{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","ticker":"6920.T","updated_at":"2026-07-12T08:24:03.949094+00:00","canonical":"https://valuechain.wiki/lasertec","same_as":["https://finance.yahoo.com/quote/6920.T"],"citable":"밸류체인 그래프 기준 Lasertec의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 27곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Lasertec is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 27 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · EUV 마스크 결함 검사 · 사실상 독점","kicker_en":"Nikkei 225 · EUV mask defect inspection · de-facto monopoly","lead":"EUV 마스크·블랭크 결함 검사 장비에서 세계 사실상 100% 독점을 쥔 일본 장비사다. EUV 노광을 쓰는 삼성·TSMC·인텔은 마스크 결함을 걸러내지 못하면 수율이 무너지기 때문에 이 장비가 필수 관문이며, 대체 공급사가 없어 EUV 채택이 늘수록 수요가 구조적으로 커진다. FY2024 매출 약 $1.2B(+25%)로, 실적은 선단 팹의 EUV 도입·마스크 수요에 직접 연동된다. 검사 장비 특성상 수주는 뭉툭하지만 독점적 지위가 가격·마진을 방어한다.","lead_en":"A Japanese equipment maker holding a de-facto 100% monopoly in EUV mask/blank defect-inspection tools. Because EUV users Samsung, TSMC and Intel see yields collapse if mask defects go uncaught, this tool is an essential gate, and with no alternative supplier, demand grows structurally as EUV adoption widens. FY2024 revenue was ~$1.2B (+25%), with results tied directly to leading-edge fabs' EUV uptake and mask demand. Orders are lumpy given the inspection-tool nature, but the monopoly position defends pricing and margin.","segments":{"fy":2025,"parts":[{"desc":"EUV 마스크·블랭크 결함 검사 장비 세계 사실상 100% 독점 — 삼성·TSMC·인텔 EUV 팹의 필수 관문. EUV 채택 확대가 곧 수요.","name":"EUV 마스크 결함 검사 (사실상 독점)"}],"total":"FY2025(2025.6期) 매출 ¥2,458억(장비 ¥2,029억+서비스 ¥429억) — EUV 마스크 검사 사실상 독점(영업이익률 ~49%). 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EUV 마스크·블랭크 결함 검사 장비에서 세계 100%에 가까운 점유를 쥐어, EUV를 쓰는 삼성·TSMC·인텔은 이 장비 없이는 마스크 품질을 보증할 수 없다 — 대체 공급사가 없다는 점이 가격·마진을 지키는 해자다. 실적은 선단 팹의 EUV 레이어 확대와 마스크 수요에 직접 연동되며, EUV가 HBM·선단 로직으로 넓어질수록 검사 수요가 구조적으로 커진다. FY2024 매출 약 $1.2B(+25%). 검사 장비 특성상 수주는 사이클성·뭉툭함을 띠고, 원가단에서는 Oxide·AVAL DATA(부재)·QD레이저(광원) 같은 협력사에 의존해 정책보유주식으로 공급을 안정화한다. 재평가 트리거는 EUV 레이어·마스크 수요 사이클, 하이NA EUV 도입, 그리고 신규 검사 수요(액티닉 등) 확대다.","analysis_en":"Lasertec's thesis is a de-facto monopoly over an EUV bottleneck step. With near-100% share in EUV mask/blank defect-inspection tools, EUV users Samsung, TSMC and Intel cannot guarantee mask quality without them — the absence of an alternative supplier is the moat defending pricing and margin. Results track leading-edge fabs' EUV-layer expansion and mask demand directly, and as EUV widens into HBM and leading-edge logic, inspection demand grows structurally. FY2024 revenue was ~$1.2B (+25%). Orders are cyclical and lumpy given the inspection-tool nature, and on the cost side it depends on partners like Oxide, AVAL DATA (components) and QD Laser (light sources), stabilizing supply via policy shareholdings. Re-rating triggers are the EUV-layer/mask demand cycle, High-NA EUV adoption, and new inspection demand (e.g. actinic).","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-06","basis":"유가증권보고서 주요 고객 매출","value":31.9,"period":"FY2024(2023.7~2024.6)","basis_en":"Yuho major-customer revenue disclosure"},"note":"TSMC에 EUV 마스크 결함 검사 장비 공급 — 선단 로직 EUV 램프에 연동, 대체 불가한 독점 공급.","note_en":"Supplies EUV mask defect-inspection tools to TSMC — tied to the leading-edge logic EUV ramp, an irreplaceable monopoly supply.","sources":[{"stance":"confirms","publisher":"레이저텍","publisher_en":"Lasertec","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.lasertec.co.jp/en/ir/","title":"레이저텍 FY2025(2025.6期) 결산 IR","title_en":"Lasertec FY2025 (year ended June 2025) IR results","excerpt":"TSMC에 EUV 마스크 검사 장비 공급.","excerpt_en":"Supplies EUV mask inspection equipment to TSMC."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=18973","title":"EUV 마스크 검사 레이저텍 100% 독점","title_en":"Lasertec 100% EUV mask inspection","excerpt":"TSMC에 EUV 마스크 검사 장비 공급.","excerpt_en":"Supplies EUV mask inspection equipment to TSMC."},{"stance":"confirms","publisher":"EDINET (레이저텍 유보)","publisher_en":"EDINET (Lasertec Yuho)","kind":"filing","lang":"ja","published_at":"2024-09-01","url":"https://edinetdb.jp/company/E01991/text","title":"레이저텍 유가증권보고서 (FY2024)","title_en":"Lasertec Annual Securities Report (FY2024)","excerpt":"유가증권보고서 주요 고객 매출: TSMC 68,045百万円 (31.9%) — 당연결회계연도(2023.7~2024.6).","excerpt_en":"Yuho major-customer disclosure: 68,045百万円 (31.9% of revenue) in FY2023.7-2024.6."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-06","basis":"유가증권보고서 주요 고객 매출","value":27.7,"period":"FY2024(2023.7~2024.6)","basis_en":"Yuho major-customer revenue disclosure"},"note":"인텔에 EUV 마스크 결함 검사 장비 공급 — 인텔 파운드리 EUV 도입에 연동.","note_en":"Supplies EUV mask defect-inspection tools to Intel — tied to Intel Foundry's EUV adoption.","sources":[{"stance":"mentions","publisher":"애널리스트 분석","publisher_en":"Analyst analysis","kind":"research","lang":"en","published_at":"2026-02-01","url":"https://note.com/beyondge/n/n1e33aed29b48","title":"레이저텍 — EUV 마스크 검사 기술 독점(영업이익률 ~49%), AI 반도체 지지","title_en":"Lasertec — EUV mask-inspection monopoly (~49% operating margin) supporting AI semis","excerpt":"EUV 마스크 검사 사실상 독점·영업이익률 ~49%.","excerpt_en":"De-facto monopoly in EUV mask inspection, ~49% operating margin."},{"stance":"confirms","publisher":"레이저텍","publisher_en":"Lasertec","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.lasertec.co.jp/en/ir/","title":"레이저텍 FY2025(2025.6期) 결산 IR","title_en":"Lasertec FY2025 (year ended June 2025) IR results","excerpt":"레이저텍 FY2025 매출 ¥2,458억(장비 ¥2,029억+서비스 ¥429억), EUV 마스크 검사 독점. FY2026 -20.5% 조정 전망.","excerpt_en":"Lasertec FY2025 revenue JPY 245.8bn (equipment 202.9 + service 42.9); EUV mask-inspection monopoly; FY2026 guided -20.5%."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=18973","title":"EUV 마스크 검사 레이저텍 100% 독점","title_en":"Lasertec 100% EUV mask inspection","excerpt":"Intel에 EUV 마스크 검사 장비 공급.","excerpt_en":"Supplies EUV mask inspection equipment to Intel."},{"stance":"confirms","publisher":"EDINET (레이저텍 유보)","publisher_en":"EDINET (Lasertec Yuho)","kind":"filing","lang":"ja","published_at":"2024-09-01","url":"https://edinetdb.jp/company/E01991/text","title":"레이저텍 유가증권보고서 (FY2024)","title_en":"Lasertec Annual Securities Report (FY2024)","excerpt":"유가증권보고서 주요 고객 매출: Intel 59,210百万円 (27.7%) — 당연결회계연도(2023.7~2024.6).","excerpt_en":"Yuho major-customer disclosure: 59,210百万円 (27.7% of revenue) in FY2023.7-2024.6."},{"stance":"mentions","publisher":"SemiconAlpha","publisher_en":"SemiconAlpha","kind":"analysis","lang":"en","published_at":"2024-06-01","url":"https://semiconalpha.substack.com/p/lasertec-colossal-fraud-or-multi","title":"Lasertec: Colossal Fraud or Multi-Award Winning Mask Inspection Supplier?","title_en":"Lasertec: Colossal Fraud or Multi-Award Winning Mask Inspection Supplier?","excerpt":"A quick glance at the market for their EUV inspection tools would point you to basically three customers, Intel, Samsung and TSMC. (EUV 검사 장비 고객은 사실상 인텔·삼성·TSMC 3사)","excerpt_en":"A quick glance at the market for their EUV inspection tools would point you to basically three customers, Intel, Samsung and TSMC."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-06","basis":"유가증권보고서 주요 고객 매출","value":23,"period":"FY2024(2023.7~2024.6)","basis_en":"Yuho major-customer revenue disclosure"},"note":"삼성전자에 EUV 마스크 결함 검사 장비 공급 — 메모리·로직 EUV 확대에 연동.","note_en":"Supplies EUV mask defect-inspection tools to Samsung — tied to memory/logic EUV expansion.","sources":[{"stance":"confirms","publisher":"EDINET/회사 IR","publisher_en":"EDINET / company IR","kind":"filing","lang":"ja","published_at":"2025-09-01","url":"https://www.lasertec.co.jp/ir/data/securities.html","title":"lasertec 有価証券報告書 (EDINET)","title_en":"Annual Securities Report (EDINET)","excerpt":"有価証券報告書: 매출·고객·사업.","excerpt_en":"Annual securities report: revenue, customers, business."},{"stance":"confirms","publisher":"레이저텍","publisher_en":"Lasertec","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.lasertec.co.jp/en/ir/","title":"레이저텍 FY2025(2025.6期) 결산 IR","title_en":"Lasertec FY2025 (year ended June 2025) IR results","excerpt":"삼성전자에 EUV 마스크 검사 장비 공급.","excerpt_en":"Supplies EUV mask inspection equipment to Samsung Electronics."},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=18973","title":"EUV 마스크 검사 레이저텍 100% 독점","title_en":"Lasertec 100% EUV mask inspection","excerpt":"삼성전자에 EUV 마스크 검사 장비 공급.","excerpt_en":"Supplies EUV mask inspection equipment to Samsung Electronics."},{"stance":"confirms","publisher":"EDINET (레이저텍 유보)","publisher_en":"EDINET (Lasertec Yuho)","kind":"filing","lang":"ja","published_at":"2024-09-01","url":"https://edinetdb.jp/company/E01991/text","title":"레이저텍 유가증권보고서 (FY2024)","title_en":"Lasertec Annual Securities Report (FY2024)","excerpt":"유가증권보고서 주요 고객 매출: Samsung Electronics 49,083百万円 (23%) — 당연결회계연도(2023.7~2024.6).","excerpt_en":"Yuho major-customer disclosure: 49,083百万円 (23% of revenue) in FY2023.7-2024.6."}]},{"direction":"cost","counterparty":"오키사이드 (Oxide)","counterparty_slug":null,"confidence":"high","metric":{"as_of":"2024-06","qualifier":"confirmed_no_disclosed_value"},"note":"반도체 관련 장치용 부재 매입처. 레이저텍이 부재 안정 확보 목적의 정책보유주식으로 지분(약 2.2%)을 보유할 만큼 구조적인 공급 관계.","note_en":"Component supplier for semiconductor-related systems. Lasertec holds about 2.2% as a policy shareholding to secure stable component supply.","sources":[{"stance":"confirms","publisher":"EDINET (레이저텍 유보)","publisher_en":"EDINET (Lasertec Yuho)","kind":"filing","lang":"ja","published_at":"2024-09-01","url":"https://edinetdb.jp/company/E01991/text","title":"레이저텍 유가증권보고서 (FY2024)","title_en":"Lasertec Annual Securities Report (FY2024)","excerpt":"㈱オキサイド: 반도체 관련 장치용 부재의 매입처. 부재 확보를 위한 거래관계 강화 목적으로 주식 보유.","excerpt_en":"Oxide Corporation: component supplier for semiconductor equipment; shares held to reinforce the supply relationship."}]},{"direction":"cost","counterparty":"아발데이터 (AVAL DATA)","counterparty_slug":null,"confidence":"high","metric":{"as_of":"2024-06","qualifier":"confirmed_no_disclosed_value"},"note":"반도체 관련 장치용 부재의 개발·제조 위탁처. 거래관계 강화 목적의 정책보유주식 대상.","note_en":"Development and manufacturing outsourcing partner for semiconductor equipment components; policy shareholding held to reinforce the relationship.","sources":[{"stance":"confirms","publisher":"EDINET (레이저텍 유보)","publisher_en":"EDINET (Lasertec Yuho)","kind":"filing","lang":"ja","published_at":"2024-09-01","url":"https://edinetdb.jp/company/E01991/text","title":"레이저텍 유가증권보고서 (FY2024)","title_en":"Lasertec Annual Securities Report (FY2024)","excerpt":"㈱アバールデータ: 반도체 관련 장치용 부재의 개발제조 위탁처. 거래관계 강화 목적으로 주식 보유.","excerpt_en":"AVAL DATA Corporation: development/manufacturing outsourcing partner for equipment components; shares held to reinforce the relationship."}]},{"direction":"cost","counterparty":"QD레이저","counterparty_slug":null,"confidence":"mid","metric":{"as_of":"2026-06","qualifier":"confirmed_no_disclosed_value"},"note":"광원·레이저 부품 공급사. QD레이저 유가증권보고서 매출채권 주석에 레이저텍이 주요 판매처로 기재.","note_en":"Optical/laser component supplier. QD Laser's securities report lists Lasertec among its main accounts-receivable customers.","sources":[{"stance":"mentions","publisher":"Chainvest","publisher_en":"Chainvest","kind":"news","lang":"ja","published_at":"2026-06-22","url":"https://chainvest.jp/topics/industry-tech/20260622-2suhjy","title":"QD레이저 유가증권보고서 매출채권에 Intel과 레이저텍","title_en":"QD Laser securities report lists Intel and Lasertec as receivables","excerpt":"QDレーザの有価証券報告書にIntelとレーザーテック（6920）が売掛先として記載.","excerpt_en":"QD Laser's securities report lists Intel and Lasertec (6920) as accounts-receivable customers."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"생산 설비·인프라 투자(비공개).","note_en":"Production equipment and infrastructure (undisclosed).","sources":[{"stance":"confirms","publisher":"레이저텍","publisher_en":"Lasertec","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.lasertec.co.jp/en/ir/","title":"레이저텍 FY2025(2025.6期) 결산 IR","title_en":"Lasertec FY2025 (year ended June 2025) IR results","excerpt":"생산 설비·인프라 투자(비공개).","excerpt_en":"Production equipment and infrastructure (undisclosed)."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"EUV 마스크 검사 장비 제조용 부품·소재·R&D(비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"레이저텍","publisher_en":"Lasertec","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.lasertec.co.jp/en/ir/","title":"레이저텍 FY2025(2025.6期) 결산 IR","title_en":"Lasertec FY2025 (year ended June 2025) IR results","excerpt":"EUV 마스크 검사 장비 제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}