KOSPI · K-defense & aero-engines · Korea's largest defense prime
Hanwha Aerospace
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.
012450.KS Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · About KRW 26.7 trillion (FY2025 consolidated revenue, roughly +138% YoY)
- Customer concentration · Order backlog KRW 31 trillion (Q3 2025), about 70% export and 30% domestic
- Segments · Land defense · Aero-engines · Space and other
Revenue from
- Polish government (Armament Agency) High confidence· Amount ₩5.6T · 2025-12 · Third Chunmoo guided-missile execution contract
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.Confirms EN KED Global Published Dec 30, 2025: Hanwha Aerospace seals $4 billion Chunmoo rocket deal with PolandConfirms KO Herald Economy Published Dec 29, 2025: Hanwha Aerospace signs third Chunmoo contract with Poland worth over KRW 5 trillion - 대한민국 정부 (방위사업청) High confidence· Market share 30% · Q3 2025 · approximate domestic share of order backlog
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.Confirms KO Money Today Published Nov 3, 2025: Hanwha Aerospace: land defense drives results, backlog KRW 31 trillion - RTX High confidence
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.Confirms KO Market Economy Published Jul 6, 2021: Toward engine independence: Hanwha Aerospace risingConfirms EN Pratt & Whitney Published Jun 17, 2019: Pratt & Whitney and Hanwha Aerospace Sign GTF Engine Aftermarket Agreements
Pays to
- 항공엔진 부품·소재 공급 바스켓 (비공개) Medium confidence
Procures superalloys and precision parts for GTF engine components and MRO. Individual supplier shares are not disclosed. - 방산 부품·원자재 공급 바스켓 (비공개) Medium confidence
Procures parts and raw materials for land-defense production such as the K9 and Chunmoo. Individual supplier shares are not disclosed.
Investments
- 한화시스템 (Hanwha Systems) High confidence· Market share 46.73% · 2026-03 · Hanwha Aerospace direct stake (59.54% with related parties)
Largest shareholder of Hanwha Systems, holding 46.73% directly and 59.54% including related parties.Confirms KO DigitalToday Published Mar 30, 2026: Hanwha Aerospace, top shareholder of Hanwha Systems, at 59.54% combined - 한화오션 (Hanwha Ocean) High confidence· Market share 30.4% · 2025-02 · single-largest-holder stake after block deal
Single largest shareholder of Hanwha Ocean, having raised its stake from 23.14% to 30.4% in a February 2025 block deal.Confirms EN KED Global Published Feb 11, 2025: Hanwha Aerospace ups stake in Hanwha Ocean in $900 mn block deal - 한화오션 (최대주주) High confidence
Largest shareholder of Hanwha Ocean via the 2023 DSME acquisition.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Textron | lead2 | +59.9 | -8.2 | +13.7 | -4.8 | +14.1 | +4.3 |
| Airbus | lead2 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Boeing | lead2 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| Leonardo S.p.A. | lead2 | +11.3 | +50.3 | +73.6 | +89.1 | +88.1 | -6.8 |
| RTX | lead1 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +7.6 |
| Hanwha Aerospace | node | +19.3 | +70.4 | +74.3 | +163.6 | +227.6 | -25.6 |
| Hanwha Ocean | benef1 | -24.9 | +25.6 | +9.6 | +160.6 | +142.1 | -41.3 |
| POSCO Holdings | benef2 | +13.9 | +19.9 | +43 | -37.3 | +38.3 | -8.8 |
| HD Hyundai Heavy Industries | benef2 | · | +11.4 | +3.2 | +172.6 | +86.9 | -11.8 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ₩1,643,333 · Price ₩967,000 (07-11) · Upside +70%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Yuanta Securities | Buy | ₩1,820,000 | Apr 9, 2026 | Report ↗ |
| Mirae Asset Securities | Buy | ₩1,650,000 | Feb 10, 2026 | Report ↗ |
| Hana Securities | Buy | ₩1,460,000 | Feb 10, 2026 | Report ↗ |
Yuanta raised its target to KRW1,820,000 from KRW1,700,000 and kept Buy, reflecting earnings improvement from rising exports.