{"slug":"hd-hyundai-heavy-industries","name":"HD현대중공업","name_en":"HD Hyundai Heavy Industries","ticker":"329180.KS","updated_at":"2026-07-12T03:54:59.471+00:00","canonical":"https://valuechain.wiki/hd-hyundai-heavy-industries","citable":"밸류체인 그래프 기준 HD현대중공업의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 1·투자 1)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, HD Hyundai Heavy Industries is directly linked to 3 companies (1 supply, 1 revenue, 1 investment relationships) and reaches 3 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 조선·엔진 · 힘센엔진","kicker_en":"KOSPI · Shipbuilding & engines · HiMSEN","lead":"세계 최대 조선소로 상선·가스선·함정을 짓고(조선 71%), 힘센엔진 등 대형 선박엔진을 만들어 다른 조선소에도 공급한다(엔진기계 22%). 해양플랜트(7%)도 수행한다. 최대주주는 HD한국조선해양이며, 페루·인도 해군에 함정·잠수함을 수출한다.","lead_en":"The world's largest shipyard, building merchant, gas and naval ships (Shipbuilding 71%) and making large marine engines like HiMSEN that it also sells to other yards (Engine & Machinery 22%), plus offshore plants (7%). HD Korea Shipbuilding is its parent; it exports warships and submarines to the Peruvian and Indian navies.","segments":{"parts":[{"desc":"상선·고부가 가스선(LNG)·컨테이너선·함정 건조. LNG선 슈퍼사이클 수주잔고, 컨테이너선 6척 4,699억 등.","name":"조선 (상선·가스선·함정)","note":"71%"},{"desc":"자체 힘센엔진(HiMSEN)·대형엔진을 한화오션 등 타 조선소·발전사에 공급 — 엔진 내재화가 차별점.","name":"엔진기계 (힘센엔진·대형엔진)","note":"22%"},{"desc":"원유생산설비·화공 등 해양플랜트.","name":"해양플랜트 (원유생산설비·화공)","note":"7%"}],"total":"조선 71%·엔진기계 22%·해양플랜트 7%"},"segments_en":{"parts":[{"desc":"Builds merchant, high-value gas (LNG), container and naval ships; an LNG supercycle backlog, e.g. 6 container ships at KRW 469.9B.","name":"Shipbuilding (merchant, gas, naval)","note":"71%"},{"desc":"Supplies its own HiMSEN and large engines to other yards like Hanwha Ocean and to utilities — engine in-sourcing is a differentiator.","name":"Engine & Machinery (HiMSEN, large engines)","note":"22%"},{"desc":"Offshore plant: crude-production facilities and chemicals.","name":"Offshore (production facilities, chemicals)","note":"7%"}],"total":"Shipbuilding 71%, Engine & Machinery 22%, Offshore 7%"},"returns_yearly":{"2022":11.4,"2023":3.2,"2024":172.6,"2025":86.9,"2026":-11.8},"return_asof":"2026-07-10","value_chain":{"leading":[{"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}}],"benefiting":[{"slug":"hd-korea-shipbuilding-offshore-engineering","name":"HD한국조선해양","name_en":"HD Korea Shipbuilding & Offshore Engineering","tier":1,"returns_yearly":{"2021":-15.2,"2022":-0.1,"2023":42.6,"2024":104.4,"2025":84,"2026":-16}},{"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":"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":"세계 최대 조선소로 상선·가스선·함정을 짓고(조선 71%) 힘센엔진 등 대형 선박엔진을 타 조선소에도 공급하는(엔진기계 22%) 수직통합 구조가 강점이다. LNG선·초대형 컨테이너선 슈퍼사이클 수주잔고가 실적의 근간이고, 여기에 미 7함대 군수지원함 MRO 연속 수주(USNS 세사르 차베즈·리처드 E.버드)와 페루·인도 해군 함정·잠수함 수출로 방산 축이 붙었다. 리스크는 후판(포스코·현대제철) 등 강재 가격과 인건비가 원가율을 좌우한다는 점이며, 최대주주는 HD한국조선해양이다. 그래프상 상류는 제철소(후판)·기자재 협력사이고, 하류는 글로벌 선주와 미·페루·인도 해군이다.","analysis_en":"The world's largest shipyard, building merchant, gas and naval ships (Shipbuilding 71%) and supplying large marine engines like HiMSEN to other yards too (Engine & Machinery 22%) — vertical integration is the edge. A supercycle backlog of LNG carriers and mega-boxships underpins earnings, joined by a defense axis: back-to-back US 7th Fleet supply-ship MRO wins (USNS Cesar Chavez, Richard E. Byrd) and warship/submarine exports to Peru and India. Risks are that steel-plate (POSCO, Hyundai Steel) prices and labor costs drive the cost ratio; HD Korea Shipbuilding is the largest shareholder. Upstream on the graph are steel mills (plate) and equipment partners; downstream are global shipowners and the US, Peruvian and Indian navies.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 선주 (상선·가스선·컨테이너선)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2026-07-09","basis":"DART 단일공급계약","value":469900000000,"period":"컨테이너선 6척(2026.7)","basis_en":"DART supply-contract filing"},"note":"조선(매출 71%) — 상선·고부가 가스선·컨테이너선 건조. 2026년 단건 공시: 컨테이너선 6척 4,699억원(중동 소재 선주, 매출 대비 2.67%), 오세아니아 선주 3,922억(2.23%).","note_en":"Shipbuilding (71% of revenue): merchant, high-value gas and container ships. 2026 disclosures: 6 container ships at KRW 469.9bn (a Middle East owner, 2.67% of revenue) and KRW 392.2bn (an Oceania owner, 2.23%).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-07-09","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260709800137","title":"HD현대중공업 단일판매·공급계약 (컨테이너선 6척)","title_en":"HD Hyundai Heavy supply contract (6 container ships)","excerpt":"체결계약명 'C선 6척', 계약금액 4,699억원, 매출 대비 2.67%, 계약상대 '중동 소재 선주'.","excerpt_en":"Contract '6 container ships', KRW 469.9bn, 2.67% of revenue, counterparty 'a Middle East owner'."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"조선사업 매출비중 71% — 일반상선·고부가 가스선·컨테이너선·함정 건조.","excerpt_en":"Shipbuilding is 71% of revenue: merchant, gas, container ships and warships."}]},{"direction":"revenue","counterparty":"미 해군 (함정 MRO)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"미 7함대 군수지원함 MRO 연속 수주 — USNS 세사르 차베즈(2026.1)에 이어 4.1만톤급 USNS 리처드 E. 버드 정기 정비까지 3개월 새 2건. 2026년 조선 양사 합산 4건으로 전년 3배 페이스.","note_en":"Back-to-back US 7th Fleet supply-ship MRO wins: USNS Cesar Chavez (Jan 2026) then the 41,000t USNS Richard E. Byrd within three months; the two Korean yards' four 2026 awards already triple last year's pace.","sources":[{"stance":"confirms","publisher":"이투데이","publisher_en":"E-Today","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://www.etoday.co.kr/news/view/2576978","title":"미 해군 MRO 속도전 — HD현대중공업·한화오션 잇단 수주","title_en":"US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back","excerpt":"HD현대중공업은 USNS 리처드 E.버드함 정기 정비를 수주 — 1월 세사르 차베즈함에 이어 3개월 만. 올해 양사 4건으로 작년 3배.","excerpt_en":"HD Hyundai won the USNS Byrd overhaul three months after the Chavez job; four awards across the two yards this year."}]},{"direction":"revenue","counterparty":"글로벌 선주 (LNG·컨테이너선)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"세계 최대 조선소 — LNG선·초대형 컨테이너선 슈퍼사이클 수주잔고.","note_en":"The world's largest shipyard, with a supercycle backlog of LNG carriers and mega-boxships.","sources":[{"stance":"mentions","publisher":"이투데이","publisher_en":"E-Today","kind":"news","lang":"ko","published_at":"2026-04-19","url":"https://www.etoday.co.kr/news/view/2576978","title":"미 해군 MRO 속도전 — HD현대중공업·한화오션 잇단 수주","title_en":"US Navy MRO race: HD Hyundai and Hanwha Ocean win back-to-back","excerpt":"함정 부문을 키우는 HD현대중공업.","excerpt_en":"HD Hyundai expanding its naval business."}]},{"direction":"revenue","counterparty":"조선소·발전사 (힘센엔진·대형 선박엔진)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"엔진기계(매출 22%) — 대형엔진·자체 힘센엔진(HiMSEN)·육상 발전설비를 국내외 조선소와 발전사에 공급. 한화오션 등 타 조선소에도 선박 메인엔진 공급.","note_en":"Engine & Machinery (22% of revenue): large engines, its own HiMSEN engines and land power gensets, supplied to shipyards and utilities worldwide - including main engines to other yards like Hanwha Ocean.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"엔진기계사업 매출비중 22% — 대형엔진·힘센엔진·육상용 엔진발전설비 공급.","excerpt_en":"Engine & Machinery is 22% of revenue: large engines, HiMSEN, land gensets."}]},{"direction":"revenue","counterparty":"페루·인도 해군 (함정·잠수함 수출)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"페루 국영 SIMA조선소로부터 함정 4척 수주, 차세대 잠수함 공동개발 계약 체결. 인도 코친조선소와 인도 해군 상륙함 협력 MOU. 국내 함정(최신예 함정)도 조선사업에 포함.","note_en":"Won 4 warships from Peru's state SIMA yard and signed a next-gen submarine co-development contract; MOU with India's Cochin Shipyard for an Indian Navy landing ship. Domestic naval ships are also part of the shipbuilding segment.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"페루 국영 SIMA조선소 함정 4척 수주, 페루 해군·SIMA와 차세대 잠수함 공동개발 계약; 인도 코친조선소 상륙함 MOU.","excerpt_en":"4 warships from Peru's SIMA, a next-gen submarine co-development contract, and an India Cochin Shipyard MOU."},{"stance":"mentions","publisher":"Naval News","publisher_en":"Naval News","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.navalnews.com/naval-news/2025/peru-sima-hd-hyundai","title":"Peru's SIMA and HD Hyundai to co-develop submarines and warships","title_en":"Peru's SIMA and HD Hyundai to co-develop submarines and warships","excerpt":"Peru's SIMA and HD Hyundai to co-develop submarines and warships.","excerpt_en":"Peru's SIMA and HD Hyundai co-develop submarines and warships."}]},{"direction":"investor","counterparty":"HD한국조선해양 (최대주주)","counterparty_slug":"hd-korea-shipbuilding-offshore-engineering","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"2019년 6월 현대중공업에서 물적분할로 신설, 최대주주는 HD한국조선해양(조선 중간지주). 설립 이후 최대주주 변동 없음.","note_en":"Spun off from Hyundai Heavy Industries by physical division in June 2019; its largest shareholder is HD Korea Shipbuilding (the shipbuilding intermediate holding), unchanged since.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"당사는 2019.6.1 물적분할로 신설; 최대주주 HD한국조선해양(주), 설립 이후 변동 없음.","excerpt_en":"Spun off by physical division June 2019; largest shareholder HD Korea Shipbuilding, unchanged."}]},{"direction":"cost","counterparty":"POSCO·현대제철 (선박용 후판·강재)","counterparty_slug":"posco-holdings","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"선박·해양구조물 건조용 후판·강재를 포스코·현대제철 등 국내 제철소와 해외에서 조달. 후판이 선박 재료비의 큰 축.","note_en":"Sources ship and offshore steel plate from POSCO, Hyundai Steel and other mills at home and abroad; plate is a large share of ship material cost.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"선박·해양구조물 건조에 후판·강재를 국내외 제철소에서 조달.","excerpt_en":"Sources plate and steel for ships and offshore structures from mills at home and abroad."}]},{"direction":"revenue","counterparty":"한화오션 (선박용 메인엔진)","counterparty_slug":"hanwha-ocean","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"한화오션 사업보고서에 선박 엔진 매입처로 명시.","note_en":"Named as a marine-engine supplier in Hanwha Ocean's annual report.","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":"한화오션 선박 엔진 매입처로 HD현대중공업 명시.","excerpt_en":"HD Hyundai Heavy named as an engine supplier to Hanwha Ocean."}]},{"direction":"revenue","counterparty":"미 해군 (군수지원함 MRO)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"미 7함대 군수지원함 MRO 연속 수주(USNS 세사르 차베즈·USNS 리처드 E.버드) — MRO에서 미국 함정 사업 확장.","note_en":"Back-to-back US 7th Fleet supply-ship MRO wins (USNS Cesar Chavez, USNS Richard E. Byrd), expanding US naval work from MRO.","sources":[{"stance":"mentions","publisher":"Naval News","publisher_en":"Naval News","kind":"news","lang":"en","published_at":"2025-11-01","url":"https://www.navalnews.com/naval-news/2025/peru-sima-hd-hyundai","title":"Peru's SIMA and HD Hyundai to co-develop submarines and warships","title_en":"Peru's SIMA and HD Hyundai to co-develop submarines and warships","excerpt":"Korean yards including HD Hyundai win US Navy supply-ship MRO.","excerpt_en":"HD Hyundai wins US Navy supply-ship MRO."}]},{"direction":"cost","counterparty":"선박 기자재·의장품 (블록·전장·항해장비)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"선박 블록·의장품·전장·항해장비 등 기자재를 국내외 협력사에서 조달해 조립. 자체 힘센엔진은 내재화.","note_en":"Assembles from blocks, fit-out, electrical and navigation equipment sourced from partners; the HiMSEN engine is made in-house.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-20","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260320000859","title":"HD현대중공업 사업보고서 (2025.12)","title_en":"HD Hyundai Heavy Industries annual report (FY2025)","excerpt":"선박 기자재·의장품을 협력사에서 조달해 조립.","excerpt_en":"Sources ship equipment and fit-out from partners for assembly."}]}]}