KOSDAQ · Semiconductor back-end · Samsung non-memory packaging
Nepes
A back-end advanced-packaging (FOWLP, PLP) and electronic-materials supplier that is effectively a captive back-end partner of Samsung: 80–90% of consolidated revenue rides on Samsung non-memory chips (PMIC, AP, DDI). That concentration ties its results to Samsung's smartphone cycle, and its attempt to widen its customer base through panel-level packaging (PLP) stalled when Qualcomm cancelled the main volume contract over yield issues in 2023, leaving only low-cost orders. On FY2025 consolidated revenue of KRW 521.4B (advanced packaging 352.4, electronic materials 91.6, battery 76.7), what matters is diversification toward SK hynix and others and a recovery in PLP yields.
033640.KQ Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Nepes is directly linked to 3 companies (0 supply, 3 revenue 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 consolidated revenue KRW 521.4bn (advanced packaging KRW 352.4bn, electronic materials KRW 91.6bn, battery materials KRW 76.7bn, other KRW 0.7bn), operating income KRW 20.9bn
- Segments · Advanced packaging (FOWLP, PLP) · Electronic materials · Battery materials
Revenue from
- Samsung Electronics High confidence
Supplies back-end packaging for Samsung non-memory (PMIC, AP, DDI) — the largest customer at 80–90% of consolidated revenue, making this concentration both the growth axis and the top risk. - SK hynix Medium confidence
Supplies back-end packaging to SK hynix (memory and non-memory) — the No.2 customer and the key axis for easing Samsung concentration. - Qualcomm Low confidence
FO-PLP customer of subsidiary nepes Laweh. Qualcomm cancelled the main volume contract in 2023 over yield issues; only some low-cost package orders remain.
Pays to
- raw materials (undisclosed) Low confidence
Raw materials for advanced packaging (undisclosed). - equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (undisclosed).
Investments
- Nepes Laweh & Nepes Ark (PLP & test subsidiaries) Medium confidence
A group structure vertically extending the back-end value chain — Nepes consolidates Nepes Laweh (panel-level packaging, PLP) and Nepes Ark (semiconductor test). Attaching PLP and test to the parent's advanced packaging (FOWLP) is the capital axis covering Samsung non-memory back-end end-to-end in-group.
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 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +63 |
| 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 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Nepes | node | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +15.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
An effectively captive back-end partner with 80–90% of revenue concentrated in Samsung non-memory packaging, so the root of its earnings volatility is customer concentration itself. Because PMIC, AP and DDI parts mostly go into smartphones, Samsung's handset volumes and inventory cycle directly push and pull revenue. The growth case rests on expanding SK hynix back-end work and diversifying via panel-level packaging (PLP), but subsidiary Nepes Laweh's loss of Qualcomm volume over yield issues in 2023 shows that restoring PLP credibility is the precondition. On the graph, back-end capacity additions at Samsung and SK hynix are the upstream trigger, and whether Qualcomm re-orders is the litmus test for customer diversification.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 0 · Hold 0 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Meritz Securities | Not Rated (투자의견·목표주가 미제시) | — | Jun 16, 2026 | Report ↗ |
A 2025 turnaround (+12.3% revenue, +598% operating profit) on advanced packaging demand, but formal rated coverage is thin; Meritz Securities follows the name via visit notes and a fab-tour review without a published rating or target.