{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","ticker":"4938.TW","updated_at":"2026-07-12T04:15:08.054+00:00","canonical":"https://valuechain.wiki/pegatron","citable":"밸류체인 그래프 기준 페가트론의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 38곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Pegatron is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 38 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"전자 EMS·AI 서버 ODM","kicker_en":"Electronics EMS, AI-server ODM","lead":"애플 아이폰 조립 2대 EMS(2024년 매출의 약 59%가 최대 고객)이자, 130kW 초과 수랭 랙을 데이터센터에 인도한 엔비디아 블랙웰·GB200 AI 서버 ODM이다. 미 텍사스 신공장으로 관세에 대응하고 서버·자동차로 아이폰 의존을 줄인다.","lead_en":"A top-two Apple iPhone assembler whose largest customer was about 59% of 2024 sales, and an ODM for NVIDIA Blackwell and GB200 AI servers that has delivered liquid-cooled racks exceeding 130kW to data centers. It is building a Texas plant to address tariffs and shifting toward servers and automotive to cut iPhone reliance.","segments":{"parts":[{"desc":"노트북·PC와 함께 엔비디아 GB200·블랙웰 AI 서버 ODM을 품은 최고 재평가 축 — 130kW+ 수랭 랙 인도로 저마진 조립을 고부가 서버로 옮기려는 전환의 핵심이다.","name":"컴퓨팅 (노트북·데스크톱·AI PC·AI 서버)"},{"desc":"매출 최대 부문 — 애플 아이폰 조립이 중심이라 규모는 크지만 단일고객·저마진 노출이 큰 축이다.","name":"통신 (3대 세그먼트 중 최대·5G·네트워크)"},{"desc":"태블릿·게임콘솔·스마트홈 — 소비 수요 순환에 민감한 성숙 조립 사업이다.","name":"소비자전자 (태블릿·게임콘솔·스마트홈)"},{"desc":"인포테인먼트·EV·충전 전장 — 아직 작지만 아이폰 의존을 낮추는 다변화 축이다.","name":"자동차전자 (인포테인먼트·EV·충전)"}],"total":"2024 연결매출 NTD 1,125.3십억 (전년비 −10.5%)"},"segments_en":{"parts":[{"desc":"Notebooks and PCs alongside NVIDIA GB200/Blackwell AI-server ODM — the top re-rating axis, where delivering 130kW+ liquid-cooled racks moves the mix from low-margin assembly toward high-value servers.","name":"Computing (notebooks, desktops, AI PCs, AI servers)"},{"desc":"The largest segment — centered on Apple iPhone assembly, high-volume but heavily exposed to 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GB200·블랙웰 AI 서버 ODM(130kW+ 수랭 랙 인도)이 고부가 매출로 얼마나 커지느냐다. 미 텍사스 신공장·멕시코·인도로 생산을 분산해 관세·지정학 리스크에 대응하는 것도 구조적 방어다. 그래프상 Pegatron은 애플·엔비디아 생태계에 대한 매출 노드이자 부품 공급사(최대 공급사 57%, 상당분은 고객 지정 위탁부품)에 대한 비용 노드로, 서버 믹스 상승 속도가 아이폰 저마진·고객집중을 상쇄하는 것이 밸류에이션의 축이다.","analysis_en":"The core of Pegatron is a shift from dependence on Apple iPhone assembly (largest customer 59% of 2024, top two ~70%) toward diversifying into AI servers and automotive. iPhone assembly is large but low-margin with single-customer risk, and the re-rating key is how much its NVIDIA GB200/Blackwell AI-server ODM business (delivering 130kW+ liquid-cooled racks) grows into high-value revenue. Spreading production to a new Texas plant, Mexico and India to address tariff and geopolitical risk is a structural defense. In graph terms Pegatron is a revenue node to the Apple and NVIDIA ecosystems and a cost node to component suppliers (top supplier 57%, much of it customer-consigned parts), so how fast the server mix rises to offset iPhone's low margin and customer concentration is the axis of valuation.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"Apple (아이폰 조립)","counterparty_slug":"apple","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"애플이 2024년 매출의 59.34%(NTD 667.8십억) 차지한 최대 고객('A사'). 아이폰 조립 2대 EMS(폭스콘 다음). 미 텍사스 신공장으로 관세 대응.","note_en":"Apple was the largest customer at 59.34% of 2024 sales (NTD 667.8bn, disclosed as 'A Company'). Pegatron is a top-two iPhone assembler after Foxconn, building a Texas plant to address tariffs.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-01-23","url":"https://finance.yahoo.com/news/apple-dell-supplier-pegatron-expects-093230268.html","title":"애플·델 협력사 페가트론, 미 공장 3월 완공","title_en":"Apple/Dell supplier Pegatron expects US plant by end-March","excerpt":"야후파이낸스: '애플·델 협력사 페가트론'이 3월 말까지 미 공장 완공 예상.","excerpt_en":"Yahoo Finance: 'Apple/Dell supplier Pegatron' expects its US plant by end-March."},{"stance":"confirms","publisher":"페가트론","publisher_en":"Pegatron Corporation","kind":"filing","lang":"en","published_at":"2025-05-08","url":"https://www.pegatroncorp.com/media/20250805084349120_2024_Annual_Report_Eng.pdf","title":"페가트론 2024 연차보고서(영문)","title_en":"Pegatron Corporation 2024 Annual Report (English)","excerpt":"연차보고서 4.2.4.2: 'A Company ... 667,767,666 ... 59.34%' — 2024년 최대 고객.","excerpt_en":"AR 4.2.4.2: 'A Company ... 667,767,666 ... 59.34%' — the largest customer in 2024."}]},{"direction":"revenue","counterparty":"NVIDIA (GB200 AI 서버)","counterparty_slug":"nvidia","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"엔비디아 GB200·블랙웰 AI 서버 랙 ODM. 130kW 초과 수랭 랙을 데이터센터 고객에 인도, H100 HGX 서버 2024년 소량 출하 시작. GB200 랙은 2024년 말 고객 검증.","note_en":"ODM for NVIDIA GB200/Blackwell AI server racks; delivered liquid-cooled racks exceeding 130kW to data-center clients and began small-scale H100 HGX shipments in 2024, with GB200 racks in customer validation at end-2024.","sources":[{"stance":"mentions","publisher":"TradingView","publisher_en":"TradingView","kind":"research","lang":"en","published_at":"2026-07-01","url":"https://www.tradingview.com/symbols/TWSE-4938/forecast/","title":"페가트론(4938) 애널리스트 목표주가 컨센서스","title_en":"Pegatron (4938) analyst price-target consensus","excerpt":"트레이딩뷰: 애널리스트 12인 12개월 목표주가 평균 약 89.25 TWD(고105·저72), 컨센서스 'Neutral'(매수2·보유9·매도1).","excerpt_en":"TradingView: 12 analysts' 12-month average target about TWD 89.25 (high 105, low 72), consensus 'Neutral' (2 buy, 9 hold, 1 sell)."},{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-01-23","url":"https://finance.yahoo.com/news/apple-dell-supplier-pegatron-expects-093230268.html","title":"애플·델 협력사 페가트론, 미 공장 3월 완공","title_en":"Apple/Dell supplier Pegatron expects US plant by end-March","excerpt":"Pegatron delivered the first AI server racks powered by NVIDIA GB200 chips in January for verification.","excerpt_en":"Pegatron first-delivered GB200 AI server racks."},{"stance":"confirms","publisher":"페가트론","publisher_en":"Pegatron Corporation","kind":"filing","lang":"en","published_at":"2025-05-08","url":"https://www.pegatroncorp.com/media/20250805084349120_2024_Annual_Report_Eng.pdf","title":"페가트론 2024 연차보고서(영문)","title_en":"Pegatron Corporation 2024 Annual Report (English)","excerpt":"연차보고서: 'AI server racks with liquid cooling capabilities exceeding 130kW have already been delivered to data center clients'; NVIDIA·AMD·Intel 플랫폼 연구.","excerpt_en":"AR: 'AI server racks with liquid cooling capabilities exceeding 130kW have already been delivered to data center clients'; advancing NVIDIA, AMD and Intel platforms."},{"stance":"confirms","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2024-10-22","url":"https://www.asiae.co.kr/article/2024102216264267753","title":"대만 페가트론, 12월 엔비디아 차세대 칩 '블랙웰' 서버 출시","title_en":"Taiwan's Pegatron to ship NVIDIA next-gen Blackwell servers in December","excerpt":"아시아경제: 페가트론이 1분기부터 엔비디아 H100 HGX 서버를 소량 출하, 12월부터 '블랙웰' 서버 출하.","excerpt_en":"Asia Business Daily: Pegatron began small-scale NVIDIA H100 HGX server shipments in Q1 and ships 'Blackwell' servers from December."}]},{"direction":"revenue","counterparty":"상용 브랜드 고객 (B사, 비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"제2 고객(익명 'B사')이 2024년 매출의 10.25%(NTD 115.3십억). 야후파이낸스는 델을 페가트론 고객으로 보도. 상위 2개 고객 합산 약 70%.","note_en":"The second customer (anonymized 'B Company') was 10.25% of 2024 sales (NTD 115.3bn); Yahoo Finance reports Dell as a Pegatron customer. The top two customers were about 70% combined.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-01-23","url":"https://finance.yahoo.com/news/apple-dell-supplier-pegatron-expects-093230268.html","title":"애플·델 협력사 페가트론, 미 공장 3월 완공","title_en":"Apple/Dell supplier Pegatron expects US plant by end-March","excerpt":"야후파이낸스 제목이 페가트론을 '애플·델 협력사'로 명시.","excerpt_en":"Yahoo Finance headline identifies Pegatron as an 'Apple/Dell supplier'."},{"stance":"confirms","publisher":"페가트론","publisher_en":"Pegatron Corporation","kind":"filing","lang":"en","published_at":"2025-05-08","url":"https://www.pegatroncorp.com/media/20250805084349120_2024_Annual_Report_Eng.pdf","title":"페가트론 2024 연차보고서(영문)","title_en":"Pegatron Corporation 2024 Annual Report (English)","excerpt":"연차보고서 4.2.4.2: 'B Company ... 115,308,179 ... 10.25%' — 2024년 2위 고객.","excerpt_en":"AR 4.2.4.2: 'B Company ... 115,308,179 ... 10.25%' — the second customer in 2024."}]},{"direction":"cost","counterparty":"부품·칩셋·기판 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"조립·서버용 칩셋·디스플레이·시스템모듈·CPU·기판 조달. 최대 공급사(익명 'X사')가 2024년 매입의 56.94%(NTD 549.8십억)—상당분은 주요 고객이 부품을 위탁·재판매하는 소싱 구조.","note_en":"Sources chipset, display, system modules, CPU and PCB for assembly and servers; the top supplier (anonymized 'X Company') was 56.94% of 2024 purchases (NTD 549.8bn), much of it material consigned and resold by major customers.","sources":[{"stance":"confirms","publisher":"페가트론","publisher_en":"Pegatron Corporation","kind":"filing","lang":"en","published_at":"2025-05-08","url":"https://www.pegatroncorp.com/media/20250805084349120_2024_Annual_Report_Eng.pdf","title":"페가트론 2024 연차보고서(영문)","title_en":"Pegatron Corporation 2024 Annual Report (English)","excerpt":"연차보고서 4.2.3 주요 원자재: Chipset·Display·System Module·Mechanical Parts·CPU; 4.2.4.1 최대 공급사 'X Company' 56.94%. Note: 일부 원자재는 주요 고객을 통해 구매.","excerpt_en":"AR 4.2.3 major materials: Chipset, Display, System Module, Mechanical Parts, CPU; 4.2.4.1 top supplier 'X Company' 56.94%. Note: partial material is purchased via major customers."}]},{"direction":"cost","counterparty":"전원·물류·글로벌 생산 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"AI 서버 수랭·전원 부품, 물류·해상운임, 멕시코·동남아·인도·미 텍사스 생산거점 이전 비용. 관세·환율 대응 목적.","note_en":"Liquid-cooling and power components for AI servers, logistics and freight, and capacity relocation to Mexico, Southeast Asia, India and Texas to address tariffs and FX.","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-01-23","url":"https://finance.yahoo.com/news/apple-dell-supplier-pegatron-expects-093230268.html","title":"애플·델 협력사 페가트론, 미 공장 3월 완공","title_en":"Apple/Dell supplier Pegatron expects US plant by end-March","excerpt":"야후파이낸스: 페가트론 미 텍사스 신공장 3월 말 완공 예상(관세 대응 니어쇼어링).","excerpt_en":"Yahoo Finance: Pegatron expects its new US Texas plant by end-March (tariff-driven nearshoring)."},{"stance":"confirms","publisher":"페가트론","publisher_en":"Pegatron Corporation","kind":"filing","lang":"en","published_at":"2025-05-08","url":"https://www.pegatroncorp.com/media/20250805084349120_2024_Annual_Report_Eng.pdf","title":"페가트론 2024 연차보고서(영문)","title_en":"Pegatron Corporation 2024 Annual Report (English)","excerpt":"연차보고서: 'expanded its manufacturing bases in Mexico, Southeast Asia, and India'; 관세·환율 대응 위한 글로벌 생산 재배치.","excerpt_en":"AR: 'expanded its manufacturing bases in Mexico, Southeast Asia, and India'; global capacity reallocation to respond to tariffs and FX."}]}]}