{"slug":"nitto-denko","name":"닛토덴코","name_en":"Nitto Denko","ticker":"6988.T","updated_at":"2026-07-12T04:10:59.224+00:00","canonical":"https://valuechain.wiki/nitto-denko","citable":"밸류체인 그래프 기준 닛토덴코의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nitto Denko is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 5 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 기능성 소재 · 편광필름 세계 1위","kicker_en":"Nikkei 225 · functional materials · No.1 in polarizers","lead":"광학필름·접착 소재·산업용 테이프를 만드는 일본의 기능성 소재 기업이다. FY2025(2026년 3월 결산) 매출은 1조282억엔, 영업이익은 1,836억엔이다. 편광필름과 반도체 공정테이프를 담는 옵트로닉스 부문이 매출 5,290억엔으로 전체의 약 절반, 영업이익 1,520억엔으로 이익의 대부분을 낸다. 액정TV용 편광판은 세계 점유율 1위이며, OLED용 원편광판은 스미토모화학과 양강을 이룬다. 웨이퍼 다이싱·백그라인딩 테이프에서도 상위 공급사다. 닛케이 225 구성종목.","lead_en":"A Japanese functional-materials company making optical films, adhesive materials, and industrial tapes. In FY2025 (ended March 2026) revenue was ¥1,028.2 billion and operating profit ¥183.6 billion. The Optronics segment, which holds polarizing film and semiconductor process tapes, brought in ¥529.0 billion of revenue, about half the total, and ¥152.0 billion of operating profit, most of the company's profit. Nitto ranks first in the world in polarizers for LCD TVs and shares the lead with Sumitomo Chemical in OLED circular polarizers. It is also a leading supplier of wafer dicing and back-grinding tapes. A Nikkei 225 constituent.","segments":{"fy":2025,"parts":[{"name":"옵트로닉스 (편광필름·반도체 공정테이프)","share":"매출 5,290억엔(-2.4%), 영업이익 1,520억엔"},{"name":"인더스트리얼 테이프 (산업·전자·자동차)","share":"매출 3,650억엔(+3.7%), 영업이익 500억엔"},{"name":"휴먼 라이프 (라이프사이언스·멤브레인)","share":"매출 1,440억엔(+8.8%), 영업손실 30억엔"}],"total":"FY2025(2026년 3월 결산) 매출 1조282억엔(+1.4%), 영업이익 1,836억엔(-1.1%)","concentration":"디스플레이·스마트폰·반도체. 편광필름 세계 1위(LCD TV), 반도체 공정테이프 상위 공급사."},"segments_en":{"fy":2025,"parts":[{"name":"Optronics (polarizing film, semiconductor process tapes)","share":"revenue ¥529.0B (-2.4%), OP ¥152.0B"},{"name":"Industrial Tape (industrial, electronics, automotive)","share":"revenue ¥365.0B (+3.7%), OP ¥50.0B"},{"name":"Human Life (life science, membranes)","share":"revenue ¥144.0B (+8.8%), OP -¥3.0B"}],"total":"FY2025 (ended Mar 2026) revenue ¥1,028.2B (+1.4%), operating profit ¥183.6B (-1.1%)","concentration":"Displays, smartphones, semiconductors. #1 in LCD-TV polarizers; top-tier in semiconductor process tapes."},"returns_yearly":{"2021":-4.3,"2022":-2.9,"2023":51.3,"2024":14.7,"2025":26,"2026":-5.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":3,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"ibm","name":"IBM","name_en":"IBM","tier":3,"returns_yearly":{"2021":16.7,"2022":10.6,"2023":21.8,"2024":39.3,"2025":38.2,"2026":-1.6}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":3,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":3,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":3,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":2,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":2,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":1,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}}],"benefiting":[{"slug":"kuraray","name":"구라레","name_en":"Kuraray","tier":1,"returns_yearly":{"2021":-4.9,"2022":8.7,"2023":50.1,"2024":51,"2025":-24.7,"2026":3.2}}],"analysis":"닛토덴코의 논지는 편광필름·반도체 공정테이프라는 과점 소재에서 나오는 이익 집중이다. 옵트로닉스 부문이 매출의 절반(5,290억엔)이지만 영업이익의 대부분(1,520억엔)을 내는데, LCD TV용 편광판 세계 1위와 OLED 원편광판 스미토모화학과의 양강 구도가 그 근원이다 — 원자재 PVA를 구라레라는 사실상 독점 공급사에 의존하는 만큼, 닛토의 지위도 소재 과점 위에 서 있다. 반도체 백그라인딩·다이싱 테이프에서도 상위(약 10~12%)로 첨단 패키징·박형화 수요에 노출된다. 다만 FY2025는 편광판 판가 하락(-2.4%)과 엔화 강세(영업이익 -81억엔)로 눌렸다. 인더스트리얼 테이프·휴먼라이프가 사이클 완충 축이다. 재평가 트리거는 OLED 채택 확대(도요하시 증설), 반도체 공정테이프 수요, 그리고 환율·판가다.","analysis_en":"Nitto Denko's thesis is profit concentration from oligopoly materials — polarizing film and semiconductor process tapes. The Optronics segment is half of revenue (¥529.0B) but most of operating profit (¥152.0B), rooted in its world No.1 position in LCD-TV polarizers and co-leadership with Sumitomo Chemical in OLED circular polarizers — and just as it depends on Kuraray as a near-monopoly PVA supplier, Nitto's own position sits atop a materials oligopoly. It is also top-tier (~10-12%) in semiconductor back-grinding and dicing tapes, exposed to advanced-packaging and wafer-thinning demand. But FY2025 was pressured by falling polarizer prices (-2.4%) and a stronger yen (operating profit -¥8.1B). Industrial Tape and Human Life cushion the cycle. Re-rating triggers are wider OLED adoption (the Toyohashi expansion), semiconductor process-tape demand, and FX/pricing.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"Kuraray","counterparty_slug":"kuraray","confidence":"high","metric":{"type":"share","unit":"%","basis":"편광판 원자재비 중 PVA·TAC 필름 비중","value":65,"period":"2025","basis_en":"PVA+TAC share of polarizer raw-material cost"},"note":"편광필름의 핵심 원자재인 PVA(폴리비닐알코올) 필름을 구라레에서 조달한다. PVA·TAC 필름이 편광판 원자재비의 60~70%를 차지하며, 구라레는 1961년부터 편광판용 PVA를 공급해온 사실상 독점적 공급사다.","note_en":"Sources PVA (polyvinyl alcohol) film, the key polarizer raw material, from Kuraray. PVA and TAC film make up 60-70% of polarizer raw-material cost, and Kuraray has been a near-monopoly PVA supplier for polarizers since 1961.","sources":[{"stance":"confirms","publisher":"P Market Research","publisher_en":"P Market Research","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://pmarketresearch.com/it/polarizer-for-lcd-display-market/","title":"LCD 편광판 시장 — PVA·TAC 원자재 비중","title_en":"Polarizer for LCD Display Market — PVA/TAC raw-material share","excerpt":"편광판 제조는 PVA와 TAC 필름에 크게 의존하며, 두 필름이 원자재비의 60~70%를 차지한다.","excerpt_en":"Polarizer manufacturing relies heavily on PVA and TAC film, which account for 60-70% of raw-material cost."},{"stance":"confirms","publisher":"구라레","publisher_en":"Kuraray","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://poval-film.kuraray.com/en/about/","title":"구라레 POVAL 필름 (PVA) — 편광필름 원자재","title_en":"Kuraray POVAL Film (PVA) — raw material for polarizers","excerpt":"구라레는 1958년 POVAL(PVA)을 공업화해 1961년부터 LCD 편광판 원자재로 공급해왔다.","excerpt_en":"Kuraray industrialized POVAL (PVA) in 1958 and has supplied it as a raw material for LCD polarizers since 1961."},{"stance":"confirms","publisher":"삼성SDI","publisher_en":"Samsung SDI","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.samsungsdi.co.kr/column/all/detail/23.html","title":"디스플레이 핵심소재 '편광필름'","title_en":"Polarizing film, a core display material","excerpt":"편광필름은 PVA 필름을 요오드로 염색해 만든 광학 필터로, PVA가 핵심 원자재다.","excerpt_en":"Polarizing film is an optical filter made by dyeing PVA film with iodine; PVA is the key raw material."}]},{"direction":"revenue","counterparty":"디스플레이·스마트폰 (편광필름·광학필름)","counterparty_slug":null,"confidence":"high","metric":{"type":"rank","unit":"위","basis":"LCD TV용 편광판 세계 점유율","value":1,"period":"FY2025","basis_en":"world rank in LCD-TV polarizers"},"note":"옵트로닉스 부문(매출 5,290억엔)의 핵심. 액정TV용 편광판 세계 점유율 1위, OLED용 원편광판은 스미토모화학과 양강. 편광필름·광학필름은 스마트폰·태블릿·TV·차량 디스플레이에 쓰인다.","note_en":"Core of the Optronics segment (¥529.0B revenue). #1 worldwide in LCD-TV polarizers and co-leader with Sumitomo Chemical in OLED circular polarizers. Its polarizing/optical films go into smartphone, tablet, TV and vehicle displays.","sources":[{"stance":"confirms","publisher":"인베스팅닷컴","publisher_en":"Investing.com","kind":"news","lang":"en","published_at":"2026-04-24","url":"https://www.investing.com/news/stock-market-news/nitto-denko-reports-fiscal-2026-results-issues-fiscal-2027-guidance-93CH-4638557","title":"닛토덴코 FY2025(2026.3 결산) 실적 발표","title_en":"Nitto Denko reports fiscal 2026 (FY2025) results","excerpt":"FY2025 옵트로닉스 매출 5,290억엔(-2.4%), 영업이익 1,520억엔. 전사 매출 1조282억엔, 영업이익 1,836억엔.","excerpt_en":"FY2025 Optronics revenue ¥529.0B (-2.4%), OP ¥152.0B. Company revenue ¥1,028.2B, OP ¥183.6B."},{"stance":"confirms","publisher":"닛토덴코","publisher_en":"Nitto Denko","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf","title":"닛토덴코 FY2025 3분기 결산자료 (IFRS 연결)","title_en":"Nitto Denko 3Q FY2025 Financial Results (IFRS, Consolidated)","excerpt":"옵트로닉스 3분기 누계 매출 4,120억엔(전년비 -2.4%), 영업이익 1,205억엔. LCD 스마트폰용 광학필름 매출은 감소.","excerpt_en":"Optronics 9-month revenue ¥412.0B (YoY -2.4%), OP ¥120.5B. Revenue for optical films used in LCD smartphones decreased."},{"stance":"confirms","publisher":"OLED-Info","publisher_en":"OLED-Info","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.oled-info.com/nitto-denko","title":"닛토덴코 — 편광필름(NPF)·OLED 원편광판","title_en":"Nitto Denko — polarizing film (NPF) and OLED circular polarizer","excerpt":"OLED 원편광판 시장은 스미토모화학과 닛토덴코 양강. NPF 편광필름은 스마트폰·태블릿·TV·차량 디스플레이에 널리 쓰인다.","excerpt_en":"The OLED circular-polarizer market is led by Sumitomo Chemical and Nitto Denko. NPF is used in smartphone, tablet, TV and vehicle displays."},{"stance":"confirms","publisher":"위키백과","publisher_en":"Wikipedia (KO)","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://ko.wikipedia.org/wiki/%EB%8B%9B%ED%86%A0%EB%8D%B4%EC%BD%94","title":"닛토덴코 (한국어 위키백과)","title_en":"Nitto Denko (Korean Wikipedia)","excerpt":"닛토덴코는 액정TV에 쓰이는 편광판이 세계 점유율 1위다.","excerpt_en":"Nitto Denko holds the world's #1 share in polarizers used in LCD TVs."}]},{"direction":"revenue","counterparty":"반도체·OSAT (다이싱·백그라인딩 테이프)","counterparty_slug":null,"confidence":"mid","metric":{"type":"share","unit":"%","basis":"반도체 공정테이프 세계 점유(추정)","value":11,"period":"2025","basis_en":"semiconductor process-tape world share (est.)"},"note":"인더스트리얼 테이프 부문의 반도체 공정 소재. 웨이퍼 박형화용 백그라인딩·다이싱 테이프(SWT 10T+ 등, 50µm 미만 대응)를 fab·OSAT에 공급한다. 반도체 공정테이프 세계 점유는 약 10~12%로 미쓰이·린텍(각 ~20%)에 이은 상위권이다.","note_en":"Semiconductor process materials within Industrial Tape. Supplies back-grinding and dicing tapes (e.g. SWT 10T+, sub-50µm) to fabs and OSATs. Its semiconductor process-tape share is roughly 10-12%, behind Mitsui Tohcello and Lintec (about 20% each).","sources":[{"stance":"mentions","publisher":"닛토덴코","publisher_en":"Nitto Denko","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf","title":"닛토덴코 FY2025 3분기 결산자료 (IFRS 연결)","title_en":"Nitto Denko 3Q FY2025 Financial Results (IFRS, Consolidated)","excerpt":"인더스트리얼 테이프 3분기 누계 매출 2,751억엔(+3.0%)으로 반도체·전자용 공정 소재를 포함한다.","excerpt_en":"Industrial Tape 9-month revenue ¥275.1B (+3.0%), including semiconductor and electronics process materials."},{"stance":"confirms","publisher":"Market Growth Reports","publisher_en":"Market Growth Reports","kind":"news","lang":"en","published_at":"2025-09-01","url":"https://www.marketgrowthreports.com/market-reports/semiconductor-process-tapes-market-104009","title":"반도체 공정테이프 시장 분석","title_en":"Semiconductor Process Tapes Market Analysis","excerpt":"덴카와 닛토가 각각 반도체 공정테이프의 약 10~12%를 점유하며, 미쓰이 도세로와 린텍이 각 약 20%로 선두다.","excerpt_en":"Denka and Nitto each hold roughly 10-12% of semiconductor process tapes, with Mitsui Tohcello and Lintec each around 20%."}]},{"direction":"revenue","counterparty":"LG Display","counterparty_slug":"lg-display","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"OLED·LCD 패널 제조사에 편광필름·광학용 점착시트를 공급한다. LG디스플레이 등 패널 업체가 편광필름 수요처이며, 닛토는 OLED 디스플레이 수요 확대에 대응해 도요하시 공장에 2억5,000만 달러 증설을 발표했다.","note_en":"Supplies polarizing film and optical adhesive sheets to OLED/LCD panel makers. Panel makers such as LG Display are demand sources; Nitto announced a $250M expansion of its Toyohashi fab to meet rising OLED-display-maker demand.","sources":[{"stance":"mentions","publisher":"닛토덴코","publisher_en":"Nitto Denko","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf","title":"닛토덴코 FY2025 3분기 결산자료 (IFRS 연결)","title_en":"Nitto Denko 3Q FY2025 Financial Results (IFRS, Consolidated)","excerpt":"옵트로닉스(편광필름·광학필름)가 매출과 이익의 중심이며 디스플레이 패널용으로 공급된다.","excerpt_en":"Optronics (polarizing/optical film) is the revenue and profit core, supplied for display panels."},{"stance":"confirms","publisher":"OLED-Info","publisher_en":"OLED-Info","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.oled-info.com/nitto-denko","title":"닛토덴코 — 편광필름(NPF)·OLED 원편광판","title_en":"Nitto Denko — polarizing film (NPF) and OLED circular polarizer","excerpt":"닛토는 OLED 디스플레이 제조사 수요 증가에 대응해 도요하시 공장 증설에 2억5,000만 달러를 투자한다. NPF는 OLED·LCD 패널에 공급된다.","excerpt_en":"Nitto is investing $250M to expand its Toyohashi fab as OLED display-maker demand rises; NPF supplies OLED and LCD panels."}]},{"direction":"cost","counterparty":"TAC 필름·아크릴 수지·접착 원료 (광학·테이프 기재)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"광학필름과 산업용 테이프의 기재·점착제로 TAC(트라이아세틸셀룰로스) 필름, PET 필름, 아크릴 수지, 접착 원료를 매입한다. TAC 필름은 PVA와 함께 편광판 원자재비의 60~70%를 이루는 보호막 소재다.","note_en":"Buys TAC (triacetyl cellulose) film, PET film, acrylic resin and adhesive feedstock as substrates and pressure-sensitive adhesives for optical films and industrial tapes. TAC film, alongside PVA, is a protective-layer material forming 60-70% of polarizer raw-material cost.","sources":[{"stance":"mentions","publisher":"닛토덴코","publisher_en":"Nitto Denko","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf","title":"닛토덴코 FY2025 3분기 결산자료 (IFRS 연결)","title_en":"Nitto Denko 3Q FY2025 Financial Results (IFRS, Consolidated)","excerpt":"공정 소재의 원가 합리화(재료 합리화)에 따른 가격 조정이 옵트로닉스 실적에 반영됐다.","excerpt_en":"Price adjustments from material rationalization of process materials were reflected in Optronics results."},{"stance":"confirms","publisher":"P Market Research","publisher_en":"P Market Research","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://pmarketresearch.com/it/polarizer-for-lcd-display-market/","title":"LCD 편광판 시장 — PVA·TAC 원자재 비중","title_en":"Polarizer for LCD Display Market — PVA/TAC raw-material share","excerpt":"TAC 필름은 편광층을 보호하는 막으로, PVA와 함께 편광판 원자재비의 60~70%를 차지한다.","excerpt_en":"TAC film is a protective layer around the polarizing layer and, with PVA, makes up 60-70% of polarizer raw-material cost."}]},{"direction":"cost","counterparty":"에너지·유틸리티 (제조 전력·연료)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"필름 캐스팅·코팅·건조 등 소재 제조는 전력·연료를 다소비하며, 에너지가와 환율이 원가 변수다. FY2025에는 엔화 강세로 영업이익이 81억엔 감소했다.","note_en":"Film casting, coating and drying are energy-intensive, so energy prices and FX are cost variables. In FY2025 yen appreciation cut operating profit by ¥8.1B.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴","publisher_en":"Investing.com","kind":"news","lang":"en","published_at":"2026-04-24","url":"https://www.investing.com/news/stock-market-news/nitto-denko-reports-fiscal-2026-results-issues-fiscal-2027-guidance-93CH-4638557","title":"닛토덴코 FY2025(2026.3 결산) 실적 발표","title_en":"Nitto Denko reports fiscal 2026 (FY2025) results","excerpt":"FY2025 환율 영향으로 영업이익이 81억엔 감소했다.","excerpt_en":"In FY2025 FX reduced operating profit by ¥8.1B."},{"stance":"confirms","publisher":"닛토덴코","publisher_en":"Nitto Denko","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://pdf.irpocket.com/C6988/KfQV/mDmq/a1Si.pdf","title":"닛토덴코 FY2025 3분기 결산자료 (IFRS 연결)","title_en":"Nitto Denko 3Q FY2025 Financial Results (IFRS, Consolidated)","excerpt":"환율(엔고) 영향으로 영업이익이 88억엔 감소했다(3분기 누계 기준).","excerpt_en":"Foreign-exchange (yen appreciation) reduced operating profit by ¥8.8B on a 9-month basis."}]}]}