{"slug":"lig-defense-aerospace","name":"LIG디펜스앤에어로스페이스","name_en":"LIG Defense&Aerospace","ticker":"079550.KS","updated_at":"2026-07-12T03:47:49.078+00:00","canonical":"https://valuechain.wiki/lig-defense-aerospace","kicker":"코스피 · 방산 · 정밀유도무기(천궁·현궁)","kicker_en":"KOSPI · Defense · Precision guided weapons (Cheongung, Hyeongung)","lead":"천궁-II·현궁 등 정밀유도무기를 주력으로 감시정찰(레이더), 전자전, 지휘통제·통신까지 아우르는 종합 방산업체다. 주요 고객은 방위사업청·국방과학연구소이며, 사우디·이라크·UAE에 중거리 지대공 M-SAM(천궁-II)을 수출한다. 2024년 미국 4족보행 로봇 Ghost Robotics를 인수했다.","lead_en":"A defense contractor led by precision guided weapons (Cheongung-II, Hyeongung) plus surveillance radar, electronic warfare and C4I. Its main customers are Korea's DAPA and ADD, and it exports the M-SAM (Cheongung-II) mid-range SAM to Saudi Arabia, Iraq and the UAE. It acquired US quadruped-robot maker Ghost Robotics in 2024.","segments":{"parts":[{"name":"PGM 정밀타격 (천궁·현궁·유도탄)","note":"주력"},{"name":"ISR 감시정찰 (레이더·전자광학)"},{"name":"AEW 항공전자·전자전"},{"name":"C4I 지휘통제·통신"}],"total":"5개 제품군: 정밀타격·감시정찰·항공전자·지휘통제·기타"},"segments_en":{"parts":[{"name":"PGM precision strike (Cheongung, Hyeongung, missiles)","note":"core"},{"name":"ISR (radar, electro-optics)"},{"name":"AEW avionics and EW"},{"name":"C4I command and comms"}],"total":"Five lines: precision strike, ISR, avionics/EW, C4I, other"},"returns_yearly":{"2021":59,"2022":41.8,"2023":31.9,"2024":118,"2025":112.6,"2026":56.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"투자 논점은 국내 정밀유도무기 독점 공급과 중동 수출 백로그의 가시성이다. 방위사업청·국방과학연구소가 주고객으로 천궁-II 2차 양산(5,157억원, 매출 대비 23.2%) 같은 대형 단건이 실적을 채우고, 여기에 사우디·UAE·이라크로 M-SAM(천궁-II) 수출이 겹친다 — 특히 이라크 3조7,000억원($28억)은 2028년부터 매출로 인식돼 향후 수년 매출을 선확정한 상태다. 수출은 완제 유도체계를 파는 고부가 구조여서 국내 조달보다 마진이 두껍고, L-SAM 고고도 요격으로 제품군을 위로 넓히며 2024년 고스트로보틱스 인수로 무인·로봇 미래전 옵션을 더했다. 위험은 수출 계약이 정부간(G2G) 협상·지정학에 좌우돼 타이밍 변동성이 크고, 탐색기·전자부품 등 핵심 구성품 조달이 환율·특수금속 가격에 노출된다는 점이다.","analysis_en":"The thesis is a domestic monopoly in precision guided weapons plus the visibility of a Middle East export backlog. DAPA and ADD are the core customers, with large single orders like the Cheongung-II 2nd-batch production (KRW 515.7bn, 23.2% of revenue) filling results, layered with M-SAM (Cheongung-II) exports to Saudi Arabia, the UAE and Iraq — the Iraq deal alone (KRW 3.7tn / $2.8B) books from 2028, pre-locking several years of revenue. Exports sell complete guided-weapon systems at higher margin than domestic supply, it is broadening upward with L-SAM high-altitude interception, and the 2024 Ghost Robotics acquisition adds an unmanned/robotics option. Risks are that export deals hinge on government-to-government negotiation and geopolitics with high timing volatility, and that seekers and electronics components are exposed to FX and specialty-metal prices.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"이라크·UAE·사우디 (천궁-II)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2025-12","value":3700000000000,"period":"이라크 천궁-II"},"note":"중거리 지대공 천궁-II 수출 3개국 — 이라크 3조7,000억원(2025 체결, $28억, 매출 인식 2028~), UAE·사우디 선행 계약. L-SAM으로 고고도 확장.","note_en":"Cheongung-II mid-range SAM exported to three countries: Iraq at KRW 3.7tn ($2.8B, signed 2025, revenue from 2028), after UAE and Saudi deals; extending to L-SAM.","sources":[{"stance":"confirms","publisher":"EBN","publisher_en":"EBN","kind":"news","lang":"ko","published_at":"2026-06-01","url":"https://www.ebn.co.kr/news/articleView.html?idxno=1691693","title":"LIG넥스원 — 천궁-II 이라크 3조7,000억 수출","title_en":"LIG Nex1's Cheongung-II Iraq deal at KRW 3.7tn","excerpt":"LIG넥스원은 천궁-II를 이라크에 3조7,000억원(28억달러)에 수출 — UAE·사우디에 이은 3번째. 이라크 물량은 2028년 이후 매출 인식.","excerpt_en":"Iraq Cheongung-II deal at KRW 3.7tn ($2.8B), the third export after UAE and Saudi."}]},{"direction":"revenue","counterparty":"사우디·이라크·UAE (M-SAM 천궁-II 수출)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2024-09","value":3700000000000,"period":"이라크 M-SAM"},"note":"중거리 지대공 M-SAM(천궁-II) 수출 3개국 — 2022.01 중동 M-SAM, 2024.02 사우디 천궁-II, 2024.09 이라크 M-SAM(천궁-II) 계약 체결(사업보고서). 이라크 계약은 약 3조7,000억원($28억) 규모(2028년 이후 매출 인식).","note_en":"Exports the M-SAM (Cheongung-II) mid-range SAM to three countries - a 2022 Middle East M-SAM deal, a Feb 2024 Saudi Cheongung-II deal, and a Sep 2024 Iraq M-SAM deal (per the annual report). The Iraq contract is ~KRW 3.7tn ($2.8B), with revenue from 2028.","sources":[{"stance":"confirms","publisher":"EBN","publisher_en":"EBN","kind":"news","lang":"ko","published_at":"2026-06-01","url":"https://www.ebn.co.kr/news/articleView.html?idxno=1691693","title":"LIG넥스원 — 천궁-II 이라크 3조7,000억 수출","title_en":"LIG Nex1's Cheongung-II Iraq deal at KRW 3.7tn","excerpt":"이라크 천궁-II 수출 3조7,000억원(28억달러), 2028년 이후 매출 인식.","excerpt_en":"Iraq Cheongung-II export at KRW 3.7tn ($2.8B), revenue from 2028."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001211","title":"LIG넥스원 사업보고서 (2025.12)","title_en":"LIG Nex1 annual report (FY2025)","excerpt":"2024.02 사우디向 천궁-Ⅱ 수출 계약 체결, 2024.09 이라크向 M-SAM(천궁-II) 수출 계약 체결.","excerpt_en":"Feb 2024 Saudi Cheongung-II export deal; Sep 2024 Iraq M-SAM export deal."},{"stance":"confirms","publisher":"Defense News","publisher_en":"Defense News","kind":"news","lang":"en","published_at":"2024-09-01","url":"https://www.defensenews.com/global/mideast-africa/2024/09/lig-nex1-iraq-m-sam","title":"Iraq buys LIG Nex1's M-SAM air-defense system","title_en":"Iraq buys LIG Nex1's M-SAM air-defense system","excerpt":"Iraq contracts for LIG Nex1's M-SAM (Cheongung-II) medium-range air-defense system.","excerpt_en":"Iraq buys LIG Nex1's M-SAM air-defense system."}]},{"direction":"revenue","counterparty":"방위사업청·국방과학연구소 (국내 정밀유도무기)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2026-04-23","basis":"매출 대비 23.2%","value":515700000000,"period":"천궁-II 2차 양산(2026 공시)","basis_en":"23.2% of revenue"},"note":"주요 고객 한국정부(방위사업청·국방과학연구소·각군). 2026년 단건 공시: 천궁-II(철매-II 성능개량) 유도탄 2차 양산 5,157억원(매출 대비 23.2%). 현궁·CIWS-II·경어뢰-II·함대공유도탄-II·130mm 유도로켓-II 등 개발·양산.","note_en":"Main customer is the Korean government (DAPA, ADD, the services). A 2026 disclosure: Cheongung-II (Cheolmae-II upgrade) 2nd-batch missile production at KRW 515.7bn (23.2% of revenue). Also develops/produces Hyeongung, CIWS-II, lightweight torpedo-II, ship-to-air missile-II and the 130mm guided rocket-II.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-04-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260423800410","title":"LIG넥스원 단일판매·공급계약 (천궁-II 2차 양산)","title_en":"LIG Nex1 supply contract (Cheongung-II 2nd mass production)","excerpt":"체결계약명 '천궁Ⅱ(철매-Ⅱ 성능개량) 유도탄 2차 양산', 계약금액 5,157억원, 매출액 대비 23.22%.","excerpt_en":"Contract 'Cheongung-II (Cheolmae-II upgrade) 2nd missile production', KRW 515.7bn, 23.22% of revenue."},{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001211","title":"LIG넥스원 사업보고서 (2025.12)","title_en":"LIG Nex1 annual report (FY2025)","excerpt":"주요 고객 방위사업청·국방과학연구소·각군; PGM(정밀타격)이 주력 제품군.","excerpt_en":"Main customers DAPA, ADD, the services; PGM precision strike is the core line."}]},{"direction":"investment","counterparty":"Ghost Robotics (미국 4족보행 로봇, 2024 인수)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"2024년 7월 종속회사 LNGR LLC를 통해 미국 4족보행 로봇 기업 Ghost Robotics를 인수 — 무인·로봇 미래전 역량 확보.","note_en":"In July 2024, acquired US quadruped-robot maker Ghost Robotics through its subsidiary LNGR LLC, adding unmanned/robotics capability for future warfare.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001211","title":"LIG넥스원 사업보고서 (2025.12)","title_en":"LIG Nex1 annual report (FY2025)","excerpt":"2024.07 종속회사 LNGR LLC의 Ghost Robotics社 인수.","excerpt_en":"July 2024 acquisition of Ghost Robotics via subsidiary LNGR LLC."}]},{"direction":"cost","counterparty":"유도무기 구성품·탐색기·전자부품 협력사","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"유도탄 탐색기·구동장치·전자부품·추진기관 등 구성품을 국내 방산 협력사에서 조달해 체계 통합. 원재료 가격은 환율·특수금속 등에 연동.","note_en":"Sources seekers, actuators, electronics and propulsion components from domestic defense partners for system integration; input prices track FX and specialty metals.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001211","title":"LIG넥스원 사업보고서 (2025.12)","title_en":"LIG Nex1 annual report (FY2025)","excerpt":"지배회사 원재료 매입 — 유도무기 구성품을 협력사에서 조달해 체계 통합.","excerpt_en":"Sources guided-weapon components from partners for system integration."}]},{"direction":"cost","counterparty":"레이더·전자광학 구성품 (감시정찰·전자전)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"탐색·추적·영상 레이더와 전자광학·전자전 장비의 핵심 부품(반도체·RF·광학)을 국내외에서 조달.","note_en":"Sources core parts (semiconductors, RF, optics) for search/track/imaging radar and electro-optical and EW systems from home and abroad.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-23","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260323001211","title":"LIG넥스원 사업보고서 (2025.12)","title_en":"LIG Nex1 annual report (FY2025)","excerpt":"ISR(감시정찰) 레이더·전자광학 구성품 조달.","excerpt_en":"Sources radar and electro-optical components for ISR."}]}]}