{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","ticker":"011070.KS","updated_at":"2026-07-12T06:27:43.18+00:00","canonical":"https://valuechain.wiki/lg-innotek","same_as":["https://finance.yahoo.com/quote/011070.KS","https://finance.naver.com/item/main.naver?code=011070"],"citable":"밸류체인 그래프 기준 LG이노텍의 직접 연결 기업은 5곳(관계 기준 공급 1·매출 3·투자 1)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, LG Innotek is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"반도체 기판(FC-BGA)·모듈","kicker_en":"Semiconductor substrates (FC-BGA) and modules","lead":"애플 카메라모듈 주력에 더해 FC-BGA 반도체 기판으로 확장(2024 기판소재 매출 1.46조원). 서버·AI 가속기용 FC-BGA 양산 본격화, 2031년 패키지솔루션 영업익 1조 목표.","lead_en":"Beyond Apple camera modules, expanding into FC-BGA substrates (2024 substrate revenue KRW 1.46T); ramping server/AI-accelerator FC-BGA, targeting KRW 1T package-solution operating profit by 2031.","segments":{"fy":2025,"note":"애플 카메라모듈(광학솔루션 83.6%)이라는 현금원 위에, 서버·AI용 FC-BGA(패키지솔루션 7.9%, 영업이익률 19→39% 목표)를 얹는 전환이 핵심 논지.","parts":[{"desc":"매출의 83.6%. 애플 아이폰 카메라모듈 중심 — 실적을 좌우하는 현금원, 아이폰 사이클·애플 의존이 변수.","name":"광학솔루션(카메라모듈)"},{"desc":"매출의 7.9%. 서버·AI용 FC-BGA로 전환하는 성장 축(SOCAMM2·GDDR7), 향후 2년 2조원+ 투자·영업이익률 19→39% 목표.","name":"패키지솔루션(반도체기판·FC-BGA)"},{"desc":"매출의 8.5%. 모터·센서·통신·파워모듈 등 전장부품.","name":"모빌리티솔루션"}],"total":"FY2025 매출 21조8,966억(+3.3%)·영업익 6,650억(-5.8%)","source":"https://www.techm.kr/news/articleView.html?idxno=134965"},"segments_en":{"fy":2025,"note":"The core thesis: layering server/AI FC-BGA (Package Solutions 7.9%, margin targeted 19%→39%) onto the Apple camera-module cash cow (Optics Solutions 83.6%).","parts":[{"desc":"83.6% of sales. 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Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"posco-future-m","name":"포스코퓨처엠","name_en":"POSCO Future M","tier":3,"returns_yearly":{"2021":-17.7,"2022":97.6,"2023":16.3,"2024":-43.6,"2025":56.5,"2026":-32}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"LG이노텍의 논점은 '애플 카메라모듈 현금원 위에 AI 기판(FC-BGA)을 얹는 전환'이다. 애플향 광학솔루션이 매출을 떠받치는 가운데 서버·AI 가속기용 FC-BGA 양산을 본격화해 2031년 패키지솔루션 영업익 1조원을 겨냥한다 — 성숙·계절적인 카메라모듈에서 고성장 AI 기판으로 무게중심을 옮기는 재평가 스토리다. 2026년 +205% 급등은 그 기대가 실적에 앞서 반영된 것으로, 서버 FC-BGA 수율·고객 채택이 따라오지 못하면 되돌림이 먼저 오는 자리다. 소재는 ABF(레조낙 등)에 의존하고 최대주주는 LG전자(40.8%)다.","analysis_en":"LG Innotek's thesis is 'stacking AI substrates (FC-BGA) on top of an Apple camera-module cash cow.' While Apple optical solutions carry revenue, it is ramping server/AI-accelerator FC-BGA toward a KRW 1T package-solution operating profit by 2031 — a re-rating story shifting weight from mature, seasonal camera modules to high-growth AI substrates. The +205% surge in 2026 pre-prices that hope ahead of results, so if server-FC-BGA yields and customer adoption fail to follow, it is the first place to give back. It depends on ABF materials (Resonac and others), and its top shareholder is LG Electronics (40.8%).","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"fy":2025,"op_krw_bn":665,"relationship":"카메라모듈(광학솔루션)","revenue_krw_bn":21896.6,"revenue_yoy_pct":3.3,"optics_share_pct":83.6},"note":"Apple에 기판·카메라 모듈 공급/제공.","note_en":"Provides substrates and camera modules to Apple.","sources":[{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://www.fnnews.com/news/202606170709505720","title":"LG이노텍, 반도체 기판 5년내 영업익 1조","title_en":"LG Innotek targets KRW 1T from substrates","excerpt":"Apple에 기판·카메라 모듈 공급/제공.","excerpt_en":"Provides substrates and camera modules to Apple."},{"stance":"mentions","publisher":"iM증권/증권가","publisher_en":"iM Securities / brokerages","kind":"research","lang":"ko","published_at":"2026-06-15","url":"https://www.tokenpost.kr/news/market/375246","title":"iM증권 등 — LG이노텍 매수·목표주가 상향(아이폰 부품 견조+FC-BGA·AI 기판)","title_en":"iM Securities et al. — LG Innotek Buy, raised targets (firm iPhone parts + FC-BGA/AI substrate)","excerpt":"아이폰17 견조로 카메라모듈 가동률 안정, 목표주가 상향(일부 130만원).","excerpt_en":"Firm iPhone 17 keeps camera-module utilization stable; targets raised (up to KRW 1.3M)."},{"stance":"confirms","publisher":"금융감독원 DART(LG이노텍)","publisher_en":"FSS DART / LG Innotek","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270","title":"LG이노텍 사업보고서(2025.12)","title_en":"LG Innotek Annual Report FY2025 (DART)","excerpt":"LG이노텍 FY2025 매출 21조8,966억(+3.3%)·영업익 6,650억. 광학솔루션(애플 카메라모듈 등)이 매출의 83.6%로 현금원.","excerpt_en":"LG Innotek FY2025 revenue KRW 21,896.6bn (+3.3%), operating profit KRW 665.0bn; Optics Solutions (Apple camera modules) is 83.6% of sales — the cash cow."},{"stance":"confirms","publisher":"테크M","publisher_en":"TechM","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.techm.kr/news/articleView.html?idxno=134965","title":"LG이노텍·삼성전기 FC-BGA 경쟁","title_en":"LG Innotek and Samsung Electro-Mechanics compete in FC-BGA","excerpt":"Apple에 기판·카메라 모듈 공급/제공.","excerpt_en":"Provides substrates and camera modules to Apple."}]},{"direction":"investor","counterparty":"LG전자","counterparty_slug":"lg-electronics","confidence":"high","metric":null,"note":"LG전자가 LG이노텍 지분 40.8% 보유(최대주주).","note_en":"LG Electronics holds 40.8% of LG Innotek.","sources":[{"stance":"confirms","publisher":"뉴스1","publisher_en":"News1","kind":"news","lang":"ko","published_at":"2026-04-24","url":"https://www.news1.kr/industry/general-industry/6184148","title":"삼성전기·LG이노텍, 모회사 삼성·LG전자","title_en":"Samsung Electro-Mechanics and LG Innotek under Samsung/LG Electronics","excerpt":"LG전자가 LG이노텍 지분 40.8% 보유(최대주주).","excerpt_en":"LG Electronics holds 40.8% of LG Innotek."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자에 공급.","note_en":"Supplies to Samsung Electronics.","sources":[{"stance":"confirms","publisher":"금융감독원 DART(LG이노텍)","publisher_en":"FSS DART / LG Innotek","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270","title":"LG이노텍 사업보고서(2025.12)","title_en":"LG Innotek Annual Report FY2025 (DART)","excerpt":"DART 사업보고서: 매출·고객·사업 내용.","excerpt_en":"DART annual report: revenue, customers and business."},{"stance":"confirms","publisher":"LG Innotek (English)","publisher_en":"LG Innotek (English)","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.lginnotek.com/en/","title":"LG Innotek (English)","title_en":"LG Innotek (English)","excerpt":"회사 영문 IR.","excerpt_en":"Company English IR."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":{"fy":2025,"op_krw_bn":665,"relationship":"서버·AI용 FC-BGA 기판(패키지솔루션)","revenue_krw_bn":21896.6,"revenue_yoy_pct":3.3,"package_share_pct":7.9},"note":"NVIDIA에 기판·카메라 모듈 공급/제공.","note_en":"Provides substrates and camera modules to NVIDIA.","sources":[{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://www.fnnews.com/news/202606170709505720","title":"LG이노텍, 반도체 기판 5년내 영업익 1조","title_en":"LG Innotek targets KRW 1T from substrates","excerpt":"NVIDIA에 기판·카메라 모듈 공급/제공.","excerpt_en":"Provides substrates and camera modules to NVIDIA."},{"stance":"mentions","publisher":"iM증권/증권가","publisher_en":"iM Securities / brokerages","kind":"research","lang":"ko","published_at":"2026-06-15","url":"https://www.tokenpost.kr/news/market/375246","title":"iM증권 등 — LG이노텍 매수·목표주가 상향(아이폰 부품 견조+FC-BGA·AI 기판)","title_en":"iM Securities et al. — LG Innotek Buy, raised targets (firm iPhone parts + FC-BGA/AI substrate)","excerpt":"패키지솔루션 영업이익률 19%(2025)→39%(2028) 전망, 향후 2년 2조원+ FC-BGA 투자.","excerpt_en":"Package Solutions margin guided from 19% (2025) to 39% (2028); 2trn+ won FC-BGA investment over two years."},{"stance":"confirms","publisher":"금융감독원 DART(LG이노텍)","publisher_en":"FSS DART / LG Innotek","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270","title":"LG이노텍 사업보고서(2025.12)","title_en":"LG Innotek Annual Report FY2025 (DART)","excerpt":"패키지솔루션(반도체기판·FC-BGA)이 매출의 7.9% — 서버·AI용 FC-BGA로 전환 축. SOCAMM2·GDDR7 AI 기판·서버 FC-BGA가 장기 성장 동력.","excerpt_en":"Package Solutions (semiconductor substrate, FC-BGA) is 7.9% of sales — the pivot to server/AI FC-BGA; SOCAMM2, GDDR7 AI substrates and server FC-BGA are long-term drivers."},{"stance":"confirms","publisher":"테크M","publisher_en":"TechM","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.techm.kr/news/articleView.html?idxno=134965","title":"LG이노텍·삼성전기 FC-BGA 경쟁","title_en":"LG Innotek and Samsung Electro-Mechanics compete in FC-BGA","excerpt":"NVIDIA에 기판·카메라 모듈 공급/제공.","excerpt_en":"Provides substrates and camera modules to NVIDIA."}]},{"direction":"cost","counterparty":"전자 부품·소재 (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":"테크M","publisher_en":"TechM","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.techm.kr/news/articleView.html?idxno=134965","title":"LG이노텍·삼성전기 FC-BGA 경쟁","title_en":"LG Innotek and Samsung Electro-Mechanics compete in FC-BGA","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]},{"direction":"cost","counterparty":"Resonac","counterparty_slug":"resonac","confidence":"low","metric":null,"note":"Resonac에서 ABF·기판 소재 매입.","note_en":"Buys ABF and substrate materials from Resonac.","sources":[{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://www.fnnews.com/news/202606170709505720","title":"LG이노텍, 반도체 기판 5년내 영업익 1조","title_en":"LG Innotek targets KRW 1T from substrates","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."},{"stance":"confirms","publisher":"테크M","publisher_en":"TechM","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.techm.kr/news/articleView.html?idxno=134965","title":"LG이노텍·삼성전기 FC-BGA 경쟁","title_en":"LG Innotek and Samsung Electro-Mechanics compete in FC-BGA","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."}]}]}