KOSPI · back-end equipment · HBM TC bonder
Hanmi Semiconductor
A Korean back-end equipment maker that has been the primary supplier of thermocompression (TC) bonders — the core HBM-stacking tool — to SK hynix. FY2025 revenue of ₩576.7B with operating profit of ₩251.4B (44% operating margin) reflects near-monopoly economics. But that monopoly is now shaking: ASMPT joined SK hynix's supply base in late 2024 and HBM4 has become a three-way contest among Hanmi, Hanwha Semitech and ASMPT — with customer diversification into Micron (its No.2 customer) and Samsung, and the process shift toward hybrid bonding led by BESI, forming the two axes of re-rating.
042700.KS Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Hanmi Semiconductor is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 13 dated sources, 6 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ₩576.7B (FY2025 consolidated)
- Operating profit · ₩251.4B
- Net income · ₩214B
- Segments · HBM TC bonder
Revenue from
- SK hynix High confidence· Contract value ₩44.2B · 2026-06-08 · Single-supply contract (latest)
HBM TC bonder single-supply contract series (DART primary): ₩42.8B (May'25) → ₩1.6B (Nov'25) → ₩9.7B (Jan'26) → ₩44.2B (Jun'26).Confirms KO DART (FSS Electronic Disclosure) Published Jun 8, 2026: Hanmi single-supply contract (SK hynix, ₩44.2B)Confirms KO DART (FSS Electronic Disclosure) Published Jan 14, 2026: Hanmi single-supply contract (SK hynix, ₩9.7B)Confirms KO DART (FSS Electronic Disclosure) Published Nov 14, 2025: Hanmi single-supply contract (SK hynix, ₩1.6B)Confirms KO DART (FSS Electronic Disclosure) Published May 16, 2025: Hanmi single-supply contract (SK hynix, ₩42.8B) - Micron Technology High confidence· Contract value ₩22.6B · 2024 · first Micron TC bonder contract (14.2% of revenue)
Supplies HBM TC bonders (Dual TC Bonder Tiger) to Micron. After the first KRW 22.6B contract (Taiwan fab) disclosed in Apr 2024, it kept shipping in undisclosed batches at Micron's request, with ~50 units reportedly reordered in 2025. Micron is its No.2 customer after SK hynix.Confirms KO SisaJournal-e Published Feb 9, 2026: Hanmi keeps supplying Micron in undisclosed batchesConfirms EN TrendForce Published Apr 24, 2025: Hanmi Semiconductor sees strong TC bonder demand from MicronConfirms KO Asia Business Daily Published Apr 11, 2024: Hanmi Semiconductor signs first HBM TC bonder supply deal with Micron (KRW 22.6B) - ASE Technology High confidence· Contract value ₩8B · 2025-05-27 · Single-supply contract (Taiwan ASE)
TC bonder supply. Single-supply contract with Taiwan OSAT ASE (DART primary). ₩8.05B, 2025-05-27.Confirms KO DART (FSS Electronic Disclosure) Published May 28, 2025: Hanmi single-supply contract (ASE, 2025-05-27) - Samsung Electronics Medium confidence
Supplies HBM TC bonders to Samsung (shared supplier with SK hynix).Confirms KO Aju Business Daily Published Feb 25, 2026: [Exclusive] Samsung Electronics in TC bonder supply talks with Hanmi Semiconductor... diversifying HBM back-end supply chainMentions EN TrendForce Published Apr 23, 2025: [News] The TC Bonder Drama: Could Hanmi's Supply Shift the HBM Race Between Micron, SK hynix, and Samsung?
Pays to
- component & module suppliers (Bonder Modules 外) Medium confidence· Purchases ₩153.2B · FY2025 · Raw materials (bonder modules and equipment parts)
Buys parts and modules for TC bonder manufacturing. 84.46% of raw-material purchases. The filing discloses items and amounts but not supplier names.Confirms KO DART (FSS Electronic Disclosure) Published Mar 12, 2026: Hanmi Semiconductor business report (2025.12) - subcontract processing partners Medium confidence· Purchases ₩28.2B · FY2025 · Subcontract processing
Subcontract assembly and processing. 15.54% of raw-material purchases. Supplier not disclosed.Confirms KO DART (FSS Electronic Disclosure) Published Mar 12, 2026: Hanmi Semiconductor business report (2025.12)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Hanmi Semiconductor | node | +98.5 | -21.7 | +313.1 | +93.7 | +87.9 | +5.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
Hanmi's thesis is a transition down from the peak of monopoly into a three-way fight. As the primary TC-bonder supplier to SK hynix, it enjoyed monopoly-grade economics — FY2025 revenue of ₩576.7B at a 44% operating margin — where results are HBM capacity investment times TC-bonder share. The cracks come from two directions. First, ASMPT joined SK's supply base in late 2024 and HBM4 has become a three-way contest among Hanmi, Hanwha Semitech and ASMPT (including a Hanmi-Hanwha patent suit) that unsettles share. Second, as pitch scaling forces stacking from TC bonding toward hybrid bonding (led by BESI), the tool generation itself could be displaced. The defense is customer diversification — Micron became its No.2 customer via the 'Tiger' dual TC bonder, and Samsung is in talks for HBM4 supply. Re-rating triggers are HBM4 bonder-share resolution, Micron/Samsung revenue contribution, and the timing of the hybrid-bonding transition.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩237,500 · Price ₩222,000 (07-10) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| BofA Securities (Merrill Lynch) · Simon Wu | Buy | ₩300,000 | Feb 23, 2026 | Report ↗ |
| Leading Investment & Securities | Buy | ₩240,000 | Feb 13, 2026 | Report ↗ |
| Eugene Investment & Securities | Buy | ₩230,000 | Jan 27, 2026 | Report ↗ |
| LS Securities | Buy | ₩180,000 | Oct 24, 2025 | Report ↗ |
Upgraded Neutral to Buy, KRW300,000 target; 50%+ HBM TC bonder share at SK Hynix and Micron with 40%+ margins.