{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","ticker":"8046.TW","updated_at":"2026-07-12T06:19:04.793995+00:00","canonical":"https://valuechain.wiki/nanya-pcb","same_as":["https://finance.yahoo.com/quote/8046.TW"],"citable":"밸류체인 그래프 기준 난야PCB의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nan Ya PCB is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"BT·FC-BGA 패키지 기판","kicker_en":"BT and FC-BGA package substrates","lead":"5G·AI·HPC용 BT·FC-BGA 패키지 기판을 만드는 대만 제조사로, AI 칩 패키징의 공급 병목에 놓인 소재 기업이다(이비덴·신코·토판과 같은 궤도). 빌드업 BT 기판에 강점을 두고 FC-BGA 하이엔드로 증설하며 AI·HPC 수요를 겨냥한다 — 칩이 첨단화·다층화될수록 기판 수급이 수율과 납기를 좌우한다. 2025년 매출 NT$401.7억(+24.4%)·순이익 NT$19.5억(EPS 3.01)으로 AI 기판 수요에 힘입어 영업 흑자전환(매출총이익률 1.1%→9.1%)했다. 대만 재벌 포모사 플라스틱 그룹 계열로, 소재·자본 기반을 등에 업는다.","lead_en":"A Taiwanese maker of BT and FC-BGA package substrates for 5G/AI/HPC, a materials company sitting at the supply bottleneck of AI-chip packaging (the same orbit as Ibiden, Shinko and Toppan). Strong in build-up BT substrates, it is expanding into high-end FC-BGA for AI/HPC — as chips grow more advanced and multilayered, substrate supply governs yield and lead times. FY2025 revenue was NT$40.17B (+24.4%) with net income of NT$1.95B (EPS NT$3.01), an operating turnaround (gross margin 1.1%→9.1%) driven by AI-substrate demand. As an affiliate of Taiwan's Formosa Plastics Group, it leans on a materials and capital base.","segments":{"fy":2025,"parts":[{"desc":"빌드업 BT 패키지 기판 — 모바일·네트워킹 SoC 패키징의 전통 강점 라인.","name":"BT 패키지 기판"},{"desc":"AI·HPC용 하이엔드 FC-BGA(ABF) 기판 — 증설 중, 2025년 AI 수요가 매출 +24.4%·영업 흑자전환(매출총이익률 1.1%→9.1%)의 동력. 이비덴·신코와 같은 궤도.","name":"FC-BGA(ABF) 기판"}],"total":"FY2025 매출 NT$401.7억(+24.4%), 영업이익 NT$19.8억(전년 -12.7억 적자에서 흑자전환), 순이익 NT$19.5억(EPS 3.01, 전년 NT$2.0억), 매출총이익률 9.1%(전년 1.1%). AI·HPC 기판 수요가 회복 견인.","source":"https://www.nanyapcb.com.tw/nypcb/english/InvestorRelations/FinancialReports"},"segments_en":{"fy":2025,"parts":[{"desc":"Build-up BT package substrates — the traditional strength line for mobile/networking SoC packaging.","name":"BT package substrates"},{"desc":"High-end FC-BGA (ABF) substrates for AI/HPC — expanding; 2025 AI demand drove revenue +24.4% and an operating turnaround (gross margin 1.1%→9.1%). Same orbit as Ibiden and Shinko.","name":"FC-BGA (ABF) substrates"}],"total":"FY2025 revenue NT$40.17B (+24.4%), operating income NT$1.98B (turned to profit from an NT$1.27B loss), net income NT$1.95B (EPS NT$3.01 vs NT$0.32), gross margin 9.1% (vs 1.1%). AI/HPC substrate demand drove the recovery.","source":"https://www.nanyapcb.com.tw/nypcb/english/InvestorRelations/FinancialReports"},"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4},"return_asof":"2026-07-09","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius 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BT·FC-BGA 기판은 첨단·다층 칩일수록 수급이 수율·납기를 가르는 공급 병목이라, AI·HPC 수요가 기판 증설로 번진다 — 이비덴·신코·토판과 같은 자리다. 이 논지는 2025년 실적으로 확인됐다: 매출총이익률이 1.1%에서 9.1%로 뛰고 영업이익이 적자에서 흑자로 돌아서며(순이익 NT$19.5억, EPS 3.01) AI 기판 수요가 실제 손익으로 전이됐다. 그래프상 하류로 미디어텍·엔비디아에 기판을 공급하고, 상류로 동박·빌드업 소재(레소낙 등)에 의존하며 포모사 플라스틱 그룹 계열의 소재·자본을 등에 업는다. 관건은 FC-BGA 하이엔드 증설·인증 속도와, 마진 회복이 사이클 반등인지 구조적 개선인지다.","analysis_en":"Nan Ya PCB's thesis is 'a beneficiary of the substrate bottleneck in AI-chip packaging.' For BT and FC-BGA substrates, the more advanced and multilayered the chip, the more supply governs yield and lead times — a bottleneck, so AI/HPC demand flows into substrate expansion, the same seat as Ibiden, Shinko and Toppan. FY2025 confirmed the thesis: gross margin jumped from 1.1% to 9.1% and operating income turned from loss to profit (net income NT$1.95B, EPS NT$3.01), as AI-substrate demand flowed into actual earnings. In the graph it supplies substrates downstream to MediaTek and NVIDIA and depends upstream on copper foil and build-up materials (Resonac, etc.), backed by the Formosa Plastics Group's materials and capital. The keys are the pace of high-end FC-BGA expansion and qualification, and whether the margin recovery is a cyclical rebound or a structural improvement.","analysis_asof":"2026-07-09"},"edges":[{"direction":"investor","counterparty":"포모사 플라스틱 그룹 (台塑集團)","counterparty_slug":null,"confidence":"high","metric":null,"note":"대만 재벌 포모사 플라스틱 그룹 계열사.","note_en":"An affiliate of Taiwan’s Formosa Plastics Group.","sources":[{"stance":"confirms","publisher":"포모사 플라스틱 그룹 (台塑集團)","publisher_en":"Formosa Plastics Group","kind":"ir","lang":"en","published_at":"2026-07-10","url":"https://www.fpg.taipei/en/about/other-company","title":"포모사 플라스틱 그룹 계열사 소개 — 난야 PCB","title_en":"Formosa Plastics Group — Other Group Companies (Nan Ya Printed Circuit Board Corporation)","excerpt":"Nan Ya Printed Circuit Board Corporation — Product: Printed Circuit Board, IC Substrate; Business: Electronics.","excerpt_en":"Formosa Plastics Group's official group-company directory lists Nan Ya Printed Circuit Board Corporation (Printed Circuit Board, IC Substrate) among its affiliated companies."},{"stance":"confirms","publisher":"머니DJ 재경망 (MoneyDJ理財網)","publisher_en":"MoneyDJ (Taiwan financial portal)","kind":"news","lang":"zh","published_at":"2026-07-10","url":"https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=7f7b22cb-717d-4cd9-9176-df73025f6b28","title":"난야전로판(南亞電路板) 기업 개요","title_en":"Nan Ya Printed Circuit Board Corporation — company profile","excerpt":"原隸屬於台塑集團旗下南亞塑膠公司電路板事業部，1985年開始營運，於1997年以轉投資方式，獨立成為南亞電路板股份有限公司。","excerpt_en":"Originally the PCB business division of Nan Ya Plastics under the Formosa Plastics Group, it began operating in 1985 and was spun off in 1997 as Nan Ya Printed Circuit Board Corporation."}]},{"direction":"revenue","counterparty":"미디어텍","counterparty_slug":"mediatek","confidence":"mid","metric":null,"note":"미디어텍에 BT·패키지 기판을 공급 — 모바일·AI SoC 패키징 수요를 잇는 대형 팹리스 고객.","note_en":"Supplies BT and package substrates to MediaTek — a large fabless customer linking mobile/AI-SoC packaging demand.","sources":[{"stance":"confirms","publisher":"난야PCB","publisher_en":"Nan Ya PCB","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.npc.com.tw/npceb2b/en/","title":"Nan Ya PCB","title_en":"Nan Ya PCB","excerpt":"미디어텍에 BT·패키지 기판 공급/제공.","excerpt_en":"Provides BT/package substrates to MediaTek."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/growth-strategy/nanyapcb","title":"난야PCB AI·HPC 기판 전략","title_en":"Nan Ya PCB AI/HPC strategy","excerpt":"미디어텍에 BT·패키지 기판 공급/제공.","excerpt_en":"Provides BT/package substrates to MediaTek."}]},{"direction":"cost","counterparty":"Resonac","counterparty_slug":"resonac","confidence":"mid","metric":null,"note":"레소낙에서 빌드업·기판 소재를 매입 — FC-BGA 미세화·다층화의 상류 소재 의존으로, 소재 품질이 하이엔드 수율의 제약.","note_en":"Buys build-up and substrate materials from Resonac — an upstream materials dependence for FC-BGA shrink and multilayering, where material quality constrains high-end yield.","sources":[{"stance":"confirms","publisher":"난야PCB","publisher_en":"Nan Ya PCB","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.npc.com.tw/npceb2b/en/","title":"Nan Ya PCB","title_en":"Nan Ya PCB","excerpt":"Resonac에서 기판 소재 매입.","excerpt_en":"Buys substrate materials from Resonac."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/growth-strategy/nanyapcb","title":"난야PCB AI·HPC 기판 전략","title_en":"Nan Ya PCB AI/HPC strategy","excerpt":"Resonac에서 기판 소재 매입.","excerpt_en":"Buys substrate materials from Resonac."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":null,"note":"엔비디아에 BT·FC-BGA 패키지 기판을 공급 — AI 가속기 패키징의 상류 소재로, 기판 수급이 곧 AI 칩 출하의 병목이 되는 관계.","note_en":"Supplies BT and FC-BGA package substrates to NVIDIA — an upstream material for AI-accelerator packaging, where substrate availability becomes the bottleneck on AI-chip shipments.","sources":[{"stance":"confirms","publisher":"난야PCB IR / TWSE","publisher_en":"Nan Ya PCB IR / TWSE","kind":"filing","lang":"en","published_at":"2026-03-15","url":"https://www.nanyapcb.com.tw/nypcb/english/InvestorRelations/FinancialReports","title":"Nan Ya PCB 2025 연간 재무제표 (TWSE 8046)","title_en":"Nan Ya PCB FY2025 Annual Financial Statements (TWSE 8046)","excerpt":"FY2025 매출 NT$401.7억(+24.4%), 영업이익 NT$19.8억(흑자전환), 순이익 NT$19.5억(EPS 3.01), 매출총이익률 9.1%(전년 1.1%). AI·HPC 기판 수요가 회복 견인(고객별 매출 비중 비공개).","excerpt_en":"FY2025 revenue NT$40.17B (+24.4%), operating income NT$1.98B (turnaround), net income NT$1.95B (EPS NT$3.01), gross margin 9.1% (vs 1.1%). AI/HPC substrate demand drove the recovery (per-customer revenue split undisclosed)."},{"stance":"confirms","publisher":"DIGITIMES","publisher_en":"DIGITIMES","kind":"news","lang":"en","published_at":"2026-01-21","url":"https://www.digitimes.com/news/a20260121PD239/ic-substrate-nan-ya-pcb-unimicron-2025.html","title":"AI 수요가 유니마이크론·난야PCB 실적 견인(2025년 12월)","title_en":"AI demand boosts Unimicron and Nan Ya PCB profits in December 2025","excerpt":"AI 기판 수요로 난야PCB·유니마이크론이 2025년 12월 이익 개선, 대만 IC 기판 캐파 고가동 유지.","excerpt_en":"AI-substrate demand lifted Nan Ya PCB and Unimicron profits in December 2025, keeping Taiwan's IC-substrate capacity running high."},{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=295754","title":"반도체 기판 업황(난야PCB 등)","title_en":"Substrate industry (Nan Ya PCB etc.)","excerpt":"반도체 기판 업황(난야PCB 등)","excerpt_en":"Substrate industry (Nan Ya PCB etc.)"},{"stance":"confirms","publisher":"난야PCB","publisher_en":"Nan Ya PCB","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.npc.com.tw/npceb2b/en/","title":"Nan Ya PCB","title_en":"Nan Ya PCB","excerpt":"NVIDIA에 BT·패키지 기판 공급/제공.","excerpt_en":"Provides BT/package substrates to NVIDIA."},{"stance":"confirms","publisher":"회사 IR/거래소 공시","publisher_en":"Company IR / exchange filing","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.npc.com.tw/npceb2b/en/Investor.html","title":"난야PCB 연차보고서(TWSE)","title_en":"Nan Ya PCB annual report (TWSE)","excerpt":"연차보고서: 매출·고객·사업.","excerpt_en":"Annual report: revenue, customers, business."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/growth-strategy/nanyapcb","title":"난야PCB AI·HPC 기판 전략","title_en":"Nan Ya PCB AI/HPC strategy","excerpt":"NVIDIA에 BT·패키지 기판 공급/제공.","excerpt_en":"Provides BT/package substrates to NVIDIA."}]},{"direction":"cost","counterparty":"동박·빌드업 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":"난야PCB","publisher_en":"Nan Ya PCB","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.npc.com.tw/npceb2b/en/","title":"Nan Ya PCB","title_en":"Nan Ya PCB","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]}]}