[디자인하우스 특수] TSMC 슬롯 포화…에이직랜드, 레버리지 방정식

Aezigland's 242% Q1 revenue surge reflects booming AI and HPC demand as TSMC's sole Korean partner, yet converting development-heavy services (91.4% of revenue) into profitable mass production remains the key challenge. The company's reliance on prepaying TSMC fab costs through convertible bonds reveals both the semiconductor design sector's growth opportunity and the severe cash flow pressures created by foundry capacity constraints.