{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","ticker":"036540.KQ","updated_at":"2026-07-12T06:24:41.582139+00:00","canonical":"https://valuechain.wiki/sfa-semicon","same_as":["https://finance.yahoo.com/quote/036540.KQ","https://finance.naver.com/item/main.naver?code=036540"],"citable":"밸류체인 그래프 기준 SFA반도체의 직접 연결 기업은 5곳(관계 기준 공급 1·매출 3·투자 1)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, SFA Semicon is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 13 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 후공정 · 메모리 OSAT","kicker_en":"KOSDAQ · Semi back-end · Memory OSAT","lead":"메모리 반도체의 조립·테스트(후공정)를 팹 밖에서 대행하는 외주(OSAT) 기업으로, 삼성전자·SK하이닉스·마이크론 등 소수 대형 메모리 고객의 물량·가동률에 매출이 직결되는 구조다. 팹이 만든 웨이퍼를 패키징·테스트해 완제품으로 넘기는 역할이라, HBM·첨단 패키징 확대가 후공정 난이도와 물량을 함께 키운다. 관전점은 메모리 사이클과, 고객이 사내 후공정 대신 외주로 얼마나 넘기느냐다.","lead_en":"SFA Semicon is a back-end outsourcer (OSAT) that assembles and tests memory chips outside the fab, so its revenue ties directly to the memory volume and utilization of two customers — Samsung and SK hynix. Taking fab-made wafers to package/test into finished parts, it benefits as HBM and advanced packaging raise both back-end difficulty and volume. Watch the memory cycle and how much customers outsource rather than keep back-end in-house.","segments":{"fy":2025,"parts":[{"desc":"삼성전자·마이크론·SK하이닉스 메모리(DRAM·플래시)의 조립·테스트를 대행하는 OSAT — FY2025 연결매출 3,674억(-8.3%). DDR5·HBM 첨단 패키징 확대가 공정 난이도·물량을 키우며, 삼성 범용 메모리 후공정 물량의 필리핀 법인 이관이 2026년 실적 반등의 축.","name":"메모리 후공정 패키징·테스트"}],"total":"FY2025 연결매출 3,674억원(전년 대비 -8.3%)·영업손실 196억원(별도 매출 3,560억·-10.4%). 삼성전자·SK하이닉스·마이크론 메모리 후공정 외주","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323000826"},"segments_en":{"fy":2025,"parts":[{"desc":"An OSAT assembling/testing memory (DRAM, flash) for Samsung, Micron and SK hynix — FY2025 consolidated revenue KRW 367.4bn (-8.3%). DDR5/HBM advanced packaging raises process difficulty and volume, and the transfer of Samsung commodity-memory back-end to its Philippines unit is the axis of a 2026 rebound.","name":"Memory back-end packaging & test"}],"total":"FY2025 consolidated revenue KRW 367.4bn (-8.3% YoY), operating loss KRW 19.6bn (parent KRW 356.0bn, -10.4%). 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물량 레버리지가 먼저 붙고 하강기엔 먼저 눌린다. 그래프 파급: 삼성·SK하이닉스 메모리 물량이 수요를 끌고, 어드밴테스트 테스터 조달이 캐파의 상류 병목.","analysis_en":"SFA Semicon's thesis is back-end outsourcing leverage running outside the memory majors. Since it performs assembly and test on contract, revenue ties directly to Samsung and SK hynix memory shipments and utilization, and HBM and advanced packaging raise process steps and difficulty for structural volume demand. But with only two customers, their outsourcing policy and the memory cycle load volatility straight onto results — volume leverage attaches first in upturns and is pressured first in downturns. Graph propagation: Samsung/SK hynix memory volume pulls demand, and Advantest tester procurement is the upstream capacity bottleneck.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investor","counterparty":"에스에프에이 (최대주주 54.95%)","counterparty_slug":"sfa-engineering","confidence":"high","metric":{"sfa_owns_sfasemicon_pct":54.95},"note":"SFA반도체를 SFA그룹 지배구조에 묶는 축 — 디스플레이·반도체 장비사 에스에프에이가 지분 54.95%를 보유한 최대주주다. 모회사의 장비·자동화 역량과 후공정 외주(OSAT)를 그룹 내에서 연결해, 삼성 물량 필리핀 이관 같은 캐파 재배치를 지원한다.","note_en":"The axis binding SFA Semicon into the SFA group — display/semiconductor-equipment maker SFA Engineering is the largest shareholder at 54.95%. It links the parent's equipment and automation capability with the OSAT back-end inside the group, supporting capacity reallocation such as the Samsung-volume transfer to the Philippines.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323000826","title":"sfa-semicon 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"최대주주 에스에프에이, 지분율 54.95%.","excerpt_en":"Largest shareholder SFA Engineering, 54.95% stake."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"fy":2025,"seg":"메모리 후공정","catalyst":"philippines_transfer_2026","qualifier":"largest_customer","conso_rev_krw_bn":367.4},"note":"삼성전자 메모리의 조립·테스트를 대행 — 팹 밖 후공정 외주라 삼성 메모리 물량·가동률이 곧 매출이고, 사내 후공정 대비 외주 비중이 성장 변수.","note_en":"Contract-assembles/tests Samsung memory — as out-of-fab back-end, Samsung's memory volume/utilization is the revenue, with the outsourcing share vs in-house the growth variable.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"삼성전자에 메모리 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides memory back-end packaging and test to Samsung Electronics."},{"stance":"mentions","publisher":"한국투자·BNK투자증권","publisher_en":"Korea Investment & BNK Securities","kind":"research","lang":"ko","published_at":"2026-04-27","url":"http://www.dailyinvest.kr/news/articleView.html?idxno=70446","title":"증권가, SFA반도체 삼성 물량 필리핀 이관 효과·2026 흑자전환 — 목표가 8,000~12,000원(매수)","title_en":"Brokerages on SFA Semicon: Samsung volume transfer to Philippines drives 2026 turnaround; targets KRW 8,000-12,000 (Buy; KIS, BNK)","excerpt":"증권가: 삼성 범용메모리 후공정 필리핀 이관으로 2026 흑자전환·필리핀 매출 +49.7%, 목표가 8,000~12,000원(매수).","excerpt_en":"Analysts: Samsung commodity-memory back-end transfer to Philippines drives 2026 turnaround (Philippines revenue +49.7%); targets KRW 8,000-12,000 (Buy)."},{"stance":"mentions","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323000826","title":"sfa-semicon 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"판매경로: 메모리 내수 '삼성전자 외' 2,123.4억원(57.8%)·수출 '삼성전자 외' 859.7억원(23.4%). 매출액의 10% 이상을 차지하는 주요 외부고객 A사 2,648.8억원.","excerpt_en":"Sales channels: domestic memory to 'Samsung Electronics et al.' KRW 212.3bn (57.8%), exports KRW 86.0bn (23.4%). One external customer above 10% of revenue: KRW 264.9bn (anonymized)."},{"stance":"confirms","publisher":"SFA반도체","publisher_en":"SFA Semicon","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.sfas.co.kr/eng/","title":"SFA Semicon IR","title_en":"SFA Semicon IR","excerpt":"삼성전자에 메모리 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides memory back-end packaging and test to Samsung Electronics."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스 메모리 후공정을 대행 — HBM 확대로 조립·테스트 난이도가 올라갈수록 외주 물량·단가가 커지는 구조.","note_en":"Contract back-end for SK hynix memory — as HBM raises assembly/test difficulty, outsourced volume and pricing grow.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"SK하이닉스에 메모리 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides memory back-end packaging and test to SK hynix."},{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323000826","title":"sfa-semicon 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":"SFA반도체","publisher_en":"SFA Semicon","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.sfas.co.kr/eng/","title":"SFA Semicon IR","title_en":"SFA Semicon IR","excerpt":"SK하이닉스에 메모리 후공정 패키징·테스트 공급/제공.","excerpt_en":"Provides memory back-end packaging and test to SK hynix."}]},{"direction":"revenue","counterparty":"Micron","counterparty_slug":"micron","confidence":"mid","metric":{"seg":"memory_back-end","qualifier":"named_customer"},"note":"삼성·SK 외 글로벌 메모리 3사의 나머지 한 축 — 사업보고서가 삼성전자·마이크론·SK하이닉스를 주요 고객으로 명시한다. 미국 메모리 마이크론 물량은 국내 두 고객에 대한 편중을 일부 분산하는 외주 수요선이다.","note_en":"The remaining pillar of the global memory-3 beyond Samsung and SK — the annual report names Samsung, Micron and SK hynix as key customers. US memory maker Micron's volume partly diversifies the concentration on the two domestic customers.","sources":[{"stance":"confirms","publisher":"DART(금융감독원 전자공시)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323000826","title":"sfa-semicon 사업보고서 (DART)","title_en":"Annual business report (DART)","excerpt":"삼성전자, Micron, SK하이닉스 등 세계 유수의 반도체 업체에 패키징 솔루션 공급(사업보고서).","excerpt_en":"Supplies packaging solutions to leading semiconductor firms including Samsung, Micron and SK hynix (annual report)."}]},{"direction":"cost","counterparty":"본딩·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":"SFA반도체","publisher_en":"SFA Semicon","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.sfas.co.kr/eng/","title":"SFA Semicon IR","title_en":"SFA Semicon IR","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]},{"direction":"cost","counterparty":"Advantest","counterparty_slug":"advantest","confidence":"low","metric":null,"note":"어드밴테스트에서 테스트 장비를 조달 — 후공정 캐파 증설이 곧 테스터 조달이라, 장비 리드타임이 물량 확장의 상류 병목.","note_en":"Sources test equipment from Advantest — back-end capacity expansion means tester procurement, so equipment lead time is the upstream bottleneck to scaling volume.","sources":[{"stance":"confirms","publisher":"다음/뉴스","publisher_en":"Daum News","kind":"news","lang":"ko","published_at":"2026-06-17","url":"https://v.daum.net/v/20260617203416105","title":"메모리 후공정 훈풍","title_en":"Memory back-end packaging upturn","excerpt":"Advantest에서 테스트 장비 매입.","excerpt_en":"Buys test equipment from Advantest."},{"stance":"confirms","publisher":"SFA반도체","publisher_en":"SFA Semicon","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.sfas.co.kr/eng/","title":"SFA Semicon IR","title_en":"SFA Semicon IR","excerpt":"Advantest에서 테스트 장비 매입.","excerpt_en":"Buys test equipment from Advantest."}]}]}