{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","ticker":null,"updated_at":"2026-06-21T15:52:07.383354+00:00","canonical":"https://valuechain.wiki/carl-zeiss-smt","kicker":"EUV 광학·거울 독점","kicker_en":"EUV optics/mirror monopoly","lead":"ASML EUV 노광장비의 광학계(거울)를 사실상 독점 공급. ASML의 30년 이상 최대 전략 파트너로, ASML이 2016년 €10억에 지분 24.9%를 취득했다. 원자 단위로 가공한 특수 거울로 EUV를 반사하며, High-NA(NA 0.55) 차세대 광학을 만들 수 있는 곳은 자이스뿐이다. EUV 관련 특허 2000개 이상. Carl Zeiss AG 소속(비상장). EUV 공급망에서 가장 대체불가한 단일 병목.","lead_en":"The de-facto sole supplier of the optics (mirrors) inside ASML EUV scanners. ASML’s most important strategic partner for over 30 years; ASML took a 24.9% stake for €1B in 2016. Its atom-scale mirrors reflect EUV, and only Zeiss can make the giant High-NA (NA 0.55) optics. 2000+ EUV-related patents. Part of Carl Zeiss AG (not separately listed). The least replaceable single chokepoint in the EUV supply chain.","segments":{"parts":[{"name":"EUV 광학·거울"},{"name":"High-NA 광학"},{"name":"마스크 검사·계측 광학"}],"total":"ASML EUV 광학 독점 공급","private":true,"concentration":"ASML이 EUV 광학 주고객·지분 24.9%."},"segments_en":{"parts":[{"name":"EUV optics/mirrors"},{"name":"High-NA optics"},{"name":"Mask inspection/metrology optics"}],"total":"Sole supplier of ASML EUV optics","private":true,"concentration":"ASML is main EUV-optics customer and holds 24.9%."},"returns_yearly":null,"return_asof":null,"value_chain":{"leading":[{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.9,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":265.9}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":263.1}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":49,"2024":59.1,"2025":25.1,"2026":154.3}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":150.9}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":3,"returns_yearly":{"2025":25.6,"2026":150.7}},{"slug":"credo","name":"크레도","name_en":"Credo 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(Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":35.8,"2025":66.1,"2026":17.8}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.3,"2025":38.9,"2026":13.1}},{"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":9.8}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":5.9}},{"slug":"sony-semiconductor","name":"소니 반도체","name_en":"Sony Semiconductor Solutions","tier":3,"returns_yearly":{"2021":27.2,"2022":-8.4,"2023":27.8,"2024":17.9,"2025":1,"2026":-8.7}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":65.9,"2025":13.1,"2026":-12.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-21.2}},{"slug":"sandisk","name":"샌디스크","name_en":"SanDisk","tier":2,"returns_yearly":{"2026":820.4}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":2,"returns_yearly":{"2025":1082.1,"2026":408.4}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.1,"2022":-46,"2023":72.1,"2024":-1,"2025":240.5,"2026":297.6}},{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":2,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":206.4}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":204.7}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":2,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":145.8}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":121}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.8,"2023":42.5,"2024":92.9,"2025":56,"2026":53.3}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":81}}],"benefiting":[],"analysis":"칼 자이스 SMT는 EUV 공급망의 최상류 병목이다. EUV가 사이클의 핵심 병목이라면, 그 EUV의 광학(거울)을 독점하는 자이스는 한 단계 더 깊은 구조적 길목이다. 비상장(Carl Zeiss AG 소속)이라 주가로 검증할 수는 없지만, ASML이 30년 파트너십과 24.9% 지분으로 묶여 있다는 사실 자체가 대체 불가능성을 보여준다.","analysis_en":"Carl Zeiss SMT is the apex chokepoint of the EUV supply chain. If EUV is the cycle’s key bottleneck, then Zeiss, which monopolizes EUV optics, is the deeper structural chokepoint above it. It is not separately listed (part of Carl Zeiss AG), so it cannot be validated through a stock price, but the fact that ASML is bound to it by a 30-year partnership and a 24.9% stake is itself a measure of how irreplaceable it is.","analysis_asof":null},"edges":[{"direction":"revenue","counterparty":"ASML","counterparty_slug":"asml","confidence":"high","metric":null,"note":"ASML EUV 노광장비 광학계(거울) 독점 공급.","note_en":"Sole supplier of optics (mirrors) for ASML EUV scanners.","sources":[{"stance":"confirms","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://en.wikipedia.org/wiki/Carl_Zeiss_SMT","title":"Carl Zeiss SMT(EUV 광학)","title_en":"Carl Zeiss SMT (EUV optics)","excerpt":"Carl Zeiss SMT가 ASML 리소그래피의 핵심 광학 서브시스템 공급.","excerpt_en":"Carl Zeiss SMT supplies the key optical subsystem of ASML lithography."},{"stance":"confirms","publisher":"한국경제","publisher_en":"Hankyung","kind":"news","lang":"ko","published_at":"2022-07-31","url":"https://www.hankyung.com/article/2022073164931","title":"우리 없으면 ASML도 없다…자이스, 반도체 특허만 2000개","title_en":"“No us, no ASML”: Zeiss holds 2000+ semiconductor patents","excerpt":"자이스 없이는 ASML EUV도 없다. 자이스 거울이 EUV 반사의 핵심.","excerpt_en":"Without Zeiss there is no ASML EUV; its mirrors are core to EUV reflection."},{"stance":"confirms","publisher":"ASML","publisher_en":"ASML","kind":"ir","lang":"en","published_at":"2016-11-03","url":"https://www.asml.com/en/news/press-releases/2016/zeiss-and-asml-strengthen-partnership-for-next-generation-of-euv-lithography","title":"ZEISS·ASML EUV 파트너십 강화(지분 24.9%, €10억)","title_en":"ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B)","excerpt":"ASML이 자이스 SMT 지분 24.9%를 €10억에 취득, 30년 EUV 광학 파트너.","excerpt_en":"ASML took a 24.9% stake for €1B; 30-year EUV optics partner."}]},{"direction":"cost","counterparty":"초정밀 광학 가공·소재 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원자 단위 연마·특수 유리 등 초정밀 가공(비공개).","note_en":"Atom-scale polishing and special glass (undisclosed).","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2023-01-01","url":"https://www.thelec.kr/news/articleView.html?idxno=19087","title":"칼자이스 “달의 골프공도 추적하는 광학으로 하이-NA EUV 구현”","title_en":"Carl Zeiss enables High-NA EUV optics","excerpt":"원자 단위 가공으로 EUV 반사 거울 제작.","excerpt_en":"Atom-scale machining produces EUV reflective mirrors."}]},{"direction":"revenue","counterparty":"파운드리·마스크샵 (검사·계측 광학)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"마스크 검사·계측용 광학을 파운드리·마스크샵에 공급(비공개).","note_en":"Supplies mask inspection/metrology optics to foundries and mask shops.","sources":[{"stance":"confirms","publisher":"Wikipedia","publisher_en":"Wikipedia","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://en.wikipedia.org/wiki/Carl_Zeiss_SMT","title":"Carl Zeiss SMT(EUV 광학)","title_en":"Carl Zeiss SMT (EUV optics)","excerpt":"자이스 SMT는 EUV 광학 외 마스크 검사·계측 광학도 공급.","excerpt_en":"Zeiss SMT also supplies mask inspection/metrology optics beyond EUV."}]},{"direction":"cost","counterparty":"R&D·광학 엔지니어 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"EUV/High-NA 광학 R&D 인력(비공개).","note_en":"EUV/High-NA optics R&D staff (undisclosed).","sources":[{"stance":"confirms","publisher":"한국경제","publisher_en":"Hankyung","kind":"news","lang":"ko","published_at":"2022-07-31","url":"https://www.hankyung.com/article/2022073164931","title":"우리 없으면 ASML도 없다…자이스, 반도체 특허만 2000개","title_en":"“No us, no ASML”: Zeiss holds 2000+ semiconductor patents","excerpt":"EUV 특허 2000개 이상, 수학·물리 기반 광학 R&D.","excerpt_en":"2000+ EUV patents from math/physics-based optics R&D."}]}]}