Semiconductor materials · Etch consumables (electrodes & rings)
Hana Materials
Hana makes etch-process consumables (silicon electrodes and rings) that wear out and get replaced every time a wafer runs, so revenue tracks fab utilization, not equipment sales — a recurring-demand structure. Customers are Samsung and SK hynix plus tool maker Tokyo Electron, tying it directly to memory capex and fab run-rates, and localizing SiC rings for TEL tools differentiates it from commodity silicon. Watch the memory cut/expansion cycle and wider SiC-part adoption.
166090.KQ Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Hana Materials is directly linked to 4 companies (0 supply, 3 revenue, 1 investment relationships) and reaches 21 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue KRW 272.9bn, operating income KRW 50.6bn. Silicon (Si-Parts) and SiC parts for etch processes
- Segments · Silicon and SiC etch parts
Revenue from
- SK hynix Medium confidence
Supplies etch consumables to SK hynix fabs — the higher HBM/DRAM utilization runs, the more parts are consumed and replaced.Mentions KO DB & Daishin Securities Published May 15, 2026: Brokerages lift Hana Materials targets to KRW 78,000-84,000 (Daishin, DB) on memory-capex-driven parts demand; 2026 revenue seen +22% - Samsung Electronics Medium confidence
Supplies etch consumables (silicon electrodes/rings) to Samsung memory fabs — recurring replacement demand tied directly to Samsung's utilization and capex. - Tokyo Electron (TEL) Medium confidence
Supplies etch parts to tool maker Tokyo Electron — notably localizing SiC rings for TEL tools, embedding directly in the equipment supply chain rather than only end-fabs.
Pays to
- equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (undisclosed). - raw materials (undisclosed) Low confidence
Raw materials for silicon and SiC etch parts (undisclosed).
Investors
- Hana Micron (largest shareholder / parent) High confidence
Hana Micron is the largest shareholder, consolidating Hana Materials — pairing its OSAT packaging core with silicon/SiC etch parts vertically, so the parent's results are exposed to both the back-end and materials cycles.
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 |
|---|---|---|---|---|---|---|---|
| SanDisk | lead2 | · | · | · | · | · | +633 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +155 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| ROHM | lead2 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +82 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +52.4 |
| Texas Instruments | lead2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +51.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| 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 |
| SMIC | lead2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| 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 |
| Tokyo Electron (TEL) | lead1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Hana Materials | node | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -25.4 |
| Hana Micron | benef1 | +109 | -41 | +143.5 | -52.4 | +269.3 | -7.7 |
| Kulicke & Soffa | benef2 | +92.4 | -25.8 | +25.5 | -13.2 | -0.3 | +80 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Hana Materials operates across KOSDAQ, Semi materials, Etch consumables (electrodes, rings). After +173.9% in 2025, it gave back -25.4% in 2026. The demand side (avg +57.2%) leads the stock (-25.4%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Tokyo Electron (TEL) (+30.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Watch the memory cut/expansion cycle and wider SiC-part adoption.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target ₩83,000 · Price ₩49,900 (09-04) · Upside +66%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Daishin Securities | Buy | ₩106,000 | May 15, 2026 | Report ↗ |
| Daishin Securities | Buy | ₩106,000 | May 15, 2026 | Report ↗ |
| DB Financial Investment | Buy | ₩84,000 | Mar 30, 2026 | Report ↗ |
| DB Securities | Buy | ₩54,000 | Dec 31, 2025 | Report ↗ |
| Yuanta Securities | Buy | ₩65,000 | Nov 19, 2025 | Report ↗ |
Q1 beat with 20%+ margins; front-end parts demand from advanced-node migration lasts through end-2027. KRW106,000 target maintained.