{"slug":"soitec","name":"Soitec","name_en":"Soitec","ticker":"SOI.PA","updated_at":"2026-07-12T08:22:44.684+00:00","canonical":"https://valuechain.wiki/soitec","same_as":["https://finance.yahoo.com/quote/SOI.PA"],"citable":"밸류체인 그래프 기준 Soitec의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Soitec is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"엔지니어드 기판 · SOI · Smart Cut","kicker_en":"Engineered substrates · SOI · Smart Cut","lead":"SOI(Silicon-on-Insulator)를 비롯한 엔지니어드 기판의 세계 선도 기업으로, Smart Cut 박막전사 공정 독점이 파운드리·팹리스가 특정 공정을 이 기판 위에서만 돌리게 만드는 해자다. RF-SOI(5G 프런트엔드)·FD-SOI(저전력 SoC)·POI(SAW 필터)·SmartSiC(전력)로 라인업을 넓혔고 FY2025 매출은 €8.91억이다. 매출이 스마트폰 재고사이클에 직접 노출된 소재업체라, 프런트엔드 모듈 수요의 방향이 곧 기판 주문의 선행지표가 된다.","lead_en":"A world leader in engineered substrates including SOI (Silicon-on-Insulator), where its monopoly on the Smart Cut layer-transfer process is a moat that forces foundries and fabless firms to run certain processes only on its substrates. It has broadened the lineup across RF-SOI (5G front-ends), FD-SOI (low-power SoCs), POI (SAW filters) and SmartSiC (power), with FY2025 revenue of €891M. As a materials maker directly exposed to the smartphone inventory cycle, the direction of front-end-module demand is a leading indicator of its substrate orders.","segments":{"fy":2026,"parts":[{"desc":"5G 프런트엔드(PA·스위치)의 필수 기판. 스마트폰 재고사이클에 실적이 가장 민감한 주력 제품.","name":"RF-SOI"},{"desc":"저전력 SoC용 기판. 배터리·에지 AI 수요로 모바일 편중을 넓히는 성장 축.","name":"FD-SOI"},{"desc":"SAW 필터용 기판(Piezo-on-Insulator). RF 필터 고성능화 수요를 탄다.","name":"POI"},{"desc":"전력 반도체용 SiC 기판. 전기차·전력전환 사이클을 겨냥한 신성장 라인.","name":"SmartSiC"}],"total":"FY2026 매출 €592M(-34%, RF-SOI 재고조정); Edge&Cloud AI +8%·Photonics-SOI $100M+","concentration":"RF·FD-SOI 기판 선도. 파운드리·팹리스 고객."},"segments_en":{"fy":2026,"parts":[{"desc":"The essential substrate for 5G front-ends (PAs, switches) — the flagship product, most sensitive to the smartphone inventory cycle.","name":"RF-SOI"},{"desc":"Substrates for low-power SoCs — a growth axis broadening beyond mobile into battery-powered and edge-AI demand.","name":"FD-SOI"},{"desc":"Substrates for SAW filters (Piezo-on-Insulator) — riding demand for higher-performance RF filters.","name":"POI"},{"desc":"SiC substrates for power semiconductors — a new growth line aimed at the EV and power-conversion cycle.","name":"SmartSiC"}],"total":"FY2026 revenue EUR 592M (-34%, RF-SOI correction); Edge & Cloud AI +8%, Photonics-SOI USD 100M+","concentration":"Leader in RF/FD-SOI substrates."},"returns_yearly":{"2021":-3.7,"2022":-13.4,"2023":-2.3,"2024":-37.4,"2025":-68.9,"2026":271.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard Enterprise","tier":3,"returns_yearly":{"2021":37.4,"2022":4.5,"2023":9.7,"2024":29.1,"2025":15.5,"2026":104}},{"slug":"asustek","name":"에이수스(ASUS)","name_en":"ASUSTeK Computer","tier":3,"returns_yearly":{"2021":35.5,"2022":-12.9,"2023":72,"2024":41.1,"2025":-14.1,"2026":46.7}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"oracle","name":"Oracle","name_en":"Oracle","tier":3,"returns_yearly":{"2021":36.9,"2022":-4.6,"2023":30.9,"2024":60,"2025":18.1,"2026":-27.4}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"amd","name":"AMD","name_en":"AMD","tier":2,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"lg-electronics","name":"LG전자","name_en":"LG Electronics","tier":2,"returns_yearly":{"2021":-16.2,"2022":-20.9,"2023":-5.8,"2024":-9.5,"2025":19.2,"2026":85.5}},{"slug":"kyocera","name":"교세라","name_en":"Kyocera","tier":2,"returns_yearly":{"2021":7.5,"2022":-2.1,"2023":33.8,"2024":-24,"2025":46.7,"2026":63}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":2,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":2,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":1,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":1,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}}],"benefiting":[],"analysis":"투자 논점은 스마트폰·전력 반도체 사이클의 바닥 통과다. FY2025 매출이 크게 빠졌다가 반등한 것은 소이텍이 RF-SOI 재고사이클에 직접 노출된 소재업체이기 때문 — 프런트엔드 모듈 수요가 회복되면 기판 주문이 먼저 움직인다. 구조적 해자는 Smart Cut 공정 독점과, 글로벌파운드리·퀄컴이 이 기판 위에서만 특정 공정을 돌린다는 종속성이다. 다음 성장축은 FD-SOI 저전력 SoC와 SmartSiC(전력 반도체)로, 모바일 편중을 자동차·AI 에지로 넓히는 데 실적의 재평가가 달렸다.","analysis_en":"The thesis is the smartphone and power-semiconductor cycle passing its trough. FY2025 revenue fell sharply then rebounded precisely because Soitec is a materials maker directly exposed to the RF-SOI inventory cycle — when front-end-module demand recovers, substrate orders move first. Its moat is the Smart Cut monopoly and the dependency of GlobalFoundries and Qualcomm on running certain processes only on its substrates. The next growth axes are FD-SOI low-power SoCs and SmartSiC (power semis), and a re-rating hinges on broadening beyond mobile into automotive and edge AI.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌파운드리","counterparty_slug":"globalfoundries","confidence":"high","metric":{"fy":2026,"revenue_eur_m":592,"revenue_yoy_pct":-34,"mobile_comm_eur_m":309,"photonics_soi_usd_m":100,"edge_cloud_ai_yoy_pct":8},"note":"글로벌파운드리가 FD-SOI 공정을 소이텍 기판 위에서 돌린다 — 파운드리의 특정 공정이 이 기판에 종속돼 있어, 소이텍 매출은 GF의 FD-SOI 가동률에 직결된다.","note_en":"GlobalFoundries runs its FD-SOI process on Soitec substrates — the foundry's process is locked to this substrate, so Soitec's revenue tracks GF's FD-SOI utilization.","sources":[{"stance":"mentions","publisher":"Power Semiconductors Weekly","publisher_en":"Power Semiconductors Weekly","kind":"analysis","lang":"en","published_at":"2026-05-28","url":"https://www.powersemiconductorsweekly.com/2026/05/28/soitec-navigates-rf-soi-downturn-while-ai-driven-photonics-business-surges/","title":"Soitec, RF-SOI 침체 속 AI 포토닉스 급성장(애널리스트 분석)","title_en":"Soitec navigates RF-SOI downturn while AI-driven photonics surges (analyst analysis)","excerpt":"RF-SOI 침체 속 AI 포토닉스·Edge/Cloud AI 기판이 새 성장축.","excerpt_en":"Amid the RF-SOI downturn, AI photonics and Edge/Cloud AI substrates are the new growth axes."},{"stance":"confirms","publisher":"Soitec","publisher_en":"Soitec","kind":"filing","lang":"en","published_at":"2026-05-27","url":"https://www.soitec.com/home/group/newsroom/press-releases/content/2026/05/27/soitec-reports-fiscal-2026-full-year-results","title":"Soitec FY2026(2026.3 종료) 결산 — 매출 €592M(-34%), Edge&Cloud AI +8%","title_en":"Soitec FY2026 (ended Mar 2026) results — revenue EUR 592M (-34%), Edge & Cloud AI +8%","excerpt":"Soitec FY2026(2026.3 종료) 매출 €592M(-34%) — RF-SOI 재고조정·자동차 약세. 모바일통신 €309M(-41%)이나 Edge&Cloud AI €214M(+8%)·Photonics-SOI $100M+ 돌파(AI 데이터센터). GF 등 파운드리에 엔지니어드 기판 공급.","excerpt_en":"Soitec FY2026 (ended Mar 2026) revenue EUR 592M (-34%) on RF-SOI inventory correction and automotive weakness. Mobile Comms EUR 309M (-41%), but Edge & Cloud AI EUR 214M (+8%) and Photonics-SOI passed USD 100M (AI data centers). Supplies engineered substrates to foundries such as GlobalFoundries."},{"stance":"confirms","publisher":"Soitec","publisher_en":"Soitec","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.soitec.com/home/korea","title":"소이텍 코리아(SOI 엔지니어드 기판)","title_en":"Soitec Korea (engineered SOI substrates)","excerpt":"FD-SOI 저전력 공정에 소이텍 기판 사용(GF가 FD-SOI 선도).","excerpt_en":"GF leads FD-SOI; uses Soitec substrates."},{"stance":"confirms","publisher":"Soitec/GlobeNewswire","publisher_en":"Soitec/GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-05-27","url":"https://www.globenewswire.com/news-release/2025/05/27/3088835/0/en/soitec-reports-fourth-quarter-revenue-and-full-year-results-of-fiscal-year-2025.html","title":"Soitec FY2025 연간 실적","title_en":"Soitec FY2025 full-year results","excerpt":"FD-SOI 저전력 공정에 소이텍 기판 사용(GF가 FD-SOI 선도).","excerpt_en":"GF leads FD-SOI; uses Soitec substrates."}]},{"direction":"revenue","counterparty":"Qualcomm","counterparty_slug":"qualcomm","confidence":"high","metric":{"fy":2026,"revenue_eur_m":592,"revenue_yoy_pct":-34,"mobile_comm_eur_m":309,"photonics_soi_usd_m":100,"edge_cloud_ai_yoy_pct":8},"note":"퀄컴 5G 프런트엔드(PA·스위치)가 RF-SOI 기판을 쓴다. 스마트폰 물량·재고 사이클이 곧 소이텍 RF 매출의 진폭을 결정하는 최대 수요처.","note_en":"Qualcomm's 5G front-ends (PAs, switches) use RF-SOI substrates — smartphone volume and inventory cycles set the amplitude of Soitec's RF revenue, its largest demand source.","sources":[{"stance":"mentions","publisher":"Power Semiconductors Weekly","publisher_en":"Power Semiconductors Weekly","kind":"analysis","lang":"en","published_at":"2026-05-28","url":"https://www.powersemiconductorsweekly.com/2026/05/28/soitec-navigates-rf-soi-downturn-while-ai-driven-photonics-business-surges/","title":"Soitec, RF-SOI 침체 속 AI 포토닉스 급성장(애널리스트 분석)","title_en":"Soitec navigates RF-SOI downturn while AI-driven photonics surges (analyst analysis)","excerpt":"RF-SOI 침체 속 AI 포토닉스·Edge/Cloud AI 기판이 새 성장축.","excerpt_en":"Amid the RF-SOI downturn, AI photonics and Edge/Cloud AI substrates are the new growth axes."},{"stance":"confirms","publisher":"Soitec","publisher_en":"Soitec","kind":"filing","lang":"en","published_at":"2026-05-27","url":"https://www.soitec.com/home/group/newsroom/press-releases/content/2026/05/27/soitec-reports-fiscal-2026-full-year-results","title":"Soitec FY2026(2026.3 종료) 결산 — 매출 €592M(-34%), Edge&Cloud AI +8%","title_en":"Soitec FY2026 (ended Mar 2026) results — revenue EUR 592M (-34%), Edge & Cloud AI +8%","excerpt":"Soitec FY2026(2026.3 종료) 매출 €592M(-34%) — RF-SOI 재고조정·자동차 약세. 모바일통신 €309M(-41%)이나 Edge&Cloud AI €214M(+8%)·Photonics-SOI $100M+ 돌파(AI 데이터센터). GF 등 파운드리에 엔지니어드 기판 공급.","excerpt_en":"Soitec FY2026 (ended Mar 2026) revenue EUR 592M (-34%) on RF-SOI inventory correction and automotive weakness. Mobile Comms EUR 309M (-41%), but Edge & Cloud AI EUR 214M (+8%) and Photonics-SOI passed USD 100M (AI data centers). Supplies engineered substrates to foundries such as GlobalFoundries."},{"stance":"confirms","publisher":"Soitec/GlobeNewswire","publisher_en":"Soitec/GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-05-27","url":"https://www.globenewswire.com/news-release/2025/05/27/3088835/0/en/soitec-reports-fourth-quarter-revenue-and-full-year-results-of-fiscal-year-2025.html","title":"Soitec FY2025 연간 실적","title_en":"Soitec FY2025 full-year results","excerpt":"RF-SOI는 5G RF 프런트엔드의 핵심 기판.","excerpt_en":"RF-SOI is key for 5G RF front-ends."}]},{"direction":"revenue","counterparty":"팹리스·필터·SiC (엔지니어드 기판)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"POI(SAW 필터)·SmartSiC 등 특수 기판을 필터·전력 팹리스에 공급. 모바일 RF 편중을 필터·전력으로 분산하는 성장선.","note_en":"Supplies specialty substrates (POI for SAW filters, SmartSiC) to filter and power fabless firms — a growth line diversifying away from mobile RF into filters and power.","sources":[{"stance":"confirms","publisher":"Soitec/GlobeNewswire","publisher_en":"Soitec/GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-05-27","url":"https://www.globenewswire.com/news-release/2025/05/27/3088835/0/en/soitec-reports-fourth-quarter-revenue-and-full-year-results-of-fiscal-year-2025.html","title":"Soitec FY2025 연간 실적","title_en":"Soitec FY2025 full-year results","excerpt":"POI SAW 필터 10개사 양산·13개사 인증.","excerpt_en":"POI SAW filters: 10 customers in volume, 13 in qualification."}]},{"direction":"cost","counterparty":"R&D·엔지니어 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"엔지니어드 기판 공정·신제품 R&D 투자. Smart Cut 독점을 FD-SOI·SmartSiC 등으로 확장하는 해자 유지 비용.","note_en":"R&D in engineered-substrate processes and new products — the cost of maintaining the moat by extending Smart Cut into FD-SOI, SmartSiC and beyond.","sources":[{"stance":"confirms","publisher":"Soitec/GlobeNewswire","publisher_en":"Soitec/GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-05-27","url":"https://www.globenewswire.com/news-release/2025/05/27/3088835/0/en/soitec-reports-fourth-quarter-revenue-and-full-year-results-of-fiscal-year-2025.html","title":"Soitec FY2025 연간 실적","title_en":"Soitec FY2025 full-year results","excerpt":"RF·FD-SOI·SiC 기판 R&D.","excerpt_en":"RF/FD-SOI/SiC substrate R&D."}]},{"direction":"cost","counterparty":"실리콘 웨이퍼·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Smart Cut 공정의 원판 실리콘 웨이퍼·소재를 매입. 공정 독점의 상류 투입으로, 원판 수급·가격이 원가율을 좌우(공급선 비공개).","note_en":"Purchases the base silicon wafers and materials for the Smart Cut process — the upstream input to its process monopoly, where wafer supply and price drive the cost ratio (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"Soitec","publisher_en":"Soitec","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.soitec.com/home/korea","title":"소이텍 코리아(SOI 엔지니어드 기판)","title_en":"Soitec Korea (engineered SOI substrates)","excerpt":"Smart Cut 공정 원판·소재 조달.","excerpt_en":"Sources base wafers/materials for Smart Cut."}]}]}