{"slug":"nepes","name":"네패스","name_en":"Nepes","ticker":"033640.KQ","updated_at":"2026-07-12T08:23:07.218321+00:00","canonical":"https://valuechain.wiki/nepes","same_as":["https://finance.yahoo.com/quote/033640.KQ","https://finance.naver.com/item/main.naver?code=033640"],"citable":"밸류체인 그래프 기준 네패스의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)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, Nepes is directly linked to 3 companies (0 supply, 3 revenue 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":"코스닥 · 반도체 후공정 · 삼성 비메모리 패키징 전속","kicker_en":"KOSDAQ · Semiconductor back-end · Samsung non-memory packaging","lead":"시스템반도체 후공정 첨단 패키징(FOWLP·PLP)과 전자재료를 하는 소재사로, 연결기준 매출의 80~90%가 삼성전자 비메모리(PMIC·AP·DDI) 물량에 쏠린 사실상 전속 후공정 협력사다. 이 편중 탓에 실적이 삼성 스마트폰 사이클을 그대로 따라가고, 패널레벨(PLP)로 외부 고객을 넓히려던 시도는 2023년 퀄컴이 수율 문제로 주력 물량 계약을 해지하며 저가 물량만 남아 좌초됐다. FY2025 연결매출 5,214억원(반도체 첨단패키징 3,524억·전자재료 916억·2차전지 767억) 규모에서 봐야 할 것은 SK하이닉스 등으로의 고객 다변화와 PLP 수율 회복 여부다.","lead_en":"A back-end advanced-packaging (FOWLP, PLP) and electronic-materials supplier that is effectively a captive back-end partner of Samsung: 80–90% of consolidated revenue rides on Samsung non-memory chips (PMIC, AP, DDI). That concentration ties its results to Samsung's smartphone cycle, and its attempt to widen its customer base through panel-level packaging (PLP) stalled when Qualcomm cancelled the main volume contract over yield issues in 2023, leaving only low-cost orders. On FY2025 consolidated revenue of KRW 521.4B (advanced packaging 352.4, electronic materials 91.6, battery 76.7), what matters is diversification toward SK hynix and others and a recovery in PLP yields.","segments":{"fy":2025,"parts":[{"desc":"매출 3,524억원(67.6%)의 주력 — 플립칩 범핑·WLP·FOWLP/PLP로 삼성전자 비메모리(PMIC·AP·DDI)를 조립·패키징한다. 삼성 물량 편중이 커 실적이 스마트폰 사이클을 그대로 따라가며, PLP 외부고객 확대·수율 회복이 관건.","name":"반도체 첨단패키징 (FOWLP·PLP)"},{"desc":"매출 916억원(17.6%) — 현상액·에천트·PR·세정제 등 반도체·디스플레이 미세회로 공정재료. 케미컬 특성상 변동성이 낮아 패키징 사이클을 완충하는 안정 축, 국산화로 신규 매출 기대.","name":"전자재료"},{"desc":"매출 767억원(14.7%) — 이차전지 부품·소재 사업. 반도체와 다른 수요선으로 포트폴리오를 넓히는 성장 시도 축.","name":"이차전지 부품·소재"}],"total":"FY2025 연결매출 5,214억원(반도체 첨단패키징 3,524억·전자재료 916억·2차전지 767억·기타 7억)·영업이익 209억원","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001666"},"segments_en":{"fy":2025,"parts":[{"desc":"The flagship at KRW 352.4bn (67.6%) — flip-chip bumping, WLP and FOWLP/PLP assembling/packaging Samsung non-memory (PMIC, AP, DDI). Heavy Samsung concentration ties results to the smartphone cycle; the key is widening PLP external customers and recovering yield.","name":"Advanced packaging (FOWLP, PLP)"},{"desc":"KRW 91.6bn (17.6%) — developer, etchant, PR and cleaner process chemicals for semiconductor/display micro-circuits. Low volatility as a chemical business, buffering the packaging cycle, with localization opening new sales.","name":"Electronic materials"},{"desc":"KRW 76.7bn (14.7%) — battery components and materials, a growth attempt broadening the portfolio onto a demand line distinct from semiconductors.","name":"Battery materials"}],"total":"FY2025 consolidated revenue KRW 521.4bn (advanced packaging KRW 352.4bn, electronic materials KRW 91.6bn, battery materials KRW 76.7bn, other KRW 0.7bn), operating income KRW 20.9bn","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001666"},"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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집중이다. PMIC·AP·DDI가 대부분 스마트폰에 실리는 만큼 삼성 스마트폰 물량과 재고 사이클이 매출을 직접 끌고 누른다. 성장 논점은 SK하이닉스향 후공정 확대와 패널레벨(PLP) 다변화지만, 자회사 네패스라웨가 2023년 퀄컴 물량을 수율 문제로 잃은 전례가 PLP 신뢰 회복이 선결 과제임을 보여준다. 그래프상으로는 삼성전자·SK하이닉스의 후공정 캐파 증설이 상류 트리거이고, 퀄컴 재수주 여부가 외부 고객 다변화의 리트머스다.","analysis_en":"An effectively captive back-end partner with 80–90% of revenue concentrated in Samsung non-memory packaging, so the root of its earnings volatility is customer concentration itself. Because PMIC, AP and DDI parts mostly go into smartphones, Samsung's handset volumes and inventory cycle directly push and pull revenue. The growth case rests on expanding SK hynix back-end work and diversifying via panel-level packaging (PLP), but subsidiary Nepes Laweh's loss of Qualcomm volume over yield issues in 2023 shows that restoring PLP credibility is the precondition. On the graph, back-end capacity additions at Samsung and SK hynix are the upstream trigger, and whether Qualcomm re-orders is the litmus test for customer diversification.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자 비메모리(PMIC·AP·DDI)에 후공정 패키징 공급 — 연결기준 매출의 80~90%를 차지하는 최대 고객으로, 이 집중이 성장의 축이자 최대 리스크다.","note_en":"Supplies back-end packaging for Samsung non-memory (PMIC, AP, DDI) — the largest customer at 80–90% of consolidated revenue, making this concentration both the growth axis and the top risk.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001666","title":"nepes 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"DART 사업보고서: 매출·고객·사업 내용.","excerpt_en":"DART annual report: revenue, customers and business."},{"stance":"mentions","publisher":"딜사이트","publisher_en":"Dealsite","kind":"news","lang":"ko","published_at":"2025-12-25","url":"https://dealsite.co.kr/articles/153880","title":"[네패스그룹] 업황 덕 본 네패스…'체질 개선'은 아직","title_en":"nepes rides the upcycle, structural fix still pending","excerpt":"연결기준으로 삼성전자에 대한 매출 비중이 80~90% 수준에 이르는 것으로 알려져 있으며… PMIC, AP, DDI 등 주요 제품이 대부분 스마트폰에 적용된다.","excerpt_en":"On a consolidated basis, Samsung Electronics is reported to account for roughly 80-90% of revenue; key products (PMIC, AP, DDI) mostly go into smartphones."},{"stance":"confirms","publisher":"네패스","publisher_en":"Nepes","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.nepes.co.kr","title":"네패스 IR","title_en":"Nepes IR","excerpt":"삼성전자에 후공정 패키징 공급.","excerpt_en":"Supplies advanced packaging to Samsung Electronics."},{"stance":"confirms","publisher":"THE VC","publisher_en":"THE VC","kind":"analysis","lang":"ko","published_at":"2025-01-01","url":"https://thevc.kr/nepes","title":"네패스 기업정보","title_en":"Nepes company profile","excerpt":"삼성전자에 후공정 패키징 공급.","excerpt_en":"Supplies advanced packaging to Samsung Electronics."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스 메모리·비메모리에 후공정 패키징 공급 — 삼성 편중을 완화할 2대 고객이자 고객 다변화의 핵심 축.","note_en":"Supplies back-end packaging to SK hynix (memory and non-memory) — the No.2 customer and the key axis for easing Samsung concentration.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001666","title":"nepes 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"2025년 연결 전체 매출 5,214억(반도체 3,524·전자재료 916·2차전지 767·기타 7)·영업이익 209억.","excerpt_en":"FY2025 consolidated revenue KRW 521.4bn (semiconductor 352.4, electronic materials 91.6, battery 76.7, other 0.7), operating income KRW 20.9bn."},{"stance":"confirms","publisher":"네패스","publisher_en":"Nepes","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.nepes.co.kr","title":"네패스 IR","title_en":"Nepes IR","excerpt":"SK하이닉스에 후공정 패키징 공급.","excerpt_en":"Supplies advanced packaging to SK hynix."},{"stance":"confirms","publisher":"THE VC","publisher_en":"THE VC","kind":"analysis","lang":"ko","published_at":"2025-01-01","url":"https://thevc.kr/nepes","title":"네패스 기업정보","title_en":"Nepes company profile","excerpt":"SK하이닉스에 후공정 패키징 공급.","excerpt_en":"Supplies advanced packaging to SK hynix."}]},{"direction":"investment","counterparty":"네패스라웨·네패스아크 (PLP·테스트 자회사)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"consolidated_subsidiaries"},"note":"후공정 밸류체인을 수직 확장한 계열 구조 — 네패스가 패널레벨패키징(PLP)의 네패스라웨와 반도체 테스트의 네패스아크를 연결 종속으로 둔다. 본사 첨단패키징(FOWLP)에 PLP·테스트를 붙여 삼성 비메모리 후공정을 그룹 내에서 일관 대응하는 자본 축.","note_en":"A group structure vertically extending the back-end value chain — Nepes consolidates Nepes Laweh (panel-level packaging, PLP) and Nepes Ark (semiconductor test). Attaching PLP and test to the parent's advanced packaging (FOWLP) is the capital axis covering Samsung non-memory back-end end-to-end in-group.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001666","title":"nepes 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"연결 종속: 네패스라웨(PLP)·네패스아크(테스트) 등 반도체 후공정 자회사.","excerpt_en":"Consolidated subsidiaries include Nepes Laweh (PLP) and Nepes Ark (test)."}]},{"direction":"cost","counterparty":"원재료·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"후공정 패키징 제조용 원재료·소재 매입(비공개).","note_en":"Raw materials for advanced packaging (undisclosed).","sources":[{"stance":"confirms","publisher":"THE VC","publisher_en":"THE VC","kind":"analysis","lang":"ko","published_at":"2025-01-01","url":"https://thevc.kr/nepes","title":"네패스 기업정보","title_en":"Nepes company profile","excerpt":"후공정 패키징 제조용 원재료·소재 매입(비공개).","excerpt_en":"Raw materials for advanced packaging (undisclosed)."}]},{"direction":"cost","counterparty":"설비·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"생산 설비·연구개발 투자(비공개).","note_en":"Production equipment and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"THE VC","publisher_en":"THE VC","kind":"analysis","lang":"ko","published_at":"2025-01-01","url":"https://thevc.kr/nepes","title":"네패스 기업정보","title_en":"Nepes company profile","excerpt":"생산 설비·연구개발 투자(비공개).","excerpt_en":"Production equipment and R&D (undisclosed)."}]},{"direction":"revenue","counterparty":"Qualcomm","counterparty_slug":"qualcomm","confidence":"low","metric":{"as_of":"2023-04","qualifier":"confirmed_no_disclosed_value"},"note":"자회사 네패스라웨의 FO-PLP 고객. 2023년 수율 문제로 주요 물량 계약이 해지됐고 일부 저가 제품 패키지 수주만 남은 축소된 관계.","note_en":"FO-PLP customer of subsidiary nepes Laweh. Qualcomm cancelled the main volume contract in 2023 over yield issues; only some low-cost package orders remain.","sources":[{"stance":"confirms","publisher":"THE ELEC","publisher_en":"THE ELEC","kind":"news","lang":"en","published_at":"2023-04-07","url":"https://www.thelec.net/news/articleView.html?idxno=4485","title":"Qualcomm cancels FO-PLP deal with Nepes Laweh","title_en":"Qualcomm cancels FO-PLP deal with Nepes Laweh","excerpt":"Nepes Laweh saw its order for fan-out panel level packaging (FO-PLP) work for certain chips by Qualcomm canceled recently.","excerpt_en":"Nepes Laweh saw its order for fan-out panel level packaging (FO-PLP) work for certain chips by Qualcomm canceled recently."},{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"ko","published_at":"2023-04-06","url":"https://www.thelec.kr/news/articleView.html?idxno=20537","title":"퀄컴, 네패스라웨 PLP 물량 계약 일부 해지 통보","title_en":"Qualcomm cancels part of nepes Laweh PLP contract","excerpt":"네패스라웨는 최근 대형 고객사인 미국 퀄컴으로부터 특정 칩 제품의 FO-PLP 물량 공급건에 관한 계약을 해지당했다. 아직 퀄컴의 일부 저가 제품 패키지 수주 계약은 살아있는 것으로 전해졌다.","excerpt_en":"nepes Laweh recently had its FO-PLP volume contract for certain chips cancelled by Qualcomm; some low-cost package orders reportedly remain."}]}]}