{"slug":"at-s","name":"AT&S","name_en":"AT&S","ticker":"ATS.VI","updated_at":"2026-07-12T08:22:44.684+00:00","canonical":"https://valuechain.wiki/at-s","same_as":["https://finance.yahoo.com/quote/ATS.VI"],"citable":"밸류체인 그래프 기준 AT&S의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 2)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, AT&S is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 13 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"고성능 IC 패키지 기판 (HBM·3D)","kicker_en":"High-end IC substrates (HBM, 3D)","lead":"오스트리아 고성능 IC 패키지 기판(FC-BGA) 제조사(점유율 약 10%). HBM·3D IC용 어드밴스드 패키징에 특화, AMD·인텔에 공급.","lead_en":"An Austrian maker of high-end IC substrates/FC-BGA (~10% share), specialized in HBM and 3D-IC advanced packaging for AMD and Intel.","segments":{"fy":2026,"parts":[{"desc":"매출의 전부에 가까운 FC-BGA 고성능 IC 기판(세계 점유 ~10%) — CPU·GPU·HBM을 잇는 어드밴스드 패키징의 핵심 부품으로, AI 가속기 수요가 대면적·다층 기판 부족을 심화시켜 증설·가격의 축이 됐다.","name":"고성능 IC 패키지 기판 (HBM·3D)"}],"total":"고성능 IC 패키지 기판 (FY2025/26 매출 €1.8B, +21% cc; AI·HBM)","source":"https://ams.at-s.com/"},"segments_en":{"fy":2026,"parts":[{"desc":"Nearly all of revenue — FC-BGA high-end IC substrates (~10% global share), the core part of advanced packaging that links CPU/GPU and HBM; AI-accelerator demand deepens the shortage of large-area, high-layer substrates, driving capacity and pricing.","name":"High-end IC substrates (HBM, 3D)"}],"total":"High-performance IC package substrates (FY2025/26 revenue EUR 1.8B, +21% cc; AI/HBM)"},"returns_yearly":{"2021":57.5,"2022":-22,"2023":-27.6,"2024":-41.3,"2025":188.9,"2026":390.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":3,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":3,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"iren","name":"IREN","name_en":"IREN","tier":3,"returns_yearly":{"2022":-92.3,"2023":472,"2024":37.3,"2025":284.6,"2026":8.9}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":3,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":3,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":3,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-9}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"palantir","name":"Palantir","name_en":"Palantir Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":2,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":2,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard Enterprise","tier":2,"returns_yearly":{"2021":37.4,"2022":4.5,"2023":9.7,"2024":29.1,"2025":15.5,"2026":104}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":2,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"asustek","name":"에이수스(ASUS)","name_en":"ASUSTeK Computer","tier":2,"returns_yearly":{"2021":35.5,"2022":-12.9,"2023":72,"2024":41.1,"2025":-14.1,"2026":46.7}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":2,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":1,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":1,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}}],"benefiting":[{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":1,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"ajinomoto","name":"Ajinomoto","name_en":"Ajinomoto","tier":1,"returns_yearly":{"2021":31,"2022":36,"2023":44.5,"2024":4,"2025":14.1,"2026":63.7}}],"analysis":"AT&S의 핵심 논점은 HBM·3D IC 어드밴스드 패키징에 특화된 고성능 IC 기판(FC-BGA, 점유 ~10%)이라는 좁은 병목 지위다. AI 가속기·HBM이 요구하는 대면적·다층 기판이 공급 부족 상태라 AMD·인텔 같은 소수 고객의 첨단 패키징 수요에 실적이 직접 연동되며, 대규모 캐파 증설이 그 수요를 잡으려는 베팅이다. 다만 이 기판은 아지노모토 ABF(층간 절연막) 등 소수 소재에 사실상 단독 의존해, 소재 병목이 곧 출하 상한이자 리스크다. 그래프상 AT&S는 아지노모토·Resonac 등 소재사에 대한 비용 노드이자 AMD·인텔에 대한 매출 노드로, AI 패키징 수요가 증설 캐파를 채우는 속도와 소재 확보가 밸류에이션의 양축이다.","analysis_en":"The core of AT&S is a narrow bottleneck — high-end IC substrates (FC-BGA, ~10% share) specialized in HBM and 3D-IC advanced packaging. The large-area, high-layer-count substrates that AI accelerators and HBM demand are in short supply, so its results track the advanced-packaging demand of a few customers like AMD and Intel directly, and a big capacity build-out is the bet to capture it. But these substrates depend near-exclusively on a few materials such as Ajinomoto's ABF (interlayer dielectric), so the material bottleneck is both the shipment ceiling and the risk. In graph terms AT&S is a cost node to material makers (Ajinomoto, Resonac) and a revenue node to AMD and Intel, so how fast AI-packaging demand fills the new capacity and material access are the two axes of valuation.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"AMD","counterparty_slug":"amd","confidence":"high","metric":{"fy":2026,"type":"share","unit":"%","basis":"FC-BGA 기판 세계 점유율","value":10,"period":"2024","product":"fc_bga_hbm","basis_en":"global FC-BGA share","revenue_eur_bn":1.8,"revenue_yoy_pct":21,"ebitda_margin_pct":23.3},"note":"AMD에 고성능 IC 패키지 기판을 공급 — GPU·MI 가속기의 어드밴스드 패키징 수요가 대면적 기판 성장을 끄는 핵심 고객이다.","note_en":"Supplies high-end IC substrates to AMD — advanced-packaging demand for its GPUs and MI accelerators is a core customer driving large-area substrate growth.","sources":[{"stance":"confirms","publisher":"AT&S / earnings","publisher_en":"AT&S / earnings","kind":"filing","lang":"en","published_at":"2026-05-01","url":"https://finance.yahoo.com/quote/ASAAF/earnings/ASAAF-Q4-2026-earnings_call-422702.html","title":"AT&S FY2025/26(2026.3 종료) 실적 — 매출 €1.8B(+21% cc), EBITDA 마진 23.3%","title_en":"AT&S FY2025/26 (ended Mar 2026) results — revenue EUR 1.8B (+21% cc), EBITDA margin 23.3%","excerpt":"AT&S FY2025/26(2026.3 종료) 매출 €1.8B(+21% 고정환율)·EBITDA 마진 23.3%(+560bp)·영업 FCF +€236M 흑자전환. AI 가속기·HBM용 FC-BGA 고성능 기판(쿨림·힌터베르크 램프업). 개별 고객 매출 미공개.","excerpt_en":"AT&S FY2025/26 (ended Mar 2026) revenue EUR 1.8B (+21% cc), EBITDA margin 23.3% (+560bps), operating FCF turned positive at EUR 236M. FC-BGA high-performance substrates for AI accelerators/HBM (Kulim, Hinterberg ramp). Per-customer revenue undisclosed."},{"stance":"confirms","publisher":"AT&S","publisher_en":"AT&S","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://ams.at-s.com/","title":"AT&S IR","title_en":"AT&S IR","excerpt":"AMD에 고성능 IC 패키지 기판 공급/제공.","excerpt_en":"Provides high-end IC substrates to AMD."},{"stance":"confirms","publisher":"Intel Market Research","publisher_en":"IMR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.intelmarketresearch.com/global-package-substrates-forecast-market-27111","title":"패키지 기판 시장(AT&S HBM/3D)","title_en":"Package substrate market (AT&S HBM/3D)","excerpt":"AMD에 고성능 IC 패키지 기판 공급/제공.","excerpt_en":"Provides high-end IC substrates to AMD."}]},{"direction":"cost","counterparty":"Ajinomoto","counterparty_slug":"ajinomoto","confidence":"mid","metric":{"fy":2026,"product":"abf_buildup"},"note":"기판 층간 절연막(ABF)을 아지노모토에서 사실상 단독 조달 — 아지노모토 빌드업 필름(ABF)은 고성능 기판의 필수·독점 소재라, 이 단일 소재 의존이 공급망의 최대 병목이자 구조적 리스크다.","note_en":"Sources interlayer dielectric (ABF) near-exclusively from Ajinomoto — Ajinomoto Build-up Film is an essential, effectively monopolized material for high-end substrates, so this single-material dependence is the biggest supply-chain bottleneck and a structural risk.","sources":[{"stance":"confirms","publisher":"TradingKey","publisher_en":"TradingKey","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.tradingkey.com/analysis/stocks/us-stocks/261783966-abf-ajinomoto-nvidia-ai-supply-chain-tradingkey","title":"ABF: 모든 AI 서버 기판 속 아지노모토 필름(80~90% 독점)","title_en":"ABF: Ajinomoto film inside every AI-server substrate (80-90%)","excerpt":"기판 층간 절연막을 아지노모토 ABF에서 조달(사실상 단독).","excerpt_en":"Sources interlayer dielectric (ABF) from Ajinomoto (near sole source)."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":{"fy":2026,"product":"fc_bga_hbm","revenue_eur_bn":1.8,"revenue_yoy_pct":21,"ebitda_margin_pct":23.3},"note":"인텔에 고성능 IC 패키지 기판을 공급 — 인텔의 첨단 패키징(Foveros 등) 전략에 연동되는 수요처다.","note_en":"Supplies high-end IC substrates to Intel — demand tied to Intel's advanced-packaging strategy (e.g., Foveros).","sources":[{"stance":"confirms","publisher":"AT&S / earnings","publisher_en":"AT&S / earnings","kind":"filing","lang":"en","published_at":"2026-05-01","url":"https://finance.yahoo.com/quote/ASAAF/earnings/ASAAF-Q4-2026-earnings_call-422702.html","title":"AT&S FY2025/26(2026.3 종료) 실적 — 매출 €1.8B(+21% cc), EBITDA 마진 23.3%","title_en":"AT&S FY2025/26 (ended Mar 2026) results — revenue EUR 1.8B (+21% cc), EBITDA margin 23.3%","excerpt":"AT&S FY2025/26(2026.3 종료) 매출 €1.8B(+21% 고정환율)·EBITDA 마진 23.3%(+560bp)·영업 FCF +€236M 흑자전환. AI 가속기·HBM용 FC-BGA 고성능 기판(쿨림·힌터베르크 램프업). 개별 고객 매출 미공개.","excerpt_en":"AT&S FY2025/26 (ended Mar 2026) revenue EUR 1.8B (+21% cc), EBITDA margin 23.3% (+560bps), operating FCF turned positive at EUR 236M. FC-BGA high-performance substrates for AI accelerators/HBM (Kulim, Hinterberg ramp). Per-customer revenue undisclosed."},{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=295754","title":"반도체 기판 업황(난야PCB 등)","title_en":"Substrate industry (Nan Ya PCB etc.)","excerpt":"반도체 기판 업황(대만·오스트리아 포함)","excerpt_en":"Substrate industry incl. Taiwan/Austria"},{"stance":"confirms","publisher":"AT&S","publisher_en":"AT&S","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://ams.at-s.com/","title":"AT&S IR","title_en":"AT&S IR","excerpt":"Intel에 고성능 IC 패키지 기판 공급/제공.","excerpt_en":"Provides high-end IC substrates to Intel."},{"stance":"confirms","publisher":"회사 IR/거래소 공시","publisher_en":"Company IR / exchange filing","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://ams.at-s.com/financial-reports","title":"AT&S 연차보고서","title_en":"AT&S annual report","excerpt":"연차보고서: 매출·고객·사업.","excerpt_en":"Annual report: revenue, customers, business."},{"stance":"confirms","publisher":"Intel Market Research","publisher_en":"IMR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.intelmarketresearch.com/global-package-substrates-forecast-market-27111","title":"패키지 기판 시장(AT&S HBM/3D)","title_en":"Package substrate market (AT&S HBM/3D)","excerpt":"Intel에 고성능 IC 패키지 기판 공급/제공.","excerpt_en":"Provides high-end IC substrates to Intel."}]},{"direction":"cost","counterparty":"Resonac","counterparty_slug":"resonac","confidence":"mid","metric":{"fy":2026,"product":"abf_buildup"},"note":"Resonac에서 ABF·기판 소재를 매입 — 어드밴스드 패키징 소재의 주요 공급원으로, 소재 확보가 증설 캐파 가동의 전제다.","note_en":"Buys ABF and substrate materials from Resonac — a key advanced-packaging material source, where securing supply is the precondition for running the new capacity.","sources":[{"stance":"confirms","publisher":"AT&S","publisher_en":"AT&S","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://ams.at-s.com/","title":"AT&S IR","title_en":"AT&S IR","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."},{"stance":"confirms","publisher":"Intel Market Research","publisher_en":"IMR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.intelmarketresearch.com/global-package-substrates-forecast-market-27111","title":"패키지 기판 시장(AT&S HBM/3D)","title_en":"Package substrate market (AT&S HBM/3D)","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."}]},{"direction":"cost","counterparty":"동박·빌드업 소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"기판 제조용 원재료·소재·R&D를 조달·투자(비공개) — 소재 순도·미세 배선 기술이 고성능 기판 경쟁력의 축이다.","note_en":"Sources and invests in materials and R&D for substrate manufacture (undisclosed) — material purity and fine-line technology anchor high-end substrate competitiveness.","sources":[{"stance":"confirms","publisher":"AT&S","publisher_en":"AT&S","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://ams.at-s.com/","title":"AT&S IR","title_en":"AT&S IR","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]}]}