Three-year stock price has increased 16 times! HBM's biggest beneficiary, Hanmi Semiconductor (HANMI), what's driving the rally?

Benefiting from NVIDIA’s strong earnings report, Korean equipment stocks HANMI Semiconductor (042700.KS) saw its stock price rise nearly 50% during the last two trading days of last week. HANMI Semiconductor holds a 71.2% global market share in the production of Thermocompression Bonders (TC Bonder) used for high-bandwidth memory (HBM) manufacturing and is also Micron’s top supplier.

Memory stocks have sparked a frenzy in the Korean stock market, and Korean ETFs (EWY) in the U.S. are also being widely discussed. However, this surge involves not only SK Hynix and Samsung but also the Korean supply chain behind them.

HANMI Semiconductor Dominates 71% of the HBM Core Technology Market and Monopoly in TC Bonder

HANMI Semiconductor (042700.KS) is a leading South Korean semiconductor packaging equipment manufacturer, founded in 1980 and headquartered in Incheon. The company commands a 71.2% share of the global market for Thermocompression Bonders (TC Bonder) used in high-bandwidth memory (HBM) production, maintaining the top position worldwide.

As AI semiconductor demand explodes, the company has consecutively set new revenue records for two years, reaching 576.7 billion KRW in 2025. As of February 27, 2026, its stock price is 323,500 KRW, with a market capitalization of approximately 30.7 trillion KRW, up 374.3% over the past year.

HANMI Semiconductor focuses on R&D and manufacturing of advanced packaging equipment for the semiconductor backend process. Its core product lines include:

• HBM TC Bonder: used for precise stacking of memory chips under high temperature and pressure, the core equipment for HBM manufacturing
• Big Die FC Bonder: supports 75mm × 75mm large-area chips for 2.5D packaging, targeting GPUs and AI system semiconductors
• EMI Shield Equipment: used in aerospace, low-earth orbit satellite communications, and defense drones, holding the top market share
• Traditional packaging equipment such as Vision Placement, Laser Marking, and Auto Mold

In 2025, the company achieved a record-high revenue of 576.7 billion KRW, the highest since its founding in 1980, a 3.2% increase from 2024, marking the second consecutive year of record growth. Operating profit was 251.4 billion KRW, down 1.6% year-over-year, with an operating margin of 43.6%, the industry’s highest.

HANMI Semiconductor Named Micron’s Top Supplier and the Biggest Winner in HBM

The “2025 HBM TC Bonder Market Report” states that HANMI Semiconductor’s sales reached $247.7 million (about 3,660 billion KRW) by Q3 2025, holding a 71.2% share of the global TC Bonder market, ranking first. Samsung’s subsidiary SEMES holds 13.1%, and Korean companies together account for 87.5% of the global TC Bonder market.

In 2017, the company launched the world’s first “TSV Dual Stacking TC Bonder,” entering the HBM market and mastering all core TC Bonder technologies for NCF and MR-MUF types. In May 2025, it launched the “TC Bonder 4” designed specifically for HBM4, significantly improving yield and precision. In 2024, it received Micron’s “Top Supplier” award, successfully expanding its customer base from SK Hynix to other major memory manufacturers worldwide.

The Wide TC Bonder is considered a market focus because it can fill the gap caused by delays in the commercialization of Hybrid Bonder. The company is investing 100 billion KRW in a Hybrid Bonder factory in Jooan National Industrial Park, Seo District, Incheon, expected to be completed by the end of 2026. Once finished, the total production line area will reach 27,083 pyeong.

Product Generation Status

• TC Bonder 4: HBM4, mass production in 2025
• Wide TC Bonder: HBM5/HBM6, shipping in late 2026
• Next-generation Hybrid Bonder (16 layers or more): HBM, targeted for 2029, in communication with customers

HANMI Expands into FC Bonder, Challenging Japanese Companies

In September 2025, the company successfully supplied the “Big Die FC Bonder,” expanding from HBM memory to the 2.5D packaging market and directly challenging the long-standing dominance of Japanese firms in FC Bonder equipment. The device supports interposer packages up to 75mm × 75mm, far exceeding traditional 20mm × 20mm specifications.

In 2026, the company plans to launch AI semiconductor packaging equipment integrating GPU/CPU with HBM (Big Die TC Bonder, Big Die FC Bonder, Die Bonder), targeting wafer foundries and OSAT companies in China and Taiwan.

HANMI Semiconductor’s Stock Price Soars, Surpassing Analyst Targets Significantly

Notably, the current stock price (₩323,500) has far exceeded the target prices set by securities firms, reflecting extreme market optimism but also indicating a high valuation. The P/S ratio is approximately 47.7 times.

Securities Firm Investment Recommendations Target Price Key Basis

• LS Securities Buy ₩180,000 HBM TC Bonder market share expansion
• Leading Investment Securities Buy ₩240,000 Estimated 2026 revenue of 801 billion KRW

Micron raised its 2026 capital expenditure from $18 billion to $20 billion (about 29.3 trillion KRW) in December 2025, significantly expanding HBM capacity. As Micron’s top supplier, HANMI Semiconductor will directly benefit.

TechInsights predicts that after a brief normalization of the TC Bonder market in 2025, it will rebound strongly in 2026, with an estimated CAGR of about 13% through 2030. Major HBM producers (Samsung Electronics, SK Hynix, Micron, Chinese manufacturers) will mass-produce HBM4 in 2026, with HBM4E expected to enter mass production from late 2026 to early 2027, driving new demand for TC Bonder equipment.

Following NVIDIA’s better-than-expected earnings report, positive spillover effects boosted Korean HBM equipment stocks, with HANMI Semiconductor’s stock surging up to 15% intraday to a new high. Reports from Korea Economic Daily and others indicate that the “Thermocompression Bonder (TC Bonder)” market, a key component of HBM equipment, is dominated by HANMI Semiconductor with over 70% market share, giving it strong bargaining power over giants like SK Hynix, Samsung, and Micron.

This article “The stock has increased 16-fold in three years! What is driving HANMI Semiconductor (HANMI), the biggest beneficiary of HBM?” originally appeared on Chain News ABMedia.