{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","ticker":"102710.KQ","updated_at":"2026-07-12T03:57:29.572046+00:00","canonical":"https://valuechain.wiki/enf-technology","same_as":["https://finance.yahoo.com/quote/102710.KQ","https://finance.naver.com/item/main.naver?code=102710"],"citable":"밸류체인 그래프 기준 이엔에프테크놀로지의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, ENF Technology is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"코스닥 · 반도체 소재 · 공정화학(박리·식각·HF)","kicker_en":"KOSDAQ · Semi materials · Process chemicals (stripper, etchant, HF)","lead":"반도체 공정마다 소모되는 화학소재(박리액·식각액·불산·전구체)를 만드는 회사로, 국산화로 수입을 대체하며 고객 침투를 넓히는 게 성장 공식이다. FY2025 매출 6,709억원(+49%)은 불산(HF)을 국산화해 SK하이닉스에 처음 진입하고 삼성전자 납품을 늘린 결과이며, NAND 고단화·HBM 확대가 공정당 화학 사용량을 구조적으로 키운다. 관전점은 신규 소재의 고객 인증 속도와 메모리 가동률이다.","lead_en":"ENF makes process chemicals consumed at each semiconductor step (strippers, etchants, hydrofluoric acid, precursors), and its growth formula is import substitution that widens customer penetration. FY2025 revenue of KRW 670.9bn (+49%) came from localizing HF to first enter SK hynix and expanding Samsung supply, while taller NAND stacks and HBM structurally raise chemical usage per process. Watch the qualification speed of new materials and memory utilization.","segments":{"fy":2025,"parts":[{"desc":"박리액·식각액·BOE·HF·전구체·CMP 슬러리","name":"반도체 소재"},{"desc":"식각액 등","name":"디스플레이 소재"}],"total":"FY2025 매출 ₩6,709억 (+49%, 영업익 781억)","source":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","concentration":"HF 국산화. 고객 삼성전자·SK하이닉스. NAND·HBM향 확대."},"segments_en":{"parts":[{"desc":"Stripper, etchant, BOE, HF, precursors, CMP slurry","name":"Semiconductor materials"},{"desc":"Etchants, etc.","name":"Display materials"}],"total":"FY2025 revenue ₩671B (+49%, operating income ₩78B)","concentration":"Localized HF. Customers Samsung and SK hynix. Growing into NAND and HBM."},"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4},"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":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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소모되는 화학소재라 매출이 팹 가동률에 연동되는데, 여기에 수입 대체(HF 국산화→SK하이닉스 첫 진입)라는 점유율 확대 레버가 더해져 FY2025 매출 +49%를 만들었다. NAND 단수 상승과 HBM 확대가 공정 스텝·화학 사용량을 늘려 물량의 구조적 상방을 준다. 리스크는 신규 소재의 고객 인증 지연과 메모리 사이클. 그래프 파급: 삼성·SK하이닉스 가동률·capex가 수요를 결정하고, 국산화 성공은 기존 수입 벤더의 점유를 잠식한다.","analysis_en":"ENF's thesis is localization-driven penetration. Strippers, etchants, HF and precursors are consumed each process step, so revenue tracks fab utilization — but import substitution (localized HF first entering SK hynix) adds a share-gain lever that drove FY2025 revenue +49%. Rising NAND layer counts and HBM growth lift process steps and chemical usage, giving structural volume upside. Risks are qualification delays for new materials and the memory cycle. Graph propagation: Samsung and SK hynix utilization/capex set demand, and each localization win erodes incumbent import vendors' share.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":{"type":"revenue","unit":"KRW","basis":"연결 총매출","value":670900000000,"period":"FY2025","basis_en":"consolidated total revenue"},"note":"불산(HF) 국산화로 SK하이닉스에 처음 진입(BOE·식각액) — 수입 대체가 신규 고객·품목을 여는 성장 지렛대이며 NAND·HBM 확대가 물량을 키운다.","note_en":"Localized HF to first enter SK hynix (BOE, etchant) — import substitution is the lever opening new customers/items, with NAND and HBM growth scaling volume.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","title":"이엔에프테크놀로지 사업보고서 (DART, 2025)","title_en":"ENF Technology annual report (DART, 2025)","excerpt":"FY2025 매출 6,709억원(+49%).","excerpt_en":"FY2025 revenue ₩671B (+49%)."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":null,"url":"https://www.thelec.kr/news/articleView.html?idxno=58083","title":"이엔에프, 불산 SK하이닉스에 첫 공급","title_en":"ENF Technology begins first HF supply to SK hynix","excerpt":"이엔에프가 불산을 국산화해 SK하이닉스에 첫 공급.","excerpt_en":"ENF localized HF and began first supply to SK hynix."},{"stance":"confirms","publisher":"디일렉(영문)","publisher_en":"The Elec","kind":"news","lang":"en","published_at":null,"url":"https://www.thelec.net/news/articleView.html?idxno=11362","title":"이엔에프, SK하이닉스에 불산 첫 공급","title_en":"ENF Technology begins first hydrofluoric acid supply to SK hynix","excerpt":"이엔에프가 국산 불산을 SK하이닉스에 처음 공급.","excerpt_en":"ENF began its first localized HF supply to SK hynix."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자에 박리액·식각액·전구체 등 공정 소모화학을 공급 — 공정마다 쓰이는 소재라 삼성 가동률에 연동되고, 품목 확대가 곧 침투율 상승이다.","note_en":"Supplies consumable process chemicals (strippers, etchants, precursors) to Samsung — used each step, so tied to Samsung's utilization; broadening the item list is rising penetration.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","title":"이엔에프테크놀로지 사업보고서 (DART, 2025)","title_en":"ENF Technology annual report (DART, 2025)","excerpt":"삼성전자 등에 반도체 공정 소재 납품.","excerpt_en":"Supplies process materials to Samsung and others."},{"stance":"mentions","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":null,"url":"https://www.thelec.kr/news/articleView.html?idxno=58083","title":"이엔에프, 불산 SK하이닉스에 첫 공급","title_en":"ENF Technology begins first HF supply to SK hynix","excerpt":"국내 반도체사에 화학소재 공급 확대.","excerpt_en":"Expanding chemical-materials supply to domestic chipmakers."}]},{"direction":"revenue","counterparty":"디스플레이·기타","counterparty_slug":null,"confidence":"mid","metric":null,"note":"디스플레이용 식각액 등 공급.","note_en":"Supplies display etchants and others.","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","title":"이엔에프테크놀로지 사업보고서 (DART, 2025)","title_en":"ENF Technology annual report (DART, 2025)","excerpt":"디스플레이 소재 부문.","excerpt_en":"Display-materials segment."}]},{"direction":"cost","counterparty":"정제·포장 설비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"정제·포장 설비·자재 매입(비공개).","note_en":"Buys purification/packaging equipment and materials (undisclosed).","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","title":"이엔에프테크놀로지 사업보고서 (DART, 2025)","title_en":"ENF Technology annual report (DART, 2025)","excerpt":"사업보고서: 설비·자재.","excerpt_en":"Annual report: equipment and materials."}]},{"direction":"cost","counterparty":"화학 원료·고순도 가스 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"고순도 불산·암모니아 등 화학 원료 매입(비공개).","note_en":"Buys high-purity HF, ammonia and other feedstocks (undisclosed).","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (Korea FSS)","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=00530185","title":"이엔에프테크놀로지 사업보고서 (DART, 2025)","title_en":"ENF Technology annual report (DART, 2025)","excerpt":"사업보고서: 원재료 매입.","excerpt_en":"Annual report: raw-material purchases."}]}]}