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Technology","tier":1,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":1,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"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":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":1,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"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}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"nanya-tech","name":"Nanya Technology","name_en":"Nanya Technology","tier":1,"returns_yearly":{"2021":-8.3,"2022":-14.2,"2023":22.5,"2024":-56.2,"2025":984.7,"2026":33.8}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}}],"benefiting":[{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":1,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":1,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":1,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":1,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":1,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":2,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}}],"analysis":"투자 논점은 메모리 웨이퍼 팹 장비(WFE)에서 식각·증착에 특화된 지위와 그 사이클 레버리지다. 삼성·SK하이닉스·마이크론·키옥시아·샌디스크 등 3D 낸드·DRAM 고객이 몰려 있어, AI가 촉발한 HBM·고단 적층 메모리 투자 확대가 곧 램의 수주로 이어진다 — 단수가 높아질수록 식각·증착 스텝이 기하급수로 늘어 장비 집약도가 커지는 구조다. FY2025 매출 $18.4B의 상당 부분이 메모리에 연동돼 파운드리 편중 경쟁사보다 메모리 사이클 상단에서 탄력이 크지만, 뒤집으면 메모리 감산·capex 삭감 국면에서 하방도 가파르다. 부품단으로는 티씨케이(SiC 링)·MKS·어드밴스드에너지·이코르 등 서브시스템에 의존해, 램의 가동은 이들 소모품·부품사로 전파되는 상류 노드다.","analysis_en":"The thesis is Lam's etch/deposition specialization within memory wafer-fab equipment and its cycle leverage. With 3D NAND and DRAM customers clustered — Samsung, SK hynix, Micron, Kioxia, SanDisk — the AI-driven surge in HBM and high-layer-count memory investment converts directly into Lam orders, since more stacked layers multiply etch/deposition steps and tool intensity. Much of FY2025's $18.4B revenue is memory-linked, giving more upside at the top of the memory cycle than foundry-heavy peers, but the downside is equally steep in memory cuts and capex reductions. On the supply side it depends on subsystem makers like TCK (SiC rings), MKS, Advanced Energy and Ichor, so Lam's utilization is an upstream node propagating to those consumable/parts suppliers.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"삼성전자 메모리·파운드리 팹에 식각·증착 장비 공급 — 10-K 명시 핵심 고객. HBM·3D낸드 단수 상승이 램의 장비 집약도를 끌어올린다.","note_en":"Supplies etch/deposition tools to Samsung's memory and foundry fabs — a key customer named in the 10-K; rising HBM/3D-NAND layer counts lift Lam's tool intensity.","sources":[{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2026-04-28","url":"https://www.asiae.co.kr/article/2026042808535291137","title":"삼성·SK가 견인…반도체 장비 시장 12% 성장","title_en":"Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%","excerpt":"메모리 투자 확대가 램 수요 견인.","excerpt_en":"Memory capex drives Lam demand."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 삼성·TSMC가 주요 고객.","excerpt_en":"10-K: Samsung and TSMC are most significant customers."}]},{"direction":"cost","counterparty":"MKS Instruments","counterparty_slug":"mks-instruments","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재.","note_en":"Uses MKS RF-power/vacuum subsystems in etch/deposition tools.","sources":[{"stance":"confirms","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://en.wikipedia.org/wiki/MKS_Instruments","title":"MKS Instruments(장비 서브시스템)","title_en":"MKS Instruments (equipment subsystems)","excerpt":"식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재.","excerpt_en":"Uses MKS RF-power/vacuum subsystems in etch/deposition tools."},{"stance":"confirms","publisher":"Yole Group","publisher_en":"Yole Group","kind":"research","lang":"en","published_at":"2025-01-01","url":"https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/","title":"핵심 서브시스템 공급사가 반도체 공급망의 슈퍼스타","title_en":"Critical subsystems suppliers are the superstars of the chain","excerpt":"식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재.","excerpt_en":"Uses MKS RF-power/vacuum subsystems in etch/deposition tools."}]},{"direction":"revenue","counterparty":"키옥시아","counterparty_slug":"kioxia","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"키옥시아 3D 낸드 양산에 식각·증착 장비 공급 — 낸드 단수 경쟁이 식각 스텝을 늘려 장비 수요를 견인.","note_en":"Supplies etch/deposition tools to Kioxia's 3D-NAND production — the layer-count race adds etch steps, driving tool demand.","sources":[{"stance":"confirms","publisher":"뉴스1","publisher_en":"News1","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.news1.kr/industry/general-industry/5997227","title":"키옥시아 NAND 3위, eSSD 견조","title_en":"Kioxia ranks No.3 in NAND","excerpt":"키옥시아에 NAND 양산 장비·웨이퍼 공급.","excerpt_en":"Supplies NAND fab equipment and wafers to Kioxia."},{"stance":"confirms","publisher":"키옥시아","publisher_en":"Kioxia","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kioxia.com/en-jp/ir.html","title":"Kioxia IR","title_en":"Kioxia IR","excerpt":"키옥시아에 NAND 양산 장비·웨이퍼 공급.","excerpt_en":"Supplies NAND fab equipment and wafers to Kioxia."}]},{"direction":"revenue","counterparty":"샌디스크","counterparty_slug":"sandisk","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"샌디스크 낸드 양산에 식각·증착 장비 공급.","note_en":"Supplies etch/deposition tools to SanDisk's NAND production.","sources":[{"stance":"confirms","publisher":"비즈니스포스트","publisher_en":"Business Post","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.businesspost.co.kr/BP?command=article_view&num=437533","title":"샌디스크·키옥시아 낸드 전성시대","title_en":"SanDisk and Kioxia ride the NAND boom","excerpt":"샌디스크에 NAND 양산 장비 공급.","excerpt_en":"Supplies NAND fab equipment to SanDisk."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K","title":"SanDisk 10-K","title_en":"SanDisk Form 10-K","excerpt":"샌디스크에 NAND 양산 장비 공급.","excerpt_en":"Supplies NAND fab equipment to SanDisk."}]},{"direction":"cost","counterparty":"어드밴스드에너지 (RF 파워)","counterparty_slug":"advanced-energy","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"식각·증착 장비용 RF 파워 서플라이 조달처.","note_en":"RF power supply source for etch/deposition tools.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 (SEC)","publisher_en":"U.S. SEC / Advanced Energy Industries","kind":"filing","lang":"en","published_at":"2026-02-13","url":"https://www.sec.gov/Archives/edgar/data/927003/000110465926014731/aeis-20251231x10k.htm","title":"Advanced Energy Industries FY2025 Form 10-K","title_en":"Advanced Energy Industries FY2025 Form 10-K","excerpt":"AE 10-K가 도쿄일렉트론·어플라이드·램리서치를 주요 고객으로 실명 공시 — 상위 3고객이 매출의 약 23%/19%/12%. 식각·증착 장비의 RF 전력·매칭이 AE 제품.","excerpt_en":"Advanced Energy's 10-K names Tokyo Electron, Applied Materials and Lam Research as major customers — the top three at ~23%/19%/12% of revenue. RF power and matching for etch/deposition tools are AE products."}]},{"direction":"cost","counterparty":"이코르 (가스 전달)","counterparty_slug":"ichor-holdings","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"가스·화학물 전달 서브시스템 조달처.","note_en":"Gas/chemical delivery subsystem source.","sources":[{"stance":"mentions","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-06-01","url":"https://matrixbcg.com/blogs/how-it-works/ichorsystems","title":"이코르 시스템즈 (가스 전달, 최대 고객 램)","title_en":"Ichor Systems (gas delivery; largest customer Lam)","excerpt":"Lam Research sources gas delivery subsystems from Ichor.","excerpt_en":"Lam sources gas delivery from Ichor."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"TSMC 파운드리 팹에 식각·증착 장비 공급 — 10-K 명시 핵심 고객으로, 메모리 편중을 완화하는 로직 축.","note_en":"Supplies etch/deposition tools to TSMC's foundry fabs — a key customer named in the 10-K and the logic axis offsetting memory concentration.","sources":[{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2026-04-28","url":"https://www.asiae.co.kr/article/2026042808535291137","title":"삼성·SK가 견인…반도체 장비 시장 12% 성장","title_en":"Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%","excerpt":"메모리 투자 확대가 램 수요 견인.","excerpt_en":"Memory capex drives Lam demand."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 삼성·TSMC가 주요 고객.","excerpt_en":"10-K: Samsung and TSMC are most significant customers."}]},{"direction":"cost","counterparty":"원익QnC","counterparty_slug":"wonik-qnc","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원익QnC에서 쿼츠·세라믹 챔버 부품 매입 — 식각·증착 챔버 소모부품 조달처.","note_en":"Buys quartz and ceramic chamber parts from Wonik QnC — a source of etch/deposition chamber consumables.","sources":[{"stance":"confirms","publisher":"다음/리서치","publisher_en":"Daum Research","kind":"analysis","lang":"ko","published_at":"2025-01-01","url":"https://m.cafe.daum.net/taejastory/UpJ3/14352","title":"원익QnC, 쿼츠 국내1위·글로벌2위","title_en":"Wonik QnC, quartz No.1 domestic","excerpt":"원익QnC에서 쿼츠·세라믹 부품 매입.","excerpt_en":"Buys quartz and ceramic parts from Wonik QnC."},{"stance":"confirms","publisher":"지디넷코리아","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2020-04-22","url":"https://zdnet.co.kr/view/?no=20200422101530","title":"원익QnC 쿼츠 매출 성장","title_en":"Wonik QnC quartz revenue grows","excerpt":"원익QnC에서 쿼츠·세라믹 부품 매입.","excerpt_en":"Buys quartz and ceramic parts from Wonik QnC."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"SK하이닉스 DRAM·HBM 팹에 식각·증착 장비 공급 — AI 메모리 증설의 직접 수혜 채널.","note_en":"Supplies etch/deposition tools to SK hynix's DRAM/HBM fabs — a direct beneficiary channel of AI-memory expansion.","sources":[{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2026-04-28","url":"https://www.asiae.co.kr/article/2026042808535291137","title":"삼성·SK가 견인…반도체 장비 시장 12% 성장","title_en":"Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%","excerpt":"메모리 투자 확대가 램 수요 견인.","excerpt_en":"Memory capex drives Lam demand."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 삼성·TSMC가 주요 고객.","excerpt_en":"10-K: Samsung and TSMC are most significant customers."},{"stance":"mentions","publisher":"미국 SEC(램리서치)","publisher_en":"SEC / Lam Research","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","title":"램리서치 FY2025 연차보고서(10-K, 6월 결산)","title_en":"Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)","excerpt":"램 10-K는 삼성·TSMC만 유의미 고객으로 명시하나, 메모리 3사 모두 램 식각·증착 장비의 핵심 고객이다. 한국이 FY2025 매출의 22%.","excerpt_en":"Lam's 10-K names only Samsung and TSMC as significant customers, but all three memory makers are core customers for Lam's etch/deposition; Korea was 22% of FY2025 revenue."}]},{"direction":"revenue","counterparty":"Micron Technology","counterparty_slug":"micron","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"마이크론 DRAM·낸드 팹에 식각·증착 장비 공급 — 메모리 3사가 동시 증설하면 수요가 겹쳐 쌓인다.","note_en":"Supplies etch/deposition tools to Micron's DRAM/NAND fabs — demand stacks when the three memory makers expand at once.","sources":[{"stance":"mentions","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2026-04-28","url":"https://www.asiae.co.kr/article/2026042808535291137","title":"삼성·SK가 견인…반도체 장비 시장 12% 성장","title_en":"Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%","excerpt":"메모리 투자 확대가 램 수요 견인.","excerpt_en":"Memory capex drives Lam demand."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 삼성·TSMC가 주요 고객.","excerpt_en":"10-K: Samsung and TSMC are most significant customers."},{"stance":"mentions","publisher":"미국 SEC(램리서치)","publisher_en":"SEC / Lam Research","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","title":"램리서치 FY2025 연차보고서(10-K, 6월 결산)","title_en":"Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)","excerpt":"램 10-K상 개별 미명시(삼성·TSMC만 명시)이나, 마이크론은 D램·NAND 식각·증착 장비의 핵심 고객이다.","excerpt_en":"Not individually named in Lam's 10-K (only Samsung/TSMC), but Micron is a core customer for DRAM/NAND etch and deposition tools."}]},{"direction":"revenue","counterparty":"글로벌파운드리","counterparty_slug":"globalfoundries","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"글로벌파운드리 fab에 전공정 장비 공급.","note_en":"Supplies wafer-fab tools to GlobalFoundries.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/0001709048/000170904826000022/gfs-20251231.htm","title":"GlobalFoundries FY2025 Form 20-F","title_en":"GlobalFoundries FY2025 Form 20-F","excerpt":"글로벌파운드리가 장비를 매입하는 주요 공급사.","excerpt_en":"A key equipment supplier to GlobalFoundries."},{"stance":"mentions","publisher":"미국 SEC(램리서치)","publisher_en":"SEC / Lam Research","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","title":"램리서치 FY2025 연차보고서(10-K, 6월 결산)","title_en":"Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)","excerpt":"파운드리 고객 — 램 10-K는 삼성·TSMC만 유의미 고객으로 명시하며 GF는 개별 미명시이나, 성숙·특수 공정에 램 식각·증착 장비를 조달한다.","excerpt_en":"A foundry customer — Lam's 10-K names only Samsung/TSMC; GF is not individually named but procures Lam etch/deposition for mature/specialty processes."}]},{"direction":"revenue","counterparty":"UMC","counterparty_slug":"umc","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"UMC 성숙·특화 fab에 전공정 장비 공급.","note_en":"Supplies wafer-fab tools to UMC.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-28","url":"https://www.sec.gov/Archives/edgar/data/0001033767/000119312526025557/umc-ex99_1.htm","title":"UMC FY2025 실적 (6-K)","title_en":"UMC FY2025 results (6-K)","excerpt":"UMC가 장비를 매입하는 주요 고객.","excerpt_en":"UMC is a customer buying its equipment."},{"stance":"mentions","publisher":"미국 SEC(램리서치)","publisher_en":"SEC / Lam Research","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","title":"램리서치 FY2025 연차보고서(10-K, 6월 결산)","title_en":"Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)","excerpt":"파운드리 고객 — 램 10-K 개별 미명시이나, UMC는 성숙 공정에 램 식각·증착 장비를 조달한다.","excerpt_en":"A foundry customer — not individually named in Lam's 10-K, but UMC procures Lam etch/deposition for mature nodes."}]},{"direction":"revenue","counterparty":"Nanya Technology","counterparty_slug":"nanya-tech","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Nanya DRAM 팹에 식각·증착 WFE 공급(capex 증설 수혜).","note_en":"Supplies etch/deposition WFE to Nanya's DRAM fab (capex beneficiary).","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""}]},{"direction":"cost","counterparty":"티씨케이","counterparty_slug":"tck","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"티씨케이에서 식각 챔버용 SiC 포커스링·소모품 매입 — 램의 장비 가동이 티씨케이의 반복 매출로 전파되는 하류 연결.","note_en":"Buys SiC focus rings and consumables for etch chambers from TCK — a downstream link where Lam's tool utilization propagates into TCK's recurring revenue.","sources":[{"stance":"confirms","publisher":"테크월드뉴스","publisher_en":"TechWorld","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.epnc.co.kr/news/articleView.html?idxno=223429","title":"티씨케이, SiC 산업 전통 강자","title_en":"TCK, a SiC stalwart","excerpt":"티씨케이에서 SiC 포커스링·소모품 매입.","excerpt_en":"Buys SiC focus rings and consumables from TCK (Tokai Carbon Korea)."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2024-06-01","url":"https://www.thelec.kr/news/articleView.html?idxno=11503","title":"티씨케이 SiC링 50% 증산","title_en":"TCK expands SiC rings 50%","excerpt":"티씨케이에서 SiC 포커스링·소모품 매입.","excerpt_en":"Buys SiC focus rings and consumables from TCK (Tokai Carbon Korea)."}]},{"direction":"cost","counterparty":"정밀 가스·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"공정 가스·특수 소재 매입(비공개).","note_en":"Buys process gases and specialty materials (undisclosed).","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 특수 소재 의존.","excerpt_en":"10-K: depends on specialty materials."}]},{"direction":"cost","counterparty":"부품·서브시스템 공급사 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"식각·증착 장비용 부품·서브시스템 외주(비공개).","note_en":"Outsources parts and subsystems for etch/deposition tools (undisclosed).","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm","title":"Lam Research FY2025 Form 10-K","title_en":"Lam Research FY2025 Form 10-K","excerpt":"10-K: 다수 공급사 의존.","excerpt_en":"10-K: relies on many suppliers."}]},{"direction":"revenue","counterparty":"SMIC","counterparty_slug":"smic","confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"중국 최대 매출 지역(램 FY2025 매출의 34%)을 대표하는 관계 — SMIC 등 중국 팹에 식각·증착·세정 장비를 공급한다(램은 노광이 아닌 식각·CVD/ALD 장비사). 다만 첨단 장비는 미국 수출허가 규제로 제한돼, SMIC는 10-K상 유의미 고객으로 명시되지 않는다.","note_en":"Represents the largest revenue region (34% of Lam FY2025 sales) — Lam supplies etch, deposition and clean tools (Lam makes etch/CVD/ALD, not lithography) to Chinese fabs like SMIC, though advanced tools are restricted by U.S. export licenses and SMIC is not named as a significant customer in the 10-K.","sources":[{"stance":"mentions","publisher":"미국 SEC(램리서치)","publisher_en":"SEC / Lam Research","kind":"filing","lang":"en","published_at":"2025-08-11","url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","title":"램리서치 FY2025 연차보고서(10-K, 6월 결산)","title_en":"Lam Research FY2025 Annual Report (Form 10-K, FYE June 2025)","excerpt":"램 10-K: 중국이 최대 매출 지역(FY2025 34%, 전년 42%에서 수출규제로 하락). SMIC 등 중국 팹에 식각·증착 장비를 공급하나 첨단 장비는 미국 수출허가 규제 대상(SMIC는 10-K 유의미 고객으로 미명시).","excerpt_en":"Lam 10-K: China is the largest revenue region (FY2025 34%, down from 42% on export controls); Lam supplies etch/deposition to Chinese fabs like SMIC, but advanced tools are export-license restricted (SMIC not named as a significant customer)."},{"stance":"confirms","publisher":"SMIC","publisher_en":"SMIC","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.smics.com/en/site/company_invest","title":"SMIC IR","title_en":"SMIC IR","excerpt":"SMIC에 전공정 장비(DUV) 공급.","excerpt_en":"Supplies front-end equipment (DUV) to SMIC."},{"stance":"confirms","publisher":"Statista","publisher_en":"Statista","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.statista.com/chart/32653/market-share-of-semiconductor-foundries-by-revenue/","title":"파운드리 점유율(SMIC 포함)","title_en":"Foundry market share","excerpt":"SMIC에 전공정 장비(DUV) 공급.","excerpt_en":"Supplies front-end equipment (DUV) to SMIC."}]}]}