Semiconductor materials · Process chemicals (strippers, etchants & HF)
ENF Technology
ENF makes process chemicals consumed at each semiconductor step (strippers, etchants, hydrofluoric acid, precursors), and its growth formula is import substitution that widens customer penetration. FY2025 revenue of KRW 670.9bn (+49%) came from localizing HF to first enter SK hynix and expanding Samsung supply, while taller NAND stacks and HBM structurally raise chemical usage per process. Watch the qualification speed of new materials and memory utilization.
102710.KQ Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, ENF Technology is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ₩671B (+49%, operating income ₩78B)
- Customer concentration · Localized HF. Customers Samsung and SK hynix. Growing into NAND and HBM.
- Segments · Semiconductor materials · Display materials
Revenue from
- SK hynix High confidence· Revenue ₩670.9B · FY2025 · consolidated total revenue
Localized HF to first enter SK hynix (BOE, etchant) — import substitution is the lever opening new customers/items, with NAND and HBM growth scaling volume.Confirms EN The Elec Accessed Jun 20, 2026: ENF Technology begins first hydrofluoric acid supply to SK hynix - Samsung Electronics High confidence
Supplies consumable process chemicals (strippers, etchants, precursors) to Samsung — used each step, so tied to Samsung's utilization; broadening the item list is rising penetration. - display · other Medium confidence
Supplies display etchants and others.
Pays to
- refining & packaging equipment (undisclosed) Low confidence
Buys purification/packaging equipment and materials (undisclosed). - chemical feedstock & high-purity gases (undisclosed) Low confidence
Buys high-purity HF, ammonia and other feedstocks (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| ENF Technology | node | -32.9 | -23.6 | +1.3 | -16.1 | +204.6 | -28.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
ENF Technology operates across KOSDAQ, Semi materials, Process chemicals (stripper, etchant, HF). After +204.6% in 2025, it gave back -28.8% in 2026. The demand side (avg +70.7%) leads the stock (-28.8%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Samsung Electronics (+59.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Watch the qualification speed of new materials and memory utilization.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ₩64,667 · Price ₩41,950 (09-04) · Upside +54%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| NH Investment & Securities | Buy | ₩67,000 | May 15, 2026 | Report ↗ |
| Korea Investment & Securities | Buy | ₩65,000 | May 15, 2026 | Report ↗ |
| DS Investment & Securities | Buy | ₩62,000 | Dec 2, 2025 | Report ↗ |
Q1 beat on the newly consolidated Chinese subsidiary; highlights 2027 normalization and valuation. Street-high KRW67,000 target.