HANMI Semiconductor (A042700) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ₩200.8 billion, up 26.3% year-over-year, driven by strong demand for semiconductor manufacturing equipment, especially HBM-related products.

• Operating income surged to ₩84.1 billion, a 143% increase compared to H1 2023, reflecting improved gross margins and cost control.

• Net income attributable to shareholders was ₩57.8 billion, down from ₩267.2 billion in H1 2023, which included a one-time gain from equity investment reclassification.

• The company maintained a robust financial position with a net capital ratio of 78.9% and cash and equivalents of ₩344.5 billion.

• Major investments included new R&D facilities and a factory site acquisition to support future growth.

Financial highlights

• Revenue: ₩200.8 billion (H1 2024), up from ₩159.0 billion (H1 2023).

• Operating income: ₩84.1 billion, up from ₩34.6 billion year-over-year.

• Net income: ₩57.8 billion, compared to ₩267.2 billion in H1 2023 (which included ₩192.0 billion in one-off investment gains).

• EPS: ₩599, down from ₩2,753 in H1 2023.

• Cash and equivalents: ₩344.5 billion at June 30, 2024.

Outlook and guidance

• Expects continued strong demand for HBM and AI-related semiconductor equipment, with further sales growth anticipated in the second half.

• Ongoing investments in R&D and production capacity to capture expanding market opportunities in AI, automotive, and 6G sectors.

• No specific quantitative guidance provided for full-year 2024.