Semiconductor substrates (FC-BGA) and modules
LG Innotek
Beyond Apple camera modules, expanding into FC-BGA substrates (2024 substrate revenue KRW 1.46T); ramping server/AI-accelerator FC-BGA, targeting KRW 1T package-solution operating profit by 2031.
011070.KS Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, LG Innotek is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 12 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue KRW 21,896.6bn (+3.3%), operating profit KRW 665.0bn (-5.8%)
- Segments · 광학솔루션(카메라모듈) · 패키지솔루션(반도체기판·FC-BGA) · 모빌리티솔루션
Revenue from
- Apple High confidence
Provides substrates and camera modules to Apple.Mentions KO iM Securities / brokerages Published Jun 15, 2026: iM Securities et al. — LG Innotek Buy, raised targets (firm iPhone parts + FC-BGA/AI substrate) - Samsung Electronics Medium confidence
Supplies to Samsung Electronics. - NVIDIA Medium confidence
Provides substrates and camera modules to NVIDIA.Mentions KO iM Securities / brokerages Published Jun 15, 2026: iM Securities et al. — LG Innotek Buy, raised targets (firm iPhone parts + FC-BGA/AI substrate)
Pays to
- electronics components & materials (undisclosed) Low confidence
Materials and R&D (undisclosed). - Resonac Low confidence
Buys ABF and substrate materials from Resonac.
Investors
- LGelectronics High confidence
LG Electronics holds 40.8% of LG Innotek.Confirms KO News1 Published Apr 24, 2026: Samsung Electro-Mechanics and LG Innotek under Samsung/LG Electronics
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 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| 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 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| LG Innotek | node | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +204.6 |
| LG Electronics | benef1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
| Qualcomm | benef2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| LG Display | benef2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -5.7 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| LG Chem | benef2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
LG Innotek's thesis is 'stacking AI substrates (FC-BGA) on top of an Apple camera-module cash cow.' While Apple optical solutions carry revenue, it is ramping server/AI-accelerator FC-BGA toward a KRW 1T package-solution operating profit by 2031 — a re-rating story shifting weight from mature, seasonal camera modules to high-growth AI substrates. The +205% surge in 2026 pre-prices that hope ahead of results, so if server-FC-BGA yields and customer adoption fail to follow, it is the first place to give back. It depends on ABF materials (Resonac and others), and its top shareholder is LG Electronics (40.8%).
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target ₩1,330,000 · Price ₩742,000 (07-10) · Upside +79%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KB Securities | Buy | ₩2,000,000 | Jun 26, 2026 | Report ↗ |
| Shinhan Securities | Buy | ₩1,500,000 | May 28, 2026 | Report ↗ |
| Hana Securities | Buy | ₩1,300,000 | May 26, 2026 | Report ↗ |
| NH Investment & Securities | Buy | ₩1,200,000 | May 22, 2026 | Report ↗ |
| DB Securities | Buy | ₩650,000 | Apr 28, 2026 | Report ↗ |
Projects a Q2 surprise (OP +1,680% YoY) and record H2; AI substrate and optics drive a KRW2,000,000 target.