한화그룹의 반도체·우주 전략, '기술적 도약'과 '현실적 과제' 사이의 줄타기 > K-wave Trends

Hanwha Semitech's semiconductor equipment business is currently at an important inflection point in line with SK Hynix's supply chain diversification policy. Hanwha Semitech supplies thermocompression (TC) bonders, which are the core of high-bandwidth memory (HBM) production, to SK Hynix, forming a fierce competition with Hanmi Semiconductor. Recently, the company has expanded its technological scope by supplying a next-generation hybrid bonding integrated system using the die-to-wafer (D2W) method, but market evaluations are still mixed. As operating losses accumulated due to gaps in past orders, the financial burden increased, and unusual situations such as providing large amounts of collateral to meet the customer's strict technical requirements were created. Nevertheless, the prevailing view is that equipment orders will pick up again as SK Hynix's HBM4 mass production begins in earnest, and this will be a decisive opportunity for Hanwha Semitech to achieve a return to profit.

Technological advancement in the semiconductor equipment sector serves as a bridge for Hanwha Group to advance into the space industry. It is a notable achievement that semiconductor packaging equipment developed by Hanwha Semitech entered Elon Musk's SpaceX supply chain through a Singapore OSAT company. Although the initial supply is limited to a few dozen units, this symbolizes that Hanwha has broken through the high entry barrier to the global space industry with its unique technology. The fact that Hanwha's equipment is used in the semiconductor packaging process mounted on Space These achievements prove that Chairman Kim Seung-yeon and Vice Chairman Kim Dong-kwan's long-term R&D investment strategy to build a space value chain has begun to bear fruit.

Apart from business performance, the most urgent task that Hanwha Group must solve is the absence of a safety management system that threatens the sustainability of its management. The recent serious accident that occurred at Our Home Yongin Factory 2 dealt a major blow to the group's image and put the brakes on its strategy to expand its food tech and meal service businesses. Repeated casualties increase the likelihood of being subject to the Serious Accident Punishment Act, and this is an issue directly related to corporate social responsibility. If safety accidents are repeated, there is a high risk that long-term business expansion momentum will be lost as it will lead to supply chain disruptions and a decline in external trust. Therefore, Hanwha is in dire need of a transition to 'substantial management' that fundamentally reexamines and strengthens its on-site safety management system in addition to aggressive business portfolio reorganization.

Lastly, it is necessary to closely examine the external variables surrounding Hanwha Group and the effects of governance restructuring. Hanwha Corporation's stock price is on the rise, receiving strong attention from foreign investors through its entry into the U.S. defense market and its acquisition of the Philly Shipyard. The spin-off, which will be held in August, clearly separates the tech and life divisions to enhance the expertise of each affiliate, and ultimately aims at 're-rating' where the corporate value of the holding company is reevaluated. However, the TC bonder patent dispute with Hanmi Semiconductor is still an important variable in determining a company's technological competitiveness. If the legal battle between the two companies continues for a long time, it will be a significant burden on Hanwha Semitech's efforts to gain a technological advantage, which will directly affect its strategy to secure market share in the future.