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Electronics","tier":2,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":2,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"will-semiconductor","name":"웨이얼반도체(윌세미)","name_en":"Will Semiconductor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-49.7,"2023":-8.3,"2024":22.8,"2025":15.5,"2026":-14.8}},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":2,"returns_yearly":null},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":1,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":1,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}}],"benefiting":[],"analysis":"에어리퀴드의 논지는 린데와 함께 산업가스 과점을 이루며 반도체 성장에 연동되는 연금형 매출이다. 세계 2위 산업가스 기업(FY2025 매출 ~€270억)으로, 팹에 초고순도 캐리어가스와 실란·Voltaix 등 첨단소재를 온사이트·파이프라인 장기계약으로 공급한다 — 팹 옆 온사이트 플랜트가 전환비용과 물류 밀도로 만든 해자다. 성장 동력은 전자/반도체로, SK하이닉스 청주 P&T7(HBM 패키징) 초고순도 가스 장기 공급, 마이크론 아이다호·삼성·TSMC 고객, 세종 특수가스 신설이 캐파 증설과 함께 매출을 키운다. HBM·선단화로 첨단소재(Voltaix) 소모가 늘수록 고부가 비중이 커진다. 재평가 트리거는 팹 캐파 사이클, 온사이트 신규 계약, 그리고 특수소재(전구체·증착소재) 채택 확대다.","analysis_en":"Air Liquide's thesis is annuity-like revenue tied to semiconductor growth within an industrial-gas oligopoly alongside Linde. As the world's #2 industrial-gas company (FY2025 revenue ~€27B), it supplies fabs with ultra-high-purity carrier gases and advanced materials (silane, Voltaix) under on-site and pipeline long-term contracts — on-site plants beside fabs are the moat, built on switching costs and logistics density. The growth driver is electronics/semiconductors: long-term UHP-gas supply to SK hynix's Cheongju P&T7 (HBM packaging), customers Micron (Idaho), Samsung and TSMC, and a new Sejong specialty-gas plant lift revenue alongside capacity expansion. As HBM and scaling raise consumption of advanced materials (Voltaix), the high-value mix grows. Re-rating triggers are the fab-capacity cycle, new on-site contract wins, and wider adoption of specialty materials (precursors, deposition materials).","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스 청주 P&T7(HBM 패키징) 등에 초고순도·특수가스 장기 공급 — HBM 캐파에 연동되는 온사이트 계약 축.","note_en":"Long-term UHP/specialty-gas supply to SK hynix (incl. Cheongju P&T7, HBM packaging) — an on-site contract axis tied to HBM capacity.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"SK하이닉스에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to sk-hynix."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2024-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=5&t=0&idx=16375","title":"에어리퀴드, 세종 반도체 특수가스 8천만달러 투자","title_en":"Air Liquide invests $80M in Sejong semiconductor specialty gases","excerpt":"SK하이닉스에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to sk-hynix."}]},{"direction":"revenue","counterparty":"Micron Technology","counterparty_slug":"micron","confidence":"mid","metric":null,"note":"마이크론(아이다호 등) 팹에 초고순도·특수가스 공급 — 신규 팹 램프에 연동되는 온사이트 축.","note_en":"Supplies UHP/specialty gases to Micron fabs (Idaho and others) — an on-site axis tied to new-fab ramps.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"Micron Technology에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to micron."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2024-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=5&t=0&idx=16375","title":"에어리퀴드, 세종 반도체 특수가스 8천만달러 투자","title_en":"Air Liquide invests $80M in Sejong semiconductor specialty gases","excerpt":"Micron Technology에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to micron."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":null,"note":"TSMC 팹에 초고순도·특수가스 공급 — 파운드리 선단화 수요에 연동.","note_en":"Supplies UHP/specialty gases to TSMC fabs — tied to foundry leading-edge demand.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"TSMC에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to tsmc."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2024-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=5&t=0&idx=16375","title":"에어리퀴드, 세종 반도체 특수가스 8천만달러 투자","title_en":"Air Liquide invests $80M in Sejong semiconductor specialty gases","excerpt":"TSMC에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to tsmc."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자 팹에 초고순도·특수가스 공급 — 메모리·로직 증설 수요 축.","note_en":"Supplies UHP/specialty gases to Samsung fabs — a demand axis from memory/logic expansion.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"삼성전자에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to samsung-electronics."},{"stance":"confirms","publisher":"e4ds news","publisher_en":"e4ds news","kind":"news","lang":"ko","published_at":"2024-01-01","url":"https://www.e4ds.com/sub_view.asp?ch=5&t=0&idx=16375","title":"에어리퀴드, 세종 반도체 특수가스 8천만달러 투자","title_en":"Air Liquide invests $80M in Sejong semiconductor specialty gases","excerpt":"삼성전자에 초고순도 가스·첨단소재 공급.","excerpt_en":"Supplies UHP gases/materials to samsung-electronics."}]},{"direction":"revenue","counterparty":"전자·디스플레이·태양광 (가스)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전자·일반산업·의료 가스 — 반도체 밖 전방시장 다변화 축.","note_en":"Electronics, general-industry and healthcare gases — an axis diversifying beyond semiconductors.","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"전자 외 일반산업·의료 가스.","excerpt_en":"Also general-industry and healthcare gases."}]},{"direction":"cost","counterparty":"전력·플랜트·물류 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"공기분리플랜트 전력·물류 — 가스 생산의 최대 변동비로 전력비가 마진을 좌우(비공개).","note_en":"ASU power and logistics — the largest variable cost of gas production, where power prices drive margin (undisclosed).","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"공기분리·온사이트 플랜트 투자.","excerpt_en":"ASU and on-site plant capex."}]},{"direction":"cost","counterparty":"R&D·첨단소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"특수가스·첨단소재(Voltaix) R&D — 증착소재 경쟁력이 고부가 성장의 진입장벽(비공개).","note_en":"Specialty-gas and advanced-materials (Voltaix) R&D — deposition-material competitiveness is the barrier for high-value growth (undisclosed).","sources":[{"stance":"confirms","publisher":"Air Liquide","publisher_en":"Air Liquide","kind":"filing","lang":"en","published_at":"2025-10-28","url":"https://www.airliquide.com/sites/airliquide.com/files/2025-11/air-liquide-pr-25-q3-air-liquide-continues-to-combine-sales-growth-with-commercial-successes-to-shape-the-future.pdf","title":"Air Liquide 2025 3분기 실적·활동보고","title_en":"Air Liquide Q3 2025 results/activity report","excerpt":"Voltaix 등 첨단소재 R&D.","excerpt_en":"Advanced-materials R&D (Voltaix etc.)."}]}]}