{"id":212,"date":"2026-05-26T00:26:34","date_gmt":"2026-05-25T15:26:34","guid":{"rendered":"https:\/\/www.arphile.net\/?p=212"},"modified":"2026-05-26T00:28:16","modified_gmt":"2026-05-25T15:28:16","slug":"260526-%ed%95%98%eb%82%98%eb%a7%88%ec%9d%b4%ed%81%ac%eb%a1%a0-%eb%b0%8f-osat-%ed%8c%b9%eb%a6%ac%ec%8a%a4-%ec%82%b0%ec%97%85-%eb%b6%84%ec%84%9d","status":"publish","type":"post","link":"https:\/\/www.arphile.net\/?p=212","title":{"rendered":"[260526] \ud558\ub098\ub9c8\uc774\ud06c\ub860 \ubc0f OSAT\/\ud339\ub9ac\uc2a4 \uc0b0\uc5c5 \ubd84\uc11d"},"content":{"rendered":"\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860 \ubc0f \uae00\ub85c\ubc8c \ubc18\ub3c4\uccb4 \ud6c4\uacf5\uc815(OSAT)\u00b7\ud339\ub9ac\uc2a4 \uc0b0\uc5c5 \uc2ec\uce35 \ubd84\uc11d \ubcf4\uace0\uc11c<\/strong>:
\uc2e4\uc801 \ud134\uc5b4\ub77c\uc6b4\ub4dc, \ubc38\ub958\uc5d0\uc774\uc158 \uc7ac\ud3c9\uac00 \ubc0f \uc7a5\uae30 \uc131\uc7a5 \uc804\ub9dd<\/strong><\/h2>\n\n\n\n

\uba3c\uc800 \uae00 \uc791\uc131 \uc2dc\uc810\uc5d0\uc11c\uc758 \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc8fc\uac00 \ubd84\uc11d\ud45c\ub97c \ucca8\ubd80\ud55c\ub2e4.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

\uac1c\uc778\uc801\uc73c\ub85c, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uc2e4\uc801 \ub300\ube44 \uc800\ud3c9\uac00\ub77c\uace0 \uc0dd\uac01\ud558\uba70, \ud574\ub2f9 \uc758\uacac\uc774 \uc774 \ub9ac\ud3ec\ud2b8\uc5d0 \uc0c1\ub2f9\ud788 \ud3ec\ud568\ub418\uc5b4\uc788\uc744 \uc218 \uc788\ub2e4.
\ubcf8 \ub9ac\ud3ec\ud2b8\ub294 AI\uc640 \ud568\uaed8 \ubd84\uc11d\ud55c \ub0b4\uc6a9\uc73c\ub85c, \ud22c\uc790 \ucc38\uace0\uc6a9\uc774\uba70, \ud310\ub2e8\uc758 \ucc45\uc784\uc740 \uac1c\uc778\uc5d0\uac8c \uc788\uc74c\uc744 \uc720\uc758\ud558\uae38 \ubc14\ub780\ub2e4.<\/p>\n\n\n\n

1. \ucd1d\uad04 \uc694\uc57d \ubc0f \uc0b0\uc5c5\uc801 \ubc30\uacbd<\/strong><\/h3>\n\n\n\n

2026\ub144 \uc0c1\ubc18\uae30 \uae00\ub85c\ubc8c \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc740 \uba54\ubaa8\ub9ac \ubc18\ub3c4\uccb4\uc758 \ub2e8\uac00 \uc0c1\uc2b9\uacfc \uc778\uacf5\uc9c0\ub2a5(AI) \uc5f0\uc0b0\uc758 \uc5e3\uc9c0(Edge)\ud654, \uc989 \uc628\ub514\ubc14\uc774\uc2a4 AI(On-Device AI)\uc758 \ud3ed\ubc1c\uc801\uc778 \uc218\uc694 \uc99d\uac00\uac00 \ub9de\ubb3c\ub9ac\uba70 \uc0c8\ub85c\uc6b4 \uc288\ud37c\uc0ac\uc774\ud074\uc758 \uc815\uc810\uc744 \ud5a5\ud574 \ub098\uc544\uac00\uace0 \uc788\ub2e4. \uacfc\uac70 \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc758 \ubd80\uac00\uac00\uce58\uac00 \uc804\uacf5\uc815(Front-end) \ubbf8\uc138\ud654\uc5d0 \uc9d1\uc911\ub418\uc5c8\ub358 \uac83\uacfc \ub2ec\ub9ac, \ubb34\uc5b4\uc758 \ubc95\uce59(Moore’s Law)\uc774 \ubb3c\ub9ac\uc801 \ud55c\uacc4\uc5d0 \uc9c1\uba74\ud568\uc5d0 \ub530\ub77c \uce69\uc744 \ud6a8\uc728\uc801\uc73c\ub85c \uc5f0\uacb0\ud558\uace0 \uc801\uce35\ud558\ub294 \ud6c4\uacf5\uc815(OSAT, Outsourced Semiconductor Assembly and Test)\uacfc \ud2b9\uc815 \uae30\uae30\uc5d0 \ud2b9\ud654\ub41c \ud339\ub9ac\uc2a4(Fabless) \uc124\uacc4 \uc5ed\ub7c9\uc774 \uc0b0\uc5c5\uc758 \uc0c8\ub85c\uc6b4 \ud575\uc2ec \ub3d9\ub825\uc73c\ub85c \uaca9\uc0c1\ub418\uc5c8\ub2e4. \uc774\ub7ec\ud55c \uac70\ub300\ud55c \ud328\ub7ec\ub2e4\uc784 \uc804\ud658 \uc18d\uc5d0\uc11c \uad6d\ub0b4 \ub300\ud45c OSAT \uae30\uc5c5\uc778 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \uae30\uc5c5\uc758 \uae30\ucd08 \uccb4\ub825\uacfc \ud380\ub354\uba58\ud138\uc774 \uadf9\uc801\uc73c\ub85c \ubcc0\ud654\ud558\ub294 \ubcc0\uace1\uc810\uc744 \ub9de\uc774\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\ucd5c\uadfc \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 2026\ub144 1\ubd84\uae30 \uc2e4\uc801 \ubc1c\ud45c \uc774\ud6c4 \uc2dc\uc7a5 \ucc38\uc5ec\uc790\ub4e4 \uc0ac\uc774\uc5d0\uc11c\ub294 \uadf9\uc2ec\ud55c \uc778\uc9c0 \ubd80\uc870\ud654 \ud604\uc0c1\uc774 \uad00\ucc30\ub418\uace0 \uc788\ub2e4. \uc2e4\uc801 \ubc1c\ud45c \uc9c1\ud6c4 \uc601\uc5c5\uc774\uc775\uc774 \uc804\ub144 \ub3d9\uae30 \ub300\ube44 514% \uae09\uc99d\ud558\ub294 \ub180\ub77c\uc6b4 \uc5b4\ub2dd \uc11c\ud504\ub77c\uc774\uc988\ub97c \uae30\ub85d\ud588\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc8fc\uac00\ub294 58,500\uc6d0 \ubd80\uadfc\uc5d0\uc11c \uac15\ub825\ud55c \uc800\ud56d\uc744 \ub9de\uace0 4\ub9cc \uc6d0\ub300 \ucd08\uc911\ubc18\uae4c\uc9c0 \uae09\ub77d\ud558\uba70 \uc774\ub978\ubc14 ‘\ub864\ub7ec\ucf54\uc2a4\ud130’\uc640 \uac19\uc740 \uadf9\uc2ec\ud55c \ubcc0\ub3d9\uc131\uc744 \uc5f0\ucd9c\ud588\ub2e4.1<\/sup> \uc2dc\uc7a5 \uc77c\uac01\uc5d0\uc11c\ub294 \uc608\uce21 \ub300\ube44 550%\ub97c \ucd08\uacfc \ub2ec\uc131\ud588\ub2e4\ub294 \uc778\uc2dd\uc774 \ud655\uc0b0\ub418\uc5c8\uc73c\ub098, \uc774\ub294 \uc7a5\uc911 \ub9e4\ub3c4\uc794\ub7c9\uc774 1\ubd84 \uc804 \ub300\ube44 550% \uae09\uc99d\ud588\ub358 \uc218\uae09\uc801 \ud2b9\uc774\uc810\uacfc \uc804\ub144 \ub300\ube44 \uc601\uc5c5\uc774\uc775 \uc99d\uac00\uc728 514%\uac00 \ud63c\uc7ac\ub418\uc5b4 \uc2dc\uc7a5\uc758 \uc2ec\ub9ac\uc5d0 \ubc18\uc601\ub41c \uacb0\uacfc\ub85c \ubd84\uc11d\ub41c\ub2e4.2<\/sup> \ubcf8\uc9c8\uc801\uc73c\ub85c \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 1\ubd84\uae30 \uc601\uc5c5\uc774\uc775 720\uc5b5 \uc6d0\uc740 \uc99d\uad8c\uac00 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc57d 30% \uc0c1\ud68c\ud558\ub294 \uc555\ub3c4\uc801\uc778 \uc218\uce58\uc784\uc5d0 \ud2c0\ub9bc\uc5c6\ub2e4.2<\/sup><\/p>\n\n\n\n

\uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc8fc\uac00\uac00 \ud558\ub77d\ud558\uac70\ub098 \uc815\uccb4\ud558\ub294 \ud604\uc0c1\uc740 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \uae4a\uc740 \ud53c\ub85c\uac10\uc744 \uc548\uaca8\uc8fc\uace0 \uc788\ub2e4. \ud2b9\ud788, \ub3d9\uc77c\ud55c \ubc18\ub3c4\uccb4 \uac00\uce58\uc0ac\uc2ac \ub0b4\uc5d0 \uc704\uce58\ud55c \uc81c\uc8fc\ubc18\ub3c4\uccb4\uc758 \uc2dc\uac00\ucd1d\uc561\uc774 \ud55c\ub54c \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc744 \ucd94\uc6d4\ud558\uac70\ub098 \ub300\ub4f1\ud55c \uc218\uc900\uae4c\uc9c0 \uc62c\ub77c\uc11c\ub294 \ud604\uc0c1\uc774 \ubc1c\uc0dd\ud558\uba74\uc11c \uc804\ud1b5\uc801\uc778 \uc7a5\uce58 \uc0b0\uc5c5(Asset-heavy)\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\uc5ec \ubc29\uc2dd\uc5d0 \ub300\ud55c \uadfc\ubcf8\uc801\uc778 \uc758\ubb38\uc774 \uc81c\uae30\ub418\uace0 \uc788\ub2e4.6<\/sup> \uc678\uad6d\uc778 \uc9c0\ubd84\uc728\uc774 \uafb8\uc900\ud788 \uc0c1\uc2b9\ud558\uc5ec 20%\ub97c \uc0c1\ud68c\ud558\uace0, \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc758 \ub300\uaddc\ubaa8 \uc21c\ub9e4\uc218\uac00 \uc774\uc5b4\uc9c0\ub294 \uc218\uae09\uc801 \ud638\uc870 \uc18d\uc5d0\uc11c\ub3c4 \uc8fc\uac00\uac00 \ubc15\uc2a4\uad8c\uc5d0 \uac07\ud78c \uc774\uc720\ub294 \ubb34\uc5c7\uc778\uc9c0 \uc2ec\uce35\uc801\uc778 \ubd84\uc11d\uc774 \uc694\uad6c\ub41c\ub2e4.8<\/sup><\/p>\n\n\n\n

\ubcf8 \ubcf4\uace0\uc11c\ub294 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \ucd5c\uadfc \uc2e4\uc801\uc744 \uad6c\uc870\uc801\uc73c\ub85c \ubd84\ud574\ud558\uace0, \uc8fc\uac00 \ubcc0\ub3d9\uc131\uc758 \uc774\uba74\uc5d0 \uc790\ub9ac\ud55c \ubc38\ub958\uc5d0\uc774\uc158 \uc5ed\ud559\uacfc \uc2dc\uc7a5 \uc2ec\ub9ac\ub97c \ud574\ubd80\ud55c\ub2e4. \ub098\uc544\uac00 \uc81c\uc8fc\ubc18\ub3c4\uccb4, \ub450\uc0b0\ud14c\uc2a4\ub098 \ub4f1 \uad6d\ub0b4 \uc720\uc0ac \uc0b0\uc5c5\uccb4\uc640 ASE, Amkor, JCET \ub4f1 \uae00\ub85c\ubc8c OSAT \ub9ac\ub354\ub4e4\uacfc\uc758 \uc2ec\ub3c4 \uc788\ub294 \ube44\uad50 \ubd84\uc11d\uc744 \uc218\ud589\ud55c\ub2e4. \uc774\ub97c \ud1b5\ud574 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \ud604\uc7ac \uc8fc\uac00\uac00 \ub2e8\uae30 \uace0\uc810\uc5d0 \uba38\ubb3c\ub7ec \uc788\ub294\uc9c0, \ud639\uc740 \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5(Advanced Packaging) \uae30\uc220\uc744 \ubc14\ud0d5\uc73c\ub85c \ud55c \uad6c\uc870\uc801 \uc131\uc7a5\uc744 \ud1b5\ud574 \ucd94\uac00\uc801\uc778 \uc0c1\uc2b9 \uc5ec\ub825\uc744 \ub0b4\ud3ec\ud558\uace0 \uc788\ub294\uc9c0 \uc8fc\uc8fc \ubc0f \uae30\uad00 \ud22c\uc790\uc790\uc758 \uad00\uc810\uc5d0\uc11c \uc885\ud569\uc801\uc774\uace0 \uc138\ubc00\ud55c \uc778\uc0ac\uc774\ud2b8\ub97c \uc81c\uacf5\ud55c\ub2e4.<\/p>\n\n\n\n

2. \ud558\ub098\ub9c8\uc774\ud06c\ub860 2026\ub144 1\ubd84\uae30 \uc2e4\uc801\uc758 \uad6c\uc870\uc801 \ubd84\ud574 \ubc0f \ub9c8\uc9c4 \ubd84\uc11d<\/strong><\/h3>\n\n\n\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 2026\ub144 1\ubd84\uae30 \uc5f0\uacb0 \uae30\uc900 \ub9e4\ucd9c\uc561\uc740 5,077\uc5b5 \uc6d0\uc73c\ub85c \uc804\ub144 \ub3d9\uae30 \ub300\ube44 63% \uc99d\uac00\ud588\uc73c\uba70, \uc601\uc5c5\uc774\uc775\uc740 720\uc5b5 \uc6d0\uc73c\ub85c 514% \uae09\uc99d\ud558\ub294 \ud3ed\ubc1c\uc801\uc778 \ud134\uc5b4\ub77c\uc6b4\ub4dc\ub97c \uc2dc\ud604\ud588\ub2e4.2<\/sup> \uc601\uc5c5\uc774\uc775\ub960(OPM)\uc740 14.2%\ub97c \uae30\ub85d\ud558\uba70 \uc2dc\uc7a5\uc758 \ub208\ub192\uc774\ub97c 29.7% \uc0c1\ud68c\ud558\ub294 \ub180\ub77c\uc6b4 \uc218\uc775\uc131\uc744 \uc99d\uba85\ud588\ub2e4.2<\/sup> \uacfc\uac70 \ub2e8\uc21c \uc870\ub9bd \uc704\uc8fc\uc758 \ud558\uccad \uad6c\uc870\uc5d0\uc11c \ubc97\uc5b4\ub098 \uace0\ubd80\uac00\uac00\uce58 \uc81c\ud488\uad70\uc73c\ub85c\uc758 \ubbf9\uc2a4(Mix) \uac1c\uc120\uc774 \uc774\ub8e8\uc5b4\uc9c0\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud558\ub294 \ub300\ubaa9\uc774\ub2e4. \uc774\ub7ec\ud55c \uc11c\ud504\ub77c\uc774\uc988\uc758 \ubc30\uacbd\uc740 \ub2e8\uc21c\ud55c \uc804\ubc29 \uba54\ubaa8\ub9ac \uc0b0\uc5c5\uc758 \ud638\uc870\ub97c \ub118\uc5b4, \uae00\ub85c\ubc8c \uc0dd\uc0b0 \uae30\uc9c0\uc778 \ube0c\ub77c\uc9c8\uacfc \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc758 \uad6c\uc870\uc801 \ub9c8\uc9c4 \uac1c\uc120\uc5d0 \uae30\uc778\ud55c\ub2e4.<\/p>\n\n\n\n

2.1. \ud574\uc678 \ubc95\uc778(\ubca0\ud2b8\ub0a8 \ubc0f \ube0c\ub77c\uc9c8)\uc758 \uc218\uc775\uc131 \uadf9\ub300\ud654 \ub9e4\ucee4\ub2c8\uc998<\/strong><\/h4>\n\n\n\n

\uc774\ubc88 \uc2e4\uc801 \uacac\uc778\uc758 \uac00\uc7a5 \ud575\uc2ec\uc801\uc778 \uc694\uc778\uc740 \ud574\uc678 \ubc95\uc778\uc758 \ub208\ubd80\uc2e0 \ud134\uc5b4\ub77c\uc6b4\ub4dc\uc640 \uc6b4\uc601 \ud6a8\uc728\ud654\ub2e4. \ubc18\ub3c4\uccb4 \ud6c4\uacf5\uc815 \uc0b0\uc5c5\uc740 \uace0\uac1d\uc0ac\uc758 \uc0dd\uc0b0 \uae30\uc9c0\uc640 \uc778\uc811\ud55c \uacf3\uc5d0 \ub77c\uc778\uc744 \uad6c\ucd95\ud558\uc5ec \ubb3c\ub958\ube44\uc6a9\uc744 \ucd5c\uc18c\ud654\ud558\uace0 \uc9c0\uc815\ud559\uc801 \ub9ac\uc2a4\ud06c\ub97c \ubd84\uc0b0\uc2dc\ud0a4\ub294 \uac83\uc774 \ud575\uc2ec \uacbd\uc7c1\ub825\uc73c\ub85c \uc791\uc6a9\ud55c\ub2e4.<\/p>\n\n\n\n

\uccab\uc9f8, \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc740 2026\ub144 1\ubd84\uae30 \ub9e4\ucd9c\uc561 2,361\uc5b5 \uc6d0(\uc804\ub144 \ub3d9\uae30 \ub300\ube44 47% \uc99d\uac00)\uc744 \uae30\ub85d\ud558\uba70 \uc601\uc5c5\uc774\uc775\ub960 \uc57d 6% \uc218\uc900\uc744 \ub2ec\uc131\ud55c \uac83\uc73c\ub85c \ucd94\uc815\ub41c\ub2e4.2<\/sup> 2025\ub144\uae4c\uc9c0\ub9cc \ud574\ub3c4 \uac10\uac00\uc0c1\uac01\ube44 \ubd80\ub2f4\uacfc \ucd08\uae30 \uc218\uc728 \uc548\uc815\ud654 \ubb38\uc81c\ub85c \uc18c\ud3ed \ud751\uc790 \uc218\uc900\uc5d0 \uba38\ubb3c\ub800\ub358 \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc740, \uc8fc\uc694 \uace0\uac1d\uc0ac\ud5a5 \uba54\ubaa8\ub9ac \ud6c4\uacf5\uc815 \ubb3c\ub7c9\uc774 \uc9c0\uc18d\uc801\uc73c\ub85c \uc99d\uac00\ud558\uace0 \uc131\uacf5\uc801\uc778 \ub2e8\uac00 \ud611\uc0c1 \ud6a8\uacfc\uac00 \ubc18\uc601\ub418\uba74\uc11c \ub9c8\uc9c4\uc774 \ubbf8\ub4dc \uc2f1\uae00(Mid-single) \uc218\uc900\uae4c\uc9c0 \uad6c\uc870\uc801\uc73c\ub85c \uc0c1\uc2b9\ud588\ub2e4.2<\/sup> \ud604\uc7ac \ubca0\ud2b8\ub0a8 \uacf5\uc7a5\uc740 \uae00\ub85c\ubc8c \uacf5\uae09\ub9dd \uc7ac\ud3b8\uc758 \ud575\uc2ec \uae30\uc9c0\ub85c \ubd80\uc0c1\ud558\uace0 \uc788\uc73c\uba70, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \uc120\uc81c\uc801\uc73c\ub85c \ucd94\uac00 \uc99d\uc124\uc744 \uc9c4\ud589 \uc911\uc774\ub2e4. \uc774 \uc99d\uc124\uc774 \uc644\ub8cc\ub418\ub294 2026\ub144 3\ubd84\uae30 \ub9d0\uc5d0\uc11c 4\ubd84\uae30 \uacbd\uc5d0\ub294 \uaddc\ubaa8\uc758 \uacbd\uc81c \ud6a8\uacfc\uac00 \uadf9\ub300\ud654\ub418\uba70 \uc5f0\uacb0 \uc601\uc5c5\uc774\uc775 \uc131\uc7a5\uc744 \uc8fc\ub3c4\ud558\ub294 \ud575\uc2ec \uce90\uc2dc\uce74\uc6b0(Cash Cow)\ub85c \ud655\uace0\ud788 \uc790\ub9ac \uc7a1\uc744 \uc804\ub9dd\uc774\ub2e4.2<\/sup>\ub458\uc9f8, \ube0c\ub77c\uc9c8 \ubc95\uc778\uc758 \uc131\uacfc\ub294 \ub354\uc6b1 \uadf9\uc801\uc774\ub2e4. \ub9e4\ucd9c\uc561 1,148\uc5b5 \uc6d0(\uc804\ub144 \ub3d9\uae30 \ub300\ube44 162% \uc99d\uac00)\uc744 \uae30\ub85d\ud588\uc73c\uba70, \uc601\uc5c5\uc774\uc775\ub960\uc740 \ubb34\ub824 19%\uc5d0 \ub2ec\ud558\ub294 \uac83\uc73c\ub85c \ucd94\uc815\ub41c\ub2e4.2<\/sup> \ube0c\ub77c\uc9c8 \uc2dc\uc7a5\uc740 \ub192\uc740 \uc218\uc785 \uad00\uc138\uc640 \ub85c\uceec \ucf58\ud150\uce20(Local Content) \uaddc\uc81c\ub85c \uc778\ud574 \ud604\uc9c0 \uc0dd\uc0b0 \uc778\ud504\ub77c\ub97c \uac16\ucd98 \uae30\uc5c5\uc774 \uac15\ub825\ud55c \uac00\uaca9 \uacb0\uc815\ub825\uc744 \ud589\uc0ac\ud560 \uc218 \uc788\ub294 \ud2b9\uc218\ud55c \uc2dc\uc7a5\uc774\ub2e4. \uc774\ub7ec\ud55c \ud658\uacbd \uc18d\uc5d0\uc11c \uc804\uc0ac\uc801\uc778 \uba54\ubaa8\ub9ac \ud310\uac00 \uc0c1\uc2b9 \ud6a8\uacfc\uac00 \uc628\uc804\ud788 \ubc18\uc601\ub418\uc5c8\uc744 \ubfd0\ub9cc \uc544\ub2c8\ub77c, \ube0c\ub77c\uc9c8 \ud604\uc9c0 \ub0b4 \uc2e0\uaddc \uace0\uac1d\uc0ac\ub85c\uc758 \uace0\ubd80\uac00\uac00\uce58 DDR5 \uacf5\uae09 \uac1c\uc2dc\uac00 \ub9c8\uc9c4\uc728 \uae09\uc99d\uc744 \uacac\uc778\ud588\ub2e4.2<\/sup> \ub610\ud55c 2025\ub144 4\ubd84\uae30\uc5d0 \uc77c\uc2dc\uc801\uc73c\ub85c \uc774\uc5f0\ub418\uc5c8\ub358 \ubb3c\ub7c9\uc758 \ud310\ub9e4\uac00 1\ubd84\uae30\uc5d0 \uc7ac\uac1c\ub418\ub294 \ubcf5\ud569\uc801\uc778 \uae30\uc800 \ud6a8\uacfc\uac00 \uc791\uc6a9\ud558\uc5ec \uc804\uc0ac \uc601\uc5c5\uc774\uc775 720\uc5b5 \uc6d0 \ub2ec\uc131\uc758 \uc77c\ub4f1 \uacf5\uc2e0\uc774 \ub418\uc5c8\ub2e4.2<\/sup><\/p>\n\n\n\n

2.2. \ubcc4\ub3c4(\uad6d\ub0b4) \uae30\uc900 \uc2e4\uc801 \ud68c\ubcf5 \ubc0f \uc601\uc5c5\uc678\uc218\uc775\uc758 \uae30\uc5ec<\/strong><\/h4>\n\n\n\n

\ud574\uc678 \ubc95\uc778\uc758 \uc57d\uc9c4\ubfd0\ub9cc \uc544\ub2c8\ub77c \uad6d\ub0b4 \ubcf8\uc0ac \uc911\uc2ec\uc758 \ubcc4\ub3c4 \uae30\uc900 \uc2e4\uc801 \ub610\ud55c \uad04\ubaa9\ud560 \ub9cc\ud55c \ud68c\ubcf5\uc138\ub97c \ubcf4\uc600\ub2e4. \ubcc4\ub3c4 \ub9e4\ucd9c\uc561\uc740 2,886\uc5b5 \uc6d0(\uc804\ub144 \ub3d9\uae30 \ub300\ube44 36% \uc99d\uac00), \uc601\uc5c5\uc774\uc775\uc740 140\uc5b5 \uc6d0(\uc804\ub144 \ub3d9\uae30 \ub300\ube44 96% \uc99d\uac00, \uc601\uc5c5\uc774\uc775\ub960 4.9%)\uc744 \uae30\ub85d\ud588\ub2e4.2<\/sup> \ud2b9\ud788 \ube44\uba54\ubaa8\ub9ac \uc5b4\uc148\ube14\ub9ac(Ass’y) \ubd80\ubb38\uc758 \ub2e8\uac00 \uc0c1\uc2b9 \ud6a8\uacfc\ub85c \uc2e4\uc801\uc774 75%\ub098 \uac1c\uc120\ub41c \uc810\uc740 \ub3d9\uc0ac\uac00 \uba54\ubaa8\ub9ac \ud3b8\uc911 \ub9ac\uc2a4\ud06c\ub97c \uc810\uc9c4\uc801\uc73c\ub85c \ud574\uc18c\ud558\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc900\ub2e4.2<\/sup> \uba54\ubaa8\ub9ac \ud30c\uc6b4\ub4dc\ub9ac \uac00\ub3d9\ub960 \ub610\ud55c \uc8fc\uc694 \uace0\uac1d\uc0ac\uc758 \uac10\uc0b0 \uc885\ub8cc \ubc0f AI \uc5f0\uacc4 \uba54\ubaa8\ub9ac \uc218\uc694 \uc99d\uac00\uc5d0 \ud798\uc785\uc5b4 \ud558\ubc18\uae30\ub85c \uac08\uc218\ub85d \uc810\uc9c4\uc801\uc778 \ud68c\ubcf5\uc774 \uc608\uc0c1\ub41c\ub2e4.2<\/sup><\/p>\n\n\n\n

\ub354\ubd88\uc5b4 \uc601\uc5c5\uc678\uc218\uc775 \uce21\uba74\uc5d0\uc11c\ub3c4 \uae0d\uc815\uc801\uc778 \uc694\uc778\uc774 \ubc1c\uc0dd\ud588\ub2e4. \uae00\ub85c\ubc8c \uac70\uc2dc\uacbd\uc81c \ud658\uacbd\uc758 \ubd88\ud655\uc2e4\uc131\uc5d0 \ub530\ub978 \ud658\uc728 \ubcc0\ub3d9\uc131 \ud655\ub300 \uad6d\uba74\uc5d0\uc11c, \ub3d9\uc0ac\ub294 \uc678\ud654\ud658\uc0b0\uc774\uc775 272\uc5b5 \uc6d0\uc744 \uacc4\uc0c1\ud558\uba70 \ub300\uaddc\ubaa8 \uc2dc\uc124 \ud22c\uc790\uc5d0 \ub530\ub978 \uc774\uc790\ube44\uc6a9\uacfc \uc678\ud654\ud658\uc0b0\uc190\uc2e4\uc744 \uc644\uc804\ud788 \uc0c1\uc1c4\ud588\ub2e4.2<\/sup> \uc774\ub294 \uc601\uc5c5\uc774\uc775\ub2e8\uc5d0\uc11c\uc758 \uc11c\ud504\ub77c\uc774\uc988\uac00 \uc21c\uc774\uc775\ub2e8\uae4c\uc9c0 \uace0\uc2a4\ub780\ud788 \uc5f0\uacb0\ub418\uc5b4 \uae30\uc5c5\uc758 \uc2e4\uc9c8\uc801\uc778 \uc8fc\ub2f9\uc21c\uc774\uc775(EPS)\uc744 \ub04c\uc5b4\uc62c\ub9ac\ub294 \uacb0\uacfc\ub97c \ub0b3\uc558\ub2e4.<\/p>\n\n\n\n

\uc7ac\ubb34 \uc9c0\ud45c (2026\ub144 1Q \uae30\uc900)<\/strong><\/td>\uc2e4\uc801 (\uc5b5 \uc6d0)<\/strong><\/td>\uc804\ub144 \ub3d9\uae30 \ub300\ube44 (YoY)<\/strong><\/td>\uc601\uc5c5\uc774\uc775\ub960 (\ucd94\uc815)<\/strong><\/td>\ud575\uc2ec \uc2e4\uc801 \uc131\uc7a5 \ub3d9\uc778 \ubc0f \ud5a5\ud6c4 \uc804\ub9dd<\/strong><\/td><\/tr>
\uc5f0\uacb0 \uae30\uc900 \ucd1d\uacc4<\/strong><\/td>\ub9e4\ucd9c 5,077
\uc601\uc5c5\uc774\uc775 720<\/td>		\ub9e4\ucd9c +63%
\uc601\uc5c5\uc774\uc775 +514%<\/td>		14.2%<\/td>\ubca0\ud2b8\ub0a8 \ub2e8\uac00 \ud611\uc0c1, \ube0c\ub77c\uc9c8 DDR5 \uc804\ud658, \uc6b0\ud638\uc801 \ud658\uc728 \ud6a8\uacfc\uc5d0 \ub530\ub978 \ud658\ucc28\uc775<\/td><\/tr>
\ubca0\ud2b8\ub0a8 \ubc95\uc778<\/strong><\/td>\ub9e4\ucd9c 2,361<\/td>\ub9e4\ucd9c +47%<\/td>6.0%<\/td>\uc8fc\uc694 \uace0\uac1d\uc0ac \ubb3c\ub7c9 \uc9c0\uc18d \uc99d\uac00, 2026\ub144 \ud558\ubc18\uae30 \uc99d\uc124 \uc644\ub8cc \uc2dc \uaddc\ubaa8\uc758 \uacbd\uc81c \ub2ec\uc131<\/td><\/tr>
\ube0c\ub77c\uc9c8 \ubc95\uc778<\/strong><\/td>\ub9e4\ucd9c 1,148<\/td>\ub9e4\ucd9c +162%<\/td>19.0%<\/td>\uba54\ubaa8\ub9ac \ud310\uac00 \uad6c\uc870\uc801 \uc778\uc0c1, \uc2e0\uaddc \uace0\uac1d\uc0ac \ud655\ubcf4, 2025\ub144 \uc774\uc5f0 \ubb3c\ub7c9 \ubc18\uc601<\/td><\/tr>
\ubcc4\ub3c4 (\uad6d\ub0b4) \ubcf8\uc0ac<\/strong><\/td>\ub9e4\ucd9c 2,886
\uc601\uc5c5\uc774\uc775 140<\/td>		\ub9e4\ucd9c +36%
\uc601\uc5c5\uc774\uc775 +96%<\/td>		4.9%<\/td>\ube44\uba54\ubaa8\ub9ac \ub2e8\uac00 \uc0c1\uc2b9, \ud558\ubc18\uae30 \uc0bc\uc131\uc804\uc790 \ub4f1 \uc8fc\uc694 \uace0\uac1d\uc0ac \uac00\ub3d9\ub960 \ud68c\ubcf5 \ub300\uae30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

3. \uc8fc\uac00 \ubcc0\ub3d9\uc131 \ubc0f \uc218\uae09 \uad6c\uc870 \ubd84\uc11d: \ub864\ub7ec\ucf54\uc2a4\ud130 \uc7a5\uc138\uc758 \ud574\ubd80<\/strong><\/h3>\n\n\n\n

\ud22c\uc790\uc790 \uc785\uc7a5\uc5d0\uc11c \uac00\uc7a5 \ud070 \uc778\uc9c0 \ubd80\uc870\ud654\ub97c \uc77c\uc73c\ud0a4\ub294 \ub300\ubaa9\uc740 \uae30\uc5c5\uc758 \uc774\uc775 \ucc3d\ucd9c\ub825\uc774 \uc774\ud1a0\ub85d \uac15\ub825\ud558\uac8c \uc785\uc99d\ub418\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc8fc\uac00\uac00 58,500\uc6d0\uc758 \ub2e8\uae30 \uace0\uc810\uc744 \ud615\uc131\ud55c \uc774\ud6c4 4\ub9cc \uc6d0\ub300\uae4c\uc9c0 \ucd94\ub77d\ud558\uba70 \uadf9\uc2ec\ud55c \ud6a1\ubcf4\uc640 \ud558\ub77d\uc744 \ubc18\ubcf5\ud558\ub294 \ud604\uc0c1\uc774\ub2e4.1<\/sup> \uc8fc\uc2dd \uc2dc\uc7a5\uc5d0\uc11c \uc2e4\uc801\uacfc \uc8fc\uac00\uc758 \ub2e8\uae30\uc801 \uad34\ub9ac\ub294 \ube48\ubc88\ud558\uac8c \ubc1c\uc0dd\ud558\uba70, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \ud604\uc7ac \ubcc0\ub3d9\uc131\uc740 \ubc38\ub958\uc5d0\uc774\uc158 \uba40\ud2f0\ud50c(Multiple)\uc758 \uc815\uc0c1\ud654 \uacfc\uc815, \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\uc5d0 \ub530\ub978 \uc790\ubcf8 \ud6a8\uc728\uc131 \uc6b0\ub824, \uadf8\ub9ac\uace0 \uac70\uc2dc\uacbd\uc81c\uc801 \uc218\uae09 \uc694\uc778\uc774 \ubcf5\ud569\uc801\uc73c\ub85c \uc5bd\ud78c \uad6c\uc870\uc801 \uacb0\uacfc\ub85c \ud574\uc11d\ud574\uc57c \ud55c\ub2e4.
<\/p>\n\n\n\n

3.1. \uba40\ud2f0\ud50c \uc555\ucd95(Multiple Compression) \ud604\uc0c1\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \uc815\uc0c1\ud654<\/strong><\/h4>\n\n\n\n

\uc8fc\uc2dd \uc2dc\uc7a5\uc758 \uc120\ud589\uc801 \uc18d\uc131\uc0c1 \ubc18\ub3c4\uccb4 \uc18c\ubd80\uc7a5(\uc18c\uc7ac\u00b7\ubd80\ud488\u00b7\uc7a5\ube44) \ubc0f \ud6c4\uacf5\uc815 \uc8fc\uc2dd\uc740 \ud1b5\uc0c1\uc801\uc73c\ub85c \uc804\ubc29 \uc0b0\uc5c5\uc758 \uc5c5\ud669\uc774 \ubc14\ub2e5\uc744 \ucc0d\uace0 \uc2e4\uc801 \ud134\uc5b4\ub77c\uc6b4\ub4dc\uc5d0 \ub300\ud55c \uae30\ub300\uac10\uc774 \ud615\uc131\ub418\ub294 \uc2dc\uc810\uc5d0 \uc8fc\uac00\uc218\uc775\ube44\uc728(P\/E) \uba40\ud2f0\ud50c\uc774 \uac00\uc7a5 \ub192\uac8c \ud615\uc131\ub41c\ub2e4. \ubc18\ub300\ub85c, \uc2e4\uc81c \uc774\uc775\uc774 \ud3ed\ubc1c\uc801\uc73c\ub85c \ucc0d\ud788\uae30 \uc2dc\uc791\ud558\ub294 \uc5b4\ub2dd \uc2dc\uc98c\uc5d0\ub294 \uc774\uc775(Earnings)\uc758 \uc99d\uac00 \uc18d\ub3c4\uac00 \uc8fc\uac00(Price)\uc758 \uc0c1\uc2b9 \uc18d\ub3c4\ub97c \ucd94\uc6d4\ud558\uba74\uc11c \uba40\ud2f0\ud50c\uc774 \uc624\ud788\ub824 \ud558\ub77d \uc548\uc815\ud654\ub418\ub294 \uc774\ub978\ubc14 ‘\uba40\ud2f0\ud50c \uc555\ucd95’ \ud604\uc0c1\uc774 \ubc1c\uc0dd\ud55c\ub2e4.<\/p>\n\n\n\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uc7ac\ubb34 \uc9c0\ud45c\ub97c \uc0b4\ud3b4\ubcf4\uba74 2025\ub144 \uacb0\uc0b0 \uae30\uc900 PER\uc740 \ubb34\ub824 89.93\ubc30 \uc218\uc900\uc5d0 \ub2ec\ud558\uba70 \uc2dc\uc7a5\uc758 \ub9c9\ub300\ud55c \ud504\ub9ac\ubbf8\uc5c4\uc744 \uc120\ubc18\uc601\ud558\uace0 \uc788\uc5c8\ub2e4.15<\/sup> \uadf8\ub7ec\ub098 2026\ub144 1\ubd84\uae30 \uc555\ub3c4\uc801\uc778 \uc2e4\uc801\uc744 \ubc14\ud0d5\uc73c\ub85c \uc21c\uc774\uc775 \ucd94\uc815\uce58\uac00 \ub300\ud3ed \uc0c1\ud5a5 \uc870\uc815\ub418\uba74\uc11c, 2026\ub144 \ucd94\uc815\uce58 \uae30\uc900 PER\uc740 22.06\ubc30 \uc218\uc900\uc73c\ub85c \uae09\uaca9\ud788 \ub0ae\uc544\uc84c\uc73c\uba70, \uc77c\ubd80 \uc99d\uad8c\uc0ac \ub9ac\uc11c\uce58 \ubaa8\ub378\uc5d0 \ub530\ub974\uba74 17.2\ubc30 \uc218\uc900\uae4c\uc9c0 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc774 \uc644\ud654\ub41c \uac83\uc73c\ub85c \ubd84\uc11d\ub41c\ub2e4.2<\/sup> \uc989, \uc8fc\uac00\uac00 5\ub9cc \uc6d0\ub300\ub97c \ub3cc\ud30c\ud588\uc744 \ub54c \uc2a4\ub9c8\ud2b8 \uba38\ub2c8\ub97c \ud3ec\ud568\ud55c \uc2dc\uc7a5\uc758 \ub2e8\uae30 \uc790\uae08\ub4e4\uc740 ‘\uc131\uc7a5\uc5d0 \ub300\ud55c \uae30\ub300\uac10’\uc73c\ub85c \uc8fc\uc2dd\uc744 \ub9e4\uc218\ud588\ub2e4\uac00, ‘\uc785\uc99d\ub41c \uc2e4\uc801’\uc744 \ub9c8\uc8fc\ud55c \ud6c4 \ubc38\ub958\uc5d0\uc774\uc158 \ub9ac\ub808\uc774\ud305\uc774 \uc644\ub8cc\ub418\uc5c8\ub2e4\uace0 \ud310\ub2e8\ud558\uc5ec \uc120\uc81c\uc801\uc778 \ucc28\uc775 \uc2e4\ud604\uc5d0 \ub098\uc120 \uac83\uc774\ub2e4.<\/p>\n\n\n\n

\ub610\ud55c \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 2026\ub144 \uc62c\ud574 \uc57d 1,000\uc5b5 \uc6d0 \uaddc\ubaa8\uc758 \ub300\ub300\uc801\uc778 CAPEX(\uc124\ube44\ud22c\uc790)\ub97c \uc9d1\ud589\ud560 \uc608\uc815\uc774\ub77c\ub294 \uc810\ub3c4 \ub2e8\uae30 \ud22c\uc790 \uc2ec\ub9ac\ub97c \uc704\ucd95\uc2dc\ud0a4\ub294 \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud588\ub2e4.5<\/sup> \ud6c4\uacf5\uc815 \uc0b0\uc5c5\uc740 \ubcf8\uc9c8\uc801\uc73c\ub85c \uc7a5\uce58 \uc0b0\uc5c5\uc774\ubbc0\ub85c \ub300\uaddc\ubaa8 \uc124\ube44\ud22c\uc790\ub294 \ud544\uc5f0\uc801\uc73c\ub85c \ub9c9\ub300\ud55c \uac10\uac00\uc0c1\uac01\ube44\ub97c \ubc1c\uc0dd\uc2dc\ud0a8\ub2e4. \ub2e8\uae30 \ud22c\uc790\uc790\ub4e4\uc740 \ub9e4\ucd9c \uc99d\uac00\ubd84\uc774 \uac10\uac00\uc0c1\uac01\ube44 \ubd80\ub2f4\uc744 \uc628\uc804\ud788 \uc0c1\uc1c4\ud558\uace0 \uc774\uc775 \uc131\uc7a5\uc744 \uc774\uc5b4\uac08 \uc218 \uc788\uc744\uc9c0\uc5d0 \ub300\ud55c \ud655\uc2e0\uc774 \ubd80\uc871\ud560 \ub54c \uc8fc\uc2dd\uc744 \ub358\uc9c0\ub294 \uacbd\ud5a5\uc774 \uc788\uc73c\uba70, \uc774\ub7ec\ud55c \ub9e4\ub3c4\uc138\uac00 4\ub9cc \uc6d0\ub300\uae4c\uc9c0\uc758 \uc8fc\uac00 \ud558\ub77d\uc744 \ubd80\ucd94\uae34 \uc2ec\ub9ac\uc801 \uc6d0\uc778\uc73c\ub85c \ud30c\uc545\ub41c\ub2e4.<\/p>\n\n\n\n

3.2. \uc218\uae09\uc758 \uc9c8\uc801 \ubcc0\ud654: \uc678\uad6d\uc778 \ubc0f \uae30\uad00\uc758 \uac15\ub825\ud55c \ub9e4\uc9d1<\/strong><\/h4>\n\n\n\n

\ub2e8\uae30\uc801\uc778 \uc8fc\uac00 \ucd9c\ub801\uc784\uacfc \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc758 \ud22c\uc2ec \uc545\ud654\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, \uc218\uae09\uc758 \uc9c8\uc801\uc778 \uce21\uba74\uc744 \ubd84\uc11d\ud574 \ubcf4\uba74 \ub9e4\uc6b0 \uc0c1\ubc18\ub41c \uacb0\uacfc\uac00 \ub3c4\ucd9c\ub41c\ub2e4. 2026\ub144 5\uc6d4 \ud604\uc7ac \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc5d0 \ub300\ud55c \uc678\uad6d\uc778\uacfc \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc758 \uc218\uae09\uc740 \uc720\ub840\uc5c6\uc774 \uacac\uc870\ud558\ub2e4. \uc7a5\uc911 \uc678\uad6d\uc778\uacfc \uae30\uad00\uc758 \ub3d9\uc2dc \uc21c\ub9e4\uc218\uac00 \uc9c0\uc18d\uc801\uc73c\ub85c \ud3ec\ucc29\ub418\uace0 \uc788\uc73c\uba70 8<\/sup>, \ud2b9\uc815 \uc8fc\uac04\uc5d0\ub294 \uae30\uad00\uc774 5\uc77c \uc5f0\uc18d\uc73c\ub85c 29.7\ub9cc \uc8fc\ub97c \uc21c\ub9e4\uc218\ud558\uba70 \ubb3c\ub7c9\uc744 \uc4f8\uc5b4 \ub2f4\ub294 \ud750\ub984\uc774 \uba85\ud655\ud788 \ud655\uc778\ub418\uc5c8\ub2e4.11<\/sup><\/p>\n\n\n\n

\ud2b9\ud788 \uc678\uad6d\uc778 \ubcf4\uc720 \ube44\uc911\uc758 \uc99d\uac00\ub294 \uc8fc\ubaa9\ud560 \ub9cc\ud55c \uc2dc\uadf8\ub110\uc774\ub2e4. \uacfc\uac70 12.5% \uc218\uc900\uc774\uc5c8\ub358 \uc678\uad6d\uc778 \uc9c0\ubd84\uc728\uc740 \uafb8\uc900\ud55c \uc6b0\uc0c1\ud5a5 \uace1\uc120\uc744 \uadf8\ub9ac\uba70 \ud604\uc7ac 20%\ub97c \uc0c1\ud68c\ud558\ub294 \uc218\uc900\uae4c\uc9c0 \uc62c\ub77c\uc120 \uac83\uc73c\ub85c \ud30c\uc545\ub41c\ub2e4.14<\/sup> 2026\ub144 \ub4e4\uc5b4 \uc678\uad6d\uc778\uc774 \ud55c\uad6d \uc99d\uc2dc \uc804\ubc18\uc5d0\uc11c 90\uc870 \uc6d0 \uaddc\ubaa8\uc758 \uc21c\ub9e4\ub3c4\ub97c \uae30\ub85d\ud558\uba70 \uc2dc\uc7a5 \ube44\uc911\uc744 \uc904\uc774\ub294 \uc640\uc911\uc5d0\ub3c4 \ud2b9\uc815 \uc885\ubaa9\uc5d0 \ub300\ud55c \uc9c0\ubd84\uc728\uc744 \uc774\ud1a0\ub85d \ub192\uc5ec\uac04\ub2e4\ub294 \uac83\uc740 16<\/sup>, \uc774\ub4e4\uc774 \ub2e8\uae30\uc801\uc778 \uc2e4\uc801 \ubcc0\ub3d9\uc131\uc774\ub098 \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc758 \ub9e4\ub3c4 \ud589\ub82c\uc5d0 \ub3d9\uc694\ud558\uc9c0 \uc54a\uace0 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 \ubcf4\uc720\ud55c \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc758 \uce90\ud30c \uc99d\uc124 \ud6a8\uacfc \ubc0f \ub2e4\uac00\uc62c \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5 \ub3c4\uc785\uc5d0 \ub300\ud55c \uc7a5\uae30\uc801 \ud380\ub354\uba58\ud138\uc744 \ud655\uc2e0\ud558\uace0 \uc788\uc74c\uc744 \uac15\ub825\ud788 \uc2dc\uc0ac\ud55c\ub2e4. \uacb0\uacfc\uc801\uc73c\ub85c \ud604\uc7ac\uc758 4~5\ub9cc \uc6d0\ub300 \ubc15\uc2a4\uad8c \uc7a5\uc138\ub294 \uae30\uc5c5 \uac00\uce58\uc758 \ud6fc\uc190\uc774 \uc544\ub2c8\ub77c, \uacfc\uac70\uc758 \ubaa8\uba58\ud140 \ud22c\uc790\uc790\ub4e4\uc774 \ub5a0\ub098\uace0 \ud380\ub354\uba58\ud138\uc744 \uc911\uc2dc\ud558\ub294 \uae30\uad00 \ubc0f \uc678\uad6d\uc778 \ud22c\uc790\uc790\ub85c \uc190\ubc14\ub01c\uc774 \uc77c\uc5b4\ub098\ub294 ‘\ubb3c\ub7c9 \uc18c\ud654 \ubc0f \uae30\ubc18 \ub2e4\uc9c0\uae30’\uc758 \uad6c\uac04\uc73c\ub85c \ud574\uc11d\ud568\uc774 \ud0c0\ub2f9\ud558\ub2e4.<\/p>\n\n\n\n

4. \uad6d\ub0b4 \uc720\uc0ac \uae30\uc5c5\uacfc\uc758 \uc0c1\ub300\uac00\uce58 \ube44\uad50 \ubd84\uc11d: \uc81c\uc8fc\ubc18\ub3c4\uccb4\uc640 \ub450\uc0b0\ud14c\uc2a4\ub098<\/strong><\/h3>\n\n\n\n

\uc8fc\uc8fc \uc785\uc7a5\uc5d0\uc11c \ubcf8\uc9c8\uc801\uc778 \uae30\uc5c5\uc758 \uc131\uc7a5\uc131\uc744 \uac00\ub2a0\ud558\uae30 \uc704\ud574\uc11c\ub294 \ub3d9\uc77c \uc139\ud130 \ub0b4 \uc720\uc0ac \uae30\uc5c5(Peer Group)\ub4e4\uc758 \uc2dc\uac00\ucd1d\uc561\uacfc \ubc38\ub958\uc5d0\uc774\uc158 \uc5ed\ud559\uc744 \ubd84\uc11d\ud574\uc57c \ud55c\ub2e4. \uc0ac\uc6a9\uc790\uc758 \uc9c8\uc758\uc5d0\uc11c \uac00\uc7a5 \ub0a0\uce74\ub85c\uc6b4 \uc9c0\uc801\uc740 \ud2b9\uc815 \uc2dc\uc810\uc5d0 \uc81c\uc8fc\ubc18\ub3c4\uccb4\uc758 \uc2dc\uac00\ucd1d\uc561\uc774 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc744 \uc5ed\uc804\ud558\uac70\ub098 \ub300\ub4f1\ud55c \uc218\uc900\uae4c\uc9c0 \uc62c\ub790\ub2e4\ub294 \uc810\uc774\ub2e4. \uc774\ub294 \ubc18\ub3c4\uccb4 \uac00\uce58\uc0ac\uc2ac \ub0b4\uc5d0\uc11c \uc790\ubcf8\uc9d1\uc57d\uc801(Asset-heavy) \uc0b0\uc5c5\uacfc \uc9c0\uc2dd\uc9d1\uc57d\uc801(Asset-light) \uc0b0\uc5c5\uc5d0 \ub300\ud55c \uc790\ubcf8 \uc2dc\uc7a5\uc758 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\uc5ec \ud328\ub7ec\ub2e4\uc784\uc774 \uc5bc\ub9c8\ub098 \uadf9\ub2e8\uc801\uc73c\ub85c \ub098\ub260 \uc218 \uc788\ub294\uc9c0\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc644\ubcbd\ud55c \uc0ac\ub840\ub2e4.<\/p>\n\n\n\n

4.1. \uc81c\uc8fc\ubc18\ub3c4\uccb4 \ud604\uc0c1: \uc628\ub514\ubc14\uc774\uc2a4 AI\uc640 \ud339\ub9ac\uc2a4 \ud504\ub9ac\ubbf8\uc5c4\uc758 \uadf9\ub300\ud654<\/strong><\/h4>\n\n\n\n

\uc81c\uc8fc\ubc18\ub3c4\uccb4\ub294 \uba54\uc778 \uba54\ubaa8\ub9ac\uac00 \uc544\ub2cc \uc2a4\ub9c8\ud2b8\ud3f0, \uac00\uc804, IoT \uae30\uae30 \ub4f1 \ubaa8\ubc14\uc77c \uae30\uae30\uc758 \ub450\ub1cc\ub97c \ubcf4\uc870\ud558\ub294 \ub0b8\ub4dc \uba40\ud2f0\uce69\ud328\ud0a4\uc9c0(MCP)\uc640 \uc800\uc804\ub825 \ubc18\ub3c4\uccb4(LPDDR) \uc124\uacc4\uc5d0 \ud2b9\ud654\ub41c \uad6d\ub0b4 \ub3c5\ubcf4\uc801\uc778 \ud339\ub9ac\uc2a4 \uae30\uc5c5\uc774\ub2e4.17<\/sup> \ucd5c\uadfc \uc778\uacf5\uc9c0\ub2a5\uc774 \ud074\ub77c\uc6b0\ub4dc \ub370\uc774\ud130\uc13c\ud130\uc758 \uac70\ub300\ud55c \uc11c\ubc84\ub97c \uac70\uce58\uc9c0 \uc54a\uace0 \uac1c\ubcc4 \uc2a4\ub9c8\ud2b8\ud3f0\uc774\ub098 PC \ub0b4\ubd80\uc5d0\uc11c \uc9c1\uc811 \uc5f0\uc0b0\uc744 \uc218\ud589\ud558\ub294 ‘\uc628\ub514\ubc14\uc774\uc2a4 AI(On-Device AI)’ \uae30\uc220\uc774 \ud3ed\ubc1c\uc801\uc73c\ub85c \ud655\uc0b0\ub428\uc5d0 \ub530\ub77c \ubc18\ub3c4\uccb4 \uc0b0\uc5c5\uc758 \uc9c0\ud615\ub3c4\uac00 \ud754\ub4e4\ub838\ub2e4.18<\/sup> \uc778\ud130\ub137 \uc5f0\uacb0 \uc5c6\uc774\ub3c4 \uc2e4\uc2dc\uac04 \ubc88\uc5ed, \uac1c\uc778\ud654\ub41c \ub370\uc774\ud130 \ucc98\ub9ac, \ud53c\uc9c0\uceec AI \uad6c\ub3d9\uc774 \uac00\ub2a5\ud574\uc9c0\uba74\uc11c \uc804\ub825 \uc18c\ubaa8\uac00 \uadf9\ub3c4\ub85c \uc801\uace0 \uae30\uae30 \ud0d1\uc7ac\uc5d0 \uc6a9\uc774\ud55c \uc800\uc6a9\ub7c9 \ub808\uac70\uc2dc \uba54\ubaa8\ub9ac\uc5d0 \ub300\ud55c \uc218\uc694\uac00 \ud3ed\uc99d\ud55c \uac83\uc774\ub2e4.17<\/sup><\/p>\n\n\n\n

\uc774\ub7ec\ud55c \uba54\uac00 \ud2b8\ub80c\ub4dc \uc18d\uc5d0\uc11c \uc81c\uc8fc\ubc18\ub3c4\uccb4\ub294 1\ubd84\uae30 \ub9e4\ucd9c\uc774 \uc804\ub144 \ub300\ube44 \ubb34\ub824 273% \uae09\uc99d\ud588\uace0, \uc601\uc5c5\uc774\uc775\ub960\uc740 37%\ub77c\ub294 \uacbd\uc774\uc801\uc778 \ub9c8\uc9c4\uc744 \ub2ec\uc131\ud588\ub2e4.21<\/sup> \ud339\ub9ac\uc2a4 \ube44\uc988\ub2c8\uc2a4\uc758 \ud2b9\uc131\uc0c1 \uc6e8\uc774\ud37c \uc544\uc6c3\uc18c\uc2f1\uc5d0 \uc758\uc874\ud558\ubbc0\ub85c \ub300\uaddc\ubaa8 \uacf5\uc7a5 \uc124\ube44\ub098 \uc720\ud615\uc790\uc0b0 \ud22c\uc790\uac00 \ud544\uc694 \uc5c6\ub2e4. \ub530\ub77c\uc11c \ub9e4\ucd9c\uc774 \uc99d\uac00\ud560 \ub54c \uace0\uc815\ube44 \ubd80\ub2f4 \uc5c6\uc774 \ud55c\uacc4\uc774\uc775\uc774 \uace0\uc2a4\ub780\ud788 \uc601\uc5c5\uc774\uc775\uc73c\ub85c \uc9c1\uacb0\ub418\ub294 \uc5c4\uccad\ub09c \uc601\uc5c5 \ub808\ubc84\ub9ac\uc9c0 \ud6a8\uacfc\ub97c \ub204\ub9b0 \uac83\uc774\ub2e4. \uc774\uc5d0 \ud798\uc785\uc5b4 \uc8fc\uac00\ub294 \ucd5c\uadfc 5\uc77c \ub9cc\uc5d0 37.7% \uae09\ub4f1\ud558\uba70 127,500\uc6d0 \uc120\uc744 \ud130\uce58\ud588\uace0 21<\/sup>, \uc2dc\uac00\ucd1d\uc561\uc740 \uc57d 2\uc870 6,000\uc5b5 \uc6d0 \uaddc\ubaa8\uae4c\uc9c0 \ud33d\ucc3d\ud558\uc5ec \uc2dc\uac00\ucd1d\uc561 \uc57d 2\uc870 9,000\uc5b5 ~ 3\uc870 4,000\uc5b5 \uc6d0 \uad6c\uac04\uc5d0 \uba38\ubb3c\ub358 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \ud131\ubc11\uae4c\uc9c0 \ucd94\uaca9\ud558\ub294 \uae30\uc5fc\uc744 \ud1a0\ud588\ub2e4.6<\/sup><\/p>\n\n\n\n

\ud22c\uc790\uc758 \uc2dc\uc0ac\uc810:<\/strong> \uc81c\uc8fc\ubc18\ub3c4\uccb4\uc758 \uc2dc\ucd1d\uc774 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc744 \uc704\ud611\ud55c \uac83\uc740 \uacb0\ucf54 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uc808\ub300 \uac00\uce58\uac00 \ud6fc\uc190\ub418\uc5b4\uc11c\uac00 \uc544\ub2c8\ub2e4. \uc628\ub514\ubc14\uc774\uc2a4 AI\ub77c\ub294 \uae00\ub85c\ubc8c \uba54\uac00 \ud14c\ub9c8\uc758 \ud575\uc2ec \uc218\ud61c\uc8fc\ub85c \ud339\ub9ac\uc2a4\uac00 \uc120\ud0dd\ubc1b\uc73c\uba74\uc11c ‘\uc131\uc7a5\uc8fc \ud504\ub9ac\ubbf8\uc5c4’\uc774 \ud3ed\ubc1c\uc801\uc73c\ub85c \ub367\uc50c\uc6cc\uc9c4 \ub9ac\ub808\uc774\ud305(Re-rating)\uc758 \uacb0\uacfc\ub2e4.20<\/sup> \ud558\uc9c0\ub9cc \ud339\ub9ac\uc2a4 \uae30\uc5c5\uc740 \uc804\ubc29 \uace0\uac1d\uc0ac\uc758 \ub2e8\uc77c \uce69 \uc138\ub300\uad50\uccb4 \uc2e4\ud328\ub098 \uae30\uc220 \ud2b8\ub80c\ub4dc \ubcc0\ud654 \uc2dc \ub9c9\ub300\ud55c \uc2e4\uc801 \ubcc0\ub3d9\uc131\uc744 \uac10\ub0b4\ud574\uc57c \ud558\ub294 \ub9ac\uc2a4\ud06c\ub97c \ub0b4\ud3ec\ud558\uace0 \uc788\ub2e4. \ubc18\uba74 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \ubc18\ub3c4\uccb4 \uc0b0\uc5c5 \uc804\uccb4\uc758 \ubb3c\ub3d9\ub7c9 \uc99d\uac00\uc5d0 \ube44\ub840\ud558\uc5ec \uc131\uc7a5\ud558\ub294 \uc778\ud504\ub77c\uc801 \uc131\uaca9\uc744 \ub760\ubbc0\ub85c, \ub9c8\uc9c4\uc728\uc758 \ubcc0\ub3d9\ud3ed\uc740 \uc791\uc9c0\ub9cc \uc911\uc7a5\uae30\uc801 \ud558\ubc29 \uacbd\uc9c1\uc131\uc740 \ud6e8\uc52c \uac15\ub825\ud558\ub2e4.<\/p>\n\n\n\n

4.2. \ub450\uc0b0\ud14c\uc2a4\ub098: \uc2dc\uc2a4\ud15c \ubc18\ub3c4\uccb4 \ud14c\uc2a4\ud2b8\uc758 \uc555\ub3c4\uc801 \ubc38\ub958\uc5d0\uc774\uc158<\/strong><\/h4>\n\n\n\n

\ub610 \ub2e4\ub978 \ube44\uad50\uad70\uc778 \ub450\uc0b0\ud14c\uc2a4\ub098\ub294 \ubc18\ub3c4\uccb4 \ud6c4\uacf5\uc815 \ub0b4\uc5d0\uc11c\ub3c4 \ud328\ud0a4\uc9d5\uc774 \uc544\ub2cc ‘\ud14c\uc2a4\ud2b8(Test)’ \uacf5\uc815\uc5d0 \ud2b9\ud654\ub41c \uae30\uc5c5\uc774\ub2e4. \ub450\uc0b0\ud14c\uc2a4\ub098\uc758 \ud604\uc7ac \uc2dc\uac00\ucd1d\uc561\uc740 \uc57d 3\uc870 3,166\uc5b5 \uc6d0\uc744 \uae30\ub85d \uc911\uc774\uba70 23<\/sup>, \uc8fc\uac00\ub294 17\ub9cc \uc6d0\ub300\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\ub2e4.24<\/sup> 2026\ub144 1\ubd84\uae30 \uae30\uc900 \ub9e4\ucd9c\uc561\uc740 \uc57d 768\uc5b5 \uc6d0\uc73c\ub85c \ud558\ub098\ub9c8\uc774\ud06c\ub860(5,077\uc5b5 \uc6d0)\uc758 15% \uc218\uc900\uc5d0 \ubd88\uacfc\ud558\uc9c0\ub9cc 26<\/sup>, \uae30\uc5c5 \uac00\uce58\ub294 \uc0ac\uc2e4\uc0c1 \ub300\ub4f1\ud55c \uc218\uc900\uc73c\ub85c \ud3c9\uac00\ubc1b\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\uc774\ub7ec\ud55c \uad34\ub9ac\ub294 \uc8fc\ub825 \uc0ac\uc5c5\uc758 \uc804\ubc29 \uc0b0\uc5c5 \ucc28\uc774\uc5d0\uc11c \uae30\uc778\ud55c\ub2e4. \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 \uba54\ubaa8\ub9ac \ube44\uc911\uc774 \ub192\uc740 \uad6c\uc870\ub77c\uba74, \ub450\uc0b0\ud14c\uc2a4\ub098\ub294 \ubaa8\ubc14\uc77c \uc560\ud50c\ub9ac\ucf00\uc774\uc158 \ud504\ub85c\uc138\uc11c(AP), \uc774\ubbf8\uc9c0\uc13c\uc11c(CIS) \ub4f1 \ub2e4\ud488\uc885 \uc18c\ub7c9 \uc0dd\uc0b0\uc758 \uace0\ubd80\uac00\uac00\uce58 \uc2dc\uc2a4\ud15c \ubc18\ub3c4\uccb4 \ud14c\uc2a4\ud2b8\uc5d0 \ud2b9\ud654\ub418\uc5b4 \uc788\ub2e4. \uc2dc\uc2a4\ud15c \ubc18\ub3c4\uccb4 \ud14c\uc2a4\ud2b8\ub294 \uac80\uc0ac \uc7a5\ube44\uc640 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc54c\uace0\ub9ac\uc998\uc758 \ucd5c\uc801\ud654\uac00 \ud544\uc218\uc801\uc774\ubbc0\ub85c \uace0\uac1d\uc0ac\uc758 \ubca4\ub354 \uad50\uccb4 \ube44\uc6a9(Switching Cost)\uc774 \ub9e4\uc6b0 \ub192\ub2e4. \ub530\ub77c\uc11c \uc2dc\uc7a5\uc740 \ub450\uc0b0\ud14c\uc2a4\ub098\uc758 \ub192\uc740 \ub9c8\uc9c4\uacfc \uc9c4\uc785\uc7a5\ubcbd\uc5d0 \ub9c9\ub300\ud55c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubd80\uc5ec\ud558\uace0 \uc788\uc73c\uba70, \uadf8 \uacb0\uacfc PBR 7.49\ubc30, PER 125.88\ubc30\ub77c\ub294 \ud30c\uaca9\uc801\uc778 \ubc38\ub958\uc5d0\uc774\uc158\uc744 \uc815\ub2f9\ud654\ud558\uace0 \uc788\ub2e4.23<\/sup> \ubc18\ub300\ub85c \ud574\uc11d\ud558\uba74, \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc5ed\uc2dc \ubcc4\ub3c4 \uae30\uc900 \ube44\uba54\ubaa8\ub9ac \ud328\ud0a4\uc9d5 \ube44\uc911\uc744 \uc810\uc9c4\uc801\uc73c\ub85c \ub192\uc5ec\uac00\uace0 \uc788\uc73c\ubbc0\ub85c 2<\/sup>, \ud5a5\ud6c4 \ube44\uba54\ubaa8\ub9ac \ube44\uc911 \uc784\uacc4\uc810 \ub3cc\ud30c \uc2dc \ud604\uc7ac\uc758 PER 20\ubc30 \uc218\uc900\uc5d0\uc11c \uc2dc\uc2a4\ud15c \ubc18\ub3c4\uccb4 \ud53c\uc5b4(Peer)\uc5d0 \uac78\ub9de\uc740 \uad6c\uc870\uc801 \uba40\ud2f0\ud50c \ud655\uc7a5\uc744 \uae30\ub300\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n\n

\uae30\uc5c5\uba85<\/strong><\/td>\ud575\uc2ec \ube44\uc988\ub2c8\uc2a4 \ubaa8\ub378<\/strong><\/td>\uc2dc\uac00\ucd1d\uc561 (\ucd94\uc815)<\/strong><\/td>2026\ub144 1Q \uc2e4\uc801 \uc694\uc57d<\/strong><\/td>\uc8fc\uc694 \ubc38\ub958\uc5d0\uc774\uc158 \uc9c0\ud45c<\/strong><\/td>\ud22c\uc790 \ud575\uc2ec \ub9ac\uc2a4\ud06c<\/strong><\/td><\/tr>
\ud558\ub098\ub9c8\uc774\ud06c\ub860<\/strong><\/td>\uae00\ub85c\ubc8c \uba54\ubaa8\ub9ac \ubc0f \ube44\uba54\ubaa8\ub9ac OSAT<\/td>\uc57d 3\uc870 4,362\uc5b5 \uc6d0 7<\/sup><\/td>\ub9e4\ucd9c 5,077\uc5b5 \uc6d0 12<\/sup><\/td>\uc774\uc775 \uae09\uc99d\uc73c\ub85c PER 22\ubc30\ub85c \uc555\ucd95 15<\/sup><\/td>\uc9c0\uc18d\uc801 CAPEX\uc5d0 \ub530\ub978 \uac10\uac00\uc0c1\uac01 \ubd80\ub2f4<\/td><\/tr>
\uc81c\uc8fc\ubc18\ub3c4\uccb4<\/strong><\/td>\uc628\ub514\ubc14\uc774\uc2a4 AI \ud2b9\ud654 \uc800\uc804\ub825 \uba54\ubaa8\ub9ac \ud339\ub9ac\uc2a4<\/td>\uc57d 2\uc870 6,038\uc5b5 \uc6d0 6<\/sup><\/td>\uc601\uc5c5\uc774\uc775\ub960 37% \ud3ed\ubc1c 21<\/sup><\/td>\ub9e4\ucd9c 273% \uae09\uc99d\uc5d0 \ub530\ub978 \ud504\ub9ac\ubbf8\uc5c4 21<\/sup><\/td>\ub2e8\uc77c \ud14c\ub9c8(AI) \ubc0f \ud2b9\uc815 \uce69 \uc218\uc694 \uc758\uc874\ub3c4 \uacfc\ub2e4<\/td><\/tr>
\ub450\uc0b0\ud14c\uc2a4\ub098<\/strong><\/td>\uc2dc\uc2a4\ud15c \ubc18\ub3c4\uccb4(AP, CIS) \ud14c\uc2a4\ud2b8 \ud558\uc6b0\uc2a4<\/td>\uc57d 3\uc870 3,166\uc5b5 \uc6d0 23<\/sup><\/td>\ub9e4\ucd9c 76.8\uc5b5 \uc6d0 \uc218\uc900 26<\/sup><\/td>PER 125\ubc30, PBR 7.4\ubc30 \uace0\ud3c9\uac00 \ud5a5\uc720 23<\/sup><\/td>\uc804\ubc29 \ubaa8\ubc14\uc77c \uc2a4\ub9c8\ud2b8\ud3f0 \uc218\uc694 \ub454\ud654 \uc2dc \ud0c0\uaca9<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

5. \uae00\ub85c\ubc8c OSAT \ub9ac\ub354\ub4e4\uacfc\uc758 \ubc38\ub958\uc5d0\uc774\uc158 \ubca4\uce58\ub9c8\ud0b9 \ubc0f \uc2dc\uc0ac\uc810<\/strong><\/h3>\n\n\n\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 \uacfc\uc5f0 5\ub9cc \uc6d0\ub300 \ubc15\uc2a4\uad8c\uc744 \ub6ab\uace0 \ub354 \ube44\uc0c1\ud560 \uc218 \uc788\ub294\uc9c0\ub97c \ud310\uac00\ub984\ud558\uae30 \uc704\ud574\uc11c\ub294 \uc2dc\uc57c\ub97c \ud655\uc7a5\ud558\uc5ec \ub300\ub9cc, \ubbf8\uad6d, \uc911\uad6d\uc758 \uae00\ub85c\ubc8c \ud1b1\ud2f0\uc5b4(Top-tier) OSAT \uae30\uc5c5\ub4e4\uacfc\uc758 \ube44\uad50\uac00 \ud544\uc218\uc801\uc774\ub2e4. \ud604\uc7ac \uae00\ub85c\ubc8c \ubc18\ub3c4\uccb4 \uacf5\uae09\ub9dd\uc5d0\uc11c ASE(\ub300\ub9cc), Amkor(\ubbf8\uad6d), JCET(\uc911\uad6d) \ub4f1 \uc120\ub3c4 \uae30\uc5c5\ub4e4\uc740 AI \ubc18\ub3c4\uccb4 \uac00\uc18d\uae30 \ubd90\uacfc \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5(Advanced Packaging) \uc218\uc694 \ud3ed\ubc1c\uc5d0 \ud798\uc785\uc5b4 \uc804\ub840 \uc5c6\ub294 \ubc38\ub958\uc5d0\uc774\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ud5a5\uc720\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

5.1. \uc570\ucf54 \ud14c\ud06c\ub180\ub85c\uc9c0 (Amkor Technology, AMKR)\uc758 \uc5ed\uc124<\/strong><\/h4>\n\n\n\n

\uae00\ub85c\ubc8c 2\uc704 OSAT \uc5c5\uccb4\uc778 \ubbf8\uad6d\uc758 \uc570\ucf54 \ud14c\ud06c\ub180\ub85c\uc9c0\ub294 2026\ub144 1\ubd84\uae30 16\uc5b5 8,500\ub9cc \ub2ec\ub7ec(\uc57d 2\uc870 3,000\uc5b5 \uc6d0)\uc758 \ub9c9\ub300\ud55c \ub9e4\ucd9c\uacfc 1\uc5b5 \ub2ec\ub7ec\uc758 \uc601\uc5c5\uc774\uc775\uc744 \uae30\ub85d\ud588\ub2e4.28<\/sup> \uadf8\ub7ec\ub098 \uc601\uc5c5\uc774\uc775\ub960 \uce21\uba74\uc5d0\uc11c\ub294 6.0%\ub97c \uae30\ub85d\ud558\uba70 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 14.2%\uc5d0 \ud06c\uac8c \ubbf8\uce58\uc9c0 \ubabb\ud588\ub2e4.2<\/sup> \ub180\ub78d\uac8c\ub3c4 \uc570\ucf54\uc758 \uc8fc\uac00\ub294 2025\ub144 \ub9d0 \uae30\uc900 PER 26.1\ubc30\uc5d0\uc11c \ucd5c\uadfc 42.4\ubc30(TTM \uae30\uc900)\uae4c\uc9c0 \ud3ed\ub4f1\ud558\uba70 \ub9c9\ub300\ud55c \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\uace0 \uc788\ub2e4.30<\/sup><\/p>\n\n\n\n

\uc774\ub7ec\ud55c \ubaa8\uc21c\uc801\uc778 \uace0\ud3c9\uac00\uc758 \ubc30\uacbd\uc740 \uc570\ucf54\uac00 \uc9c4\ud589 \uc911\uc778 ‘\ubbf8\ub798 \uae30\uc220\uc5d0 \ub300\ud55c \ub0b4\ub7ec\ud2f0\ube0c’\uc5d0 \uc788\ub2e4. \uc570\ucf54\ub294 2026\ub144 \uc5f0\uac04 \uc57d 25\uc5b5~30\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\ub294 \ub300\uaddc\ubaa8 \uc790\ubcf8 \uc9c0\ucd9c(CAPEX)\uc744 \uc608\uace0\ud558\uba70 \ubbf8\uad6d \uc560\ub9ac\uc870\ub098\uc8fc\uc5d0 \ucca8\ub2e8 AI \ubc18\ub3c4\uccb4 \ud328\ud0a4\uc9d5 \ub77c\uc778\uc744 \ub300\ub300\uc801\uc73c\ub85c \ud655\uc7a5\ud558\uace0 \uc788\ub2e4.29<\/sup> \uc2dc\uc7a5\uc740 \uc570\ucf54\uc758 \uc774\ub7ec\ud55c \uacf5\uaca9\uc801\uc778 \ud22c\uc790\uac00 \ub2e8\uae30\uc801\uc778 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF) \uc545\ud654\ub098 \uc790\ubcf8\uc218\uc775\ub960(ROIC) \ud558\ub77d\uc744 \ucd08\ub798\ud560 \uc218 \uc788\uc74c\uc744 \uc778\uc9c0\ud558\uba74\uc11c\ub3c4, \ud5a5\ud6c4 \uc5d4\ube44\ub514\uc544, AMD \ub4f1 \ube45\ud14c\ud06c\uc758 \ucca8\ub2e8 AI \ud328\ud0a4\uc9d5 \uc218\uc694\ub97c \ub3c5\uc2dd\ud560 \uac83\uc774\ub77c\ub294 \uc7a5\uae30\uc801 \uc131\uc7a5 \uc2a4\ud1a0\ub9ac\uc5d0 \ubca0\ud305\ud558\uba70 60\ub2ec\ub7ec \uc218\uc900\uc758 \uc801\uc815 \uac00\uce58\ub97c \uae30\uaebc\uc774 \uc9c0\ubd88\ud558\uace0 \uc788\ub294 \uac83\uc774\ub2e4.32<\/sup><\/p>\n\n\n\n

5.2. \ub300\ub9cc ASE \ubc0f \uc911\uad6d JCET \ub3d9\ud5a5<\/strong><\/h4>\n\n\n\n

\uae00\ub85c\ubc8c 1\uc704 \uc5c5\uccb4\uc778 \ub300\ub9cc\uc758 ASE Technology(ASX)\uc758 \uc704\uc0c1\ub3c4 \uad73\uac74\ud558\ub2e4. \uc2dc\uac00\ucd1d\uc561\uc774 \ubb34\ub824 19\uc870 7,000\uc5b5 \uc6d0\uc5d0 \ub2ec\ud558\uba70 33<\/sup>, TSMC\uc640\uc758 \uac15\ub825\ud55c \uc0dd\ud0dc\uacc4 \ud611\ub825\uc744 \ubc14\ud0d5\uc73c\ub85c TTM \uae30\uc900 PER 50.5\ubc30 \uc218\uc900\uc5d0\uc11c \uac70\ub798\ub418\uba70 \uc2dc\uc7a5\uc758 \uc555\ub3c4\uc801\uc778 \uc2e0\ub8b0\ub97c \ubc1b\uace0 \uc788\ub2e4.30<\/sup> \uc911\uad6d\uc758 JCET \uc5ed\uc2dc \uc790\uad6d \ub0b4 \ub808\uac70\uc2dc \uacf5\uc815\uc758 \uc548\uc815\uc801\uc778 \uc218\uae09\uacfc \uc911\uad6d \uc815\ubd80\uc758 \uac15\ub825\ud55c \ubc18\ub3c4\uccb4 \uad74\uae30 \uc9c0\uc6d0\uc5d0 \ud798\uc785\uc5b4 \uae00\ub85c\ubc8c \ud0d1 3\uc758 \uc704\uce58\ub97c \ubc29\uc5b4\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

\ubca4\uce58\ub9c8\ud06c \uc2dc\uc0ac\uc810:<\/strong> \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 2026\ub144 \uc120\ud589 PER\uc740 \uc218\uc775\uc131 \ud638\uc870\ub85c \uc778\ud574 17~22\ubc30 \uc218\uc900\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.2<\/sup> \uae00\ub85c\ubc8c 2\uc704\uc778 \uc570\ucf54(42\ubc30)\ub098 1\uc704 ASE(50\ubc30) \ub300\ube44 \uba85\ubc31\ud55c \ubc38\ub958\uc5d0\uc774\uc158 \ub514\uc2a4\uce74\uc6b4\ud2b8(Discount) \uc0c1\ud0dc\uc5d0 \ub193\uc5ec \uc788\ub2e4.30<\/sup> \uae00\ub85c\ubc8c \uc120\ub3c4 \uc5c5\uccb4\ub4e4\uc774 \ucca8\ub2e8 \ud328\ud0a4\uc9d5\uc744 \ubb34\uae30\ub85c 40\ubc30 \uc774\uc0c1\uc758 \uba40\ud2f0\ud50c\uc744 \uc2dc\uc7a5\uc5d0\uc11c \uc6a9\uc778\ubc1b\uace0 \uc788\ub2e4\uba74, \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc5ed\uc2dc \uae30\uc874\uc758 \ubc94\uc6a9 \uba54\ubaa8\ub9ac \ud328\ud0a4\uc9d5\uc774\ub77c\ub294 \ud55c\uacc4\ub97c \ub3cc\ud30c\ud560 \uae30\uc220\uc801 \ubaa8\uba58\ud140\uc774 \uac00\uc2dc\ud654\ub420 \uacbd\uc6b0 \ub2e8\uae30 \uace0\uc810\uc774\ub77c\ub294 \uc624\ud574\ub97c \ubc97\uace0 \uc570\ucf54 \uc218\uc900\uc758 \uba40\ud2f0\ud50c\uc744 \ucd94\uc885\ud558\ub294 \ud3ed\ubc1c\uc801\uc778 \ub9ac\ub808\uc774\ud305\uc774 \uac00\ub2a5\ud558\ub2e4\ub294 \uad6c\uc870\uc801 \uacb0\ub860\uc774 \ub3c4\ucd9c\ub41c\ub2e4.<\/p>\n\n\n\n

6. \ud575\uc2ec \uce74\ud0c8\ub9ac\uc2a4\ud2b8: 2.5D \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5 \ubc0f \uae30\uc220\uc801 \ud328\ub7ec\ub2e4\uc784 \uc804\ud658<\/strong><\/h3>\n\n\n\n

\ud22c\uc790\uc790\uc758 \uac00\uc7a5 \uc808\uc2e4\ud55c \uc9c8\ubb38\uc778 “\ub2e8\uae30 \uace0\uc810\uc778\uc9c0, \ub354 \uac08 \uc218 \uc788\ub294\uc9c0”\uc5d0 \ub300\ud55c \uad81\uadf9\uc801\uc778 \ud574\ub2f5\uc740 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 ‘\ucca8\ub2e8 \ud328\ud0a4\uc9d5(Advanced Packaging)’ \uae30\uc220 \uc5ed\ub7c9\uc744 \uc2dc\uc7a5\uc5d0 \uc785\uc99d\ud558\uc5ec \uae00\ub85c\ubc8c OSAT \ub9ac\ub354\ub4e4\ucc98\ub7fc \uba40\ud2f0\ud50c \ud655\uc7a5\uc744 \uc774\ub04c\uc5b4\ub0bc \uc218 \uc788\ub294\uc9c0\uc5d0 \ub2ec\ub824 \uc788\ub2e4.<\/p>\n\n\n\n

\ud604\uc7ac \uae00\ub85c\ubc8c AI \uac00\uc18d\uae30 \uc2dc\uc7a5\uc740 \uc804\ub840 \uc5c6\ub294 \ubcd1\ubaa9 \ud604\uc0c1\uc744 \uacaa\uace0 \uc788\ub2e4. \uace0\uc131\ub2a5 GPU\uc640 HBM(\uace0\ub300\uc5ed\ud3ed\uba54\ubaa8\ub9ac)\uc744 \uc5f0\uacb0\ud558\uae30 \uc704\ud574\uc11c\ub294 \uae30\ud310 \uc0ac\uc774\uc5d0 \uc587\uc740 \uc2e4\ub9ac\ucf58 \uc778\ud130\ud3ec\uc800(Interposer)\ub97c \uc0bd\uc785\ud558\uace0 \uc218\ub9ce\uc740 \ubbf8\uc138 \uad6c\uba4d(TSV)\uc744 \ub6ab\uc5b4 \ub370\uc774\ud130 \uc804\uc1a1 \ud1b5\ub85c\ub97c \uad6c\ucd95\ud558\ub294 2.5D \ud328\ud0a4\uc9d5 \uae30\uc220\uc774 \ud544\uc218\uc801\uc774\ub2e4.34<\/sup> \uadf8\ub7ec\ub098 \ud604\uc7ac \uc774 \uae30\uc220(CoWoS \ub4f1)\uc758 \uae00\ub85c\ubc8c \uc0dd\uc0b0 \uce90\ud30c\ub294 \ud30c\uc6b4\ub4dc\ub9ac 1\uc704 \uae30\uc5c5\uc778 TSMC\uac00 \ub300\ubd80\ubd84 \ub3c5\uc810\ud558\uace0 \uc788\uc73c\uba70, \ud3ed\uc99d\ud558\ub294 \uc5d4\ube44\ub514\uc544\ubc1c AI \uce69 \uc218\uc694\ub97c TSMC \ub2e8\ub3c5\uc73c\ub85c\ub294 \ubb3c\ub9ac\uc801\uc73c\ub85c \uac10\ub2f9\ud560 \uc218 \uc5c6\ub294 \ud55c\uacc4\uce58\uc5d0 \ub2e4\ub2e4\ub790\ub2e4.34<\/sup> \uacb0\uacfc\uc801\uc73c\ub85c \uae00\ub85c\ubc8c \ud339\ub9ac\uc2a4 \uace0\uac1d\uc0ac\ub4e4\uacfc \ud30c\uc6b4\ub4dc\ub9ac \uc5c5\uccb4\ub4e4\uc740 \ubd80\uc871\ud55c \ucca8\ub2e8 \ud328\ud0a4\uc9d5 \ubb3c\ub7c9\uc744 \uc678\ubd80 \uc804\ubb38 OSAT\ub85c \ubd84\uc0b0\ud574\uc57c \ud558\ub294 \uac15\ub825\ud55c \ud544\uc694\uc131\uc5d0 \uc9c1\uba74\ud588\ub2e4.<\/p>\n\n\n\n

6.1. 2.5D \ud328\ud0a4\uc9d5 R&D \uc644\ub8cc \ubc0f \uace0\uac1d\uc0ac \uae30\ubc18 \ud655\ubcf4<\/strong><\/h4>\n\n\n\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \uc774\ub7ec\ud55c \uac70\uc2dc\uc801 \uc0b0\uc5c5 \ud2b8\ub80c\ub4dc \ubcc0\ud654\ub97c \uc815\ud655\ud788 \ud0c0\uac9f\ud305\ud558\uc5ec \uc0c8\ub85c\uc6b4 \ub3c4\uc57d\uc744 \uc900\ube44\ud558\uace0 \uc788\ub2e4. \ub3d9\uc0ac\ub294 \uc774\ubbf8 2.5D \ud328\ud0a4\uc9d5 \ub77c\uc778\uc744 \uad6c\ucd95\ud55c \uc0c1\ud0dc\uc774\uba70, \uc774\ub974\uba74 \uc62c\ud574(2026\ub144) \uc5f0\ub9d0\uae4c\uc9c0 \uc5f0\uad6c\uac1c\ubc1c(R&D)\uc744 \uc644\uc218\ud560 \uacc4\ud68d\uc744 \ucc9c\uba85\ud588\ub2e4.34<\/sup><\/p>\n\n\n\n

\ubb34\uc5c7\ubcf4\ub2e4 \uace0\ubb34\uc801\uc778 \uc0ac\uc2e4\uc740 \uae30\uc220 \uac1c\ubc1c\uc774 \ub2e8\uc21c\ud55c \uccad\uc0ac\uc9c4\uc5d0 \uadf8\uce58\uc9c0 \uc54a\uace0 \uad6c\uccb4\uc801\uc778 \uc0c1\uc6a9\ud654 \ud2b8\ub799\uc5d0 \uc9c4\uc785\ud588\ub2e4\ub294 \uc810\uc774\ub2e4. \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \ud604\uc7ac \uad6d\ub0b4 \ub300\ud615 \uace0\uac1d\uc0ac 2\uacf3\uacfc \ubd81\ubbf8 \ud575\uc2ec \uace0\uac1d\uc0ac 1\uacf3 \ub4f1 \ucd1d 3\uacf3\uc758 \uace0\uac1d\uc0ac\ub97c \ud655\ubcf4\ud558\uc5ec 2.5D \ud328\ud0a4\uc9d5 \uc0d8\ud50c \ud14c\uc2a4\ud2b8\uc640 \uacf5\ub3d9 \uc5f0\uad6c\uac1c\ubc1c\uc744 \uae34\ubc00\ud788 \uc9c4\ud589 \uc911\uc774\ub2e4.34<\/sup> \uc5c5\uacc4 \uc18c\uc2dd\ud1b5\uacfc \ud68c\uc0ac \ub0b4\ubd80 \uc0ac\uc815\uc5d0 \uc815\ud1b5\ud55c \uad00\uacc4\uc790\ub4e4\uc5d0 \ub530\ub974\uba74, \uc774\ub974\uba74 \uc62c\ud574 \ub9d0 \uc774\ub4e4 3\uac1c \uace0\uac1d\uc0ac \uc911 \ucd5c\uc18c \ud55c \uacf3\uc5d0\uc11c \uc0d8\ud50c \ub2e8\uacc4\ub97c \uc131\uacf5\uc801\uc73c\ub85c \ud1b5\uacfc\ud558\uc5ec 2027\ub144\ubd80\ud130 \uc2e4\uc81c \ub300\ub7c9 \uc591\uc0b0(Mass Production) \uccb4\uc81c\ub85c \uc804\ud658\ud558\uae30 \uc704\ud55c \uad6c\uccb4\uc801 \ub17c\uc758\uac00 \uac1c\uc2dc\ub420 \uac83\uc73c\ub85c \uad00\uce21\ub41c\ub2e4.34<\/sup> \uc774\ub294 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uae30\uc5c5 \uac00\uce58\ub97c \uc644\uc804\ud788 \ub4a4\ubc14\uafc0 \uba54\uac00\ud1a4\uae09 \ud638\uc7ac\ub2e4.<\/p>\n\n\n\n

6.2. CPO(Co-Packaged Optics) \ud328\ud0a4\uc9d5\uc744 \ud1b5\ud55c \ucc28\uc138\ub300 \ub85c\ub4dc\ub9f5<\/strong><\/h4>\n\n\n\n

2.5D\ub97c \ub118\uc5b4\uc120 \ubbf8\ub798 \uae30\uc220\uc5d0 \ub300\ud55c \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \ub2e4\uac01\ud654\ub3c4 \ucc29\uc2e4\ud788 \uc9c4\ud589 \uc911\uc774\ub2e4. \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \ud55c\uad6d\uc804\uc790\uae30\uc220\uc5f0\uad6c\uc6d0(KETI)\uacfc \uacf5\ub3d9\uc73c\ub85c \uae30\uc874\uc758 \uad6c\ub9ac \ubc30\uc120 \ub300\uc2e0 \ube5b\uc744 \ub9e4\uac1c\ub85c \ud558\uc5ec \uce69 \uac04 \ub370\uc774\ud130 \ud1b5\uc2e0 \uc18d\ub3c4\ub97c \ube44\uc57d\uc801\uc73c\ub85c \ub04c\uc5b4\uc62c\ub9ac\ub294 ‘CPO(Co-Packaged Optics)’ \ub3c5\uc790 \uacf5\uc815\uc744 \uc120\ub3c4\uc801\uc73c\ub85c \uac1c\ubc1c\ud558\uace0 \uc788\ub2e4.34<\/sup> \ub354\ubd88\uc5b4 \ud55c\uad6d\uad11\uae30\uc220\uc6d0\uacfc\ub294 \ucca8\ub2e8 \uad11-\ubc18\ub3c4\uccb4 \uc735\ud569 \ud328\ud0a4\uc9d5 \ud14c\uc2a4\ud2b8\ubca0\ub4dc \uad6c\ucd95\uc744 \uad6c\uccb4\uc801\uc73c\ub85c \ub17c\uc758\ud558\uba70 \uc0dd\ud0dc\uacc4 \uc8fc\ub3c4\uad8c\uc744 \uc950\uae30 \uc704\ud55c \ud589\ubcf4\ub97c \uac00\uc18d\ud558\uace0 \uc788\ub2e4.34<\/sup><\/p>\n\n\n\n

\uc774\ub7ec\ud55c \uc77c\ub828\uc758 \ucca8\ub2e8 \ud328\ud0a4\uc9d5 \ubc38\ub958\uccb4\uc778 \uc9c4\uc785\uc740 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uc815\uccb4\uc131\uc744 180\ub3c4 \ubc14\uafb8\ub294 \uc0ac\uac74\uc774\ub2e4. \ub2e8\uc21c\ud788 \uba54\ubaa8\ub9ac \ubc18\ub3c4\uccb4\uc758 \uac00\uaca9 \uc0ac\uc774\ud074\uc5d0 \ud3b8\uc2b9\ud558\uc5ec \ub4f1\ub77d\uc744 \uac70\ub4ed\ud558\ub294 \ud558\uccad\uc5c5\uccb4\uc758 \ud55c\uacc4\ub97c \ub118\uc5b4, \uc778\uacf5\uc9c0\ub2a5 \uc2dc\ub300\uc758 \uc804\ub825 \uc18c\ubaa8\uc640 \ub370\uc774\ud130 \ubcd1\ubaa9 \ud604\uc0c1\uc744 \uad6c\uc870\uc801\uc73c\ub85c \ud574\uacb0\ud558\ub294 ‘\uc194\ub8e8\uc158 \ud504\ub85c\ubc14\uc774\ub354’\ub85c \uc9c0\uc704\uac00 \uaca9\uc0c1\ub418\ub294 \uac83\uc744 \uc758\ubbf8\ud55c\ub2e4. \uc2dc\uc7a5\uc774 \uc774 \uac00\uce58\ub97c \uc778\uc9c0\ud558\ub294 \uc21c\uac04, \uc55e\uc11c \uc5b8\uae09\ud55c \uc570\ucf54\ub098 ASE\uac00 \ubc1b\uace0 \uc788\ub294 40\ubc30 \uc774\uc0c1\uc758 P\/E \uba40\ud2f0\ud50c\uc740 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc5d0\uac8c\ub3c4 \uc815\ub2f9\ud558\uac8c \uc694\uad6c\ub420 \uc218 \uc788\ub294 \ubaa9\ud45c\uce58\uac00 \ub41c\ub2e4.<\/p>\n\n\n\n

7. \uc8fc\uc8fc \uad00\uc810\uc5d0\uc11c\uc758 \ud22c\uc790 \uc801\ud569\uc131 \ubc0f \ud5a5\ud6c4 \ubaa9\ud45c\uac00 \uc804\ub9dd<\/strong><\/h3>\n\n\n\n

\uc9c0\uae08\uae4c\uc9c0 \ubd84\uc11d\ud55c \uc7ac\ubb34 \ub370\uc774\ud130, \uc218\uae09 \uc5ed\ud559, \uae00\ub85c\ubc8c \ub3d9\uc885 \uc5c5\uacc4\uc758 \ubc38\ub958\uc5d0\uc774\uc158, \uadf8\ub9ac\uace0 \ubbf8\ub798 \ud575\uc2ec \uce74\ud0c8\ub9ac\uc2a4\ud2b8\ub97c \uc885\ud569\ud558\uc5ec, \uc8fc\uc8fc \uad00\uc810\uc5d0\uc11c \ud604\uc2dc\uc810\uc758 \ud22c\uc790 \uc801\ud569\uc131\uacfc \ud5a5\ud6c4 \uc8fc\uac00 \uc608\uc0c1 \uada4\uc801\uc744 \uc81c\uc2dc\ud55c\ub2e4.<\/p>\n\n\n\n

7.1. \ud604\uc7ac 4~5\ub9cc \uc6d0\ub300 \uc8fc\uac00\ub294 \ub2e8\uae30 \uace0\uc810\uc778\uac00?<\/strong><\/h4>\n\n\n\n

\uacb0\ub860\ubd80\ud130 \uba85\ud655\ud788 \ud558\uc790\uba74, \ud604\uc7ac \uc8fc\uac00 \uc218\uc900\uc740 \uae30\uc5c5\uc758 \ub0b4\uc7ac \uac00\uce58\uac00 \uc815\uc810\uc5d0 \ub2ec\ud55c \uad6c\uc870\uc801 \uace0\uc810\uc774 \uc544\ub2c8\ub77c, \uc608\uc0c1\uc744 \ub6f0\uc5b4\ub118\ub294 \ub300\uaddc\ubaa8 \uc2e4\uc801 \ud134\uc5b4\ub77c\uc6b4\ub4dc\ub97c \uc8fc\uac00\uc5d0 \ubb34\ub9ac \uc5c6\uc774 \uc18c\ud654\uc2dc\ud0a4\uae30 \uc704\ud55c ‘\uac74\uac15\ud55c \ud6a1\ubcf4 \ubc0f \uae30\uac04 \uc870\uc815 \uc7a5\uc138’\ub85c \ud310\ub2e8\ud558\ub294 \uac83\uc774 \ud0c0\ub2f9\ud558\ub2e4.1\ubd84\uae30\uc5d0 \ub2ec\uc131\ud55c \uc601\uc5c5\uc774\uc775\ub960 14.2%\uc640 \uc774\uc775 514% \uc99d\uac00\ub294 \ud658\uc728 \ubcc0\ub3d9\uacfc \uac19\uc740 \uc77c\ud68c\uc131 \ud638\uc7ac\uac00 \uc804\ubd80\ub294 \uc544\ub2c8\ub2e4.2<\/sup> \ube0c\ub77c\uc9c8 \ubc95\uc778\uc758 \uace0\ubd80\uac00\uac00\uce58 DDR5 \uc804\ud658\uacfc \uc131\uacf5\uc801\uc778 \ud310\uac00 \uc778\uc0c1, \uadf8\ub9ac\uace0 \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc758 \ubb3c\ub7c9 \uc99d\uac00\uc640 \ub2e8\uac00 \ud611\uc0c1\uc774\ub77c\ub294 \uad6c\uc870\uc801\uc778 \uccb4\uc9c8 \uac1c\uc120\uc774 \uadfc\uac04\uc744 \uc774\ub8e8\uace0 \uc788\ub2e4.2<\/sup> \ud2b9\ud788 \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc740 \ud604\uc7ac \uc9c4\ud589 \uc911\uc778 \ub300\uaddc\ubaa8 \uc99d\uc124\uc774 2026\ub144 \ud558\ubc18\uae30 \ub9c8\ubb34\ub9ac\ub418\uba74 \uaddc\ubaa8\uc758 \uacbd\uc81c\ub97c \ud1b5\ud55c \uc774\uc775\ub960 \ucd94\uac00 \ud38c\ud551\uc744 \uc608\uace0\ud558\uace0 \uc788\ub2e4.2<\/sup> \uc2e4\uc801\uc774 \uc9c0\uc18d\uc801\uc73c\ub85c \uc0c1\ud5a5\ub428\uc5d0 \ub530\ub77c PER \ubc38\ub958\uc5d0\uc774\uc158\uc740 17~22\ubc30 \uc218\uc900\uc73c\ub85c \uae09\uaca9\ud788 \uc555\ucd95\ub418\uc5c8\uc73c\ubbc0\ub85c 2<\/sup>, \ud604 \uc8fc\uac00\ub294 \uc2e4\uc801 \ub300\ube44 \uc624\ud788\ub824 \ud0c4\ud0c4\ud55c \ud558\ubc29 \uacbd\uc9c1\uc131\uc744 \ud655\ubcf4\ud55c \uc0c1\ud0dc\ub2e4. \uc678\uad6d\uc778\uacfc \uae30\uad00\uc774 4\ub9cc \uc6d0\ub300 \ucd08\uc911\ubc18\uc5d0\uc11c \uc9c0\uc18d\uc801\uc73c\ub85c \ubb3c\ub7c9\uc744 \uc4f8\uc5b4 \ub2f4\ub294 \uc774\uc720\uac00 \ubc14\ub85c \uc774 \ud558\ubc29 \uc9c0\uc9c0\ub825\uacfc \ud5a5\ud6c4 \uc131\uc7a5\uc131\uc5d0 \ub300\ud55c \ud655\uc2e0 \ub54c\ubb38\uc774\ub2e4.<\/p>\n\n\n\n

7.2. \uc81c\uc8fc\ubc18\ub3c4\uccb4 \ub4f1 \ud0c0 \ud14c\ub9c8\uc8fc\uc640\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc804\ub7b5 \ucc28\ubcc4\ud654<\/strong><\/h4>\n\n\n\n

\uc8fc\uc8fc \uc785\uc7a5\uc5d0\uc11c \uc628\ub514\ubc14\uc774\uc2a4 AI \ud14c\ub9c8\ub97c \ud0c0\uace0 \uc2dc\ucd1d\uc744 \uc5ed\uc804\uc2dc\ucf30\ub358 \uc81c\uc8fc\ubc18\ub3c4\uccb4 \ub4f1 \ud339\ub9ac\uc2a4 \uc8fc\uc2dd\uc758 \ub2e8\uae30 \uae09\ub4f1 \ud37c\ud3ec\uba3c\uc2a4\ub294 \uc2ec\ub9ac\uc801 \ubc15\ud0c8\uac10\uc744 \uc720\ubc1c\ud560 \uc218 \uc788\ub2e4.21<\/sup> \uadf8\ub7ec\ub098 \ud22c\uc790 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uad00\uc810\uc5d0\uc11c \uc774 \ub458\uc740 \uc644\uc804\ud788 \ub2e4\ub978 \uc131\uaca9\uc758 \uc790\uc0b0\uc73c\ub85c \uc811\uadfc\ud574\uc57c \ud55c\ub2e4. \uc81c\uc8fc\ubc18\ub3c4\uccb4\ub294 \uc628\ub514\ubc14\uc774\uc2a4 AI\ub77c\ub294 \ud2b8\ub80c\ub4dc \ucd08\uc785\uc5d0\uc11c \uac00\uc7a5 \ubbfc\uac10\ud558\uac8c \ubc18\uc751\ud558\uc5ec \ub9c8\uc9c4\uc744 \ud3ed\ubc1c\uc2dc\ud0a4\ub294 ‘\uc131\uc7a5 \ud3ed\ubc1c\ud615 \uacf5\uaca9\uc218’\uc5d0 \uac00\uae5d\ub2e4. \ubc18\uba74, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \uae00\ub85c\ubc8c \ubc18\ub3c4\uccb4 \ubb3c\ub3d9\ub7c9 \uc804\ubc18\uc758 \uc6b0\uc0c1\ud5a5 \uae30\uc870\uc640 \ube45\ud14c\ud06c \uae30\uc5c5\ub4e4\uc758 \ucca8\ub2e8 \ud328\ud0a4\uc9d5 \uce90\ud30c \ubd80\uc871\uc774\ub77c\ub294 \uac70\uc2dc\uc801 \ubcd1\ubaa9 \ud604\uc0c1\uc744 \ud574\uacb0\ud574 \uc8fc\ub294 \ubb35\uc9c1\ud55c ‘\uc778\ud504\ub77c \ubc29\uc5b4\uc218 \ubc0f \uae30\ubc18 \uc2dc\uc124’\uc758 \uc131\uaca9\uc744 \ub764\ub2e4. \uae00\ub85c\ubc8c \uacf5\uae09\ub9dd(\ubca0\ud2b8\ub0a8, \ube0c\ub77c\uc9c8 \uacf5\uc7a5) \ud3b8\uc785\uc5d0 \ub530\ub978 \ub192\uc740 \uc9c4\uc785\uc7a5\ubcbd\uacfc \ud604\uae08 \ucc3d\ucd9c\ub825\uc758 \uc548\uc815\uc131 \uce21\uba74\uc5d0\uc11c\ub294 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 \ubcf8\uc9c8\uc801\uc73c\ub85c \ub354 \uc6b0\uc6d4\ud55c \ub0b4\uad6c\uc131\uc744 \uc9c0\ub2c8\uace0 \uc788\ub2e4.<\/p>\n\n\n\n

7.3. \uc99d\uad8c\uac00 \ucee8\uc13c\uc11c\uc2a4\uc640 \ubc38\ub958\uc5d0\uc774\uc158 \ubaa9\ud45c\uce58 \uc804\ub9dd<\/strong><\/h4>\n\n\n\n

2026\ub144 5\uc6d4 \ud558\uc21c \uae30\uc900, \uad6d\ub0b4 \uc8fc\uc694 \uc99d\uad8c\uc0ac\ub4e4\uacfc \ub9ac\uc11c\uce58 \uc13c\ud130\ub4e4\uc740 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 1\ubd84\uae30 \ud638\uc2e4\uc801\uc744 \uae0d\uc815\uc801\uc73c\ub85c \uc18c\ud654\ud558\uba70 \ud5a5\ud6c4 \ubaa9\ud45c \uc8fc\uac00\ub97c \uc77c\uc81c\ud788 \uc0c1\ud5a5 \uc870\uc815\ud558\ub294 \ucd94\uc138\uc5d0 \uc788\ub2e4. \uba54\ub9ac\uce20\uc99d\uad8c\uc744 \ube44\ub86f\ud55c \uc720\ub825 \uae30\uad00\ub4e4\uc740 1\ubd84\uae30 \ub180\ub77c\uc6b4 \uc218\uc775\uc131\uc744 \ubc18\uc601\ud558\uc5ec \uae30\uc874 \ub300\ube44 \uc57d 28% \uc0c1\ud5a5\ub41c 55,000\uc6d0 \uc120\uc744 1\ucc28 \ubaa9\ud45c \uc8fc\uac00\ub85c \uc81c\uc2dc<\/strong>\ud558\uace0 \uc788\ub2e4.5<\/sup> \uacfc\uac70 38,000\uc6d0~40,000\uc6d0\uc744 \uc81c\uc2dc\ud558\ub358 \ubcf4\uc218\uc801\uc778 \ubaa8\ub378\ub4e4 \uc5ed\uc2dc \ud604\uc7ac\uc758 \ud3ed\ubc1c\uc801\uc778 \uc601\uc5c5\uc774\uc775 \uc0c1\uc2b9 \uc18d\ub3c4\ub97c \ubc18\uc601\ud558\uc5ec \ud0c0\uac9f \uba40\ud2f0\ud50c\uc744 \uc218\uc815\ud558\uace0 \uc788\ub294 \uad6d\uba74\uc774\ub2e4.14<\/sup>\ub2e4\ub9cc, \uc8fc\uc8fc \uc785\uc7a5\uc5d0\uc11c \uc774 55,000\uc6d0\uc774\ub77c\ub294 \uc218\uce58\ub294 2026\ub144 \uc5f0\uac04 \uc608\uc0c1 \uc2e4\uc801\uc5d0 \uae30\uc874\uc758 \ub808\uac70\uc2dc \uba54\ubaa8\ub9ac OSAT \uba40\ud2f0\ud50c(P\/E 17~20\ubc30)\uc744 \ubcf4\uc218\uc801\uc73c\ub85c \uc801\uc6a9\ud558\uc5ec \uc0b0\ucd9c\ud55c ‘1\ucc28 \uc800\ud56d\uc120’\uc5d0 \ubd88\uacfc\ud568\uc744 \uc778\uc9c0\ud574\uc57c \ud55c\ub2e4.2<\/sup> \ub9cc\uc77c \uc55e\uc11c \uc0c1\uc138\ud788 \uc11c\uc220\ud55c 2026\ub144 \uc5f0\ub9d0 2.5D \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5 \uc591\uc0b0 \ud14c\uc2a4\ud2b8\uc758 \uac00\uc2dc\ud654 \ubc0f \ubd81\ubbf8\/\uad6d\ub0b4 \uace0\uac1d\uc0ac\uc640\uc758 \ucd5c\uc885 \uacc4\uc57d \ub274\uc2a4\uac00 \uc790\ubcf8 \uc2dc\uc7a5\uc5d0 \uacf5\uc2dd\uc801\uc73c\ub85c \ubc1c\ud45c\ub420 \uacbd\uc6b0<\/strong>, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc5d0 \uc801\uc6a9\ub418\ub294 \ubc38\ub958\uc5d0\uc774\uc158 \uc7a3\ub300\ub294 \uc644\uc804\ud788 \ub2ec\ub77c\uc9c4\ub2e4. \uae00\ub85c\ubc8c \ud1b1\ud2f0\uc5b4 \uc5c5\uccb4\uc778 \uc554\ucf54\uc640 ASE\uac00 \uc801\uc6a9\ubc1b\ub294 \ucca8\ub2e8 \ud328\ud0a4\uc9d5 \ud504\ub9ac\ubbf8\uc5c4 \uba40\ud2f0\ud50c(\ucd5c\uc18c 25\ubc30\uc5d0\uc11c 30\ubc30 \uc774\uc0c1) \ub9ac\ub808\uc774\ud305\uc774 \ubcf8\uaca9\uc801\uc73c\ub85c \ucd09\ubc1c\ub420 \uac83\uc774\uba70 30<\/sup>, \uc774 \uacbd\uc6b0 \uc8fc\uac00\ub294 \uacfc\uac70 \uc2ec\ub9ac\uc801 \uc7a5\ubcbd\uc774\uc5c8\ub358 58,500\uc6d0\uc758 \ub2e8\uae30 \uc804\uace0\uc810\uc744 \uac70\ub798\ub7c9\uacfc \ud568\uaed8 \uac15\ud558\uac8c \ub3cc\ud30c\ud558\uc5ec \uc644\uc804\ud788 \uc0c8\ub85c\uc6b4 \ucc28\uc6d0\uc758 \uac00\uaca9\ub300\ub97c \ud615\uc131\ud560 \uac00\ub2a5\uc131\uc774 \ub300\ub2e8\ud788 \ub192\ub2e4.<\/p>\n\n\n\n

8. \uacb0\ub860 \ubc0f \uc885\ud569\uc801 \uc81c\uc5b8<\/strong><\/h3>\n\n\n\n

\ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc8fc\uc2dd\uc5d0 \ub300\ud55c \ud22c\uc790 \uc758\uc0ac\uacb0\uc815\uc744 \uace0\ubbfc\ud558\ub294 \uc8fc\uc8fc \ubc0f \uc7a0\uc7ac \ud22c\uc790\uc790\uac00 \ud604\uc2dc\uc810\uc5d0\uc11c \ubc18\ub4dc\uc2dc \uba85\uc2ec\ud574\uc57c \ud560 \ud575\uc2ec \uacb0\ub860\uc740 \ub2e4\uc74c\uacfc \uac19\uc774 \uc694\uc57d\ub41c\ub2e4.<\/p>\n\n\n\n

\uccab\uc9f8, \ud380\ub354\uba58\ud138\uc740 \uc758\uc2ec\uc758 \uc5ec\uc9c0 \uc5c6\uc774 \uc644\ubcbd\ud55c \ud134\uc5b4\ub77c\uc6b4\ub4dc\ub97c \uc774\ub8e8\uc5c8\ub2e4. ‘\uc608\uce21 \ub300\ube44 550% \ucd08\uacfc’\ub85c \uc624\uc778\ub420 \ub9cc\ud07c \uac15\ub82c\ud588\ub358 1\ubd84\uae30 \ub3d9\ud5a5\uc740, \uc2e4\uc81c\ub85c\ub294 \uc601\uc5c5\uc774\uc775\uc774 \uc804\ub144 \ub300\ube44 514% \ud3ed\uc99d\ud558\uba70 \uc99d\uad8c\uac00 \ucee8\uc13c\uc11c\uc2a4\ub97c 30%\ub098 \uc0c1\ud68c\ud55c \uba85\uba85\ubc31\ubc31\ud55c \uc5b4\ub2dd \uc11c\ud504\ub77c\uc774\uc988\uc600\ub2e4.2<\/sup> \ube0c\ub77c\uc9c8 \ubc95\uc778\uc758 \uace0\ub9c8\uc9c4 DDR5 \uce68\ud22c \ud6a8\uacfc\uc640 \ubca0\ud2b8\ub0a8 \ubc95\uc778\uc758 \uad6c\uc870\uc801 \ud751\uc790 \ud3ed \ud655\ub300\ub294 \uc77c\ud68c\uc131\uc774 \uc544\ub2c8\uba70, 2026\ub144 \ud558\ubc18\uae30 \ubca0\ud2b8\ub0a8 \uc99d\uc124 \uc644\ub8cc\uc640 \ud568\uaed8 \uc2e4\uc801 \uc131\uc7a5\uc744 \uacac\uc778\ud560 \uac15\ub825\ud558\uace0 \uc9c0\uc18d \uac00\ub2a5\ud55c \ub0b4\ubd80 \ub3d9\uc778\uc774\ub2e4.2<\/sup><\/p>\n\n\n\n

\ub458\uc9f8, \uc8fc\uac00\uc758 \ub2e8\uae30\uc801 \ub864\ub7ec\ucf54\uc2a4\ud130 \ud589\ubcf4\ub294 \uac00\uce58\uc758 \uad34\ub9ac\ub97c \uc881\ud788\ub294 \uac74\uc804\ud55c \ub178\uc774\uc988\ub2e4. \uc8fc\uac00\uac00 5\ub9cc \uc6d0\ub300\uc5d0\uc11c 4\ub9cc \uc6d0\ub300\ub85c \uae09\ub4f1\ub77d\uc744 \ubc18\ubcf5\ud558\ub294 \uac83\uc740 \ubc38\ub958\uc5d0\uc774\uc158 \uc815\uc0c1\ud654\ub97c \uc704\ud55c \uae30\uac04 \uc870\uc815\uc5d0 \ubd88\uacfc\ud558\ub2e4. \uc774 \ud6a1\ubcf4 \uad6c\uac04\uc5d0\uc11c \uc678\uad6d\uc778\uacfc \uae30\uad00 \ud22c\uc790\uc790\ub294 \ub2e8\uae30 \ub178\uc774\uc988\ub97c \ubb34\uc2dc\ud558\uace0 \uac15\ub825\ud55c \ub3d9\uc2dc \uc21c\ub9e4\uc218\ub97c \ud1b5\ud574 \ubcf4\uc720 \uc9c0\ubd84\uc728\uc744 20% \uc774\uc0c1\uc73c\ub85c \ud655\ub300\ud558\uba70 \uc911\uc7a5\uae30\uc801\uc778 \ub871(Long) \ud3ec\uc9c0\uc158 \ubca0\ud305\uc744 \ud655\uace0\ud788 \ub2e4\uc9c0\uace0 \uc788\ub2e4.8<\/sup> \uc2a4\ub9c8\ud2b8 \uba38\ub2c8\uc758 \uc774\ub7ec\ud55c \uc218\uae09 \ud589\ud0dc\ub294 \ud604 \uc8fc\uac00 \ub808\ubca8\uc774 \ud558\ubc29\uc73c\ub85c \uac15\ud558\uac8c \uc9c0\uc9c0\ubc1b\uace0 \uc788\uc74c\uc744 \ubc29\uc99d\ud55c\ub2e4.<\/p>\n\n\n\n

\uc14b\uc9f8, \uae00\ub85c\ubc8c \ud53c\uc5b4 \ubca4\uce58\ub9c8\ud06c \ub300\ube44 \ud604\uaca9\ud558\uac8c \uc5b5\ub20c\ub9b0 \ubc38\ub958\uc5d0\uc774\uc158\uc758 \ud574\uc18c\uac00 \uc784\ubc15\ud588\ub2e4. \uae00\ub85c\ubc8c AI \ubd90\uc744 \ud0c0\uace0 \uc554\ucf54(Amkor)\uc640 ASE\uac00 40~50\ubc30\uc758 \uace0\uacf5 PER \uba40\ud2f0\ud50c\uc744 \uc815\ub2f9\ud654\ubc1b\uace0 \uc788\ub294 \uc2dc\uc7a5 \ud658\uacbd\uc5d0\uc11c 30<\/sup>, \uc774\uc775\ub960\uc774 \uac1c\uc120\ub418\uba70 17~22\ubc30 \uc218\uc900\uc73c\ub85c \uba40\ud2f0\ud50c\uc774 \ud558\ub77d\ud55c \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc740 \uba85\ubc31\ud55c \uc800\ud3c9\uac00(Undervalued) \uc790\uc0b0\uc774\ub2e4.2<\/sup><\/p>\n\n\n\n

\ub9c8\uc9c0\ub9c9\uc73c\ub85c, 2026\ub144 \uc5f0\ub9d0\uc744 \uae30\uc810\uc73c\ub85c \ub3d9\uc0ac\uc758 \uc815\uccb4\uc131\uc744 \ub4a4\ubc14\uafc0 \ud3ed\ubc1c\uc801\uc778 \ud328\ub7ec\ub2e4\uc784 \uc2dc\ud504\ud2b8\uac00 \ub300\uae30\ud558\uace0 \uc788\ub2e4. \uac1c\ubc1c \uc644\ub8cc \ubc0f \ub0b4\ub144 \uc591\uc0b0 \uc804\ud658\uc774 \uc720\ub825\ud55c 2.5D \uc5b4\ub4dc\ubc34\uc2a4\ub4dc \ud328\ud0a4\uc9d5(\uad6d\ub0b4\uc678 3\uac1c \ud575\uc2ec \uace0\uac1d\uc0ac \ud14c\uc2a4\ud2b8 \uc911)\uacfc CPO \uae30\uc220 \uc0c1\uc6a9\ud654\ub294 34<\/sup>, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc744 \ub2e8\uc21c\ud55c \ubc94\uc6a9 \uba54\ubaa8\ub9ac \ud558\uccad\uc5c5\uccb4\uc5d0\uc11c \ubc97\uc5b4\ub098 \uae00\ub85c\ubc8c \ucca8\ub2e8 AI \ud328\ud0a4\uc9d5 \uc0dd\ud0dc\uacc4\uc758 \ucd1d\uc544\ub85c \uaca9\uc0c1\uc2dc\ud0ac \uac00\uc7a5 \ud30c\uad34\uc801\uc778 \ucd09\ub9e4\uc81c\ub2e4.<\/p>\n\n\n\n

\ub530\ub77c\uc11c \ud604\uc2dc\uc810\uc5d0\uc11c 4\ub9cc \uc6d0\ub300\uc758 \uc8fc\uac00 \ud754\ub4e4\ub9bc\uc5d0 \ud53c\ub85c\uac10\uc744 \ub290\uaef4 \ub2e8\uae30 \ucc28\uc775 \uc2e4\ud604\uc774\ub098 \uc123\ubd80\ub978 \ub9e4\ub3c4\uc5d0 \ub3d9\ucc38\ud558\ub294 \uac83\uc740 \uc9c0\uc591\ud574\uc57c \ud560 \ud22c\uc790 \ud615\ud0dc\ub2e4. \uc624\ud788\ub824 \uc99d\uad8c\uc0ac 1\ucc28 \ubaa9\ud45c\uac00\uc778 55,000\uc6d0\uc744 \uc911\uac04 \uae30\ucc29\uc9c0\ub85c \uc124\uc815\ud558\uace0 5<\/sup>, 2026\ub144 \uc5f0\ub9d0 2.5D \ud328\ud0a4\uc9d5 \uc0c1\uc6a9\ud654 \ubaa8\uba58\ud140\uc774 \ud604\uc2e4\ud654\ub418\uc5b4 \uae00\ub85c\ubc8c \uba40\ud2f0\ud50c \uac2d(Gap)\uc774 \uba54\uc6cc\uc9c0\ub294 \uad6c\uc870\uc801 \ub9ac\ub808\uc774\ud305\uc758 \uc21c\uac04\uae4c\uc9c0 \uc778\ub0b4\uc2ec\uc744 \uac16\uace0 \ubcf4\uc720 \ube44\uc911\uc744 \uad73\uac74\ud788 \uc720\uc9c0\ud558\uac70\ub098 \ud6a1\ubcf4 \uc2dc \ubd84\ud560 \ub9e4\uc218\ub85c \ub300\uc751\ud558\ub294 \uc804\ub7b5\uc774 \ubc18\ub3c4\uccb4 \uc288\ud37c\uc0ac\uc774\ud074\uacfc AI \uba54\uac00 \ud2b8\ub80c\ub4dc\uc5d0 \uc644\ubcbd\ud788 \ubd80\ud569\ud558\ub294 \uac00\uc7a5 \ud604\uba85\ud558\uace0 \ud569\ub9ac\uc801\uc778 \ud380\ub354\uba58\ud138 \ud22c\uc790 \uc804\ub7b5\uc77c \uac83\uc774\ub2e4. \ubc18\ub3c4\uccb4 \ud6c4\uacf5\uc815 \uc0b0\uc5c5\uc758 \uc5ed\uc0ac\uc5d0\uc11c 2026\ub144\uc740 \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc774 \uae00\ub85c\ubc8c \ucca8\ub2e8 \uacf5\uae09\ub9dd\uc758 \uc8fc\uc5ed\uc73c\ub85c \ube44\uc0c1\ud558\ub294 \uae30\ub150\ube44\uc801\uc778 \uc6d0\ub144\uc73c\ub85c \uae30\ub85d\ub420 \uac00\ub2a5\uc131\uc774 \ud06c\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n\n\n\n

\n\n\n\n

\ucc38\uace0 \uc790\ub8cc<\/strong><\/h4>\n\n\n\n
    \n
  1. Hana Micron Inc \uc758\uacac \uc608\uc0c1\uce58 (067310) – Investing.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/kr.investing.com\/equities\/hana-micron-inc-consensus-estimates<\/a><\/li>\n\n\n\n
  2. \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uae30\uc5c5 \ubd84\uc11d \ubcf4\uace0\uc11c [\uba54\ub9ac\uce20\uc99d\uad8c] – \ud558\uc774\ubd88\uc2a4(Hi,Bulls), 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/hibulls.com\/?kboard_content_redirect=417<\/a><\/li>\n\n\n\n
  3. \ud558\ub098\ub9c8\uc774\ud06c\ub860(067310) – \uba54\ub9ac\uce20\uc99d\uad8c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, http:\/\/home.imeritz.com\/include\/resource\/research\/WorkFlow\/20260514203624348K_02.pdf<\/a><\/li>\n\n\n\n
  4. <\ucf54>\ud558\ub098\ub9c8\uc774\ud06c\ub860, \ub9e4\ub3c4\uc794\ub7c9 550% \uae09\uc99d – \uc11c\uc6b8\uacbd\uc81c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/m.sedaily.com\/amparticle\/13672209<\/a><\/li>\n\n\n\n
  5. Jia’s Report Hana Micron: Target Price Raised 1Q26 Review – YouTube, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.youtube.com\/shorts\/YaMmb4as0wI<\/a><\/li>\n\n\n\n
  6. \uc81c\uc8fc\ubc18\ub3c4\uccb4 – \uacbd\uc7c1\uc0ac\ubd84\uc11d – \uae30\uc5c5\ubaa8\ub2c8\ud130, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/comp.wisereport.co.kr\/company\/c1060001.aspx?cmp_cd=080220&cn=<\/a><\/li>\n\n\n\n
  7. \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc885\ubaa9 \uc0c1\uc138 \uc815\ubcf4 \ud655\uc778\ud558\uae30 – \uc99d\uad8c\ud50c\ub7ec\uc2a4, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.stockplus.com\/m\/stocks\/KOREA-A067310<\/a><\/li>\n\n\n\n
  8. [\uc7a5\uc911\uc218\uae09\ud3ec\ucc29] \ud558\ub098\ub9c8\uc774\ud06c\ub860, \uc678\uad6d\uc778\/\uae30\uad00 \ub3d9\uc2dc \uc21c\ub9e4\uc218\u2026 \uc8fc\uac00 +22.25% – \ub274\uc2a4\ud54c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.newspim.com\/news\/view\/20260521000760<\/a><\/li>\n\n\n\n
  9. [\uc7a5\uc911\uc218\uae09\ud3ec\ucc29] \ud558\ub098\ub9c8\uc774\ud06c\ub860, \uc678\uad6d\uc778\/\uae30\uad00 \ub3d9\uc2dc \uc21c\ub9e4\uc218\u2026 \uc8fc\uac00 +2.94% – \ub274\uc2a4\ud54c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.newspim.com\/news\/view\/20260520000334<\/a><\/li>\n\n\n\n
  10. [\uc7a5\uc911\uc218\uae09\ud3ec\ucc29] \ud558\ub098\ub9c8\uc774\ud06c\ub860, \uc678\uad6d\uc778\/\uae30\uad00 \ub3d9\uc2dc \uc21c\ub9e4\uc218\u2026 \uc8fc\uac00 +16.37% – \ub274\uc2a4\ud54c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.newspim.com\/news\/view\/20260515000587<\/a><\/li>\n\n\n\n
  11. \ud558\ub098\ub9c8\uc774\ud06c\ub860 52\uc8fc \uc2e0\uace0\uac00 \uacbd\uc2e0, \uae30\uad00 5\uc77c \uc5f0\uc18d \uc21c\ub9e4\uc218(29.7\ub9cc\uc8fc) – \ud55c\uad6d\uacbd\uc81c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.hankyung.com\/article\/202605158196L<\/a><\/li>\n\n\n\n
  12. 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/kr.investing.com\/equities\/hana-micron-inc-earnings<\/a><\/li>\n\n\n\n
  13. [\uae09\ub4f1\uc8fc \ud575\uc2ec\uccb4\ud06c] \ud558\ub098\ub9c8\uc774\ud06c\ub860, \ud574\uc678\uc790\ud68c\uc0ac \uc190\uc775 \uac1c\uc120\uc73c\ub85c \uc62c\ud574 \uc218\uc775 \ud638\uc804\ub420\uae4c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, http:\/\/www.dailyinvest.kr\/news\/articleView.html?idxno=70720<\/a><\/li>\n\n\n\n
  14. \ud558\ub098\ub9c8\uc774\ud06c\ub860(067310), 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/ssl.pstatic.net\/imgstock\/upload\/research\/company\/1700094603536.pdf<\/a><\/li>\n\n\n\n
  15. \ud558\ub098\ub9c8\uc774\ud06c\ub860 – \uae30\uc5c5\ud604\ud669 – \uae30\uc5c5\ubaa8\ub2c8\ud130 – \uc0bc\uc131\uc804\uc790, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/comp.wisereport.co.kr\/company\/c1010001.aspx?cmp_cd=067310<\/a><\/li>\n\n\n\n
  16. \uc678\uc778 \ud55c\uad6d\uc99d\uc2dc \ube44\uc911, \uc62c\ub4e4\uc5b4 90\uc870\uc6d0 \uc21c\ub9e4\ub3c4\uc5d0\ub3c4 \ubd88\uad6c \uc0ac\uc0c1 \ucd5c\uace0\uce58…\uc678\uc778 \uc9c0\ubd84\uc728, 38.5%, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.beyondpost.co.kr\/view.php?ud=2026052009595310942aaae0046f_30<\/a><\/li>\n\n\n\n
  17. [\ub2e8\ub3c5] \ub808\uac70\uc2dc \ubc18\ub3c4\uccb4\uc758 \uae30\uc2b5 -> \uc81c\uc8fc\ubc18\ub3c4\uccb4, \uae00\ub85c\ubc8c AP \uac70\ub450\ub4e4\uacfc \uacf5\uae09\ub9dd \uc804\uaca9 \ud655\uc815 => \uc628\ub514\ubc14\uc774\uc2a4 AI \ud0d1\uc7ac \uc5f4\ud48d = \uc800\uc804\ub825 \ud339\ub9ac\uc2a4 \uc808\ub300\uac15\uc790 \uc81c\uc8fc\ubc18\ub3c4\uccb4 \uc2e4\uc801 \uc2e0\uae30\ub85d \uc815\uc870\uc900, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, http:\/\/www.thedailymoney.com\/news\/articleView.html?idxno=1140316<\/a><\/li>\n\n\n\n
  18. \uc2a4\ub9c8\ud2b8\uae30\uae30\uc758 \ub1cc\ub97c \uae68\uc6b4\ub2e4… \uc81c\uc8fc\ubc18\ub3c4\uccb4, \ud53c\uc9c0\uceec AI \uc2dc\ub300 \uc9c1\uc811\uc801 \uc218\ud61c \ubd80\uac01, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.pinpointnews.co.kr\/news\/articleView.html?idxno=454467<\/a><\/li>\n\n\n\n
  19. 1\ub144\ub9cc\uc5d0 14\ubc30\uac00 \uc62c\ub790\ub2e4\uace0? \uc800\uc804\ub825\ubc18\ub3c4\uccb4 \uad00\ub828\uc8fc, \uc81c\uc8fc\ubc18\ub3c4\uccb4 \uc8fc\uac00 \uc804\ub9dd, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/contents.premium.naver.com\/protact\/economy\/contents\/260525094545301ds<\/a><\/li>\n\n\n\n
  20. \uc628\ub514\ubc14\uc774\uc2a4 AI \uc218\ud61c \ubd80\uac01\u2026\uc81c\uc8fc\ubc18\ub3c4\uccb4, \ubc18\ub3c4\uccb4 \ub7a0\ub9ac \uc911\uc2ec\uc5d0 \uc11c\ub2e4 – \ubaa8\ubc14\uc77c\ud55c\uacbd, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/plus.hankyung.com\/apps\/newsinside.view?aid=202604281778a&category=&sns=y<\/a><\/li>\n\n\n\n
  21. \uc81c\uc8fc\ubc18\ub3c4\uccb4: \uc694\uc998 \ud56b\ud55c \uc628\ub514\ubc14\uc774\uc2a4 AI\uc758 \uac00\uc7a5 \ud070 \uc218\ud61c\uc8fc, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.mydailybyte.com\/littlebit\/plus\/top-pick-2026-05-22<\/a><\/li>\n\n\n\n
  22. \uc81c\uc8fc\ubc18\ub3c4\uccb4 \uc8fc\uac00 26% \ud3ed\ub4f1\u2026 \uc628\ub514\ubc14\uc774\uc2a4 AI \uc218\ud61c \uae30\ub300\uac10 \ubd80\uac01, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.job-post.co.kr\/news\/articleView.html?idxno=216542<\/a><\/li>\n\n\n\n
  23. \ub450\uc0b0\ud14c\uc2a4\ub098(131970) \uc2e4\uc801, \uc7ac\ubb34\uc81c\ud45c, \uae30\uc5c5\uc815\ubcf4\ub97c \ud55c\ub208\uc5d0 – \ubc84\ud2c0\ub7ec, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.butler.works\/ko\/companies\/00563545<\/a><\/li>\n\n\n\n
  24. \ub450\uc0b0\ud14c\uc2a4\ub098 \uc8fc\uac00 – \uc2e4\uc2dc\uac04 \ucc28\ud2b8 \u00b7 \uc8fc\uac00 \uc804\ub9dd \u00b7 \ud22c\uc790\uc815\ubcf4 – \uc54c\ud30c\uc2a4\ud018\uc5b4, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/alphasquare.co.kr\/home\/stock-summary?code=131970<\/a><\/li>\n\n\n\n
  25. \ub450\uc0b0\ud14c\uc2a4\ub098 \uc885\ubaa9 \uc0c1\uc138 \uc815\ubcf4 \ud655\uc778\ud558\uae30 – \uc99d\uad8c\ud50c\ub7ec\uc2a4, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.stockplus.com\/m\/stocks\/KOREA-A131970<\/a><\/li>\n\n\n\n
  26. \ub450\uc0b0\ud14c\uc2a4\ub098 – \ud2b8\ub808\uc774\ub529\ubdf0, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/kr.tradingview.com\/symbols\/KRX-131970\/<\/a><\/li>\n\n\n\n
  27. \ub450\uc0b0\ud14c\uc2a4\ub098 (131970), 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/kr.investing.com\/equities\/tesna-inc<\/a><\/li>\n\n\n\n
  28. Amkor Technology Reports Financial Results for the First Quarter 2026, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/ir.amkor.com\/news-releases\/news-release-details\/amkor-technology-reports-financial-results-first-quarter-2026<\/a><\/li>\n\n\n\n
  29. Amkor Technology Reports Financial Results for the First Quarter 2026 \u2022, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/ir.amkor.com\/static-files\/ae18a55d-51f6-49cf-9eac-15f2ce3bf1d3<\/a><\/li>\n\n\n\n
  30. Amkor Technology (AMKR) – P\/E ratio – Companies Market Cap, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/companiesmarketcap.com\/amkor-technology\/pe-ratio\/<\/a><\/li>\n\n\n\n
  31. AMKR – Amkor Technology PE ratio, current and historical analysis – FullRatio, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/fullratio.com\/stocks\/nasdaq-amkr\/pe-ratio<\/a><\/li>\n\n\n\n
  32. A Look At Amkor Technology (AMKR) Valuation After 2026 Investor Day And Arizona Packaging Expansion Plans, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/simplywall.st\/stocks\/us\/semiconductors\/nasdaq-amkr\/amkor-technology\/news\/a-look-at-amkor-technology-amkr-valuation-after-2026-investo\/amp<\/a><\/li>\n\n\n\n
  33. ASE Technology(3711.TT) – eugenefn.com, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/www.eugenefn.com\/comm\/vkdlfekdns.do?msgId=399344<\/a><\/li>\n\n\n\n
  34. \ud558\ub098\ub9c8\uc774\ud06c\ub860, 2.5D \ud328\ud0a4\uc9d5 \uc5f0\ub9d0 \uac1c\ubc1c \uc644\ub8cc\u2026”\uace0\uac1d\uc0ac 3\uacf3 \ud655\ubcf4” – Daum, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/v.daum.net\/v\/20260427111453927<\/a><\/li>\n\n\n\n
  35. \ud558\ub098\ub9c8\uc774\ud06c\ub860-\ucee8\uc13c\uc11c\uc2a4 | \ud55c\uad6d\uacbd\uc81c, 5\uc6d4 26, 2026\uc5d0 \uc561\uc138\uc2a4, https:\/\/markets.hankyung.com\/stock\/067310\/consensus<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \ud558\ub098\ub9c8\uc774\ud06c\ub860 \ubc0f \uae00\ub85c\ubc8c \ubc18\ub3c4\uccb4 \ud6c4\uacf5\uc815(OSAT)\u00b7\ud339\ub9ac\uc2a4 \uc0b0\uc5c5 \uc2ec\uce35 \ubd84\uc11d \ubcf4\uace0\uc11c:\uc2e4\uc801 \ud134\uc5b4\ub77c\uc6b4\ub4dc, \ubc38\ub958\uc5d0\uc774\uc158 \uc7ac\ud3c9\uac00 \ubc0f \uc7a5\uae30 \uc131\uc7a5 \uc804\ub9dd \uba3c\uc800 \uae00 \uc791\uc131 \uc2dc\uc810\uc5d0\uc11c\uc758 \ud558\ub098\ub9c8\uc774\ud06c\ub860 \uc8fc\uac00 \ubd84\uc11d\ud45c\ub97c \ucca8\ubd80\ud55c\ub2e4. \uac1c\uc778\uc801\uc73c\ub85c, \ud558\ub098\ub9c8\uc774\ud06c\ub860\uc758 \uc2e4\uc801 \ub300\ube44 \uc800\ud3c9\uac00\ub77c\uace0 \uc0dd\uac01\ud558\uba70, \ud574\ub2f9 \uc758\uacac\uc774 \uc774 \ub9ac\ud3ec\ud2b8\uc5d0 \uc0c1\ub2f9\ud788 \ud3ec\ud568\ub418\uc5b4\uc788\uc744 \uc218 \uc788\ub2e4.\ubcf8 \ub9ac\ud3ec\ud2b8\ub294 AI\uc640 \ud568\uaed8 \ubd84\uc11d\ud55c \ub0b4\uc6a9\uc73c\ub85c, \ud22c\uc790 \ucc38\uace0\uc6a9\uc774\uba70, \ud310\ub2e8\uc758 \ucc45\uc784\uc740 \uac1c\uc778\uc5d0\uac8c \uc788\uc74c\uc744 \uc720\uc758\ud558\uae38 \ub354 \uc77d\uae30<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[58,59],"class_list":["post-212","post","type-post","status-publish","format-standard","hentry","category-38","tag-ai","tag-59"],"_links":{"self":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=212"}],"version-history":[{"count":3,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/212\/revisions"}],"predecessor-version":[{"id":217,"href":"https:\/\/www.arphile.net\/index.php?rest_route=\/wp\/v2\/posts\/212\/revisions\/217"}],"wp:attachment":[{"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arphile.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}