# 코보 (QRVO)
> 스마트폰용 RF 프론트엔드와 고성능 아날로그·커넥티비티 반도체를 만든다. 3개 사업부(고성능 아날로그 HPA, 커넥티비티·센서 CSG, 첨단 셀룰러 ACG)로 구성되며, 애플(약 47%)·삼성(약 10%)이 최대 고객이다. 2025년 10월 스카이웍스와 약 220억달러 합병에 합의했다.
Canonical: https://valuechain.wiki/qorvo · Updated: 2026-07-12T03:54:56.92+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 코보의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 3개 사업부: HPA·CSG·ACG(셀룰러 RF)
- 사업부문: ACG 첨단 셀룰러 (스마트폰 RF), HPA 고성능 아날로그 (방산·인프라·전원), CSG 커넥티비티·센서

## Annual stock return (as of 2026-07-10)
- 2021: -5.9%
- 2022: -42%
- 2023: +24.2%
- 2024: -37.9%
- 2025: +20.8%
- 2026 YTD: +1.5%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Dell | lead3 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead3 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| HPE | lead3 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead3 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| LG전자 | lead3 | -16.2% | -20.9% | -5.8% | -9.5% | +19.2% | +85.5% |
| Eoptolink | lead3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Aurora Innovation | lead3 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| 교세라 | lead3 | +7.5% | -2.1% | +33.8% | -24% | +46.7% | +63% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Mercury Systems | lead3 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead3 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead3 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 기가바이트 | lead3 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Arista Networks | lead3 | +97.9% | -15.6% | +94.1% | +87.7% | +18.5% | +42.7% |
| Cloudflare | lead3 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead3 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead3 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| 지리자동차 | lead3 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead3 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead3 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead3 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead3 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead3 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Toyota Motor Corporation | lead3 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead3 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead3 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead3 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead3 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| 샤오미 | lead3 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| Oracle | lead3 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| Kratos | lead3 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead3 | · | · | · | · | +1% | -54.6% |
| 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% |
| Broadcom | lead2 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| NVIDIA | lead2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead2 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| 삼성전자 | lead1 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| Apple | lead1 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| 코보 | node | -5.9% | -42% | +24.2% | -37.9% | +20.8% | +1.5% |
| 스카이웍스 솔루션스 | benef1 | +2.7% | -39.9% | +26.5% | -18.9% | -25.5% | -2.8% |

스마트폰 RF 프론트엔드의 소수 과점 사업자로, 애플(약 47%)·삼성(약 10%) 집중이 곧 실적 변동성의 근원이다. 논지의 핵심은 두 축 — 셀룰러(ACG)는 최대 고객의 모델 사이클에 묶여 성장이 제한적이고, 다변화 축인 고성능 아날로그(HPA)·커넥티비티(CSG)가 방산·인프라로 실적 안정성을 더한다. 2025년 스카이웍스와 약 $220억 합병은 미국 RF 양강 결합으로 규모·교섭력을 키우려는 재편 시도다. 리스크는 애플 고객집중과 스마트폰 수요 정체, 그리고 합병 통합 리스크다. (analysis as of 2026-07-10)

## Money in · revenue from (3)
### Apple (high)  → /apple.md
- metric: 점유율 47% · FY2025 최대 고객 · 10-K 고객집중
- note: 첨단 셀룰러(ACG) RF 프론트엔드 — 애플이 최대 고객(FY2025 약 47%). 최대 고객이 매년 신모델로 포트폴리오를 갱신하며 실적을 좌우. 10-K에 애플 고객집중위험 명시.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "CustomerConcentrationRisk AppleMember SalesRevenueNet. Our largest customers typically refresh some or all of their product portfolios by releasing new models each year."
- [confirms] SEC EDGAR (EN, filing, published 2025-05-20) https://www.sec.gov/Archives/edgar/data/1604778/000160477825000041/rfmd-20250329.htm: "Apple accounted for 47% and 46% of total revenue in FY2025 and FY2024."

### 삼성전자 (high)  → /samsung-electronics.md
- metric: 점유율 10%
- note: 갤럭시 RF 프론트엔드 — 매출의 약 10%(FY2025). 10-K에 삼성 고객집중위험 명시.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "CustomerConcentrationRisk SamsungMember SalesRevenueNet."
- [confirms] SEC EDGAR (EN, filing, published 2025-05-20) https://www.sec.gov/Archives/edgar/data/1604778/000160477825000041/rfmd-20250329.htm: "Samsung accounted for 10% of total revenue in fiscal 2025."

### 방산·인프라·IoT (HPA·CSG 브로드마켓) (high)
- note: 고성능 아날로그(HPA — RF·아날로그 믹스드시그널·전원, 방산·항공·인프라)와 커넥티비티·센서(CSG)가 셀룰러 외 다변화 축.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "Three operating and reportable segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG) and Advanced Cellular Group (ACG). HPA is a leading global supplier of RF, analog mixed signal and power management."

## Money out · pays to (2)
### 실리콘 파운드리·자체 제조 (RF 다이) (high)
- note: 전 세계 유수 실리콘 파운드리와 자체 제조시설(높은 고정비)을 병행해 RF 다이·필터를 생산. 일 수백만 유닛 출하하는 글로벌 공급망.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "leading silicon foundries located throughout the world... internal manufacturing facilities require a high level of fixed costs... ship millions of units per day."

### RF 필터·소재 (BAW/SAW·기판) (mid)
- note: BAW/SAW 필터·라미네이트 기판·특수 재료를 조달·자체 생산해 프론트엔드 모듈에 통합.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "Global supply chain for RF front-end modules integrating filters and substrates."

## Investors (1)
### 스카이웍스 (합병, $22B) (high)  → /skyworks-solutions.md
- metric: 금액 $22B
- note: 2025년 10월 스카이웍스와 현금·주식 약 220억달러 합병 계약 — RF 프론트엔드 양대 미국사 결합. 10-K에 합병 관련 비용·리스크 기재.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-08) https://www.sec.gov/Archives/edgar/data/1604778/000162828026032873/rfmd-20260328.htm: "MergerRelatedCosts; the transaction with Skyworks... our ability to sufficiently fund capital expenditures."
- [confirms] 한국경제 (KO, news, published 2025-10-28) https://www.hankyung.com/article/skyworks-qorvo-merger-rf: "코보가 스카이웍스와 약 220억달러 합병에 합의."
- [confirms] SEC EDGAR (EN, filing, published 2025-05-20) https://www.sec.gov/Archives/edgar/data/1604778/000160477825000041/rfmd-20250329.htm: "Qorvo-Skyworks merger valued ~$22.0 billion."

## 질문별 엔드포인트
- 누가 코보의 고객인가? 코보의 매출은 어디서 오는가? → https://valuechain.wiki/qorvo/customers.md
- 코보의 주요 공급사는 어디인가? 코보의 비용은 누구에게 가는가? → https://valuechain.wiki/qorvo/suppliers.md
- 코보 주가가 움직이면 누가 수혜를 보는가? 코보의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/qorvo/ripple.md
- 증권가가 보는 코보: 목표주가와 투자의견은? → https://valuechain.wiki/qorvo/consensus.md

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