{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","ticker":"166090.KQ","updated_at":"2026-07-12T08:23:03.288+00:00","canonical":"https://valuechain.wiki/hana-materials","same_as":["https://finance.yahoo.com/quote/166090.KQ","https://finance.naver.com/item/main.naver?code=166090"],"citable":"밸류체인 그래프 기준 하나머티리얼즈의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 3·투자 1)이고, 사슬을 2차까지 넓히면 21곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hana Materials is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 21 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스닥 · 반도체 소재 · 식각 소모부품(전극·링)","kicker_en":"KOSDAQ · Semi materials · Etch consumables (electrodes, rings)","lead":"웨이퍼가 돌 때마다 마모돼 교체되는 식각 공정 소모부품(실리콘 전극·링)을 만드는 회사로, 장비가 아니라 '가동률'에 매출이 연동되는 반복수요 구조가 핵심이다. 고객이 삼성전자·SK하이닉스와 장비사 도쿄일렉트론이라 메모리 capex와 팹 가동률에 직결되고, SiC 링을 TEL 장비용으로 국산 상용화한 것이 범용 실리콘 대비 차별화 축이다. 관전점은 메모리 감산·증설 사이클과 SiC 부품 채택 확대다.","lead_en":"Hana makes etch-process consumables (silicon electrodes and rings) that wear out and get replaced every time a wafer runs, so revenue tracks fab utilization, not equipment sales — a recurring-demand structure. Customers are Samsung and SK hynix plus tool maker Tokyo Electron, tying it directly to memory capex and fab run-rates, and localizing SiC rings for TEL tools differentiates it from commodity silicon. Watch the memory cut/expansion cycle and wider SiC-part adoption.","segments":{"fy":2025,"parts":[{"desc":"식각 챔버용 실리콘 전극·링 등 소모부품. 웨이퍼 가동률에 연동된 반복수요이며 SiC 링(TEL 장비용) 국산화가 차별화.","name":"실리콘·SiC 식각 부품"}],"total":"FY2025 매출 2,729억원·영업이익 506억원. 식각공정용 실리콘 부품(Si-Parts)·SiC 부품"},"segments_en":{"fy":2025,"parts":[{"name":"Silicon and SiC etch parts"}],"total":"FY2025 revenue KRW 272.9bn, operating income KRW 50.6bn. 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(Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":2,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":2,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":1,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":1,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":1,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}}],"benefiting":[{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":1,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":2,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":2,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}}],"analysis":"하나머티리얼즈의 논점은 '장비가 아니라 소모품'이라는 데 있다. 식각용 실리콘 전극·링은 웨이퍼 공정마다 마모돼 교체되므로, 신규 장비 투자보다 팹 가동률에 매출이 더 민감하다 — 메모리 감산기에는 눌리고 가동률 회복·증설기에는 먼저 반등하는 구조다. 고객이 삼성전자·SK하이닉스·도쿄일렉트론으로 좁게 집중돼 있어 이들 가동률이 곧 수요이고, TEL 장비용 SiC 링 국산화가 범용 대비 마진·점유 방어의 축이다. 리스크는 고객 집중과 메모리 사이클 변동성. 그래프 파급: 삼성·SK·TEL 3개 노드의 capex·가동률이 상류 수요를 직접 결정한다.","analysis_en":"Hana's thesis is 'consumables, not equipment.' Silicon etch electrodes and rings wear out each wafer pass, so revenue is more sensitive to fab utilization than to new tool capex — pressured in memory cutbacks, rebounding first as run-rates and expansions return. Customers concentrate on Samsung, SK hynix and Tokyo Electron, so their utilization is the demand, and localizing SiC rings for TEL tools anchors margin and share versus commodity parts. Risks are customer concentration and memory-cycle volatility. Graph propagation: the capex and utilization of the Samsung, SK and TEL nodes directly set upstream demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investor","counterparty":"하나마이크론 (최대주주·모회사)","counterparty_slug":"hana-micron","confidence":"high","metric":{"qualifier":"parent_largest_shareholder"},"note":"하나마이크론이 최대주주로 하나머티리얼즈를 연결 종속으로 지배한다 — OSAT 본업(패키징)과 식각용 실리콘·SiC 부품을 수직계열로 묶어, 모회사 실적이 반도체 후공정·소재 두 사이클에 함께 노출된다.","note_en":"Hana Micron is the largest shareholder, consolidating Hana Materials — pairing its OSAT packaging core with silicon/SiC etch parts vertically, so the parent's results are exposed to both the back-end and materials cycles.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319000032","title":"hana-micron 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"하나마이크론 사업보고서: 하나머티리얼즈는 주요 종속회사(최대주주 지배).","excerpt_en":"Hana Micron report: Hana Materials is a key consolidated subsidiary."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스 팹에 식각 소모부품 공급 — HBM·D램 가동률이 높을수록 소모·교체 물량이 늘어나는 구조.","note_en":"Supplies etch consumables to SK hynix fabs — the higher HBM/DRAM utilization runs, the more parts are consumed and replaced.","sources":[{"stance":"mentions","publisher":"DB·대신증권","publisher_en":"DB & Daishin Securities","kind":"research","lang":"ko","published_at":"2026-05-15","url":"https://www.ket.kr/mobile/article.html?no=37633","title":"증권가, 하나머티리얼즈 목표가 7.8만~8.4만원 상향 — 메모리 캐파 투자 수혜","title_en":"Brokerages lift Hana Materials targets to KRW 78,000-84,000 (Daishin, DB) on memory-capex-driven parts demand; 2026 revenue seen +22%","excerpt":"증권가: 메모리 신규 캐파 투자로 실적 성장, 2026 매출 +22%·영업익 +64% 전망, 목표가 7.8만~8.4만원.","excerpt_en":"Analysts: memory capacity investment drives growth; 2026 revenue +22%, OP +64%; targets KRW 78,000-84,000."},{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-13","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260313001351","title":"hana-materials 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"DART 사업보고서: 매출·고객·사업 내용.","excerpt_en":"DART annual report: revenue, customers and business."},{"stance":"confirms","publisher":"하나머티리얼즈","publisher_en":"Hana Materials","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamt.com","title":"하나머티리얼즈 IR","title_en":"Hana Materials IR","excerpt":"SK하이닉스에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to SK hynix."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-09-25","url":"https://m.etnews.com/20200925000090","title":"하나머티리얼즈, TEL에 SiC링 공급","title_en":"Hana Materials supplies SiC rings to TEL","excerpt":"SK하이닉스에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to SK hynix."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자 메모리 팹에 식각 소모부품(실리콘 전극·링)을 공급 — 웨이퍼가 돌수록 교체되는 반복수요라 삼성 가동률·capex에 직결된다.","note_en":"Supplies etch consumables (silicon electrodes/rings) to Samsung memory fabs — recurring replacement demand tied directly to Samsung's utilization and capex.","sources":[{"stance":"confirms","publisher":"하나머티리얼즈","publisher_en":"Hana Materials","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamt.com","title":"하나머티리얼즈 IR","title_en":"Hana Materials IR","excerpt":"삼성전자에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to Samsung Electronics."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-09-25","url":"https://m.etnews.com/20200925000090","title":"하나머티리얼즈, TEL에 SiC링 공급","title_en":"Hana Materials supplies SiC rings to TEL","excerpt":"삼성전자에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to Samsung Electronics."}]},{"direction":"revenue","counterparty":"도쿄일렉트론","counterparty_slug":"tokyo-electron","confidence":"mid","metric":null,"note":"장비사 도쿄일렉트론(TEL)에 식각 부품을 공급 — 특히 SiC 링을 TEL 장비용으로 국산 상용화해, 최종 팹이 아닌 장비 공급망에 직접 편입됐다.","note_en":"Supplies etch parts to tool maker Tokyo Electron — notably localizing SiC rings for TEL tools, embedding directly in the equipment supply chain rather than only end-fabs.","sources":[{"stance":"confirms","publisher":"하나머티리얼즈","publisher_en":"Hana Materials","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamt.com","title":"하나머티리얼즈 IR","title_en":"Hana Materials IR","excerpt":"도쿄일렉트론에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to Tokyo Electron (TEL)."},{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-09-25","url":"https://m.etnews.com/20200925000090","title":"하나머티리얼즈, TEL에 SiC링 공급","title_en":"Hana Materials supplies SiC rings to TEL","excerpt":"도쿄일렉트론에 실리콘·SiC 식각 부품 공급.","excerpt_en":"Supplies silicon and SiC etch parts to Tokyo Electron (TEL)."}]},{"direction":"cost","counterparty":"설비·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"생산 설비·연구개발 투자(비공개).","note_en":"Production equipment and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-09-25","url":"https://m.etnews.com/20200925000090","title":"하나머티리얼즈, TEL에 SiC링 공급","title_en":"Hana Materials supplies SiC rings to TEL","excerpt":"생산 설비·연구개발 투자(비공개).","excerpt_en":"Production equipment and R&D (undisclosed)."}]},{"direction":"cost","counterparty":"원재료·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"실리콘·SiC 식각 부품 제조용 원재료·소재 매입(비공개).","note_en":"Raw materials for silicon and SiC etch parts (undisclosed).","sources":[{"stance":"confirms","publisher":"전자신문","publisher_en":"ETNews","kind":"news","lang":"ko","published_at":"2024-09-25","url":"https://m.etnews.com/20200925000090","title":"하나머티리얼즈, TEL에 SiC링 공급","title_en":"Hana Materials supplies SiC rings to TEL","excerpt":"실리콘·SiC 식각 부품 제조용 원재료·소재 매입(비공개).","excerpt_en":"Raw materials for silicon and SiC etch parts (undisclosed)."}]}]}