[한화세미텍 재무점검] ②RSU가 짓누르는 'HBM 질주'

While Hanwha SemiTec appears poised for HBM growth with SK Hynix, the subsidiary is trapped in a structural financial paradox where parent stock-linked RSU compensation creates accounting liabilities (459 billion won) exceeding real business losses, forcing supplier payment delays. This exposes a critical vulnerability in conglomerate structures: governance tools designed to secure succession planning can undermine subsidiary financial health and competitive positioning.