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Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null}],"analysis":"AI 데이터센터 광네트워킹의 핵심 부품(광트랜시버·레이저) 공급사로, 하이퍼스케일러의 광연결 수요에 직접 노출된다. 성장 논지는 엔비디아 동맹($20억 투자·수십억 구매 약속)이 수요를 선확정하고 1.6T 트랜시버(실리콘포토닉스·EML)로 세대교체를 주도한다는 것 — 다만 InnoLight·Eoptolink처럼 고객이자 경쟁자에 EML을 파는 이중 구조가 특징이다. 공급단에서는 Tower·MACOM·Fabrinet 의존이 원가·캐파를 좌우하고, SiC 자회사(미쓰비시전기·덴소 지분 참여)가 별도 성장 옵션이다. 리스크는 광트랜시버 세대교체 속도와 하이퍼스케일러 캡엑스 사이클이다.","analysis_en":"A key supplier of AI-datacenter optical-networking parts (transceivers, lasers), directly exposed to hyperscaler optical-interconnect demand. The thesis is that the NVIDIA alliance ($2B investment, multi-billion purchase commitment) pre-commits demand while 1.6T transceivers (silicon photonics, EML) lead the generational shift — with a distinctive dual role of selling EMLs to customers-cum-rivals like InnoLight and Eoptolink. On the supply side, dependence on Tower, MACOM and Fabrinet drives cost and capacity, while the SiC subsidiary (with Mitsubishi Electric/DENSO stakes) is a separate growth option. Risks are the pace of transceiver generational change and the hyperscaler capex cycle.","analysis_asof":"2026-07-09"},"edges":[{"direction":"investor","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아가 코히어런트에 $20억 투자(광학 동맹).","note_en":"NVIDIA invests $2B in Coherent (optics alliance).","sources":[{"stance":"confirms","publisher":"코히어런트","publisher_en":"Coherent","kind":"news","lang":"en","published_at":"2026-03-02","url":"https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership","title":"NVIDIA and Coherent Announce Strategic Partnership to Develop Optics Technology to Scale Next-Generation Data Center Architecture","title_en":"NVIDIA and Coherent Announce Strategic Partnership to Develop Optics Technology to Scale Next-Generation Data Center Architecture","excerpt":"엔비디아가 코히어런트에 20억 달러를 투자해 R&D, 향후 캐파, 미국 내 생산 확대를 지원한다고 명시했다. 지분 투자로 투자자 관계를 확인한다.","excerpt_en":"NVIDIA is investing $2 billion in Coherent to support R&D, future capacity and US-based manufacturing, confirming the investor relationship via an equity stake."},{"stance":"confirms","publisher":"르데스크","publisher_en":"Ledesk","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.ledesk.co.kr/view.php?uid=15600","title":"AI칩 성능 100% 활용 필수품, 광통신","title_en":"Optical networking, essential to fully use AI chips","excerpt":"엔비디아가 코히어런트에 $20억 투자(광학 동맹).","excerpt_en":"NVIDIA invests $2B in Coherent (optics alliance)."}]},{"direction":"cost","counterparty":"Fabrinet","counterparty_slug":"fabrinet","confidence":"high","metric":null,"note":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","note_en":"Outsources optical-module manufacturing to Fabrinet.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."}]},{"direction":"cost","counterparty":"Tower Semiconductor","counterparty_slug":"tower-semiconductor","confidence":"high","metric":null,"note":"트랜시버용 SiPho·SiGe를 Tower 파운드리에서 조달.","note_en":"Sources SiPho/SiGe from Tower foundry for transceivers.","sources":[{"stance":"confirms","publisher":"TipRanks","publisher_en":"TipRanks","kind":"research","lang":"en","published_at":"2025-11-10","url":"https://www.tipranks.com/news/company-announcements/tower-semiconductor-bets-big-on-photonics-growth","title":"Tower, SiPho 성장 베팅(트랜시버용 1위)","title_en":"Tower bets big on photonics (No.1 SiPho for transceivers)","excerpt":"트랜시버용 SiPho·SiGe를 Tower 파운드리에서 조달.","excerpt_en":"Sources SiPho/SiGe from Tower foundry for transceivers."}]},{"direction":"cost","counterparty":"MACOM","counterparty_slug":"macom","confidence":"high","metric":null,"note":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","note_en":"Sources laser drivers/TIAs from MACOM for transceivers.","sources":[{"stance":"confirms","publisher":"Converge Digest","publisher_en":"Converge Digest","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://convergedigest.com/macom-revenue-jumps-23-as-ai-optical-demand-accelerates/","title":"MACOM, AI 광수요로 매출 +23%","title_en":"MACOM revenue jumps 23% as AI optical demand accelerates","excerpt":"트랜시버용 레이저 드라이버·TIA를 MACOM에서 조달.","excerpt_en":"Sources laser drivers/TIAs from MACOM for transceivers."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"엔비디아가 코히어런트 광부품 수요를 선확정한 앵커 — $20억 투자와 수십억 규모 구매 약속으로 1.6T 트랜시버·레이저 물량을 확보. 코히어런트 매출 가시성의 핵심 축.","note_en":"NVIDIA is the anchor that pre-commits Coherent's optics demand — a $2B investment and multi-billion purchase commitment lock in 1.6T transceiver/laser volume, the core of Coherent's revenue visibility.","sources":[{"stance":"confirms","publisher":"코히어런트","publisher_en":"Coherent","kind":"news","lang":"en","published_at":"2026-03-02","url":"https://www.coherent.com/news/press-releases/nvidia-and-coherent-announce-strategic-partnership","title":"NVIDIA and Coherent Announce Strategic Partnership to Develop Optics Technology to Scale Next-Generation Data Center Architecture","title_en":"NVIDIA and Coherent Announce Strategic Partnership to Develop Optics Technology to Scale Next-Generation Data Center Architecture","excerpt":"이 합의에는 엔비디아의 수십억 달러 구매 약정과 첨단 레이저·광네트워킹 제품에 대한 향후 접근·캐파 권리가 포함돼, 엔비디아가 코히어런트의 고객임을 확인한다.","excerpt_en":"The agreement includes an NVIDIA multibillion-dollar purchase commitment plus future access and capacity rights for advanced laser and optical networking products, confirming NVIDIA as a Coherent customer."},{"stance":"confirms","publisher":"르데스크","publisher_en":"Ledesk","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.ledesk.co.kr/view.php?uid=15600","title":"AI칩 성능 100% 활용 필수품, 광통신","title_en":"Optical networking, essential to fully use AI chips","excerpt":"엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속.","excerpt_en":"NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm","title":"Coherent 분기보고서(10-Q)","title_en":"Coherent quarterly report (10-Q)","excerpt":"엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속.","excerpt_en":"NVIDIA invested $2B in Coherent, committed multi-billion purchases of lasers/optics."}]},{"direction":"revenue","counterparty":"미쓰비시전기 (SiC 웨이퍼 공급)","counterparty_slug":"mitsubishi-electric","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"SiC 자회사(Silicon Carbide LLC)가 미쓰비시전기에 150mm·200mm SiC 기판·에피웨이퍼를 장기 공급(2023년 지분투자 연계).","note_en":"Its SiC subsidiary (Silicon Carbide LLC) supplies Mitsubishi Electric with 150mm/200mm SiC substrates and epi wafers under a long-term arrangement tied to the 2023 investment.","sources":[{"stance":"confirms","publisher":"코히어런트","publisher_en":"Coherent","kind":"news","lang":"en","published_at":"2023-12-04","url":"https://www.globenewswire.com/news-release/2023/12/04/2790493/11543/en/Coherent-s-Silicon-Carbide-Semiconductor-Business-Completes-1-Billion-in-Investments-From-DENSO-and-Mitsubishi-Electric.html","title":"코히어런트 SiC 사업, 덴소·미쓰비시전기로부터 10억 달러 투자 완료","title_en":"Coherent's Silicon Carbide Business Completes $1B in Investments From DENSO and Mitsubishi Electric","excerpt":"미쓰비시전기·덴소와 SiC 기판·에피웨이퍼 장기 공급계약.","excerpt_en":"Long-term SiC substrate/epi-wafer supply to Mitsubishi Electric and DENSO."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":"2023-10-11","url":"https://www.kipost.net/news/articleView.html?idxno=313241","title":"덴소·미쓰비시전기, 코히어런트 SiC 사업에 10억달러 투자","title_en":"Denso, Mitsubishi Electric invest $1B in Coherent's SiC business","excerpt":"덴소·미쓰비시전기가 코히어런트 SiC 웨이퍼를 조달.","excerpt_en":"DENSO and Mitsubishi Electric source Coherent's SiC wafers."}]},{"direction":"investor","counterparty":"미쓰비시전기 (SiC 12.5% 지분)","counterparty_slug":"mitsubishi-electric","confidence":"high","metric":{"stake_pct":12.5,"investment_usd_m":500},"note":"미쓰비시전기가 SiC 자회사(Silicon Carbide LLC)에 5억 달러·12.5% 소수지분 투자(덴소도 동일). 2023.12 종결.","note_en":"Mitsubishi Electric holds a $500M / 12.5% non-controlling stake in the SiC subsidiary (Silicon Carbide LLC), matched by DENSO; closed Dec 2023.","sources":[{"stance":"confirms","publisher":"코히어런트","publisher_en":"Coherent","kind":"news","lang":"en","published_at":"2023-12-04","url":"https://www.globenewswire.com/news-release/2023/12/04/2790493/11543/en/Coherent-s-Silicon-Carbide-Semiconductor-Business-Completes-1-Billion-in-Investments-From-DENSO-and-Mitsubishi-Electric.html","title":"코히어런트 SiC 사업, 덴소·미쓰비시전기로부터 10억 달러 투자 완료","title_en":"Coherent's Silicon Carbide Business Completes $1B in Investments From DENSO and Mitsubishi Electric","excerpt":"덴소·미쓰비시전기 각 12.5% 지분.","excerpt_en":"DENSO and Mitsubishi Electric hold 12.5% each."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":"2023-10-11","url":"https://www.kipost.net/news/articleView.html?idxno=313241","title":"덴소·미쓰비시전기, 코히어런트 SiC 사업에 10억달러 투자","title_en":"Denso, Mitsubishi Electric invest $1B in Coherent's SiC business","excerpt":"각 5억달러·12.5%씩.","excerpt_en":"$500M and 12.5% each."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·통신 (광트랜시버)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"하이퍼스케일러·통신사가 데이터센터 상호연결(DCI)·통신용 광트랜시버를 조달 — AI 캡엑스 사이클에 연동되는 핵심 수요단.","note_en":"Hyperscalers and telecoms source DCI and telecom optical transceivers — the core demand tied to the AI capex cycle.","sources":[{"stance":"confirms","publisher":"라이트카운팅","publisher_en":"LightCounting","kind":"research","lang":"en","published_at":"2026-03-01","url":"https://www.lightcounting.com/newsletter/en/march-2026-quarterly-market-update-380","title":"Sales of optical transceivers reached $23.8 billion in 2025","title_en":"Sales of optical transceivers reached $23.8 billion in 2025","excerpt":"광트랜시버 시장이 2025년 238억 달러로 전년 대비 55% 성장한 가운데, 코히어런트의 데이터센터 부문 매출이 12억 달러로 전년 대비 48% 늘어 사상 최고를 기록했다. 하이퍼스케일러·데이터컴 트랜시버 수요가 매출을 견인함을 확인한다.","excerpt_en":"As the optical transceiver market hit $23.8B in 2025 (up 55%), Coherent's datacenter segment reached a record $1.2B, up 48% YoY, confirming hyperscaler and datacom transceiver demand driving revenue."},{"stance":"confirms","publisher":"르데스크","publisher_en":"Ledesk","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.ledesk.co.kr/view.php?uid=15600","title":"AI칩 성능 100% 활용 필수품, 광통신","title_en":"Optical networking, essential to fully use AI chips","excerpt":"AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용.","excerpt_en":"Coherent transceivers used for AI datacenter interconnect (DCI)."},{"stance":"confirms","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2025-10-27","url":"https://www.newspim.com/news/view/20251027001267","title":"오이솔루션, AI 데이터센터용 코히어런트 광트랜시버 핵심부품 국산화","title_en":"OE Solutions localizes core parts for Coherent AI-datacenter transceivers","excerpt":"AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용.","excerpt_en":"Coherent transceivers used for AI datacenter interconnect (DCI)."}]},{"direction":"revenue","counterparty":"InnoLight","counterparty_slug":"innolight","confidence":"mid","metric":null,"note":"InnoLight는 트랜시버 고객이자 완제품 경쟁자 — 코히어런트가 핵심 부품 EML 레이저를 공급하는 이중 구조로, 부품 판매가 곧 경쟁사 물량에 올라탄다.","note_en":"InnoLight is both a transceiver customer and a finished-module rival — Coherent supplies the key EML laser, a dual structure where component sales ride on a competitor's volume.","sources":[{"stance":"mentions","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"같은 구조로, 이노라이트 등 중국 상위 모듈업체도 고속 EML을 코히어런트 등 해외 5대 공급사에서 조달해야 한다(중국 광칩 국산화율 15% 미만).","excerpt_en":"By the same structure, top Chinese module makers such as InnoLight must source high-speed EMLs from the five overseas suppliers including Coherent, given sub-15% chip localization."},{"stance":"confirms","publisher":"IP-Fiber","publisher_en":"IP-Fiber (Baudcom)","kind":"news","lang":"en","published_at":"2025-11-11","url":"https://ip-fiber.com/blogs/news/nvidia-orders-surge-innolight-and-eoptolink-dominate-60-of-800g-sfp-optical-modules-supply","title":"엔비디아 주문 급증: 이노라이트·이옵토링크가 800G 공급 60% 장악","title_en":"Nvidia Orders Surge: InnoLight and Eoptolink Dominate 60% of 800G Supply","excerpt":"InnoLight 트랜시버에 EML 레이저 공급.","excerpt_en":"Supplies EML lasers to InnoLight transceivers."}]},{"direction":"revenue","counterparty":"Eoptolink","counterparty_slug":"eoptolink","confidence":"mid","metric":null,"note":"Eoptolink에 트랜시버용 EML 공급 — 완제품 경쟁자에 핵심 레이저를 파는 부품 매출 축.","note_en":"Supplies EMLs for Eoptolink transceivers — a component-revenue axis selling the key laser to a finished-module rival.","sources":[{"stance":"mentions","publisher":"포톤캐피털","publisher_en":"Photon Capital","kind":"news","lang":"en","published_at":"2026-04-18","url":"https://photoncap.net/p/chinese-optical-modules-own-7-of","title":"EML 5사 과점: 루멘텀 선두","title_en":"Five companies dominate the EML market","excerpt":"EML 시장을 지배하는 5개사로 루멘텀, 코히어런트, 미쓰비시, 브로드컴, 스미토모를 든다. 중국의 25G 이상 고속 광칩 국산화율이 15% 미만이라, 이오플링크 등 중국 모듈업체가 코히어런트 등 해외 EML 공급사에 의존함을 시사한다.","excerpt_en":"It names five firms dominating the EML market: Lumentum, Coherent, Mitsubishi, Broadcom, Sumitomo. With China's high-speed optical-chip localization below 15%, Chinese module makers like Eoptolink depend on overseas EML suppliers including Coherent."},{"stance":"confirms","publisher":"Eoptolink/SZSE","publisher_en":"Eoptolink/SZSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.eoptolink.com","title":"Eoptolink 회사·IR(선전거래소)","title_en":"Eoptolink company/IR (SZSE)","excerpt":"이오플링크 트랜시버에 EML 공급.","excerpt_en":"Supplies EMLs to Eoptolink."}]},{"direction":"cost","counterparty":"R&D·엔지니어 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"실리콘포토닉스·광부품 R&D.","note_en":"Silicon-photonics/optics R&D.","sources":[{"stance":"confirms","publisher":"르데스크","publisher_en":"Ledesk","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.ledesk.co.kr/view.php?uid=15600","title":"AI칩 성능 100% 활용 필수품, 광통신","title_en":"Optical networking, essential to fully use AI chips","excerpt":"실리콘포토닉스·코패키지 광학 R&D.","excerpt_en":"Silicon-photonics/co-packaged-optics R&D."}]},{"direction":"cost","counterparty":"화합물 반도체·광소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"InP·GaAs 등 화합물 반도체 소재·자체 팹.","note_en":"Compound-semiconductor materials (InP/GaAs) and in-house fabs.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm","title":"Coherent 분기보고서(10-Q)","title_en":"Coherent quarterly report (10-Q)","excerpt":"화합물 반도체 기반 레이저·광부품 자체 생산.","excerpt_en":"In-house compound-semiconductor lasers/optics."}]}]}