As Hanmi Semiconductor's stock price rebounded sharply, market attention is once again focused on its TC bonder business for high-bandwidth memory (HBM). However, the current situation cannot be fully explained simply by its distance from past record highs or the volume of foreign buying in a single day. This is because, unlike the sharp improvement in Q2 2026 performance, cumulative first-half results declined year-on-year.

28% Surge, Q2 Earnings Rebound Is Key

On July 31, Hanmi Semiconductor closed at 214,500 won on the KOSPI market, up 27.98% from the previous trading day. It recorded an opening price of 195,600 won, an intraday high of 217,000 won, a low of 193,200 won, and a trading volume of 2,174,359 shares.

The background of the surge can be found in the magnitude of the Q2 earnings rebound. On a consolidated basis, Q2 2026 revenue was 251.16 billion won, up 39.5% year-on-year, while operating profit was 130.34 billion won, up 51.0%. Compared to the previous quarter, revenue surged 393.4% and operating profit soared 1,441.4%.

It is also notable that the increase in operating profit outpaced revenue growth. The simply calculated Q2 operating margin was approximately 51.9%, suggesting that sales of high-margin equipment were heavily reflected in this quarter.

'Two Faces of First-Half Performance'… Q1 Slump, Q2 Concentration

However, it is difficult to conclude that the entire annual trend has improved based solely on Q2 standalone results. Cumulative revenue for the first half of 2026 stood at 302.06 billion won, with an operating profit of 138.8 billion won, down 7.7% and 11.0%, respectively, compared to the same period last year.

This structure shows that while Q1 performance was relatively sluggish, sales and profit were concentrated in Q2. In fact, Q2 revenue accounted for approximately 83.1% of total first-half revenue, and Q2 accounted for about 93.9% of operating profit. This is why, when assessing future performance, it is necessary to verify whether equipment deliveries and revenue recognition continue into Q3 and beyond, rather than relying on one quarter of strong results.

TC Bonder Orders for HBM4: Expectations Becoming Tangible

Equipment orders for HBM4 are also being confirmed with concrete numbers. In June, Hanmi Semiconductor announced that it had signed a supply contract for the 'TC BONDER 4.5 GRIFFIN' equipment for HBM4 manufacturing, with a contract value of 44.2 billion won. This demonstrates that the market's previously vague expectations for HBM growth are translating into actual equipment orders.

A TC bonder is equipment that precisely bonds DRAM chips using heat and pressure to stack them into multiple layers. In its regulatory filings, Hanmi Semiconductor describes the HBM TC bonder as essential equipment for producing high-stack HBM, such as 12-layer and 16-layer configurations. As HBM generations advance and the number of stacking layers increases, bonding precision and production yield management become increasingly critical.

Changing Competitive Landscape… Supply Chain Diversification as a New Variable

However, the competitive environment in the TC bonder market is shifting from the past. As clients diversify their equipment supply chains and domestic and international equipment makers enter the HBM bonding equipment market, Hanmi Semiconductor's performance may be affected not only by the overall HBM market growth rate but also by order volumes per client and the proportion of equipment adoption.

52-Week High of 426,000 Won Is Not a Target Price

The 52-week high of 426,000 won, frequently cited in existing data, should not be interpreted as a target price for the current stock. The July 31 closing price of 214,500 won is about 49.6% below the record high, but returning to that high from the current price would require an increase of approximately 98.6%. The percentage decline and the percentage gain required to recover the principal are calculated differently.

Target prices and investment ratings must also be verified alongside the reference date and the number of participating securities firms. If recently published reports are scarce or include outdated estimates, simple average values may not accurately reflect current earnings forecasts.

What to Watch: H2 Performance Continuity and Order Conversion

The core issue surrounding Hanmi Semiconductor is not how far the stock is from its past record high. More direct indicators to watch include whether the revenue and operating profit concentrated in Q2 will continue into the second half, whether TC bonder orders for HBM4 will convert into actual deliveries and revenue, and whether the company can maintain its share of equipment within clients amid supply chain diversification.

A 27.98% surge in a single day demonstrates a rapid recovery in investor sentiment. However, the fact that the majority of first-half performance was concentrated in Q2 suggests that the continuity of quarterly earnings going forward must also be closely examined.

[This article is for reference purposes for investment decisions and does not recommend the purchase or sale of any specific stock. Responsibility for stock investments lies with the investor. This article was written with AI assistance.]