Power equipment · EHV transformers (grid bottleneck)
HD Hyundai Electric
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.
267260.KS Updated Sep 11, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, HD Hyundai Electric is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · 2025 revenue KRW 4.08T (+23%)
- Customer concentration · 40% North America; $6.73B transformer backlog.
- Segments · EHV transformers · Distribution/rotating
Revenue from
- US utilities · data centers (transformers) High confidence
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.Mentions KO Analyst consensus Published Jul 6, 2026: HD Hyundai Electric consensus: avg target ₩1.39m (20 analysts), 2026 order target raisedConfirms EN PR Newswire Published Dec 1, 2025: HD Hyundai Electric expands US transformer production - Digital Realty Medium confidence
Supplies EHV transformers to large data-center REITs like Digital Realty — a direct channel for data-center power-intake equipment demand. - American Electric Power Medium confidence
Supplies EHV transformers to AEP's transmission network, one of the largest US grid operators — a flagship customer of grid-modernization orders.
Pays to
- CSX Corporation Medium confidence
HD Hyundai Electric uses CSX as a longstanding rail logistics partner for its Alabama transformer operation, supporting complex and oversized moves, while the freight rate and contract value paid to CSX were not disclosed. - Electrical steel · materials (undisclosed) Low confidence
Procures transformer raw materials such as electrical steel and copper (value not disclosed); copper/steel prices are the key cost variable.Confirms EN PR Newswire Published Dec 1, 2025: HD Hyundai Electric expands US transformer production - capacity expansion (undisclosed) Low confidence
US 765kV transformer capacity expansion ($200M) — investment to convert backlog into revenue amid the shortage.Confirms EN PR Newswire Published Dec 1, 2025: HD Hyundai Electric expands US transformer production
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 |
|---|---|---|---|---|---|---|---|
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Digital Realty | lead1 | +30.7 | -41 | +39.9 | +35.9 | -10.1 | +23.4 |
| American Electric Power | lead1 | +10.7 | +10.4 | -11 | +18.2 | +29.4 | +10.4 |
| HD Hyundai Electric | node | +4.2 | +132.5 | +159.4 | +300.5 | +120.2 | -19.1 |
| CSX Corporation | benef1 | +25.7 | -16.6 | +13.5 | -5.6 | +14.1 | +37.5 |
| Wabtec Corporation | benef2 | +26.5 | +9.1 | +28 | +50.1 | +13.2 | +33 |
YTD as of 2026-09-04 · source: Yahoo Finance
HD Hyundai Electric operates across KOSPI, Power equipment, EHV transformers (grid bottleneck). After +120.2% in 2025, it corrected -19.1% in 2026. The demand side (avg +16.9%) leads the stock (-19.1%), so customer moves come first here. Among connected nodes the furthest ahead is Digital Realty (+23.4%) and the furthest behind is American Electric Power (+10.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A Korean beneficiary of the grid bottleneck.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target ₩1,280,000 · Price ₩714,000 (09-04) · Upside +79%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| IBK Investment & Securities | Buy | ₩1,500,000 | Apr 29, 2026 | Report ↗ |
| LS Securities | Buy | ₩1,280,000 | Apr 14, 2026 | Report ↗ |
| Daishin Securities | Buy | ₩1,220,000 | Apr 13, 2026 | Report ↗ |
| NH Investment & Securities | Buy | ₩1,200,000 | Mar 20, 2026 | Report ↗ |
| SK Securities | Buy | ₩1,200,000 | Feb 20, 2026 | Report ↗ |
Q1 OP KRW258.3bn slightly missed on delayed Middle East deliveries, but new orders hit a record USD1.80bn (73% North America). Target sharply raised to KRW1.50m.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026