# KYEC (2449.TW)
> 세계 최대 순수 반도체 테스트 전문기업(테스트 매출 2위). 웨이퍼 프로빙·최종 테스트를 팹리스(80%+)·IDM에 제공. 어드밴테스트·테라다인 테스터 사용.
Canonical: https://valuechain.wiki/kyec · Updated: 2026-07-12T06:15:31.719607+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 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).

## Financials & segments
- 총매출: FY2025 매출 NT$356.3억(+32.7%, AI·HPC·ASIC 테스트 수요)
- 사업부문: 반도체 테스트 전문 OSAT 세계 1위

## Annual stock return (as of 2026-07-09)
- 2021: +26.7%
- 2022: -7.7%
- 2023: +132.4%
- 2024: +38.6%
- 2025: +171%
- 2026 YTD: +4.2%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-09)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Marvell | lead3 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| AMD | lead3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead3 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Broadcom | lead3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| Airbnb Inc | lead3 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Lockheed Martin | lead3 | +3.2% | +40.5% | -4.3% | +10% | +2.5% | +9.5% |
| RTX | lead3 | +23.3% | +20% | -14.4% | +40.8% | +61.4% | +7.6% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Procter & Gamble | lead3 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 마쓰다 | lead3 | +18.8% | +22.8% | +81.1% | -39% | +17.3% | -3.2% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Disney | lead3 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| 메이퇀 | lead3 | -38.1% | -20.7% | -64.2% | +137.6% | -34.6% | -19% |
| Coupang | lead3 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead3 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 킹소프트 오피스 | lead3 | -41.3% | +16% | -23.7% | +47.1% | +7.6% | -30.2% |
| Dell | lead2 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead2 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| HPE | lead2 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| LG전자 | lead2 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| 삼성전자 | lead2 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Aurora Innovation | lead2 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 교세라 | lead2 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| Mercury Systems | lead2 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead2 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 기가바이트 | lead2 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead2 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| SK텔레콤 | lead2 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| 지리자동차 | lead2 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| Apple | lead2 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 위스트론 | lead2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead2 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead2 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| IonQ | lead2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 현대차 | lead2 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Tesla | lead2 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Toyota Motor Corporation | lead2 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead2 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead2 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead2 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead2 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 샤오미 | lead2 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Oracle | lead2 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Kratos | lead2 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead2 | · | · | · | · | +1% | -54.6% |
| 미디어텍 | lead1 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| NVIDIA | lead1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead1 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| KYEC | node | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Teradyne | benef1 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| Advantest | benef1 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |

웨이퍼 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 as of 2026-07-09)

## Money in · revenue from (3)
### Qualcomm (mid)  → /qualcomm.md
- note: 퀄컴 SoC의 웨이퍼 프로빙·최종 테스트를 위탁 — 팹리스가 테스트를 전량 외주하는 구조의 대형 수요처.
- [confirms] DigiTimes (EN, news, published 2026-04-13) https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html: "KYEC FY2025 revenue NT$35.63B (+32.7%) on fabless (80%+) test outsourcing; capacity +30-50% in 2026."
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "Qualcomm에 반도체 테스트 공급/제공."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "Qualcomm에 반도체 테스트 공급/제공."

### NVIDIA (mid)  → /nvidia.md
- note: 엔비디아 AI 칩의 최종 테스트를 위탁 — 테스트 물량이 AI 가속기 출하에 직결되는 후공정 병목으로, KYEC 성장의 핵심 동력.
- [mentions] Analyst consensus (14 analysts) (EN, research, published 2026-05-01) https://www.investing.com/equities/king-yuan-elec: "애널리스트 14곳 '적극매수', 평균 목표가 NT$369(범위 268~435) — AI 칩 테스트 수요 확대가 근거."
- [confirms] DigiTimes (EN, news, published 2026-04-13) https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html: "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%)."
- [confirms] 지디넷코리아 (KO, news, published 2025-06-01) https://zdnet.co.kr/view/?no=20260620160653: "AI 수요로 2군 OSAT 수혜(KYEC 등)"
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "NVIDIA에 반도체 테스트 공급/제공."
- [confirms] 회사 IR/거래소 공시 (EN, filing, published 2025-04-01) https://www.kyec.com.tw/en/investor: "연차보고서: 매출·고객·사업."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "NVIDIA에 반도체 테스트 공급/제공."

### 미디어텍 (mid)  → /mediatek.md
- note: 미디어텍 모바일·차량 SoC 테스트 수요처 — 첨단 SoC 복잡도가 높아질수록 테스트 시간·단계가 늘어난다.
- [confirms] DigiTimes (EN, news, published 2026-04-13) https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html: "KYEC FY2025 revenue NT$35.63B (+32.7%) on fabless (80%+) test outsourcing; capacity +30-50% in 2026."
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "미디어텍에 반도체 테스트 공급/제공."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "미디어텍에 반도체 테스트 공급/제공."

## Money out · pays to (3)
### Advantest (high)  → /advantest.md
- note: 어드밴테스트에서 테스터(ATE) 매입 — HBM·AI 칩 테스트 캐파의 핵심 장비 공급원.
- [confirms] DigiTimes (EN, news, published 2026-04-13) https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html: "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."
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "Advantest에서 테스트 장비(ATE) 매입."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "Advantest에서 테스트 장비(ATE) 매입."

### Teradyne (mid)  → /teradyne.md
- note: 테라다인에서 테스터(ATE) 매입 — 테스트 캐파의 핵심 자본재로, ATE 확보가 KYEC 증설 속도의 상한을 정한다.
- [confirms] DigiTimes (EN, news, published 2026-04-13) https://www.digitimes.com/news/a20260413PD230/2026-revenue-demand-testing-king-yuan.html: "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."
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "Teradyne에서 테스트 장비(ATE) 매입."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/osat-market/companies: "Teradyne에서 테스트 장비(ATE) 매입."

### 원재료·소재·R&D (비공개) (low)
- note: 제조용 원재료·소재·R&D(비공개).
- [confirms] KYEC (EN, ir, published 2025-05-01) https://www.kyec.com.tw/en/: "제조용 원재료·소재·R&D(비공개)."

## 질문별 엔드포인트
- 누가 KYEC의 고객인가? KYEC의 매출은 어디서 오는가? → https://valuechain.wiki/kyec/customers.md
- KYEC의 주요 공급사는 어디인가? KYEC의 비용은 누구에게 가는가? → https://valuechain.wiki/kyec/suppliers.md
- KYEC 주가가 움직이면 누가 수혜를 보는가? KYEC의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/kyec/ripple.md
- 증권가가 보는 KYEC: 목표주가와 투자의견은? → https://valuechain.wiki/kyec/consensus.md

---
_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._