{"slug":"nanya-tech","name":"Nanya Technology","name_en":"Nanya Technology","ticker":"2408.TW","updated_at":"2026-07-12T05:17:20.646414+00:00","canonical":"https://valuechain.wiki/nanya-tech","same_as":["https://finance.yahoo.com/quote/2408.TW"],"citable":"밸류체인 그래프 기준 Nanya Technology의 직접 연결 기업은 5곳(관계 기준 공급 5·매출 0)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nanya Technology is directly linked to 5 companies (5 supply, 0 revenue relationships) and reaches 14 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"TWSE · 레거시 DRAM · DDR4 공급부족 수혜","kicker_en":"TWSE · Legacy DRAM · DDR4 shortage beneficiary","lead":"대만 DRAM 기업. HBM은 안 만들고 DDR4·LPDDR4 등 레거시 DRAM이 주력이다. 삼성·SK·마이크론이 HBM·고밀도 DDR5로 웨이퍼를 돌리며 DDR4를 줄이자, 그 공급 부족의 수혜로 2025년 매출 NT$665.9억(+95%), 2년 적자에서 흑자 전환. AI 메모리 붐의 간접(레거시 부족) 수혜.","lead_en":"A Taiwanese DRAM maker. It does not make HBM; legacy DRAM (DDR4, LPDDR4) is its core. As Samsung, SK and Micron shifted wafers to HBM and high-density DDR5 and cut DDR4, Nanya benefited from the resulting shortage: 2025 revenue NT$66.6B (+95%), swinging to profit after two loss years. An indirect (legacy-shortage) beneficiary of the AI memory boom.","segments":{"parts":[{"desc":"주력 레거시 DRAM. 선두사 DDR4 감산으로 생긴 공급부족의 직접 수혜.","name":"DDR4·LPDDR4 DRAM"},{"desc":"신축 팹·EUV 도입으로 확대 중인 차세대 D램 축.","name":"DDR5(매출 10%)"}],"total":"2025 매출 NT$66.6B (+95%)","concentration":"레거시 DRAM 공급부족 수혜. HBM 미생산."},"segments_en":{"parts":[{"desc":"Core legacy DRAM; a direct beneficiary of the shortage created by leaders cutting DDR4.","name":"DDR4/LPDDR4 DRAM"},{"desc":"The next-gen DRAM axis, expanding via the new fab and EUV adoption.","name":"DDR5 (10%)"}],"total":"2025 revenue NT$66.6B (+95%)","concentration":"Legacy-DRAM shortage beneficiary; no HBM."},"returns_yearly":{"2021":-8.3,"2022":-14.2,"2023":22.5,"2024":-56.2,"2025":984.7,"2026":33.8},"return_asof":"2026-07-09","value_chain":{"leading":[],"benefiting":[{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":1,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":1,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":1,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":1,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":2,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":2,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":2,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":2,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":2,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":2,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":2,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":2,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":2,"returns_yearly":null},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}}],"analysis":"투자 논점은 AI 메모리 붐의 '간접 수혜'다. 난야는 HBM을 만들지 않고 DDR4·LPDDR4 등 레거시 DRAM에 집중하는데, 삼성·SK·마이크론이 웨이퍼를 HBM·고밀도 DDR5로 돌리며 DDR4를 감산하자 그 공급 부족이 난야로 흘러들어 2025년 매출 NT$665.9억(+95%)·2년 적자에서 흑자 전환을 만들었다 — AI가 직접 사주는 게 아니라 선두사가 비운 자리를 메우는 구조다. 이 수혜는 삼성·SK의 DDR4 감산이 지속되는 한 유효하지만, 뒤집으면 그들이 레거시로 복귀하거나 시장이 DDR5로 넘어가면 가격 프리미엄이 빠르게 사라지는 사이클 리스크다. 신축 팹(EUV 전용동 포함, FY26 capex ~NT$520억)으로 DDR5 비중을 늘리는 전환기이며, 어플라이드·ASML·램 등 장비 조달이 그 관문이다.","analysis_en":"The thesis is an 'indirect' beneficiary of the AI memory boom. Nanya does not make HBM and concentrates on legacy DRAM (DDR4, LPDDR4); as Samsung, SK and Micron shifted wafers to HBM and high-density DDR5 and cut DDR4, that shortage flowed to Nanya, producing 2025 revenue of NT$66.6B (+95%) and a swing to profit after two loss years — it fills the space leaders vacate rather than being bought by AI directly. The benefit holds while Samsung/SK keep cutting DDR4, but conversely, if they return to legacy or the market moves to DDR5, the price premium fades fast — a cycle risk. It is in a transition, raising DDR5 via a new fab (with a dedicated EUV building, FY26 capex ~NT$52B), where tool procurement from Applied, ASML and Lam is the gateway.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"서버·PC·산업 (레거시 DRAM)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"TWD","basis":"2025 매출(+95%)","value":66590000000,"period":"2025","basis_en":"2025 revenue (+95%)","qualifier":"approx"},"note":"서버·PC·산업에 DDR4·LPDDR4 등 레거시 DRAM 공급(공급부족 수혜).","note_en":"Supplies legacy DRAM (DDR4, LPDDR4) to server, PC and industrial (shortage beneficiary).","sources":[{"stance":"confirms","publisher":"TrendForce","publisher_en":"TrendForce","kind":"research","lang":"en","published_at":"2026-05-21","url":"https://www.trendforce.com/news/2026/05/21/news-ddr4-shortage-reportedly-limits-nanya-techs-ddr5-shift-gm-says-dram-margins-across-all-segments-top-hbm/","title":"난야, DDR4 부족 수혜·DRAM 마진 HBM 상회","title_en":"Nanya benefits from DDR4 shortage; DRAM margins top HBM","excerpt":"삼성·SK·마이크론 DDR4 감산→난야 수혜.","excerpt_en":"Samsung/SK/Micron DDR4 cuts benefit Nanya."},{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"news","lang":"ko","published_at":"2026-01-19","url":"https://www.thelec.kr/news/articleView.html?idxno=51048","title":"난야, 2025년 4분기 영업익 118억대만달러…전년比 6배↑","title_en":"Nanya posts Q4 2025 operating profit of NT$11.8B, up 6x year over year","excerpt":"난야, 2025년 4분기 영업익 118억대만달러…전년比 6배↑","excerpt_en":""},{"stance":"confirms","publisher":"Nanya/TWSE","publisher_en":"Nanya/TWSE","kind":"filing","lang":"en","published_at":"2026-01-15","url":"https://www.nanya.com/en/Page/Investor","title":"Nanya Technology 회사·IR(TWSE 2408)","title_en":"Nanya Technology company/IR (TWSE 2408)","excerpt":"난야 연차·IR: 2025 매출 NT$665.9억(+95%), 흑자전환.","excerpt_en":"Nanya annual/IR: 2025 revenue NT$66.6B (+95%), back to profit."},{"stance":"confirms","publisher":"Taipei Times","publisher_en":"Taipei Times","kind":"news","lang":"en","published_at":"2025-12-04","url":"https://www.taipeitimes.com/News/biz/archives/2025/12/04/2003848266","title":"난야, DRAM 수요 급증에 순익 4배","title_en":"Nanya income quadruples as DRAM demand surges","excerpt":"삼성·SK·마이크론 DDR4 감산→난야 수혜.","excerpt_en":"Samsung/SK/Micron DDR4 cuts benefit Nanya."},{"stance":"confirms","publisher":"Nanya Technology IR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2025-10-13","url":"https://www.nanya.com/en/IR/16?IRId=10046","title":"Nanya Technology Q3 2025 Financial Report","title_en":null,"excerpt":"Nanya Technology Q3 2025 Financial Report","excerpt_en":""}]},{"direction":"revenue","counterparty":"모듈·소비자 (DRAM)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"메모리 모듈·소비자 DRAM 채널 — DDR4 가격 급등의 직접 수혜처.","note_en":"Memory-module and consumer-DRAM channel — a direct beneficiary of the DDR4 price surge.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2026-04-05","url":"https://www.g-enews.com/article/Global-Biz/2026/04/202604050831593873fbbec65dfb_1","title":"D램 '50% 급등'…대만 난야 582% 급증","title_en":"DRAM jumps 50%; Taiwan's Nanya surges 582%","excerpt":"D램 '50% 급등'…대만 난야 582% 급증","excerpt_en":""},{"stance":"confirms","publisher":"BigGo","publisher_en":"BigGo","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://finance.biggo.com/news/okeZn5wB-x-dxYpbxH5C","title":"메모리 가격 급등에 난야·윈본드 매출 급증","title_en":"Memory price surge lifts Nanya and Winbond revenue","excerpt":"DRAM 가격 급등 수혜.","excerpt_en":"Benefits from the DRAM price surge."}]},{"direction":"cost","counterparty":"어플라이드 머티어리얼즈","counterparty_slug":"applied-materials","confidence":"mid","metric":null,"note":"DRAM 공정 장비를 어플라이드 등에서 조달.","note_en":"Sources DRAM process tools from Applied Materials and others.","sources":[{"stance":"confirms","publisher":"Taipei Times","publisher_en":"Taipei Times","kind":"news","lang":"en","published_at":"2025-12-04","url":"https://www.taipeitimes.com/News/biz/archives/2025/12/04/2003848266","title":"난야, DRAM 수요 급증에 순익 4배","title_en":"Nanya income quadruples as DRAM demand surges","excerpt":"DRAM 공정 장비를 어플라이드 등에서 조달.","excerpt_en":"Sources DRAM process tools from Applied Materials and others."}]},{"direction":"cost","counterparty":"ASML","counterparty_slug":"asml","confidence":"mid","metric":null,"note":"신축 팹에 EUV 리소그래피 전용동 포함(1C/1D 세대) — EUV 단독 공급사 ASML. FY26 capex ~NT$52B.","note_en":"New fab includes a dedicated EUV-litho building for its 1C/1D nodes; ASML is the sole EUV supplier. FY26 capex ~NT$52B.","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""},{"stance":"confirms","publisher":"Evertiq","publisher_en":null,"kind":"news","lang":"en","published_at":"2022-06-23","url":"https://evertiq.com/design/52056","title":"Nanya breaks ground on new fab in Taiwan","title_en":null,"excerpt":"Nanya breaks ground on new fab in Taiwan","excerpt_en":""}]},{"direction":"cost","counterparty":"Tokyo Electron (TEL)","counterparty_slug":"tokyo-electron","confidence":"low","metric":{"qualifier":"industry_standard_no_disclosed_contract"},"note":"DRAM 팹 WFE(코터/디벨로퍼·식각·증착) 공급사 — Nanya capex 증설 맥락.","note_en":"Memory WFE (coater/developer, etch, deposition) supplier in Nanya's capex/new-fab context.","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""},{"stance":"mentions","publisher":"MarketsandMarkets","publisher_en":"MarketsandMarkets","kind":"analysis","lang":"en","published_at":"2026-01-01","url":"https://www.marketsandmarkets.com/ResearchInsight/semiconductor-manufacturing-equipment-market.asp","title":"반도체 장비 시장 구조 — ASML·AMAT·Lam·TEL·KLA 5대 벤더가 공정별 공급 과점","title_en":"Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps","excerpt":"DRAM 팹 운영에 필수인 코팅·현상(트랙)·식각 장비 공급 과점사 — 나냐 신규 팹 장비 구성상 조달하나 개별 계약·금액은 미공시(업계 표준 관계).","excerpt_en":"An oligopoly supplier of coat/develop (track) and etch essential to running a DRAM fab — procured for Nanya's new fab per standard tool configuration, though individual contracts/values are undisclosed (industry-standard relationship)."}]},{"direction":"cost","counterparty":"KLA","counterparty_slug":"kla","confidence":"low","metric":{"qualifier":"industry_standard_no_disclosed_contract"},"note":"DRAM 팹 공정제어·계측 장비 공급사 — Nanya capex 증설 맥락.","note_en":"Process-control/metrology WFE supplier in Nanya's capex/new-fab context.","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""},{"stance":"mentions","publisher":"MarketsandMarkets","publisher_en":"MarketsandMarkets","kind":"analysis","lang":"en","published_at":"2026-01-01","url":"https://www.marketsandmarkets.com/ResearchInsight/semiconductor-manufacturing-equipment-market.asp","title":"반도체 장비 시장 구조 — ASML·AMAT·Lam·TEL·KLA 5대 벤더가 공정별 공급 과점","title_en":"Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps","excerpt":"DRAM 팹 운영에 필수인 검사·계측 장비 공급 과점사 — 나냐 신규 팹 장비 구성상 조달하나 개별 계약·금액은 미공시(업계 표준 관계).","excerpt_en":"An oligopoly supplier of inspection and metrology essential to running a DRAM fab — procured for Nanya's new fab per standard tool configuration, though individual contracts/values are undisclosed (industry-standard relationship)."}]},{"direction":"cost","counterparty":"웨이퍼·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"웨이퍼·소재·가스.","note_en":"Wafers, materials and gases.","sources":[{"stance":"confirms","publisher":"Taipei Times","publisher_en":"Taipei Times","kind":"news","lang":"en","published_at":"2025-12-04","url":"https://www.taipeitimes.com/News/biz/archives/2025/12/04/2003848266","title":"난야, DRAM 수요 급증에 순익 4배","title_en":"Nanya income quadruples as DRAM demand surges","excerpt":"DRAM 제조 소재.","excerpt_en":"DRAM manufacturing materials."}]},{"direction":"cost","counterparty":"Lam Research","counterparty_slug":"lam-research","confidence":"low","metric":{"qualifier":"industry_standard_no_disclosed_contract"},"note":"DRAM 신축 팹 WFE(식각·증착) 공급사 — Nanya FY26 capex 증설 수혜로 거론.","note_en":"Memory WFE (etch/deposition) supplier benefiting from Nanya's FY26 capex/new-fab buildout.","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""},{"stance":"mentions","publisher":"MarketsandMarkets","publisher_en":"MarketsandMarkets","kind":"analysis","lang":"en","published_at":"2026-01-01","url":"https://www.marketsandmarkets.com/ResearchInsight/semiconductor-manufacturing-equipment-market.asp","title":"반도체 장비 시장 구조 — ASML·AMAT·Lam·TEL·KLA 5대 벤더가 공정별 공급 과점","title_en":"Semiconductor equipment market — ASML, AMAT, Lam, TEL, KLA oligopoly across process steps","excerpt":"DRAM 팹 운영에 필수인 식각·증착 장비 공급 과점사 — 나냐 신규 팹 장비 구성상 조달하나 개별 계약·금액은 미공시(업계 표준 관계).","excerpt_en":"An oligopoly supplier of etch and deposition essential to running a DRAM fab — procured for Nanya's new fab per standard tool configuration, though individual contracts/values are undisclosed (industry-standard relationship)."}]}]}