AI가 쏘아 올린 삼성의 대반격: 기판에서 지주회사까지, 밸류에이션의 재발견 > 뉴스

Samsung Electro-Mechanics' rise began with an explosion in demand for FC-BGA (flip chip ball grid array), a high-performance board for AI servers. As the AI ​​server market, which is the core of data centers, is growing exponentially, the value of high-value boards that organically connect semiconductor chips to motherboards is soaring like the price of gold. Samsung Electro-Mechanics has already established an unrivaled mass production system in the server FC-BGA field and is receiving a lot of love calls from global big tech companies. The review of expansion of the Sejong plant and the large-scale investment plan in Vietnam are interpreted as strategic moves to overcome this supply shortage and solidify market dominance. Securities companies have significantly raised their target stock prices to reflect this growth potential, assessing that Samsung Electro-Mechanics has established itself as a key partner in the AI ​​ecosystem beyond a simple parts manufacturer.

Samsung Electro-Mechanics' growth is not limited to just substrates, and it is equipped with two additional powerful engines: MLCC (Multilayer Ceramic Capacitor) and Silicon Capacitor. As the demand for AI servers and electronic components coincided, MLCC was reorganized into a supplier-dominant market, which naturally resulted in a virtuous cycle of price increases and improved profitability. In particular, silicon capacitors, which are being promoted as a new business, guarantee high profit margins through fabless production efficiency and are serving as a catalyst to raise Samsung Electro-Mechanics' valuation to the next level. In a situation where global big techs are lining up to secure high-performance components, the prevailing analysis is that Samsung Electro-Mechanics has reached a strategic position where it goes beyond being a simple manufacturer and holds pricing power based on its technological capabilities.

If Samsung Electro-Mechanics' achievement is technological innovation, Samsung C&T is holding the group's center of gravity through the synergy between the value of its holdings and its main business. As the stock prices of major affiliates, including Samsung Electronics, soar due to the AI ​​craze, the asset value of Samsung C&T, which holds a large stake in these companies, is also enjoying the effect of rising. Not only has the equity valuation increased, but the company's unrivaled construction capabilities in the high-tech field, such as the construction of the Pyeongtaek semiconductor plant, and securing future sources of business, such as nuclear power plant projects in Vietnam and Romania, are fundamental driving forces behind the stock price rise. Securities companies agree that Samsung C&T is maximizing its appeal as a holding company, and with the strengthened shareholder return policy, it has become an attractive investment destination with constant buying momentum from foreign investors.

Of course, shadows also exist in this process of rapid growth and change. The labor and management of Samsung Electro-Mechanics are unable to narrow down their differences over the resources for calculating performance bonuses, and this is leading to conflict within the organization, which is escalating into a hard-line response such as reviewing membership in the Federation of Korean Trade Unions. The expansion of the union's power and the movement to secure majority union status are likely to act as new variables in the company's business environment. In addition, as stock prices have recently surged in a short period of time, volatility in the market is increasing, so investors need to take a cautious approach. Although the company's fundamentals have become stronger, there are concerns that it could become an obstacle to sustainable growth if reasonable communication between management and the union and labor-management harmony are not supported.