Semiconductor materials (etchant, CMP slurry, precursors)
Soulbrain
A leader in etchants and cleaning agents with 70-100% domestic share in HF and phosphoric-acid etchants. FY2025 revenue ₩923B, operating income ₩134B. Supplies process materials to Samsung (3nm GAA etchant) and SK hynix (high-purity HF for HBM/3D NAND).
357780.KQ Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Soulbrain is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ₩923B (operating income ₩134B)
- Customer concentration · 70-100% domestic etchant share. Customers: Samsung, SK hynix, Samsung/LG Display.
- Segments · Semiconductor materials · Display & battery materials
Revenue from
- Samsung Electronics High confidence· Revenue ₩923.4B · FY2025 · consolidated total revenue
Supplies HF/phosphoric etchants, cleaners and CMP slurry to Samsung (70-100% domestic share); 3nm GAA etchant. - SK hynix High confidence
Supplies high-purity HF and etchants to SK hynix (HBM and high-stack 3D NAND). - display · batteries (Samsung/LG Display et al.) Medium confidence
Supplies display etchants and battery electrolytes.
Pays to
- refining & packaging equipment (undisclosed) Low confidence
Buys purification and packaging equipment/materials (undisclosed). - high-purity chemical feedstock & gases (undisclosed) Low confidence
Buys high-purity HF, phosphoric acid and other feedstocks (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 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| 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 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Soulbrain | node | -8.2 | -3.9 | +16.6 | -37.6 | +192.8 | -35.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
Soulbrain's thesis is 'a materials bottleneck riding the memory and leading-edge cycle.' With 70-100% domestic share in HF and phosphoric-acid etchants, it is effectively the sole supplier of core process materials to Samsung (3nm GAA etchant) and SK hynix (high-purity HF for HBM/3D NAND) — and because materials are consumable, revenue is recurring in proportion to fab utilization. The +193% in 2025 came from the HBM and leading-edge boom, and the -36% give-back in 2026 is a correction of that pre-pricing. The upside is structural: as processes grow more complex (3D NAND layer stacking, GAA), etch/clean steps multiply and material volumes rise; the downside variables are high-purity feedstock (HF, phosphoric acid) sourcing and concentration on Samsung/SK.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩447,500 · Price ₩311,500 (07-10) · Upside +44%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Daishin Securities | Buy | ₩530,000 | May 28, 2026 | Report ↗ |
| SK Securities | Buy | ₩500,000 | Apr 9, 2026 | Report ↗ |
| Shinhan Securities | Buy | ₩380,000 | Jan 20, 2026 | Report ↗ |
| Kiwoom Securities | Buy | ₩380,000 | Jan 15, 2026 | Report ↗ |
Materials demand accelerates; acetic-acid etchant, glass substrate and US plant investment as above-trend drivers. Target raised 47.2% to KRW530,000.