With the advent of the AI era, the importance of High Bandwidth Memory (HBM) is increasing. As an essential element for fast data processing, the market for equipment used in HBM manufacturing is heating up. Hanmi Semiconductor is at the heart of this.
Hanmi Semiconductor boasts unparalleled technological prowess in the field of TC Bonder (Thermal Compression Bonder), a key piece of equipment for HBM production, leading the market. Through long-standing cooperation with SK Hynix, it has significantly contributed to the growth of the HBM market, and recently expanded its base to other major clients such as Micron. Let's delve into Hanmi Semiconductor's HBM-related technology development status and future prospects.
HBM is created by vertically stacking multiple DRAM chips. This process requires precise joining of each layer, a task performed by the TC Bonder. It demands advanced technology to attach chips to the precise location using heat and pressure. Hanmi Semiconductor holds the world's largest market share in this TC Bonder market, and boasts an overwhelming market share of over 90% in the TC Bonder market for HBM3E 12-layer production, the latest technology. Based on this technological prowess, the company achieved record-breaking results last year.
Hanmi Semiconductor is not stopping there and is accelerating its technology development to secure the next-generation HBM4 market. Recently, it has garnered attention by releasing the 'TC Bonder4', a dedicated equipment for HBM4 production. HBM4 is expected to have significantly improved performance, with a 60% increase in speed and a 70% reduction in power consumption compared to HBM3E. In particular, with the possibility of stacking up to 16 layers, higher-precision bonding technology has become crucial. Hanmi Semiconductor emphasizes that the 'TC Bonder4' meets the high-precision requirements of HBM4, boasting improved productivity and precision compared to competitors.
Efforts are actively underway to diversify its customer base, moving away from its high dependence on SK Hynix. In particular, the expansion of TC Bonder supply to Micron in the US is securing a new growth engine. As Micron plans to significantly expand its HBM production capacity, Hanmi Semiconductor is expected to benefit. It is also maintaining a close collaborative relationship, as evidenced by its participation in the groundbreaking ceremony for Micron's new HBM packaging plant in Singapore. With this, it aims to reduce its sales dependence on SK Hynix to 40% by 2027.
With the rapid growth of the HBM market, the pursuit of competitors is intensifying. In particular, Hanwha Semitek's new entry into the HBM TC Bonder market is creating a competitive landscape with Hanmi Semiconductor. Intense competition is underway, including patent infringement lawsuits. In this competitive environment, Hanmi Semiconductor's strategy is to widen the technological gap and further strengthen its market leadership through continuous R&D investment. It is also focusing on the development of new products such as AI 2.5D package-type big die TC Bonder and next-generation HBM4 production-type fluxless bonder.
Hanmi Semiconductor is expected to experience significant growth in 2025, driven by the growth of the HBM market. KB Securities forecasts that Hanmi Semiconductor will surpass KRW 1 trillion in sales in 2025 through increased TC Bonder sales. Although some analyses suggest that the first-quarter 2025 results may fall short of market expectations, it is anticipated that overseas sales expansion will drive growth. In particular, increased TC Bonder orders from Micron and expanded demand from the Chinese market are expected to have a positive impact.
For Hanmi Semiconductor, re-establishing its relationship with SK Hynix, managing the competition with Hanwha Semitek, and securing next-generation technologies such as hybrid bonding remain important challenges. While some conflicts have surfaced as SK Hynix pursues supply chain diversification, there is also potential for amicable resolution considering their previously close collaborative relationship. In the competition with Hanwha Semitek, maintaining market share based on technological superiority is crucial, and proactively securing future technologies such as hybrid bonding is necessary to further strengthen competitiveness. The explosive growth of the HBM market is expected to continue, and if Hanmi Semiconductor utilizes these opportunities well, it can solidify its position in the global semiconductor equipment market.
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