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· 2 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 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +105.5 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +53.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -19.9 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Nepes | node | -29.5 | -44 | +6.7 | -62.7 | +179.2 | +12.5 |
YTD as of 2026-09-04 · source: Yahoo Finance
Nepes operates across KOSDAQ, Semiconductor back-end, Samsung non-memory packaging. It is +12.5% in 2026. The demand side (avg +47.2%) leads the stock (+12.5%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Qualcomm (+0.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst 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.