{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","ticker":"4063.T","updated_at":"2026-07-12T08:24:09.163259+00:00","canonical":"https://valuechain.wiki/shin-etsu","same_as":["https://finance.yahoo.com/quote/4063.T"],"citable":"밸류체인 그래프 기준 신에쓰화학의 직접 연결 기업은 6곳(관계 기준 공급 0·매출 6)이고, 사슬을 2차까지 넓히면 31곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Shin-Etsu Chemical is directly linked to 6 companies (0 supply, 6 revenue relationships) and reaches 31 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"닛케이225 · 300mm 실리콘 웨이퍼 · 반도체 기판 소재 세계 1위","kicker_en":"Nikkei 225 · 300mm silicon wafers · world #1 substrate material","lead":"세계 1위 실리콘 웨이퍼 제조사로 300mm 세계 점유율 약 30%. 신에쓰·섬코 두 일본 업체가 300mm 물량의 절반 이상을 책임진다. TSMC·삼성전자·SK하이닉스·마이크론·인텔에 장기공급계약(LTA)으로 폴리시드 웨이퍼를 공급하며, HBM4·하이브리드 본딩용 초평탄 웨이퍼가 핵심 병목으로 떠올랐다.","lead_en":"The world’s No.1 silicon-wafer maker with about 30% of 300mm supply. Shin-Etsu and SUMCO together cover more than half of 300mm volume. Supplies polished wafers under long-term agreements to TSMC, Samsung, SK hynix, Micron and Intel; ultra-flat wafers for HBM4 and hybrid bonding have become a key bottleneck.","segments":{"fy":2026,"parts":[{"name":"반도체 실리콘 (300mm/200mm 웨이퍼)","share":"300mm 세계 ~30%"},{"name":"기타 화학/소재"}],"total":"FY2026(2026.3期) 매출 ¥2조5,739억(+0.5%)·영업익 ¥6,352억(-14.4%); 전자재료(웨이퍼) +9% vs 라이프스타일 -6%","source":"https://www.shinetsu.co.jp/en/ir/","concentration":"고객 TSMC·삼성·SK·마이크론·인텔 LTA. HBM4 초평탄 웨이퍼 수급 핵심."},"segments_en":{"fy":2026,"parts":[{"name":"Semiconductor silicon (300mm/200mm wafers)","share":"~30% of 300mm"},{"name":"Other chemicals/materials"}],"total":"About 30% of global 300mm wafer supply (world No.1)","concentration":"Customers TSMC, Samsung, SK, Micron, Intel under LTAs. 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silicon wafers (~30% share) and the apex of an oligopoly in which two Japanese makers — with SUMCO — cover more than half of 300mm volume. Because every chip is built on a wafer, TSMC, Samsung, SK hynix, Micron and Intel all secure volume under long-term agreements (LTAs), and ultra-flat wafers for HBM4 and hybrid bonding have become a supply bottleneck that strengthens its pricing power. The growth case is AI/HBM capex lifting wafer demand; risks are ingot-growth costs (polysilicon, quartz crucibles, energy) and the capacity cycle. On the graph, this node is the common materials upstream of every chipmaker, so rising advanced-lithography and HBM volume propagates demand into it.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"share","unit":"%","basis":"300mm 웨이퍼 세계 점유율","value":30,"period":"2023~2025","basis_en":"global 300mm wafer share"},"note":"Samsung Electronics에 300mm 폴리시드 웨이퍼를 장기계약(LTA)으로 공급.","note_en":"Supplies 300mm polished wafers to Samsung Electronics under long-term agreements.","sources":[{"stance":"confirms","publisher":"아이씨엔매거진","publisher_en":"ICN Magazine","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://icnweb.kr/2026/79720/","title":"HBM4 시대의 보이지 않는 병목—특수 폴리시드 웨이퍼","title_en":"HBM4’s hidden bottleneck — special polished wafers","excerpt":"삼성·SK가 신에쓰·섬코와 HBM4 웨이퍼 LTA 강화.","excerpt_en":"Samsung and SK strengthen HBM4 wafer LTAs with Shin-Etsu and SUMCO."},{"stance":"confirms","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"filing","lang":"en","published_at":"2025-07-31","url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/Financial-Section.pdf","title":"Annual Report 2025 재무섹션 (감사필 연결재무제표)","title_en":"Annual Report 2025 — Financial Section (audited consolidated statements)","excerpt":"감사필 연결재무제표: 반도체 실리콘 부문 매출·세그먼트.","excerpt_en":"Audited consolidated statements: semiconductor-silicon segment revenue."},{"stance":"confirms","publisher":"비즈워치","publisher_en":"BizWatch","kind":"news","lang":"ko","published_at":"2025-05-23","url":"https://news.bizwatch.co.kr/article/industry/2025/05/23/0043","title":"'웨이퍼 숨은 강자' SK실트론, 日 아성 깰까","title_en":"SK Siltron, the hidden wafer champion, takes on Japan’s lead","excerpt":"신에쓰 30%·섬코 25%로 300mm 절반 이상 공급.","excerpt_en":"Shin-Etsu ~30% and SUMCO ~25% supply over half of 300mm."},{"stance":"mentions","publisher":"세미에코시스템 (마크 라페더스)","publisher_en":"Semiecosystem (Mark LaPedus)","kind":"research","lang":"en","published_at":"2025-05-19","url":"https://marklapedus.substack.com/p/taiwan-firm-boosts-us-silicon-wafer","title":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","title_en":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","excerpt":"신에쓰가 최상위인 실리콘 웨이퍼 산업의 웨이퍼는 인텔·마이크론·TSMC·삼성·SK하이닉스·TI 등에 판매된다.","excerpt_en":"Wafers from the silicon wafer industry, in which Shin-Etsu is a top supplier, are sold to Intel, Micron, TSMC, Samsung, SK Hynix and TI."},{"stance":"confirms","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.shinetsu.co.jp/en/ir/","title":"신에쓰화학 IR","title_en":"Shin-Etsu Chemical IR","excerpt":"반도체 실리콘 부문—300mm 세계 ~30%.","excerpt_en":"Semiconductor silicon segment — ~30% of global 300mm."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"Market Growth Reports","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.marketgrowthreports.com/market-reports/300mm-silicon-wafers-market-103422","title":"300mm 실리콘 웨이퍼 시장 (상위 5사 85%)","title_en":"300mm Silicon Wafers Market (top five ~85%)","excerpt":"상위 5사가 300mm 85% 과점.","excerpt_en":"Top five control ~85% of 300mm."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":{"fy":2026,"op_jpy_bn":635.2,"revenue_jpy_bn":2573.9,"electronics_sales_yoy_pct":9},"note":"SK하이닉스에 300mm 폴리시드 웨이퍼를 장기계약(LTA)으로 공급.","note_en":"Supplies 300mm polished wafers to SK Hynix under a long-term agreement (LTA).","sources":[{"stance":"confirms","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.shinetsu.co.jp/en/news/ir/financial-data-for-the-fiscal-year-ended-march-31-2026/","title":"신에쓰화학 FY2026(2026.3期) 연결 결산","title_en":"Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated Results","excerpt":"신에쓰 FY2026 매출 ¥2조5,739억(+0.5%)·영업익 ¥6,352억(-14.4%). 전자재료(실리콘 웨이퍼 등) +9% vs 라이프스타일 -6%.","excerpt_en":"Shin-Etsu FY2026 net sales JPY 2,573.9bn (+0.5%), operating income JPY 635.2bn (-14.4%); Electronics Materials (silicon wafers) +9% vs Lifestyle -6%."},{"stance":"confirms","publisher":"아이씨엔매거진","publisher_en":"ICN Magazine","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://icnweb.kr/2026/79720/","title":"HBM4 시대의 보이지 않는 병목—특수 폴리시드 웨이퍼","title_en":"HBM4’s hidden bottleneck — special polished wafers","excerpt":"삼성·SK가 신에쓰·섬코와 HBM4 웨이퍼 LTA 강화.","excerpt_en":"Samsung and SK strengthen HBM4 wafer LTAs with Shin-Etsu and SUMCO."},{"stance":"confirms","publisher":"비즈워치","publisher_en":"BizWatch","kind":"news","lang":"ko","published_at":"2025-05-23","url":"https://news.bizwatch.co.kr/article/industry/2025/05/23/0043","title":"'웨이퍼 숨은 강자' SK실트론, 日 아성 깰까","title_en":"SK Siltron, the hidden wafer champion, takes on Japan’s lead","excerpt":"신에쓰 30%·섬코 25%로 300mm 절반 이상 공급.","excerpt_en":"Shin-Etsu ~30% and SUMCO ~25% supply over half of 300mm."},{"stance":"mentions","publisher":"세미에코시스템 (마크 라페더스)","publisher_en":"Semiecosystem (Mark LaPedus)","kind":"research","lang":"en","published_at":"2025-05-19","url":"https://marklapedus.substack.com/p/taiwan-firm-boosts-us-silicon-wafer","title":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","title_en":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","excerpt":"신에쓰가 최상위인 실리콘 웨이퍼 산업의 웨이퍼는 인텔·마이크론·TSMC·삼성·SK하이닉스·TI 등에 판매된다.","excerpt_en":"Wafers from the silicon wafer industry, in which Shin-Etsu is a top supplier, are sold to Intel, Micron, TSMC, Samsung, SK Hynix and TI."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":null,"note":"TSMC에 300mm 폴리시드 웨이퍼를 장기계약(LTA)으로 공급.","note_en":"Supplies 300mm polished wafers to TSMC under long-term agreements.","sources":[{"stance":"confirms","publisher":"아이씨엔매거진","publisher_en":"ICN Magazine","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://icnweb.kr/2026/79720/","title":"HBM4 시대의 보이지 않는 병목—특수 폴리시드 웨이퍼","title_en":"HBM4’s hidden bottleneck — special polished wafers","excerpt":"삼성·SK가 신에쓰·섬코와 HBM4 웨이퍼 LTA 강화.","excerpt_en":"Samsung and SK strengthen HBM4 wafer LTAs with Shin-Etsu and SUMCO."},{"stance":"confirms","publisher":"비즈워치","publisher_en":"BizWatch","kind":"news","lang":"ko","published_at":"2025-05-23","url":"https://news.bizwatch.co.kr/article/industry/2025/05/23/0043","title":"'웨이퍼 숨은 강자' SK실트론, 日 아성 깰까","title_en":"SK Siltron, the hidden wafer champion, takes on Japan’s lead","excerpt":"신에쓰 30%·섬코 25%로 300mm 절반 이상 공급.","excerpt_en":"Shin-Etsu ~30% and SUMCO ~25% supply over half of 300mm."},{"stance":"mentions","publisher":"세미에코시스템 (마크 라페더스)","publisher_en":"Semiecosystem (Mark LaPedus)","kind":"research","lang":"en","published_at":"2025-05-19","url":"https://marklapedus.substack.com/p/taiwan-firm-boosts-us-silicon-wafer","title":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","title_en":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","excerpt":"실리콘 웨이퍼 업계에서 신에쓰는 일본 섬코와 함께 최상위 공급사이며, 생산된 웨이퍼는 인텔·마이크론·TSMC·삼성·SK하이닉스·TI 등 반도체 제조사에 판매된다.","excerpt_en":"Shin-Etsu is a top silicon wafer supplier (with Japan's Sumco), and the wafers are sold to semiconductor manufacturers such as Intel, Micron, TSMC, Samsung, SK Hynix and TI."}]},{"direction":"revenue","counterparty":"Micron Technology","counterparty_slug":"micron","confidence":"high","metric":{"fy":2026,"op_jpy_bn":635.2,"revenue_jpy_bn":2573.9,"electronics_sales_yoy_pct":9},"note":"Micron Technology에 300mm 폴리시드 웨이퍼를 장기계약(LTA)으로 공급.","note_en":"Supplies 300mm polished wafers to Micron Technology under long-term agreements.","sources":[{"stance":"confirms","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.shinetsu.co.jp/en/news/ir/financial-data-for-the-fiscal-year-ended-march-31-2026/","title":"신에쓰화학 FY2026(2026.3期) 연결 결산","title_en":"Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated Results","excerpt":"신에쓰 FY2026 매출 ¥2조5,739억(+0.5%)·영업익 ¥6,352억(-14.4%). 전자재료(실리콘 웨이퍼 등) +9% vs 라이프스타일 -6%.","excerpt_en":"Shin-Etsu FY2026 net sales JPY 2,573.9bn (+0.5%), operating income JPY 635.2bn (-14.4%); Electronics Materials (silicon wafers) +9% vs Lifestyle -6%."},{"stance":"confirms","publisher":"아이씨엔매거진","publisher_en":"ICN Magazine","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://icnweb.kr/2026/79720/","title":"HBM4 시대의 보이지 않는 병목—특수 폴리시드 웨이퍼","title_en":"HBM4’s hidden bottleneck — special polished wafers","excerpt":"삼성·SK가 신에쓰·섬코와 HBM4 웨이퍼 LTA 강화.","excerpt_en":"Samsung and SK strengthen HBM4 wafer LTAs with Shin-Etsu and SUMCO."},{"stance":"confirms","publisher":"비즈워치","publisher_en":"BizWatch","kind":"news","lang":"ko","published_at":"2025-05-23","url":"https://news.bizwatch.co.kr/article/industry/2025/05/23/0043","title":"'웨이퍼 숨은 강자' SK실트론, 日 아성 깰까","title_en":"SK Siltron, the hidden wafer champion, takes on Japan’s lead","excerpt":"신에쓰 30%·섬코 25%로 300mm 절반 이상 공급.","excerpt_en":"Shin-Etsu ~30% and SUMCO ~25% supply over half of 300mm."},{"stance":"mentions","publisher":"세미에코시스템 (마크 라페더스)","publisher_en":"Semiecosystem (Mark LaPedus)","kind":"research","lang":"en","published_at":"2025-05-19","url":"https://marklapedus.substack.com/p/taiwan-firm-boosts-us-silicon-wafer","title":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","title_en":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","excerpt":"신에쓰가 최상위인 실리콘 웨이퍼 산업의 웨이퍼는 인텔·마이크론·TSMC·삼성·SK하이닉스·TI 등에 판매된다.","excerpt_en":"Wafers from the silicon wafer industry, in which Shin-Etsu is a top supplier, are sold to Intel, Micron, TSMC, Samsung, SK Hynix and TI."}]},{"direction":"revenue","counterparty":"키옥시아","counterparty_slug":"kioxia","confidence":"mid","metric":null,"note":"키옥시아에 NAND 양산 장비·웨이퍼 공급.","note_en":"Supplies NAND production equipment and wafers to Kioxia.","sources":[{"stance":"confirms","publisher":"뉴스1","publisher_en":"News1","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://www.news1.kr/industry/general-industry/5997227","title":"키옥시아 NAND 3위, eSSD 견조","title_en":"Kioxia ranks No.3 in NAND","excerpt":"키옥시아에 NAND 양산 장비·웨이퍼 공급.","excerpt_en":"Supplies NAND fab equipment and wafers to Kioxia."},{"stance":"confirms","publisher":"키옥시아","publisher_en":"Kioxia","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.kioxia.com/en-jp/ir.html","title":"Kioxia IR","title_en":"Kioxia IR","excerpt":"키옥시아에 NAND 양산 장비·웨이퍼 공급.","excerpt_en":"Supplies NAND fab equipment and wafers to Kioxia."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":{"fy":2026,"op_jpy_bn":635.2,"revenue_jpy_bn":2573.9,"electronics_sales_yoy_pct":9},"note":"Intel에 300mm 폴리시드 웨이퍼를 장기계약(LTA)으로 공급.","note_en":"Supplies 300mm polished wafers to Intel under long-term agreements.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스","publisher_en":"Analyst consensus","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://simplywall.st/stocks/jp/materials/tse-4063/shin-etsu-chemical-shares/future","title":"신에쓰화학 — 애널리스트 전망(전자재료·웨이퍼 견조, ¥5,000억 자사주)","title_en":"Shin-Etsu Chemical — analyst outlook (firm electronics materials/wafers; JPY 500bn buyback)","excerpt":"전자재료·웨이퍼 견조, ¥5,000억 자사주 매입.","excerpt_en":"Firm electronics materials/wafers; JPY 500bn buyback."},{"stance":"confirms","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"filing","lang":"en","published_at":"2026-04-28","url":"https://www.shinetsu.co.jp/en/news/ir/financial-data-for-the-fiscal-year-ended-march-31-2026/","title":"신에쓰화학 FY2026(2026.3期) 연결 결산","title_en":"Shin-Etsu Chemical FY2026 (year ended March 2026) Consolidated Results","excerpt":"신에쓰 FY2026 매출 ¥2조5,739억(+0.5%)·영업익 ¥6,352억(-14.4%). 전자재료(실리콘 웨이퍼 등) +9% vs 라이프스타일 -6%.","excerpt_en":"Shin-Etsu FY2026 net sales JPY 2,573.9bn (+0.5%), operating income JPY 635.2bn (-14.4%); Electronics Materials (silicon wafers) +9% vs Lifestyle -6%."},{"stance":"confirms","publisher":"아이씨엔매거진","publisher_en":"ICN Magazine","kind":"news","lang":"ko","published_at":"2026-01-15","url":"https://icnweb.kr/2026/79720/","title":"HBM4 시대의 보이지 않는 병목—특수 폴리시드 웨이퍼","title_en":"HBM4’s hidden bottleneck — special polished wafers","excerpt":"삼성·SK가 신에쓰·섬코와 HBM4 웨이퍼 LTA 강화.","excerpt_en":"Samsung and SK strengthen HBM4 wafer LTAs with Shin-Etsu and SUMCO."},{"stance":"confirms","publisher":"비즈워치","publisher_en":"BizWatch","kind":"news","lang":"ko","published_at":"2025-05-23","url":"https://news.bizwatch.co.kr/article/industry/2025/05/23/0043","title":"'웨이퍼 숨은 강자' SK실트론, 日 아성 깰까","title_en":"SK Siltron, the hidden wafer champion, takes on Japan’s lead","excerpt":"신에쓰 30%·섬코 25%로 300mm 절반 이상 공급.","excerpt_en":"Shin-Etsu ~30% and SUMCO ~25% supply over half of 300mm."},{"stance":"mentions","publisher":"세미에코시스템 (마크 라페더스)","publisher_en":"Semiecosystem (Mark LaPedus)","kind":"research","lang":"en","published_at":"2025-05-19","url":"https://marklapedus.substack.com/p/taiwan-firm-boosts-us-silicon-wafer","title":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","title_en":"Taiwan Firm Boosts U.S. Silicon Wafer Industry","excerpt":"신에쓰가 최상위인 실리콘 웨이퍼 산업의 웨이퍼는 인텔·마이크론·TSMC·삼성·SK하이닉스·TI 등에 판매된다.","excerpt_en":"Wafers from the silicon wafer industry, in which Shin-Etsu is a top supplier, are sold to Intel, Micron, TSMC, Samsung, SK Hynix and TI."}]},{"direction":"cost","counterparty":"폴리실리콘·석영 도가니·에너지 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"잉곳 성장용 폴리실리콘·석영 도가니·전력 등 투입(공급사 비공개).","note_en":"Polysilicon, quartz crucibles and energy for crystal growth (suppliers undisclosed).","sources":[{"stance":"mentions","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.shinetsu.co.jp/en/ir/","title":"신에쓰화학 IR","title_en":"Shin-Etsu Chemical IR","excerpt":"IR: 원재료·에너지 비용.","excerpt_en":"IR: raw-material and energy costs."}]},{"direction":"cost","counterparty":"결정성장·연마 장비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"단결정 성장로·연마/세정 장비 투자(비공개).","note_en":"Crystal pullers and polishing/cleaning equipment (undisclosed).","sources":[{"stance":"mentions","publisher":"신에쓰화학","publisher_en":"Shin-Etsu Chemical","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.shinetsu.co.jp/en/ir/","title":"신에쓰화학 IR","title_en":"Shin-Etsu Chemical IR","excerpt":"IR: 설비투자.","excerpt_en":"IR: capex."}]}]}