{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","ticker":"5384.T","updated_at":"2026-07-12T08:24:07.104818+00:00","canonical":"https://valuechain.wiki/fujimi","same_as":["https://finance.yahoo.com/quote/5384.T"],"citable":"밸류체인 그래프 기준 Fujimi의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 28곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Fujimi Incorporated is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 28 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"도쿄증시 · CMP 슬러리 · FEOL 세계 선두","kicker_en":"TSE · CMP slurry · FEOL leader","lead":"CMP(화학기계연마) 슬러리 기업. 트랜지스터 형성(FEOL) 슬러리에서 ~60% 점유(전체 ~15%). FY2025 매출 ¥625억(+21.5%, AI 첨단 반도체 수요). 최대 고객은 TSMC(매출 16%), 일본에선 르네사스·소니·도요타와 거래. 2nm·3D 구조용 고부가 슬러리 확대.","lead_en":"A CMP slurry maker. ~60% share in transistor-formation (FEOL) slurry (~15% overall). FY2025 revenue ¥62.5B (+21.5%) on AI advanced-chip demand. TSMC is its largest customer (16% of sales); in Japan it serves Renesas, Sony and Toyota. Expanding high-value slurry for 2nm and 3D structures.","segments":{"fy":2026,"parts":[{"desc":"트랜지스터 형성용 CMP 슬러리 — FEOL 약 60% 점유. 미세화·CMP 스텝 증가가 곧 소모 수요.","name":"FEOL CMP 슬러리"},{"desc":"SiC·웨이퍼 연마 슬러리 — 전력반도체·웨이퍼로 넓히는 다각화 축.","name":"SiC·웨이퍼 연마"}],"total":"FY2026(2026.3期) 매출 ¥694억(+11%) — CMP 슬러리·실리콘 웨이퍼 연마재","concentration":"FEOL 슬러리 ~60%. TSMC 최대 고객."},"segments_en":{"fy":2026,"parts":[{"desc":"CMP slurry for transistor formation — ~60% of FEOL. Scaling and rising CMP steps drive consumable demand.","name":"FEOL CMP slurry"},{"desc":"SiC and wafer-polishing slurry — a diversification axis into power semiconductors and wafers.","name":"SiC/wafer polishing"}],"total":"FY2025 revenue ¥62.5B (+21.5%)","concentration":"~60% FEOL slurry; TSMC largest customer."},"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6},"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":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard Enterprise","tier":3,"returns_yearly":{"2021":37.4,"2022":4.5,"2023":9.7,"2024":29.1,"2025":15.5,"2026":104}},{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":3,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":3,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"kyocera","name":"교세라","name_en":"Kyocera","tier":3,"returns_yearly":{"2021":7.5,"2022":-2.1,"2023":33.8,"2024":-24,"2025":46.7,"2026":63}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"asustek","name":"에이수스(ASUS)","name_en":"ASUSTeK Computer","tier":3,"returns_yearly":{"2021":35.5,"2022":-12.9,"2023":72,"2024":41.1,"2025":-14.1,"2026":46.7}},{"slug":"arista","name":"Arista Networks","name_en":"Arista Networks","tier":3,"returns_yearly":{"2021":97.9,"2022":-15.6,"2023":94.1,"2024":87.7,"2025":18.5,"2026":42.7}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":3,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"nikon","name":"니콘","name_en":"Nikon","tier":3,"returns_yearly":{"2021":46.2,"2022":10.9,"2023":23.1,"2024":13.7,"2025":19.7,"2026":15.9}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"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":6.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":3,"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":3,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":3,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"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":-20}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":3,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"aerovironment","name":"AeroVironment","name_en":"AeroVironment","tier":3,"returns_yearly":{"2021":-28.6,"2022":38.1,"2023":47.1,"2024":22.1,"2025":57.2,"2026":-40.2}},{"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":"intel","name":"Intel","name_en":"Intel","tier":2,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":2,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":2,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":2,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"fortinet","name":"포티넷","name_en":"Fortinet","tier":2,"returns_yearly":{"2021":142,"2022":-32,"2023":19.7,"2024":61.4,"2025":-16,"2026":98.4}},{"slug":"renesas","name":"르네사스","name_en":"Renesas Electronics","tier":2,"returns_yearly":{"2021":8.2,"2022":2.4,"2023":88,"2024":-13.6,"2025":23.8,"2026":84.9}},{"slug":"credo","name":"크레도","name_en":"Credo Technology","tier":2,"returns_yearly":{"2023":46.3,"2024":245.2,"2025":114.1,"2026":79.2}},{"slug":"realtek","name":"리얼텍","name_en":"Realtek","tier":2,"returns_yearly":{"2021":19.6,"2022":-33.8,"2023":56.2,"2024":19.1,"2025":-6.4,"2026":73.7}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":2,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"cisco","name":"Cisco","name_en":"Cisco","tier":2,"returns_yearly":{"2021":45.8,"2022":-22.5,"2023":9.3,"2024":21,"2025":33.5,"2026":59.8}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":2,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"microchip","name":"Microchip","name_en":"Microchip Technology","tier":2,"returns_yearly":{"2021":27.5,"2022":-18,"2023":30.9,"2024":-35,"2025":14.6,"2026":40.6}},{"slug":"nxp","name":"NXP반도체","name_en":"NXP Semiconductors","tier":2,"returns_yearly":{"2021":44.8,"2022":-29.2,"2023":48.4,"2024":-8,"2025":6.4,"2026":35.8}},{"slug":"alchip","name":"알칩","name_en":"Alchip Technologies","tier":2,"returns_yearly":{"2021":14.3,"2022":-8.7,"2023":365.1,"2024":-18.9,"2025":0.8,"2026":34.7}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":2,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":2,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":2,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"ambarella","name":"Ambarella","name_en":"Ambarella","tier":2,"returns_yearly":{"2021":121,"2022":-59.5,"2023":-25.5,"2024":18.7,"2025":-2.6,"2026":9.1}},{"slug":"sony-semiconductor","name":"소니 반도체","name_en":"Sony Semiconductor Solutions","tier":2,"returns_yearly":{"2021":27.2,"2022":-8.4,"2023":27.8,"2024":17.9,"2025":1,"2026":-2.4}},{"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":"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":"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":"후지미의 논지는 트랜지스터 형성(FEOL) CMP 슬러리라는 좁은 병목의 과점이다. 반도체 평탄화 공정의 소모재인 CMP 슬러리에서 FEOL용 약 60% 점유(전체 약 15%)를 쥐어, 미세화·3D 적층이 진행될수록 연마 스텝이 늘어 소모가 커지는 구조다 — AI 첨단 반도체 수요가 FY2025 매출 ¥625억(+21.5%)을 끌었고, 2nm·3D 구조용 고부가 슬러리가 성장 축이다. 최대 고객은 TSMC(매출 16%)로 선단 로직 가동률에 연동되고, 삼성·SK하이닉스·일본 르네사스·소니로 저변을 넓힌다. 소모재라 팹 가동률에 즉각 반응하고, 원가는 세리아·실리카 연마재에 의존한다. 재평가 트리거는 선단 팹 가동률, 2nm·3D 슬러리 채택, 그리고 CMP 스텝 증가다.","analysis_en":"Fujimi's thesis is an oligopoly over a narrow bottleneck — transistor-formation (FEOL) CMP slurry. In this planarization consumable it holds ~60% of the FEOL segment (~15% overall), and as scaling and 3D stacking add polishing steps, consumption grows — AI advanced-chip demand drove FY2025 revenue of ¥62.5B (+21.5%), and high-value slurry for 2nm and 3D structures is the growth axis. Its largest customer is TSMC (16% of sales), tied to leading-edge logic utilization, and it broadens into Samsung, SK hynix, and Japan's Renesas and Sony. As a consumable it responds immediately to fab utilization, and its cost depends on ceria and silica abrasives. Re-rating triggers are leading-edge fab utilization, 2nm/3D slurry adoption, and rising CMP step counts.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"fy":2026,"revenue_jpy_bn":69.4,"revenue_yoy_pct":11},"note":"TSMC에 FEOL CMP 슬러리 공급(매출 16%·최대 고객) — 선단 로직 가동률에 연동되는 소모재 축.","note_en":"Supplies FEOL CMP slurry to TSMC (16% of sales, largest customer) — a consumable axis tied to leading-edge logic utilization.","sources":[{"stance":"confirms","publisher":"후지미","publisher_en":"Fujimi","kind":"filing","lang":"en","published_at":"2026-04-30","url":"https://www.fujimiinc.com/en/ir/","title":"후지미 FY2026(2026.3期) 결산 IR","title_en":"Fujimi FY2026 (year ended March 2026) IR results","excerpt":"후지미 FY2026 매출 ¥694억. 첨단 반도체용 CMP 슬러리·실리콘 웨이퍼 연마재 강세(일본·아시아).","excerpt_en":"Fujimi FY2026 revenue JPY 69.4bn; strong CMP slurry for advanced semis and silicon-wafer polishing (Japan/Asia)."},{"stance":"confirms","publisher":"Fujimi/EDINET","publisher_en":"Fujimi/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.fujimiinc.co.jp/english/ir/","title":"Fujimi 회사·IR(유가증권보고서)","title_en":"Fujimi company/IR (securities report)","excerpt":"TSMC가 후지미 최대 고객(매출 16%), FEOL 슬러리 ~60%.","excerpt_en":"TSMC is Fujimi’s largest customer (16%); ~60% FEOL slurry share."},{"stance":"confirms","publisher":"엠티뉴스","publisher_en":"MTNews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"http://www.mtnews.net/news/articleView.html?idxno=11131","title":"CMP 슬러리, 케이씨텍·후지미 등 주요 공급사","title_en":"CMP slurry: KC Tech, Fujimi among key suppliers","excerpt":"후지미는 CMP 슬러리 주요 글로벌 공급사, TSMC 최대 고객.","excerpt_en":"Fujimi is a key global CMP-slurry supplier; TSMC its largest customer."}]},{"direction":"revenue","counterparty":"파운드리·메모리·일본전장 (슬러리)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"르네사스·소니 등 일본 + 글로벌 파운드리·메모리.","note_en":"Renesas, Sony (Japan) plus global foundries/memory.","sources":[{"stance":"confirms","publisher":"Fujimi/EDINET","publisher_en":"Fujimi/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.fujimiinc.co.jp/english/ir/","title":"Fujimi 회사·IR(유가증권보고서)","title_en":"Fujimi company/IR (securities report)","excerpt":"FEOL 트랜지스터 슬러리 ~60% 점유.","excerpt_en":"~60% share in FEOL transistor slurry."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":{"fy":2026,"revenue_jpy_bn":69.4,"revenue_yoy_pct":11},"note":"SK하이닉스에 CMP 슬러리 공급 — HBM·DRAM 캐파 가동에 연동.","note_en":"Supplies CMP slurry to SK hynix — tied to HBM/DRAM capacity utilization.","sources":[{"stance":"mentions","publisher":"실적 브리핑","publisher_en":"Earnings briefing","kind":"research","lang":"en","published_at":"2026-05-01","url":"https://finance.biggo.com/news/jpx_tdnet_140120260130542536","title":"후지미 FY2026 — 첨단 반도체용 CMP 슬러리 강세","title_en":"Fujimi FY2026 — strong CMP slurry for advanced semiconductors","excerpt":"첨단 반도체 CMP 슬러리 수요로 매출·이익 성장.","excerpt_en":"Growth in sales/profit on advanced-semi CMP slurry demand."},{"stance":"confirms","publisher":"후지미","publisher_en":"Fujimi","kind":"filing","lang":"en","published_at":"2026-04-30","url":"https://www.fujimiinc.com/en/ir/","title":"후지미 FY2026(2026.3期) 결산 IR","title_en":"Fujimi FY2026 (year ended March 2026) IR results","excerpt":"후지미 FY2026 매출 ¥694억. 첨단 반도체용 CMP 슬러리·실리콘 웨이퍼 연마재 강세(일본·아시아).","excerpt_en":"Fujimi FY2026 revenue JPY 69.4bn; strong CMP slurry for advanced semis and silicon-wafer polishing (Japan/Asia)."},{"stance":"confirms","publisher":"Fujimi/EDINET","publisher_en":"Fujimi/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.fujimiinc.co.jp/english/ir/","title":"Fujimi 회사·IR(유가증권보고서)","title_en":"Fujimi company/IR (securities report)","excerpt":"SK하이닉스에 CMP 슬러리 공급.","excerpt_en":"CMP slurry to SK hynix."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"mid","metric":null,"note":"삼성전자에 CMP 슬러리 공급 — 메모리·로직 가동률 수요 축.","note_en":"Supplies CMP slurry to Samsung — a demand axis from memory/logic utilization.","sources":[{"stance":"confirms","publisher":"Fujimi/EDINET","publisher_en":"Fujimi/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.fujimiinc.co.jp/english/ir/","title":"Fujimi 회사·IR(유가증권보고서)","title_en":"Fujimi company/IR (securities report)","excerpt":"삼성전자에 CMP 슬러리 공급.","excerpt_en":"CMP slurry to Samsung."}]},{"direction":"cost","counterparty":"연마재·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"세리아·실리카 연마재·소재 조달 — 슬러리 성능·원가의 소재 축(비공개).","note_en":"Sources ceria/silica abrasives and materials — the materials axis of slurry performance and cost (undisclosed).","sources":[{"stance":"confirms","publisher":"Fujimi/EDINET","publisher_en":"Fujimi/EDINET","kind":"filing","lang":"ja","published_at":"2025-06-25","url":"https://www.fujimiinc.co.jp/english/ir/","title":"Fujimi 회사·IR(유가증권보고서)","title_en":"Fujimi company/IR (securities report)","excerpt":"고순도 연마재·소재.","excerpt_en":"High-purity abrasives/materials."}]},{"direction":"cost","counterparty":"제조·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"미·대만·말레이시아 제조·R&D — 고객 팹 인접 공급과 신규 슬러리 개발 축(비공개).","note_en":"Manufacturing and R&D in the US, Taiwan and Malaysia — near-customer supply and new-slurry development (undisclosed).","sources":[{"stance":"confirms","publisher":"엠티뉴스","publisher_en":"MTNews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"http://www.mtnews.net/news/articleView.html?idxno=11131","title":"CMP 슬러리, 케이씨텍·후지미 등 주요 공급사","title_en":"CMP slurry: KC Tech, Fujimi among key suppliers","excerpt":"글로벌 생산·개발 거점.","excerpt_en":"Global production/development bases."}]}]}