Samsung Electro-Mechanics is being re-evaluated as a key beneficiary leading the expansion of the artificial intelligence (AI) semiconductor market and the reorganization of the global supply chain. In particular, its mid- to long-term growth potential centered around FC-BGA (Flip Chip Ball Grid Array), a high-value-added semiconductor substrate, is receiving high praise from the securities sector.

On the 5th, Mirae Asset Securities maintained its 'Buy' investment opinion and a target price of 2.8 million won for Samsung Electro-Mechanics. The core reasons cited were the competitiveness of its FC-BGA business, which has established itself as an essential component in the era of AI semiconductors, and the possibility of structural benefits from the supply chain reorganization shifting away from China.

FC-BGA is a core substrate used in AI server GPUs and high-performance semiconductor packaging. As global AI semiconductor companies such as Nvidia, AMD, and Broadcom expand production, demand in this sector is surging. A single AI server is equipped with far more high-performance semiconductors than a conventional server, naturally leading to an increase in demand for high-specification FC-BGA to stably connect them. The industry projects that if the spread of generative AI continues, the growth momentum of the FC-BGA market will be sustained for a long time.

As the US-China technological hegemony competition prolongs, global big tech companies are actively promoting supply chain diversification. In particular, securing 'non-China production bases' has emerged as a top priority to reduce the risks that could arise if the advanced substrate supply chain is concentrated in a specific region. The global FC-BGA market consists of only a few companies with production capabilities, and Samsung Electro-Mechanics is cited as a representative non-Chinese supplier equipped with high-level technical prowess. It is analyzed that if North American large tech companies fully begin to establish non-Chinese supply chains, Samsung Electro-Mechanics' order intake will gain further momentum.

The recent visit to Korea by Nvidia CEO Jensen Huang also drew market attention amidst these trends. As the AI industry grows explosively, the importance of the entire supply chain—including not only semiconductors but also packaging, substrates, and power management components—is being highlighted. This means that preference for companies simultaneously equipped with supply stability and technological competitiveness is growing increasingly higher.

The market is watching closely to see whether Samsung Electro-Mechanics can completely establish itself beyond a simple electronic components company into a 'core supply chain company for the AI semiconductor ecosystem.' With the two macro trends of expanding AI investment and supply chain reorganization occurring simultaneously, attention is focusing on how the FC-BGA business will drive Samsung Electro-Mechanics' future performance and corporate value.

[This article was written using AI. The information provided in this article is not intended to solicit investment. Any losses resulting from stock investments are the responsibility of the investor, and please ensure you fully review relevant disclosures, corporate performance, and market conditions before making an investment decision.]