{"slug":"hd-korea-shipbuilding-offshore-engineering","name":"HD한국조선해양","name_en":"HD Korea Shipbuilding & Offshore Engineering","ticker":"009540.KS","updated_at":"2026-07-12T04:15:03.162+00:00","canonical":"https://valuechain.wiki/hd-korea-shipbuilding-offshore-engineering","citable":"밸류체인 그래프 기준 HD한국조선해양의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, HD Korea Shipbuilding & Offshore Engineering is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 조선 · HD현대 조선 중간지주(세계 최대)","kicker_en":"KOSPI · Shipbuilding · HD Hyundai shipbuilding holding (world's largest)","lead":"HD현대의 조선 중간지주회사로 HD현대중공업·HD현대미포·HD현대삼호 3개 조선소를 거느린다. 연결 매출은 조선 84%, 엔진기계 10%, 해양플랜트 4%로 구성되며, 세계 최대 조선 그룹으로서 LNG선·컨테이너선 슈퍼사이클 수주를 이끈다.","lead_en":"HD Hyundai's shipbuilding intermediate holding, overseeing three yards - HD Hyundai Heavy, HD Hyundai Mipo and HD Hyundai Samho. Consolidated revenue is 84% shipbuilding, 10% engines, 4% offshore; as the world's largest shipbuilding group it leads LNG and container-ship supercycle orders.","segments":{"parts":[{"name":"조선 (3개 야드: 중공업·미포·삼호)","note":"84%"},{"name":"엔진기계 (대형·중형엔진)","note":"10%"},{"name":"해양플랜트·그린에너지","note":"4%+"}],"total":"연결 매출 조선 84%·엔진기계 10%·해양플랜트 4%"},"segments_en":{"parts":[{"name":"Shipbuilding (3 yards: Heavy, Mipo, Samho)","note":"84%"},{"name":"Engine & Machinery (large, medium engines)","note":"10%"},{"name":"Offshore, green energy","note":"4%+"}],"total":"Consolidated: Shipbuilding 84%, Engines 10%, Offshore 4%"},"returns_yearly":{"2021":-15.2,"2022":-0.1,"2023":42.6,"2024":104.4,"2025":84,"2026":-16},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"hd-hyundai-heavy-industries","name":"HD현대중공업","name_en":"HD Hyundai Heavy Industries","tier":1,"returns_yearly":{"2022":11.4,"2023":3.2,"2024":172.6,"2025":86.9,"2026":-11.8}},{"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":"투자 논점은 세계 최대 조선 그룹의 중간지주로서 LNG·컨테이너선 슈퍼사이클 수주의 가시성이다. HD현대중공업·미포·삼호 3개 야드를 거느려 연결 매출의 84%가 조선, 10%가 엔진기계, 4%가 해양이며, 카타르에너지 LNG 프로그램 등 고부가 가스선 수주가 다년 매출을 선확정한다 — 야드별로 삼호(VLCC·초대형 컨테이너·LNG선)·미포(중형 PC·MR탱커)로 선종을 분업해 슈퍼사이클 물량을 나눈다. 여기에 미 해군 MRO(정비·수리) 확장이 새 매출축으로 붙고, 엔진기계 부문은 힘센엔진·육상 발전설비로 조선 사이클을 보완한다. 원가단에서 후판을 포스코·현대제철에 의존해 강재 가격이 마진의 핵심 변수이며, 위험은 수주는 잠겨 있으나 인력·강재 원가 상승과 환율이 실현 마진을 압박한다는 점이다.","analysis_en":"The thesis is backlog visibility as the intermediate holding of the world's largest shipbuilding group in an LNG/container-ship supercycle. Overseeing three yards — HD Hyundai Heavy, Mipo, Samho — consolidated revenue is 84% shipbuilding, 10% engines and 4% offshore, and high-value gas-ship orders like the QatarEnergy LNG program pre-lock multi-year revenue, with yards divided by ship type (Samho: VLCCs, mega boxships, LNG carriers; Mipo: mid-size PC/MR tankers) to split supercycle volume. US Navy MRO expansion adds a new revenue axis, and the engine business (HiMSEN, land gensets) complements the shipbuilding cycle. On cost, it depends on POSCO and Hyundai Steel for plate, making steel prices the key margin variable; the risk is that orders are locked but rising labor/steel costs and FX pressure realized margins.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"글로벌 선주 (연결 조선 — LNG선·컨테이너선)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-03","basis":"사업보고서","value":84,"period":"연결 매출 중 조선","basis_en":"annual report"},"note":"연결 조선 매출 84% — HD현대중공업·미포·삼호 3개 야드가 LNG선·고부가 가스선·컨테이너선·함정을 건조. 카타르에너지 LNG 프로그램·슈퍼사이클이 수요 축.","note_en":"Consolidated shipbuilding is 84% of revenue - three yards (Heavy, Mipo, Samho) build LNG carriers, high-value gas ships, boxships and warships; the QatarEnergy LNG program and supercycle anchor demand.","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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"매출액 조선사업 84%, 해양플랜트 4%, 엔진기계 10%; 3개 조선 자회사(중공업·미포·삼호).","excerpt_en":"Revenue: shipbuilding 84%, offshore 4%, engines 10%; three shipbuilding subsidiaries."},{"stance":"mentions","publisher":"Nikkei Asia","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://asia.nikkei.com/business/transportation/shipping-shipbuilding","title":"Korean shipbuilders ride LNG and Qatar supercycle","title_en":"Korean shipbuilders ride LNG and Qatar supercycle","excerpt":"Korean yards ride the LNG and Qatar supercycle.","excerpt_en":"Korean yards ride the LNG/Qatar supercycle."}]},{"direction":"revenue","counterparty":"조선소·발전사 (연결 엔진기계 — 대형·중형엔진)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-03","value":10,"period":"연결 매출 중 엔진기계"},"note":"연결 엔진기계 매출 10% — 대형·중형 선박엔진·힘센엔진·육상 발전설비를 국내외에 공급. 계열 HD현대중공업이 엔진 제조 주축.","note_en":"Consolidated engines are 10% of revenue - large and medium marine engines, HiMSEN and land gensets sold worldwide, with HD Hyundai Heavy as the engine-making core.","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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"엔진기계사업 연결 매출비중 10% — 대형·중형엔진·육상용 엔진발전설비.","excerpt_en":"Engines are 10% of consolidated revenue: large/medium engines and land gensets."}]},{"direction":"revenue","counterparty":"글로벌 선주 (LNG·컨테이너·상선)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"HD현대 조선 중간지주(현대중공업·미포·삼호 통할) — 세계 최대 조선 그룹의 LNG선·컨테이너선 슈퍼사이클 수주. 미 해군 MRO 확장.","note_en":"HD Hyundai's shipbuilding intermediate holding (Heavy, Mipo, Samho): supercycle LNG and container ship orders as the world's largest shipbuilding group; expanding US Navy MRO.","sources":[{"stance":"mentions","publisher":"파이낸스스코프","publisher_en":"Finance Scope","kind":"news","lang":"ko","published_at":"2025-02-21","url":"https://www.finance-scope.com/article/view/scp202502210012","title":"삼성중공업, LNG·FLNG 질주 — 2025 수주 98억달러","title_en":"Samsung Heavy: LNG/FLNG drive, $9.8B 2025 order target","excerpt":"조선 빅3 LNG선 수주 경쟁 심화 국면.","excerpt_en":"Intense LNG-carrier order competition among the big-three shipbuilders."}]},{"direction":"investment","counterparty":"HD현대중공업 (조선 자회사)","counterparty_slug":"hd-hyundai-heavy-industries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"조선 중간지주로서 HD현대중공업 최대주주(세계 최대 조선소).","note_en":"As the shipbuilding holding, the largest shareholder of HD Hyundai Heavy (the world's largest yard).","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":"HD한국조선해양이 HD현대중공업 최대주주.","excerpt_en":"HD Korea Shipbuilding is the largest shareholder of HD Hyundai Heavy."},{"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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"주요 종속회사 HD현대중공업㈜(조선).","excerpt_en":"Key subsidiary HD Hyundai Heavy Industries (shipbuilding)."}]},{"direction":"cost","counterparty":"POSCO·현대제철 (연결 선박용 후판·강재)","counterparty_slug":"posco-holdings","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"3개 야드 연결 기준 선박 건조용 후판·강재를 포스코·현대제철 등에서 조달. 후판이 연결 재료비의 큰 축.","note_en":"Across the three yards, sources ship steel plate from POSCO, Hyundai Steel and others; plate is a large share of consolidated 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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"조선 3개 야드 선박 건조용 후판·강재 조달.","excerpt_en":"Sources ship plate for the three shipbuilding yards."}]},{"direction":"investment","counterparty":"HD현대미포 (중형선 자회사)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"주요 종속회사 HD현대미포 — 중형 상선(PC선·MR탱커·중형 컨테이너선) 전문.","note_en":"Key subsidiary HD Hyundai Mipo, specialized in medium ships (product/MR tankers, mid-size boxships).","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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"주요 종속회사 HD현대미포㈜.","excerpt_en":"Key subsidiary HD Hyundai Mipo."}]},{"direction":"investment","counterparty":"HD현대삼호 (대형선 자회사)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"주요 종속회사 HD현대삼호 — 대형 상선(VLCC·초대형 컨테이너선·LNG선) 전문.","note_en":"Key subsidiary HD Hyundai Samho, specialized in large ships (VLCCs, mega boxships, LNG carriers).","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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"주요 종속회사 HD현대삼호㈜.","excerpt_en":"Key subsidiary HD Hyundai Samho."}]},{"direction":"cost","counterparty":"선박 기자재·의장품 (연결)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"3개 야드 선박 블록·의장품·전장·항해장비를 협력사에서 조달해 조립.","note_en":"Across the yards, assembles from blocks, fit-out, electrical and navigation equipment from partners.","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=20260320001032","title":"HD한국조선해양 사업보고서 (2025.12)","title_en":"HD Korea Shipbuilding annual report (FY2025)","excerpt":"선박 기자재·의장품을 협력사에서 조달.","excerpt_en":"Sources ship equipment and fit-out from partners."}]}]}