KOSDAQ · Semi 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 4 AI consumers· 1 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 | · | · | · | · | · | +707.1 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| ROHM | lead2 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +109.5 |
| Texas Instruments | lead2 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| SMIC | lead2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Tokyo Electron (TEL) | lead1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Hana Materials | node | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -15.7 |
| Hana Micron | benef1 | +109 | -41 | +143.5 | -52.4 | +269.3 | +5.3 |
| Kulicke & Soffa | benef2 | +92.4 | -25.8 | +25.5 | -13.2 | -0.3 | +150.1 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +17.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
Hana's thesis is 'consumables, not equipment.' Silicon etch electrodes and rings wear out each wafer pass, so revenue is more sensitive to fab utilization than to new tool capex — pressured in memory cutbacks, rebounding first as run-rates and expansions return. Customers concentrate on Samsung, SK hynix and Tokyo Electron, so their utilization is the demand, and localizing SiC rings for TEL tools anchors margin and share versus commodity parts. Risks are customer concentration and memory-cycle volatility. Graph propagation: the capex and utilization of the Samsung, SK and TEL nodes directly set upstream demand.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target ₩83,000 · Price ₩56,400 (07-10) · Upside +47%
| 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.