1. Hanmi Semiconductor Q2 Earnings: Analyzing the Shock
Hanmi Semiconductor reported KRW 180 billion in revenue and KRW 86.3 billion in operating profit for Q2 2025, missing market expectations by 3% and 6%, respectively. While revenue increased compared to Q1, the slowing growth rate is a cause for concern.
2. Unpacking the Underperformance: A Multifaceted Analysis
This earnings shock wasn’t caused by a single factor but rather a confluence of issues.
- Currency Fluctuations: The rise in the KRW/USD exchange rate negatively impacted Hanmi’s profitability, given its significant reliance on exports.
- Rising Raw Material Prices: The global economic slowdown and rising raw material prices likely increased cost pressures.
- Economic Slowdown: The global economic downturn led to decreased demand in the semiconductor market, impacting Hanmi’s performance.
- Increased Competition: Intensifying competition in the semiconductor market is also a suspected contributor to the earnings decline.
3. Investor Action Plan: Future Outlook and Strategies
While the stock price may decline in the short term, the growth of the HBM market offers a silver lining. Investors should pay close attention to the following:
- The company’s future management strategies and risk management plans
- Monitoring raw material prices and competitive landscape
- Analyzing HBM market growth trends
In the long term, the growth of the HBM market and the company’s ability to maintain its technological competitiveness will determine the stock’s trajectory.