{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","ticker":"140860.KQ","updated_at":"2026-07-12T08:30:40.467337+00:00","canonical":"https://valuechain.wiki/park-systems","same_as":["https://finance.yahoo.com/quote/140860.KQ","https://finance.naver.com/item/main.naver?code=140860"],"citable":"밸류체인 그래프 기준 파크시스템스의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Park Systems is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"코스닥 · 반도체 계측 · 원자현미경(AFM)","kicker_en":"KOSDAQ · semi metrology · atomic force microscopy","lead":"나노 단위 표면·결함을 비파괴로 측정하는 원자현미경(AFM) 계측 장비의 세계적 기업이다. 하이브리드 본딩용 신규 계측 장비를 개발해 차세대 HBM 제조에 도입될 예정이며, 삼성전자·SK하이닉스가 상용화를 추진한다. HBM 적층·하이브리드 본딩이 미세화될수록 검사 정밀도 요구가 커져 파크시스템스 장비 채택이 늘어나는, 첨단 패키징 사이클의 계측 길목이다.","lead_en":"A world leader in atomic force microscope (AFM) metrology, which non-destructively measures nanoscale surfaces and defects. It has developed new metrology tools for hybrid bonding slated for next-generation HBM manufacturing, with Samsung Electronics and SK hynix driving commercialization. As HBM stacking and hybrid bonding shrink, the demand for inspection precision rises and Park Systems' tool adoption grows — a metrology chokepoint of the advanced-packaging cycle.","segments":{"fy":2025,"parts":[{"desc":"나노 계측(AFM)의 세계적 장비. HBM 적층·하이브리드 본딩 미세화가 검사 정밀도 수요를 키우는 첨단 패키징 계측의 길목.","name":"원자현미경(AFM) 계측 장비"}],"total":"원자현미경(AFM) 계측 장비","source":"https://www.sisajournal-e.com/news/articleView.html?idxno=414681"},"segments_en":{"fy":2025,"parts":[{"desc":"World-class AFM nanoscale metrology tools — the advanced-packaging metrology chokepoint where HBM stacking and hybrid-bonding scaling grow inspection-precision demand.","name":"Atomic force microscope (AFM) metrology"}],"total":"Atomic force microscope (AFM) metrology"},"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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AFM은 나노 결함을 비파괴로 잡는 계측 장비로, HBM 적층·하이브리드 본딩이 미세화될수록 검사 정밀도 요구가 커져 파크시스템스의 신규 계측 장비 채택이 늘어난다. 삼성전자·SK하이닉스가 상용화를 추진하는 만큼 고객단(메모리)이 본주보다 먼저 움직이는 선행 구도다. 다만 매출이 소수 메모리 고객·특정 장비에 집중돼, 채택 타이밍과 팹 캐펙스 사이클에 실적 변동성이 크다.","analysis_en":"The thesis is how much Park Systems pre-empts HBM and hybrid-bonding metrology demand. AFM catches nanoscale defects non-destructively, so as HBM stacking and hybrid bonding shrink, inspection-precision requirements rise and adoption of its new metrology tools grows. With Samsung and SK hynix driving commercialization, its memory customers move ahead of its own stock — a leading setup. But with revenue concentrated in a few memory customers and specific tools, earnings swing sharply with adoption timing and the fab-capex cycle.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investor","counterparty":"박상일 (창업주·최대주주 32.30%)","counterparty_slug":null,"confidence":"high","metric":{"founder_stake_pct":32.3},"note":"창업자 지배가 이어지는 오너 경영 구조 — 창업주 박상일 박사가 지분 32.30%로 최대주주다. AFM 원천기술 창업자의 장기 경영이 HBM·하이브리드본딩 계측 신제품 개발의 연속성을 뒷받침한다.","note_en":"A founder-led ownership structure — founder Dr. Sang-il Park is the largest shareholder at 32.30%. The AFM-technology founder's long-term stewardship underpins continuity in developing new HBM and hybrid-bonding metrology tools.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319000022","title":"park-systems 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"최대주주 박상일 32.30%.","excerpt_en":"Largest shareholder Sang-il Park 32.30%."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자에 AFM 계측 장비를 공급하고 하이브리드 본딩 신규 계측의 상용화를 함께 추진. 메모리·파운드리 첨단 패키징 투자에 채택이 연동된다.","note_en":"Supplies AFM metrology tools to Samsung and jointly drives commercialization of new hybrid-bonding metrology — adoption is linked to memory and foundry advanced-packaging investment.","sources":[{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=414681","title":"파크시스템스, 삼성·SK 하이브리드 본딩 계측 개발","title_en":"Park Systems develops hybrid-bonding metrology for Samsung/SK","excerpt":"삼성전자에 AFM 계측 장비 공급.","excerpt_en":"Supplies AFM metrology tools to Samsung Electronics."},{"stance":"confirms","publisher":"파크시스템스","publisher_en":"Park Systems","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.parksystems.com/ko/company/ir","title":"파크시스템스 IR","title_en":"Park Systems IR","excerpt":"삼성전자에 AFM 계측 장비 공급.","excerpt_en":"Supplies AFM metrology tools to Samsung Electronics."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"HBM 선두 SK하이닉스에 AFM 계측 장비를 공급 — 하이브리드 본딩·적층 미세화가 계측 정밀도를 요구할수록 채택이 늘어난다. 하이닉스 HBM 로드맵이 곧 파크시스템스 신규 장비 수요.","note_en":"Supplies AFM metrology tools to HBM leader SK hynix — adoption grows as hybrid bonding and stacking scaling demand more metrology precision; hynix's HBM roadmap is Park Systems' new-tool demand.","sources":[{"stance":"mentions","publisher":"신한·키움증권","publisher_en":"Shinhan, Kiwoom Securities","kind":"research","lang":"ko","published_at":"2026-05-01","url":"https://www.newspim.com/news/view/20260527000166","title":"park-systems 증권가 리서치 — 수주잔고 급증·전약후강 — 신한 목표가 37만·키움 35.5만원(평균 3","title_en":"Backlog surge, second-half strength; targets KRW 355,000-370,000 (Buy: Shinhan, Kiwoom)","excerpt":"수주잔고 급증·전약후강 — 신한 목표가 37만·키움 35.5만원(평균 31.5만, 매수)","excerpt_en":"Backlog surge, second-half strength; targets KRW 355,000-370,000 (Buy: Shinhan, Kiwoom)"},{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319000022","title":"park-systems 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":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=414681","title":"파크시스템스, 삼성·SK 하이브리드 본딩 계측 개발","title_en":"Park Systems develops hybrid-bonding metrology for Samsung/SK","excerpt":"SK하이닉스에 AFM 계측 장비 공급.","excerpt_en":"Supplies AFM metrology tools to SK hynix."},{"stance":"confirms","publisher":"파크시스템스","publisher_en":"Park Systems","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.parksystems.com/ko/company/ir","title":"파크시스템스 IR","title_en":"Park Systems IR","excerpt":"SK하이닉스에 AFM 계측 장비 공급.","excerpt_en":"Supplies AFM metrology tools to SK hynix."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"장비 조립·클린룸 등 설비·인프라 투자. 신규 계측 라인업 양산 대응을 위한 자본지출로, 수요 램프에 맞춘 캐파가 리드타임을 좌우(비공개).","note_en":"Capex in assembly and cleanroom facilities/infrastructure — investment to mass-produce the new metrology lineup, where capacity matched to the demand ramp governs lead times (undisclosed).","sources":[{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=414681","title":"파크시스템스, 삼성·SK 하이브리드 본딩 계측 개발","title_en":"Park Systems develops hybrid-bonding metrology for Samsung/SK","excerpt":"설비·인프라 투자(비공개).","excerpt_en":"Equipment and infrastructure (undisclosed)."}]},{"direction":"cost","counterparty":"부품·광학·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광학·정밀부품과 R&D가 원가의 축. 계측 정밀도를 결정하는 광학·프로브 기술이 곧 제품 경쟁력이라, R&D가 해자 유지의 핵심 비용이다(공급선 비공개).","note_en":"Optics, precision parts and R&D are the cost core — the optical and probe technology that sets metrology precision is the product's competitiveness, so R&D is the key cost of maintaining the moat (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=414681","title":"파크시스템스, 삼성·SK 하이브리드 본딩 계측 개발","title_en":"Park Systems develops hybrid-bonding metrology for Samsung/SK","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}