Power equipment · High-voltage transformers & data-center power
LS ELECTRIC
LS Electric makes power equipment and industrial automation gear. It supplies switchgear, power distribution systems, extra-high-voltage transformers and smart-grid solutions. Orders from the North American data center power market have grown fast lately. In April 2026, through its U.S. arm, it signed a 216 million dollar contract to supply switchgear and distribution transformers for a fuel-cell power project ordered by Bloom Energy. Its extra-high-voltage transformer backlog stands at roughly 3 trillion won, locking in years of revenue. At home its main customers include Korea Electric Power, Samsung SDI and LG Energy Solution, and it buys copper, electrical steel and transformer components from suppliers and affiliates.
010120.KS Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, LS ELECTRIC is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~4.97T KRW (FY2025 consolidated)
- Segments · Power equipment/infrastructure · Automation · Metals (copper tube) · IT
Revenue from
- 케이이엔(KEN) High confidence· contract ₩125.8B · 공사도급 763.7억+운영위탁 494.2억
LS Electric won the EPC contract (76.4 billion won) and the operation-and-maintenance contract (49.4 billion won) for the Yeonggwang Green solar power project ordered by KEN, covering solar EPC and O&M.Confirms KO FSS DART Published Jun 5, 2026: Single Supply Contract - Yeonggwang Green solar EPC (voluntary disclosure) - Bloom Energy High confidence· contract $217M · 2026-04-28~2027-03-29
Through its U.S. subsidiary LS ELECTRIC AMERICA, LS Electric supplies switchgear and distribution transformers for a North American data center fuel-cell power project ordered by Bloom Energy. Contract value 216.5 million dollars (about 319 billion won, 6.42% of FY2025 consolidated revenue).Confirms KO FSS DART Published Apr 29, 2026: Single Supply Contract - North America data center fuel-cell power equipmentConfirms EN The Korea Times Published Apr 29, 2026: LS Electric lands $216 mil. data center deal as part of growth drive in US - 미국 데이터센터 (초고압 변압기) High confidence· contract $70M · 변압기 계약
Subsidiary LS Power Solution won ~$70.3M (KRW 106.6bn) for 345kV EHV transformers for a big-tech datacenter microgrid in the US Midwest - a Korean transformer beneficiary of AI power demand.Confirms KO THE ELEC Published May 1, 2026: LS Electric supplies EHV transformers to US data centers - 한국전력공사 High confidence· Market share 5.1%_of_segment_revenue · 전력인프라 부문
Korea Electric Power accounts for 5.1% of LS Electric's power-infrastructure segment revenue, buying power equipment and extra-high-voltage substation gear. - 북미 데이터센터·유틸리티 (초고압 변압기) Medium confidence· backlog ₩3.1T · 초고압변압기 수주잔고
Continued extra-high-voltage transformer wins for North American data centers and investor-owned utilities have pushed the EHV transformer backlog to about 3.1 trillion won, including a 459.8 billion won EHV transformer contract with a large North American IOU in November 2025.Confirms KO Korea Investment & Securities (via Business Post) Published Jun 4, 2026: Korea Investment & Securities raises LS Electric target price on rising North America data center orders - Samsung SDI Medium confidence· Market share 7.4%_of_segment_revenue · 전력인프라 부문
Samsung SDI is one of the largest customers of the power-infrastructure segment at 7.4% of revenue, taking power equipment for ESS and battery lines. - LG Energy Solution Medium confidence· Market share 4.6%_of_segment_revenue · 전력인프라 부문
LG Energy Solution accounts for 4.6% of power-infrastructure segment revenue, buying power equipment for battery plants and ESS.
Pays to
- 전력기기 부품 협력사 (태인·성신산전·산전정밀 등) High confidence· purchase ₩1.8T · 전력부문 부품 매입
LS Electric buys MAIN and PCB assemblies, CT/PT and EHV transformer components for breakers and meters from suppliers such as Taein, Sungshin Sanjeon, Sanjeon Precision and Dawoo Industry. FY2025 component purchases were 1.80 trillion won, 90.4% of power-segment purchases. - LS MnM (엘에스엠앤엠) High confidence· purchase ₩343.4B · 금속부문 전기동 매입
LS Electric's metals arm (LS Metal) sources the electrolytic copper for copper-tube production mainly from affiliate LS MnM. FY2025 copper purchases were 343.4 billion won, 89.3% of the segment's raw-material purchases. - 전력 원재료 협력사 (포스코모빌리티솔루션·원일사·고려금속공업) High confidence· purchase ₩191.5B · 전력부문 원재료 매입
LS Electric buys raw materials such as silver, copper, iron, aluminum and electrical steel for conductors and enclosures from POSCO Mobility Solution, Wonil and Koryo Metal. FY2025 purchases were 191.5 billion won. - Hitachi Energy·Maschinenfabrik Reinhausen (변압기 부품) Medium confidence· purchase ₩61.3B · LS파워솔루션 변압기 부품
Transformer subsidiary LS Power Solution sources core components such as transformer insulation from Maschinenfabrik Reinhausen (OLTC tap changers) and Hitachi Energy. FY2025 component purchases were 61.3 billion won, 58.7% of the total.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Equinix | lead2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +37.3 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | +12 |
| American Electric Power | lead2 | +10.7 | +10.4 | -11 | +18.2 | +29.4 | +10.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Bloom Energy | lead1 | -23.5 | -12.8 | -22.6 | +50.1 | +291.2 | +191 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +40.5 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -9.9 |
| Korea Electric Power | lead1 | -9.8 | -3.7 | -0.4 | +7.6 | +186.1 | -44.9 |
| LS ELECTRIC | node | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +73.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
LS ELECTRIC operates across KOSPI, power gear, HV transformers & datacenter power. After a spike of +234.2% in 2024, gains cooled to +145% in 2025 and +73.2% in 2026. The stock (+73.2%) and its demand side (avg +44.2%) are moving in step. Among connected nodes the furthest ahead is Bloom Energy (+191%) and the furthest behind is Korea Electric Power (-44.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. At home its main customers include Korea Electric Power, Samsung SDI and LG Energy Solution, and it buys copper, electrical steel and transformer components from suppliers and affiliates.
Analysis generated from returns as of 2026-09-04