# Who are Resonac's customers? Who does Resonac earn revenue from?
Canonical: https://valuechain.wiki/resonac · Facet: customers · Updated: 2026-07-12T06:17:26.508+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Resonac's confirmed revenue counterparties include TSMC, ASE테크놀로지, 삼성전자 plus 6 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 9 revenue edges, backed by 16 dated sources, 2 of them primary filings (as of 2026-07-12).

### TSMC (high)  → /tsmc.md
- note: Supplies back-end materials to TSMC, the No.1 foundry, with a TSMC Excellent Performance Award; a materials-side beneficiary of TSMC's advanced-packaging expansion.
- [mentions] Goldman Sachs, Mizuho et al. (EN, research, published 2026-02-15) https://www.marketscreener.com/quote/stock/RESONAC-HOLDINGS-CORPORAT-6491222/consensus/: "Goldman Sachs initiated coverage with Buy and a ¥8,050 target; Mizuho stayed Neutral but doubled its target to ¥9,000 from ¥4,800. Ten analysts Buy, zero Sell (Outperform consensus) — AI back-end materials (HBM NCF, photosensitive film) demand drives record Semiconductor & Electronic Materials profit."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to TSMC."
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies back-end packaging materials to TSMC (individual contracts/values undisclosed)."
- [confirms] Resonac (EN, news, published 2025-12-01) https://www.resonac.com/news/2025/12/01/3669.html: "Supplies packaging materials to TSMC."
- [confirms] Resonac (EN, ir, published 2025-05-01) https://www.resonac.com/investors: "Supplies packaging materials to TSMC."

### ASE테크놀로지 (mid)  → /ase.md
- note: Supplies advanced-packaging materials to ASE, the world's top OSAT; a volume-linked relationship where material consumption rises with OSAT utilization.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies back-end packaging materials to ASE (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to ASE."
- [confirms] Resonac (EN, news, published 2025-12-01) https://www.resonac.com/news/2025/12/01/3669.html: "Supplies packaging materials to ASE Technology."
- [confirms] Resonac (EN, ir, published 2025-05-01) https://www.resonac.com/investors: "Supplies packaging materials to ASE Technology."

### 삼성전자 (mid)  → /samsung-electronics.md
- note: Supplies back-end materials to Samsung (foundry/packaging); serving a customer that competes with TSMC gives it supplier neutrality.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies back-end packaging materials to 삼성전자 (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to 삼성전자."
- [confirms] Resonac (EN, news, published 2025-12-01) https://www.resonac.com/news/2025/12/01/3669.html: "Supplies packaging materials to Samsung Electronics."
- [confirms] Resonac (EN, ir, published 2025-05-01) https://www.resonac.com/investors: "Supplies packaging materials to Samsung Electronics."

### AT&S (mid)  → /at-s.md
- note: Supplies ABF and substrate materials to Austria's AT&S; Resonac also holds top share in HBM NCF/TIM.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies ABF substrate materials to AT&S (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to AT&S."
- [confirms] Digital Today (KO, news, published 2025-06-01) https://www.digitaltoday.co.kr/news/articleView.html?idxno=610284: "Resonac leads HBM NCF/TIM materials"
- [confirms] AT&S (EN, ir, published 2025-05-01) https://ams.at-s.com/: "Supplies ABF and substrate materials to AT&S."
- [confirms] EDINET / company IR (JA, filing, published 2025-03-26) https://www.resonac.com/sites/default/files/2025-03/2024%E6%9C%89%E4%BE%A1%E8%A8%BC%E5%88%B8%E5%A0%B1%E5%91%8A%E6%9B%B8.pdf: "Annual securities report: revenue, customers, business."
- [confirms] IMR (EN, analysis, published 2025-01-01) https://www.intelmarketresearch.com/global-package-substrates-forecast-market-27111: "Supplies ABF and substrate materials to AT&S."

### 난야PCB (mid)  → /nanya-pcb.md
- note: Supplies IC-substrate materials to Taiwan's Nan Ya PCB — one axis of substrate-channel diversification.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies substrate materials to 난야PCB (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to 난야PCB."
- [confirms] Nan Ya PCB (EN, ir, published 2025-05-01) https://www.npc.com.tw/npceb2b/en/: "Supplies substrate materials to Nan Ya PCB."
- [confirms] MatrixBCG (EN, analysis, published 2025-01-01) https://matrixbcg.com/blogs/growth-strategy/nanyapcb: "Supplies substrate materials to Nan Ya PCB."

### 신코덴키 (mid)  → /shinko.md
- note: Supplies ABF film and substrate materials to Japan's Shinko Electric — upstream material dependency for FC-BGA substrates.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies ABF film/substrate materials to 신코덴키 (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to 신코덴키."
- [confirms] Shinko (EN, ir, published 2025-05-01) https://www.shinko.co.jp/english/: "Supplies ABF film and substrate materials to Shinko Electric Industries."
- [confirms] MGR (EN, analysis, published 2025-01-01) https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527: "Supplies ABF film and substrate materials to Shinko Electric Industries."

### LG이노텍 (mid)  → /lg-innotek.md
- note: Supplies ABF and substrate materials to LG Innotek's FC-BGA substrate business — a newer Korean substrate customer.
- [confirms] Financial News (KO, news, published 2026-06-17) https://www.fnnews.com/news/202606170709505720: "Supplies ABF and substrate materials to LG Innotek."
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials segment (AI back-end materials driven). Supplies ABF/substrate materials to LG Innotek's substrate business (individual contracts undisclosed)."
- [confirms] TechM (KO, news, published 2025-01-01) https://www.techm.kr/news/articleView.html?idxno=134965: "Supplies ABF and substrate materials to LG Innotek."

### 유니마이크론 (mid)  → /unimicron.md
- note: Supplies ABF and substrate materials to Unimicron, Taiwan's largest IC-substrate maker — material demand tied to substrate capacity expansion.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies ABF/substrate materials to 유니마이크론 (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to 유니마이크론."
- [confirms] Unimicron (EN, ir, published 2025-05-01) https://www.unimicron.com/en/: "Supplies ABF and substrate materials to Unimicron."
- [confirms] MGR (EN, analysis, published 2025-01-01) https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527: "Supplies ABF and substrate materials to Unimicron."

### 앰코테크놀로지 (mid)  → /amkor.md
- note: Supplies packaging materials to Amkor, a large OSAT with a US footprint — with ASE, one of the two OSAT-channel anchors.
- [confirms] Resonac (EN, filing, published 2026-02-13) https://www.resonac.com/sites/default/files/2026-02/e_tanshin2025q4.pdf: "Resonac Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin; AI back-end materials (NCF die-bonding, photosensitive films for HBM etc.) share rose 10%→20%. Supplies back-end packaging materials to 앰코 (individual contracts/values undisclosed)."
- [mentions] Earnings briefing (EN, news, published 2026-02-13) https://finance.biggo.com/news/JP_4004.T_2026-02-13: "Record segment profit on AI back-end materials demand, with rising advanced-packaging shipments including to 앰코."
- [confirms] Resonac (EN, news, published 2025-12-01) https://www.resonac.com/news/2025/12/01/3669.html: "Supplies packaging materials to Amkor Technology."
- [confirms] Resonac (EN, ir, published 2025-05-01) https://www.resonac.com/investors: "Supplies packaging materials to Amkor Technology."

Reverse side: https://valuechain.wiki/resonac/suppliers.md · Ripple: https://valuechain.wiki/resonac/ripple.md

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Full node: https://valuechain.wiki/resonac.md · JSON: https://valuechain.wiki/resonac.json