티엘비

티엘비(TLB)는 대한민국의 메모리 모듈 기판 및 SSD 모듈용 인쇄회로기판(PCB)을 전문으로 제조하는 기업입니다. 2011년 대덕전자로부터 분사하여 설립되었으며, 2020년 코스닥에 상장되었습니다. 

주요 고객사로는 삼성전자, SK하이닉스, 마이크론 등 글로벌 반도체 기업이 있습니다.

 

 기업 개요
- 설립연도: 2011년
- 본사 위치: 경기도 안산시 단원구 신원로 305
- 주요 사업: 메모리 모듈 PCB, SSD 모듈 PCB 제조
- 주요 제품군:
  - SSD용 PCB(49%)
  - R-DIMM(DDR4) PCB(31%)
  - DDR5 PCB(13%)
- 주요 고객사: 삼성전자, SK하이닉스, 마이크론
- 글로벌 사업: 베트남 법인(TLB VINA)을 통한 생산 및 수출

 주가 상승 이유
1. 반도체 업황 회복 및 SSD 수요 증가:
   - 데이터센터와 AI 서버에서 SSD 채택이 확대되면서 HDD에서 SSD로의 전환이 가속화되고 있습니다. 티엘비는 이와 관련된 SSD 기판 시장에서 높은 점유율을 보유하고 있어 직접적인 수혜를 받고 있습니다[3][8].
   - 특히, 데이터센터 SSD 폼팩터 개발과 독점 납품 시작으로 매출 증가가 기대됩니다[3][9].

2. 고부가가치 제품 중심의 사업 구조:
   - DDR5와 같은 고성능 메모리 모듈용 PCB 및 고밀도/고다층 기술 기반 제품을 생산하며, ASP(평균 판매 단가)가 상승하고 있습니다. 이는 매출과 영업이익률 개선에 긍정적인 영향을 미치고 있습니다[5][9].

3. 차세대 기술 개발 선도:
   - CPU와 GPU를 효율적으로 연결하는 차세대 인터페이스 기술인 CXL(Compute Express Link)용 기판 개발 우위를 점하고 있습니다. 이는 AI 서버와 데이터센터 확장에 필수적인 기술로, 티엘비의 성장 가능성을 높이고 있습니다[8].

4. 긍정적 실적 전망:
   - 2025년 연결 기준 매출액은 약 2,131억 원, 영업이익은 약 289억 원으로 전년 대비 각각 24.4%, 863.2% 증가할 것으로 예상됩니다[8].
   - 환율 효과와 고부가가치 제품 중심의 견조한 ASP 유지도 실적 개선에 기여하고 있습니다[5].

5. PCB 산업 내 경쟁력 강화:
   - 티엘비는 기존 메모리 반도체용 PCB 외에도 반도체 후공정 검사 장비용 PCB 시장에 진출하며 사업 영역을 확장하고 있습니다. 이 부문은 높은 영업이익률을 기록하며 신규 성장 동력으로 주목받고 있습니다[9].

향후 전망
티엘비는 반도체 업황 회복과 함께 SSD 및 DDR5 시장 성장의 수혜를 지속적으로 받을 것으로 보입니다. 특히 차세대 인터페이스 기술(CXL)과 고부가가치 제품 개발을 통해 글로벌 경쟁력을 강화하며 장기적인 성장이 기대됩니다.

Citations:
[1] https://www.saramin.co.kr/zf_user/company-info/view/csn/WkIwMGNzTmZpNjhLWGZXT1JRQzlTUT09/company_nm/(%EC%A3%BC)%ED%8B%B0%EC%97%98%EB%B9%84
[2] https://ko.wikipedia.org/wiki/%ED%8B%B0%EC%97%98%EB%B9%84_(%EA%B8%B0%EC%97%85)
[3] https://ssl.pstatic.net/imgstock/upload/research/company/1714447041570.pdf
[4] https://www.wowtv.co.kr/NewsCenter/News/Read?articleId=A202501060330
[5] https://alphasquare.co.kr/home/stock-issue?code=356860&type=news
[6] https://files-scs.pstatic.net/2023/11/10/Ua9tScSUoS/TLB%20IR%202023%202Q.pdf
[7] https://www.incruit.com/company/1688825136/
[8] https://m.thinkpool.com/compDiscuss/cont/1011718
[9] https://ssl.pstatic.net/imgstock/upload/research/company/1691449209743.pdf
[10] https://comp.fnguide.com/SVO2/ASP/SVD_Main.asp?gicode=A356860
[11] https://www.jobplanet.co.kr/companies/50779/landing/%ED%8B%B0%EC%97%98%EB%B9%84
[12] https://comp.fnguide.com/SVO2/ASP/SVD_Main.asp?pGB=1&gicode=A356860&MenuYn=Y&ReportGB=B&NewMenuID=Y&stkGb=701
[13] https://blog.naver.com/threekidsdaddy/223147063429
[14] https://www.saramin.co.kr/zf_user/company-info/view-inner-salary/csn/WkIwMGNzTmZpNjhLWGZXT1JRQzlTUT09/company_nm/%ED%8B%B0%EC%97%98%EB%B9%84
[15] https://comp.wisereport.co.kr/company/c1020001.aspx?cmp_cd=356860
[16] https://w4.kirs.or.kr/download/broadcast/%ED%8B%B0%EC%97%98%EB%B9%84%20IR%20Book.pdf
[17] https://finance.finup.co.kr/Stock/356860
[18] https://samsamlabo.com/tlb-stock/
[19] https://stockplus.com/m/stocks/KOREA-A356860
[20] https://kind.krx.co.kr/common/disclsviewer.do?method=searchInitInfo&acptNo=20231113000279
[21] https://m.thinkpool.com/item/356860
[22] http://www.paxnet.co.kr/tbbs/list?tbbsType=L&id=356860
[23] https://blog.naver.com/math_cogi/222205420182
[24] https://comp.wisereport.co.kr/company/c1080001.aspx?cmp_cd=356860
[25] https://www.youtube.com/watch?v=y-rWqARArZo
[26] https://gptstock.co.kr/entry/%ED%8B%B0%EC%97%98%EB%B9%84-%EC%A3%BC%EA%B0%80-%EC%A0%84%EB%A7%9D-%EB%B0%B0%EB%8B%B9%EA%B8%88-2024%EB%85%84-%EB%AA%A9%ED%91%9C%EC%A3%BC%EA%B0%80-%EC%99%84%EB%B2%BD-%EB%B6%84%EC%84%9D-SSD-%EA%B4%80%EB%A0%A8%EC%A3%BC
[27] https://www.youtube.com/watch?v=nZlamvqU1xc
[28] https://blog.naver.com/lepain-/222788544159
[29] https://www.sedaily.com/NewsView/2GOYSRVXYB
[30] https://ssl.pstatic.net/imgstock/upload/research/company/1691449209743.pdf
[31] https://site.naver.com/1BhhY
[32] https://www.youtube.com/watch?v=OEELv0P_V4E
[33] https://alphasquare.co.kr/home/stock-summary?code=356860
[34] https://m.thinkpool.com/compDiscuss/cont/1016506
[35] https://nahum27.tistory.com/164