FC-BGA substrate · MLCC · Components

Samsung Electro-Mechanics

A component maker of FC-BGA semiconductor substrates and MLCC for AI accelerators. Began supplying AI-accelerator substrates in Q2 2025, shipping to NVIDIA, AMD, Apple and Marvell, with Broadcom added as a new customer for 2H 2026. FY2025 revenue ₩11.3T (operating profit ₩913B).

009150.KS Updated Jul 12, 2026 5 AI consumers· 5 recurring

Per the valuechain.wiki graph, Samsung Electro-Mechanics is directly linked to 10 companies (2 supply, 8 revenue, 1 investment relationships) and reaches 80 companies within two hops; the links are backed by 11 dated sources, 3 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21-11.8%'22-18.5%'23-1.4%'24-2.5%'25+110%YTD+402.2%
Money in ▸Samsung Electronics●Revenue share ~28.6%AMD●NVIDIA●Broadcom◐Apple◐Marvell◐Amkor Technology◐ASE Technology◐
Samsung Electro-Mechanics₩11.3T
▸ Money outAjinomoto◐Cosmo Advanced Materials & Technology◐materials suppliers (copper foil · ceramic powder)○MLCC lamination · firing equipment (undisclosed)○

Financials & Segments

  • Total revenue · ₩11.3T (FY2025 consolidated; operating profit ₩913B, net income ₩731B)
  • Operating profit · ₩913.3B
  • Net income · ₩731B
  • Customer concentration · Surging demand for AI-server FC-BGA and MLCC. Big tech's in-house chips drive substrate demand.
  • Segments · Package Solutions · Components · Optics & Communication

Revenue from

  • Samsung Electronics High confidence· Revenue share ~28.6% · 2021 · Samsung’s share of Samsung Electro-Mechanics revenue
    Supplies MLCCs, IC substrates and camera modules to Samsung Electronics, its largest customer (~29%, diversifying).
    Confirms KO CEO Score Daily Published Mar 11, 2026: Samsung Electro-Mechanics cuts reliance on Samsung Electronics, expands to AI/auto
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
    Confirms KO IB Tomato Published Sep 1, 2025: Samsung Electro-Mechanics MLCC, world No.2 after Murata
  • AMD High confidence
    Supplies FC-BGA substrates for AI accelerators (MI series).
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
    Mentions KO Liberty Korea Post (Meritz Securities, Seung-soo Yang) Published Oct 10, 2025: Samsung Electro-Mechanics at start of MLCC and FC-BGA upcycle (Meritz Securities)
  • NVIDIA High confidence
    Supplies FC-BGA substrates for NVIDIA's AI accelerators — in a three-way oligopoly with Ibiden and Unimicron, NVIDIA GB200/GB300 volume flows into full utilization.
    Confirms KO Newspim (Daishin Securities, Kang-ho Park) Published Jun 10, 2026: Samsung Electro-Mechanics target raised on FC-BGA/MLCC growth (Daishin Securities)
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
    Confirms KO Liberty Korea Post (Meritz Securities, Seung-soo Yang) Published Oct 10, 2025: Samsung Electro-Mechanics at start of MLCC and FC-BGA upcycle (Meritz Securities)
  • Broadcom Medium confidence
    New FC-BGA supply for advanced AI accelerators from 2H 2026.
    Mentions KO Newspim (Daishin Securities, Kang-ho Park) Published Jun 10, 2026: Samsung Electro-Mechanics target raised on FC-BGA/MLCC growth (Daishin Securities)
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
  • Apple Medium confidence
    Supplies MLCC, substrates and other parts.
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
  • Marvell Medium confidence
    Supplies silicon capacitors for AI accelerators.
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
  • Amkor Technology Medium confidence
    Supplies package substrates to OSATs and packaging houses such as Amkor.
    Mentions EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer)
  • ASE Technology Medium confidence
    Supplies package substrates to OSATs such as ASE.
    Mentions EN SEC EDGAR Published Apr 1, 2026: ASE Technology FY2025 Form 20-F

Pays to

  • Ajinomoto Medium confidence
    Sources interlayer dielectric near-solely from Ajinomoto ABF — however well it makes FC-BGA, it cannot without ABF supply, an essential upstream dependence.
    Confirms EN TradingKey Published Jan 1, 2026: ABF: Ajinomoto film inside every AI-server substrate (80-90%)
  • Cosmo Advanced Materials & Technology Medium confidence
    Buys MLCC release film from Cosmo AM&T; Cosmo's functional-film revenue was 115.2 billion won.
    Confirms KO FSS DART Published Jun 2, 2026: Cosmo AM&T Annual Business Report (FY2025)
  • materials suppliers (copper foil · ceramic powder) Low confidence
    Buys raw materials for FC-BGA and MLCC (copper foil, ceramic powder, etc.). Suppliers not disclosed.
    Mentions KO DART (FSS Electronic Disclosure) Published Mar 10, 2026: Samsung Electro-Mechanics business report (2025.12)
  • MLCC lamination · firing equipment (undisclosed) Low confidence
    Invests in MLCC stacking, sintering and electrode equipment (undisclosed).
    Mentions KO IB Tomato Published Sep 1, 2025: Samsung Electro-Mechanics MLCC, world No.2 after Murata

Investors

  • Samsung Electronics High confidence
    Samsung Electronics is the top shareholder with 23.7% — a parent-like structure that is a stable ownership base, with both captive Samsung volume and external big-tech diversification riding on it.
    Confirms KO News1 Published Apr 24, 2026: Samsung Electro-Mechanics and LG Innotek under Samsung/LG Electronics

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Marvelllead2+84.6-57.5+63.7+83.8-22.8+163.4
AMDlead2+56.9-55+127.6-18.1+77.3+123
NVIDIAlead2+125.5-50.3+239+171.2+38.9+23.7
Broadcomlead2+56.5-13.3+104.2+110.5+50.6+3.8
Qualcommlead2+22.3-38.6+35.1+8.3+13.8+0.2
ASE Technologylead1+38.3-12.8+60.9+10.1+65.6+135.3
Samsung Electronicslead1-9-14.2+20.9-26.4+212.9+59.7
Amkor Technologylead1+65.6-2.3+40.3-20.8+55.9+21.6
Samsung Electro-Mechanicsnode-11.8-18.5-1.4-2.5+110+402.2
Samsung Electronicsbenef1-9-14.2+20.9-26.4+212.9+59.7
Ajinomotobenef1+31+36+44.5+4+14.1+47.8
Cosmo Advanced Materials & Technologybenef1+121.4+48.7+128.9-60.4-3.4-23.5
Jusung Engineeringbenef2+127.9-42.6+173.3-3.1+30.7+331.2
MediaTekbenef2+27.8-26.6+52.9+58.3+24.9+152.4
LG Innotekbenef2+78.2-22-28.8-22.1+66.8+130.7
Cohubenef2-0.2-15.9+10.4-24.6-12.8+118
PSK Incbenef2+22.7-19.6+14.2-2.6+228.2+105.7
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+100.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+98.1
Simmtechbenef2+119.6-34.6+12.4-63.3+392.9+94.9
FormFactorbenef2+6.3-51.4+87.6+5.5+26.8+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+84.6
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+80.1
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+77.6
Resonacbenef2-2.6-4+37.5+30.3+137.9+73.5
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Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+65.1
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+61.1
Daeduck Electronicsbenef2+64.2-0.3+13.3-22.7+250.2+58.1
ASMPTbenef2-29-12.4+21.8-4.8+47.6+54.5
KLAbenef2+68-11.2+56+9.4+94.5+53.3
Samsung E&Abenef2+74.5+20-13.7-15.9+76.7+48.9
Qnity Electronicsbenef2·····+47.8
Foosungbenef2+59.9-33.5-34.5-39.1+67.4+47.6
KC Techbenef2-24.2-6.1+57.9+5.9+56.7+45.5
Arterisbenef2·-79.6+37+73+52.1+37.9
Camtekbenef2+110.1-52.3+215.9+18.3+31.7+37
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+33.7
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+30.3
Kokusai Electricbenef2···-35.4+165.3+30.1
Sumitomo Chemicalbenef2+19.6-9.1-27.7-2.2+43.9+28.4
Air Products and Chemicalsbenef2+13.8+3.9-9+8.1-12.7+24.4
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+23.4
Mitsubishi Chemical Holdingsbenef2+29-15.5+27.7-8.1+33.5+23.4
Eugene Technologybenef2+28.1-45.1+64.1-12.6+202.5+23.2
Qorvobenef2-5.9-42+24.2-37.9+20.8+21.7
Air Liquidebenef2+14.3+8.1+21.1+8.7-4.6+21.3
ISCbenef2+43.2+14.2+116.5-11.9+126.8+20.8
BESIbenef2+33.7-6.1+121.8-9.3+35+20.3
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+17.8
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+16.7
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+14.1
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+13.8
Lindebenef2+33.4-4.4+27.7+3.2+3.2+13.1
Nepesbenef2-29.5-44+6.7-62.7+179.2+12.5
Sociedad Química y Minera de Chile S.A.benef2+6.8+71.8-18.3-39.4+89.2+12.4
Powertech Technology (PTI)benef2+4.8-7.5+86-16+128.6+11
Merck KGaA (EMD)benef2+42.2-0.4-19.1-2.5-12.7+10.4
Hanmi Semiconductorbenef2+98.5-21.7+313.1+93.7+87.9+9.3
HPSPbenef2··+216.5-30.4+54.7+9.2
Montage Technologybenef2-18.2-21.8-18+51.4+169+3.4
Wonik IPSbenef2-19.7-19.8-0.2-25.5+408.8+0.3
Ebarabenef2+58.1+2.3+76.1+41+84-4.2
Lasertecbenef2+78.9+2.4+57-60.6+138.9-8.5
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-9
Wonik QnCbenef2+26.2+2+11.9-33.7+53.4-9.6
Albemarlebenef2+59.8-6.6-32.8-39.5+67.7-10.3
Park Systemsbenef2+25.1+1.6+41.6+37.3+28.9-13.5
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6-17.3
Uni Testbenef2+23.4-57.8+11.3-1.6+6.8-21.4
LG Displaybenef2-6.8-30.9-8.5-20.6+26.2-21.8
Hana Materialsbenef2+106-30.5+26.1-47.4+173.9-25.4
Dongjin Semichembenef2+28.1-13.7+16.1-42.8+160.1-28.1
SFA Semiconbenef2-5.8-34.1+48.7-48.7+139.8-28.4
ENF Technologybenef2-32.9-23.6+1.3-16.1+204.6-28.8
Soulbrainbenef2-8.2-3.9+16.6-37.6+192.8-33.1
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-37.1
S&S Techbenef2-17.3-5+45.8-31.2+210.8-56

YTD as of 2026-09-04 · source: Yahoo Finance

Samsung Electro-Mechanics operates across FC-BGA substrate, MLCC, Components. It surged +110% in 2025 and +402.2% in 2026. The stock (+402.2%) is ahead of both its demand side (avg +92.4%) and supply side (avg +12.1%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Marvell (+163.4%) and the furthest behind is Cosmo Advanced Materials & Technology (-23.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2025 revenue ₩11.3T (operating profit ₩913B).

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 7 · Hold 0 · Sell 0 · Avg. target ₩2,258,333 · Price ₩1,401,000 (09-04) · Upside +61%

BrokerRatingTargetPublished
IBK Investment & SecuritiesBuy₩1,050,000Jul 1, 2026Report ↗
Hyundai Motor SecuritiesBuy₩2,800,000Jun 24, 2026Report ↗
KB SecuritiesBuy₩3,000,000Jun 19, 2026Report ↗
Daishin SecuritiesBuy₩2,400,000Jun 10, 2026Report ↗
iM SecuritiesBuy₩2,300,000Jun 9, 2026Report ↗
Shinhan InvestmentBuy₩2,000,000May 28, 2026Report ↗
Meritz SecuritiesBuy—Oct 10, 2025Report ↗

Read the large-scale MLCC order disclosure as the start of high-end demand awakening and expects supply shortages, keeping Buy with a conservative KRW 1,050,000 target.

Analyses covering this node

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