{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","ticker":"067310.KQ","updated_at":"2026-07-12T06:17:19.687883+00:00","canonical":"https://valuechain.wiki/hana-micron","same_as":["https://finance.yahoo.com/quote/067310.KQ","https://finance.naver.com/item/main.naver?code=067310"],"citable":"밸류체인 그래프 기준 하나마이크론의 직접 연결 기업은 5곳(관계 기준 공급 2·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hana Micron is directly linked to 5 companies (2 supply, 2 revenue, 1 investment relationships) and reaches 11 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"반도체 후공정 패키징·테스트","kicker_en":"Semiconductor back-end packaging and test","lead":"삼성전자·SK하이닉스의 메모리·시스템반도체 조립·테스트를 맡는 국내 대표 후공정(OSAT) 기업으로, 메모리 상승 사이클에서 캐파를 레버리지하는 위탁 구조다. HBM·첨단 패키징으로 확장하며 후공정 병목의 수혜를 노린다 — 팹리스·IDM이 늘리는 물량이 곧 OSAT의 가동률로 번지는 자리다. 다만 본딩·테스트 장비를 어드밴테스트·쿨리케앤소파에 의존해, 장비 리드타임과 증설 속도가 이행의 변수다.","lead_en":"A leading Korean back-end (OSAT) player handling memory and logic assembly/test for Samsung and SK hynix, a contract structure that leverages capacity in the memory up-cycle. It is expanding into HBM and advanced packaging to catch the back-end bottleneck — the volumes fabless and IDM customers add flow straight into OSAT utilization. It depends on Advantest and Kulicke & Soffa for bonding/test equipment, so tool lead times and expansion pace are the execution variables.","segments":{"fy":2025,"parts":[{"desc":"삼성전자·SK하이닉스 메모리·시스템반도체를 조립·테스트하는 본업 — FY2025 매출 1조2,609억원(+26%)·영업익 776억. 모바일 D램 스택칩 공정 우위로 메모리 상승 사이클의 가동률 레버리지를 받으며, HBM·비메모리 패키징으로 확장 중.","name":"반도체 제조 (패키징·테스트)"},{"desc":"연결 종속 하나머티리얼즈가 식각공정용 실리콘·SiC 부품을 만드는 축 — FY2025 매출 2,729억원(+9%)·영업익 506억. 미세화·플라즈마 식각 확산으로 소모성 부품 수요가 구조적으로 커진다.","name":"반도체 재료 (하나머티리얼즈·Si/SiC parts)"},{"desc":"종속 하나에스앤비인베스트먼트의 소재·부품·장비 스타트업 투자 부문 — 매출 6억으로 작으나 후공정 밸류체인 확장의 옵션.","name":"신기술사업금융"}],"total":"FY2025 연결매출 1조5,344억원(+22.7%)·영업이익 1,277억원. 반도체 제조(패키징·테스트) 1조2,609억(+26%)·반도체 재료(하나머티리얼즈) 2,729억(+9%)·신기술금융 6억","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319000032"},"segments_en":{"fy":2025,"parts":[{"desc":"The core assembling and testing Samsung and SK hynix memory and logic — FY2025 revenue KRW 1,260.9bn (+26%), OP KRW 77.6bn. Leveraged to memory up-cycle utilization via mobile-DRAM stack-chip process strength, expanding into HBM and non-memory packaging.","name":"Semiconductor manufacturing (packaging/test)"},{"desc":"Consolidated subsidiary Hana Materials makes silicon and SiC parts for etch processes — FY2025 revenue KRW 272.9bn (+9%), OP KRW 50.6bn. Scaling and plasma-etch diffusion structurally grow demand for these consumable parts.","name":"Semiconductor materials (Hana Materials, Si/SiC parts)"},{"desc":"Subsidiary Hana S&B Investment's materials/parts/equipment startup investing — KRW 0.6bn, small but an option on back-end value-chain expansion.","name":"New-tech finance"}],"total":"FY2025 consolidated revenue KRW 1,534.4bn (+22.7%), operating income KRW 127.7bn. Semiconductor manufacturing (packaging/test) KRW 1,260.9bn (+26%), materials (Hana Materials) KRW 272.9bn (+9%), new-tech finance KRW 0.6bn","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319000032"},"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3},"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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Soffa","name_en":"Kulicke & Soffa","tier":1,"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":1,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":1,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}}],"analysis":"하나마이크론의 투자 논점은 '메모리 상승 사이클의 후공정 캐파 레버리지'다. 삼성·SK하이닉스가 늘리는 메모리·HBM 물량이 OSAT 가동률로 번지는 구조라, 본주 마진보다 공급사 물량 탄력이 먼저 반영되는 전형적 병목 자리다 — 실제로 공급단(장비사 등)이 본주보다 세게 움직였다. 그래프상 하류로 삼성전자·SK하이닉스에 패키징·테스트를 제공하고, 상류로 어드밴테스트·쿨리케앤소파에서 본딩·테스트 장비를 사들인다. 관건은 HBM·첨단 패키징 확장과 증설 실행이며, 리스크는 메모리 사이클 반전과 장비·캐파 병목이다.","analysis_en":"Hana Micron's thesis is 'back-end capacity leverage in the memory up-cycle.' Memory and HBM volumes that Samsung and SK hynix add flow into OSAT utilization, so supplier volume elasticity is priced before this layer's own margin — the classic bottleneck spot, and indeed the supply side (equipment makers, etc.) moved harder than the stock. In the graph it provides packaging/test downstream to Samsung and SK hynix and buys bonding/test equipment upstream from Advantest and Kulicke & Soffa. The keys are HBM/advanced-packaging expansion and execution on capacity; the risks are a memory-cycle reversal and equipment/capacity bottlenecks.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"하나머티리얼즈 (연결 종속·반도체 재료)","counterparty_slug":"hana-materials","confidence":"high","metric":{"qualifier":"largest_shareholder_consolidated","seg_rev_krw_bn":272.9},"note":"후공정 소모부품으로 사업을 확장한 수직계열 — 하나마이크론이 최대주주로 하나머티리얼즈를 연결 종속으로 지배한다. 식각공정용 실리콘·SiC 부품(FY2025 매출 2,729억)이 패키징 본업과 다른 반도체 소모재 사이클을 태워 그룹 실적을 분산한다.","note_en":"A vertical extension into back-end consumable parts — Hana Micron is the largest shareholder and consolidates Hana Materials as a subsidiary. Its silicon and SiC etch parts (FY2025 revenue KRW 272.9bn) ride a semiconductor-consumables cycle distinct from the packaging core, diversifying group earnings.","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":"주요 종속회사 하나머티리얼즈(주); 반도체 재료 부문 FY2025 매출 2,729억·영업익 506억.","excerpt_en":"Key subsidiary Hana Materials; materials segment FY2025 revenue KRW 272.9bn, OP KRW 50.6bn."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"fy":2025,"seg":"패키징·테스트","qualifier":"back-end_customer","seg_rev_krw_bn":1260.9},"note":"삼성전자 메모리·시스템반도체의 후공정 패키징·테스트를 위탁 수행 — 삼성이 늘리는 물량이 그대로 가동률로 번지는 OSAT 레버리지의 핵심 고객.","note_en":"Performs contract back-end packaging/test for Samsung's memory and logic — the key OSAT-leverage customer whose added volumes flow straight into utilization.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"삼성전자에 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides back-end packaging and test to Samsung Electronics."},{"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":"반도체 제조(패키징·테스트) 부문 FY2025 매출 1조2,609억(+26%)·영업익 776억.","excerpt_en":"Semiconductor manufacturing (packaging/test) FY2025 revenue KRW 1,260.9bn (+26%), OP KRW 77.6bn."},{"stance":"mentions","publisher":"메리츠·대신증권","publisher_en":"Meritz & Daishin Securities","kind":"research","lang":"ko","published_at":"2026-03-02","url":"https://krstockmarket.com/hanamicron-stock-forecast/","title":"하나마이크론 증권가 목표주가 — 메리츠 56,000·대신 57,000원(매수)","title_en":"Hana Micron brokerage targets — Meritz KRW 56,000, Daishin KRW 57,000 (Buy); 2026 consensus revenue +29.9%, OP +74% on HBM back-end and Vietnam ramp","excerpt":"증권가: HBM 후공정 낙수·베트남 2공장($10억) 수혜, 목표가 56,000~57,000원(매수). 2026 컨센 매출 +29.9%·영업익 +74%.","excerpt_en":"Analysts: HBM back-end trickle-down and Vietnam plant-2 ($1B) benefit; targets KRW 56,000-57,000 (Buy); 2026 consensus revenue +29.9%, OP +74%."},{"stance":"confirms","publisher":"하나마이크론","publisher_en":"Hana Micron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamicron.co.kr/eng/","title":"Hana Micron IR","title_en":"Hana Micron IR","excerpt":"삼성전자에 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides back-end packaging and test to Samsung Electronics."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스의 후공정 패키징·테스트를 위탁 수행 — HBM·첨단 패키징 확장기에 메모리 상승 사이클의 물량 노출을 키우는 관계.","note_en":"Performs contract back-end packaging/test for SK hynix — a relationship that raises exposure to memory up-cycle volumes as HBM and advanced packaging expand.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"SK하이닉스에 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides back-end packaging and test to SK hynix."},{"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":"DART 사업보고서: 매출·고객·사업 내용.","excerpt_en":"DART annual report: revenue, customers and business."},{"stance":"confirms","publisher":"하나마이크론","publisher_en":"Hana Micron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamicron.co.kr/eng/","title":"Hana Micron IR","title_en":"Hana Micron IR","excerpt":"SK하이닉스에 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides back-end packaging and test to SK hynix."}]},{"direction":"cost","counterparty":"Kulicke & Soffa","counterparty_slug":"kulicke-soffa","confidence":"low","metric":null,"note":"본딩·테스트 장비를 쿨리케앤소파에서 조달 — 어드밴테스트와 함께 후공정 캐파 증설의 장비 의존을 이루는 상류.","note_en":"Sources bonding/test equipment from Kulicke & Soffa — with Advantest, the upstream tool dependence behind back-end capacity expansion.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"Kulicke & Soffa에서 본딩·테스트 장비 매입.","excerpt_en":"Buys bonding and test equipment from Kulicke & Soffa."},{"stance":"confirms","publisher":"하나마이크론","publisher_en":"Hana Micron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamicron.co.kr/eng/","title":"Hana Micron IR","title_en":"Hana Micron IR","excerpt":"Kulicke & Soffa에서 본딩·테스트 장비 매입.","excerpt_en":"Buys bonding and test equipment from Kulicke & Soffa."}]},{"direction":"cost","counterparty":"원재료·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 원재료·소재·R&D(비공개).","note_en":"Materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"하나마이크론","publisher_en":"Hana Micron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamicron.co.kr/eng/","title":"Hana Micron IR","title_en":"Hana Micron IR","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]},{"direction":"cost","counterparty":"Advantest","counterparty_slug":"advantest","confidence":"low","metric":null,"note":"본딩·테스트 장비를 어드밴테스트에서 조달 — OSAT 증설의 실행은 이 장비 리드타임에 걸려 있어, 후공정 병목의 상류 원가·제약이다.","note_en":"Sources bonding/test equipment from Advantest — OSAT expansion execution hinges on this tool lead time, the upstream cost/constraint of the back-end bottleneck.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"Advantest에서 본딩·테스트 장비 매입.","excerpt_en":"Buys bonding and test equipment from Advantest."},{"stance":"confirms","publisher":"하나마이크론","publisher_en":"Hana Micron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.hanamicron.co.kr/eng/","title":"Hana Micron IR","title_en":"Hana Micron IR","excerpt":"Advantest에서 본딩·테스트 장비 매입.","excerpt_en":"Buys bonding and test equipment from Advantest."}]}]}