HANMI Semiconductor (042700) Q4 2024 earnings summary

Executive summary

• 2024 saw explosive HBM demand growth, driving record sales and profits; Hanmi Semiconductor solidified its global No.1 position in advanced packaging bonders, expanding its customer base to include Micron alongside SK Hynix.

• Revenue reached KRW 558.9 billion, operating income KRW 255.4 billion, and net income KRW 152.6 billion, all historic highs for the company.

• The company expects continued HBM and AI-related equipment demand, with new product launches and market expansion planned.

Financial highlights

• Revenue: KRW 558,917 million, up 251.5% year-over-year from KRW 159,009 million.

• Operating income: KRW 255,392 million, up 638.7% year-over-year; operating margin 45.7%.

• Net income: KRW 152,614 million, down 42.9% year-over-year due to one-off gains in the prior year.

• Cash and equivalents: KRW 103,966 million, down 42.2% from prior year.

• Total assets: KRW 710,872 million, down 1.8% year-over-year.

Outlook and guidance

• HBM and AI semiconductor market expected to expand further, with HBM market projected to grow 157% in 2025.

• Hanmi plans to supply advanced bonders for next-gen HBM and CoWoS markets, targeting further global growth.

• Anticipates continued strong demand for EMI Shield and other AI-related equipment.