TSE · Back-end semiconductor materials · ABF film & HBM materials leader
Resonac
A world-class back-end materials maker in upstream advanced-packaging materials (ABF dielectric film, CMP slurry, high-purity gases, HBM NCF and TIM), with ~¥450bn of 2024 semiconductor/electronic-materials revenue. From foundries (TSMC, Samsung) to OSATs (ASE, Amkor) to substrate makers (Shinko, Unimicron, AT&S, Nan Ya PCB), it is a common supplier feeding nearly every step of the back-end chain, so revenue tracks total advanced-packaging volume rather than any one customer. As AI accelerators add stacking layers and HBM adoption grows, NCF/TIM/ABF turnover accelerates — exposing it to the AI packaging cycle through material consumption rather than equipment.
4004.T Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Resonac is directly linked to 9 companies (0 supply, 9 revenue relationships) and reaches 34 companies within two hops; the links are backed by 16 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Semiconductor & Electronic Materials FY2025 core operating income JPY 108.4bn (+47%), 30.2% EBITDA margin (AI back-end materials share 10%→20%)
- Segments · Semiconductor packaging materials (back-end)
Revenue from
- TSMC High confidence
Supplies back-end materials to TSMC, the No.1 foundry, with a TSMC Excellent Performance Award; a materials-side beneficiary of TSMC's advanced-packaging expansion.Mentions EN Goldman Sachs, Mizuho et al. Published Feb 15, 2026: Resonac (4004) analysts: Goldman Sachs initiates Buy (target ¥8,050); consensus BuyMentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - ASE Technology Medium confidence
Supplies advanced-packaging materials to ASE, the world's top OSAT; a volume-linked relationship where material consumption rises with OSAT utilization.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - Samsung Electronics Medium confidence
Supplies back-end materials to Samsung (foundry/packaging); serving a customer that competes with TSMC gives it supplier neutrality.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - AT&S Medium confidence
Supplies ABF and substrate materials to Austria's AT&S; Resonac also holds top share in HBM NCF/TIM.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materialsConfirms KO Digital Today Published Jun 1, 2025: Deepening reliance on Japanese suppliers in the HBM4 era - Nan Ya PCB Medium confidence
Supplies IC-substrate materials to Taiwan's Nan Ya PCB — one axis of substrate-channel diversification.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - Shinko Electric Industries Medium confidence
Supplies ABF film and substrate materials to Japan's Shinko Electric — upstream material dependency for FC-BGA substrates.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - LG Innotek Medium confidence
Supplies ABF and substrate materials to LG Innotek's FC-BGA substrate business — a newer Korean substrate customer. - Unimicron Medium confidence
Supplies ABF and substrate materials to Unimicron, Taiwan's largest IC-substrate maker — material demand tied to substrate capacity expansion.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials - Amkor Technology Medium confidence
Supplies packaging materials to Amkor, a large OSAT with a US footprint — with ASE, one of the two OSAT-channel anchors.Mentions EN Earnings briefing Published Feb 13, 2026: Resonac FY2025: Semiconductor & Electronic Materials record profit, driven by AI back-end materials
Pays to
- components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed). - equipment & infrastructure (undisclosed) Low confidence
Production equipment and infrastructure (undisclosed).
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 |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| 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 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| 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 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| AT&S | lead1 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| Nan Ya PCB | lead1 | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| LG Innotek | lead1 | +78.2 | -22 | -28.8 | -22.1 | +66.8 | +204.6 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Unimicron | lead1 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Resonac | node | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a bottleneck position as the 'common upstream material' of the advanced-packaging chain. Competing customers — foundries (TSMC, Samsung), OSATs (ASE, Amkor) and substrate makers (Shinko, Unimicron, AT&S, Nan Ya PCB, LG Innotek) — all depend on Resonac materials at once, so losing one customer is cushioned by demand elsewhere in the chain. It holds top share in HBM NCF/TIM and ABF film in particular, so AI-accelerator stacking and HBM expansion lift material consumption directly — recurring revenue tied to wafer/package 'running' rather than equipment capex. The risk is that in back-end cuts or inventory corrections material consumption slows first, and material prices are pressed by raw-input (resin, metals) costs.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥21,300 · Price ¥16,150 (07-10) · Upside +32%