"Hanmi Semiconductor Maintains Strong Results on Overseas Orders... Target Price Held at 500,000 Won"[Click eStock]

On July 15, global investment bank Merrill Lynch maintained its target price of 500,000 won and a 'Buy' rating for Hanmi Semiconductor, stating that the company continues to deliver robust results based on overseas order growth.

In its report released that day, Merrill Lynch commented, "Hanmi Semiconductor achieved its highest-ever quarterly sales and operating profit, surpassing both market consensus and previous projections."

Merrill Lynch identified Micron as the primary growth driver, explaining that the company has exceptionally ramped up orders for TC bonders to expand high-bandwidth memory (HBM) post-processing capacity. This extraordinary increase more than offset the slowdown in TC bonder investment and weak shipments from domestic clients. The report also found that demand from China has remained solid, with new TC bonder exports estimated to have exceeded domestic sales.

Merrill Lynch forecast Hanmi Semiconductor's annual results this year at 831 billion won in revenue and 406 billion won in operating profit (with an operating margin of 48.9%). The outlook is underpinned by the announcement from domestic memory semiconductor companies, who, with government support, have revealed capital expenditure plans exceeding 1 trillion dollars. As a result, TC bonder demand for Hanmi Semiconductor—including hybrid bonding equipment—is expected to remain strong beyond 2030, not just in Yongin and Pyeongtaek but also around new semiconductor clusters in the Honam region.

Merrill Lynch added, "Orders for non-HBM products such as NAND Flash, HBF, logic bonding, and micro-saw are also rising sharply," emphasizing that "Hanmi Semiconductor should be recognized as a key beneficiary of the upcoming memory supercycle, during which record-setting investments in facilities are expected over the next several years."

This content was produced with the assistance of AI translation services.