{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","ticker":"Q","updated_at":"2026-07-12T03:47:49.078+00:00","canonical":"https://valuechain.wiki/qnity-electronics","citable":"밸류체인 그래프 기준 퀴니티 일렉트로닉스의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 28곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Qnity Electronics is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 28 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"NYSE · 반도체 소재 · 듀폰 분사(2025.11)","kicker_en":"NYSE · Semiconductor materials · DuPont spinoff (Nov 2025)","lead":"듀폰이 2025년 11월 3일 분사해 뉴욕증시(티커 Q)에 상장한 순수 전자소재 기업이다. FY2025 순매출은 반도체 테크놀로지 26.4억달러와 인터커넥트 솔루션 21.1억달러를 합쳐 약 47.5억달러이며, 매출원가율은 54%다. CMP 패드·슬러리, 포토레지스트, 세정·식각 소재, 첨단 패키징 소재를 세계 20대 반도체사 대부분에 공급하고, 삼성전자(순매출 11%)와 TSMC(8%)가 최대 고객이다. 상위 10개 고객이 순매출의 34%를 차지한다. AI·첨단 패키징 램프가 볼륨 성장을 견인한다.","lead_en":"Pure-play electronic-materials maker spun off from DuPont on 3 Nov 2025 and listed on the NYSE under ticker Q. FY2025 net sales were about $4.75B, combining Semiconductor Technologies ($2.64B) and Interconnect Solutions ($2.11B), with cost of sales at 54% of net sales. It supplies CMP pads and slurries, photoresists, cleaning and etch chemistries and advanced-packaging materials to nearly all of the top-20 chipmakers; Samsung Electronics (11% of net sales) and TSMC (8%) are its largest customers, and the top 10 customers account for 34% of net sales. AI and advanced-packaging ramps drive volume growth.","segments":{"parts":[{"name":"반도체 테크놀로지 (Semi)","note":"CMP 슬러리·패드, 포토레지스트, 세정·식각 소재. FY2025 매출 $2,642M(+8%), 조정 EBITDA $945M"},{"name":"인터커넥트 솔루션 (ICS)","note":"첨단 패키징·IC 기판·PCB 소재, 구리 필러 도금, 열관리. 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CMP 슬러리·패드, 포토레지스트, 세정·식각 소재를 세계 20대 반도체사 대부분에 대며 삼성(순매출 11%)·TSMC(8%)를 필두로 상위 10곳이 34%를 차지해, 고객이 분산돼 있으면서도 선단 팹에 고루 걸쳐 있다. 매출의 90%+가 공정 투입·소모성 제품이라 웨이퍼 '가동'에 연동되는 반복 매출 성격이 강하고, 약 2/3가 반도체·AI에 직접 연결돼 AI·첨단 패키징 램프(인터커넥트 +12%)가 볼륨을 끈다. 델라웨어 뉴어크 CMP 패드 신공장 등 capex($2.85억)로 캐파를 늘리는 국면이며, 위험은 분사 직후 듀폰 전환서비스계약(TSA)·PFAS 배상 등 상호의무의 잔여 불확실성과 구리·특수화학 원가(매출원가율 54%) 노출이다.","analysis_en":"The thesis is a just-spun-off pure-play electronic-materials maker (from DuPont, Nov 2025, NYSE: Q) with chain-wide exposure across front- and back-end consumables. It supplies CMP slurries/pads, photoresists and cleaning/etch chemistries to nearly all of the top-20 chipmakers, led by Samsung (11% of net sales) and TSMC (8%), with the top 10 at 34% — customers are diversified yet spread evenly across leading-edge fabs. Over 90% of revenue is process-input/consumable product, giving it recurring revenue tied to wafer 'running,' and roughly two-thirds is directly semiconductor/AI-linked, so AI and advanced-packaging ramps (Interconnect +12%) drive volume. It is adding capacity via capex ($285M), including a new CMP-pad plant in Newark, Delaware; risks are residual post-spin uncertainty from DuPont Transition Services Agreements and PFAS indemnities, plus copper/specialty-chemical input costs (cost of sales at 54%).","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"생산설비·증설 (CapEx)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"투자활동 현금유출(대부분 CapEx)","value":285000000,"basis_en":"cash used for investing (mostly capex)"},"note":"FY2025 투자활동 현금유출 2.85억달러(대부분 자본지출, FY2024 자본지출 2억달러 대비 증가). 전 지역 약 40개(총 43개) 생산거점 운영. AI 수요 대응 위해 델라웨어 뉴어크 38.5만평방피트 CMP 패드 신공장 가동.","note_en":"FY2025 cash used for investing was $285M, mostly capital expenditures (up from $200M capex in FY2024). Operates about 40 (43 total) manufacturing sites across all regions and started up a new 385,000-sq-ft CMP-pad plant in Newark, Delaware to meet AI demand.","sources":[{"stance":"mentions","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-05-20","url":"https://finance.yahoo.com/news/spinoff-helping-fuel-data-center-151542882.html","title":"데이터센터 칩 성장 이끄는 신규 분사기업 Qnity","title_en":"This New Spinoff Is Helping to Fuel Data Center Chip Growth","excerpt":"델라웨어 뉴어크의 38.5만평방피트 신규 부지를 가동해 CMP 패드 생산능력을 확대.","excerpt_en":"The company's new 385,000-square-foot site in Newark, Delaware is up and running to boost output of CMP pads."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"2025년 투자활동 현금유출은 2.85억달러(2024년 1.72억, 2023년 2.26억). 2025년 증가는 자본지출 확대에 기인. 2024년 투자활동에는 2억달러의 자본지출 포함.","excerpt_en":"Cash used for investing activities was $285 million, $172 million and $226 million in 2025, 2024 and 2023, respectively. The increase... was attributable to increased capital expenditures in 2025... Cash used for investing activities in 2024 included $200 million of cash used for capital expenditures."}]},{"direction":"cost","counterparty":"원재료·특수화학·금속·폴리머 공급사 (분산)","counterparty_slug":null,"confidence":"high","metric":{"type":"ratio","unit":"% of sales","as_of":"2025-12","basis":"매출원가율","value":54,"basis_en":"cost of sales / net sales"},"note":"매출원가 FY2025 약 26억달러(순매출의 54%, YoY 보합). 원재료는 중간체·폴리머·수지·금속·특수화학. 공급사 분산(단일 공급사 원재료 지출 10% 미만), 약 70% 로컬 조달. 인터커넥트는 구리·패스스루 금속 가격에 노출.","note_en":"Cost of sales was about $2.6B in FY2025 (54% of net sales, flat YoY). Raw materials span intermediates, polymers, resins, metals and specialty chemicals; supply is diversified (no supplier over 10% of raw-material spend) with about 70% sourced local-for-local. Interconnect is exposed to copper and pass-through metal prices.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"Qnity는 중간체·폴리머·수지·금속·기타 특수화학 등 광범위한 원재료 사용. 단일 공급사가 원재료 지출의 10%를 넘지 않아 특정 공급사 의존이 없음. 매출원가는 26억달러로 순매출의 54%(보합).","excerpt_en":"Qnity uses a wide variety of raw materials including intermediates, polymers, resins, metals and other specialty chemicals... with no supplier representing more than 10% of our raw material spend. Cost of sales was $2.6 billion... as a percentage of net sales remained flat at 54%."}]},{"direction":"revenue","counterparty":"세계 20대 반도체사 (상위 10개 고객 34%)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"10-K 상위10 고객","value":34,"period":"상위10 고객=FY2025 순매출 비중","basis_en":"Form 10-K top-10 customers"},"note":"세계 20대 반도체 제조사 대부분이 고객. 상위 10개 고객이 FY2025 순매출의 34%(삼성 11%+TSMC 8%+나머지 8곳 15%). 매출의 90%+가 소모성·공정투입 제품, 매출의 약 2/3가 반도체·AI 연동.","note_en":"Nearly all of the world's top-20 chipmakers are customers; the top 10 account for 34% of FY2025 net sales (Samsung 11% + TSMC 8% + remaining eight 15%). Over 90% of revenue is consumable/process-input product and roughly two-thirds is tied to semiconductors and AI.","sources":[{"stance":"mentions","publisher":"Simply Wall St","publisher_en":"Simply Wall St","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://simplywall.st/stocks/us/semiconductors/nyse-q/qnity-electronics","title":"Qnity Electronics(Q) 종목 분석 — AI 소재 밸류에이션","title_en":"Qnity Electronics (Q) Stock Analysis — AI materials valuation","excerpt":"매출의 약 2/3가 반도체·AI에 직접 연결. 애널리스트 12개월 목표주가 범위 $140~$200.","excerpt_en":"About two-thirds of Qnity revenue ties directly to semiconductors and AI; analyst 12-month price-target range roughly $140-$200."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"세계 20대 반도체 제조사 대부분을 고객으로 둠. 2025년 상위 10개 고객 합계 순매출 34%(삼성 11%, TSMC 8%, 나머지 상위 15%).","excerpt_en":"We are proud to count nearly all of the world's top 20 largest semiconductor manufacturers among our customers. Total top 10 customers 34% (Samsung 11%, TSMC 8%, remaining top 10 customers 15%)."}]},{"direction":"revenue","counterparty":"삼성전자 (CMP·레지스트·패키징 소재)","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"10-K","value":11,"period":"삼성=FY2025 순매출 비중","basis_en":"Form 10-K"},"note":"삼성전자는 Qnity 최대 고객 — FY2025 순매출의 11%(FY2024·FY2023 각 12%). 두 최대 고객(삼성·TSMC) 매출 대부분이 반도체 테크놀로지 세그먼트. CMP 슬러리·패드·포토레지스트·세정 소재 공급.","note_en":"Samsung is Qnity's largest customer at 11% of FY2025 net sales (12% in FY2024 and FY2023); the majority of both top customers' revenue is in the Semiconductor Technologies segment. Supplies CMP slurries/pads, photoresists and cleaning materials.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"순매출 대비 삼성전자 비중은 FY2025·2024·2023 각각 11%·12%·12%. 두 최대 고객 매출 대부분은 반도체 테크놀로지 세그먼트.","excerpt_en":"Net sales to Samsung Electronics Co., Ltd accounted for 11%, 12%, and 12% of total net sales for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of revenues for both customers relate to the Semiconductor Technologies segment."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-01","url":"https://www.sec.gov/Archives/edgar/data/2058873/000119312525223466/d942851dex991.htm","title":"Qnity Electronics Form 10 (분사·고객집중)","title_en":"Qnity Electronics Form 10 (spinoff, customer concentration)","excerpt":"Customers include nearly all of the 20 largest semiconductor manufacturers; largest customers Samsung Electronics (11% of 2025 revenues) and TSMC (8%).","excerpt_en":"Samsung 11% and TSMC 8% of 2025 revenues."}]},{"direction":"revenue","counterparty":"TSMC (CMP·레지스트·패키징 소재)","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"10-K","value":8,"period":"TSMC=FY2025 순매출 비중","basis_en":"Form 10-K"},"note":"TSMC는 2대 고객 — FY2025 순매출의 8%(FY2024 7%, FY2023 6%로 상승 추세). AI·첨단 패키징 램프가 볼륨 성장 견인.","note_en":"TSMC is the second-largest customer at 8% of FY2025 net sales (up from 7% in 2024 and 6% in 2023); AI and advanced-packaging ramps drive volume growth.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"TSMC 비중은 FY2025·2024·2023 각각 8%·7%·6%.","excerpt_en":"Net sales to Taiwan Semiconductor Manufacturing Company Limited (TSMC) accounted for 8%, 7%, and 6% of total net sales for the years ended December 31, 2025, 2024 and 2023, respectively."},{"stance":"mentions","publisher":"The Inquirer","publisher_en":"The Inquirer","kind":"news","lang":"en","published_at":"2025-11-17","url":"https://www.inquirer.com/business/qnity-dupont-nvidia-ai-technology-20251117.html","title":"듀폰 분사 Qnity, 엔비디아·AI 수요로 급등","title_en":"DuPont's Qnity spinoff soars on Nvidia and AI demand","excerpt":"Qnity soars with demand from Nvidia and AI; AI-driven ramps in advanced packaging and thermal management.","excerpt_en":"Qnity soars on Nvidia/AI demand in advanced packaging."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-01","url":"https://www.sec.gov/Archives/edgar/data/2058873/000119312525223466/d942851dex991.htm","title":"Qnity Electronics Form 10 (분사·고객집중)","title_en":"Qnity Electronics Form 10 (spinoff, customer concentration)","excerpt":"TSMC is 8% of 2025 revenues.","excerpt_en":"TSMC 8% of 2025 revenues."}]},{"direction":"cost","counterparty":"듀폰 (분사 모기업 · 전환서비스계약 · 설비 리스)","counterparty_slug":"dupont","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"분사 모기업. 분사 후 듀폰이 전환서비스계약(TSA)으로 한시적 기업기능 제공, 생산·사무시설 일부를 듀폰에서 임차(자가보유 약 20%). 세무합의(Tax Matters)·PFAS 부담 배분 등 상호 배상 의무 존재. confirmed_no_disclosed_value","note_en":"Former parent. Post-spin, DuPont provides corporate functions for a limited period under Transition Services Agreements, and Qnity leases part of its facilities from DuPont (owns about 20% of sites). Mutual indemnities exist under the Tax Matters Agreement and PFAS liability-sharing. confirmed_no_disclosed_value","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC (EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-26","url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics 2025 연차보고서(Form 10-K)","title_en":"Qnity Electronics FY2025 Annual Report (Form 10-K)","excerpt":"역사적으로 듀폰의 일부로 운영. 자가보유 약 20%를 제외한 시설은 듀폰 등 제3자로부터 임차. 듀폰은 전환서비스계약에 명시된 전환·기타 서비스 외에는 지원 제공하지 않음.","excerpt_en":"We have historically operated as part of DuPont... We own approximately 20% of our facilities, while the remaining facilities are leased from third parties, including DuPont. DuPont does not provide us with assistance other than the transition and other services described in the Transition Services Agreements."},{"stance":"mentions","publisher":"듀폰 코리아","publisher_en":"DuPont Korea","kind":"news","lang":"ko","published_at":"2025-01-15","url":"https://www.dupont.co.kr/news/dupont-announces-name-of-electronics-business-unit-to-be-spinned-off-as-qnity-electronics-Inc.html","title":"듀폰, 전자사업부 분사 사명 ‘큐니티 일렉트로닉스’ 발표","title_en":"DuPont announces electronics spinoff name: Qnity Electronics, Inc.","excerpt":"듀폰이 전자사업부를 분사해 큐니티 일렉트로닉스로 명명·상장.","excerpt_en":"DuPont spun off its electronics business unit, naming and listing it as Qnity Electronics, Inc."}]}]}