1. Hana Micron H1 2025 Earnings Analysis: A Mixed Bag

Hana Micron achieved consolidated revenue of KRW 311.7 billion (+15.9% YoY) in H1 2025. Robust growth in the semiconductor manufacturing and materials segments drove revenue growth, but operating profit declined to KRW 11.7 billion (-29% YoY), indicating weakened profitability. Net income reached KRW 570 million, marking a return to profitability, albeit on a limited scale. The debt-to-equity ratio rose slightly to 229.38% compared to the end of the previous year, while operating cash flow improved significantly to KRW 42 billion.

2. Segment-wise Growth Drivers and Risk Analysis

  • Semiconductor Manufacturing: Despite revenue growth, declining profitability poses a challenge. The company aims to improve profitability by expanding its high-value-added memory and non-memory businesses.
  • Semiconductor Materials: Sustained robust growth is driven by a unique competitive edge in silicon components for etching processes.
  • R&D: The company focuses on developing next-generation packaging and SiC components, maintaining an R&D ratio of 2.75% to 3.17%.

3. Market Environment Analysis and Investment Strategies

The growing demand for AI and automotive semiconductors is a positive factor, but the global economic slowdown and geopolitical risks are downside pressures. The continued weakness of the Korean Won against the US dollar negatively impacts exporting companies. A potential decrease in US and European interest rates is expected to alleviate financial burdens. Volatility in international oil prices can affect raw material and logistics costs.

Investors should carefully analyze the IR presentation, assessing the feasibility of the presented strategies and overall semiconductor industry sentiment. Close attention should be paid to the company’s profitability improvement plan and its strategy for navigating the macroeconomic environment.