{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","ticker":"JCI","updated_at":"2026-07-12T03:56:55.224359+00:00","canonical":"https://valuechain.wiki/johnson-controls","citable":"밸류체인 그래프 기준 존슨 컨트롤스의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 26곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Johnson Controls is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 26 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 상업빌딩·데이터센터 냉각","kicker_en":"S&P 500 · commercial buildings & datacenter cooling","lead":"존슨 컨트롤스는 지루한 빌딩 설비회사에서 AI 인프라 플레이로 재평가된 회사다 — 2025년 7월 주거 HVAC와 히타치 합작을 보쉬에 $67억(순현금 ~$50억)에 팔아 상업빌딩·데이터센터 순수기업으로 갈아탔다. 논점은 데이터센터 냉각: AI 랙 집적도(NVIDIA DSX급)가 공랭을 무력화하자 YORK 칠러→사일런트에어 CDU→Accelsius 2상 D2C로 이어지는 전 스택이 주문을 끌어 사상 최고 수주잔고 $166억을 쌓았다. FY2025 계속영업 매출 $235.96억(+2.8%)이지만 진짜 방어선은 매출의 32%를 차지하는 반복 서비스다. 다만 디지털 두뇌 OpenBlue는 Microsoft Azure 위에서 돌아, 소프트웨어 층은 MS에 얹혀 있다.","lead_en":"Johnson Controls re-rated from a dull building-equipment maker into an AI-infrastructure play — in July 2025 it sold its residential HVAC and the Hitachi JV to Bosch for $6.7B (~$5.0B net cash), pivoting to a pure-play commercial-buildings/datacenter company. The thesis is data-center cooling: as AI rack density (NVIDIA DSX-class) outstrips air cooling, a full stack from YORK chillers to Silent-Aire CDUs to Accelsius 2-phase D2C pulls orders and has built a record $16.6B backlog. FY2025 continuing-ops revenue was $23.60B (+2.8%), but the real defense is the 32% of revenue that is recurring service. Its digital brain, OpenBlue, runs on Microsoft Azure, so the software layer rides Microsoft.","segments":{"fy":2025,"parts":[{"desc":"매출 대부분을 차지하는 순수 본업. 매출의 32%가 반복 서비스라, 수십 년 설치기반의 유지·개보수·디지털(OpenBlue) 서비스가 신축 사이클보다 방어적인 현금원을 만든다.","name":"빌딩 솔루션 (북미·EMEA·아태) — HVAC·제어·소방·보안·서비스"},{"desc":"YORK 칠러(YVAM 무수 마그네틱)·사일런트에어 CDU·Accelsius 2상 D2C 등 장비. 데이터센터 액체냉각이 이 부문 주문을 끌어 사상 최고 수주잔고 $166억을 만든다.","name":"글로벌 프로덕츠 — 칠러·냉각·소방·보안 장비"}],"total":"FY2025(9월 결산) 계속영업 매출 $235.96억(+2.8%)·서비스 비중 32%·수주잔고 $166억(사상 최고). 2025.7 주거 HVAC(+히타치 JV)를 보쉬에 $67억(순현금 ~$50억)에 팔아 순수 상업빌딩·데이터센터 기업으로 전환.","concentration":"주거를 털고 상업빌딩+데이터센터 순수기업으로 재편. 상방은 AI 데이터센터 액체냉각(칠러→CDU→D2C 전 스택, NVIDIA DSX 대응)과 32% 반복 서비스, 하방은 고정가 백로그의 원가 인플레이션·백로그 전환 속도. 디지털 두뇌 OpenBlue는 Microsoft Azure 의존."},"segments_en":{"fy":2025,"parts":[{"desc":"The pure-play core, most of revenue. With 32% recurring service, a decades-long installed base converts into maintenance, retrofit and digital (OpenBlue) service — a cash source more defensive than the new-build cycle.","name":"Building Solutions (N. America, EMEA, Asia Pacific) - HVAC, controls, fire, security, services"},{"desc":"Equipment including YORK chillers (YVAM waterless magnetic-bearing), Silent-Aire CDUs and Accelsius 2-phase D2C. Data-center liquid cooling pulls this segment's orders, building the record $16.6B backlog.","name":"Global Products - chillers, cooling, fire, security equipment"}],"total":"FY2025 (Sept year-end) continuing-ops revenue $23.60B (+2.8%), services 32%, backlog $16.6B (record). Sold residential HVAC (+ the Hitachi JV) to Bosch in July 2025 for $6.7B (~$5.0B net cash), becoming a pure-play commercial-buildings/datacenter company.","concentration":"Reshaped into a commercial-buildings + datacenter pure-play by shedding residential. Upside: AI data-center liquid cooling (full chiller->CDU->D2C stack, NVIDIA DSX-ready) and 32% recurring service. Downside: cost inflation on the fixed-price backlog and the pace of backlog conversion. Its digital brain, OpenBlue, depends on Microsoft Azure."},"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"western-digital","name":"Western Digital","name_en":"Western Digital","tier":2,"returns_yearly":{"2021":17.7,"2022":-51.6,"2023":66,"2024":13.9,"2025":283.7,"2026":238.4}},{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","tier":2,"returns_yearly":{"2021":87.5,"2022":-51.4,"2023":69.1,"2024":4.1,"2025":225.3,"2026":231.4}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":2,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":2,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":2,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":2,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"ciena","name":"Ciena","name_en":"Ciena","tier":2,"returns_yearly":{"2021":45.6,"2022":-33.8,"2023":-11.7,"2024":88.4,"2025":175.8,"2026":97}},{"slug":"vertiv","name":"Vertiv","name_en":"Vertiv","tier":2,"returns_yearly":{"2021":33.8,"2022":-45.3,"2023":251.8,"2024":136.8,"2025":42.8,"2026":96.9}},{"slug":"credo","name":"크레도","name_en":"Credo Technology","tier":2,"returns_yearly":{"2023":46.3,"2024":245.2,"2025":114.1,"2026":79.2}},{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":2,"returns_yearly":{"2025":99,"2026":67.3}},{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","tier":2,"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":67}},{"slug":"wiwynn","name":"Wiwynn","name_en":"Wiwynn","tier":2,"returns_yearly":{"2021":24.7,"2022":-22.3,"2023":206.4,"2024":3.5,"2025":64.4,"2026":45.1}},{"slug":"arista","name":"Arista Networks","name_en":"Arista Networks","tier":2,"returns_yearly":{"2021":97.9,"2022":-15.6,"2023":94.1,"2024":87.7,"2025":18.5,"2026":42.7}},{"slug":"equinix","name":"Equinix","name_en":"Equinix","tier":2,"returns_yearly":{"2021":20.3,"2022":-21.1,"2023":25.4,"2024":19.5,"2025":-16.9,"2026":38.6}},{"slug":"quanta","name":"Quanta","name_en":"Quanta Computer","tier":2,"returns_yearly":{"2021":22.2,"2022":-12.8,"2023":254.5,"2024":12.7,"2025":8.9,"2026":33.4}},{"slug":"cummins","name":"Cummins","name_en":"Cummins","tier":2,"returns_yearly":{"2021":-1.7,"2022":14.1,"2023":1.7,"2024":48.9,"2025":49.4,"2026":33.3}},{"slug":"eaton","name":"Eaton","name_en":"Eaton","tier":2,"returns_yearly":{"2021":46.7,"2022":-7.2,"2023":56.2,"2024":39.5,"2025":-2.8,"2026":28.6}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":2,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"schneider-electric","name":"Schneider Electric","name_en":"Schneider Electric","tier":2,"returns_yearly":{"2021":25.9,"2022":1.6,"2023":25.8,"2024":36.1,"2025":0.5,"2026":13}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":2,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"iren","name":"IREN","name_en":"IREN","tier":2,"returns_yearly":{"2022":-92.3,"2023":472,"2024":37.3,"2025":284.6,"2026":8.9}},{"slug":"super-micro","name":"Super Micro","name_en":"Super Micro","tier":2,"returns_yearly":{"2021":38.8,"2022":86.8,"2023":246.2,"2024":7.2,"2025":-4,"2026":-3.3}},{"slug":"ionq","name":"IonQ","name_en":"IonQ","tier":2,"returns_yearly":{"2022":-79.3,"2023":259.1,"2024":237.1,"2025":7.4,"2026":-4.5}},{"slug":"brookfield","name":"Brookfield","name_en":"Brookfield Asset Management Ltd.","tier":2,"returns_yearly":{"2023":45.6,"2024":39.7,"2025":-0.2,"2026":-9}},{"slug":"constellation-energy","name":"Constellation Energy","name_en":"Constellation Energy","tier":2,"returns_yearly":{"2023":37.2,"2024":92.7,"2025":58.8,"2026":-28.6}},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"at-s","name":"AT&S","name_en":"AT&S","tier":3,"returns_yearly":{"2021":57.5,"2022":-22,"2023":-27.6,"2024":-41.3,"2025":188.9,"2026":390.3}},{"slug":"kioxia","name":"키옥시아","name_en":"Kioxia","tier":3,"returns_yearly":{"2025":1082.1,"2026":260.5}},{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":3,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":3,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"nanya-pcb","name":"난야PCB","name_en":"Nan Ya PCB","tier":3,"returns_yearly":{"2021":110.6,"2022":-46.7,"2023":-0.5,"2024":-38.3,"2025":188.2,"2026":213.4}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"bloom-energy","name":"Bloom Energy","name_en":"Bloom Energy","tier":3,"returns_yearly":{"2021":-23.5,"2022":-12.8,"2023":-22.6,"2024":50.1,"2025":291.2,"2026":181.5}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"ase","name":"ASE테크놀로지","name_en":"ASE Technology","tier":3,"returns_yearly":{"2021":38.3,"2022":-12.8,"2023":60.9,"2024":10.1,"2025":65.6,"2026":167.6}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":3,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":3,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"corning","name":"Corning","name_en":"Corning","tier":3,"returns_yearly":{"2021":5.9,"2022":-11.6,"2023":-1.2,"2024":60.6,"2025":87.8,"2026":118.8}},{"slug":"lumentum","name":"Lumentum","name_en":"Lumentum","tier":3,"returns_yearly":{"2021":11.6,"2022":-50.7,"2023":0.5,"2024":60.1,"2025":339.1,"2026":117.6}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":3,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"onsemi","name":"onsemi","name_en":"onsemi","tier":3,"returns_yearly":{"2021":107.5,"2022":-8.2,"2023":33.9,"2024":-24.5,"2025":-14.1,"2026":77.2}},{"slug":"coherent","name":"Coherent","name_en":"Coherent","tier":3,"returns_yearly":{"2021":-10,"2022":-48.6,"2023":24,"2024":117.6,"2025":94.8,"2026":75.8}},{"slug":"eoptolink","name":"Eoptolink","name_en":"Eoptolink","tier":3,"returns_yearly":{"2021":-10.1,"2022":-27.7,"2023":136.6,"2024":197,"2025":368.8,"2026":74.9}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"innolight","name":"InnoLight","name_en":"InnoLight","tier":3,"returns_yearly":{"2021":-30.7,"2022":-18.3,"2023":253.7,"2024":12,"2025":468.1,"2026":68.8}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":3,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"sumitomo-electric","name":"Sumitomo Electric","name_en":"Sumitomo Electric","tier":3,"returns_yearly":{"2021":11.4,"2022":6.3,"2023":30.8,"2024":52.9,"2025":139,"2026":55.3}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"monolithic-power","name":"Monolithic Power","name_en":"Monolithic Power","tier":3,"returns_yearly":{"2021":35.5,"2022":-27.8,"2023":79.8,"2024":-5.6,"2025":54.5,"2026":49.8}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":3,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"abb","name":"ABB","name_en":"ABB","tier":3,"returns_yearly":{"2021":23.9,"2022":7.3,"2023":18.9,"2024":39,"2025":36.1,"2026":27.2}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":3,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":3,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"digital-realty","name":"Digital Realty","name_en":"Digital Realty","tier":3,"returns_yearly":{"2021":30.7,"2022":-41,"2023":39.9,"2024":35.9,"2025":-10.1,"2026":18.2}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"nikon","name":"니콘","name_en":"Nikon","tier":3,"returns_yearly":{"2021":46.2,"2022":10.9,"2023":23.1,"2024":13.7,"2025":19.7,"2026":15.9}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":15.3}},{"slug":"wistron","name":"위스트론","name_en":"Wistron","tier":3,"returns_yearly":{"2021":7.9,"2022":9.7,"2023":272.7,"2024":-1.6,"2025":22.7,"2026":14.8}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"JCI의 논점은 '빌딩 설비회사의 데이터센터 냉각 재평가'다. 2025년 보쉬 매각으로 주거를 털고 상업빌딩+데이터센터 순수기업이 됐고, AI 랙 집적도가 공랭을 무력화하며 액체냉각 수요가 폭증해 칠러(YORK YVAM 무수)→CDU(사일런트에어 0.5~10MW)→2상 D2C(Accelsius) 전 스택이 사상 최고 수주잔고 $166억을 만들었다 — 다이킨·트레인과 같은 데이터센터 냉각 사이클의 세 번째 축. 방어선은 매출의 32%를 차지하는 반복 서비스로, 수십 년 설치기반이 유지·개보수·OpenBlue 디지털로 이어진다. 리스크는 고정가 백로그의 원자재 인플레이션과 백로그의 매출 전환 속도. 밸류체인상 OpenBlue는 Microsoft Azure에 의존하고, 히타치 합작은 보쉬 매각으로 청산됐다. 하이퍼스케일 고객은 비공개라 익명 보존. 그래프 파급은 JCI←MS(Azure)·JCI↔히타치(구 JV)·JCI→보쉬(매각)로 관측된다.","analysis_en":"JCI's thesis is 'a building-equipment maker re-rated on data-center cooling.' The 2025 Bosch divestiture shed residential and made it a commercial-buildings + datacenter pure-play, and as AI rack density outstrips air cooling, surging liquid-cooling demand has the full stack — chillers (YORK YVAM waterless) to CDUs (Silent-Aire 0.5-10MW) to 2-phase D2C (Accelsius) — building a record $16.6B backlog, the third axis (with Daikin and Trane) of the data-center-cooling cycle. The defense is the 32% of revenue that is recurring service, as a decades-long installed base converts into maintenance, retrofit and OpenBlue digital. Risks are raw-material inflation on the fixed-price backlog and the pace of backlog conversion. In the value chain OpenBlue depends on Microsoft Azure, and the Hitachi JV was unwound in the Bosch sale. Hyperscale customers are undisclosed, so kept anonymous. Graph exposure runs JCI<-Microsoft (Azure), JCI<->Hitachi (former JV) and JCI->Bosch (divestiture).","analysis_asof":"2026-07-12"},"edges":[{"direction":"investment","counterparty":"보쉬 매각 (주거·경상업 HVAC 사업부)","counterparty_slug":null,"confidence":"high","metric":{"year":2025,"deal_usd_bn":8.1,"net_cash_usd_bn":5,"jci_share_usd_bn":6.7},"note":"2025년 7월 주거·경상업 HVAC 사업부(히타치 JV 포함)를 보쉬에 매각 — 총 $81억, JCI 몫 $67억, 세후 순현금 약 $50억. 보쉬 사상 최대 인수이자, JCI를 상업빌딩·데이터센터 순수기업으로 재편하고 자사주·투자 재원을 만든 전환점.","note_en":"Sold the R&LC HVAC business (including the Hitachi JV) to Bosch in July 2025 — $8.1B total, JCI's share $6.7B, ~$5.0B after-tax net cash. Bosch's largest-ever acquisition, and the turning point that reshaped JCI into a commercial-buildings/datacenter pure-play and funded buybacks/investment.","sources":[{"stance":"confirms","publisher":"HPAC Magazine","publisher_en":"HPAC Magazine","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.hpacmag.com/heating-plumbing-air-conditioning-general/bosch-completes-acquisition-of-johnson-controls-hvac-business/1004145415/","title":"보쉬, 존슨컨트롤스 HVAC 사업·히타치 JV 인수 완료($81억)","title_en":"Bosch completes $8.1B acquisition of Johnson Controls' HVAC business and Hitachi JV","excerpt":"보쉬, JCI HVAC 사업 인수 완료 — 총 $81억, 보쉬 최대 규모 인수.","excerpt_en":"Bosch completed the JCI HVAC business acquisition — $8.1B total, its largest-ever deal."}]},{"direction":"revenue","counterparty":"상업 빌딩 발주처 (HVAC·제어·소방·보안·서비스)","counterparty_slug":null,"confidence":"high","metric":{"segments":["bs_north_america","bs_emea","bs_asia_pacific","global_products"],"services_mix_pct":32},"note":"주거 HVAC를 털어낸 뒤의 순수 본업 — 병원·데이터센터·대학·A급 오피스·공항의 냉난방·제어·소방·보안을 3개 지역 부문으로 판다. 핵심은 매출의 32%가 반복 서비스라는 점: 수십 년짜리 설치기반이 유지·개보수·디지털(OpenBlue) 서비스로 이어져 신축 사이클보다 방어적인 현금원을 만든다.","note_en":"The pure-play core after shedding residential HVAC — selling HVAC, controls, fire and security to hospitals, data centers, universities, Class-A offices and airports across three regional segments. The key is that 32% of revenue is recurring service: a decades-long installed base converts into maintenance, retrofit and digital (OpenBlue) service, a cash source more defensive than the new-build cycle.","sources":[{"stance":"mentions","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketscreener.com/quote/stock/JOHNSON-CONTROLS-INTERNAT-58467/consensus/","title":"존슨 컨트롤스 투자의견·목표주가 컨센서스","title_en":"Johnson Controls analyst consensus and price target","excerpt":"데이터센터 냉각 수요와 사상 최고 수주잔고가 재평가 논거 — 컨센서스 관심은 백로그의 매출 전환 속도.","excerpt_en":"Data-center cooling demand and a record backlog underpin the re-rating case — consensus focus is the pace of backlog conversion into revenue."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm","title":"존슨 컨트롤스 연차보고서 10-K (FY2025, 9월 결산)","title_en":"Johnson Controls Annual Report Form 10-K (FY2025, ended Sept 30)","excerpt":"FY2025 계속영업 매출 $235.96억(+2.8%); 서비스가 매출의 32%. 4개 부문(글로벌 프로덕츠·북미·EMEA·아태 빌딩솔루션).","excerpt_en":"FY2025 continuing-ops revenue $23.60B (+2.8%); services 32% of revenue. Four segments (Global Products; Building Solutions North America, EMEA, Asia Pacific)."}]},{"direction":"investment","counterparty":"JCH (존슨컨트롤스 60%·히타치 40% 공조 합작, 2025 보쉬 매각으로 청산)","counterparty_slug":null,"confidence":"high","metric":{"exited":true,"jci_stake_pct":60,"hitachi_stake_pct":40},"note":"JCI가 60%, 히타치가 40%를 보유했던 글로벌 주거 에어컨 합작사(JCH)다 — JCI의 주거 HVAC 축이었으나, 2025년 7월 R&LC HVAC 사업부와 함께 보쉬에 매각되며 청산됐다. 순수 상업·데이터센터 기업으로 가는 포트폴리오 전환의 핵심 정리 대상.","note_en":"The global residential air-conditioning JV (JCH) in which JCI held 60% and Hitachi 40% — it was JCI's residential HVAC arm, but was divested to Bosch in July 2025 together with the R&LC HVAC business. The key piece shed in the pivot to a pure-play commercial/datacenter company.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm","title":"존슨 컨트롤스 연차보고서 10-K (FY2025, 9월 결산)","title_en":"Johnson Controls Annual Report Form 10-K (FY2025, ended Sept 30)","excerpt":"2025.7 주거·경상업 HVAC(히타치 JV 지분 포함) 매각 완료로 계속영업에서 제외.","excerpt_en":"Completed the July 2025 divestiture of R&LC HVAC (including the Hitachi JV stake), excluded from continuing operations."},{"stance":"confirms","publisher":"HPAC Magazine","publisher_en":"HPAC Magazine","kind":"news","lang":"en","published_at":"2025-08-01","url":"https://www.hpacmag.com/heating-plumbing-air-conditioning-general/bosch-completes-acquisition-of-johnson-controls-hvac-business/1004145415/","title":"보쉬, 존슨컨트롤스 HVAC 사업·히타치 JV 인수 완료($81억)","title_en":"Bosch completes $8.1B acquisition of Johnson Controls' HVAC business and Hitachi JV","excerpt":"보쉬가 JCI 주거·경상업 HVAC와 존슨컨트롤스-히타치 에어컨 합작(JCI 60%/히타치 40%)을 인수($81억).","excerpt_en":"Bosch acquired JCI's R&LC HVAC and the Johnson Controls-Hitachi Air Conditioning JV (JCI 60%/Hitachi 40%) for $8.1B."}]},{"direction":"investment","counterparty":"데이터센터 냉각 M&A (Silent-Aire·Accelsius)","counterparty_slug":null,"confidence":"high","metric":{"year":2021,"silent_aire_usd_m":755},"note":"2021년 $7.55억에 하이퍼스케일 모듈 냉각사 Silent-Aire를 인수하고 2022년 2상 직접칩냉각(D2C) 전문 Accelsius에 투자한 선제 베팅이 지금의 액체냉각 스택을 만들었다 — AI 붐 이전에 심은 씨앗이 사상 최고 수주잔고로 회수되는 중.","note_en":"The forward bets that built today's liquid-cooling stack — acquiring hyperscale modular-cooling firm Silent-Aire for $755M in 2021 and investing in 2-phase direct-to-chip (D2C) specialist Accelsius in 2022. Seeds planted before the AI boom, now harvested in a record backlog.","sources":[{"stance":"mentions","publisher":"Johnson Controls","publisher_en":"Johnson Controls","kind":"ir","lang":"en","published_at":"2025-09-08","url":"https://www.johnsoncontrols.com/media-center/news/press-releases/2025/09/08/johnson-controls-expands-thermal-management-offering-with-scalable-liquid-cooling-solution-to-meet-t","title":"JCI, 확장형 수냉식 냉각(CDU 0.5~10MW) 출시 — NVIDIA DSX 레퍼런스 대응","title_en":"JCI expands thermal management with scalable liquid cooling (CDU 0.5-10MW), supporting NVIDIA DSX reference architecture","excerpt":"사일런트에어 CDU·Accelsius 2상 D2C가 JCI 데이터센터 냉각 포트폴리오의 중핵.","excerpt_en":"Silent-Aire CDUs and Accelsius 2-phase D2C anchor JCI's datacenter-cooling portfolio."}]},{"direction":"revenue","counterparty":"하이퍼스케일러 (사일런트에어 모듈 냉각)","counterparty_slug":null,"confidence":"high","metric":{"fy":2025,"yoy_pct":2.8,"backlog_usd_bn":16.6,"revenue_usd_bn":23.6,"services_mix_pct":32},"note":"AI 데이터센터의 랙 집적도(NVIDIA DSX급 GPU)가 공랭을 무력화하면서 액체냉각이 필수가 됐고, JCI는 사일런트에어 CDU(0.5~10MW)·YORK YVAM 무수(無水) 마그네틱 칠러·Accelsius 2상 D2C로 칩-투-룸 전 스택을 갖춰 NVIDIA DSX 레퍼런스에 맞춰 설계한다. 하이퍼스케일 고객명은 비공개지만, 이 수요가 사상 최고 수주잔고 $166억을 만든 주문 엔진.","note_en":"As AI data centers' rack density (NVIDIA DSX-class GPUs) outstrips air cooling, liquid cooling becomes mandatory, and JCI holds the full chip-to-room stack — Silent-Aire CDUs (0.5-10MW), YORK YVAM waterless magnetic-bearing chillers and Accelsius 2-phase D2C — engineered to NVIDIA's DSX reference architecture. Hyperscale customers stay undisclosed, but this demand is the order engine behind the record $16.6B backlog.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm","title":"존슨 컨트롤스 연차보고서 10-K (FY2025, 9월 결산)","title_en":"Johnson Controls Annual Report Form 10-K (FY2025, ended Sept 30)","excerpt":"FY2025(9월 결산) 계속영업 매출 $235.96억(+2.8%)·서비스 매출 비중 32%·수주잔고 $166억(사상 최고, 2025.9.30). 보쉬 매각으로 순수 상업빌딩·데이터센터 기업 전환.","excerpt_en":"FY2025 (Sept year-end) continuing-ops revenue $23.60B (+2.8%), services 32% of revenue, backlog $16.6B (record, at Sept 30, 2025). Became a pure-play commercial-buildings/datacenter company via the Bosch divestiture."},{"stance":"confirms","publisher":"뉴스와이어","publisher_en":"Newswire","kind":"news","lang":"ko","published_at":"2025-09-09","url":"https://www.newswire.co.kr/newsRead.php?no=1018560","title":"존슨콘트롤즈, 고집적 데이터센터용 '확장형 수냉식 냉각 솔루션' 출시","title_en":"Johnson Controls launches scalable liquid-cooling solution for high-density data centers","excerpt":"JCI, 고집적 데이터센터용 확장형 수냉식 냉각(500kW~10MW+) 출시.","excerpt_en":"JCI launched scalable liquid cooling (500kW-10MW+) for high-density data centers."},{"stance":"confirms","publisher":"Johnson Controls","publisher_en":"Johnson Controls","kind":"ir","lang":"en","published_at":"2025-09-08","url":"https://www.johnsoncontrols.com/media-center/news/press-releases/2025/09/08/johnson-controls-expands-thermal-management-offering-with-scalable-liquid-cooling-solution-to-meet-t","title":"JCI, 확장형 수냉식 냉각(CDU 0.5~10MW) 출시 — NVIDIA DSX 레퍼런스 대응","title_en":"JCI expands thermal management with scalable liquid cooling (CDU 0.5-10MW), supporting NVIDIA DSX reference architecture","excerpt":"사일런트에어 CDU 0.5~10MW 플랫폼 출시; NVIDIA DSX 레퍼런스 아키텍처 지원으로 GW급 AI 인프라 배치 지원.","excerpt_en":"Launched Silent-Aire CDU 0.5-10MW platform; supports NVIDIA DSX reference architecture to enable GW-scale AI infrastructure."},{"stance":"confirms","publisher":"Johnson Controls","publisher_en":"Johnson Controls","kind":"ir","lang":"en","published_at":"2025-08-01","url":"https://www.johnsoncontrols.com/media-center/news/press-releases/2025/08/01/johnson-controls-completes-sale-of-residential-and-light-commercial-hvac-business","title":"JCI, 주거·경상업 HVAC 보쉬 매각 완료($81억)","title_en":"JCI completes sale of residential HVAC to Bosch ($8.1B)","excerpt":"Completed the sale of the R&LC HVAC business to Bosch: $8.1B total, JCI's portion ~$6.7B, net cash ~$5.0B.","excerpt_en":"R&LC HVAC sold to Bosch: $8.1B total, ~$6.7B JCI share."}]},{"direction":"cost","counterparty":"부품·원자재 (컴프레서·제어 전자·냉매·철강·구리)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"materials_procurement"},"note":"칠러·CDU·소방·제어 하드웨어의 원가 축 — 컴프레서·제어 전자·냉매와 철강·구리 등 원자재를 조달한다. 백로그가 고정가 계약 위주라 투입원가 인플레이션이 단기 마진을 압박하는 구조적 노출.","note_en":"The cost base of chiller/CDU/fire/controls hardware — it procures compressors, control electronics, refrigerants and commodities like steel and copper. Because the backlog is largely fixed-price, input-cost inflation is a structural squeeze on near-term margins.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/833444/000083344425000097/jci-20250930.htm","title":"존슨 컨트롤스 연차보고서 10-K (FY2025, 9월 결산)","title_en":"Johnson Controls Annual Report Form 10-K (FY2025, ended Sept 30)","excerpt":"고정가 수주잔고는 원자재·부품 비용 인플레이션에 따른 가격 리스크에 노출.","excerpt_en":"The fixed-price backlog is exposed to pricing risk from raw-material and component cost inflation."}]},{"direction":"cost","counterparty":"마이크로소프트 (Azure — OpenBlue 디지털 플랫폼)","counterparty_slug":"microsoft","confidence":"mid","metric":{"product":"azure","relationship":"cloud_platform"},"note":"JCI의 '디지털 두뇌' OpenBlue는 Microsoft Azure 위에서 돈다 — Azure Data Lake·Time Series·AI/ML과 Azure OpenAI로 빌딩 생성형 AI 에이전트를 구동하는 공동개발 파트너십이다. JCI는 빌딩 성과를 팔지만 그 밑의 클라우드·AI 컴퓨트는 MS에서 빌려 쓰는 구조라, 소프트웨어 마진과 AI 기능이 Azure에 얹혀 있다.","note_en":"JCI's 'digital brain,' OpenBlue, runs on Microsoft Azure — a co-development partnership using Azure Data Lake, Time Series, AI/ML and Azure OpenAI to power generative-AI building agents. JCI sells building outcomes but rents the cloud/AI compute beneath them from Microsoft, so its software margin and AI features ride Azure.","sources":[{"stance":"confirms","publisher":"Memoori","publisher_en":"Memoori","kind":"analysis","lang":"en","published_at":"2026-01-15","url":"https://memoori.com/johnson-controls-ai-strategy-smart-buildings/","title":"존슨컨트롤스 AI 전략 — OpenBlue와 Microsoft Azure 공동개발 파트너십","title_en":"Johnson Controls AI strategy — OpenBlue built on a Microsoft Azure co-development partnership","excerpt":"OpenBlue는 Microsoft Azure 위 공동개발 파트너십 — 고객별 데이터 분리, Azure Data Lake·Time Series·AI/ML 활용.","excerpt_en":"OpenBlue is a co-development partnership on Microsoft Azure — per-customer data segregation, using Azure Data Lake, Time Series and AI/ML."},{"stance":"confirms","publisher":"Johnson Controls","publisher_en":"Johnson Controls","kind":"news","lang":"en","published_at":"2024-11-12","url":"https://www.johnsoncontrols.com/media-center/news/press-releases/2024/11/12/johnson-controls-expands-ai-features-in-openblue","title":"JCI, OpenBlue 디지털 생태계에 생성형 AI 기능 확대","title_en":"Johnson Controls expands AI features in OpenBlue digital ecosystem","excerpt":"JCI, OpenBlue에 생성형 AI 에이전트 확대 — 데이터는 Azure 클라우드 내 유지.","excerpt_en":"JCI expanded generative-AI agents in OpenBlue — data kept within the Azure cloud."}]}]}