마벨 루멘텀 인수와 중국 광통신 실리콘 포토닉스 밸류체인 — Transcript

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1. 0:01Hello, this is Investor So Young-gyu.
2. 0:02Today, Marvell, a U.S. optical
3. 0:04communications company, announced the
4. 0:06acquisition of Lumentum.
5. 0:09In relation to this, I will briefly
6. 0:11examine the value chain of the silicon
7. 0:13photonics industry. You may not be
8. 0:14familiar with China's optical
9. 0:15communications industry, so I will
10. 0:16briefly look at that as well.
11. 0:18Then, I will examine what impact this
12. 0:20acquisition will have on the Chinese
13. 0:22industry or the overall optical sector,
14. 0:24and whether there are any beneficiary
15. 0:27companies.
16. 0:28If we look at the silicon photonics
17. 0:30value chain, this is the upstream
18. 0:31section.
19. 0:32The U.S. and Japan dominate the upstream
20. 0:34. There is competition in the midstream
21. 0:36, while in the downstream, China is
22. 0:38actually Model Seo. It is a situation
23. 0:40somewhat similar to other industries.
24. 0:42There are lasers, and they use
25. 0:44phosphoric acid to manufacture chips.
26. 0:49Companies like Lumentum and Foylent are
27. 0:51involved here, as well as Broadcom and
28. 0:53DSHP; I hear that these are the most
29. 0:55difficult to manufacture.
30. 0:59Marvell and Broadcom are involved, and
31. 1:00you know how Japanese Broadcom is also
32. 1:02involved?
33. 1:03So, the situation is that Marvell
34. 1:05acquired Mentum and is systematically
35. 1:08integrating its operations.
36. 1:10While China is still catching up, there
37. 1:12is a significant gap in the upstream
38. 1:14sector.
39. 1:15The sector currently breaking through
40. 1:19involves packaging from photonics to
41. 1:22foundry, with TSMC being the leader.
42. 1:26There are several others, including
43. 1:29Samsung in the foundry business, and UMC
44. 1:33, a second-tier foundry in China and
45. 1:36Taiwan (though not quite matching SMC).
46. 1:40Additionally, there is China's Hua
47. 1:42Semiconductor; news reports recently
48. 1:44announced that the joint venture between
49. 1:46Huahong and Dongyi has issued a
50. 1:48certificate.
51. 1:49The competition for capacity expansion
52. 1:51in silicon photonics is becoming
53. 1:53increasingly aggressive.
54. 1:56Since the industry is currently booming
55. 1:58, disputes are slowly emerging in the
56. 2:00downstream sector, which consists of
57. 2:02optical manufacturers.
58. 2:07These companies are Chinese firms that
59. 2:08control the majority of the market,
60. 2:09accounting for 60%of the volume.
61. 2:11Now, since this is the optical sector,
62. 2:13profits are not particularly good, and
63. 2:16because the US and Japan monopolize the
64. 2:18upstream market, downstream companies
65. 2:20face bottlenecks in the US or here. From
66. 2:23China's perspective, it is true that
67. 2:25China holds the upper hand. However,
68. 2:27regarding cost-effectiveness, the US
69. 2:29regulations caused Chinese module prices
70. 2:32to plummet. But if the US imposes
71. 2:34regulations on the upstream sector, it
72. 2:36will be similar to the situation with
73. 2:38CXMT. Just like with CXMT, if
74. 2:40regulations are imposed similarly to how
75. 2:44Huawei followed Diablo, China is now set
76. 2:47to establish its own market presence.
77. 2:50Now, let's take a look at the Chinese
78. 2:52value chain.
79. 2:53If you look at the probabilities, they
80. 2:54are exactly the same. They are identical
81. 2:56. They are currently doing what the US
82. 2:59does not, but mass production is not
83. 3:03easy.
84. 3:05They have focused on mass production for
85. 3:07slow speeds, and for fast speeds, China
86. 3:09is currently quite lacking in
87. 3:11verification and mass production.
88. 3:14Load Car, Load Com, and Marvell are
89. 3:16monopolizing the market.
90. 3:18Since the funding rate is still below 15
91. 3:21%, it is a very insufficient situation.
92. 3:23As for the type, it is Photonics Foundry
93. 3:28. Since there is no TSMC to replace
94. 3:30Huabon, the Huabon itself is currently
95. 3:32being used for modules. They have
96. 3:34presented a direction for expansion,
97. 3:36extending to silicon photonics.
98. 3:39Regarding the scale, the client is the
99. 3:41US military,
100. 3:43and it is reported that all reservations
101. 3:45are already booked in advance. There is
102. 3:47also quite high demand for it.
103. 3:50In addition, there is a foreign media
104. 3:53report on semiconductors called "Tanker
105. 3:55G," which is a company called JCT.
106. 3:58This company is also investing in CPUs,
107. 4:00and this is also a somewhat important
108. 4:02situation.
109. 4:05So, they are gradually proceeding. And
110. 4:06they originally had strong intentions.
111. 4:08The seven major Chinese companies are
112. 4:11representative examples. Since China
113. 4:14already controls the semiconductor
114. 4:16industry, that doesn't seem to be an
115. 4:18issue.
116. 4:18If Marvell acquires Lumentum, from
117. 4:20China's perspective, it could be a
118. 4:22short-term negative factor as it weakens
119. 4:25their negotiating power.
120. 4:27However, since China will periodically
121. 4:29invest strongly in lasers to localize
122. 4:31production, it can be viewed as a
123. 4:33positive factor in the medium
124. 4:39term.
125. 4:40There is a variable regarding China:
126. 4:41regarding the Lumentum and Marvell
127. 4:43acquisition, the Chinese government must
128. 4:44also grant approval. Chinese government
129. 4:46approval is required. The same applies
130. 4:48to Tesla and SpaceX; they are in a
131. 4:49situation where the Chinese government
132. 4:51must grant permission.
133. 4:54In my opinion, I am unsure about Tesla
134. 4:56and SpaceX. I am not sure if they will
135. 4:58grant permission, but I think they will
136. 4:59approve this particular case.
137. 5:00Because they control the entire upstream
138. 5:03sector, China is in a position where it
139. 5:05cannot withstand refusal, so wouldn't
140. 5:07they eventually grant permission? The
141. 5:09author of this post is not me, but
142. 5:13Claude. From Claude's perspective,
143. 5:15lasers can be replaced within two or
144. 5:17three years, but ESP is difficult to
145. 5:19replace in the short term. So, one area
146. 5:21is replaceable, but the other is
147. 5:22actually difficult. That is why Broad's
148. 5:24Marvell is considered an outstanding
149. 5:26company.
150. 5:27In the case of Hundred, it will become a
151. 5:30niche market starting in 2027. Taiwanese
152. 5:32companies like SMC believe that it will
153. 5:35eventually be replaced by China's own
154. 5:37chemical industry. That is the current
155. 5:40outlook. Then, there will be an
156. 5:41opportunity here, because the country is
157. 5:43doing everything domestically.
158. 5:45Looking at the competitive landscape of
159. 5:47silicon photonics, TSMC is naturally the
160. 5:48leader. It has a platform and is based
161. 5:51on media. Those companies are doing well
162. 5:53, and I believe Samsung is also
163. 5:55gradually entering the market.
164. 5:57Samsung Electronics is showing signs of
165. 5:59recovery.
166. 6:01There are plans to introduce this to
167. 6:02Taiwanese concessionaires, and similarly
168. 6:04, the older brother is also in a mature
169. 6:05process; this company is also in a
170. 6:06mature process, and Hong Kong is also in
171. 6:07a mature process.
172. 6:09A news article came out yesterday
173. 6:11regarding this, similar to the Taiwanese
174. 6:13companies.
175. 6:15They are proceeding with this, and the
176. 6:17atmosphere seems quite good. It is said
177. 6:19that even though not all orders have
178. 6:22been received yet, all orders for 2027
179. 6:25are already pre-booked by customers.
180. 6:28That is how good the situation is.
181. 6:31Overall, performance continues to be
182. 6:33strong, and they are consistently
183. 6:34achieving record-high results.
184. 6:37Regarding the 102%figure, when
185. 6:39calculating the utilization rate, even
186. 6:41if it is 100%, it does not represent the
187. 6:43total volume; 102%means they are
188. 6:45operating for almost 10 hours a day.
189. 6:48Looking at this utilization rate, which
190. 6:51indicates they are operating at a higher
191. 6:54rate than the small-scale operation rate
192. 6:57, we can confirm the level of China's
193. 7:00semiconductor industry.
194. 7:02They are working on modules and are
195. 7:05using core materials.
196. 7:09They plan to issue certificates in
197. 7:11earnest starting in 2027. The fact that
198. 7:13volume was allocated despite such tight
199. 7:16capacity utilization suggests that they
200. 7:18have preemptively secured the volume for
201. 7:21next year.
202. 7:22Samsung Electro-Mechanics is currently
203. 7:24short on this market, but companies like
204. 7:27Nvidia are occupying it. Furthermore,
205. 7:29regarding pre-purchases and the release
206. 7:31of expensive manufactured goods,
207. 7:33contracts are being made in advance even
208. 7:35before the market opens. It is similar
209. 7:38to futures.
210. 7:41Now, regarding JCT—the "Blue Tanker"
211. 7:44mentioned earlier—if you look here, that
212. 7:47"Blue Tanker" refers to CPO packaging.
213. 7:51This is China's largest packaging
214. 7:54company.
215. 7:56It is a packaging company in the
216. 7:57manufacturing sector and ranks third
217. 7:59globally. China is number one and the
218. 8:00world is number three.
219. 8:02This is Taiwan's packaging company,
220. 8:04which ranks first and second,
221. 8:09while the Tanker is number three.
222. 8:14As for GLT, the company we are investing
223. 8:16in
224. 8:18, it is currently supplying
225. 8:20semiconductors to the top three
226. 8:22companies.
227. 8:25So, it is a company that receives wafers
228. 8:27and performs packaging and testing.
229. 8:29It continued to be good. Also, the
230. 8:33computer electronics sector for AI data
231. 8:35centers grew by 54%.
232. 8:38Revenue was also substantial.
233. 8:40Currently, regarding AI data centers,
234. 8:42the situation with Chinese
235. 8:43semiconductors is favorable, and the
236. 8:45details regarding CPO are important.
237. 8:48It is said that they have a platform. It
238. 8:49is a platform called XVFY, and while the
239. 8:52semi-annual report was likely submitted
240. 8:54in June—or around July or August—they
241. 8:57announced that they have finally reached
242. 9:00the mass production stage.
243. 9:03Consequently, customer samples of the
244. 9:05silicon photonics optical engine based
245. 9:08on this platform have been delivered and
246. 9:11passed logo testing.
247. 9:13This part is also important;
248. 9:16this platform involves optical chip
249. 9:17integration, where a standard chip
250. 9:19directly performs electronic engineering
251. 9:21.
252. 9:24One analysis agency ranks it number one
253. 9:27. It is the world's number one, ranking
254. 9:29first among companies, including
255. 9:31Taiwanese and American firms.
256. 9:34The US company is number one, followed
257. 9:36by the Western-style company, and then
258. 9:38the Chinese company in the third CPO
259. 9:40assembly route.
260. 9:42In other words, despite having only
261. 9:44three assembly trackers, Shengtian
262. 9:45Kejigai has secured the third position.
263. 9:48Looking at it, SMC is a global-level
264. 9:51player, and this company is handling
265. 9:54some volume in the Western-style sector
266. 9:57.
267. 9:57This "Tanker" company is based in China
268. 10:00; essentially, they are establishing the
269. 10:02basic framework by sharing the Chinese
270. 10:04Switch family system.
271. 10:06Therefore, they are creating the
272. 10:08standard. It is a single company. Since
273. 10:10it is number one in China, it is only
274. 10:11natural. They are creating the standard
275. 10:12here. So, Shengtian Kejigai is also an
276. 10:17AC company.
277. 10:19I think we should pay attention to this
278. 10:21company as well, since it is number
279. 10:23three globally and number one in China.
280. 10:27Similarly, regarding conductors, China's
281. 10:30maturity...
282. 10:35So, regarding CPO, the gist of it is
283. 10:37this: there are optical chips and
284. 10:40general chips.
285. 10:41Currently, optical module manufacturers
286. 10:44package them with a gap of about 1 to a
287. 10:47few centimeters between them.
288. 10:50Because this separation is confusing,
289. 10:51optical module manufacturers collaborate
290. 10:53, but
291. 10:55efficiency suffers.
292. 10:57With CPO, however, the optical
293. 10:59components are combined into the No. 1
294. 11:01chip and packaged together.
295. 11:04Since the separation is moved from
296. 11:06centimeters to millimeters, efficiency
297. 11:09improves dramatically.
298. 11:11According to TSMC, they claim power
299. 11:14efficiency improves by 30 times. CPUs
300. 11:18are not yet the dominant technology.
301. 11:21The previous stage, the plug-and-play
302. 11:23module, is currently the dominant
303. 11:25technology, but moving forward, it will
304. 11:28transition to CPO.
305. 11:30Since the only companies capable of this
306. 11:33are TSMC, US companies, and China Tanker
307. 11:36, China Tanker naturally occupies a
308. 11:39crucial position as the number one
309. 11:42player in China.
310. 11:44So, looking into it, as I mentioned in a
311. 11:46blog post, there is a brewery at GRT,
312. 11:49and this is the factory currently under
313. 11:51construction.
314. 11:53It seems that optical communication and
315. 11:58optical fiber manufacturing have been
316. 12:02newly added to their business areas.
317. 12:07This is a picture I took that wasn't
318. 12:10originally at GRT.
319. 12:13Now, if you look here, this is the GRT
320. 12:15brewery. How big is this brewery? It is
321. 12:18located right here, and this is the
322. 12:21brewery.
323. 12:24This is just one part of the factory. On
324. 12:26this side, there are other unrelated
325. 12:27areas, and this is 150,000 pyeong.
326. 12:29150,000 pyeong is huge, isn't it?
327. 12:33To give you an idea of the scale, I
328. 12:35heard it is roughly the size of the
329. 12:38EcoPro Group's Suhwan Campus.
330. 12:41They say it is roughly the size of the
331. 12:43entire complex housing various companies
332. 12:46like EcoPro, EcoPro BM, EcoPro HN, etc.
333. 12:51This factory here is also part of the
334. 12:52same industrial group; this
335. 12:55one is PSI Solar, or
336. 13:00Kennedy Solar. It is a NASDAQ-listed
337. 13:02company. It is listed on the NASDAQ. If
338. 13:06you look at it like this, you won't
339. 13:06understand.
340. 13:07It's much bigger than this, right? This
341. 13:09one seems to be about 100,000 pyeong,
342. 13:10and this one is 180,000 pyeong; this one
343. 13:12seems to be about twice the size. For
344. 13:14the 150,000 pyeong, they could make
345. 13:15films and various other things here and
346. 13:17lay them out immediately.
347. 13:19Because this is Solar, it manufactures
348. 13:22secondary batteries and solar panels, so
349. 13:25it is a situation where immediate supply
350. 13:27is possible.
351. 13:29This
352. 13:31is a video that appeared on the news. It
353. 13:33was made like this, and the process is
354. 13:34being made like this.
355. 13:35Here
356. 13:38, we are looking at it in reverse. Here
357. 13:40is CS Solar, and here is GRT 50 sheets.
358. 13:45It is the interior, and since this is a
359. 13:48video from October 2025, it implies that
360. 13:52the interior was already completed
361. 13:55around that time.
362. 13:58It seems they are placing things like
363. 13:59rain. Ah, that article...that is
364. 14:07a news video from October 2025...or
365. 14:08rather, November 2025. It is a news
366. 14:10video that appeared on the news, and "
367. 14:12Heung-ri" is a T. It is the largest
368. 14:13industrial project currently underway.
369. 14:15This is the building area for the 39th
370. 14:18section of the city's development zone.
371. 14:21The total area is 510,000 pyeong, but
372. 14:24the building area is quite large.
373. 14:26It is practically packed full.
374. 14:29It is an investment.
375. 14:31The project is a landmark.
376. 14:34It will become a mark.
377. 14:37Now, regarding this project, the Sutong
378. 14:38Li Group—yes, it clearly appears as GRT
379. 14:40—which was listed on the Korean stock
380. 14:42market in 2016, is currently operating
381. 14:43in the news.
382. 14:50Upon completion, it will utilize
383. 14:52single-wall carbon SWCNTs. As you can
384. 14:54see if you search for it, this is an
385. 14:56extremely famous industry.
386. 14:58A company called [Name] practically
387. 15:02monopolizes the CNT market worldwide.
388. 15:06This is what they are currently doing.
389. 15:10Graphene is good, and graphene thermal
390. 15:13management refers to dedicated materials
391. 15:15used to reduce heat in smartphones and
392. 15:18AI centers.
393. 15:20They anticipate specializing in cultural
394. 15:22transformation.
395. 15:23According to the news, this project
396. 15:25involves a total investment of 2 billion
397. 15:28yuan for 27 individual buildings; if
398. 15:33the point is that 4 billion yuan is also
399. 15:34incredibly large.
400. 15:36However, if you look here, it is not
401. 15:39that GLT purchased the land and built
402. 15:42the factory; rather, the government is
403. 15:45constructing the industrial complex and
404. 15:48leasing it out. Yes.
405. 15:51Looking at it that way, it appears that
406. 15:54the exterior certificate is largely
407. 15:57missing from the 400 million won.
408. 16:01It is expected that the 400 million won
409. 16:03portion covers the interior and
410. 16:04equipment installation.
411. 16:07Normally, when it comes to public land,
412. 16:09a lot of money is involved in both the
413. 16:10land price and building construction.
414. 16:13Since the 400 million won portion is not
415. 16:15typically included here, I believe they
416. 16:17received a very significant special
417. 16:19grant because of this method.
418. 16:21They received a large special grant for
419. 16:23the factory, and with 27 individual
420. 16:24buildings, you can imagine how large the
421. 16:26factory is, right?
422. 16:27Also, it is said to be proceeding in two
423. 16:29phases, with the first scheduled for
424. 16:32completion at the end of October 2025.
425. 16:34This presumably refers to the building's
426. 16:36exterior. The situation is that the
427. 16:39exterior was already completed by the
428. 16:41end of December 2025, not the end of
429. 16:442025 or 2026 for the entire project.
430. 16:48And GRT is relocating its headquarters.
431. 16:52Relocating. They plan to relocate their
432. 16:54headquarters.
433. 16:57It seems they are utilizing mergers and
434. 16:58acquisitions again, such as the Daejo
435. 17:00Base Development Acquisition Center.
436. 17:02They say they are establishing a
437. 17:03National Investment Operation Center or
438. 17:05something similar.
439. 17:06They plan to build an industrial hub.
440. 17:11They are expanding from Jiangsu Province
441. 17:12to the national level. Expanding
442. 17:13nationally and then globally through
443. 17:15Turkey—isn't this a situation where a
444. 17:17major corporation is becoming a major
445. 17:20corporation? Although they are currently
446. 17:22being looked down upon in Korea because
447. 17:24of their distance, I believe they are a
448. 17:26truly tremendous company.
449. 17:28As I mentioned earlier, this is the
450. 17:30Baidu search tool. If you search like
451. 17:32this, you can find it immediately. If
452. 17:34you search using Chinese characters on
453. 17:36Baidu, you will find it. Looking here,
454. 17:38they have listed optical communication
455. 17:41equipment like this. Unlike other
456. 17:44companies, they don't use the term "
457. 17:45optical communication," but here they
458. 17:47have labeled it as "optical
459. 17:49communication equipment."
460. 17:51If you look closely, the new shareholder
461. 17:53is Carbon Technology. What is that? It
462. 17:56is a company called Carbon Technology.
463. 17:58Carbon Technology.
464. 18:00This Carbon Technology is related to
465. 18:02SWCNT.
466. 18:04SWCNT stands for Carbon Nanotube.
467. 18:10So, in my opinion, T handles the overall
468. 18:13operations and such, while providing the
469. 18:16technology.
470. 18:18They are introducing the technology, but
471. 18:20this SWCNT technology cannot be produced
472. 18:23in Korea.
473. 18:24The only proper SWCNT companies in Korea
474. 18:27are capable of producing less than 2n.
475. 18:31There is only one company in the world
476. 18:32that mass-produces this 2n.
477. 18:34It is the only one, and now China is
478. 18:36doing it.
479. 18:39The SWCNT industry is currently opening
480. 18:41up.
481. 18:42I think we need to pay attention to this
482. 18:43. Isn't it possible that Carbon
483. 18:45Technologies is introducing the
484. 18:47technology here and taking charge of the
485. 18:49overall operations, forming a joint
486. 18:51venture like this?
487. 18:53Or is Hongje Motor Real also gradually
488. 18:56acquiring technology in the same way?
489. 19:00If you look here, Chairman Youngnam is
490. 19:02listed. The establishment date was May
491. 19:042025, right? Yes, May, and the official
492. 19:06disclosure came out around July 2025,
493. 19:08specifically August 2025. To be precise
494. 19:10, the disclosure in Korea came out in
495. 19:12August, and at that time, they received
496. 19:15an investment of 30 billion won by
497. 19:17sacrificing a small portion of their
498. 19:19equity to open a business worth 180
499. 19:21billion won.
500. 19:23The headquarters is located in Yangjo.
501. 19:28That is the situation.
502. 19:31Ah, this is the capacity assessment for
503. 19:33the brewing plant.
504. 19:36If you look here, it is incredibly long
505. 19:38—it is over 300 pages. Regarding this
506. 19:40brewing plant project, product demand is
507. 19:44increasing day by day.
508. 19:48It means demand is rising daily. SWCNT,
509. 19:50semiconductor materials, LCC, and
510. 19:53optical materials—these are points where
511. 19:57growth is bound to continue day by day.
512. 20:00As for SWCNT and semiconductors, it is
513. 20:03mainly used in secondary batteries, and
514. 20:05semiconductors are also listed as a
515. 20:07future area.
516. 20:10It is a groundbreaking technology that
517. 20:12shortens the lifespan and survival speed
518. 20:14of secondary batteries.
519. 20:18This is incredibly good, and in Korea,
520. 20:21LG Chem is doing a lot of MWCNT. However
521. 20:25, there are currently no companies doing
522. 20:27SWCNT properly.
523. 20:29Doing it properly means 2N 200,000. It
524. 20:31is 200,000 and mass production. We are
525. 20:36currently looking into this as a company
526. 20:37that is doing it properly.
527. 20:40The first point is that the relevant
528. 20:42process technology is mature. There are
529. 20:44no issues with today's technology. It
530. 20:46also means that SNT can now be produced
531. 20:48as well.
532. 20:49Because Hannai, the world's
533. 20:51second-largest company in Jiangsu, China
534. 20:53, is currently attempting mass
535. 20:55production to some extent.
536. 20:57I believe there will be no issues with
537. 20:58the manufacturing process.
538. 21:00The project aims to elevate this company
539. 21:04to a major corporation within China, one
540. 21:07with relatively high production volume.
541. 21:11This allows for the provision of
542. 21:13high-quality, low-priced products. This
543. 21:15is somewhat unique, considering that
544. 21:16sectors like remote telecommunications
545. 21:17in China
546. 21:19hold significant market share in the
547. 21:21international arena. This can enhance
548. 21:23competitiveness. If it were SWCNT or
549. 21:25semiconductors,
550. 21:28the focus would likely be on secondary
551. 21:28batteries or semiconductors rather than
552. 21:28remote telecommunications.
553. 21:41Since the optical telecommunications
554. 21:44sector was mentioned first, it connects
555. 21:47to the optical equipment manufacturing
556. 21:50mentioned earlier.
557. 21:53As I mentioned earlier, the T&Cs and the
558. 21:55semiconductor industry are all related
559. 21:58to optical sources. It is related to
560. 22:00optical technology, and the situation is
561. 22:03that GRT is supplying these two
562. 22:06companies, AC and GRT. I am just
563. 22:08imagining that perhaps they are
564. 22:10supplying equipment or manufacturing
565. 22:13materials like films from brewing plants
566. 22:15, perhaps related to optical
567. 22:17communication. Various things are
568. 22:19currently being connected. This applies
569. 22:21to the neurological impact assessment,
570. 22:23and the 'Buy' search term appears, but
571. 22:24the somewhat random word 'optical' at
572. 22:26the end keeps connecting optical and
573. 22:28communication.
574. 22:30I think that this could be a connection
575. 22:34between companies.
576. 22:36There is no way that something so random
577. 22:38as 'optical communication' would be
578. 22:39included in the business objectives.
579. 22:42It is a film company, so why would '
580. 22:43optical' suddenly be included? That is
581. 22:44why we are trying to achieve mutual
582. 22:46growth in this way. This is the benefit
583. 22:48analysis for Yang Jae-woo's project. The
584. 22:50total investment for this project is 3
585. 22:52billion won. This is the current figure
586. 22:54.
587. 22:56It was 2 billion won earlier, so this 3
588. 22:58billion is a bit different.
589. 23:00It might differ from the news reports.
590. 23:04Well, the figure of around 200 billion
591. 23:05won here could vary depending on the
592. 23:07criteria, for instance.
593. 23:10That is the important point. According
594. 23:11to the calculations, the annual net
595. 23:13profit of this project is approximately
596. 23:16500,000, 100,000, 1 million, 1,000,000,
597. 23:186 billion, and 5 billion Yuan. 5 billion
598. 23:21Yuan.
599. 23:225 billion Yuan is equivalent to 1
600. 23:24trillion Korean Won.
601. 23:27It means the net profit is 1 trillion
602. 23:28Won.
603. 23:29Honestly, I thought, "This doesn't quite
604. 23:32make sense."
605. 23:35Since it is difficult to fully grasp
606. 23:36that a single factory can generate 1
607. 23:38trillion Won, let's look at the photo
608. 23:40again.
609. 23:41If you look at this, this factory has a
610. 23:45capacity of 500,000 units.
611. 23:48There is that factory with exactly
612. 23:52510,000 units. The internal farm area is
613. 23:56267,000 units. That is 70,000 units.
614. 24:00The capacity here is also incredibly
615. 24:01large. However, they said they expect a
616. 24:05maximum revenue of 2 trillion Won here.
617. 24:10Next, there is a semiconductor materials
618. 24:11factory with a capacity of 160,000 units
619. 24:13.
620. 24:15They also said they aim for 200 million
621. 24:18Won in revenue here.
622. 24:21Because this is a newer factory than the
623. 24:23one above, it may be slightly smaller in
624. 24:24scale but offers high value, so I think
625. 24:26they projected 2 trillion in revenue.
626. 24:30Then, what about 510,000?
627. 24:32How many pages is that?
628. 24:38This is just an assumption right now,
629. 24:40but if we calculate roughly, if this
630. 24:42part is 2 trillion, it is almost 2,500.
631. 24:46Then the calculation comes out to about
632. 24:505 trillion.
633. 24:52If the revenue is 5 trillion and the
634. 24:55operating profit is set at 20%, it is
635. 24:58because there is high added value like
636. 25:01SWCNT.
637. 25:02Something like SWCNT optical material
638. 25:04generates about 1 trillion.
639. 25:09So, looking at it, is this 1 trillion
640. 25:12connected to the 5 trillion revenue and
641. 25:16an operating profit situation?
642. 25:20I actually have some suspicions about
643. 25:22that. However, at this stage, I think it
644. 25:26might be too excessive. So, officially,
645. 25:28rather than 5 trillion, I think it will
646. 25:30be around 2 trillion. At least
647. 25:341 trillion is too large. It would be
648. 25:37really great if the die turned out like
649. 25:39this. And regarding this 5 trillion won
650. 25:42figure, it's not just a simple valuation
651. 25:45; if they are generating 5 trillion won
652. 25:47in revenue from SWCNT, semiconductors,
653. 25:50CCC, and optics, it is practically
654. 25:53unbelievable. However
655. 25:57, looking at the environmental
656. 25:59performance data and the scale of the
657. 26:02factory, I saw a glimmer of hope that it
658. 26:06might really be growing into such a
659. 26:09large enterprise.
660. 26:11So, although that hasn't been reflected
661. 26:14yet, if it happens...Oh, and I heard
662. 26:17they are inviting institutional
663. 26:20researchers and reporters to visit the
664. 26:23company in the second half of the year,
665. 26:26right up until the end.
666. 26:30If they take them to the brewery, I’ve
667. 26:32seen this place, and they will be
668. 26:34astonished.
669. 26:36Whether it's institutions, research
670. 26:38firms, or reporters, they will be
671. 26:39overwhelmed when they see this place.
672. 26:41This is a factory of a NASDAQ-listed
673. 26:43company.
674. 26:44If such an overwhelming scale is
675. 26:46achieved, and since it is already built
676. 26:48, they are likely installing the
677. 26:49internal equipment right now, then if
678. 26:51reports come out in a positive direction
679. 26:53and the stock price starts to rise, the
680. 26:55stock price could go up again based on
681. 26:57the anticipation of the reports coming
682. 26:59out. When a report comes out, the stock
683. 27:01price can rise again based solely on the
684. 27:03expectation that institutional buying
685. 27:05might follow, even if institutional
686. 27:06demand hasn't actually entered yet. That
687. 27:09is because expectations are more
688. 27:10important.
689. 27:11So, while the stock market is currently
690. 27:13struggling, it seems to be holding up
691. 27:15quite well in November.
692. 27:17While the central bank and the other
693. 27:20major index have dropped 12%, the stock
694. 27:22market rose by about 5%.
695. 27:25With a little hope, I wonder if the
696. 27:27company visits will go well at the end
697. 27:28of the year.
698. 27:30Also, regarding IR, it is important to
699. 27:33note that the GRT IR materials so far
700. 27:35only contain current earnings and have
701. 27:38made absolutely no mention of the five
702. 27:40production plants.
703. 27:43Investors like me have tried our best to
704. 27:44find information—visiting sites and
705. 27:46searching online—but there has been no
706. 27:48official stance from the company.
707. 27:54Since they say they will release IR
708. 27:56materials by December, this implies that
709. 27:58the company has officially confirmed the
710. 28:00five production processes. If they do
711. 28:03that, it will be formalized, so
712. 28:07wouldn't we see some active interest?
713. 28:08When the price starts to rise, since a
714. 28:10trend has recently been established,
715. 28:12demand tends to increase steadily,
716. 28:14causing it to keep going up.
717. 28:17So, I think it would be good to have a
718. 28:18little bit of hope.
719. 28:20I hope you have a wonderful day.
720. 28:22I will try to make a good video, so
721. 28:23please make sure to like it.