{"slug":"asahi-kasei","name":"Asahi Kasei","name_en":"Asahi Kasei","ticker":"3407.T","updated_at":"2026-07-12T04:50:22.079+00:00","canonical":"https://valuechain.wiki/asahi-kasei","same_as":["https://finance.yahoo.com/quote/3407.T"],"citable":"밸류체인 그래프 기준 Asahi Kasei의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Asahi Kasei is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 종합화학 · 배터리 분리막","kicker_en":"Nikkei 225 · diversified chemicals · battery separators","lead":"아사히카세이는 소재(마테리얼)·주택·헬스케어 3개 부문을 거느린 일본 종합기업이다. 리튬이온전지 분리막 하이포어(습식)와 셀가드(건식)는 마테리얼 부문 안의 여러 사업 중 하나로, 전사 매출에서 차지하는 비중은 크지 않다. 2026년 3월기 결산 연결 매출은 3조745억 엔(영업이익 2,312억 엔)이며, 헬스케어가 이익 성장을 주도하고 마테리얼은 재고평가로 감익했다.","lead_en":"Asahi Kasei is a Japanese conglomerate spanning three sectors: Material, Homes and Health Care. Its lithium-ion battery separators, Hipore (wet-process) and Celgard (dry-process), are one of several businesses inside the Material sector and a small share of group revenue. Consolidated net sales for the fiscal year ended March 2026 were JPY 3,074.5 billion (operating income JPY 231.2 billion), with Healthcare leading profit growth while Material declined on inventory valuation.","segments":{"fy":2025,"parts":[{"desc":"분리막(하이포어·셀가드)·석유화학·전자재료 등 다수 사업, 매출 1조3,062억 엔(-4.6%). 재고평가·정기보수로 감익했으나 전자재료는 개선. 매출의 약 42%.","name":"마테리얼"},{"desc":"헤벨하우스 등 건축 청부·부동산, 매출 1조774억 엔(+4.0%). 국내 주문주택 호조로 이익 증가 — 분리막과 무관한 별개 시계.","name":"주택"},{"desc":"의약·의료기기·혈액정화 등, 매출 6,641억 엔(+7.8%). 의약 출하 확대로 이익 +30% 주도 — 사이클 무관 다각화 축.","name":"헬스케어"}],"total":"3조745억 엔 (2026년 3월기 결산 연결, +1.2%) — 영업이익 2,312억 엔(+9.1%, 마진 7.5%). 헬스케어 이익 +30% 주도, 마테리얼은 재고평가로 감익.","source":"https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf","concentration":"분리막(하이포어)은 마테리얼 부문 내 복수 사업 중 하나로 전사 매출 비중은 소수. 마테리얼 부문 자체가 매출의 약 42%."},"segments_en":{"fy":2025,"parts":[{"desc":"Separators (Hipore, Celgard), petrochemicals, electronic materials and other businesses; net sales JPY 1,306.2B (-4.6%). Down on inventory valuation and maintenance turnaround, though Electronics improved. ~42% of sales.","name":"Material"},{"desc":"Hebel Haus construction contracting and real estate; net sales JPY 1,077.4B (+4.0%). Profit up on strong domestic order-built homes — a cycle separate from separators.","name":"Homes"},{"desc":"Pharmaceuticals, medical devices and blood purification; net sales JPY 664.1B (+7.8%). Led group profit (+30%) on higher pharma shipments — a cycle-agnostic diversification axis.","name":"Health Care"}],"total":"JPY 3,074.5B (consolidated, fiscal year ended March 2026, +1.2%) — operating income JPY 231.2B (+9.1%, 7.5% margin). Healthcare-led (+30% profit); Material down on inventory valuation.","source":"https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf","concentration":"The separator (Hipore) business is one of several within the Material sector and a minor share of group revenue; the Material sector is about 42% of sales."},"returns_yearly":{"2021":-1.1,"2022":-9.3,"2023":18.7,"2024":-2.9,"2025":47.1,"2026":24.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":1,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"toyota-tsusho","name":"도요타통상","name_en":"Toyota Tsusho","tier":1,"returns_yearly":{"2021":15.8,"2022":23.1,"2023":85.3,"2024":-16.3,"2025":119.8,"2026":8.7}}],"benefiting":[],"analysis":"투자 논점은 '분리막 순수 플레이가 아니라 종합기업'이라는 점을 시장이 어떻게 값 매기느냐다. 마테리얼(매출 약 45%)·주택·헬스케어 세 부문이 서로 다른 사이클로 돌아 실적 변동성이 분산되며, 리튬이온 분리막(하이포어·셀가드)은 마테리얼 부문 내 한 사업일 뿐 전사 비중은 작다. 그럼에도 재평가 트리거는 분리막에 있다 — 북미 AKBSA(노스캐롤라이나·캐나다) 분리막 공장과 도요타통상(TAI)向 확정 공급이 2027년 가동되며 성장 옵션을 연다(삼성SDI도 주요 고객). 리스크는 석유화학 체인 시황과 주택 사이클로, 세 부문의 상쇄가 안정성인 동시에 종합기업 디스카운트로 눌리는 구조다.","analysis_en":"The thesis is how the market prices the fact that this is a diversified group, not a pure separator play. Three segments — Material (~45% of revenue), Homes and Health Care — run on different cycles, diffusing earnings volatility, and the Li-ion separators (Hipore, Celgard) are just one business within Material, a small share of the whole. Yet the re-rating trigger sits in separators — the North American AKBSA (North Carolina, Canada) separator plant and committed supply to Toyota Tsusho (TAI) start up in 2027, opening a growth option (Samsung SDI is also a key customer). The risks are the petrochemical-chain cycle and the housing cycle, so the three segments' offsetting is both a source of stability and the reason a conglomerate discount weighs on it.","analysis_asof":"2026-05-12"},"edges":[{"direction":"revenue","counterparty":"석유화학·전자재료 고객 (마테리얼 부문)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"2025-03-31","basis":"마테리얼 세그먼트 매출","value":1368800000000,"period":"FY2024 (2025-03)","basis_en":"Material segment net sales"},"note":"마테리얼 부문은 분리막 외에 석유화학·전자재료·환경솔루션 등 다수 사업으로 구성되며 2025년 3월 결산 매출 1조3,688억 엔으로 전사 매출의 약 45%다. 분리막은 이 부문 안의 한 사업이다.","note_en":"The Material sector, beyond separators, spans petrochemicals, electronic materials and environmental solutions, with net sales of JPY 1,368.8B in the year ended March 2025, about 45% of group revenue; the separator is one business within it.","sources":[{"stance":"mentions","publisher":"증권가 컨센서스(오카산·다이와·SMBC)","publisher_en":"Analyst consensus incl. Okasan, Daiwa, SMBC Nikko (via MarketScreener)","kind":"research","lang":"en","published_at":"2026-05-12","url":"https://www.marketscreener.com/quote/stock/ASAHI-KASEI-CORPORATION-6491172/consensus/","title":"아사히카세이 증권가 컨센서스: 매수 우위(오카산 목표가 2,200엔)","title_en":"Asahi Kasei analyst consensus (Strong Buy, PT ~JPY 2,107; Okasan Buy JPY 2,200): Healthcare-led profit, Material recovery","excerpt":"증권가: 매수 컨센서스(오카산 목표가 2,200엔)·헬스케어 주도 이익 성장·마테리얼 회복 기대. 2026년 3월기 마테리얼 매출 1,306.2억엔(-4.6%, 재고평가 영향).","excerpt_en":"Analysts: Buy consensus (Okasan PT JPY 2,200), Healthcare-led profit growth and Material recovery expected. FY ended Mar-2026 Material sales JPY 1,306.2bn (-4.6%, inventory-valuation impact)."},{"stance":"confirms","publisher":"Asahi Kasei","publisher_en":"Asahi Kasei","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf","title":"아사히카세이 2026년 3월기 결산 브리핑 (연결)","title_en":"Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026","excerpt":"Material segment sales to customers 1,306,240 million yen (FY ended March 2026, -4.6%); operating income 68.3bn, hit by inventory valuation.","excerpt_en":"Material segment sales to customers 1,306,240 million yen (FY ended March 2026); operating income 68.3bn, hit by inventory valuation."},{"stance":"confirms","publisher":"아사히카세이 유가증권보고서","publisher_en":"Asahi Kasei Securities Report (yukashoken)","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.asahi-kasei.com/jp/ir/library/financial_report/pdf/134j_0625.pdf","title":"제134기 유가증권보고서 (2025년 3월 결산)","title_en":"134th Securities Report (fiscal year ended March 2025)","excerpt":"당사는 마테리얼 세그먼트 내에서 복수의 사업을 영위한다. 리튬이온전지용 분리막 하이포어 사업은 아사히카세이 배터리 세퍼레이터가 승계했다. 연결 매출은 3조373억 엔이다.","excerpt_en":"The company operates multiple businesses within the Material segment; the Hipore lithium-ion battery separator business was transferred to Asahi Kasei Battery Separator. Consolidated net sales were JPY 3,037.3B."},{"stance":"confirms","publisher":"아사히카세이 IR","publisher_en":"Asahi Kasei IR","kind":"ir","lang":"ja","published_at":"2025-05-09","url":"https://www.asahi-kasei.com/jp/ir/library/financial_briefing/pdf/2503_analyst.pdf","title":"2025년 3월기 결산 설명자료","title_en":"FY ended March 2025 results briefing","excerpt":"2025년 3월기 매출은 3조373억 엔(+9.1%), 영업이익 2,119억 엔(+50.6%). 마테리얼 1조3,688억 엔·주택 1조359억 엔·헬스케어 6,159억 엔이다.","excerpt_en":"FY ended March 2025 net sales were JPY 3,037.3B (+9.1%) and operating income JPY 211.9B (+50.6%); Material JPY 1,368.8B, Homes JPY 1,035.9B, Health Care JPY 615.9B."}]},{"direction":"revenue","counterparty":"주택 구매자 (주택 부문, 헤벨하우스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"2025-03-31","basis":"주택 세그먼트 매출","value":1035900000000,"period":"FY2024 (2025-03)","basis_en":"Homes segment net sales"},"note":"주택 부문(헤벨하우스 등 건축 청부·미국/호주 주택)이 2025년 3월 결산 매출 1조359억 엔으로 마테리얼에 이어 두 번째로 크다. 분리막과 무관한 별개 시계로 도는 부문이다.","note_en":"The Homes sector (Hebel Haus construction and US/Australia housing) posted JPY 1,035.9B in the year ended March 2025, the second largest after Material, running on a cycle unrelated to separators.","sources":[{"stance":"confirms","publisher":"아사히카세이 유가증권보고서","publisher_en":"Asahi Kasei Securities Report (yukashoken)","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.asahi-kasei.com/jp/ir/library/financial_report/pdf/134j_0625.pdf","title":"제134기 유가증권보고서 (2025년 3월 결산)","title_en":"134th Securities Report (fiscal year ended March 2025)","excerpt":"주택 세그먼트는 헤벨하우스 등 건축 청부와 미국·호주 주택 사업으로 구성된다. 2025년 3월기 매출은 1조359억 엔이다.","excerpt_en":"The Homes segment comprises Hebel Haus construction contracting and US/Australia housing; net sales for the year ended March 2025 were JPY 1,035.9B."}]},{"direction":"revenue","counterparty":"병원·제약 (헬스케어 부문)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"JPY","as_of":"2025-03-31","basis":"헬스케어 세그먼트 매출","value":615900000000,"period":"FY2024 (2025-03)","basis_en":"Health Care segment net sales"},"note":"헬스케어 부문(의약·의료기기·혈액정화·크리티컬케어)이 2025년 3월 결산 매출 6,159억 엔이다. 종합기업 구조를 보여주는 세 번째 축이다.","note_en":"The Health Care sector (pharmaceuticals, medical devices, blood purification, critical care) posted JPY 615.9B in the year ended March 2025, the third pillar of the conglomerate structure.","sources":[{"stance":"confirms","publisher":"아사히카세이 IR","publisher_en":"Asahi Kasei IR","kind":"ir","lang":"ja","published_at":"2025-05-09","url":"https://www.asahi-kasei.com/jp/ir/library/financial_briefing/pdf/2503_analyst.pdf","title":"2025년 3월기 결산 설명자료","title_en":"FY ended March 2025 results briefing","excerpt":"헬스케어 부문은 2025년 3월기 매출 6,159억 엔으로, 크리티컬케어 사업과 의약·의료 사업이 실적을 견인했다.","excerpt_en":"The Health Care sector posted JPY 615.9B for the year ended March 2025, led by critical care and pharma/medical businesses."}]},{"direction":"investment","counterparty":"AKBSA 북미 분리막 생산기지 (노스캐롤라이나·캐나다)","counterparty_slug":null,"confidence":"high","metric":{"type":"capex_investment","start":"2027","location":"North Carolina + Ontario Canada"},"note":"분리막 재평가 논지의 자본 축 — 아사히카세이가 자회사 AKBSA를 통해 노스캐롤라이나 샬럿 코팅 공장과 캐나다 온타리오 일관 생산기지에 대규모 투자한다. IRA·현지화 수요에 대응해 북미 EV 분리막 캐파를 선제 구축하는 전략 투자로, 도요타통상向 2027년 공급이 이 투자를 매출로 전환하는 근거다.","note_en":"The capital axis of the separator re-rating thesis — Asahi Kasei invests heavily via its AKBSA subsidiary in a Charlotte, North Carolina coating plant and an integrated base in Ontario, Canada. A strategic investment pre-building North American EV-separator capacity for IRA/localization demand, with the 2027 supply to Toyota Tsusho the basis for turning it into revenue.","sources":[{"stance":"confirms","publisher":"Asahi Kasei","publisher_en":"Asahi Kasei","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf","title":"아사히카세이 2026년 3월기 결산 브리핑 (연결)","title_en":"Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026","excerpt":"North American separator production base (AKBSA) under construction for automotive-battery supply.","excerpt_en":"North American separator production base (AKBSA) under construction for automotive-battery supply."}]},{"direction":"revenue","counterparty":"Toyota Tsusho America (TAI)","counterparty_slug":"toyota-tsusho","confidence":"high","metric":null,"note":"아사히카세이 배터리 세퍼레이터 아메리카(AKBSA)가 노스캐롤라이나 샬럿 신공장에서 코팅 하이포어 분리막을 도요타통상 아메리카(TAI)에 공급한다 — 자동차용 리튬이온전지向, 납품은 2027년 중반 개시 예정이며 TAI에 생산능력 우선권을 부여한다. 도요타통상(그래프 노드)이 명시된 확정 공급선으로, 분리막 재평가 논지의 실제 트리거다. 금액·물량은 미공개.","note_en":"Asahi Kasei Battery Separator America (AKBSA) supplies coated Hipore separators from its new Charlotte, North Carolina plant to Toyota Tsusho America (TAI) for automotive lithium-ion batteries — deliveries slated to start mid-2027, with capacity priority given to TAI. Toyota Tsusho (a graph node) is the named, committed offtaker and the real trigger of the separator re-rating thesis; value and volume are undisclosed.","sources":[{"stance":"mentions","publisher":"Asahi Kasei","publisher_en":"Asahi Kasei","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.asahi-kasei.com/content/dam/asahi-kasei/us/en/ir/library/financial-briefing/pdf/mar2026.pdf","title":"아사히카세이 2026년 3월기 결산 브리핑 (연결)","title_en":"Asahi Kasei Consolidated Results, fiscal year ended March 31, 2026","excerpt":"North American separator base (AKBSA) advancing toward automotive-battery supply; separators within Material.","excerpt_en":"North American separator base (AKBSA) advancing toward automotive-battery supply; separators within Material."},{"stance":"confirms","publisher":"아사히카세이","publisher_en":"Asahi Kasei","kind":"ir","lang":"en","published_at":"2025-07-31","url":"https://www.asahi-kasei.com/news/2025/e250731.html","title":"아사히카세이, 도요타통상에 하이포어 리튬이온전지 분리막 공급","title_en":"Asahi Kasei to supply Hipore lithium-ion battery separator to Toyota Tsusho","excerpt":"AKBSA가 건설 중인 샬럿 코팅 공장에서 코팅 하이포어 분리막을 TAI에 공급하며, TAI에 생산능력 우선권을 부여한다. 납품은 2027년 중반 개시 예정이다.","excerpt_en":"AKBSA will supply TAI with coated Hipore separator from its new Charlotte coating facility under construction, granting TAI preferential share of AKBSA's capacity, with deliveries beginning mid-2027."},{"stance":"mentions","publisher":"일본정책투자은행","publisher_en":"Development Bank of Japan","kind":"news","lang":"ja","published_at":"2024-10-02","url":"https://www.dbj.jp/topics/dbj_news/2024/html/20241002_204985.html","title":"아사히카세이 리튬이온전지용 분리막 사업 북미 투자 출자","title_en":"DBJ investment in Asahi Kasei's North American lithium-ion battery separator business","excerpt":"일본정책투자은행이 아사히카세이의 북미 리튬이온전지용 분리막 사업 확대를 지원하기 위해 출자한다. 공급망 강인화를 위한 사업 확대다.","excerpt_en":"DBJ invests to support the expansion of Asahi Kasei's North American lithium-ion battery separator business, strengthening the supply chain."}]},{"direction":"cost","counterparty":"석유화학 원료·폴리올레핀 (기반 마테리얼)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"분리막(폴리에틸렌 미다공막)과 화학 사업은 석유화학 원료·폴리올레핀 수지를 투입한다. 아사히카세이는 기반 마테리얼(석유화학 체인) 사업을 보유해 원료 시황과 구조전환의 영향을 받는다. 개별 공급사는 미공개.","note_en":"Separators (microporous polyethylene film) and the chemicals business consume petrochemical feedstock and polyolefin resins; Asahi Kasei operates a basic-materials petrochemical chain exposed to feedstock prices. Specific suppliers undisclosed.","sources":[{"stance":"confirms","publisher":"아사히카세이 IR","publisher_en":"Asahi Kasei IR","kind":"ir","lang":"ja","published_at":"2025-05-09","url":"https://www.asahi-kasei.com/jp/ir/library/financial_briefing/pdf/2503_analyst.pdf","title":"2025년 3월기 결산 설명자료","title_en":"FY ended March 2025 results briefing","excerpt":"기반 마테리얼 등 석유화학 체인 관련 사업의 구조전환을 가속하며, 원료 시황과 시황 하락의 영향을 언급한다.","excerpt_en":"The company is accelerating structural transformation of its basic-materials petrochemical-chain businesses and notes exposure to feedstock and market-price swings."}]},{"direction":"cost","counterparty":"분리막 증설 설비투자 (북미·캐나다, 비공개 조달)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"분리막 사업은 노스캐롤라이나 샬럿 코팅 공장과 캐나다 일관 공장 등 대규모 증설 자본지출을 수반한다. 설비·건설 조달처는 미공개이며, 장비·부지·에너지가 원가·투자로 들어간다.","note_en":"The separator business carries large capacity capex, including the Charlotte, North Carolina coating plant and an integrated plant in Canada; equipment, construction and energy are cost and investment inputs, with specific vendors undisclosed.","sources":[{"stance":"confirms","publisher":"아사히카세이","publisher_en":"Asahi Kasei","kind":"ir","lang":"en","published_at":"2025-07-31","url":"https://www.asahi-kasei.com/news/2025/e250731.html","title":"아사히카세이, 도요타통상에 하이포어 리튬이온전지 분리막 공급","title_en":"Asahi Kasei to supply Hipore lithium-ion battery separator to Toyota Tsusho","excerpt":"AKBSA는 노스캐롤라이나 샬럿에 코팅 공장을 건설 중이며, 아사히카세이는 2024년 5월 발표한 캐나다 분리막 공장도 추진해 북미 수요에 대응한다.","excerpt_en":"AKBSA is building a coating facility in Charlotte, North Carolina, and Asahi Kasei is also advancing a Canadian separator plant announced in May 2024 to meet North American demand."}]},{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"mid","metric":{"as_of":"2019-08-16","qualifier":"named_customer_relationship"},"note":"삼성SDI에 EV용 리튬이온 분리막(Hipore 습식·Celgard 건식)을 공급. 삼성SDI가 일본 의존도를 축소 중이나 Asahi Kasei·도레이가 최대 분리막 공급사.","note_en":"Supplies EV Li-ion battery separators (Hipore wet-process, Celgard dry-process) to Samsung SDI; Asahi Kasei and Toray have been Samsung SDI's largest separator suppliers.","sources":[{"stance":"confirms","publisher":"The Elec","publisher_en":"The Elec","kind":"news","lang":"en","published_at":"2019-08-16","url":"https://www.thelec.net/news/articleView.html?idxno=459","title":"Samsung SDI diversifying battery separator suppliers","title_en":"Samsung SDI diversifying battery separator suppliers","excerpt":"Up until last year, Asahi Kasei and Toray had been supplying most of the EV LiBS for Samsung SDI.","excerpt_en":"Up until last year, Asahi Kasei and Toray had been supplying most of the EV Li-ion battery separators for Samsung SDI."},{"stance":"confirms","publisher":"Charged EVs","publisher_en":"Charged EVs","kind":"news","lang":"en","published_at":"2014-02-05","url":"https://chargedevs.com/newswire/samsung-sdi-to-use-celgard-separator-in-ev-and-storage-system-batteries/","title":"Samsung SDI to use Celgard separator in EV and energy storage system batteries","title_en":"Samsung SDI to use Celgard separator in EV and energy storage system batteries","excerpt":"Celgard... long-term agreement to supply separators to Samsung SDI for its EV and energy storage system lithium-ion batteries.","excerpt_en":"Celgard entered a long-term agreement to supply separators to Samsung SDI for its EV and energy storage lithium-ion batteries."}]}]}