{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","ticker":"3037.TW","updated_at":"2026-07-12T08:20:15.895414+00:00","canonical":"https://valuechain.wiki/unimicron","same_as":["https://finance.yahoo.com/quote/3037.TW"],"citable":"밸류체인 그래프 기준 유니마이크론의 직접 연결 기업은 5곳(관계 기준 공급 2·매출 3)이고, 사슬을 2차까지 넓히면 40곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Unimicron is directly linked to 5 companies (2 supply, 3 revenue relationships) and reaches 40 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"IC 패키지 기판 매출 세계 1위","kicker_en":"World No.1 in IC-substrate revenue","lead":"유니마이크론은 IC 패키지 기판 매출 세계 1위(약 15% 점유)로, 엔비디아·AMD·인텔을 아우르는 가장 넓은 고객 기반에 FC-BGA 기판을 대는 대만 소재사다. AI·HPC 칩이 커지고 조밀해질수록 대면적·고층 FC-BGA 수요가 구조적으로 늘어 AI 패키징 병목의 핵심 수혜에 선다. 다만 층간 절연막(ABF)을 아지노모토에 사실상 단독 의존하고 원가가 소재·가동률에 민감해, 실적·주가는 반도체 캐펙스 사이클에 크게 출렁인다.","lead_en":"Unimicron is Taiwan's No.1 in IC-substrate revenue (~15% share), supplying FC-BGA substrates to the broadest customer base spanning NVIDIA, AMD and Intel. As AI/HPC chips grow larger and denser, demand for large-area, high-layer-count FC-BGA rises structurally, placing it at the heart of the AI-packaging bottleneck. But it depends almost solely on Ajinomoto for build-up dielectric film (ABF) and its cost is sensitive to materials and utilization, so results and the stock swing hard with the semiconductor capex cycle.","segments":{"fy":2025,"parts":[{"desc":"IC 패키지 기판 매출 세계 1위(약 15%)·최광의 고객 기반 — 엔비디아·AMD·인텔용 FC-BGA로 AI·HPC 대면적 기판 수요를 흡수. 층간 절연막 ABF는 아지노모토에 사실상 단독 의존.","name":"IC 패키지 기판 매출 세계 1위"}],"total":"NT$1,312.4억 (2025 연결, +14%)","source":"https://www.unimicron.com/en/","concentration":"IC 패키지 기판 매출 세계 1위."},"segments_en":{"fy":2025,"parts":[{"desc":"No.1 in IC-substrate revenue (~15%) with the broadest customer base — FC-BGA for NVIDIA, AMD and Intel absorbing large-area AI/HPC substrate demand; near-sole dependence on Ajinomoto for ABF dielectric.","name":"World No.1 in IC-substrate revenue"}],"total":"NT$131.24bn (FY2025, +14%)","concentration":"World No.1 in IC-substrate 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논점은 'AI 패키징 병목의 최대 수혜 기판사이자 그만큼 사이클에 크게 흔들리는 종목'이다. IC 패키지 기판 매출 세계 1위(약 15%)로 가장 넓은 고객(엔비디아·AMD·인텔)에 FC-BGA를 대는데, AI·HPC 칩이 커질수록 대면적 고층 기판 수요가 구조적으로 늘어난다. 다만 절연막 ABF를 아지노모토에 사실상 단독 의존하고 소재·가동률에 원가가 민감해 실적·주가가 반도체 캐펙스 사이클에 크게 출렁인다(2025 +176%·2026 +132%의 폭발이 그 변동성). 관전 포인트는 증설 물량의 소화 속도와 AI 기판 믹스 상승이다.","analysis_en":"Unimicron's thesis is 'the biggest beneficiary of the AI-packaging bottleneck, and a stock that swings hard with the cycle for the same reason.' As No.1 in IC-substrate revenue (~15%) supplying the broadest base (NVIDIA, AMD, Intel) with FC-BGA, demand for large-area high-layer substrates rises structurally as AI/HPC chips grow. But near-sole dependence on Ajinomoto for ABF dielectric and cost sensitivity to materials and utilization make results and the stock swing sharply with the semiconductor capex cycle (the +176% in 2025 and +132% in 2026 show that volatility). What to watch is the pace of absorbing new capacity and the rising AI-substrate mix.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"fy":2025,"type":"share","unit":"%","basis":"IC 기판 매출 세계 점유율","value":15,"period":"2024","yoy_pct":14,"basis_en":"global IC-substrate revenue share","group_rev_ntbn":131.24},"note":"엔비디아 AI 가속기용 FC-BGA 패키지 기판을 공급 — 대면적·고I/O 기판은 GPU 성능의 물리적 토대라, 엔비디아 출하 확대가 곧 유니마이크론 물량이자 캐파 병목 노출.","note_en":"Supplies FC-BGA package substrates for NVIDIA's AI accelerators — large-area, high-I/O substrates are the physical foundation of GPU performance, so NVIDIA's ramp is Unimicron's volume and its capacity-bottleneck exposure.","sources":[{"stance":"confirms","publisher":"TWSE MOPS (Unimicron IR)","publisher_en":"TWSE MOPS (Unimicron IR)","kind":"filing","lang":"en","published_at":"2026-01-10","url":"https://mops.twse.com.tw/mops/web/t05st01","title":"Unimicron 월매출 공시(FY2025 NT$1,312.4억, +14%)","title_en":"Unimicron monthly revenue filing (FY2025 NT$131.24B, +14%)","excerpt":"Unimicron FY2025 연결매출 NT$1,312.4억(+14%) — IC 기판(ABF·FC-BGA) 세계 상위권, AI·HPC 패키징 기판 수요가 성장 축.","excerpt_en":"Unimicron FY2025 consolidated revenue NT$131.24B (+14%); a top global IC-substrate (ABF/FC-BGA) maker, with AI/HPC packaging-substrate demand the growth axis."},{"stance":"confirms","publisher":"유니마이크론","publisher_en":"Unimicron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.unimicron.com/en/","title":"Unimicron IR","title_en":"Unimicron IR","excerpt":"NVIDIA에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to NVIDIA."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"MGR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527","title":"IC 기판 매출 1위 유니마이크론","title_en":"Unimicron leads IC-substrate revenue","excerpt":"NVIDIA에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to NVIDIA."}]},{"direction":"cost","counterparty":"Ajinomoto","counterparty_slug":"ajinomoto","confidence":"high","metric":null,"note":"FC-BGA 층간 절연막을 아지노모토 ABF에서 사실상 단독 조달 — 업계 표준 소재라 대체가 어렵고, 이 단일 의존이 원가·공급의 구조적 급소다.","note_en":"Sources FC-BGA build-up dielectric almost solely from Ajinomoto ABF — an industry-standard material that is hard to substitute, making this single dependence a structural pressure point on cost and supply.","sources":[{"stance":"confirms","publisher":"TradingKey","publisher_en":"TradingKey","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.tradingkey.com/analysis/stocks/us-stocks/261783966-abf-ajinomoto-nvidia-ai-supply-chain-tradingkey","title":"ABF: 모든 AI 서버 기판 속 아지노모토 필름(80~90% 독점)","title_en":"ABF: Ajinomoto film inside every AI-server substrate (80-90%)","excerpt":"기판 층간 절연막을 아지노모토 ABF에서 조달(사실상 단독).","excerpt_en":"Sources interlayer dielectric (ABF) from Ajinomoto (near sole source)."}]},{"direction":"cost","counterparty":"Resonac","counterparty_slug":"resonac","confidence":"mid","metric":null,"note":"Resonac에서 ABF·기판 소재 매입.","note_en":"Buys ABF and substrate materials from Resonac.","sources":[{"stance":"confirms","publisher":"유니마이크론","publisher_en":"Unimicron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.unimicron.com/en/","title":"Unimicron IR","title_en":"Unimicron IR","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"MGR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527","title":"IC 기판 매출 1위 유니마이크론","title_en":"Unimicron leads IC-substrate revenue","excerpt":"Resonac에서 ABF·기판 소재 매입.","excerpt_en":"Buys ABF and substrate materials from Resonac."}]},{"direction":"revenue","counterparty":"AMD","counterparty_slug":"amd","confidence":"mid","metric":null,"note":"AMD에 FC-BGA·IC 패키지 기판 공급/제공.","note_en":"Provides FC-BGA/IC package substrates to AMD.","sources":[{"stance":"confirms","publisher":"유니마이크론 IR(2025 연간)","publisher_en":"Unimicron IR (FY2025)","kind":"news","lang":"en","published_at":"2026-01-15","url":"https://stockanalysis.com/quote/tpe/3037/financials/","title":"유니마이크론 IR(2025 연간) — unimicron 실적","title_en":"Unimicron IR (FY2025) — unimicron results","excerpt":"2025 매출 NT$131,240,882천(+14%)","excerpt_en":"FY2025 revenue NT$131.24bn (+14%)"},{"stance":"confirms","publisher":"유니마이크론","publisher_en":"Unimicron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.unimicron.com/en/","title":"Unimicron IR","title_en":"Unimicron IR","excerpt":"AMD에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to AMD."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"MGR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527","title":"IC 기판 매출 1위 유니마이크론","title_en":"Unimicron leads IC-substrate revenue","excerpt":"AMD에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to AMD."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"Intel에 FC-BGA·IC 패키지 기판 공급/제공.","note_en":"Provides FC-BGA/IC package substrates to Intel.","sources":[{"stance":"confirms","publisher":"시사저널e","publisher_en":"Sisa Journal e","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.sisajournal-e.com/news/articleView.html?idxno=295754","title":"반도체 기판 업황(난야PCB 등)","title_en":"Substrate industry (Nan Ya PCB etc.)","excerpt":"반도체 기판 업황(유니마이크론 등)","excerpt_en":"Substrate industry (Unimicron etc.)"},{"stance":"confirms","publisher":"유니마이크론","publisher_en":"Unimicron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.unimicron.com/en/","title":"Unimicron IR","title_en":"Unimicron IR","excerpt":"Intel에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to Intel."},{"stance":"confirms","publisher":"회사 IR/거래소 공시","publisher_en":"Company IR / exchange filing","kind":"filing","lang":"en","published_at":"2025-04-01","url":"https://www.unimicron.com/en/investors","title":"유니마이크론 연차보고서(TWSE)","title_en":"Unimicron annual report (TWSE)","excerpt":"연차보고서: 매출·고객·사업.","excerpt_en":"Annual report: revenue, customers, business."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"MGR","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.marketgrowthreports.com/market-reports/abf-substrate-fc-bga-market-107527","title":"IC 기판 매출 1위 유니마이크론","title_en":"Unimicron leads IC-substrate revenue","excerpt":"Intel에 FC-BGA·IC 패키지 기판 공급/제공.","excerpt_en":"Provides FC-BGA/IC package substrates to Intel."}]},{"direction":"cost","counterparty":"동박·빌드업 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":"유니마이크론","publisher_en":"Unimicron","kind":"ir","lang":"en","published_at":"2025-05-01","url":"https://www.unimicron.com/en/","title":"Unimicron IR","title_en":"Unimicron IR","excerpt":"제조용 원재료·소재·R&D(비공개).","excerpt_en":"Materials and R&D (undisclosed)."}]}]}