As global memory makers began mass production of HBM4 (sixth generation) this year, Hanmi Semiconductor's supply of new equipment for HBM4 also increased.
With major memory makers preparing for mass production of HBM4E (seventh generation) from late this year to early next year, the company expects demand for next-generation TC bonders for 12-layer and 16-layer HBM to expand.
Hanmi Semiconductor is also accelerating the development of new equipment to address the next-generation HBM market. The company plans to unveil a prototype of its second-generation hybrid bonder late this year and launch a wide TC bonder in the first half of next year.
The second-generation hybrid bonder targets the market for HBM with 16 or more layers, which is expected to gain traction around 2029. The company aims to secure leadership in the next-generation bonding equipment market, following its existing TC bonders.
MSVP equipment also contributed to earnings growth. MSVP handles the processes of cutting, cleaning, drying, inspecting, sorting, and stacking semiconductor packages in a single machine. Orders have been increasing as panel-level packaging (PLP) is increasingly applied to AI semiconductors.
Hanmi Semiconductor has also launched three types of 2.5-dimensional (2.5D) packaging equipment targeting the AI system semiconductor market. It supplies the "2.5D TC Bonder 40" for chip-on-wafer processes and the "FC Bonder 3.5" and "FC Bonder 75" for wafer-on-substrate processes to global foundries and back-end processing companies.
"We will expand the supply of 2.5D packaging equipment in line with changes in AI semiconductor packaging technology," a Hanmi Semiconductor official said. "We will continue our growth by supplying customized equipment in a timely manner to the increasingly sophisticated AI packaging market."