{"slug":"ebara","name":"Ebara","name_en":"Ebara","ticker":"6361.T","updated_at":"2026-07-12T04:01:00.831697+00:00","canonical":"https://valuechain.wiki/ebara","same_as":["https://finance.yahoo.com/quote/6361.T"],"citable":"밸류체인 그래프 기준 Ebara의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 30곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Ebara is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 30 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 반도체 장비 · CMP 세계 2위","kicker_en":"Nikkei 225 · semi equipment · CMP world No.2","lead":"반도체 CMP(화학기계연마) 장비 세계 2위(F-REX, ~25%)이자 드라이 진공펌프·배기처리 강자로, 팹 한 곳에 연마·진공·배기를 묶어 파는 장비 번들이 해자다. 정밀·전자가 매출의 46%(FY2025 연결매출 9,200억 엔+)를 차지하며, SK하이닉스·삼성·키옥시아 등 한·일 메모리와 소니 이미지센서에 특히 강하다. 실적이 메모리·파운드리 캐펙스에 직결돼, 고객단의 증설 결정이 본주보다 먼저 움직여 온 선행 노드다.","lead_en":"The world No.2 in semiconductor CMP (chemical-mechanical planarization) tools (F-REX, ~25%) and a leader in dry vacuum pumps and abatement, with a moat in bundling polishing, vacuum and abatement into a single fab. Precision/electronics is 46% of revenue (FY2025 consolidated >¥920B), and it is especially strong with Korean/Japanese memory (SK hynix, Samsung, Kioxia) and Sony image sensors. Its results are tied directly to memory and foundry capex, making it a leading node whose customers' expansion decisions have moved ahead of its own stock.","segments":{"fy":2025,"parts":[{"desc":"화학기계연마 장비(F-REX). 세계 2위 과점 제품으로, 메모리·로직 팹의 미세화·적층 투자에 수요가 직결.","name":"CMP 장비"},{"desc":"드라이 진공펌프. 증착·식각 등 팹 공정의 필수 유틸리티로, 팹 가동·증설과 함께 소요가 늘어난다.","name":"드라이 진공펌프"},{"desc":"배기처리(스크러버). 공정가스 저감 설비로 CMP·진공과 묶여 팹당 콘텐츠를 키운다.","name":"배기처리"}],"total":"FY2025 연결매출 ¥920B+ (정밀·전자 46%)","concentration":"CMP 세계 2위. 메모리·이미지센서 강세."},"segments_en":{"fy":2025,"parts":[{"desc":"CMP tools (F-REX) — a world-No.2 oligopoly product whose demand is tied to memory/logic fabs' scaling and stacking investment.","name":"CMP tools"},{"desc":"Dry vacuum pumps — an essential utility for deposition/etch fab processes, with demand rising as fabs run and expand.","name":"Dry vacuum pumps"},{"desc":"Abatement (scrubbers) — process-gas reduction equipment bundled with CMP and vacuum to grow content per 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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":"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":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":1,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"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":"투자 논점은 메모리·파운드리 캐펙스 회복의 장비 수혜다. 에바라 정밀·전자 부문은 CMP(F-REX, 세계 2위 ~25%)와 드라이 진공펌프·배기처리로 팹 투자에 직결돼, SK하이닉스·삼성·키옥시아의 증설과 HBM·AI 메모리 사이클이 주문을 끌어올린다. 구조적 위치는 CMP 과점(어플라이드에 이은 2위)과 진공·배기까지 묶어 파는 번들이지만, 고객이 메모리·이미지센서에 편중돼 메모리 사이클 진폭에 실적이 크게 흔들린다. 고객단(SK하이닉스 등)이 본주보다 먼저 움직여 온 만큼, 팹 캐펙스 선행지표를 따라 읽어야 하는 노드다.","analysis_en":"The thesis is equipment leverage to a recovery in memory and foundry capex. Ebara's precision/electronics segment — CMP (F-REX, world No.2 ~25%) plus dry vacuum pumps and abatement — is tied directly to fab investment, so expansion at SK hynix, Samsung and Kioxia and the HBM/AI-memory cycle lift orders. Its structural position is a CMP oligopoly (No.2 behind Applied) and a bundle spanning vacuum and abatement, but customer concentration in memory and image sensors means its results swing with the memory cycle's amplitude. As its customers (e.g. SK hynix) have moved ahead of its own stock, it is best read against fab-capex leading indicators.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"high","metric":null,"note":"SK하이닉스에 CMP 장비·진공펌프를 공급 — HBM·D램 증설의 핵심 장비처. 하이닉스의 캐펙스가 에바라 정밀·전자 매출을 먼저 끌어올려 온 최대 수요 고객.","note_en":"Supplies CMP tools and vacuum pumps to SK hynix — a key equipment source for HBM/DRAM expansion; hynix's capex has led Ebara's precision/electronics revenue, its largest demand customer.","sources":[{"stance":"confirms","publisher":"나무위키","publisher_en":"Namuwiki","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://namu.wiki/w/에바라 제작소","title":"에바라 제작소(CMP·진공펌프)","title_en":"Ebara Corporation (CMP, vacuum pumps)","excerpt":"SK하이닉스 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"sk-hynix fabs use Ebara CMP/vacuum pumps."},{"stance":"confirms","publisher":"Ebara/EDINET","publisher_en":"Ebara/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.ebara.com/global-en/ir/library/","title":"에바라 IR·유가증권보고서","title_en":"Ebara IR / securities report","excerpt":"에바라 유가증권보고서: CMP·진공펌프 매출.","excerpt_en":"Ebara securities report: CMP/pump revenue."},{"stance":"confirms","publisher":"SemiconductorX","publisher_en":"SemiconductorX","kind":"research","lang":"en","published_at":"2025-06-01","url":"https://semiconductorx.com/wfe-cmp.php","title":"CMP 장비: AMAT Reflexion vs Ebara F-REX","title_en":"WFE CMP: AMAT Reflexion vs Ebara F-REX","excerpt":"SK하이닉스 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"sk-hynix fabs use Ebara CMP/vacuum pumps."}]},{"direction":"revenue","counterparty":"메모리·이미지센서 (CMP·펌프)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"JPY","as_of":"2025-12","basis":"정밀·전자 부문(매출의 약 35%) 중 CMP","value":212600000000,"period":"FY2025 CMP 장비 매출","basis_en":"CMP within Precision & Electronics (~35% of group sales)"},"note":"키옥시아·소니 등 메모리·이미지센서 고객에 CMP·진공펌프를 공급. 낸드 적층·이미지센서 화소 경쟁이 연마·진공 수요를 떠받치는 수요선.","note_en":"Supplies CMP and vacuum pumps to memory and image-sensor customers (Kioxia, Sony) — NAND stacking and image-sensor pixel competition underpin demand for polishing and vacuum.","sources":[{"stance":"confirms","publisher":"에바라 IR","publisher_en":"Ebara IR","kind":"ir","lang":"ja","published_at":"2026-02-13","url":"https://www.ebara.com/content/dam/ebara/grand-masters/entities/ja/pdf/ir/library/earnings/briefings-documents/2025/161_q4_presentation_jp.pdf","title":"에바라 2025년 12월기 결산설명회 자료","title_en":"Ebara FY2025 (Dec) earnings briefing","excerpt":"FY2025 그룹 매출 9,583억엔(+10.6%) 중 정밀·전자 약 35%(3,422억엔); CMP 장비 2,126억엔, 드라이 진공펌프 포함 컴포넌트 1,149억엔.","excerpt_en":"FY2025 group revenue JPY 958.3bn (+10.6%); Precision & Electronics ~35% (JPY 342.2bn), of which CMP tools JPY 212.6bn and components incl. dry vacuum pumps JPY 114.9bn."},{"stance":"confirms","publisher":"Ebara/EDINET","publisher_en":"Ebara/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.ebara.com/global-en/ir/library/","title":"에바라 IR·유가증권보고서","title_en":"Ebara IR / securities report","excerpt":"키옥시아·소니 이미지센서에 F-REX CMP 강세.","excerpt_en":"Strong F-REX CMP at Kioxia and Sony CIS."},{"stance":"confirms","publisher":"EBARA Technologies","publisher_en":"EBARA Technologies","kind":"ir","lang":"en","published_at":"2025-06-01","url":"https://www.ebaratech.com/markets-served/semiconductor-vacuum-pumps/","title":"에바라: 상위 20대 칩 제조사의 80%+가 고객","title_en":"Ebara: over 80% of top-20 chip makers are customers","excerpt":"Over 80% of the top 20 chip manufacturers are EBARA customers. (상위 20대 칩 제조사의 80% 이상이 에바라 고객)","excerpt_en":"Over 80% of the top 20 chip manufacturers are EBARA customers."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자 메모리·파운드리 팹에 CMP·진공펌프를 공급. 미세화·적층 확대가 팹당 CMP 스텝 수를 늘려 장비 수요를 구조적으로 키운다.","note_en":"Supplies CMP and vacuum pumps to Samsung's memory and foundry fabs — scaling and stacking raise the number of CMP steps per fab, structurally growing equipment demand.","sources":[{"stance":"confirms","publisher":"나무위키","publisher_en":"Namuwiki","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://namu.wiki/w/에바라 제작소","title":"에바라 제작소(CMP·진공펌프)","title_en":"Ebara Corporation (CMP, vacuum pumps)","excerpt":"삼성전자 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"samsung-electronics fabs use Ebara CMP/vacuum pumps."},{"stance":"confirms","publisher":"SemiconductorX","publisher_en":"SemiconductorX","kind":"research","lang":"en","published_at":"2025-06-01","url":"https://semiconductorx.com/wfe-cmp.php","title":"CMP 장비: AMAT Reflexion vs Ebara F-REX","title_en":"WFE CMP: AMAT Reflexion vs Ebara F-REX","excerpt":"삼성전자 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"samsung-electronics fabs use Ebara CMP/vacuum pumps."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":null,"note":"TSMC 첨단 로직 팹에 CMP·진공펌프를 공급. 파운드리 미세공정 증설에 연동된 매출로, 어플라이드에 이은 CMP 2위 지위를 지키는 거점 고객.","note_en":"Supplies CMP and vacuum pumps to TSMC's advanced logic fabs — revenue linked to leading-edge foundry expansion, an anchor customer for holding the No.2 CMP position behind Applied.","sources":[{"stance":"confirms","publisher":"나무위키","publisher_en":"Namuwiki","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://namu.wiki/w/에바라 제작소","title":"에바라 제작소(CMP·진공펌프)","title_en":"Ebara Corporation (CMP, vacuum pumps)","excerpt":"TSMC 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"tsmc fabs use Ebara CMP/vacuum pumps."},{"stance":"confirms","publisher":"SemiconductorX","publisher_en":"SemiconductorX","kind":"research","lang":"en","published_at":"2025-06-01","url":"https://semiconductorx.com/wfe-cmp.php","title":"CMP 장비: AMAT Reflexion vs Ebara F-REX","title_en":"WFE CMP: AMAT Reflexion vs Ebara F-REX","excerpt":"TSMC 팹이 에바라 CMP·진공펌프 사용.","excerpt_en":"tsmc fabs use Ebara CMP/vacuum pumps."}]},{"direction":"cost","counterparty":"R&D·엔지니어 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"CMP·진공 차세대 장비 R&D 투자. 미세화·적층에 대응하는 연마·유틸리티 기술을 유지·확장하는 해자 비용.","note_en":"R&D in next-generation CMP and vacuum tools — the cost of maintaining and extending the polishing and utility technology that keeps pace with scaling and stacking.","sources":[{"stance":"confirms","publisher":"나무위키","publisher_en":"Namuwiki","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://namu.wiki/w/에바라 제작소","title":"에바라 제작소(CMP·진공펌프)","title_en":"Ebara Corporation (CMP, vacuum pumps)","excerpt":"CMP·드라이펌프 R&D.","excerpt_en":"CMP/dry-pump R&D."}]},{"direction":"cost","counterparty":"부품·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"펌프·CMP 장비의 정밀부품·소재 매입이 원가의 축. 장비 리드타임·마진을 좌우하는 공급망(공급선 비공개).","note_en":"Purchases of precision parts and materials for pumps and CMP tools are the cost core — a supply chain that governs equipment lead times and margins (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"Ebara/EDINET","publisher_en":"Ebara/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.ebara.com/global-en/ir/library/","title":"에바라 IR·유가증권보고서","title_en":"Ebara IR / securities report","excerpt":"정밀기계 부품·소재 조달.","excerpt_en":"Sources precision-machinery parts/materials."}]}]}