Semiconductor-material localization · EUV blank masks & pellicles
S&S Tech
A leader in localizing blankmask (photomask substrate), a core semiconductor/display material, ramping EUV blankmask and pellicle with Samsung holding an 8% strategic stake. Blankmask has effectively been a Japanese (Hoya and others) monopoly, so Samsung's adoption of a domestic blankmask in EUV is both the symbol of localization and the key growth axis. Its main customers are top-tier chip/display makers — Samsung Electronics, Samsung Display, SK hynix, LG Display (top disclosed customers KRW 46.7-26.9B) — and entry into the EUV/High-NA generation is the re-rating trigger.
101490.KQ Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, S&S Tech is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Blank masks and EUV pellicles — FY2025 revenue ₩243.7bn (+38%); EUV blank-mask mass production from 1H 2026 (₩15-20bn est.)
- Segments · Blankmask and EUV pellicle
Revenue from
- Samsung Electronics High confidence
Supplies blankmask and pellicle to Samsung — a strategic partner (8% stake) whose adoption of a domestic EUV blankmask is the key growth axis.Mentions KO DS Investment & Securities Published Jun 12, 2026: S&S Tech — EUV blank-mask ramp, 'well-founded confidence' (DS Investment)Confirms KO ETNews Published Jan 12, 2026: Samsung to adopt domestic EUV blank masks (reducing dependence on Japan's Hoya) - SK hynix Medium confidence
Supplies blankmask and pellicle to SK hynix — the second axis of customer diversification in localization.Confirms KO ETNews Published Jan 12, 2026: Samsung to adopt domestic EUV blank masks (reducing dependence on Japan's Hoya)
Pays to
- raw materials (undisclosed) Low confidence
Raw materials for blankmask and pellicle (undisclosed). - equipment & R&D (undisclosed) Low confidence
Production equipment and R&D (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 |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| S&S Tech | node | -17.3 | -5 | +45.8 | -31.2 | +210.8 | -56 |
YTD as of 2026-09-04 · source: Yahoo Finance
S&S Tech operates across KOSDAQ, Materials localization, EUV blankmask & pellicle. After +210.8% in 2025, it gave back -56% in 2026. The demand side (avg +70.7%) leads the stock (-56%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) and the furthest behind is Samsung Electronics (+59.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its main customers are top-tier chip/display makers — Samsung Electronics, Samsung Display, SK hynix, LG Display (top disclosed customers KRW 46.7-26.9B) — and entry into the EUV/High-NA generation is the re-rating trigger.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ₩76,000 · Price ₩40,050 (09-04) · Upside +90%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| DS Investment & Securities | Buy | ₩76,000 | Oct 22, 2025 | Report ↗ |
| DS Investment Securities | Buy | ₩76,000 | Oct 22, 2025 | Report ↗ |
With the Yongin plant completed (Oct 15) and EUV blank-mask mass production ready, DS sees 2026 EUV blank-mask revenue at a conservative KRW 15-20B and argues it can be a decisive valuation re-rating catalyst even with modest near-term earnings; raises the target to KRW 76,000 from KRW 56,000 and maintains Buy.