# LG이노텍 (011070.KS)
> 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.
Canonical: https://valuechain.wiki/lg-innotek · Updated: 2026-07-12T06:27:43.18+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 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).

## Financials & segments
- 총매출: FY2025 매출 21조8,966억(+3.3%)·영업익 6,650억(-5.8%)
- 사업부문: 광학솔루션(카메라모듈), 패키지솔루션(반도체기판·FC-BGA), 모빌리티솔루션

## Annual stock return (as of 2026-07-10)
- 2021: +78.2%
- 2022: -22%
- 2023: -28.8%
- 2024: -22.1%
- 2025: +66.8%
- 2026 YTD: +204.6%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| HPE | lead3 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| LG전자 | lead3 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Eoptolink | lead3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 교세라 | lead3 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead3 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Arista Networks | lead3 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 샤오미 | lead3 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Oracle | lead3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| 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% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| Marvell | lead2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| AMD | lead2 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Broadcom | lead2 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| 삼성전자 | lead1 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| LG이노텍 | node | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| LG전자 | benef1 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Resonac | benef1 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| Qualcomm | benef2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| LG디스플레이 | benef2 | -6.8% | -30.9% | -8.5% | -20.6% | +26.2% | -5.7% |
| POSCO홀딩스 | benef2 | +13.9% | +19.9% | +43% | -37.3% | +38.3% | -8.8% |
| LG화학 | benef2 | -29% | +9.7% | -36.6% | -45.3% | +31.2% | -14.4% |
| Soitec | benef3 | -3.7% | -13.4% | -2.3% | -37.4% | -68.9% | +271.9% |
| UMC | benef3 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| JCET | benef3 | -34% | +0.2% | -15.2% | +73.3% | +28% | +104.6% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| 네패스 | benef3 | -29.5% | -44% | +6.7% | -62.7% | +179.2% | +15.1% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| SMIC | benef3 | -29.6% | -7.4% | -18.3% | +169.9% | +98.4% | +5.6% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| 닛토덴코 | benef3 | -4.3% | -2.9% | +51.3% | +14.7% | +26% | -5.9% |
| LG에너지솔루션 | benef3 | · | · | -26.9% | -7.6% | +13.1% | -18.1% |
| 코스모신소재 | benef3 | +121.4% | +48.7% | +128.9% | -60.4% | -3.4% | -22.5% |
| 리노공업 | benef3 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| 포스코퓨처엠 | benef3 | -17.7% | +97.6% | +16.3% | -43.6% | +56.5% | -32% |

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 as of 2026-07-10)

## Money in · revenue from (3)
### Apple (high)  → /apple.md
- note: Apple에 기판·카메라 모듈 공급/제공.
- [confirms] 파이낸셜뉴스 (KO, news, published 2026-06-17) https://www.fnnews.com/news/202606170709505720: "Apple에 기판·카메라 모듈 공급/제공."
- [mentions] iM증권/증권가 (KO, research, published 2026-06-15) https://www.tokenpost.kr/news/market/375246: "아이폰17 견조로 카메라모듈 가동률 안정, 목표주가 상향(일부 130만원)."
- [confirms] 금융감독원 DART(LG이노텍) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270: "LG이노텍 FY2025 매출 21조8,966억(+3.3%)·영업익 6,650억. 광학솔루션(애플 카메라모듈 등)이 매출의 83.6%로 현금원."
- [confirms] 테크M (KO, news, published 2025-01-01) https://www.techm.kr/news/articleView.html?idxno=134965: "Apple에 기판·카메라 모듈 공급/제공."

### 삼성전자 (mid)  → /samsung-electronics.md
- note: 삼성전자에 공급.
- [confirms] 금융감독원 DART(LG이노텍) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270: "DART 사업보고서: 매출·고객·사업 내용."
- [confirms] LG Innotek (English) (EN, ir, published 2025-05-01) https://www.lginnotek.com/en/: "회사 영문 IR."

### NVIDIA (mid)  → /nvidia.md
- note: NVIDIA에 기판·카메라 모듈 공급/제공.
- [confirms] 파이낸셜뉴스 (KO, news, published 2026-06-17) https://www.fnnews.com/news/202606170709505720: "NVIDIA에 기판·카메라 모듈 공급/제공."
- [mentions] iM증권/증권가 (KO, research, published 2026-06-15) https://www.tokenpost.kr/news/market/375246: "패키지솔루션 영업이익률 19%(2025)→39%(2028) 전망, 향후 2년 2조원+ FC-BGA 투자."
- [confirms] 금융감독원 DART(LG이노텍) (KO, filing, published 2026-03-12) https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001270: "패키지솔루션(반도체기판·FC-BGA)이 매출의 7.9% — 서버·AI용 FC-BGA로 전환 축. SOCAMM2·GDDR7 AI 기판·서버 FC-BGA가 장기 성장 동력."
- [confirms] 테크M (KO, news, published 2025-01-01) https://www.techm.kr/news/articleView.html?idxno=134965: "NVIDIA에 기판·카메라 모듈 공급/제공."

## Money out · pays to (2)
### 전자 부품·소재 (비공개) (low)
- note: 제조용 원재료·소재·R&D(비공개).
- [confirms] 테크M (KO, news, published 2025-01-01) https://www.techm.kr/news/articleView.html?idxno=134965: "제조용 원재료·소재·R&D(비공개)."

### Resonac (low)  → /resonac.md
- note: Resonac에서 ABF·기판 소재 매입.
- [confirms] 파이낸셜뉴스 (KO, news, published 2026-06-17) https://www.fnnews.com/news/202606170709505720: "Resonac에서 ABF·기판 소재 매입."
- [confirms] 테크M (KO, news, published 2025-01-01) https://www.techm.kr/news/articleView.html?idxno=134965: "Resonac에서 ABF·기판 소재 매입."

## Investors (1)
### LG전자 (high)  → /lg-electronics.md
- note: LG전자가 LG이노텍 지분 40.8% 보유(최대주주).
- [confirms] 뉴스1 (KO, news, published 2026-04-24) https://www.news1.kr/industry/general-industry/6184148: "LG전자가 LG이노텍 지분 40.8% 보유(최대주주)."

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

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