{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","ticker":"012450.KS","updated_at":"2026-07-12T04:04:25.875+00:00","canonical":"https://valuechain.wiki/hanwha-aerospace","same_as":["https://finance.yahoo.com/quote/012450.KS","https://finance.naver.com/item/main.naver?code=012450"],"citable":"밸류체인 그래프 기준 한화에어로스페이스의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hanwha Aerospace is directly linked to 2 companies (0 supply, 1 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스피 · K-방산·항공엔진 · 한국 최대 방산 프라임","kicker_en":"KOSPI · K-defense & aero-engines · Korea's largest defense prime","lead":"한화에어로스페이스는 K9 자주포와 천무 다연장로켓을 앞세운 한국 최대 방산 프라임이다. 폴란드를 비롯한 수출 확대로 2025년 매출이 전년 대비 두 배 넘게 늘었고, 프랫앤휘트니(P&W)의 GTF 엔진 국제공동개발(RSP)에 지분 참여해 항공엔진 사업도 함께 키운다. 한화시스템과 한화오션을 거느려 방산·항공·조선을 아우른다.","lead_en":"Hanwha Aerospace is Korea's largest defense prime, led by the K9 self-propelled howitzer and the Chunmoo multiple rocket launcher. Export growth, notably to Poland, more than doubled its 2025 revenue year on year, and it co-develops Pratt & Whitney's GTF engine as a risk-and-revenue-sharing partner. Through Hanwha Systems and Hanwha Ocean it spans defense, aerospace and shipbuilding.","segments":{"fy":2025,"parts":[{"desc":"K9 자주포·천무 다연장로켓 등. 폴란드 수출이 실적을 견인(3분기 지상방산 매출 2.11조원)","name":"지상방산"},{"desc":"P&W GTF 엔진 RSP(리스크·수익 분담) 참여, 엔진 부품·MRO","name":"항공엔진"},{"desc":"누리호 체계종합 등 우주사업과 자회사 지분","name":"우주·기타"}],"total":"약 26.7조원 (2025 연결 매출, 전년비 약 +138%)","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001711","concentration":"수주잔고 31조원(2025 3분기), 수출 약 70%·내수 약 30%"},"segments_en":{"fy":2025,"parts":[{"desc":"K9 howitzers and Chunmoo rocket launchers; Polish exports lead results (Q3 land-defense revenue KRW 2.11 trillion)","name":"Land defense"},{"desc":"Risk-and-revenue-sharing (RSP) participation in P&W's GTF engine; engine parts and MRO","name":"Aero-engines"},{"desc":"Space work including Nuri (KSLV-II) systems integration, plus subsidiary stakes","name":"Space and other"}],"total":"About KRW 26.7 trillion (FY2025 consolidated revenue, roughly +138% YoY)","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001711","concentration":"Order backlog KRW 31 trillion (Q3 2025), about 70% export and 30% domestic"},"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":3,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":3,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":3,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":3,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":2,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":2,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":2,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":2,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":1,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}}],"benefiting":[{"slug":"hanwha-ocean","name":"한화오션","name_en":"Hanwha Ocean","tier":1,"returns_yearly":{"2021":-24.9,"2022":25.6,"2023":9.6,"2024":160.6,"2025":142.1,"2026":-41.3}},{"slug":"posco-holdings","name":"POSCO홀딩스","name_en":"POSCO Holdings","tier":2,"returns_yearly":{"2021":13.9,"2022":19.9,"2023":43,"2024":-37.3,"2025":38.3,"2026":-8.8}},{"slug":"hd-hyundai-heavy-industries","name":"HD현대중공업","name_en":"HD Hyundai Heavy Industries","tier":2,"returns_yearly":{"2022":11.4,"2023":3.2,"2024":172.6,"2025":86.9,"2026":-11.8}},{"slug":"hd-korea-shipbuilding-offshore-engineering","name":"HD한국조선해양","name_en":"HD Korea Shipbuilding & Offshore Engineering","tier":3,"returns_yearly":{"2021":-15.2,"2022":-0.1,"2023":42.6,"2024":104.4,"2025":84,"2026":-16}},{"slug":"posco-future-m","name":"포스코퓨처엠","name_en":"POSCO Future M","tier":3,"returns_yearly":{"2021":-17.7,"2022":97.6,"2023":16.3,"2024":-43.6,"2025":56.5,"2026":-32}}],"analysis":"K9 자주포·천무 다연장로켓을 앞세운 한국 최대 방산 프라임으로, 폴란드 수출 확대가 2025년 매출을 전년比 두 배(약 26.7조원, +138%)로 끌어올렸다. 성장의 축은 폴란드 천무 3차 계약(5.6조원, 누적 약 13조원) 등 수출이 수주잔고 31조원(수출 약 70%)을 채운 것이고, 프랫앤휘트니 GTF 엔진 RSP(리스크·수익 분담) 참여로 항공엔진이라는 장기 축을 병행한다. 여기에 한화시스템(단독 46.7%)·한화오션(30.4%)을 거느려 방산·항공·조선으로 사업을 넓혔다. 리스크는 폴란드 등 특정 수출국 집중과 대규모 수주의 실행·인도 리스크이며, 그래프상 상류는 특수합금·부품 바스켓, 하류는 폴란드·한국 정부와 P&W다.","analysis_en":"Korea's largest defense prime, led by the K9 howitzer and Chunmoo rocket launcher, where Polish export growth doubled 2025 revenue year on year (~KRW 26.7tn, +138%). The growth axis is exports filling a KRW 31tn backlog (~70% export) — such as the third Chunmoo contract (KRW 5.6tn, ~KRW 13tn cumulative) with Poland — alongside a long-term aero-engine axis via risk-and-revenue-sharing (RSP) participation in Pratt & Whitney's GTF. It also commands Hanwha Systems (46.7% direct) and Hanwha Ocean (30.4%), spanning defense, aerospace and shipbuilding. Risks are concentration in specific export markets like Poland and the execution/delivery risk of large orders; upstream on the graph is a superalloy/parts basket and downstream are the Polish and Korean governments and P&W.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Polish government (Armament Agency)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"KRW","as_of":"2025-12-29","basis":"천무 유도미사일 3차 실행계약","value":5600000000000,"period":"2025-12","basis_en":"Third Chunmoo guided-missile execution contract"},"note":"폴란드 정부(군비청)에 K9 자주포와 천무 다연장로켓을 수출. 2025년 12월 천무 3차 실행계약 약 5.6조원, 천무 누적 계약은 약 13조원.","note_en":"Exports K9 howitzers and the Chunmoo rocket system to the Polish government (Armament Agency). The December 2025 third Chunmoo execution contract was about KRW 5.6 trillion, with cumulative Chunmoo contracts near KRW 13 trillion.","sources":[{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-12-30","url":"https://www.kedglobal.com/aerospace-defense/newsView/ked202512300001","title":"Hanwha Aerospace seals $4 billion Chunmoo rocket deal with Poland","title_en":"Hanwha Aerospace seals $4 billion Chunmoo rocket deal with Poland","excerpt":"한화에어로스페이스가 폴란드와 약 5.6조원(40억 달러) 규모 천무 3차 실행계약을 체결, 천무 누적 계약이 약 12.6조원에 이른다.","excerpt_en":"Hanwha Aerospace signed a third Chunmoo execution contract with Poland worth about KRW 5.6 trillion ($4 billion), lifting cumulative Chunmoo contracts to roughly KRW 12.6 trillion."},{"stance":"confirms","publisher":"헤럴드경제","publisher_en":"Herald Economy","kind":"news","lang":"ko","published_at":"2025-12-29","url":"https://biz.heraldcorp.com/article/10645508","title":"한화에어로, 폴란드와 5조원대 '천무' 3차 계약 체결","title_en":"Hanwha Aerospace signs third Chunmoo contract with Poland worth over KRW 5 trillion","excerpt":"폴란드 군비청과 사거리 80km급 천무 유도미사일(CGR-080) 3차 실행계약을 체결했으며, 1차 5조357억원·2차 2조2000억원에 이어 누적 계약이 약 13조원 규모다.","excerpt_en":"Signed a third execution contract with Poland's Armament Agency for CGR-080 guided missiles, after a first (KRW 5.04 trillion) and second (KRW 2.2 trillion) contract, for a cumulative near KRW 13 trillion."}]},{"direction":"investment","counterparty":"한화시스템 (Hanwha Systems)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-03-30","basis":"한화에어로스페이스 단독 지분(특수관계 포함 59.54%)","value":46.73,"period":"2026-03","basis_en":"Hanwha Aerospace direct stake (59.54% with related parties)"},"note":"한화시스템의 최대주주. 한화에어로스페이스 단독 46.73%, 특수관계자 포함 59.54%를 보유한다.","note_en":"Largest shareholder of Hanwha Systems, holding 46.73% directly and 59.54% including related parties.","sources":[{"stance":"confirms","publisher":"디지털투데이","publisher_en":"DigitalToday","kind":"news","lang":"ko","published_at":"2026-03-30","url":"https://www.digitaltoday.co.kr/news/articleView.html?idxno=649795","title":"한화시스템 최대주주 한화에어로스페이스, 총 지분율 59.54%","title_en":"Hanwha Aerospace, top shareholder of Hanwha Systems, at 59.54% combined","excerpt":"2026년 3월 30일 기준 한화에어로스페이스와 특별관계자 3인의 한화시스템 보유 비율은 59.54%이며, 한화에어로스페이스 단독은 46.73%다.","excerpt_en":"As of March 30, 2026, Hanwha Aerospace and three related parties held 59.54% of Hanwha Systems, with Hanwha Aerospace alone at 46.73%."}]},{"direction":"investment","counterparty":"한화오션 (Hanwha Ocean)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-02-11","basis":"블록딜 후 단일 최대주주 지분","value":30.4,"period":"2025-02","basis_en":"single-largest-holder stake after block deal"},"note":"한화오션의 단일 최대주주. 2025년 2월 블록딜로 지분을 23.14%에서 30.4%로 확대했다.","note_en":"Single largest shareholder of Hanwha Ocean, having raised its stake from 23.14% to 30.4% in a February 2025 block deal.","sources":[{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-02-11","url":"https://www.kedglobal.com/corporate-strategy/newsView/ked202502110003","title":"Hanwha Aerospace ups stake in Hanwha Ocean in $900 mn block deal","title_en":"Hanwha Aerospace ups stake in Hanwha Ocean in $900 mn block deal","excerpt":"한화에어로스페이스가 블록딜로 한화오션 지분을 23.14%에서 30.4%로 확대했다.","excerpt_en":"Hanwha Aerospace increased its Hanwha Ocean stake to 30.4% from 23.14% through a block trade."}]},{"direction":"revenue","counterparty":"대한민국 정부 (방위사업청)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-11-03","basis":"수주잔고 내수 비중(약)","value":30,"period":"Q3 2025","basis_en":"approximate domestic share of order backlog"},"note":"방위사업청 등 한국 정부에 K9·장갑차 등 지상방산 물량을 공급. 수주잔고 31조원 중 내수가 약 30%.","note_en":"Supplies land-defense systems such as the K9 to the Korean government via DAPA; domestic orders are about 30% of the KRW 31 trillion backlog.","sources":[{"stance":"confirms","publisher":"머니투데이","publisher_en":"Money Today","kind":"news","lang":"ko","published_at":"2025-11-03","url":"https://www.mt.co.kr/industry/2025/11/03/2025110310492327381","title":"한화에어로, 지상방산이 실적 견인…수주잔고 31조원","title_en":"Hanwha Aerospace: land defense drives results, backlog KRW 31 trillion","excerpt":"3분기 지상방산 매출 2.11조원·영업이익 5276억원으로 실적을 견인했고, 수주잔고 31조원 가운데 내수가 약 30%, 수출이 약 70%를 차지한다.","excerpt_en":"Q3 land-defense revenue of KRW 2.11 trillion and operating profit of KRW 527.6 billion led results; of the KRW 31 trillion backlog, roughly 30% is domestic and 70% export."}]},{"direction":"revenue","counterparty":"RTX","counterparty_slug":"rtx","confidence":"high","metric":null,"note":"프랫앤휘트니(RTX 계열)의 GTF 엔진 프로그램에 2015년부터 리스크·수익 분담 파트너(RSP)로 참여해 엔진 부품을 공급하고 사후정비(MRO)를 맡는다. 매출과 손익을 지분 비율로 공유한다.","note_en":"A risk-and-revenue-sharing partner (RSP) on Pratt & Whitney's (an RTX company) GTF engine programs since 2015, supplying engine parts and providing aftermarket repair. Revenue and profit or loss are shared by ownership stake.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001711","title":"한화에어로스페이스 사업보고서(2025)","title_en":"Hanwha Aerospace Business Report (FY2025)","excerpt":"사업보고서가 P&W GTF RSP 참여와 엔진부품 사업을 주요 매출원으로 기재.","excerpt_en":"The annual report lists the P&W GTF RSP participation and engine parts business among core revenue lines."},{"stance":"confirms","publisher":"시장경제","publisher_en":"Market Economy","kind":"news","lang":"ko","published_at":"2021-07-06","url":"https://www.meconomynews.com/news/articleView.html?idxno=54136","title":"'엔진 독립' 성큼... 飛上하는 한화에어로스페이스","title_en":"Toward engine independence: Hanwha Aerospace rising","excerpt":"한화에어로스페이스는 2015년 P&W와 GTF 엔진 국제공동개발(RSP) 계약을 맺어 지분 비율로 매출과 손익을 공유하며, 단순 납품업체가 아닌 공동개발 파트너 지위를 갖는다.","excerpt_en":"Hanwha Aerospace signed an RSP agreement with P&W for the GTF engine in 2015, sharing revenue and profit or loss by stake, holding co-development partner status rather than a mere supplier role."},{"stance":"confirms","publisher":"프랫앤휘트니","publisher_en":"Pratt & Whitney","kind":"ir","lang":"en","published_at":"2019-06-17","url":"https://app.prattwhitney.com/Pratt-Whitney-and-Hanwha-Aerospace-Co-Ltd-Sign-GTF-TM-Engine-Aftermarket-Agreements","title":"Pratt & Whitney and Hanwha Aerospace Sign GTF Engine Aftermarket Agreements","title_en":"Pratt & Whitney and Hanwha Aerospace Sign GTF Engine Aftermarket Agreements","excerpt":"한화는 1985년부터 P&W와 협력했고 2015년부터 모든 GTF 엔진 프로그램의 리스크·수익 분담 파트너이며, GTF 부품·부품 수리원으로 신규 지정됐다.","excerpt_en":"Hanwha has worked with Pratt & Whitney since 1985 and has been a risk and revenue sharing partner on all GTF engine programs since 2015, and was newly designated a repair source for GTF parts and components."}]},{"direction":"investment","counterparty":"한화오션 (최대주주)","counterparty_slug":"hanwha-ocean","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"대우조선해양 인수(2023.05)로 한화오션 최대주주.","note_en":"Largest shareholder of Hanwha Ocean via the 2023 DSME acquisition.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311004557","title":"한화오션 사업보고서 (2025.12)","title_en":"Hanwha Ocean annual report (FY2025)","excerpt":"한화에어로스페이스가 한화오션 최대주주.","excerpt_en":"Hanwha Aerospace is the largest shareholder of Hanwha Ocean."}]},{"direction":"cost","counterparty":"항공엔진 부품·소재 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"GTF 엔진 부품·MRO를 위한 특수합금·정밀부품 등 소재를 조달한다. 개별 공급사 비중은 (비공개).","note_en":"Procures superalloys and precision parts for GTF engine components and MRO. Individual supplier shares are not disclosed.","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001711","title":"한화에어로스페이스 사업보고서(2025)","title_en":"Hanwha Aerospace Business Report (FY2025)","excerpt":"2025 사업보고서는 항공엔진 사업의 원재료·부품 매입과 생산 구조를 다룬다(개별 공급사 비중 비공개).","excerpt_en":"The FY2025 business report covers raw-material and parts purchasing for the aero-engine business (individual supplier shares undisclosed)."}]},{"direction":"cost","counterparty":"방산 부품·원자재 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"K9·천무 등 지상방산 생산을 위한 부품·원자재를 조달한다. 개별 공급사 비중은 (비공개).","note_en":"Procures parts and raw materials for land-defense production such as the K9 and Chunmoo. Individual supplier shares are not disclosed.","sources":[{"stance":"mentions","publisher":"금융감독원 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001711","title":"한화에어로스페이스 사업보고서(2025)","title_en":"Hanwha Aerospace Business Report (FY2025)","excerpt":"2025 사업보고서는 지상방산 부문의 원재료·부품 매입 구조를 다룬다(개별 공급사 비중 비공개).","excerpt_en":"The FY2025 business report covers raw-material and parts purchasing for the land-defense segment (individual supplier shares undisclosed)."}]}]}