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 4 AI consumers· 1 recurring
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 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| 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 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| LG Innotek | node | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +130.7 |
| LG Electronics | benef1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +105.5 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +73.5 |
| Qualcomm | benef2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -1.4 |
| LG Chem | benef2 | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -8.6 |
| LG Display | benef2 | -6.8 | -30.9 | -8.5 | -20.6 | +26.2 | -21.8 |
YTD as of 2026-09-04 · source: Yahoo Finance
LG Innotek operates across Semiconductor substrates (FC-BGA) and modules. It is up +130.7% in 2026. The stock (+130.7%) is ahead of both its demand side (avg +33.8%) and supply side (avg +73.5%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Resonac (+73.5%) and the furthest behind is Apple (+18%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target ₩1,330,000 · Price ₩562,000 (09-04) · Upside +137%
| 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.