Hanmi Semiconductor, a South Korean chip equipment maker specializing in high-bandwidth memory (HBM) technology, saw its revenue surge 2.5-fold in 2024, outpacing the 102% growth of its key client, SK Hynix. The company’s Thermo Compression Bonder (TC Bonder), an essential tool for HBM production, has benefited from soaring global demand for artificial intelligence (AI) semiconductors.
Holding a commanding 70% share of the global HBM TC Bonder market, Hanmi dominates the sector. However, competition is heating up as new players, including South Korean conglomerate Hanwha Group, seek to challenge its position, intensifying the battle in the semiconductor equipment supply chain.
HBM, a critical component in AI chips, stacks multiple DRAM layers to boost processing speed. The TC Bonder applies heat and pressure to fuse these layers, ensuring structural stability. Hanmi Semiconductor pioneered this technology alongside SK Hynix in 2017, cementing its role as a key supplier as SK Hynix became the primary HBM provider for Nvidia’s AI chips.
Booming demand for HBM equipment propelled Hanmi’s operating profit to 255.4 billion won ($192 million) in 2024, a staggering 639% increase from the previous year. Samsung Electronics, which employs a different manufacturing process for HBM, does not use Hanmi’s TC Bonder.
To reduce its reliance on SK Hynix, Hanmi is expanding its customer base. CLSA estimates that SK Hynix accounted for 74% of Hanmi’s TC Bonder sales in 2024 but projects that share will drop to 40% by 2027 as the company diversifies. Hanmi secured Micron Technology as a client in 2024, breaking the U.S. chipmaker’s dependence on Japanese supplier Shinkawa Ltd.
J.P. Morgan expects the HBM TC Bonder market to more than triple, growing from $461 million in 2024 to $1.5 billion by 2027. Hanwha Group, looking to capitalize on this expansion, has entered the market through its semiconductor subsidiary, Hanwha Semitech.
Hanwha Semitech began developing TC Bonder technology in 2020 and commercialized it in 2024. At the SEMICON Korea trade show in February, it showcased its “3D Stack” technology, which reduces chip size. Hanwha Semitech Vice President Kim Dong-seon, the third son of Hanwha Group Chairman Kim Seung-youn, said the company aims to carve out market share through proprietary innovations.
The rivalry between Hanmi and Hanwha is escalating. In December 2024, Hanmi sued Hanwha Semitech for alleged patent infringement. Separately, Hanmi won a legal battle against a former employee who joined Hanwha Semitech, with courts ruling in its favor in both the first and second trials over unfair competition claims. Hanwha Semitech has denied the allegations, calling them baseless.
For AI chipmakers like SK Hynix, increased competition among equipment suppliers could be a boon, strengthening supply chain resilience and improving pricing leverage. SK Hynix is currently testing TC Bonder equipment from Hanwha Semitech and Singapore-based ASMPT to diversify its supplier base. Industry sources indicate ASMPT’s equipment could be incorporated into the production of SK Hynix’s fifth-generation HBM3E 16-layer products.
