{"slug":"hyundai-rotem-company","name":"현대로템","name_en":"Hyundai Rotem Company","ticker":"064350.KS","updated_at":"2026-07-12T04:03:43.631+00:00","canonical":"https://valuechain.wiki/hyundai-rotem-company","kicker":"방산·철도·에코플랜트","kicker_en":"Defense, rail, eco-plant","lead":"K2 전차 등 지상무기체계(디펜스솔루션), 고속철·전동차(레일솔루션), 수소인프라·제철설비(에코플랜트)를 만드는 종합기계회사다. 2025년 매출 비중은 디펜스 55%, 레일 36%, 에코플랜트 9%다. K2 전차 폴란드 수출과 캐나다·국내 철도 수주가 성장 축이다.","lead_en":"A machinery group spanning ground weapons like the K2 tank (Defense), high-speed and metro trains (Rail), and hydrogen/steel-plant equipment (Eco-Plant). 2025 revenue split: Defense 55%, Rail 36%, Eco-Plant 9%. K2 tank exports to Poland and Canadian/domestic rail wins drive growth.","segments":{"parts":[{"desc":"매출 55%·성장 엔진 — K2 전차 폴란드 수출(EC3 210대)과 국내 방사청 창정비·PBL·장갑차 양산. 이라크·페루 협상으로 수출 다변화.","name":"디펜스솔루션 (K2 전차·장갑차)","note":"55%"},{"desc":"매출 36%·안정 축 — 고속철·전동차. 캐나다 에드먼턴 경전철·국내 GTX·신안산선 등 국내외 수주가 방산 사이클을 완충.","name":"레일솔루션 (고속철·전동차)","note":"36%"},{"desc":"매출 9%·장기 옵션 — 수소 인프라·제철설비 등 에코플랜트.","name":"에코플랜트 (수소·제철설비)","note":"9%"}],"total":"2025 매출 비중 디펜스 55%·레일 36%·에코플랜트 9%"},"segments_en":{"parts":[{"desc":"55% of revenue and the growth engine — K2 tank exports to Poland (EC3, 210 units) plus domestic DAPA overhaul/PBL and APC production; export diversification via Iraq and Peru talks.","name":"Defense (K2 tank, APCs)","note":"55%"},{"desc":"36% of revenue and the steady axis — high-speed and metro trains. Canada's Edmonton LRT, domestic GTX and Sinansan wins cushion the defense cycle.","name":"Rail (high-speed, metro)","note":"36%"},{"desc":"9% of revenue and a long-dated option — hydrogen infrastructure and steel-plant equipment (Eco-Plant).","name":"Eco-Plant (hydrogen, steel)","note":"9%"}],"total":"2025 revenue: Defense 55%, Rail 36%, Eco-Plant 9%"},"returns_yearly":{"2021":-3.4,"2022":48.4,"2023":3.1,"2024":108.8,"2025":290.1,"2026":-22.1},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"현대로템의 논점은 'K2 전차 수출 사이클 + 철도 수주의 병행'이다. 매출의 55%가 방산으로, 폴란드 K2 3차 실행계약(210대) 등 수출 파이프라인이 2024~25년 주가를 재평가시켰다(2025 +290%). 레일(36%)은 캐나다 에드먼턴 경전철·국내 GTX·신안산선 등으로 방산과 병행하는 안정 축이고, 에코플랜트(9%)는 수소·제철설비의 장기 옵션이다. 다만 완성차 조립사 구조라 K2 파워팩(엔진 HD현대인프라코어·변속기 SNT다이내믹스)과 철도 부품을 외주에 의존해 국산화·납기가 마진을 가른다. 2026년 -22% 조정은 수출 모멘텀 선반영의 되돌림으로, 이라크·페루 등 후속 수출 실계약이 다음 방향을 정한다.","analysis_en":"Hyundai Rotem's thesis is 'the K2 tank export cycle running alongside rail wins.' Defense is 55% of revenue, and an export pipeline led by Poland's third K2 execution contract (210 units) re-rated the stock in 2024-25 (+290% in 2025). Rail (36%) is the steady axis running in parallel — Canada's Edmonton LRT, domestic GTX and Sinansan lines — and Eco-Plant (9%) is a long-dated hydrogen/steel-equipment option. But as a vehicle assembler it depends on outsourced K2 powerpacks (HD Hyundai Infracore engines, SNT Dynamics transmissions) and rail parts, so localization and delivery gate margins. The -22% correction in 2026 is a give-back of pre-priced export momentum; follow-on export contracts (Iraq, Peru) set the next direction.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"국내외 철도 운영사·발주처 (고속철·전동차)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2026-07-03","basis":"DART 단일공급계약","value":391446000000,"period":"에드먼턴 경전철(2026.7)","basis_en":"DART supply-contract filing"},"note":"레일솔루션 — 캐나다 에드먼턴 고상형 경전철 3,914억(매출 대비 8.9%), 신안산선 철도차량 2,353억(포스코이앤씨), SR 고속철(EMU-320), GTX-B·C 민자, 대장~홍대 광역철도.","note_en":"Rail Solutions: Canada's Edmonton high-floor LRT at KRW 391.4bn (8.9% of revenue), Sinansan Line rolling stock at KRW 235.3bn (POSCO E&C), SR high-speed EMU-320, GTX-B/C PPP, and the Daejang-Hongdae metro.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-07-03","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260703800009","title":"현대로템 단일판매·공급계약 (에드먼턴 경전철)","title_en":"Hyundai Rotem supply contract (Edmonton LRT)","excerpt":"체결계약명 '에드먼턴 고상형 경전철 공급 사업', 계약금액 3,914억원, 매출 대비 8.9%.","excerpt_en":"Contract 'Edmonton high-floor LRT supply', KRW 391.4bn, 8.9% of revenue."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-01-30","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260130801210","title":"현대로템 단일판매·공급계약 (신안산선 철도차량)","title_en":"Hyundai Rotem supply contract (Sinansan Line rolling stock)","excerpt":"신안산선 복선전철 철도차량 공급 2,353억원(계약상대 포스코이앤씨).","excerpt_en":"Sinansan Line rolling stock KRW 235.3bn (counterparty POSCO E&C)."}]},{"direction":"revenue","counterparty":"폴란드 군비청 (K2 전차)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"대 (EC3)","as_of":"2026-07","value":210,"period":"2026~2034"},"note":"K2 전차 폴란드 수출 — 3차 실행계약(EC3) 210대(한국산 120+현지생산 90) 연내 체결 추진, 이행 2026~2034. 이라크 250대(약 9조원)·페루(K2 54대+장갑차 141대) 협상 병행.","note_en":"K2 tanks for Poland: the third execution contract (210 units - 120 Korean-built, 90 local) targeted within the year, running 2026-2034; Iraq (250 units, ~KRW 9tn) and Peru (54 K2s plus 141 wheeled APCs) in parallel talks.","sources":[{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-07-09","url":"https://www.fnnews.com/news/202607091020398407","title":"현대로템, 폴란드 K2 3차 계약 윤곽","title_en":"Hyundai Rotem's third Polish K2 contract takes shape","excerpt":"폴란드 K2 3차 실행계약 총 210대 — 120대 한국 생산·90대 현지 생산, 연내 체결 시 2026~2034년 이행. 이라크 250대(9조원) 도입 검토.","excerpt_en":"Polish EC3 for 210 K2s (120 Korean, 90 local), 2026-2034; Iraq weighing 250 units (~KRW 9tn)."}]},{"direction":"revenue","counterparty":"폴란드 군비청 (K2 전차 수출)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"대 (EC3 추진)","as_of":"2026-07","value":210,"period":"2026~2034"},"note":"K2 전차 폴란드 수출 — 1차 계약(180대) 이행 중, 2차 이행계약 진행. 3차(EC3) 210대(한국산 120+현지생산 90) 추진, 이행 2026~2034. 사업보고서에 '폴란드 K2전차 공급 사업'·'2차 이행계약' 수주 명시.","note_en":"K2 tank exports to Poland: the first contract (180 units) is in delivery and a second execution contract is underway; a third (EC3) of 210 units (120 Korean-built, 90 local) is targeted for 2026-2034. The annual report lists the Poland K2 supply and its second execution contract.","sources":[{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-07-09","url":"https://www.fnnews.com/news/202607091020398407","title":"현대로템, 폴란드 K2 3차 계약 윤곽","title_en":"Hyundai Rotem's third Polish K2 contract takes shape","excerpt":"폴란드 K2 3차 실행계약 210대(120 한국 생산·90 현지), 2026~2034 이행.","excerpt_en":"Polish EC3 for 210 K2s (120 Korean, 90 local), 2026-2034."},{"stance":"confirms","publisher":"Defense News","publisher_en":"Defense News","kind":"news","lang":"en","published_at":"2026-04-01","url":"https://www.defensenews.com/global/europe/2025/poland-hyundai-rotem-k2-tank","title":"Poland deepens K2 tank buy from Hyundai Rotem","title_en":"Poland deepens K2 tank buy from Hyundai Rotem","excerpt":"Poland expands its K2 tank procurement from Hyundai Rotem under a second execution contract, with local production in Poland.","excerpt_en":"Poland expands its K2 tank procurement from Hyundai Rotem, with local production."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275","title":"현대로템 사업보고서 (2025.12)","title_en":"Hyundai Rotem annual report (FY2025)","excerpt":"'폴란드 K2전차 공급 사업 수주', '폴란드 K2전차사업 2차 이행계약' 명시.","excerpt_en":"Annual report lists the Poland K2 supply project and its second execution contract."}]},{"direction":"revenue","counterparty":"방위사업청 (K1/K2 창정비·PBL·장갑차)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"국내 지상무기 최대 고객 방위사업청 — K1/K1A1 창정비, K2 전차 창정비 요소개발, K1계열 성과기반계약(PBL), 30mm 차륜형대공포·차륜형장갑차 양산. 2026년 K-1 중구난·교량전차 외주정비 계약.","note_en":"DAPA is the top domestic ground-weapons customer: K1/K1A1 overhaul, K2 overhaul development, K1-series performance-based logistics, and 30mm wheeled AA gun and wheeled APC production. A 2026 K-1 recovery/bridge-tank maintenance contract.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-25","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260625800570","title":"현대로템 단일판매·공급계약 (K-1 전차 외주정비)","title_en":"Hyundai Rotem supply contract (K-1 tank maintenance)","excerpt":"체결계약명 'K-1중구난차량,K-1교량전차 외주정비', 계약상대 방위사업청.","excerpt_en":"Contract 'K-1 recovery and bridge-tank maintenance', counterparty DAPA."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275","title":"현대로템 사업보고서 (2025.12)","title_en":"Hyundai Rotem annual report (FY2025)","excerpt":"K1/K1A1 창정비, K2 창정비 요소개발, PBL, 차륜형대공포·장갑차 양산 수주.","excerpt_en":"K1/K1A1 overhaul, K2 overhaul development, PBL, wheeled AA gun and APC production."}]},{"direction":"revenue","counterparty":"국내외 철도 운영사 (레일솔루션)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"전동차·고속철 등 레일솔루션이 방산과 병행하는 양대 축.","note_en":"Rolling stock (metro, high-speed) runs alongside defense as the second pillar.","sources":[{"stance":"mentions","publisher":"파이낸셜뉴스","publisher_en":"Financial News","kind":"news","lang":"ko","published_at":"2026-07-09","url":"https://www.fnnews.com/news/202607091020398407","title":"현대로템, 폴란드 K2 3차 계약 윤곽","title_en":"Hyundai Rotem's third Polish K2 contract takes shape","excerpt":"방산 수출 랠리 속 철도 부문 병행.","excerpt_en":"Rail business alongside the defense export rally."}]},{"direction":"revenue","counterparty":"페루 (K2 전차·차륜형장갑차)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"페루 K2 전차 및 차륜형장갑차 공급 총괄합의 체결, 차륜형장갑차 사업 우선협상대상자 선정 — 중남미 수출 교두보.","note_en":"A framework agreement with Peru for K2 tanks and wheeled APCs, plus preferred-bidder status on the wheeled-APC program - a Latin America export beachhead.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275","title":"현대로템 사업보고서 (2025.12)","title_en":"Hyundai Rotem annual report (FY2025)","excerpt":"페루 K2전차 및 차륜형장갑차 공급 총괄합의 체결, 차륜형장갑차 우선협상대상자 선정.","excerpt_en":"Framework agreement with Peru for K2 and wheeled APCs; preferred bidder on the APC program."}]},{"direction":"cost","counterparty":"K2 파워팩 (엔진·변속기, HD현대인프라코어·SNT다이내믹스)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"K2 전차 파워팩(엔진·변속기)은 국산화 진행 — 엔진 HD현대인프라코어, 변속기 SNT다이내믹스 계열. 완성차 조립사로 핵심 구동계 외주.","note_en":"The K2 tank powerpack (engine and transmission) has been localized - engine from HD Hyundai Infracore, transmission from the SNT Dynamics line; as integrator, Rotem sources the core driveline.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275","title":"현대로템 사업보고서 (2025.12)","title_en":"Hyundai Rotem annual report (FY2025)","excerpt":"K2 전차 완성차 조립사로 파워팩 등 핵심 구동계를 국내 협력사에서 조달.","excerpt_en":"As K2 integrator, sources the powerpack and core driveline from domestic partners."}]},{"direction":"cost","counterparty":"철도차량 부품·강재 (대차·의장·알루미늄 차체)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"철도차량 대차·의장품·알루미늄 차체·강재 등 부품을 국내외 협력사에서 조달해 조립. 종합기계 조립사 구조.","note_en":"Assembles rolling stock from bogies, fit-out parts, aluminum car bodies and steel sourced from domestic and overseas partners - an integrator model.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-19","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260319001275","title":"현대로템 사업보고서 (2025.12)","title_en":"Hyundai Rotem annual report (FY2025)","excerpt":"철도차량 대차·의장·차체 등 부품을 협력사에서 조달해 조립.","excerpt_en":"Sources bogies, fit-out and car bodies from partners for assembly."}]}]}