{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","ticker":"267260.KS","updated_at":"2026-07-12T08:23:49.777+00:00","canonical":"https://valuechain.wiki/hd-hyundai-electric","same_as":["https://finance.yahoo.com/quote/267260.KS","https://finance.naver.com/item/main.naver?code=267260"],"citable":"밸류체인 그래프 기준 HD Hyundai Electric의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, HD Hyundai Electric is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 전력기기 · 초고압 변압기 (그리드 병목)","kicker_en":"KOSPI · Power equipment · EHV transformers (grid bottleneck)","lead":"초고압 변압기·전력기기 기업. AI 데이터센터·미국 그리드 현대화 수요로 2025년 매출 ₩4.08조(+23%), 영업이익 ₩9,953억(+49%), 4분기 영업이익률 27.6%. 북미 매출 $10.9억·수주 $28.8억, 수주잔고 $67.3억(3년+). 미국 765kV 변압기 증설($2억). 전력망 병목의 한국 수혜.","lead_en":"An extra-high-voltage transformer and power-equipment maker. AI-datacenter and US grid-modernization demand drove 2025 revenue KRW 4.08T (+23%), operating profit KRW 995B (+49%), Q4 margin 27.6%. North America revenue $1.09B, orders $2.88B, backlog $6.73B (3+ years). A $200M US 765kV transformer expansion. A Korean beneficiary of the grid bottleneck.","segments":{"fy":2025,"parts":[{"desc":"AI 데이터센터·미국 그리드 현대화 수요의 핵심 제품. 북미 매출 $10.9억·수주잔고 $6.73B(3년+), 미국 765kV 증설 $2억.","name":"초고압 변압기"},{"desc":"배전기기·회전기(모터·발전기) 등 전력기기 잔여 부문.","name":"배전·회전기기"}],"total":"2025 매출 ₩4.08조 (+23%)","concentration":"북미 40%, 변압기 수주잔고 $6.73B."},"segments_en":{"fy":2025,"parts":[{"desc":"The core product for AI-datacenter and US grid-modernization demand; $1.09bn North America revenue, $6.73bn backlog (3+ years), $200M US 765kV expansion.","name":"EHV transformers"},{"desc":"Distribution gear and rotating machines (motors, generators) — the residual power-equipment segment.","name":"Distribution/rotating"}],"total":"2025 revenue KRW 4.08T (+23%)","concentration":"40% North America; $6.73B transformer backlog."},"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-3.7},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell 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Realty","tier":1,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}}],"benefiting":[],"analysis":"투자 논점은 초고압 변압기의 구조적 공급부족에서 나오는 수주잔고의 가시성이다. AI 데이터센터 전력 폭증과 미국 그리드 현대화가 겹치며 2025년 매출 4.08조원(+23%)·영업이익 9,953억원(+49%)·4분기 영업이익률 27.6%로 마진이 레벨업했고, 북미가 매출의 40%다. 수주잔고 $6.73B(3년+ 물량)가 향후 매출을 사실상 선확정했고 미국 765kV 변압기 증설($2억)로 캐파를 늘리는 국면이라, 실적보다 잔고·증설 소화 속도가 주가를 끈다 — 변압기는 리드타임이 길고 신규 진입이 어려워 사이클 상단에서 가격결정력이 유지되는 병목형 제품이다. 위험은 미국 유틸리티·데이터센터(디지털리얼티·AEP) 발주에 집중된 수요가 그리드 투자 사이클이 꺾일 때 잔고 소진 이후로 미뤄진다는 후행성이다.","analysis_en":"The thesis is backlog visibility born of a structural shortage in extra-high-voltage transformers. AI-datacenter power surge and US grid modernization together lifted 2025 revenue to KRW 4.08tn (+23%), operating profit to KRW 995bn (+49%) and Q4 margin to 27.6%, with North America 40% of revenue. A $6.73bn backlog (3+ years of volume) has all but pre-locked future revenue, and a $200M US 765kV expansion is adding capacity — so backlog and expansion absorption, more than quarterly results, drive the stock, because transformers have long lead times and hard entry, keeping pricing power at the top of the cycle. The risk is that demand concentrated in US utilities and data centers (Digital Realty, AEP) is lagging — if the grid-investment cycle rolls over, new orders slip beyond backlog burn-off.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"미 유틸리티·데이터센터 (변압기)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"backlog_usd_bn":7.888,"na_revenue_pct":40,"revenue_krw_tn":4.08,"revenue_yoy_pct":23,"order_target_2026_usd_bn":5.185},"note":"미국 유틸리티·데이터센터에 초고압 변압기 수출(북미 매출 40%, 수주잔고 $6.73B, 3년+). 그리드 병목의 핵심 수혜 채널로, 잔고가 향후 매출을 선확정한다.","note_en":"Exports EHV transformers to US utilities and data centers (40% of revenue in North America, $6.73bn backlog, 3+ years) — the core beneficiary channel of the grid bottleneck, with backlog pre-locking future revenue.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스","publisher_en":"Analyst consensus","kind":"research","lang":"ko","published_at":"2026-07-06","url":"https://kr.investing.com/equities/hyundai-electric-energy-systems-consensus-estimates","title":"HD현대일렉트릭 애널리스트 컨센서스: 평균 목표주가 139만원(20인), 2026 수주목표 상향","title_en":"HD Hyundai Electric consensus: avg target ₩1.39m (20 analysts), 2026 order target raised","excerpt":"애널리스트 20인 평균 목표주가 139만원. 변압기 슈퍼사이클로 2026 수주목표를 42.22억→51.85억 달러(+22.8%)로 상향, 수주잔고 78.88억 달러(+17.2%). 초고압에서 배전·회전기기까지 호황 확산.","excerpt_en":"20 analysts' average target ₩1.39m. Transformer supercycle lifted the 2026 order target from $4.222B to $5.185B (+22.8%); backlog $7.888B (+17.2%). The boom is spreading from EHV to distribution and rotating machines."},{"stance":"confirms","publisher":"KED Global","publisher_en":"KED Global","kind":"news","lang":"ko","published_at":"2026-04-07","url":"https://www.kedglobal.com/machinery/newsView/ked202604070003","title":"한국 변압기, AI 데이터센터 붐 수혜","title_en":"Korean transformer makers ride AI datacenter boom","excerpt":"미국 유틸리티·데이터센터에 초고압 변압기 수출(북미 40%, 잔고 $6.73B).","excerpt_en":"EHV transformer exports to US utilities and datacenters (40% NA, $6.73B backlog)."},{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2025-12-01","url":"https://www.prnewswire.com/news-releases/hd-hyundai-electric-expands-us-production-subsidiary-solidifies-leadership-in-north-american-extra-high-voltage-power-transformer-market-302707507.html","title":"HD현대일렉트릭 미국 변압기 증설","title_en":"HD Hyundai Electric expands US transformer production","excerpt":"미국 유틸리티·데이터센터에 초고압 변압기 수출(북미 40%, 잔고 $6.73B).","excerpt_en":"EHV transformer exports to US utilities and datacenters (40% NA, $6.73B backlog)."}]},{"direction":"revenue","counterparty":"Digital Realty","counterparty_slug":"digital-realty","confidence":"mid","metric":null,"note":"대형 데이터센터 리츠 디지털리얼티 등에 초고압 변압기 공급 — 데이터센터 전력 인입 설비 수요의 직접 채널.","note_en":"Supplies EHV transformers to large data-center REITs like Digital Realty — a direct channel for data-center power-intake equipment demand.","sources":[{"stance":"confirms","publisher":"KED Global","publisher_en":"KED Global","kind":"news","lang":"ko","published_at":"2026-04-07","url":"https://www.kedglobal.com/machinery/newsView/ked202604070003","title":"한국 변압기, AI 데이터센터 붐 수혜","title_en":"Korean transformer makers ride AI datacenter boom","excerpt":"데이터센터·유틸리티에 초고압 변압기 공급.","excerpt_en":"EHV transformers to datacenters and utilities."}]},{"direction":"revenue","counterparty":"American Electric Power","counterparty_slug":"aep","confidence":"mid","metric":null,"note":"미 최대 송전사 중 하나인 AEP 송전망에 초고압 변압기 공급 — 그리드 현대화 발주의 대표 고객.","note_en":"Supplies EHV transformers to AEP's transmission network, one of the largest US grid operators — a flagship customer of grid-modernization orders.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://www.sec.gov/Archives/edgar/data/0000004904/000000490426000011/a4q20258kpressreleaseex991.htm","title":"AEP FY2025 실적(8-K)","title_en":"AEP FY2025 results (8-K)","excerpt":"AEP 송전망에 초고압 변압기 공급.","excerpt_en":"EHV transformers for AEP transmission."}]},{"direction":"cost","counterparty":"전기강판·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"전기강판·구리 등 변압기 원자재 매입(금액 미공개). 구리·강판 가격이 변압기 원가의 핵심 변수.","note_en":"Procures transformer raw materials such as electrical steel and copper (value not disclosed); copper/steel prices are the key cost variable.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2025-12-01","url":"https://www.prnewswire.com/news-releases/hd-hyundai-electric-expands-us-production-subsidiary-solidifies-leadership-in-north-american-extra-high-voltage-power-transformer-market-302707507.html","title":"HD현대일렉트릭 미국 변압기 증설","title_en":"HD Hyundai Electric expands US transformer production","excerpt":"전기강판·구리·소재.","excerpt_en":"Electrical steel, copper and materials."}]},{"direction":"cost","counterparty":"증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"미국 765kV 변압기 생산 증설($2억) — 공급부족 국면에서 캐파를 늘려 잔고를 매출로 전환하는 투자.","note_en":"US 765kV transformer capacity expansion ($200M) — investment to convert backlog into revenue amid the shortage.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"filing","lang":"en","published_at":"2025-12-01","url":"https://www.prnewswire.com/news-releases/hd-hyundai-electric-expands-us-production-subsidiary-solidifies-leadership-in-north-american-extra-high-voltage-power-transformer-market-302707507.html","title":"HD현대일렉트릭 미국 변압기 증설","title_en":"HD Hyundai Electric expands US transformer production","excerpt":"미국 765kV 변압기 증설($2억).","excerpt_en":"US 765kV transformer expansion ($200M)."}]}]}