{"slug":"lotte-chemical","name":"롯데케미칼","name_en":"Lotte Chemical","ticker":"011170.KS","updated_at":"2026-07-12T04:40:25.347+00:00","canonical":"https://valuechain.wiki/lotte-chemical","citable":"밸류체인 그래프 기준 롯데케미칼의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Lotte Chemical is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 5 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"코스피 대형주 · 석유화학 · NCC 기초유분·배터리소재 전환","kicker_en":"KOSPI large cap · Petrochemicals · NCC olefins pivoting to battery materials","lead":"국내 최대급 석유화학 기업으로 NCC(납사분해) 기반 기초유분·합성수지가 주력이나, 지금은 구조적 다운사이클의 한복판에 있다 — 중국발 증설 공급과잉이 스프레드를 무너뜨려 2024년 영업손실 8,948억원(3년 연속 적자)을 냈다. 그래서 관전 포인트는 범용 석화의 회복이 아니라 전환의 성패다: 전해액 유기용매 4종 국산화(약 3,500억 투자)와 배터리소재 자회사 롯데에너지머티리얼즈로 무게중심을 옮기고, 미국 레이크찰스 에탄크래커 JV로 저가 에탄 기반 원가경쟁력을 확보하려 한다. 코스피 대형주.","lead_en":"One of Korea's largest petrochemical makers, anchored in NCC-based olefins and resins but sitting in the middle of a structural down-cycle — a Chinese capacity glut has collapsed spreads, driving a 2024 operating loss of KRW 895bn (a third straight loss year). So the question is not a commodity-chem recovery but the success of its pivot: localizing four electrolyte solvents (~KRW 350bn invested) and shifting weight toward battery-materials subsidiary Lotte Energy Materials, while its U.S. Lake Charles ethane-cracker JV secures low-cost ethane-based competitiveness. KOSPI large-cap.","segments":{"fy":2024,"note":"중국발 공급과잉이 기초화학 스프레드를 무너뜨려 FY2025 영업손실 9,436억·순손실 2조4,901억(대규모 손상). 관전점은 범용 회복이 아니라 첨단소재·전지소재 전환과 미국 에탄크래커 원가.","parts":[{"desc":"FY2025 기초화학 매출 12조4,801억(68%, 수출 65%). 중국 증설로 스프레드 붕괴가 적자의 근원.","name":"기초소재 (NCC·LC타이탄·LC USA)"},{"desc":"FY2025 매출 5조867억(수출 81%). ABS·PC 등 엔지니어링 플라스틱, 자동차·전자 전방. 사이클 방어 축.","name":"첨단소재"}],"total":"20조4,304억원 → FY2025 연결 18조4,830억(-3.2%)·영업손실 9,436억(적자 심화)","concentration":"2024 영업손실 8,948억원(3년 연속 적자, 석화 업황 부진). 전해액 유기용매 4종(EC·DMC·EMC·DEC) 약 3,500억 투자로 국산화."},"segments_en":{"fy":2024,"note":"China oversupply collapsed basic-chemical spreads, driving FY2025 operating loss KRW 943.6bn and net loss KRW 2,490.1bn (large impairments). The watch point is the shift to advanced/battery materials and U.S. ethane-cracker costs, not commodity recovery.","parts":[{"desc":"FY2025 basic-chemical revenue KRW 12,480.1bn (68%, 65% export). China additions collapsed spreads — the root of losses.","name":"기초소재 (NCC·LC타이탄·LC USA)"},{"desc":"FY2025 revenue KRW 5,086.7bn (81% export). ABS/PC engineering plastics for auto/electronics — the cycle-defensive axis.","name":"첨단소재"}],"total":"KRW 20,430.4bn → FY2025 consolidated KRW 18,483.0bn (-3.2%); operating loss KRW 943.6bn (deepening)","concentration":"KRW 895bn operating loss in 2024 (third straight year). ~KRW 350bn invested to localize four electrolyte organic solvents."},"returns_yearly":{"2021":-22.5,"2022":-3.6,"2023":-24.4,"2024":-56.1,"2025":50.1,"2026":-25.4},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":1,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"slug":"lotte-energy-materials","name":"롯데에너지머티리얼즈","name_en":"Lotte Energy Materials","tier":1,"returns_yearly":{"2021":31.5,"2022":-32.9,"2023":-49.3,"2024":-30,"2025":75.8,"2026":-8.4}},{"slug":"hitachi-construction-machinery","name":"히타치건설기계","name_en":"Hitachi Construction Machinery","tier":2,"returns_yearly":{"2021":-3.3,"2022":9.6,"2023":44.5,"2024":-9,"2025":41.3,"2026":5.8}},{"slug":"berkshire-hathaway","name":"Berkshire Hathaway","name_en":"Berkshire Hathaway","tier":2,"returns_yearly":{"2021":29,"2022":3.3,"2023":15.5,"2024":27.1,"2025":10.9,"2026":-1.8}},{"slug":"citic-limited","name":"중신그룹(CITIC)","name_en":"CITIC Limited","tier":2,"returns_yearly":{"2021":52.8,"2022":13.6,"2023":-11.6,"2024":25.8,"2025":50.6,"2026":-8.4}},{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":3,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":3,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}}],"analysis":"롯데케미칼의 핵심 논점은 범용 석화 다운사이클의 깊이와 전환의 속도 사이 경주다. 중국발 에틸렌 증설이 글로벌 공급과잉을 만들어 스프레드가 손익분기 밑으로 내려갔고, 그 결과 2024년 영업손실 8,948억원으로 3년 연속 적자를 기록했다. 회복의 열쇠는 자체 노력보다 중국 증설 사이클의 정점 통과와 노후 설비 폐쇄 여부에 있어, 회사는 통제 가능한 변수인 원가(레이크찰스 저가 에탄)와 포트폴리오 전환(전해액 용매 국산화·롯데에너지머티리얼즈)에 집중한다. 그래프상 파급은 기초유분→합성수지 다운스트림으로 흐르며, 배터리 소재 축이 실적에 유의미해지기 전까지는 석화 사이클이 주가를 지배한다.","analysis_en":"The core question for Lotte Chemical is a race between the depth of the commodity-chem down-cycle and the speed of its pivot. Chinese ethylene expansions created a global glut that pushed spreads below breakeven, producing a 2024 operating loss of KRW 895bn — a third consecutive loss year. Recovery hinges less on self-help than on China's expansion cycle peaking and older capacity closing, so the company focuses on what it controls: cost (low-cost Lake Charles ethane) and portfolio shift (localized electrolyte solvents, Lotte Energy Materials). In graph terms the ripple runs from olefins into downstream resins, and until the battery-materials axis becomes material to earnings, the petrochemical cycle dominates the stock.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"LC USA (미국 MEG 플랜트)","counterparty_slug":null,"confidence":"high","metric":{"type":"volume","unit":"톤/년","as_of":"2019-05","value":700000,"period":"MEG 캐파"},"note":"레이크찰스 MEG(에틸렌글리콜) 연 70만톤(개소 당시 세계 최대)으로, 인접 LACC 에틸렌을 원료로 받는 수직통합 다운스트림 — 에탄→에틸렌→MEG로 이어지는 미국 저가 원료 사슬의 끝단이다.","note_en":"The Lake Charles MEG plant (700kt/yr, world's largest at opening) takes ethylene from the adjacent LACC cracker — a vertically integrated downstream at the end of the U.S. low-cost feedstock chain (ethane→ethylene→MEG).","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"ir","lang":"en","published_at":"2019-05-17","url":"https://www.prnewswire.com/news-releases/lotte-chemical--westlake-chemical-host-grand-opening-ceremony-for-new-louisiana-chemical-complex-300852035.html","title":"롯데케미칼·웨스트레이크 루이지애나 콤플렉스 개소","title_en":"Lotte Chemical and Westlake open Louisiana complex","excerpt":"With an annual capacity of 700,000 metric tons, the new facility is now the largest MEG plant in the world.","excerpt_en":"700,000 t/yr MEG plant, the world's largest at opening."}]},{"direction":"revenue","counterparty":"기초화학 수출·내수 (에틸렌·PE·PP·BTX·MEG)","counterparty_slug":null,"confidence":"high","metric":{"export_krw_bn":8159.3,"domestic_krw_bn":4320.7,"segment_rev_krw_bn":12480.1,"share_of_sales_pct":68},"note":"적자의 진원이자 규모의 축 — FY2025 기초화학 부문 매출 12조4,801억원(전사 매출의 68%)으로 수출이 65%(8조1,593억)를 차지한다. 중국발 대규모 증설이 에틸렌·PE·PP 스프레드를 무너뜨려 범용 석화 마진이 구조적으로 눌린 게 3년+ 적자의 근원이며, 이 부문의 회복이 아니라 축소·전환이 관전 포인트다.","note_en":"The origin of losses and the scale axis — FY2025 Basic Chemicals revenue was KRW 12,480.1bn (68% of company sales), 65% of it exports (KRW 8,159.3bn). China's large capacity additions collapsed ethylene/PE/PP spreads, structurally pressuring commodity margins — the root of 3+ years of losses; the watch point is shrinkage/transition, not recovery, of this segment.","sources":[{"stance":"mentions","publisher":"신한투자증권","publisher_en":"Shinhan Investment Securities","kind":"research","lang":"ko","published_at":"2026-05-12","url":"https://www.newspim.com/news/view/20260512000805","title":"신한투자증권 — 롯데케미칼 '우려보다 기대를', 목표가 135,000원 매수","title_en":"Shinhan Securities — Lotte Chemical Buy, target KRW 135,000","excerpt":"신한 매수·목표 135,000원 — 상반기 래깅 개선 vs 하반기 역래깅·공급과잉 우려로 의견 엇갈림.","excerpt_en":"Shinhan Buy, target KRW 135,000 — 1H lag improvement vs 2H reverse-lag/oversupply concerns split views."},{"stance":"confirms","publisher":"금융감독원 DART(롯데케미칼)","publisher_en":"FSS DART / Lotte Chemical","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001296","title":"롯데케미칼 사업보고서 (2025.12)","title_en":"Lotte Chemical Annual Report FY2025 (DART)","excerpt":"기초화학 부문 FY2025 매출 12조4,801억(내수 4조3,207억·수출 8조1,593억).","excerpt_en":"Basic Chemicals FY2025 revenue KRW 12,480.1bn (domestic 4,320.7 / export 8,159.3)."}]},{"direction":"revenue","counterparty":"첨단소재 (ABS·PC·엔지니어드스톤)","counterparty_slug":null,"confidence":"high","metric":{"export_pct":81,"export_krw_bn":4115.8,"segment_rev_krw_bn":5086.7},"note":"범용 부진을 방어하는 고부가 축 — FY2025 첨단소재 부문 매출 5조867억원, 수출 비중 81%(4조1,158억). ABS·PC 등 엔지니어링 플라스틱을 자동차·전자·건자재 전방에 공급해 기초화학보다 사이클 방어력이 높다. 회사가 무게중심을 옮기려는 스페셜티·전지소재 전환의 발판.","note_en":"The high-value axis defending commodity weakness — FY2025 Advanced Materials revenue KRW 5,086.7bn, 81% exports (KRW 4,115.8bn). ABS/PC engineering plastics supplied to automotive, electronics and building materials are more cycle-defensive than basic chemicals — a base for the specialty/battery-materials shift.","sources":[{"stance":"confirms","publisher":"금융감독원 DART(롯데케미칼)","publisher_en":"FSS DART / Lotte Chemical","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001296","title":"롯데케미칼 사업보고서 (2025.12)","title_en":"Lotte Chemical Annual Report FY2025 (DART)","excerpt":"첨단소재 부문 FY2025 매출 5조867억(수출 4조1,158억, ABS·PC 등).","excerpt_en":"Advanced Materials FY2025 revenue KRW 5,086.7bn (export 4,115.8; ABS/PC)."}]},{"direction":"cost","counterparty":"나프타 (GS칼텍스·HD현대오일뱅크 등)","counterparty_slug":null,"confidence":"high","metric":{"share_pct":50.8,"purchase_krw_bn":5015.1},"note":"원가의 절반을 쥔 단일 원료 — NCC의 기초원료 나프타 매입액이 FY2025 5조150억원으로 전체 매입의 50.8%다. 국내 GS칼텍스·HD현대오일뱅크 등에서 조달하며, 나프타-에틸렌 스프레드가 곧 채산성이라 유가·환율 변동이 실적을 직접 좌우한다.","note_en":"The single feedstock holding half of costs — naphtha, the base input for the NCC, was KRW 5,015.1bn of purchases in FY2025, 50.8% of total. Sourced from GS Caltex, HD Hyundai Oilbank and others domestically; since the naphtha-ethylene spread is the margin, oil and FX swings drive results directly.","sources":[{"stance":"mentions","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2026-05-11","url":"https://www.newspim.com/news/view/20260511001115","title":"롯데케미칼 컨콜: 나프타 안정 조달","title_en":"Lotte Chemical call: stable naphtha procurement","excerpt":"국내 나프타 보유는 현재 안정적으로 조달 및 보유하고 있고, 지속적으로 나프타 공급이 예정.","excerpt_en":"Naphtha procurement stable with continued supply scheduled."},{"stance":"confirms","publisher":"금융감독원 DART(롯데케미칼)","publisher_en":"FSS DART / Lotte Chemical","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001296","title":"롯데케미칼 사업보고서 (2025.12)","title_en":"Lotte Chemical Annual Report FY2025 (DART)","excerpt":"나프타 매입 5조150억(50.8%), 공급처 GS칼텍스·HD현대오일뱅크 등.","excerpt_en":"Naphtha purchases KRW 5,015.1bn (50.8%), from GS Caltex, HD Hyundai Oilbank and others."}]},{"direction":"cost","counterparty":"Itochu (혼합자일렌 등 원료)","counterparty_slug":"itochu","confidence":"high","metric":{"share_pct":8.5,"purchase_krw_bn":841.9},"note":"BTX(방향족) 계열의 원료축 — 혼합자일렌(Mixed Xylene) 등을 이토추 등에서 조달, FY2025 매입액 8,419억원(전체 매입의 8.5%). 나프타 다음가는 원료 항목으로, 방향족 제품(BTX·PIA) 채산성의 상류 변수.","note_en":"The aromatics feedstock axis — mixed xylene and related are sourced from Itochu and others, KRW 841.9bn in FY2025 (8.5% of purchases). The second-largest feedstock after naphtha, an upstream variable for aromatics (BTX, PIA) margins.","sources":[{"stance":"confirms","publisher":"금융감독원 DART(롯데케미칼)","publisher_en":"FSS DART / Lotte Chemical","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001296","title":"롯데케미칼 사업보고서 (2025.12)","title_en":"Lotte Chemical Annual Report FY2025 (DART)","excerpt":"혼합자일렌 등 매입 8,419억(8.5%), 공급처 이토추 등.","excerpt_en":"Mixed xylene etc. purchases KRW 841.9bn (8.5%), supplier Itochu and others."}]},{"direction":"investment","counterparty":"롯데에너지머티리얼즈","counterparty_slug":"lotte-energy-materials","confidence":"high","metric":{"acquired_year":2023,"segment_rev_krw_bn":677.5},"note":"범용 석화 탈출의 핵심 베팅 — 2023년 일진머티리얼즈를 인수해 지배지분을 쥔 연결 자회사로, 동박(Elecfoil)으로 배터리소재 밸류체인에 진입했다. FY2025 전지소재 부문 매출 6,775억원(전년 9,023억 대비 EV 캐즘으로 감소). 범용 석화가 무너진 자리에서 회사가 무게중심을 옮기려는 성장 축이나, 배터리 다운사이클이 단기 발목.","note_en":"The core bet to escape commodity chemicals — a consolidated subsidiary controlled via the 2023 Iljin Materials acquisition, entering the battery-materials chain with copper foil (Elecfoil). FY2025 battery-materials revenue was KRW 677.5bn (down from KRW 902.3bn on the EV air-pocket). The growth axis the company is shifting toward as commodity chemicals collapse, though the battery downturn is a near-term drag.","sources":[{"stance":"confirms","publisher":"금융감독원 DART(롯데케미칼)","publisher_en":"FSS DART / Lotte Chemical","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001296","title":"롯데케미칼 사업보고서 (2025.12)","title_en":"Lotte Chemical Annual Report FY2025 (DART)","excerpt":"전지소재(롯데에너지머티리얼즈 Elecfoil) FY2025 매출 6,775억, 2023년 인수 연결 자회사.","excerpt_en":"Battery materials (LEM Elecfoil) FY2025 revenue KRW 677.5bn; consolidated subsidiary acquired 2023."},{"stance":"confirms","publisher":"한국거래소 KIND","publisher_en":"KRX KIND","kind":"filing","lang":"ko","published_at":"2025-03-14","url":"https://kind.krx.co.kr/common/disclsviewer.do?acptno=20250314002043&docno=&method=search","title":"롯데에너지머티리얼즈 사업보고서","title_en":"Lotte Energy Materials business report","excerpt":"사업보고서상 롯데케미칼(및 종속회사)이 2023년 인수로 최대주주가 된 모회사로 기재돼 있다.","excerpt_en":"The filing lists Lotte Chemical (and its subsidiary) as the parent and largest shareholder following the 2023 acquisition."}]},{"direction":"investment","counterparty":"LACC (웨스트레이크 50:50 JV)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"미 루이지애나 레이크찰스 에탄크래커 JV(에틸렌 연 약 100만톤, 웨스트레이크와 50:50) — 셰일 기반 저가 에탄을 원료로 써 아시아 납사 대비 원가우위를 확보하는 축으로, 다운사이클에서 원가 방어의 핵심이다. 웨스트레이크가 2019·2022년 지분을 추가 인수해 50:50이 됐다.","note_en":"The Lake Charles ethane-cracker JV in Louisiana (~1Mt ethylene/yr, 50:50 with Westlake) — feeding on cheap shale-based ethane for a cost edge over Asian naphtha, a key margin defense in the down-cycle; Westlake bought up to 50% in 2019/2022.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-15","url":"https://www.sec.gov/Archives/edgar/data/1262823/000126282325000011/wlk-20241231.htm","title":"Westlake 10-K FY2024 (LACC 지분 구조)","title_en":"Westlake 10-K FY2024 (LACC structure)","excerpt":"Westlake completed the acquisition of an additional 34.8% of LACC from Lotte for approximately $817 million (2019), and an additional 3.2% for $89 million (2022).","excerpt_en":"Westlake acquired 34.8% of LACC for ~$817M (2019) and 3.2% for $89M (2022)."},{"stance":"confirms","publisher":"Lotte Chemical USA","publisher_en":"Lotte Chemical USA","kind":"ir","lang":"en","published_at":"2024-06-01","url":"https://lottechemusa.com/our-companies/lacc-llc/","title":"LACC LLC 개요 (Lotte Chemical USA)","title_en":"LACC LLC overview (Lotte Chemical USA)","excerpt":"LACC is a 50/50 joint venture producing approximately two billion pounds of ethylene each year from ethane feedstock.","excerpt_en":"LACC 50/50 JV produces ~2bn lb of ethylene a year from ethane."}]}]}