{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","ticker":"2449.TW","updated_at":"2026-07-12T06:15:31.719607+00:00","canonical":"https://valuechain.wiki/kyec","same_as":["https://finance.yahoo.com/quote/2449.TW"],"citable":"밸류체인 그래프 기준 KYEC의 직접 연결 기업은 5곳(관계 기준 공급 2·매출 3)이고, 사슬을 2차까지 넓히면 45곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, King Yuan Electronics (KYEC) is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 45 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"반도체 테스트 전문 OSAT 세계 1위","kicker_en":"World’s largest pure-play test OSAT","lead":"세계 최대 순수 반도체 테스트 전문기업(테스트 매출 2위). 웨이퍼 프로빙·최종 테스트를 팹리스(80%+)·IDM에 제공. 어드밴테스트·테라다인 테스터 사용.","lead_en":"The world’s largest pure-play semiconductor test company (No.2 in test revenue). Provides wafer probing and final test mainly to fabless (80%+) and IDMs, using Advantest and Teradyne testers.","segments":{"fy":2025,"parts":[{"desc":"웨이퍼 프로빙·최종·번인 테스트 전문 — 팹리스(80%+)·IDM의 AI 가속기·HPC·ASIC 물량이 곧 테스트 수요인 후공정 병목. FY2025 매출 NT$356.3억(+32.7%), 상반기 순이익 약 2배. 2026년 설비투자를 NT$500억(사상 최대·+27%)으로 상향, 캐파 30~50% 증설 및 싱가포르 첫 해외 기지 신설로 AI GPU·ASIC 수요에 대응.","name":"반도체 테스트 전문 OSAT 세계 1위"}],"total":"FY2025 매출 NT$356.3억(+32.7%, AI·HPC·ASIC 테스트 수요)","source":"KYEC IR / DigiTimes"},"segments_en":{"fy":2025,"parts":[{"desc":"Wafer probing, final and burn-in test — a back-end bottleneck where fabless (80%+) and IDM AI-accelerator/HPC/ASIC volume is directly the test demand. FY2025 revenue NT$35.63B (+32.7%), H1 net profit nearly doubled. 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프로빙·최종 테스트만 하는 세계 최대 순수 테스트 OSAT로, 팹리스(80%+)·IDM의 칩이 늘수록 테스트 물량이 늘어나는 후공정 병목이다. 성장 논지는 AI·HPC — 엔비디아·퀄컴·미디어텍 등 첨단 SoC·가속기의 복잡도가 높아질수록 테스트 시간·단계가 늘어 구조적 수요가 커진다. 리스크는 이 수요가 테스터(ATE) 캐파와 고객 칩 출하 사이클에 묶여 변동성이 크다는 점이며, 어드밴테스트·테라다인 ATE 확보가 증설 속도를 정한다. 그래프 파급은 팹리스 고객의 AI 칩 물량이 KYEC 테스트 수요로 전이되는 경로다.","analysis_en":"The world's largest pure-play test OSAT doing only wafer probing and final test, a back-end bottleneck where test volume grows as fabless (80%+) and IDM chips grow. The thesis is AI/HPC — as advanced SoCs and accelerators from NVIDIA, Qualcomm and MediaTek grow more complex, test time and steps rise, expanding structural demand. The risk is that demand is tied to tester (ATE) capacity and customer shipment cycles, and securing Advantest/Teradyne ATE sets the pace of expansion. In graph terms, fabless customers' AI-chip volume transmits into KYEC test demand.","analysis_asof":"2026-07-09"},"edges":[{"direction":"cost","counterparty":"Advantest","counterparty_slug":"advantest","confidence":"high","metric":{"fy":2026,"capex_2026_ntbn":50,"capacity_growth_pct":"30-50"},"note":"어드밴테스트에서 테스터(ATE) 매입 — HBM·AI 칩 테스트 캐파의 핵심 장비 공급원.","note_en":"Buys testers (ATE) from Advantest — a key equipment source for HBM/AI-chip test capacity.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-13","url":"https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html","title":"KYEC 1Q26 사상 최대 매출·2026 capex NT$50B로 상향","title_en":"KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B","excerpt":"Testers (ATE) are the key capital good of test capacity; KYEC's record NT$50B 2026 capex (+27%) and 30-50% capacity expansion are gated by ATE/equipment availability.","excerpt_en":"ATE is the capacity-gating capital good; KYEC's NT$50B 2026 capex and 30-50% capacity growth depend on tester availability."},{"stance":"confirms","publisher":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"Advantest에서 테스트 장비(ATE) 매입.","excerpt_en":"Buys test equipment (ATE) from Advantest."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/osat-market/companies","title":"OSAT 테스트 전문 KYEC","title_en":"KYEC, a pure-play test OSAT","excerpt":"Advantest에서 테스트 장비(ATE) 매입.","excerpt_en":"Buys test equipment (ATE) from Advantest."}]},{"direction":"cost","counterparty":"Teradyne","counterparty_slug":"teradyne","confidence":"mid","metric":{"fy":2026,"capex_2026_ntbn":50,"capacity_growth_pct":"30-50"},"note":"테라다인에서 테스터(ATE) 매입 — 테스트 캐파의 핵심 자본재로, ATE 확보가 KYEC 증설 속도의 상한을 정한다.","note_en":"Buys testers (ATE) from Teradyne — the key capital good of test capacity, whose availability caps KYEC's expansion pace.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-13","url":"https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html","title":"KYEC 1Q26 사상 최대 매출·2026 capex NT$50B로 상향","title_en":"KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B","excerpt":"Testers (ATE) are the key capital good of test capacity; KYEC's record NT$50B 2026 capex (+27%) and 30-50% capacity expansion are gated by ATE/equipment availability.","excerpt_en":"ATE is the capacity-gating capital good; KYEC's NT$50B 2026 capex and 30-50% capacity growth depend on tester availability."},{"stance":"confirms","publisher":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"Teradyne에서 테스트 장비(ATE) 매입.","excerpt_en":"Buys test equipment (ATE) from Teradyne."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/osat-market/companies","title":"OSAT 테스트 전문 KYEC","title_en":"KYEC, a pure-play test OSAT","excerpt":"Teradyne에서 테스트 장비(ATE) 매입.","excerpt_en":"Buys test equipment (ATE) from Teradyne."}]},{"direction":"revenue","counterparty":"Qualcomm","counterparty_slug":"qualcomm","confidence":"mid","metric":{"fy":2025,"yoy_pct":32.66,"group_rev_ntbn":35.63},"note":"퀄컴 SoC의 웨이퍼 프로빙·최종 테스트를 위탁 — 팹리스가 테스트를 전량 외주하는 구조의 대형 수요처.","note_en":"Handles wafer probing and final test for Qualcomm SoCs — a large demand point in the model where fabless fully outsource test.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-13","url":"https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html","title":"KYEC 1Q26 사상 최대 매출·2026 capex NT$50B로 상향","title_en":"KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B","excerpt":"KYEC FY2025 revenue NT$35.63B (+32.7%) on fabless (80%+) test outsourcing; capacity +30-50% in 2026.","excerpt_en":"KYEC FY2025 NT$35.63B (+32.7%); fabless test outsourcing; +30-50% capacity in 2026."},{"stance":"confirms","publisher":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"Qualcomm에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to Qualcomm."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/osat-market/companies","title":"OSAT 테스트 전문 KYEC","title_en":"KYEC, a pure-play test OSAT","excerpt":"Qualcomm에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to Qualcomm."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"fy":2025,"yoy_pct":32.66,"group_rev_ntbn":35.63,"capex_2026_ntbn":50,"capacity_growth_pct":"30-50"},"note":"엔비디아 AI 칩의 최종 테스트를 위탁 — 테스트 물량이 AI 가속기 출하에 직결되는 후공정 병목으로, KYEC 성장의 핵심 동력.","note_en":"Handles final test for NVIDIA AI chips — a back-end bottleneck where test volume is directly tied to AI-accelerator shipments, the core engine of KYEC's growth.","sources":[{"stance":"mentions","publisher":"Analyst consensus (14 analysts)","publisher_en":"Analyst consensus (14 analysts)","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://www.investing.com/equities/king-yuan-elec","title":"KYEC 애널리스트 컨센서스(적극매수, 평균 목표가 NT$369)","title_en":"KYEC analyst consensus (Strong Buy, avg TP NT$369)","excerpt":"애널리스트 14곳 '적극매수', 평균 목표가 NT$369(범위 268~435) — AI 칩 테스트 수요 확대가 근거.","excerpt_en":"14 analysts Strong Buy, avg TP NT$369 (268-435) on expanding AI-chip test demand."},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-13","url":"https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html","title":"KYEC 1Q26 사상 최대 매출·2026 capex NT$50B로 상향","title_en":"KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B","excerpt":"KYEC posted record 1Q26 revenue and raised 2026 capex to NT$50B (record), focused on high-power burn-in and advanced-packaging test for AI GPUs/ASICs; capacity to expand 30-50%. FY2025 revenue NT$35.63B (+32.7%).","excerpt_en":"Record 1Q26 revenue; 2026 capex raised to NT$50B for AI GPU/ASIC burn-in & advanced-packaging test; FY2025 NT$35.63B (+32.7%)."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://zdnet.co.kr/view/?no=20260620160653","title":"AI 커스텀 ASIC·후공정 수요 확산","title_en":"AI custom-ASIC/back-end demand spreads","excerpt":"AI 수요로 2군 OSAT 수혜(KYEC 등)","excerpt_en":"AI lifts second-tier OSAT (KYEC etc.)"},{"stance":"confirms","publisher":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"NVIDIA에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to NVIDIA."},{"stance":"confirms","publisher":"회사 IR/거래소 공시","publisher_en":"Company IR / exchange filing","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.kyec.com.tw/en/investor","title":"KYEC 연차보고서(TWSE)","title_en":"KYEC annual report (TWSE)","excerpt":"연차보고서: 매출·고객·사업.","excerpt_en":"Annual report: revenue, customers, business."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/osat-market/companies","title":"OSAT 테스트 전문 KYEC","title_en":"KYEC, a pure-play test OSAT","excerpt":"NVIDIA에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to NVIDIA."}]},{"direction":"revenue","counterparty":"미디어텍","counterparty_slug":"mediatek","confidence":"mid","metric":{"fy":2025,"yoy_pct":32.66,"group_rev_ntbn":35.63},"note":"미디어텍 모바일·차량 SoC 테스트 수요처 — 첨단 SoC 복잡도가 높아질수록 테스트 시간·단계가 늘어난다.","note_en":"A test-demand point for MediaTek mobile/automotive SoCs — as advanced-SoC complexity rises, test time and steps increase.","sources":[{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-04-13","url":"https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html","title":"KYEC 1Q26 사상 최대 매출·2026 capex NT$50B로 상향","title_en":"KYEC posts record 1Q26 revenue, raises 2026 capex to NT$50B","excerpt":"KYEC FY2025 revenue NT$35.63B (+32.7%) on fabless (80%+) test outsourcing; capacity +30-50% in 2026.","excerpt_en":"KYEC FY2025 NT$35.63B (+32.7%); fabless test outsourcing; +30-50% capacity in 2026."},{"stance":"confirms","publisher":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"미디어텍에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to MediaTek."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/osat-market/companies","title":"OSAT 테스트 전문 KYEC","title_en":"KYEC, a pure-play test OSAT","excerpt":"미디어텍에 반도체 테스트 공급/제공.","excerpt_en":"Provides semiconductor test to MediaTek."}]},{"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":"KYEC","publisher_en":"KYEC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kyec.com.tw/en/","title":"KYEC IR","title_en":"KYEC IR","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]}]}