{"slug":"cohu","name":"코후","name_en":"Cohu","ticker":"COHU","updated_at":"2026-07-12T05:29:24.236009+00:00","canonical":"https://valuechain.wiki/cohu","same_as":["https://finance.yahoo.com/quote/COHU","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=21535"],"citable":"밸류체인 그래프 기준 코후의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Cohu is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 반도체 후공정 장비 · 테스트 핸들러·콘택터","kicker_en":"NASDAQ · Back-end equipment · Test handlers & contactors","lead":"반도체 테스트 핸들러·콘택터·인터페이스 공급사. 어드밴테스트·테라다인과 함께 테스트 장비 시장 ~55%를 점유. ASE·앰코 등 OSAT와 IDM에 공급.","lead_en":"A supplier of test handlers, contactors and interfaces; with Advantest and Teradyne it holds ~55% of the test-equipment market. Serves OSATs like ASE and Amkor, and IDMs.","segments":{"fy":2024,"parts":[{"desc":"반도체 테스트 핸들러·콘택터·인터페이스(어드밴테스트·테라다인과 시장 ~55%). 후공정 가동에 연동되는 소모성 인터페이스.","name":"반도체 테스트 핸들러·인터페이스"}],"total":"반도체 테스트 핸들러·인터페이스","source":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=COHU&type=10-K"},"segments_en":{"parts":[{"desc":"Semiconductor test handlers, contactors and interfaces (~55% market with Advantest and Teradyne); consumable interfaces tied to back-end utilization.","name":"Semiconductor test handlers and interfaces"}],"total":"Semiconductor test handlers and interfaces"},"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"iridium","name":"이리듐","name_en":"Iridium 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AI·HBM 칩의 테스트 복잡도가 올라갈수록 핸들러·콘택터 교체 회전이 빨라지는 사이클 레버리지가 있다. 위험은 매출이 반도체 유닛 출하·후공정 가동률에 크게 연동돼 다운사이클에서 먼저 꺾이고, 어드밴테스트·테라다인 등과의 과점 경쟁이 상존한다는 점이다.","analysis_en":"The thesis is an oligopoly position sharing ~55% of the test-equipment market with Advantest and Teradyne in handlers, contactors and interfaces. If testers decide 'what to inspect,' Cohu supplies the handlers and contactors that precisely grip chips and connect them to the tester — consumable interfaces tied to test-tool utilization that generate recurring revenue, with OSATs like ASE and Amkor and IDMs as customers exposing it to total back-end volume. As AI/HBM chip test complexity rises, handler/contactor replacement turnover accelerates — cycle leverage. Risks are heavy linkage to semiconductor unit shipments and back-end utilization, which roll over first in downturns, and ongoing oligopoly competition with Advantest and Teradyne.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"STMicroelectronics","counterparty_slug":"stmicroelectronics","confidence":"high","metric":{"fy":2023,"status_fy2024_25":"below_10pct","customer_share_2023_pct":12},"note":"코후는 STMicroelectronics에 테스트 핸들러·컨택터·인터페이스를 공급한다 — 코후 10-K가 최근 3개년 중 유일하게 실명 공시한 10%초과 고객으로, 2023년 매출의 12%를 차지했다. FY2024·FY2025엔 10% 미만으로 내려왔으나(반도체 다운사이클·고객 믹스 변화), 여전히 손꼽히는 후공정 고객이다. STM의 차량·산업 반도체 테스트 물량이 이 관계의 수요 동인이다.","note_en":"Cohu supplies test handlers, contactors and interfaces to STMicroelectronics — the only customer Cohu's 10-K names above 10% across the last three years, at 12% of revenue in 2023. It fell below 10% in FY2024 and FY2025 (semiconductor down-cycle and customer-mix shift) but remains a leading back-end customer; STM's automotive and industrial chip test volumes drive demand for this relationship.","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"Customers comprising 10% or greater of consolidated net sales: STMicroelectronics 12.0% in 2023; less than 10% in 2024 and 2025 (the only customer named above 10% in the three-year table).","excerpt_en":"STMicroelectronics = 12.0% of net sales in 2023 (the only >10% named customer); <10% in 2024/2025."}]},{"direction":"revenue","counterparty":"ASE테크놀로지","counterparty_slug":"ase","confidence":"mid","metric":{"fy":2025,"yoy_pct":12.7,"net_sales_musd":453,"gross_margin_pct":42.7,"top10_customers_pct":60},"note":"세계 1위 OSAT ASE에 테스트 핸들러·인터페이스 공급 — 후공정 테스트 물량에 직접 연동.","note_en":"Supplies test handlers and interfaces to top OSAT ASE — tied directly to back-end test volume.","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"10-K는 고객을 '주요 IDM·팹리스·OSAT'로 기술하고 상위 10개 고객이 FY2025 매출의 60%라고 공시한다. ASE 등 개별 OSAT 고객명은 10-K에 미기재(업계·시장리포트 기준). 최종수요는 후공정 테스트 가동률에 연동.","excerpt_en":"The 10-K describes customers as major IDMs, fabless and OSATs and discloses that the top-10 customers were 60% of FY2025 revenue. Specific OSAT customer names such as ASE are not disclosed in the 10-K (industry/market-report attributed); demand tracks back-end test utilization."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/semiconductor-test-equipment-market","title":"테스트 장비 시장(Advantest·Teradyne·Cohu 55%)","title_en":"Test equipment market","excerpt":"ASE테크놀로지에 테스트 핸들러·인터페이스 공급.","excerpt_en":"Supplies test handlers and interfaces to ASE Technology."}]},{"direction":"revenue","counterparty":"앰코테크놀로지","counterparty_slug":"amkor","confidence":"mid","metric":{"fy":2025,"yoy_pct":12.7,"net_sales_musd":453,"gross_margin_pct":42.7,"top10_customers_pct":60},"note":"OSAT 앰코에 테스트 핸들러·인터페이스 공급 — ASE와 함께 OSAT 채널의 양대 고객.","note_en":"Supplies test handlers and interfaces to OSAT Amkor — with ASE, one of the two OSAT-channel anchors.","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"10-K는 고객을 '주요 IDM·팹리스·OSAT'로 기술하고 상위 10개 고객이 FY2025 매출의 60%라고 공시한다. Amkor 등 개별 OSAT 고객명은 10-K에 미기재(업계·시장리포트 기준). 테스트 컨슈머블·핸들러는 후공정 물량에 연동.","excerpt_en":"The 10-K describes customers as major IDMs, fabless and OSATs and discloses top-10 customers at 60% of FY2025 revenue. Specific OSAT names such as Amkor are not disclosed in the 10-K (industry/market-report attributed); test consumables/handlers track back-end volumes."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/semiconductor-test-equipment-market","title":"테스트 장비 시장(Advantest·Teradyne·Cohu 55%)","title_en":"Test equipment market","excerpt":"앰코테크놀로지에 테스트 핸들러·인터페이스 공급.","excerpt_en":"Supplies test handlers and interfaces to Amkor Technology."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"설비·인프라 투자(비공개).","note_en":"Equipment and infrastructure (undisclosed).","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"설비·인프라 투자(비공개).","excerpt_en":"Equipment and infrastructure (undisclosed)."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 부품·소재·R&D(비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"low","metric":{"fy":2025,"yoy_pct":12.7,"net_sales_musd":453,"gross_margin_pct":42.7,"top10_customers_pct":60},"note":"삼성전자에 테스트 핸들러·콘택터 공급 — 후공정 테스트 가동에 연동되는 인터페이스 소모품 관계.","note_en":"Supplies test handlers and contactors to Samsung — a consumable-interface relationship tied to back-end test utilization.","sources":[{"stance":"confirms","publisher":"Cohu Inc (SEC 10-K)","publisher_en":"Cohu Inc (SEC 10-K)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm","title":"Cohu 10-K (FY2025)","title_en":"Cohu Inc — Form 10-K (FY2025)","excerpt":"10-K는 고객 집중을 공시(FY2025 상위 10개 고객 = 매출 60%, 순매출 $453.0M +12.7%)하고 고객을 '주요 IDM·팹리스·OSAT'로 기술한다. 10%를 넘어 실명 공시된 고객은 STMicroelectronics(2023년 12%)뿐 — 삼성은 10-K에 미기재이며, 삼성향 공급 관계는 시장리포트·업계 기준(별도 Mordor 출처)이다.","excerpt_en":"The 10-K discloses customer concentration (FY2025 top-10 customers = 60% of revenue; net sales $453.0M, +12.7%) and describes customers as major IDMs, fabless and OSATs. The only customer named above 10% is STMicroelectronics (12% in 2023); Samsung is NOT named in the 10-K, and the Samsung supply relationship is attributed to market-report/industry sources (separate Mordor source)."},{"stance":"confirms","publisher":"모르도르인텔리전스","publisher_en":"Mordor Intelligence","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.mordorintelligence.kr/industry-reports/semiconductor-test-equipment-market","title":"반도체 테스트 장비 시장(Cohu 포함)","title_en":"Test equipment market (incl. Cohu)","excerpt":"반도체 테스트 장비 시장(Cohu 포함)","excerpt_en":"Test equipment market (incl. Cohu)"},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/semiconductor-test-equipment-market","title":"테스트 장비 시장(Advantest·Teradyne·Cohu 55%)","title_en":"Test equipment market","excerpt":"삼성전자에 테스트 핸들러·인터페이스 공급.","excerpt_en":"Supplies test handlers and interfaces to Samsung Electronics."}]}]}