{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","ticker":null,"updated_at":"2026-07-12T05:45:12.448189+00:00","canonical":"https://valuechain.wiki/carl-zeiss-smt","citable":"밸류체인 그래프 기준 Carl Zeiss SMT의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 0건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Carl Zeiss SMT is directly linked to 1 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 14 companies within two hops; the links are backed by 5 dated sources, 0 of them primary filings (as of 2026-07-12).","kicker":"EUV 광학·거울 독점","kicker_en":"EUV optics/mirror monopoly","lead":"ASML EUV 노광장비의 광학계(거울)를 사실상 독점 공급. ASML의 30년 이상 최대 전략 파트너로, ASML이 2016년 €10억에 지분 24.9%를 취득했다. 원자 단위로 가공한 특수 거울로 EUV를 반사하며, High-NA(NA 0.55) 차세대 광학을 만들 수 있는 곳은 자이스뿐이다. EUV 관련 특허 2000개 이상. Carl Zeiss AG 소속(비상장). EUV 공급망에서 가장 대체불가한 단일 병목.","lead_en":"The de-facto sole supplier of the optics (mirrors) inside ASML EUV scanners. ASML’s most important strategic partner for over 30 years; ASML took a 24.9% stake for €1B in 2016. Its atom-scale mirrors reflect EUV, and only Zeiss can make the giant High-NA (NA 0.55) optics. 2000+ EUV-related patents. Part of Carl Zeiss AG (not separately listed). The least replaceable single chokepoint in the EUV supply chain.","segments":{"parts":[{"name":"EUV 광학·거울"},{"name":"High-NA 광학"},{"name":"마스크 검사·계측 광학"}],"total":"ASML EUV 광학 독점 공급","private":true,"concentration":"ASML이 EUV 광학 주고객·지분 24.9%."},"segments_en":{"parts":[{"name":"EUV optics/mirrors"},{"name":"High-NA optics"},{"name":"Mask inspection/metrology optics"}],"total":"Sole supplier of ASML EUV optics","private":true,"concentration":"ASML is main EUV-optics customer and holds 24.9%."},"returns_yearly":null,"return_asof":null,"value_chain":{"leading":[{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera 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Systems","tier":3,"returns_yearly":null},{"slug":"sandisk","name":"샌디스크","name_en":"SanDisk","tier":2,"returns_yearly":{"2026":707.1}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":2,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":2,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"hua-hong","name":"Hua Hong","name_en":"Hua Hong Semiconductor","tier":2,"returns_yearly":{"2021":-19.8,"2022":-19.5,"2023":-53,"2024":61.6,"2025":412.1,"2026":59.2}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"nanya-tech","name":"Nanya Technology","name_en":"Nanya Technology","tier":2,"returns_yearly":{"2021":-8.3,"2022":-14.2,"2023":22.5,"2024":-56.2,"2025":984.7,"2026":33.8}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}}],"benefiting":[{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":2,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":2,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":2,"returns_yearly":null}],"analysis":"EUV 광학·거울 사실상 독점 기업(ASML 전속 공급, 비상장이라 수익률 미집계). 고객인 ASML과 그 위 파운드리·메모리(샌디스크·키옥시아 등 AI 수요)가 오르며 EUV 광학 수요가 받쳐진다. EUV 노광의 핵심 광학계를 독점해, 노광 한 대당 들어가는 초정밀 거울 수요가 EUV 채택 확대와 함께 커지는 병목 길목이다.","analysis_en":"An effective monopoly in EUV optics and mirrors (exclusive supplier to ASML; returns not tracked as it is private). EUV-optics demand is underpinned as its customer ASML and the foundry and memory above it (SanDisk, Kioxia AI demand) rise. Monopolizing the core optics of EUV lithography, it is a bottleneck where ultra-precision mirror demand per scanner grows with EUV adoption.","analysis_asof":"2026-06-23"},"edges":[{"direction":"revenue","counterparty":"ASML","counterparty_slug":"asml","confidence":"high","metric":null,"note":"ASML EUV 노광장비 광학계(거울) 독점 공급.","note_en":"Sole supplier of optics (mirrors) for ASML EUV scanners.","sources":[{"stance":"confirms","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://en.wikipedia.org/wiki/Carl_Zeiss_SMT","title":"Carl Zeiss SMT(EUV 광학)","title_en":"Carl Zeiss SMT (EUV optics)","excerpt":"Carl Zeiss SMT가 ASML 리소그래피의 핵심 광학 서브시스템 공급.","excerpt_en":"Carl Zeiss SMT supplies the key optical subsystem of ASML lithography."},{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2022-07-31","url":"https://www.hankyung.com/article/2022073164931","title":"우리 없으면 ASML도 없다…자이스, 반도체 특허만 2000개","title_en":"“No us, no ASML”: Zeiss holds 2000+ semiconductor patents","excerpt":"자이스 없이는 ASML EUV도 없다. 자이스 거울이 EUV 반사의 핵심.","excerpt_en":"Without Zeiss there is no ASML EUV; its mirrors are core to EUV reflection."},{"stance":"confirms","publisher":"ASML","publisher_en":"ASML","kind":"ir","lang":"en","published_at":"2016-11-03","url":"https://www.asml.com/en/news/press-releases/2016/zeiss-and-asml-strengthen-partnership-for-next-generation-of-euv-lithography","title":"ZEISS·ASML EUV 파트너십 강화(지분 24.9%, €10억)","title_en":"ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B)","excerpt":"ASML이 자이스 SMT 지분 24.9%를 €10억에 취득, 30년 EUV 광학 파트너.","excerpt_en":"ASML took a 24.9% stake for €1B; 30-year EUV optics partner."}]},{"direction":"investor","counterparty":"ASML","counterparty_slug":"asml","confidence":"high","metric":null,"note":"ASML이 칼 자이스 SMT 지분 24.9% 보유(€10억).","note_en":"ASML owns 24.9% of Carl Zeiss SMT (€1B).","sources":[{"stance":"confirms","publisher":"ASML","publisher_en":"ASML","kind":"ir","lang":"en","published_at":"2016-11-03","url":"https://www.asml.com/en/news/press-releases/2016/zeiss-and-asml-strengthen-partnership-for-next-generation-of-euv-lithography","title":"ZEISS·ASML EUV 파트너십 강화(지분 24.9%, €10억)","title_en":"ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B)","excerpt":"ASML이 칼 자이스 SMT 지분 24.9% 보유(€10억).","excerpt_en":"ASML owns 24.9% of Carl Zeiss SMT (€1B)."}]},{"direction":"cost","counterparty":"초정밀 광학 가공·소재 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원자 단위 연마·특수 유리 등 초정밀 가공(비공개).","note_en":"Atom-scale polishing and special glass (undisclosed).","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2023-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=19087","title":"칼자이스 “달의 골프공도 추적하는 광학으로 하이-NA EUV 구현”","title_en":"Carl Zeiss enables High-NA EUV optics","excerpt":"원자 단위 가공으로 EUV 반사 거울 제작.","excerpt_en":"Atom-scale machining produces EUV reflective mirrors."}]},{"direction":"cost","counterparty":"R&D·광학 엔지니어 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"EUV/High-NA 광학 R&D 인력(비공개).","note_en":"EUV/High-NA optics R&D staff (undisclosed).","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2022-07-31","url":"https://www.hankyung.com/article/2022073164931","title":"우리 없으면 ASML도 없다…자이스, 반도체 특허만 2000개","title_en":"“No us, no ASML”: Zeiss holds 2000+ semiconductor patents","excerpt":"EUV 특허 2000개 이상, 수학·물리 기반 광학 R&D.","excerpt_en":"2000+ EUV patents from math/physics-based optics R&D."}]},{"direction":"revenue","counterparty":"파운드리·마스크샵 (검사·계측 광학)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"마스크 검사·계측용 광학을 파운드리·마스크샵에 공급(비공개).","note_en":"Supplies mask inspection/metrology optics to foundries and mask shops.","sources":[{"stance":"confirms","publisher":"ZEISS SMT","publisher_en":"ZEISS SMT","kind":"ir","lang":"en","published_at":"2026-01-01","url":"https://www.zeiss.com/semiconductor-manufacturing-technology/products/photomask-solutions.html","title":"ZEISS SMT 포토마스크 솔루션 (AIMS·PROVE 마스크 검사·계측)","title_en":"ZEISS SMT Photomask Solutions (AIMS, PROVE mask qualification & metrology)","excerpt":"ZEISS SMT는 EUV 노광 광학 외에도 마스크 검사·계측 제품군(AIMS 마스크 퀄리피케이션 30년 업계표준·AIMS EUV, PROVE 이미지배치 계측)을 공식 보유 — 개별 파운드리·마스크샵 고객은 익명.","excerpt_en":"Beyond EUV lithography optics, ZEISS SMT officially offers a mask qualification/metrology line (AIMS, the 30-year industry standard, incl. AIMS EUV; PROVE image-placement metrology) - specific foundry/maskshop customers anonymous."}]}]}