{"slug":"amec","name":"AMEC","name_en":"AMEC","ticker":"688012.SS","updated_at":"2026-07-12T05:40:49.830368+00:00","canonical":"https://valuechain.wiki/amec","same_as":["https://finance.yahoo.com/quote/688012.SS"],"citable":"밸류체인 그래프 기준 AMEC의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 2건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, AMEC is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"상하이 STAR · 반도체 식각장비 · 중국 국산화 2위","kicker_en":"SSE STAR · Etch equipment · China's No.2 localization play","lead":"중국 상하이의 식각 장비 기업(중웨이)으로, CCP·ICP 식각이 매출의 75%(2025년 식각 ¥98억)를 차지하며 초고종횡비(HAR) 식각에 강점을 가진 중국 장비 국산화의 핵심 축이다. 미국 제재로 중국 팹이 국산 장비로 전환하며 SMIC가 800대 이상을 도입했고 누적 5,000대를 넘겨, 2025년 매출 ¥124억(+37%)의 고성장을 이끌었다. 일부 장비는 TSMC 공급망(65~3nm)에도 쓰이나, 식각 챔버 핵심부품을 여전히 외부 조달에 의존하는 것이 자립의 남은 과제다.","lead_en":"A Shanghai etch-equipment maker (Zhongwei) where CCP/ICP etch is 75% of revenue (RMB 9.8B etch in 2025), with strength in ultra-high-aspect-ratio (HAR) etch — a pillar of China's equipment localization. As US sanctions push Chinese fabs toward domestic tools, SMIC has installed 800+ and cumulative shipments have passed 5,000, driving 2025 revenue of RMB 12.4B (+37%). Some tools are even used in TSMC's supply chain (65nm-3nm), but continued reliance on externally sourced critical chamber components is the remaining hurdle to self-sufficiency.","segments":{"parts":[{"desc":"매출의 75%. 초고종횡비(HAR) 식각 강점 — SMIC 800대+·누적 5,000대+ 도입.","name":"CCP·ICP 식각(75%)"},{"desc":"박막증착 장비로 확장 — 식각 대비 비중은 작음.","name":"박막증착"}],"total":"2025 매출 ¥12.4B (+37%)","concentration":"SMIC 800대+. 초고종횡비 식각 강세."},"segments_en":{"parts":[{"desc":"75% of revenue; strength in ultra-high-aspect-ratio (HAR) etch — SMIC 800+ tools, cumulative 5,000+.","name":"CCP/ICP etch (75%)"},{"desc":"Expansion into deposition tools — smaller than etch.","name":"Deposition"}],"total":"2025 revenue RMB 12.4B (+37%)","concentration":"SMIC 800+ tools; strong in HAR etch."},"returns_yearly":{"2021":-22.7,"2022":-11.6,"2023":8.9,"2024":58.3,"2025":93.5,"2026":86.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":3,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"kyocera","name":"교세라","name_en":"Kyocera","tier":3,"returns_yearly":{"2021":7.5,"2022":-2.1,"2023":33.8,"2024":-24,"2025":46.7,"2026":63}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":3,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":3,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"gigadevice","name":"GigaDevice","name_en":"GigaDevice","tier":2,"returns_yearly":{"2021":7.3,"2022":-17,"2023":-45.1,"2024":103.8,"2025":147.9,"2026":94.6}},{"slug":"cambricon","name":"Cambricon","name_en":"Cambricon","tier":2,"returns_yearly":{"2021":-48.7,"2022":-21.2,"2023":77.1,"2024":420,"2025":120.1,"2026":65.9}},{"slug":"hygon","name":"Hygon","name_en":"Hygon","tier":2,"returns_yearly":{"2023":54.2,"2024":93.4,"2025":106.9,"2026":33.6}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":2,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"hua-hong","name":"Hua Hong","name_en":"Hua Hong Semiconductor","tier":1,"returns_yearly":{"2021":-19.8,"2022":-19.5,"2023":-53,"2024":61.6,"2025":412.1,"2026":59.2}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}}],"benefiting":[],"analysis":"중국 식각 장비 2위(중웨이)로, 초고종횡비(HAR) 식각에 강점을 가진 중국 반도체 자립의 핵심 국산화 축이다. 미국 제재로 중국 팹이 국산 장비 전환을 서두르며 SMIC가 800대 이상, 누적 5,000대를 넘겨 도입한 것이 2025년 +37% 고성장의 동력이다. 성장 논점은 SMIC·화홍·YMTC·CXMT의 증설 사이클에 직결되지만, 식각 챔버 핵심부품을 외부 조달에 의존해 자립이 미완이라는 점과 지정학 규제가 리스크다. 그래프상 상류 트리거는 중국 파운드리·메모리 팹의 캐파 투자이며, 이 노드는 그 국산화 수요의 최대 수혜 지점 중 하나다.","analysis_en":"China's No.2 etch-equipment maker (Zhongwei), a core localization play with strength in ultra-high-aspect-ratio (HAR) etch central to China's semiconductor self-sufficiency. As sanctions accelerate Chinese fabs' switch to domestic tools, SMIC's 800+ installs and cumulative shipments past 5,000 drove 2025's +37% growth. The growth case ties directly to expansion cycles at SMIC, Hua Hong, YMTC and CXMT, but reliance on externally sourced critical chamber components — self-sufficiency still incomplete — and geopolitical regulation are the risks. Upstream on the graph, the trigger is capacity investment by Chinese foundry and memory fabs, and this node is among the biggest beneficiaries of that localization demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SMIC","counterparty_slug":"smic","confidence":"high","metric":null,"note":"SMIC에 CCP·ICP 식각 장비 공급 — 800대+ 도입한 최대 고객, 중국 국산화 전환의 핵심 수요원.","note_en":"Supplies CCP/ICP etch tools to SMIC — the largest customer with 800+ installs, the core demand of China's localization shift.","sources":[{"stance":"confirms","publisher":"AMEC/SSE","publisher_en":"AMEC/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.amec-inc.com/en/","title":"AMEC 회사·IR(상하이거래소)","title_en":"AMEC company/IR (SSE)","excerpt":"SMIC가 AMEC 식각 장비 채택(SMIC 800대+).","excerpt_en":"smic uses AMEC etch tools (SMIC 800+)."},{"stance":"confirms","publisher":"키포스트","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kipost.net/news/articleView.html?idxno=326545","title":"AMEC 플라즈마 에칭 장비 누적 5000대 돌파","title_en":"AMEC surpasses 5,000 cumulative plasma-etch tools","excerpt":"AMEC 에칭 장비 누적 5000대, 중국 2위 장비사.","excerpt_en":"AMEC has shipped 5,000+ etch tools; China’s #2 equipment maker."}]},{"direction":"revenue","counterparty":"Hua Hong","counterparty_slug":"hua-hong","confidence":"mid","metric":null,"note":"화홍반도체에 CCP·ICP 식각 장비 공급 — 중국 팹 국산화의 두 번째 축.","note_en":"Supplies CCP/ICP etch tools to Hua Hong — the second axis of Chinese-fab localization.","sources":[{"stance":"confirms","publisher":"AMEC/SSE","publisher_en":"AMEC/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.amec-inc.com/en/","title":"AMEC 회사·IR(상하이거래소)","title_en":"AMEC company/IR (SSE)","excerpt":"Hua Hong가 AMEC 식각 장비 채택(SMIC 800대+).","excerpt_en":"hua-hong uses AMEC etch tools (SMIC 800+)."}]},{"direction":"revenue","counterparty":"중국 메모리·파운드리 (식각)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"YMTC·CXMT 등에 식각·증착 장비 공급.","note_en":"Supplies etch/deposition to YMTC, CXMT, etc.","sources":[{"stance":"confirms","publisher":"AMEC/SSE","publisher_en":"AMEC/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.amec-inc.com/en/","title":"AMEC 회사·IR(상하이거래소)","title_en":"AMEC company/IR (SSE)","excerpt":"YMTC·CXMT 등 중국 메모리에 AMEC 식각 장비 공급","excerpt_en":"Supplies AMEC etchers to Chinese memory makers YMTC/CXMT"}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"식각 장비 부품·소재·R&D.","note_en":"Etch-tool parts, materials, R&D.","sources":[{"stance":"confirms","publisher":"AMEC/SSE","publisher_en":"AMEC/SSE","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.amec-inc.com/en/","title":"AMEC 회사·IR(상하이거래소)","title_en":"AMEC company/IR (SSE)","excerpt":"CCP·ICP 식각 장비 제조.","excerpt_en":"Makes CCP/ICP etch tools."}]},{"direction":"cost","counterparty":"리소·핵심부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"식각 챔버·핵심부품 외부 조달 — 국산화가 미완인 상류 의존 지점이자 지정학 리스크.","note_en":"Sources etch chambers and critical components externally — the still-incomplete upstream dependence and a geopolitical risk.","sources":[{"stance":"confirms","publisher":"키포스트","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kipost.net/news/articleView.html?idxno=326545","title":"AMEC 플라즈마 에칭 장비 누적 5000대 돌파","title_en":"AMEC surpasses 5,000 cumulative plasma-etch tools","excerpt":"식각 장비 핵심부품 조달.","excerpt_en":"Sources critical etch-tool components."}]}]}