KOSDAQ · Semi consumable parts · World No.1 quartz/ceramic
Wonik QnC
The global No.1 in semiconductor quartzware and ceramic parts, trading regularly with Samsung, SK hynix, Lam Research and Tokyo Electron, plus cleaning/coating services.
074600.KQ Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Wonik QnC is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 13 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 · KRW 943.6bn (FY2025 consolidated)
- Customer concentration · World No.1 in quartz/ceramic consumables for etch/deposition chambers. Internalized fused-quartz base materials via the 2020 Momentive acquisition (the US segment is 49.4% of revenue). Recurring replacement revenue tied to fab utilization and memory expansion.
- Segments · Quartz ware (semiconductor fused silica) · Quartz base materials (US, Momentive) · Cleaning & coating services · Ceramics & other
Revenue from
- Samsung Electronics High confidence· Amount ₩943.6B · FY2025 전사 연결매출
Supplies quartz/ceramic consumable parts to Samsung's etch/deposition fabs — recurring replacement revenue tied to fab utilization. - Lam Research Medium confidence· Amount ₩943.6B · FY2025 전사 연결매출
Supplies quartz/ceramic parts into Lam Research's etch/deposition tools — a dual channel supplying via toolmakers as well as fabs. - SK hynix Medium confidence· Amount ₩943.6B · FY2025 전사 연결매출
Supplies quartz/ceramic consumable parts to SK hynix's fabs — a consumables beneficiary of HBM/DRAM expansion.Mentions KO Yuanta Securities (via media) Published Mar 5, 2026: Yuanta — Wonik QnC BUY, target KRW 41,000 - Tokyo Electron (TEL) Medium confidence· Amount ₩943.6B · FY2025 전사 연결매출
Supplies quartz/ceramic parts to Tokyo Electron's tools — a consumables supplier spanning Western and Japanese toolmakers.
Pays to
- quartz raw materials & equipment (undisclosed) Medium confidence· Amount ₩198.6B · FY2025 원재료 매입
Purchases of fused-quartz raw materials and quartz ware — FY2025 total purchases KRW 198.6bn. Because the raw-material market is oligopolized by US/German/Japanese players, sourcing stability drives profitability; Wonik QnC internalized much of the upstream base materials via its 2020 Momentive acquisition, reducing this dependence. - equipment & infrastructure (undisclosed) Low confidence
Equipment and infrastructure (undisclosed).
Investments
- Momentive Performance Materials (quartz/ceramic business acquisition) High confidence· Amount ₩466.3B · FY2025 US Quartz Base Materials(모멘티브)
In Jan 2020 acquired the quartz/ceramic business of US-based Momentive Performance Materials via MOMQ Holding (50% stake) — upstream vertical integration internalizing fused-quartz base materials. It secured sourcing in a raw-material market oligopolized by US/German/Japanese players, and in FY2025 US Quartz Base Materials revenue of KRW 466.3bn (49.4% of the group) became the largest segment.
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 |
|---|---|---|---|---|---|---|---|
| SanDisk | lead2 | · | · | · | · | · | +707.1 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| United Microelectronics (UMC) | lead2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| ROHM | lead2 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +109.5 |
| GlobalFoundries | lead2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| SMIC | lead2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Lam Research | lead1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Tokyo Electron (TEL) | lead1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Wonik QnC | node | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is a consumable-parts position as world No.1 in quartzware and ceramic parts for process chambers. These parts wear out and are periodically replaced in etch/deposition chambers, so it supplies not only fabs like Samsung and SK hynix but toolmakers like Lam Research and Tokyo Electron — recurring revenue tied to fab utilization, exposed to total wafer output rather than one customer. Adding cleaning/coating services makes revenue repeat across each replacement cycle, and as AI/HBM expansion adds etch/deposition steps, consumable turnover accelerates — cycle leverage. Risks are that, as consumables, replacement demand rolls over first in fab cuts or lower utilization, and costs hinge on quartz raw-material sourcing/prices.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target ₩43,500 · Price ₩31,150 (07-10) · Upside +40%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Shinhan Securities | Buy | ₩60,000 | May 13, 2026 | Report ↗ |
| BNK Investment & Securities | Buy | ₩45,000 | Mar 6, 2026 | Report ↗ |
| Yuanta Securities Korea | Buy | ₩41,000 | Mar 5, 2026 | Report ↗ |
| Kiwoom Securities | Buy | ₩28,000 | Jan 15, 2026 | Report ↗ |
Raised 2026 estimates 14% and lifted target to KRW60,000 (third hike this year); step-up growth through Q3 with 90-95% customer utilization, kept as top materials/parts pick.