{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","ticker":"047810.KS","updated_at":"2026-07-12T08:30:39.216216+00:00","canonical":"https://valuechain.wiki/kai","same_as":["https://finance.yahoo.com/quote/047810.KS","https://finance.naver.com/item/main.naver?code=047810"],"citable":"밸류체인 그래프 기준 한국항공우주산업 (KAI)의 직접 연결 기업은 4곳(관계 기준 공급 2·매출 2)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Korea Aerospace Industries is directly linked to 4 companies (2 supply, 2 revenue relationships) and reaches 14 companies within two hops; the links are backed by 11 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"한국 유일의 완제기 제조사: KF-21·FA-50과 보잉·에어버스 기체구조물","kicker_en":"South Korea's sole complete-aircraft maker: KF-21, FA-50, and Boeing/Airbus aerostructures","lead":"한국항공우주산업(KAI)은 한국 유일의 완제기 제조사다. KF-21 보라매 전투기와 FA-50 경공격기, 수리온·LAH 헬기를 만들고, 보잉과 에어버스의 민항기 기체구조물을 공급하며, 위성과 발사체 사업도 한다. 2025년 연결 매출은 약 3조6964억원, 2025년 말 수주잔고는 27조원을 넘는다.","lead_en":"Korea Aerospace Industries (KAI) is South Korea's only complete-aircraft manufacturer. It builds the KF-21 Boramae fighter and the FA-50 light combat jet, the Surion and LAH helicopters, supplies commercial aerostructures to Boeing and Airbus, and runs satellite and launch-vehicle programs. FY2025 consolidated revenue was about 3.70 trillion won, with an order backlog above 27 trillion won at year-end 2025.","segments":{"fy":2025,"parts":[{"desc":"KF-21·FA-50·수리온·LAH 등 군용기. 최대 고객은 방위사업청과 폴란드·필리핀 등 해외 정부","name":"완제기·군수"},{"desc":"보잉 767·777·787과 에어버스 A320 등 민항기 날개·구조물 공급","name":"기체구조물(민수)"},{"desc":"위성·발사체 등 우주 사업","name":"기타(우주 등)"}],"total":"연결 매출 약 3조6964억원 (FY2025 잠정)","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250318001423","concentration":"방위사업청 등 국내외 정부 고객 비중이 큼(공시 기준)"},"segments_en":{"fy":2025,"parts":[{"desc":"Military aircraft including KF-21, FA-50, Surion and LAH. Main customers are Korea's DAPA and foreign governments such as Poland and the Philippines","name":"Complete aircraft / defense"},{"desc":"Wing and structural parts for commercial jets including Boeing 767/777/787 and Airbus A320","name":"Civil aerostructures"},{"desc":"Satellites and launch vehicles","name":"Other (space, etc.)"}],"total":"Consolidated revenue about KRW 3.70tn (FY2025 preliminary)","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250318001423","concentration":"Heavy weighting toward government customers at home and abroad, led by DAPA (per filing)"},"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":2,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":2,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":2,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}}],"benefiting":[{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":1,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":1,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"moog","name":"무그","name_en":"Moog","tier":2,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":67.5}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":2,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":2,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","tier":2,"returns_yearly":{"2026":7.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":2,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"kratos","name":"Kratos","name_en":"Kratos Defense","tier":2,"returns_yearly":{"2021":-29.3,"2022":-46.8,"2023":96.6,"2024":30,"2025":187.8,"2026":-36.5}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"teledyne","name":"Teledyne","name_en":"Teledyne Technologies","tier":3,"returns_yearly":{"2021":11.5,"2022":-8.5,"2023":11.6,"2024":4,"2025":10,"2026":24.3}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"karman","name":"Karman","name_en":"Karman Holdings","tier":3,"returns_yearly":{"2026":-31.7}}],"analysis":"한국 유일의 완제기 제조사: KF-21·FA-50과 보잉·에어버스 기체구조물 기업. 2026년 -14%다. 공급단(평균 +7.7%)이 본주(-14%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 록히드마틴(+7.7%), 가장 처진 곳은 보잉(+2.8%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 방위사업청 등 국내외 정부 고객 비중이 큼(공시 기준).","analysis_en":"Korea Aerospace Industries operates across South Korea's sole complete-aircraft maker: KF-21, FA-50, and Boeing/Airbus aerostructures. It is -14% in 2026. The supply side (avg +7.7%) has moved harder than the stock (-14%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Lockheed Martin (+7.7%) and the furthest behind is Boeing (+2.8%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2025 consolidated revenue was about 3.70 trillion won, with an order backlog above 27 trillion won at year-end 2025.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"폴란드 정부 (군비청)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2022-09-16","basis":"FA-50 48대 수출계약(폴란드 군비청)","value":3000000000,"period":"2022-2028","basis_en":"FA-50 48-unit export contract (Polish Armaments Agency)"},"note":"FA-50 경공격기 48대 수출($3B, 2022년 계약). FA-50GF 12대 2023년 인도, FA-50PL 36대 2025~2028년 인도.","note_en":"Exported 48 FA-50 light combat jets ($3B, 2022 contract). 12 FA-50GF delivered in 2023, 36 FA-50PL from 2025 to 2028.","sources":[{"stance":"confirms","publisher":"코리아이코노믹데일리(KED Global)","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-07-13","url":"https://www.kedglobal.com/aerospace-defense/newsView/ked202307130021","title":"KAI to ramp up fighter jet share with FA-50 delivery to Poland","title_en":"KAI to ramp up fighter jet share with FA-50 delivery to Poland","excerpt":"KAI는 폴란드 군비청(Agencja Uzbrojenia)과 2022년 9월 FA-50 48대, $3B 규모 계약을 맺었고, 12대는 2023년, 나머지 36대는 2025~2028년 인도한다.","excerpt_en":"KAI signed a $3 billion deal for 48 FA-50s with Poland's Agencja Uzbrojenia in September 2022, delivering 12 in 2023 and the remaining 36 from 2025 to 2028."}]},{"direction":"revenue","counterparty":"필리핀 정부 (공군)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-06-04","basis":"FA-50 12대 수출계약(필리핀 공군)","value":700000000,"period":"FY2025","basis_en":"FA-50 12-unit export contract (Philippine Air Force)"},"note":"필리핀 공군에 FA-50 12대 수출($700M, 2025년 6월 계약). 한국 방산의 2025년 최대 수출 계약.","note_en":"Exported 12 FA-50s to the Philippine Air Force ($700M, June 2025), South Korea's largest defense export deal of the year.","sources":[{"stance":"confirms","publisher":"아미 레커그니션","publisher_en":"Army Recognition","kind":"news","lang":"en","published_at":"2026-01-06","url":"https://www.armyrecognition.com/news/aerospace-news/2026/philippines-requests-kf-21-fighter-jet-delivery-from-south-korea-between-2027-and-2029","title":"Philippines requests KF-21 fighter jet delivery from South Korea between 2027 and 2029","title_en":"Philippines requests KF-21 fighter jet delivery from South Korea between 2027 and 2029","excerpt":"KAI가 필리핀 공군과 맺은 2025년 6월 FA-50PH 12대 약 $700M 계약을 근거로, 필리핀이 KF-21 보라매 12~24대를 2027~2029년 인도로 추가 요청했다고 KAI 관계자를 인용해 보도한다. 필리핀 정부(공군)가 KAI의 실매출 고객임을 최신 시점에서 확인한다.","excerpt_en":"Reports, citing a KAI official, that the Philippines requested KF-21 delivery in 2027-2029, building on a June 2025 contract with KAI for 12 FA-50PH aircraft worth about $700M, confirming the Philippine Air Force as a current KAI revenue customer."},{"stance":"confirms","publisher":"코리아이코노믹데일리(KED Global)","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-06-04","url":"https://www.kedglobal.com/aerospace-defense/newsView/ked202506040003","title":"KAI seals $700 mn FA-50 fighter jet export deal with the Philippines","title_en":"KAI seals $700 mn FA-50 fighter jet export deal with the Philippines","excerpt":"KAI가 2025년 6월 필리핀 공군에 FA-50 12대를 공급하는 $700M 계약을 체결했다.","excerpt_en":"KAI on June 4, 2025 signed a $700 million contract to supply 12 FA-50 fighter jets to the Philippine Air Force."}]},{"direction":"revenue","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-02-28","basis":"보잉 767·777·787 랜딩 구조물 공급계약","value":105000000,"period":"2023-2030","basis_en":"Boeing 767/777/787 landing-structure supply contract"},"note":"보잉 민항기 기체구조물 공급사. 767·777·787 랜딩 구조물(2023~2030, 약 $105M) 및 787 센터윙박스(수보 경유, 2022~2038, 약 $754M).","note_en":"Supplier of aerostructures for Boeing commercial jets: landing structures for the 767/777/787 (2023-2030, about $105M) and the 787 center wing box via tier-1 Subaru (2022-2038, about $754M).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2025-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250318001423","title":"한국항공우주산업 사업보고서","title_en":"Korea Aerospace Industries business report","excerpt":"사업보고서가 보잉 등 기체구조물 수출 사업을 주요 매출원으로 기재.","excerpt_en":"The annual report lists aerostructure exports to Boeing among core revenue lines."},{"stance":"confirms","publisher":"코리아이코노믹데일리(KED Global)","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-02-28","url":"https://www.kedglobal.com/us/aerospace-defense/newsView/ked202302280024","title":"S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraft","title_en":"S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraft","excerpt":"KAI가 2023년부터 2030년까지 보잉 B767·B777·B787용 부품을 공급하는 약 $105M 규모 계약을 체결했다.","excerpt_en":"KAI signed a $105 million agreement with Boeing to manufacture landing components for B767, B777 and B787 aircraft between 2023 and 2030."},{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2020-07-21","url":"http://www.koreaherald.com/view.php?ud=20200721000810","title":"KAI inks $754m deal to supply wing parts to Boeing's Dreamliner","title_en":"KAI inks $754m deal to supply wing parts to Boeing's Dreamliner","excerpt":"KAI는 787 센터윙박스를 2022~2038년 공급하는 약 $754M 계약을 맺었으며, 보잉의 1차 협력사인 일본 스바루를 통해 납품한다.","excerpt_en":"KAI signed a $754 million deal to supply 787 center wing boxes from 2022 to 2038, delivering to Boeing's tier-1 vendor Subaru as a tier-2 supplier."}]},{"direction":"revenue","counterparty":"대한민국 정부 (방위사업청)","counterparty_slug":null,"confidence":"high","metric":null,"note":"KF-21 양산·수리온·LAH 등 국내 군수의 최대 발주처. 2025년 KF-21 최초양산 계약 체결.","note_en":"Largest domestic defense customer for KF-21 production, Surion and LAH. Signed KF-21 initial-production contract in 2025.","sources":[{"stance":"mentions","publisher":"KB·LS·하이투자증권","publisher_en":"KB, LS, Hi Investment Securities","kind":"research","lang":"ko","published_at":"2026-05-01","url":"https://news.nate.com/view/20260107n05651","title":"kai 증권가 리서치 — KF-21 수출 본격화 기대 — KB 목표가 21만·LS 25만·하이 1","title_en":"KF-21 export ramp; targets KRW 151,000-250,000 (Buy: KB, LS, Hi)","excerpt":"KF-21 수출 본격화 기대 — KB 목표가 21만·LS 25만·하이 15.1만원(매수)","excerpt_en":"KF-21 export ramp; targets KRW 151,000-250,000 (Buy: KB, LS, Hi)"},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001461","title":"kai 사업보고서 (2025.12)","title_en":"kai FY2025 Annual Report (DART)","excerpt":"FY2025 연결매출 3조6,252억·영업이익 2,683억.","excerpt_en":"FY2025 consolidated revenue KRW 3,625.2bn, operating income 2,683억."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2025-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250318001423","title":"한국항공우주산업 사업보고서","title_en":"Korea Aerospace Industries business report","excerpt":"한국항공우주산업의 정기 사업보고서로, 완제기·기체구조물·우주 사업부문과 방위사업청 등 주요 고객 구조를 담고 있다.","excerpt_en":"KAI's regular business report, covering its complete-aircraft, aerostructures and space segments and its main customers including DAPA."}]},{"direction":"investor","counterparty":"한국수출입은행 (최대주주 26.41%)","counterparty_slug":null,"confidence":"high","metric":{"kexim_stake_pct":26.41},"note":"KAI를 국가 방산·항공 전략자산으로 묶는 지배구조 축 — 국책은행 한국수출입은행이 지분 26.41%로 최대주주다. 정부 연계 소유가 KF-21·수리온 등 국내 방산 사업의 안정성과 수출 정책 지원의 배경이 된다.","note_en":"The governance axis tying KAI as a national defense/aerospace strategic asset — state-owned Korea Eximbank is the largest shareholder at 26.41%. Government-linked ownership underpins the stability of domestic defense programs (KF-21, Surion) and export-policy support.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-18","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260318001461","title":"kai 사업보고서 (2025.12)","title_en":"kai FY2025 Annual Report (DART)","excerpt":"최대주주 한국수출입은행 26.41%.","excerpt_en":"Largest shareholder Korea Eximbank 26.41%."}]},{"direction":"revenue","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2012-03-21","basis":"A320 날개 하부 패널 공급","value":1200000000,"period":"2014-2025","basis_en":"A320 wing bottom panel supply"},"note":"에어버스 A320 날개 구조물 공급사. A320 날개 하부 패널을 2014~2025년 공급(약 $1.2B 규모).","note_en":"Supplier of Airbus A320 wing structures, producing A320 wing bottom panels from 2014 to 2025 (about $1.2B).","sources":[{"stance":"confirms","publisher":"에어포트테크놀로지","publisher_en":"Airport Technology","kind":"news","lang":"en","published_at":"2012-03-21","url":"https://www.airport-technology.com/uncategorized/newskai-wins-12bn-wing-parts-production-order-from-airbus/","title":"KAI wins $1.2bn wing parts production order from Airbus","title_en":"KAI wins $1.2bn wing parts production order from Airbus","excerpt":"KAI가 2014~2025년 생산되는 에어버스 A320 여객기용 날개 하부 패널을 공급하는 약 $1.2B 계약을 확보했다.","excerpt_en":"KAI won a $1.2bn contract to supply wing bottom panels for Airbus A320 jets manufactured from 2014 to 2025."}]},{"direction":"cost","counterparty":"GE Aerospace","counterparty_slug":"ge-aerospace","confidence":"mid","metric":null,"note":"T-50/FA-50에 GE F404 엔진 탑재. GE가 엔진 키트를 공급하고 한화(구 삼성테크윈)가 라이선스 조립한다.","note_en":"The T-50/FA-50 is powered by the GE F404 engine, with GE supplying engine kits and Hanwha (formerly Samsung Techwin) performing licensed assembly.","sources":[{"stance":"confirms","publisher":"에어포스테크놀로지","publisher_en":"Airforce Technology","kind":"news","lang":"en","published_at":"2023-04-28","url":"https://www.airforce-technology.com/projects/fa-50-light-combat-aircraft-south-korea/","title":"FA-50 Light Combat Aircraft, South Korea","title_en":"FA-50 Light Combat Aircraft, South Korea","excerpt":"FA-50(및 원형인 T-50)은 GE F404-GE-102 터보팬 엔진을 탑재하며, 추력은 17,700lbf다.","excerpt_en":"The FA-50 (and its parent T-50) is powered by the General Electric F404-GE-102 turbofan engine developing 17,700lbf of thrust."}]},{"direction":"cost","counterparty":"Lockheed Martin","counterparty_slug":"lockheed-martin","confidence":"mid","metric":null,"note":"T-50/FA-50 계열의 공동개발 파트너. 록히드마틴이 항전·플라이바이와이어 등 기술을 제공하고 해외 마케팅을 함께 한다(2022년 팀협약).","note_en":"Co-development partner on the T-50/FA-50 family. Lockheed Martin provided avionics and fly-by-wire technology and jointly markets the aircraft abroad (2022 teaming agreement).","sources":[{"stance":"confirms","publisher":"록히드마틴(보도자료)","publisher_en":"Lockheed Martin","kind":"ir","lang":"en","published_at":"2022-06-13","url":"https://news.lockheedmartin.com/06-13-22-Lockheed-Martin-KAI-Sign-New-Teaming-Agreement-for-T-50-Opportunities","title":"Lockheed Martin, KAI Sign New Teaming Agreement for T-50 Opportunities","title_en":"Lockheed Martin, KAI Sign New Teaming Agreement for T-50 Opportunities","excerpt":"록히드마틴과 KAI는 T-50 사업을 위한 팀협약을 맺었고, KAI가 생산을 맡고 록히드마틴이 항공전력 솔루션 파트너로 해외 마케팅을 지원한다.","excerpt_en":"Lockheed Martin and KAI signed a teaming agreement on the T-50, with KAI handling production and Lockheed Martin acting as air power solutions partner supporting international marketing."}]}]}