{"slug":"canon","name":"캐논","name_en":"Canon","ticker":"7751.T","updated_at":"2026-07-12T03:28:31.314+00:00","canonical":"https://valuechain.wiki/canon","citable":"밸류체인 그래프 기준 캐논의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 6곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Canon is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 6 companies within two hops; the links are backed by 10 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 정밀광학 (반도체 노광·나노임프린트)","kicker_en":"Nikkei 225 · Precision optics (semiconductor lithography, nanoimprint)","lead":"카메라·오피스기기(프린팅)가 매출의 절반 이상을 대는 정밀광학 복합기업이지만, 진짜 재평가 포인트는 매출 8%짜리 인더스트리얼 부문에 숨어 있다 — EUV(ASML) 없이 미세화하는 유일한 경로로 꼽히는 나노임프린트(NIL)의 콜옵션이다. FY2025 연결매출 4조6,247억엔(+2.5%)·영업익 4,554억엔으로 외형 성장은 완만하지만, 증익은 이미징(+12.5%)과 AI향 노광이 끌고 프린팅(-1.1%)은 구조적으로 줄고 있다. 키옥시아·DNP와 10년 공동개발한 NIL이 2024년 첫 상용 장비(TIE)를 낸 지금, 시장이 '쇠락하는 카메라·프린터 회사'로 값을 매기는 사이 반도체 장비 옵션이 얹혀 있는지가 관건이다.","lead_en":"Canon is a precision-optics conglomerate that earns over half its revenue from cameras and office equipment (Printing), but the real re-rating point hides in the 8%-of-sales Industrial unit — the call option on nanoimprint lithography (NIL), regarded as the one path to shrink chips without EUV (ASML). FY2025 consolidated sales of JPY 4,624.7bn (+2.5%) and OP of JPY 455.4bn make for modest top-line growth, but the profit gain is pulled by Imaging (+12.5%) and AI-related lithography while Printing (-1.1%) structurally shrinks. With the NIL it co-developed with Kioxia and DNP over a decade having shipped its first commercial tool (to TIE) in 2024, the question is whether a semiconductor-equipment option is embedded in a stock the market still prices as a declining camera/printer company.","segments":{"fy":2025,"parts":[{"desc":"매출 2조4,944억엔(-1.1%). 여전히 캐논 매출의 절반이자 현금창출원이지만, 미국 관세·유럽·아시아 수요 둔화로 구조적 감소 국면 — 제록스·HP·엡손과의 성숙시장 경쟁에서 방어가 과제다.","name":"프린팅 (53.9%)"},{"desc":"매출 1조549억엔(+12.5%). EOS R 미러리스·RF 렌즈·네트워크 카메라가 프린팅 감소를 상쇄한 이번 증익의 핵심 견인축 — 소니·니콘과의 미러리스 경쟁이 성장 지속의 변수.","name":"이미징 (22.8%)"},{"desc":"매출 5,806억엔(+2.1%). 2016년 도시바메디컬 인수로 통째로 확보한 비(非)영상 성장축으로, GE·지멘스·필립스 사이에서 완만하지만 사이클 방어적인 안정 수익.","name":"메디컬 (12.6%)"},{"desc":"매출 3,611억엔(+2.7%). 규모는 작아도 재평가 옵션이 걸린 부문 — AI 반도체 투자가 i-line/KrF 수요를 밀어올렸고, 니콘·ASML을 우회하는 나노임프린트(NIL)가 상용화되면 성장 스토리가 바뀐다.","name":"인더스트리얼 — 노광·NIL (7.8%)"}],"total":"매출 4조6,247억엔(+2.5%)·영업익 4,554억엔(OPM 9.8%)·순이익 3,321억엔 — 외형은 완만하나 증익은 이미징·AI향 노광이 끌고 프린팅이 눌렀다 (FY2025 연결)","source":"Canon FY2025 결산자료(2026-01-29)","concentration":"구조는 '쇠락하는 캐시카우(프린팅)가 성장 옵션(인더스트리얼 NIL)을 뒷받침'하는 형태다. 시장은 카메라·프린터의 둔화로 값을 매기지만, 키옥시아·DNP와 10년 공동개발한 NIL이 EUV를 우회하는 미세화 경로로 상용화될지가 진짜 재평가 축이다. FY2025 영업익 4,554억엔·OPM 9.8%."},"segments_en":{"fy":2025,"parts":[{"desc":"Sales JPY 2,494.4bn (-1.1%). Still half of Canon's revenue and its cash engine, but in structural decline on US tariffs and soft EU/Asia demand — defending share against Xerox, HP and Epson in a mature market is the task.","name":"Printing (53.9%)"},{"desc":"Sales JPY 1,054.9bn (+12.5%). EOS R mirrorless, RF lenses and network cameras offset Printing's decline and were the core engine of this year's profit gain — the mirrorless fight with Sony and Nikon is the swing factor for sustaining it.","name":"Imaging (22.8%)"},{"desc":"Sales JPY 580.6bn (+2.1%). A non-imaging growth axis bought whole via the 2016 Toshiba Medical deal, delivering slow but cycle-defensive earnings among GE, Siemens and Philips.","name":"Medical (12.6%)"},{"desc":"Sales JPY 361.1bn (+2.7%). Small, but where the re-rating option sits — AI-related semiconductor investment lifted i-line/KrF demand, and if nanoimprint (NIL) bypassing Nikon/ASML commercializes, the growth story changes.","name":"Industrial - lithography, NIL (7.8%)"}],"total":"Sales JPY 4,624.7bn (+2.5%), OP JPY 455.4bn (OPM 9.8%), net profit JPY 332.1bn — a modest top line, with the profit gain pulled by Imaging and AI-driven lithography and dragged by Printing (FY2025 consolidated)","source":"Canon FY2025 results (Jan 29, 2026)","concentration":"The structure is 'a declining cash cow (Printing) funding a growth option (Industrial NIL).' The market prices Canon on camera/printer decline, but the real re-rating axis is whether the NIL it co-developed with Kioxia and DNP over a decade commercializes as a path to shrink that bypasses EUV. FY2025 OP JPY 455.4bn, OPM 9.8%."},"returns_yearly":{"2021":22.5,"2022":11.1,"2023":46.4,"2024":27,"2025":-3.2,"2026":-5.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","tier":3,"returns_yearly":{"2021":87.5,"2022":-51.4,"2023":69.1,"2024":4.1,"2025":225.3,"2026":231.4}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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Defense","tier":3,"returns_yearly":{"2021":-29.3,"2022":-46.8,"2023":96.6,"2024":30,"2025":187.8,"2026":-36.5}},{"slug":"pony-ai","name":"Pony.ai","name_en":"Pony.ai","tier":3,"returns_yearly":{"2025":1,"2026":-54.6}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"pure-storage","name":"에버퓨어 (구 퓨어스토리지)","name_en":"Everpure (formerly Pure Storage)","tier":2,"returns_yearly":{"2021":44,"2022":-17.8,"2023":33.3,"2024":72.3,"2025":9.1,"2026":18.4}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":2,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":1,"returns_yearly":{"2025":1082.1,"2026":260.5}}],"benefiting":[{"slug":"dai-nippon-printing","name":"다이닛폰인쇄","name_en":"Dai Nippon Printing","tier":1,"returns_yearly":{"2021":56.5,"2022":13.9,"2023":42.6,"2024":8.5,"2025":22.5,"2026":15.3}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":2,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}}],"analysis":"캐논의 투자 논점은 '캐시카우가 옵션을 사는 구조'다 — 매출 절반의 프린팅은 구조적으로 줄지만 현금을 내고, 그 현금이 인더스트리얼 NIL이라는 반도체 장비 옵션을 뒷받침한다. FY2025 연결매출 4조6,247억엔(+2.5%)·영업익 4,554억엔에서 증익을 끈 건 이미징(+12.5%)과 AI향 노광이고, 시장은 여전히 카메라·프린터 둔화로 값을 매긴다. 핵심 변수는 NIL의 양산 채택 여부다: 키옥시아·DNP와의 삼각 공동개발에서 메모리 대형사가 HVM 라인에 넣어주면 인더스트리얼이 7.8% 니치에서 구조적 반도체 장비 스토리로 재평가되지만, 결함 이슈로 '아직 이르다'는 반론도 팽팽하다. 그래프상 파급은 AI 반도체 캐펙스 → 노광 수요 → 캐논(니콘·ASML 우회)으로 흐르고, 상류로는 DNP 템플릿 미세화가 로드맵의 병목이다.","analysis_en":"Canon's thesis is 'a cash cow buying an option' — Printing, half of revenue, is in structural decline yet throws off cash, and that cash funds the Industrial NIL semiconductor-equipment option. In FY2025 (sales JPY 4,624.7bn, +2.5%; OP JPY 455.4bn) the profit gain came from Imaging (+12.5%) and AI-related lithography, while the market still prices camera/printer decline. The key variable is NIL's volume adoption: if a major memory maker in the Canon/Kioxia/DNP triangle puts it on an HVM line, Industrial re-rates from a 7.8% niche into a structural semiconductor-equipment story — though defect concerns keep the 'not yet' rebuttal alive. In the graph the ripple runs AI-chip capex → lithography demand → Canon (bypassing Nikon/ASML), with DNP's template shrink as the upstream roadmap bottleneck.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"반도체·FPD 제조사 (i-line/KrF 노광)","counterparty_slug":null,"confidence":"high","metric":{"yoy_pct":2.7,"revenue_jpy_bn":361.1,"segment_share_pct":7.8},"note":"매출의 8%에 불과한 인더스트리얼이 캐논 재평가 옵션이 걸린 곳이다 — i-line·KrF 노광은 IoT 성숙노드에서 이미 높은 점유로 현금을 내고, FPD 노광은 한국 패널사에 의존한다. FY2025 +2.7% 성장의 실제 동력은 AI 반도체 투자이며, 니콘·ASML과의 경쟁에서 캐논의 카드는 최첨단 EUV가 아니라 그 아래를 저비용으로 채우는 성숙·특수 노광이다.","note_en":"At just 8% of sales, Industrial is where Canon's re-rating option sits — i-line/KrF scanners already earn cash at high share in mature IoT nodes, while FPD lithography leans on Korean panel makers. The real driver of FY2025's +2.7% was AI-related semiconductor investment, and against Nikon and ASML, Canon's hand is not leading-edge EUV but low-cost coverage of the mature and specialty layers beneath it.","sources":[{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"filing","lang":"ja","published_at":"2026-03-25","url":"https://global.canon/ja/ir/annual/canon-annual-report-2025.pdf","title":"キヤノン統合報告書2025 (2025년 12월기)","title_en":"Canon Integrated Report 2025 (FY ended Dec 2025)","excerpt":"インダストリアル部門 売上高 3,611億円(+2.7%)。","excerpt_en":"Industrial unit net sales JPY 361.1bn (+2.7%)."},{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","title_en":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","excerpt":"Industrial Net Sales 361.1bn (+2.7%); growth on higher AI-related demand for semiconductor lithography and sputtering equipment.","excerpt_en":"Industrial Net Sales 361.1bn (+2.7%); growth on higher AI-related demand for semiconductor lithography and sputtering equipment."},{"stance":"mentions","publisher":"SMBC Nikko","publisher_en":"SMBC Nikko","kind":"research","lang":"en","published_at":"2024-08-19","url":"https://www.asktraders.com/analysis/canon-share-price-targeting-new-heights-analyst-revises-upwards/","title":"SMBC닛코, 캐논 투자의견 Outperform 상향·목표가 5,500엔","title_en":"SMBC Nikko upgrades Canon to Outperform, TP ¥5,500","excerpt":"SMBC Nikko upgraded Canon to Outperform and set a ¥5,500 price target.","excerpt_en":"SMBC Nikko upgraded Canon to Outperform and set a ¥5,500 price target."},{"stance":"confirms","publisher":"Canon Inc. (SEC EDGAR)","publisher_en":"Canon Inc. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2023-03-30","url":"https://www.sec.gov/Archives/edgar/data/16988/000119312523084415/d394490d20f.htm","title":"캐논 Form 20-F (FY2022, SEC EDGAR)","title_en":"Canon Inc. Form 20-F (FY2022)","excerpt":"The main competitors in these markets are Nikon Corporation, for semiconductor and FPD lithography equipment, and ASML Holding N.V., for semiconductor lithography equipment.","excerpt_en":"The main competitors in these markets are Nikon Corporation, for semiconductor and FPD lithography equipment, and ASML Holding N.V., for semiconductor lithography equipment."}]},{"direction":"revenue","counterparty":"TIE (텍사스 전자연구소, NIL 1호기)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"NIL의 첫 상용 레퍼런스 — AMD·인텔·마이크론·AMAT가 후원하는 텍사스 컨소시엄에 2024년 FPA-1200NZ2C를 납품했다. 매출 규모보다 '실제 반도체 생태계가 받아 돌린다'는 증명이 핵심으로, 14nm(5nm 노드급) 패터닝이 시연되며 NIL이 연구실을 벗어나 상용 궤도에 올랐다는 신호다.","note_en":"The first commercial NIL reference — in 2024 Canon shipped an FPA-1200NZ2C to a Texas consortium backed by AMD, Intel, Micron and Applied Materials. What matters is less the revenue than the proof that a real semiconductor ecosystem will take and run it: with 14nm (5nm-node-class) patterning demonstrated, it signals NIL leaving the lab for a commercial trajectory.","sources":[{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"ir","lang":"en","published_at":"2025-03-01","url":"https://global.canon/en/ir/annual/canon-annual-report-2024-03.pdf","title":"캐논 연차보고서 2024","title_en":"Canon Annual Report 2024","excerpt":"FY2024 연결매출 4조1,810억엔(+3.7%) — 프린팅 56.1%·이미징 20.6%·메디컬 13.2%·인더스트리얼 7.5%.","excerpt_en":"FY2024 net sales JPY 4,181bn: Printing 56.1%, Imaging 20.6%, Medical 13.2%, Industrial 7.5%."},{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"news","lang":"en","published_at":"2024-09-30","url":"https://www.trendforce.com/news/2024/09/30/news-canon-delivers-nanoimprint-lithography-system-to-tie-reportedly-capable-of-producing-2nm-chips/","title":"Canon, TIE에 NIL 장비 납품 — 2nm급 가능 보도","title_en":"Canon Delivers NIL System to TIE, Reportedly Capable of 2nm Chips","excerpt":"Canon delivered its FPA-1200NZ2C NIL system to TIE, reportedly capable of producing 2nm-class chips.","excerpt_en":"Canon delivered its FPA-1200NZ2C NIL system to TIE, reportedly capable of producing 2nm-class chips."},{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"ir","lang":"en","published_at":"2024-09-26","url":"https://global.canon/en/news/2024/20240926.html","title":"캐논, TIE에 NIL 1호기 납품","title_en":"Canon delivers FPA-1200NZ2C NIL system to TIE","excerpt":"Canon delivers FPA-1200NZ2C nanoimprint lithography system to the Texas Institute for Electronics.","excerpt_en":"First NIL system delivered to TIE."},{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"ir","lang":"en","published_at":"2023-10-13","url":"https://global.canon/en/news/2023/20231013.html","title":"캐논, 세계 첫 나노임프린트 반도체 장비 출시","title_en":"Canon launches the first nanoimprint lithography semiconductor system","excerpt":"NIL enables patterning with a minimum linewidth of 14 nm, equivalent to the 5-nm node... expected to reach 10 nm (2-nm node).","excerpt_en":"NIL at 14nm minimum linewidth, targeting 10nm."}]},{"direction":"cost","counterparty":"광학유리·알루미늄·강·화학소재 (원재료)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"diversified_global_procurement"},"note":"유리·알루미늄·강·화학소재를 전 세계에서 조달하되 핵심 부품은 내재화로 외부의존을 통제하는 구조 — 원자재가(원유 등) 변동은 이익률에 직접 닿지만, 수직통합의 정도가 경쟁사 대비 원가 충격 완충으로 작동한다.","note_en":"Canon sources glass, aluminum, steel and chemicals globally while making key parts in-house to control external dependence — raw-material prices (e.g., crude) hit margins directly, but its degree of vertical integration acts as a cost-shock buffer versus peers.","sources":[{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","title_en":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","excerpt":"Costs decreased by 15 billion yen, mainly linked to raw materials of Printing.","excerpt_en":"Costs decreased by 15 billion yen, mainly linked to raw materials of Printing."},{"stance":"confirms","publisher":"Canon Inc. (SEC EDGAR)","publisher_en":"Canon Inc. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2023-03-30","url":"https://www.sec.gov/Archives/edgar/data/16988/000119312523084415/d394490d20f.htm","title":"캐논 Form 20-F (FY2022, SEC EDGAR)","title_en":"Canon Inc. Form 20-F (FY2022)","excerpt":"Canon purchases materials such as glass, aluminum, plastic, steel and chemicals for use in various product components and in the manufacturing process.","excerpt_en":"Canon purchases materials such as glass, aluminum, plastic, steel and chemicals for use in various product components and in the manufacturing process."}]},{"direction":"investment","counterparty":"캐논 메디컬 시스템즈 (구 도시바 메디컬)","counterparty_slug":null,"confidence":"high","metric":{"year":2016,"deal_value_jpy_bn":665.5,"medical_sales_fy2025_jpy_bn":580.6},"note":"2016년 도시바 메디컬을 약 6,655억엔에 인수한 것은 카메라·프린터의 구조적 둔화를 상쇄할 비(非)영상 성장축을 통째로 사들인 사업투자였다 — 그 결과가 FY2025 메디컬 매출 5,806억엔이며, 레들렌(광자계수 CT)·액시스(네트워크 비디오)로 확장해 광학·정밀 역량을 의료·보안으로 재배치하는 중이다.","note_en":"The 2016 acquisition of Toshiba Medical for ~JPY 665.5bn was a business investment that bought, whole, a non-imaging growth axis to offset the structural decline of cameras and printers — the result is FY2025 Medical sales of JPY 580.6bn, extended via Redlen (photon-counting CT) and Axis (network video) as Canon redeploys its optics/precision skills into healthcare and security.","sources":[{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"filing","lang":"en","published_at":"2026-01-29","url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","title_en":"Canon Inc. FY2025 Results (year ended Dec 31, 2025)","excerpt":"Medical Net Sales 580.6bn (+2.1%).","excerpt_en":"Medical Net Sales 580.6bn (+2.1%)."},{"stance":"confirms","publisher":"Canon Inc. (SEC EDGAR)","publisher_en":"Canon Inc. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2023-03-30","url":"https://www.sec.gov/Archives/edgar/data/16988/000119312523084415/d394490d20f.htm","title":"캐논 Form 20-F (FY2022, SEC EDGAR)","title_en":"Canon Inc. Form 20-F (FY2022)","excerpt":"In 2016, Canon acquired Toshiba Medical Systems Corporation (Canon Medical Systems Corporation as of January 4, 2018) and has expanded its medical business.","excerpt_en":"In 2016, Canon acquired Toshiba Medical Systems Corporation (Canon Medical Systems Corporation as of January 4, 2018) and has expanded its medical business."}]},{"direction":"revenue","counterparty":"키옥시아 (NIL 공동개발·NAND 적용)","counterparty_slug":"kioxia","confidence":"mid","metric":{"qualifier":"co_development_prospective_customer"},"note":"NIL은 메모리 대형사가 양산라인에서 검증해주지 않으면 상용 미래가 없는 기술인데, 키옥시아가 바로 그 앵커 고객이다 — 캐논(장비)·키옥시아(양산공정)·DNP(마스크)의 상호의존 삼각에서 키옥시아 없이는 NAND 응용 자체가 성립하지 않는다. 다만 아직 장비 테스트·공정 확립 단계라 이 관계가 만드는 것은 현금 매출이 아니라 옵션 가치다.","note_en":"NIL has no commercial future unless a major memory maker qualifies it on a production line — and Kioxia is that anchor customer. In the mutually dependent Canon (tool) / Kioxia (process) / DNP (mask) triangle, the NAND application does not exist without Kioxia. But it is still at tool-test/process-qualification stage, so what this relationship produces today is option value, not cash revenue.","sources":[{"stance":"confirms","publisher":"IEEE Spectrum","publisher_en":"IEEE Spectrum","kind":"news","lang":"en","published_at":"2024-03-01","url":"https://spectrum.ieee.org/nanoimprint-lithography","title":"Canon Delivers Nanoimprint Lithography to Compete With EUV","title_en":"Canon Delivers Nanoimprint Lithography to Compete With EUV","excerpt":"Kioxia has been testing NIL systems for several years and is evaluating the process for prototype memory chips.","excerpt_en":"Kioxia has been testing NIL systems for several years and is evaluating the process for prototype memory chips."},{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"news","lang":"en","published_at":"2023-10-13","url":"https://global.canon/en/technology/nil-2023.html","title":"나노임프린트 리소그래피 (Canon Technology)","title_en":"Nanoimprint Lithography (Canon Technology)","excerpt":"Canon has collaborated with Kioxia and DNP on NIL for a decade; Canon=imprint tool, Kioxia=production process, DNP=masks.","excerpt_en":"Canon has collaborated with Kioxia and DNP on NIL for a decade; Canon=imprint tool, Kioxia=production process, DNP=masks."}]},{"direction":"cost","counterparty":"다이닛폰인쇄 (NIL 마스크·템플릿)","counterparty_slug":"dai-nippon-printing","confidence":"mid","metric":{"qualifier":"co_development_component_supply"},"note":"NIL 삼각에서 마스크·템플릿(마스터)을 공급하는 상류 — 캐논 장비가 아무리 정밀해도 DNP의 템플릿 미세화(2027년 1.4nm급 목표)가 따라오지 못하면 노드가 거기서 막힌다. 즉 캐논의 NIL 로드맵은 DNP의 템플릿 로드맵에 물려 있는 상호의존이며, 경쟁이 아니라 성패를 공유하는 관계다.","note_en":"The upstream supplier of masks/templates (masters) in the NIL triangle — however precise Canon's tool, the node stalls if DNP's template shrink (targeting 1.4nm-class by 2027) does not keep pace. Canon's NIL roadmap is therefore chained to DNP's template roadmap: not a rivalry but a shared-fate dependency.","sources":[{"stance":"confirms","publisher":"IEEE Spectrum","publisher_en":"IEEE Spectrum","kind":"news","lang":"en","published_at":"2024-03-01","url":"https://spectrum.ieee.org/nanoimprint-lithography","title":"Canon Delivers Nanoimprint Lithography to Compete With EUV","title_en":"Canon Delivers Nanoimprint Lithography to Compete With EUV","excerpt":"Canon has collaborated with mask makers Dai Nippon Printing (DNP) and Kioxia to develop NIL for a decade; DNP is skilled in producing key components such as masks.","excerpt_en":"Canon has collaborated with mask makers Dai Nippon Printing (DNP) and Kioxia to develop NIL for a decade; DNP is skilled in producing key components such as masks."},{"stance":"confirms","publisher":"Canon","publisher_en":"Canon","kind":"news","lang":"en","published_at":"2023-10-13","url":"https://global.canon/en/technology/nil-2023.html","title":"나노임프린트 리소그래피 (Canon Technology)","title_en":"Nanoimprint Lithography (Canon Technology)","excerpt":"DNP is responsible for masks/templates in Canon's NIL collaboration alongside Kioxia.","excerpt_en":"DNP is responsible for masks/templates in Canon's NIL collaboration alongside Kioxia."}]},{"direction":"cost","counterparty":"반도체 칩 (외부 조달)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"supply_risk"},"note":"카메라·프린터·의료기기에 들어가는 칩을 외부에서 조달하는데, 정작 자체 반도체 노광장비를 파는 회사가 완제품용 칩은 파운드리에 의존하는 역설적 노출이다 — 글로벌 칩 부족기엔 자재비 상승과 납기 지연이 곧바로 매출을 깎는다.","note_en":"Canon buys the chips that go into its cameras, printers and medical devices — a paradox for a company that itself sells semiconductor lithography yet depends on foundries for its own product chips; in a global chip shortage, higher input cost and delivery delays cut straight into sales.","sources":[{"stance":"mentions","publisher":"Canon Inc. (SEC EDGAR)","publisher_en":"Canon Inc. (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2023-03-30","url":"https://www.sec.gov/Archives/edgar/data/16988/000119312523084415/d394490d20f.htm","title":"캐논 Form 20-F (FY2022, SEC EDGAR)","title_en":"Canon Inc. Form 20-F (FY2022)","excerpt":"If the global shortage in the supply of semiconductor chips is prolonged or becomes worse, Canon may be forced to absorb higher materials costs or experience diminished sales due to delay in delivery of goods to customers.","excerpt_en":"If the global shortage in the supply of semiconductor chips is prolonged or becomes worse, Canon may be forced to absorb higher materials costs or experience diminished sales due to delay in delivery of goods to customers."}]}]}