Hanmi Semiconductor Beats Q2 Estimates, CLSA Sets 325,000 KRW Target Price

According to CLSA analyst Harry Kim, Hanmi Semiconductor posted stronger-than-expected Q2 earnings, with revenue and operating profit beating market consensus by 8% and 13% respectively. The rebound, driven by Micron's solid order backlog (46% of total revenue) and SK Hynix's resumption of HBM4-related TC Bonder orders, marked the company's exit from two consecutive quarters of losses. Operating margins expanded sharply to 52%, supported by strong revenue growth and increased high-margin product mix.

CLSA maintained its "buy" rating and 325,000 KRW price target based on 2027–2028 earnings forecasts. The firm highlighted TC Bonder's dominant competitive position and identified MSVP (Multi-layer Substrate Via Packaging) as an emerging growth driver. H2 catalysts include potential entry into TSMC's CoWoS production expansion supply chain and possible additional Terafab equipment orders from domestic substrate manufacturers.