# 솔브레인 (357780.KQ)
> 식각액·세정액 강자로 국내 불산·인산계 식각액 점유율 70~100%. FY2025 매출 9,234억원, 영업이익 1,336억. 삼성전자(3nm GAA 식각액)·SK하이닉스(HBM·3D낸드 고순도 HF)에 핵심 공정 소재를 공급한다.
Canonical: https://valuechain.wiki/soulbrain · Updated: 2026-07-12T04:05:14.37+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 솔브레인의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 ₩9,234억 (영업익 1,336억)
- 고객 집중도: 국내 식각액 점유 70~100%. 고객 삼성전자·SK하이닉스·삼성/LG디스플레이.
- 사업부문: 반도체 소재, 디스플레이·전지 소재

## Annual stock return (as of 2026-07-10)
- 2021: -8.2%
- 2022: -3.9%
- 2023: +16.6%
- 2024: -37.6%
- 2025: +192.8%
- 2026 YTD: -35.9%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| HPE | lead3 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| LG전자 | lead3 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Eoptolink | lead3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 교세라 | lead3 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead3 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Arista Networks | lead3 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 샤오미 | lead3 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Oracle | lead3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| Marvell | lead2 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| AMD | lead2 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| 에버퓨어 (구 퓨어스토리지) | lead2 | +44% | -17.8% | +33.3% | +72.3% | +9.1% | +18.4% |
| Broadcom | lead2 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| SK하이닉스 | lead1 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 삼성전자 | lead1 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| 솔브레인 | node | -8.2% | -3.9% | +16.6% | -37.6% | +192.8% | -35.9% |

소울브레인의 논점은 '메모리·선단공정 사이클에 올라탄 소재 병목'이다. 국내 불산·인산계 식각액 점유 70~100%로 삼성전자(3nm GAA 식각액)·SK하이닉스(HBM·3D낸드 고순도 HF)의 핵심 공정 소재를 사실상 독점 공급한다 — 소재는 소모성이라 팹 가동률에 비례하는 반복 매출이다. 2025년 +193%는 HBM·선단공정 붐이 만든 것이고 2026년 -36% 되돌림은 그 선반영의 조정이다. 3D낸드 고단화·GAA 전환처럼 공정이 복잡해질수록 식각·세정 스텝이 늘어 소재 물량이 구조적으로 증가하는 게 상방이며, 고순도 원료(불산·인산) 조달과 삼성·SK 편중이 하방 변수다. (analysis as of 2026-07-10)

## Money in · revenue from (3)
### 삼성전자 (high)  → /samsung-electronics.md
- metric: 매출 9,234억원 · FY2025 · 연결 총매출
- note: 불산·인산계 식각액·세정액·CMP 슬러리를 삼성전자에 공급(국내 점유 70~100%). 삼성 3nm GAA 식각액.
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-20) https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01489648: "FY2025 매출 9,234억원."
- [confirms] 블로터 (KO, news, accessed 2026-06-20) https://www.bloter.net/news/articleView.html?idxno=47292: "삼성 3나노 GAA 공정에 솔브레인 식각액 사용."
- [confirms] Komachine (EN, reference, accessed 2026-06-20) https://www.komachine.com/en/companies/soulbrain: "국내 불산·인산계 식각액 점유 70~100%, 삼성에 납품."

### SK하이닉스 (high)  → /sk-hynix.md
- note: SK하이닉스에 고순도 불산(HF)·식각액 공급(HBM·3D낸드 고단화 수혜).
- [confirms] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-20) https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01489648: "SK하이닉스 등에 식각액·세정액 납품."
- [confirms] Komachine (EN, reference, accessed 2026-06-20) https://www.komachine.com/en/companies/soulbrain: "SK하이닉스가 솔브레인 고순도 HF를 테스트·채용."

### 디스플레이·전지 (삼성/LG디스플레이 등) (mid)
- note: 디스플레이 식각액·2차전지 전해액 공급.
- [mentions] Komachine (EN, reference, accessed 2026-06-20) https://www.komachine.com/en/companies/soulbrain: "삼성·LG디스플레이 등에 소재 납품."

## Money out · pays to (2)
### 정제·포장 설비 (비공개) (low)
- note: 정제·포장 설비·자재 매입(비공개).
- [mentions] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-20) https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01489648: "사업보고서: 설비·자재."

### 고순도 화학 원료·가스 (비공개) (low)
- note: 고순도 불산·인산 등 화학 원료 매입(공급사 비공개).
- [mentions] 금융감독원 전자공시(DART) (KO, filing, published 2026-03-20) https://dart.fss.or.kr/dsae001/selectPopup.do?selectKey=01489648: "사업보고서: 원재료 매입."

## 질문별 엔드포인트
- 누가 솔브레인의 고객인가? 솔브레인의 매출은 어디서 오는가? → https://valuechain.wiki/soulbrain/customers.md
- 솔브레인의 주요 공급사는 어디인가? 솔브레인의 비용은 누구에게 가는가? → https://valuechain.wiki/soulbrain/suppliers.md
- 솔브레인 주가가 움직이면 누가 수혜를 보는가? 솔브레인의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/soulbrain/ripple.md
- 증권가가 보는 솔브레인: 목표주가와 투자의견은? → https://valuechain.wiki/soulbrain/consensus.md

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