# 도쿄일렉트론 (8035.T)
> 세계 3위 반도체 장비사로 ASML·어플라이드·램과 함께 빅4. FY2025(2025년 3월 종료) 매출 약 $16.0B(+33%). 코터/디벨로퍼·식각·증착·세정 장비를 삼성전자·SK하이닉스·TSMC·인텔·마이크론·키오시아에 공급한다. HBM·로직 수요로 한국 매출이 급증했고, AI 장비 비중을 FY2026 40%로 확대 목표.
Canonical: https://valuechain.wiki/tokyo-electron · Updated: 2026-07-12T05:39:34.051192+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 도쿄일렉트론의 직접 연결 기업은 16곳(관계 기준 공급 5·매출 11)이고, 사슬을 2차까지 넓히면 46곳에 닿는다. 링크의 근거 출처는 25건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 약 $16.0B (+33%)
- 고객 집중도: 식각·증착·코터 고점유. 고객 삼성·SK·TSMC·인텔·마이크론·키오시아. AI 장비 비중 FY2026 40% 목표.
- 사업부문: SPE (반도체 장비), FPD 장비

## Annual stock return (as of 2026-07-10)
- 2021: +40.4%
- 2022: -14.5%
- 2023: +89.8%
- 2024: -4.4%
- 2025: +61.6%
- 2026 YTD: +78.2%

## 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% |
| Seagate | lead3 | +87.5% | -51.4% | +69.1% | +4.1% | +225.3% | +231.4% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| SK하이닉스 | lead3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 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% |
| 삼성전자 | lead3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| 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% |
| 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% |
| 니콘 | lead3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| 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% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 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% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| 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% |
| 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% |
| AeroVironment | lead3 | -28.6% | +38.1% | +47.1% | +22.1% | +57.2% | -40.2% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| Intel | lead2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| 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% |
| Astera Labs | lead2 | · | · | · | · | +25.6% | +148.2% |
| 미디어텍 | lead2 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| 포티넷 | lead2 | +142% | -32% | +19.7% | +61.4% | -16% | +98.4% |
| GigaDevice | lead2 | +7.3% | -17% | -45.1% | +103.8% | +147.9% | +94.6% |
| 르네사스 | lead2 | +8.2% | +2.4% | +88% | -13.6% | +23.8% | +84.9% |
| 크레도 | lead2 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| 리얼텍 | lead2 | +19.6% | -33.8% | +56.2% | +19.1% | -6.4% | +73.7% |
| Global Unichip | lead2 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Cambricon | lead2 | -48.7% | -21.2% | +77.1% | +420% | +120.1% | +65.9% |
| Cisco | lead2 | +45.8% | -22.5% | +9.3% | +21% | +33.5% | +59.8% |
| Montage Technology | lead2 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| Analog Devices | lead2 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| Microchip | lead2 | +27.5% | -18% | +30.9% | -35% | +14.6% | +40.6% |
| NXP반도체 | lead2 | +44.8% | -29.2% | +48.4% | -8% | +6.4% | +35.8% |
| 알칩 | lead2 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Hygon | lead2 | · | · | +54.2% | +93.4% | +106.9% | +33.6% |
| 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% |
| 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% |
| Ambarella | lead2 | +121% | -59.5% | -25.5% | +18.7% | -2.6% | +9.1% |
| 소니 반도체 | lead2 | +27.2% | -8.4% | +27.8% | +17.9% | +1% | -2.4% |
| Phison | lead2 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| Mobileye | lead2 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| 웨이얼반도체(윌세미) | lead2 | -12.1% | -49.7% | -8.3% | +22.8% | +15.5% | -14.8% |
| 샌디스크 | lead1 | · | · | · | · | · | +707.1% |
| 키옥시아 | lead1 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | lead1 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| 롬 | lead1 | -9% | +10.9% | +1.7% | -40.8% | +86.1% | +109.5% |
| 텍사스인스트루먼트 | lead1 | +17.5% | -9.9% | +6.4% | +13.1% | -4.5% | +81.6% |
| TSMC | lead1 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Nanya Technology | lead1 | -8.3% | -14.2% | +22.5% | -56.2% | +984.7% | +33.8% |
| SMIC | lead1 | -29.6% | -7.4% | -18.3% | +169.9% | +98.4% | +5.6% |
| 도쿄일렉트론 | node | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| MKS Instruments | benef1 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| 어드밴스드에너지 | benef1 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| 원익QnC | benef1 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 티씨케이 | benef1 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 하나머티리얼즈 | benef1 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |
| 케이씨텍 | benef2 | -24.2% | -6.1% | +57.9% | +5.9% | +56.7% | +108.1% |
| 하나마이크론 | benef2 | +109% | -41% | +143.5% | -52.4% | +269.3% | +5.3% |
| Kulicke & Soffa | benef3 | +92.4% | -25.8% | +25.5% | -13.2% | -0.3% | +150.1% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |

도쿄일렉트론의 논지는 식각·증착·코터 과점을 통한 미세화·적층 사이클의 순수 노출이다. ASML·어플라이드·램과 함께 빅4를 이루며, 코터/디벨로퍼는 사실상 독점, 식각·증착에서 고점유를 쥔다 — 소자 미세화와 3D 적층(HBM·3D NAND)이 진행될수록 공정 스텝이 늘어 장비 수요가 구조적으로 커지는 구조다. FY2025 매출 약 $16.0B(+33%)은 HBM·로직 캐파 투자가 끌었고 한국 매출이 급증했으며, AI 장비 비중을 FY2026 40%로 확대하는 것이 성장 축이다. 삼성·SK·TSMC·인텔·마이크론·키옥시아·샌디스크를 고객으로, 실적은 이들 팹의 캐파 사이클에 직접 연동된다. 원가단에서는 티씨케이·하나머티리얼즈·원익QnC(소모품), MKS·어드밴스드에너지(RF·진공)에 의존한다. 재평가 트리거는 HBM·NAND·로직 캐파 사이클, AI 장비 비중 확대, 그리고 중국 수출규제 노출이다. (analysis as of 2026-07-10)

## Money in · revenue from (11)
### 삼성전자 (high)  → /samsung-electronics.md
- metric: 매출 ~$16B · FY2025 · 연간 총매출
- note: Samsung Electronics fab에 코터/디벨로퍼·식각·증착·세정 장비 공급.
- [confirms] 도쿄일렉트론 / EDINET(관동재무국) (JA, filing, published 2025-06-16) https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100VX9R.pdf: "有価証券報告書: FY2025(2025.3) 연결매출 및 반도체제조장치 사업·주요 고객."
- [confirms] 도쿄일렉트론 (EN, ir, published 2025-05-14) https://www.tel.com/ir/library/report/index.html: "FY2025 매출 약 $16.0B(+33%)."
- [confirms] 디지타임스 (EN, news, published 2024-12-23) https://www.digitimes.com/news/a20241223PD215/tel-equipment-revenue-demand-market.html: "TEL이 식각·증착 고점유로 AI 장비 비중을 FY2026 40%로 확대."
- [mentions] 시사저널e (KO, news, accessed 2026-06-21) https://www.sisajournal-e.com/news/articleView.html?idxno=406466: "TEL 등 해외 장비사가 삼성·SK 공략 위해 국내 투자 확대."
- [confirms] 디일렉 (KO, news, accessed 2026-06-21) https://www.thelec.kr/news/articleView.html?idxno=21175: "TEL 하이브리드 식각기가 삼성 내 장비 지형도를 바꿀 가능성."

### 키옥시아 (high)  → /kioxia.md
- note: 키옥시아에 NAND 양산 장비·웨이퍼 공급.
- [confirms] 뉴스1 (KO, news, published 2025-11-01) https://www.news1.kr/industry/general-industry/5997227: "키옥시아에 NAND 양산 장비·웨이퍼 공급."
- [confirms] 키옥시아 (EN, ir, published 2025-05-01) https://www.kioxia.com/en-jp/ir.html: "키옥시아에 NAND 양산 장비·웨이퍼 공급."

### 샌디스크 (high)  → /sandisk.md
- note: 샌디스크에 NAND 양산 장비 공급.
- [confirms] 비즈니스포스트 (KO, news, published 2025-11-01) https://www.businesspost.co.kr/BP?command=article_view&num=437533: "샌디스크에 NAND 양산 장비 공급."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K: "샌디스크에 NAND 양산 장비 공급."

### SK하이닉스 (high)  → /sk-hynix.md
- note: SK하이닉스 fab에 코터/디벨로퍼·식각·증착·세정 장비 공급.
- [confirms] 디지타임스 (EN, news, published 2024-12-23) https://www.digitimes.com/news/a20241223PD215/tel-equipment-revenue-demand-market.html: "TEL이 식각·증착 고점유로 AI 장비 비중을 FY2026 40%로 확대."
- [mentions] 시사저널e (KO, news, accessed 2026-06-21) https://www.sisajournal-e.com/news/articleView.html?idxno=406466: "TEL 등 해외 장비사가 삼성·SK 공략 위해 국내 투자 확대."

### TSMC (high)  → /tsmc.md
- note: TSMC fab에 코터/디벨로퍼·식각·증착·세정 장비 공급.
- [confirms] 디지타임스 (EN, news, published 2024-12-23) https://www.digitimes.com/news/a20241223PD215/tel-equipment-revenue-demand-market.html: "TEL이 식각·증착 고점유로 AI 장비 비중을 FY2026 40%로 확대."
- [mentions] 시사저널e (KO, news, accessed 2026-06-21) https://www.sisajournal-e.com/news/articleView.html?idxno=406466: "TEL 등 해외 장비사가 삼성·SK 공략 위해 국내 투자 확대."

### SMIC (mid)  → /smic.md
- note: SMIC에 전공정 장비(DUV) 공급.
- [confirms] SMIC (EN, ir, published 2025-05-01) https://www.smics.com/en/site/company_invest: "SMIC에 전공정 장비(DUV) 공급."
- [confirms] Statista (EN, analysis, published 2025-01-01) https://www.statista.com/chart/32653/market-share-of-semiconductor-foundries-by-revenue/: "SMIC에 전공정 장비(DUV) 공급."

### 텍사스인스트루먼트 (mid)  → /texas-instruments.md
- note: 텍사스인스트루먼트에 전공정 장비 공급.
- [confirms] SEC EDGAR (EN, filing, published 2025-01-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K: "텍사스인스트루먼트에 전공정 장비 공급."
- [confirms] Mordor Intelligence (EN, analysis, published 2025-01-01) https://www.mordorintelligence.com/industry-reports/analog-semiconductor-market: "텍사스인스트루먼트에 전공정 장비 공급."

### Intel (mid)  → /intel.md
- note: Intel fab에 코터/디벨로퍼·식각·증착·세정 장비 공급.
- [confirms] 디지타임스 (EN, news, published 2024-12-23) https://www.digitimes.com/news/a20241223PD215/tel-equipment-revenue-demand-market.html: "TEL이 식각·증착 고점유로 AI 장비 비중을 FY2026 40%로 확대."
- [mentions] 시사저널e (KO, news, accessed 2026-06-21) https://www.sisajournal-e.com/news/articleView.html?idxno=406466: "TEL 등 해외 장비사가 삼성·SK 공략 위해 국내 투자 확대."

### Micron Technology (mid)  → /micron.md
- note: Micron Technology fab에 코터/디벨로퍼·식각·증착·세정 장비 공급.
- [confirms] 디지타임스 (EN, news, published 2024-12-23) https://www.digitimes.com/news/a20241223PD215/tel-equipment-revenue-demand-market.html: "TEL이 식각·증착 고점유로 AI 장비 비중을 FY2026 40%로 확대."
- [mentions] 시사저널e (KO, news, accessed 2026-06-21) https://www.sisajournal-e.com/news/articleView.html?idxno=406466: "TEL 등 해외 장비사가 삼성·SK 공략 위해 국내 투자 확대."

### 롬 (mid)  → /rohm.md
- note: 롬에 전공정 장비 공급.
- [confirms] ROHM / 매체 (EN, news, published 2026-03-27) https://www.rohm.com/ir: "롬에 전공정 장비 공급."
- [confirms] 롬 (KO, reference, published 2025-01-01) https://www.rohm.co.kr/company: "롬에 전공정 장비 공급."

### Nanya Technology (mid)  → /nanya-tech.md
- note: Nanya DRAM 팹에 코터·식각·증착 WFE 공급.
- [confirms] 01.co (EN, research, published 2026-04-15) https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze: "Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed"

## Money out · pays to (7)
### 티씨케이 (high)  → /tck.md
- note: 티씨케이에서 SiC 포커스링·소모품 매입.
- [confirms] 테크월드뉴스 (KO, news, published 2025-03-01) https://www.epnc.co.kr/news/articleView.html?idxno=223429: "티씨케이에서 SiC 포커스링·소모품 매입."
- [confirms] 디일렉 (KO, news, published 2024-06-01) https://www.thelec.kr/news/articleView.html?idxno=11503: "티씨케이에서 SiC 포커스링·소모품 매입."

### 어드밴스드에너지 (RF 파워) (high)  → /advanced-energy.md
- note: 식각·증착 장비용 RF 파워 서플라이 조달처.
- [confirms] 미국 증권거래위원회 (SEC) (EN, filing, published 2026-02-13) https://www.sec.gov/Archives/edgar/data/927003/000110465926014731/aeis-20251231x10k.htm: "AE 10-K가 도쿄일렉트론·어플라이드·램리서치를 주요 고객으로 실명 공시 — 상위 3고객이 매출의 약 23%/19%/12%. 식각·증착 장비의 RF 전력·매칭이 AE 제품."

### 하나머티리얼즈 (mid)  → /hana-materials.md
- note: 하나머티리얼즈에서 실리콘·SiC 식각 부품 매입.
- [confirms] 하나머티리얼즈 (EN, ir, published 2025-05-01) https://www.hanamt.com: "하나머티리얼즈에서 실리콘·SiC 식각 부품 매입."
- [confirms] 전자신문 (KO, news, published 2024-09-25) https://m.etnews.com/20200925000090: "하나머티리얼즈에서 실리콘·SiC 식각 부품 매입."

### 원익QnC (mid)  → /wonik-qnc.md
- note: 원익QnC에서 쿼츠·세라믹 부품 매입.
- [confirms] 다음/리서치 (KO, analysis, published 2025-01-01) https://m.cafe.daum.net/taejastory/UpJ3/14352: "원익QnC에서 쿼츠·세라믹 부품 매입."
- [confirms] 지디넷코리아 (KO, news, published 2020-04-22) https://zdnet.co.kr/view/?no=20200422101530: "원익QnC에서 쿼츠·세라믹 부품 매입."

### MKS Instruments (mid)  → /mks-instruments.md
- note: 식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재.
- [confirms] Wikipedia (EN, research, published 2026-01-01) https://en.wikipedia.org/wiki/MKS_Instruments: "식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재."
- [confirms] Yole Group (EN, research, published 2025-01-01) https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/: "식각·증착 장비에 MKS RF 전력·진공 서브시스템 탑재."

### 부품·서브시스템 공급사 (비공개) (low)
- note: 장비용 정밀 부품·서브시스템 외주(공급사 비공개).
- [mentions] 도쿄일렉트론 (EN, ir, published 2025-05-14) https://www.tel.com/ir/library/report/index.html: "IR: 부품 공급망 의존."

### 정밀 가공·계측 (비공개) (low)
- note: 정밀 가공·계측 모듈 매입(비공개).
- [mentions] 도쿄일렉트론 (EN, ir, published 2025-05-14) https://www.tel.com/ir/library/report/index.html: "IR: 설비·모듈."

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

## 이 노드를 다룬 분석 (2)
- [여력은 신호가 아니라 잔차다: 컨센서스는 사슬을 뒤따라 적는다](https://valuechain.wiki/analysis/target-upside-is-residual-not-signal.md) (2026-07-10)
- [사슬은 국경을 따라 갈라진다: 정책이 새 칸을 만드는 곳](https://valuechain.wiki/analysis/chains-along-borders.md) (2026-06-23)

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._