{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","ticker":"028050.KS","updated_at":"2026-07-12T03:58:42.56+00:00","canonical":"https://valuechain.wiki/samsung-e-a","citable":"밸류체인 그래프 기준 삼성E&A의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 3)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 12건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Samsung E&A is directly linked to 3 companies (1 supply, 3 revenue relationships) and reaches 10 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"코스피 · 플랜트 EPC · 중동+삼성 그룹공사","kicker_en":"KOSPI · plant EPC · Middle East + Samsung group work","lead":"플랜트 설계·조달·시공(EPC)을 수행하는 엔지니어링 기업이다. 매출의 57%는 사우디 아람코, ADNOC 등 중동 정유·석유화학 발주처에서 나오는 화공 부문이고, 28%는 삼성전자 반도체 팹과 삼성바이오로직스 송도 플랜트 등 그룹 계열사 공사가 차지하는 첨단산업 부문이다. 2025년 UAE 타지즈 메탄올 17억달러, 말레이시아 SAF 등 대형 수주로 New Energy 부문을 키우고 있다. 2025년 연결 매출은 9조309억원이며 아람코와 삼성전자 두 고객이 전체 매출의 53%를 차지한다.","lead_en":"An engineering firm that handles plant design, procurement and construction (EPC). About 57% of revenue comes from the chemical segment, driven by Middle East refining and petrochemical clients such as Saudi Aramco and ADNOC. Another 28% is the advanced-industry segment, made up of group affiliate work including Samsung Electronics chip fabs and the Samsung Biologics Songdo plant. In 2025 it won large orders such as the 1.7 billion dollar TA'ZIZ methanol plant in the UAE and a Malaysian SAF project, growing its New Energy segment. Consolidated 2025 revenue was 9.03 trillion won, with Aramco and Samsung Electronics together making up 53% of sales.","segments":{"fy":2025,"parts":[{"desc":"정유·석유화학 플랜트 EPC. 아람코·ADNOC 등 중동 발주가 중심으로, 유가·중동 캐펙스 사이클에 매출이 직결.","name":"화공 (57.1%)"},{"desc":"삼성 반도체 팹·바이오 플랜트 시공. 삼성전자·삼성바이오 투자 사이클에 연동된 그룹 내부 매출 축.","name":"첨단산업 — 그룹 팹·바이오 (28.0%)"},{"desc":"LNG·SAF·수처리 등 청정에너지 EPC. 화공 편중을 넓히려는 성장 신사업 부문.","name":"New Energy — LNG·청정에너지·수처리 (14.9%)"}],"total":"9조309억원 (FY2025 연결)","concentration":"아람코 31.4% + 삼성전자 22.0% = 매출 53.5%(FY2025). 자재비·외주비 6.06조로 성격별 비용의 74%. 2024 신규수주 14.4조(역대 최대)."},"segments_en":{"fy":2025,"parts":[{"desc":"Refining and petrochemical plant EPC — centered on Middle East orders (Aramco, ADNOC), revenue tied to the oil-price and Middle East capex cycle.","name":"Hydrocarbon (57.1%)"},{"desc":"Samsung semiconductor fab and bio-plant construction — an in-group revenue axis linked to Samsung Electronics and Samsung Biologics investment cycles.","name":"Advanced industries - group fabs, bio (28.0%)"},{"desc":"Clean-energy EPC (LNG, SAF, water) — the new-business growth segment broadening the hydrocarbon concentration.","name":"New Energy (14.9%)"}],"total":"KRW 9.03tn (FY2025 consolidated)","concentration":"Aramco 31.4% plus Samsung Electronics 22.0% = 53.5% of FY2025 revenue; KRW 15.9tn backlog; record KRW 14.4tn 2024 orders."},"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2},"return_asof":"2026-07-10","value_chain":{"leading":[{"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":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"nebius","name":"Nebius","name_en":"Nebius Group","tier":3,"returns_yearly":{"2025":202.2,"2026":162.4}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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BM","tier":3,"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6}}],"analysis":"투자 논점은 중동 화공 수주 사이클과 삼성 그룹공사라는 두 엔진의 동조·상쇄다. FY2025 매출의 53.5%가 아람코(31.4%)와 삼성전자(22.0%) 두 고객에 몰려 있어, 유가·중동 캐펙스와 삼성 반도체 팹 투자라는 서로 다른 사이클에 동시에 노출된다. 2024년 신규수주 14.4조(역대 최대)와 파딜리 가스·타지즈 메탄올 등 대형 수주가 2025~2027년 매출을 선확정했고, New Energy(LNG·SAF·수처리)로 화공 편중을 넓히는 중이다. 원가의 74%가 기자재·외주(6.06조)라 협력사 조달·환율이 마진을 가르며, 두 대형 고객 의존이 성장의 안정성인 동시에 최대 리스크다.","analysis_en":"The thesis is the interplay of two engines — the Middle East hydrocarbon order cycle and Samsung group work. In FY2025, 53.5% of revenue came from just two customers, Aramco (31.4%) and Samsung Electronics (22.0%), exposing it simultaneously to oil-price/Middle East capex and Samsung's fab investment — two different cycles. Record 2024 new orders of KRW 14.4tn and megaprojects (Fadhili gas, Ta'ziz methanol) pre-booked 2025-2027 revenue, while New Energy (LNG, SAF, water) broadens the hydrocarbon concentration. With 74% of cost in equipment and subcontracting (KRW 6.06tn), supplier sourcing and FX decide margins, and dependence on two large customers is both the stability and the biggest risk of its growth.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"에코프로에이치엔","counterparty_slug":"ecopro-hn","confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2024-06","basis":"테일러 팹 RCS","value":22600000000,"period":"2024 계약","basis_en":"Taylor fab RCS"},"note":"삼성전자 테일러 팹 프로젝트용 온실가스 저감설비(RCS)를 에코프로에이치엔에서 조달(226억, 2024).","note_en":"Procures greenhouse-gas abatement (RCS) equipment from Ecopro HN for the Samsung Taylor fab project (KRW 22.6bn, 2024).","sources":[{"stance":"confirms","publisher":"이투뉴스","publisher_en":"E2 News","kind":"news","lang":"ko","published_at":"2024-06-01","url":"https://www.e2news.com/news/articleView.html?idxno=243436","title":"에코프로에이치엔, 삼성ENG와 226억 온실가스 저감설비 계약","title_en":"Ecopro HN signs KRW 22.6bn GHG-abatement deal with Samsung E&A","excerpt":"삼성엔지니어링 미국 법인과 226억원 규모 온실가스 저감 설비(RCS) 공급 계약 — 텍사스 테일러 파운드리 공장 대상.","excerpt_en":"KRW 22.6bn RCS supply deal with Samsung E&A's US arm for the Taylor foundry fab."},{"stance":"confirms","publisher":"서울경제TV","publisher_en":"Seoul Economic TV","kind":"news","lang":"ko","published_at":"2022-11-07","url":"https://www.sentv.co.kr/article/view/sentv202211070114","title":"에코프로에이치엔, 삼성ENG와 319억 PFCs 설비 계약","title_en":"Ecopro HN: KRW 31.9bn PFCs treatment deal with Samsung E&A","excerpt":"삼성엔지니어링과 PFCs 처리 설비 공급계약 319억원.","excerpt_en":"KRW 31.9bn PFCs treatment equipment deal with Samsung E&A."}]},{"direction":"revenue","counterparty":"TA'ZIZ (ADNOC·ADQ 합작, UAE)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-02","basis":"단일공급계약 본사계약분","value":1706000000,"period":"EPC 44개월","basis_en":"HQ portion, single supply contract"},"note":"UAE 아부다비 루와이스 산단 타지즈 메탄올 플랜트 EPC. 본사계약분 USD 17.06억(연산 180만톤, UAE 최초 메탄올, 44개월). New Energy·화공 부문 대형 수주.","note_en":"EPC for the TA'ZIZ methanol plant in Al Ruwais, Abu Dhabi. HQ portion USD 1.706B (1.8 Mtpa, UAE's first methanol plant, 44 months). A flagship petrochemical order.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-04","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260604800515","title":"삼성E&A 단일판매·공급계약체결 (UAE 타지즈 메탄올)","title_en":"Samsung E&A single supply contract (UAE TA'ZIZ methanol)","excerpt":"체결계약명 UAE Methanol Project, 계약상대 TA'ZIZ METHANOL INDUSTRIAL LLC SPC, 판매·공급지역 UAE (Al Ruwais Industrial City, Taziz Derivatives Complex). 계약금액은 본사계약분 USD 1,706,000,000.00. 일산 5천톤 메탄올 생산시설.","excerpt_en":"Contract name UAE Methanol Project; counterparty TA'ZIZ METHANOL INDUSTRIAL LLC SPC; location UAE (Al Ruwais Industrial City). HQ contract amount USD 1,706,000,000. 5,000 tpd methanol facility."},{"stance":"mentions","publisher":"키움증권","publisher_en":"Kiwoom Securities","kind":"research","lang":"ko","published_at":"2026-04-24","url":"https://file.alphasquare.co.kr/media/pdfs/company-report/_23202536-028050.pdf","title":"삼성E&A 1Q26 Review: 중단기 풍부한 모멘텀","title_en":"Samsung E&A 1Q26 Review: rich near-term momentum","excerpt":"UAE 타지즈 메탄올(2.4조원)과 말레이시아 SAF(1.4조원) 매출 본격 반영으로 1Q26 신규수주 4.6조원, 연간 가이던스 12조원의 40% 달성.","excerpt_en":"With TA'ZIZ methanol (KRW 2.4tn) and Malaysia SAF (KRW 1.4tn) starting to book revenue, 1Q26 new orders hit KRW 4.6tn, 40% of the KRW 12tn annual guidance."},{"stance":"confirms","publisher":"ADNOC / TA'ZIZ","publisher_en":"ADNOC / TA'ZIZ","kind":"ir","lang":"en","published_at":"2025-02-03","url":"https://www.adnoc.ae/en/news-and-media/press-releases/2025/taziz-announces-billion-award-to-build-first-methanol-plant-in-the-uae","title":"타지즈, UAE 첫 메탄올 플랜트 17억달러 발주","title_en":"TA'ZIZ Announces $1.7 Billion Award to Build First Methanol Plant in the UAE","excerpt":"TA'ZIZ가 UAE 최초 메탄올 플랜트(연산 180만톤) 건설을 위해 삼성E&A에 17억달러(62억디르함) EPC를 발주했다. TA'ZIZ는 ADNOC와 ADQ의 합작사다.","excerpt_en":"TA'ZIZ awarded a $1.7 billion (AED6.2 billion) EPC contract to Samsung E&A for the UAE's first methanol plant (1.8 Mtpa). TA'ZIZ is a joint venture between ADNOC and ADQ."}]},{"direction":"revenue","counterparty":"Ras Laffan Petrochemicals (카타르)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2024-11","value":215000000,"period":"EPC"},"note":"카타르에너지·셰브론필립스 합작사의 에틸렌 스토리지 플랜트 EPC — 삼성E&A 수행분 약 $2.15억(3만톤 탱크, CTCI JV, 34개월).","note_en":"Ethylene storage plant EPC for the QatarEnergy-Chevron Phillips JV; Samsung E&A's share ~$215M (30kt tank, CTCI JV, 34 months).","sources":[{"stance":"confirms","publisher":"Samsung E&A","publisher_en":"Samsung E&A","kind":"ir","lang":"ko","published_at":"2024-11-14","url":"https://www.samsungena.com/kr/newsroom/news/view?idx=15636","title":"카타르 RLP 에틸렌 스토리지 EPC 계약","title_en":"Qatar RLP ethylene storage EPC contract","excerpt":"3만 미터톤 저장 탱크와 컴프레서·펌프 EPC. 발주처는 카타르에너지와 셰브론 필립스 합작 라스라판 석유화학.","excerpt_en":"30,000t storage tank EPC for Ras Laffan Petrochemicals (QatarEnergy-CPChem JV)."}]},{"direction":"cost","counterparty":"플랜트 기자재·외주 시공 협력사","counterparty_slug":null,"confidence":"high","metric":{"type":"expense","unit":"백만원","as_of":"2025-12","basis":"성격별비용 자재비·외주비","value":6064650,"period":"FY2025","basis_en":"materials and subcontracting expense"},"note":"턴키 EPC 원가의 대부분은 압축기·열교환기·밸브 등 기자재 구매와 현지 하도급 시공에서 발생한다. FY2025 자재비·외주비 6.06조원으로 성격별 비용 합계 8.24조원의 74%. 개별 협력사는 공시되지 않는다.","note_en":"Most turnkey EPC cost is equipment procurement (compressors, heat exchangers, valves) and local subcontracting. FY2025 materials and subcontracting cost was KRW 6.06tn, 74% of the KRW 8.24tn total expenses. Individual suppliers are not disclosed.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003927","title":"삼성E&A 사업보고서 (2025.12)","title_en":"Samsung E&A Annual Report (FY2025)","excerpt":"성격별 비용 중 '자재비 및 외주비' 6,064,649,804천원(제59기, 2025년), 성격별 비용 합계 8,236,690,237천원. 주요 원재료는 TURN-KEY 주문생산 특성상 현황 산출이 불가능하다.","excerpt_en":"Under expenses by nature, 'materials and subcontracting cost' was KRW 6,064,650 million (FY2025) of total KRW 8,236,690 million. Raw-material breakdown is not calculable given turnkey make-to-order."}]},{"direction":"revenue","counterparty":"Saudi Aramco","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"사업보고서 주요고객","value":31.43,"period":"FY2025","basis_en":"annual report major customers"},"note":"최대 고객(FY2025 매출의 31.4%, 2.84조원). 파딜리 가스 증설 패키지 1·4 EPC 약 $60억(창사 최대 단일 수주, 2027년 완공, 처리량 2.5→3.8bscfd).","note_en":"Largest customer at 31.4% of FY2025 revenue (KRW 2.84tn). ~$6B Fadhili Gas Increment packages 1 and 4 EPC, the largest single award in company history (completion 2027; throughput 2.5 to 3.8 bscfd).","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003927","title":"삼성E&A 사업보고서 (2025.12)","title_en":"Samsung E&A Annual Report (FY2025)","excerpt":"주요고객(2025): SAUDI ARABIAN OIL COMPANY 매출 2,838,087백만원(31.43%, 화공·New Energy).","excerpt_en":"FY2025 major customer: Saudi Aramco at KRW 2,838.1bn (31.43%)."},{"stance":"confirms","publisher":"Samsung E&A","publisher_en":"Samsung E&A","kind":"ir","lang":"en","published_at":"2024-04-03","url":"https://www.samsungena.com/en/newsroom/news/view?idx=15577","title":"삼성E&A, 아람코 파딜리 $6B 수주","title_en":"Samsung E&A wins $6B Fadhili Gas Increment Program from Aramco","excerpt":"Fadhili: daily gas throughput from 2.5 to 3.8 bscfd; Samsung E&A executes Package #1 (Gas Treatment) and #4 (Utilities).","excerpt_en":"Fadhili packages 1 and 4; throughput 2.5 to 3.8 bscfd."},{"stance":"confirms","publisher":"한국경제","publisher_en":"Korea Economic Daily","kind":"news","lang":"ko","published_at":"2024-04-03","url":"https://www.hankyung.com/article/2024040361405","title":"삼성E&A, 사우디 8조 가스 플랜트 수주","title_en":"Samsung E&A wins KRW 8tn Saudi gas plant order","excerpt":"아람코와 약 60억달러(약 8조원) 규모 파딜리 패키지 1·4 계약 — 창사 이래 최대.","excerpt_en":"~$6B Fadhili packages, the largest award in company history."},{"stance":"confirms","publisher":"Saudi Aramco","publisher_en":"Saudi Aramco","kind":"ir","lang":"en","published_at":"2024-04-01","url":"https://www.aramco.com/en/news-media/news/2024/aramco-awards-7-7-billion-contracts-to-add-1-5-bscfd-of-raw-gas-to-fadhili-gas-plant","title":"아람코, 파딜리 확장 $7.7B EPC 발주","title_en":"Aramco awards $7.7B contracts for Fadhili expansion","excerpt":"Aramco awarded EPC contracts worth $7.7 billion for the Fadhili expansion to Samsung E&A, GS E&C and Nesma.","excerpt_en":"Aramco's $7.7B Fadhili EPC awards."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-12","basis":"사업보고서 주요고객","value":22.04,"period":"FY2025","basis_en":"annual report major customers"},"note":"그룹 반도체 팹 건설 — FY2025 매출의 22.0%(1.99조원), FY2024 27.7%. 평택 P4 마감공사 증액 약 1.3조원(2025), 테일러 팹 참여.","note_en":"Group semiconductor fab construction: 22.0% of FY2025 revenue (KRW 1.99tn; 27.7% in FY2024). ~KRW 1.3tn P4 finishing-work increase (2025); Taylor fab participation.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003927","title":"삼성E&A 사업보고서 (2025.12)","title_en":"Samsung E&A Annual Report (FY2025)","excerpt":"주요고객(2025): 삼성전자(주) 1,989,943백만원(22.04%). 전기(2024): 삼성전자 27.72%.","excerpt_en":"Samsung Electronics at KRW 1,989.9bn (22.04%) in FY2025; 27.72% in FY2024."},{"stance":"confirms","publisher":"중소기업신문","publisher_en":"SME Daily","kind":"news","lang":"ko","published_at":"2025-08-01","url":"http://www.smedaily.co.kr/news/articleView.html?idxno=335561","title":"삼성E&A, 평택 P4·삼바 6공장 수주 기대","title_en":"Samsung E&A eyes P4 and Samsung Biologics plant-6 orders","excerpt":"삼성전자와 약 1조3000억원 규모의 P4라인 마감공사(증액) 계약 체결.","excerpt_en":"~KRW 1.3tn P4-line finishing-work contract with Samsung Electronics."}]},{"direction":"revenue","counterparty":"삼성바이오로직스","counterparty_slug":"samsung-biologics","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2024-12","basis":"사업보고서 주요고객","value":11.7,"period":"FY2024","basis_en":"annual report"},"note":"송도 바이오플랜트 1~5공장 전량 시공 — FY2024 매출의 11.7%(1.17조원). 6공장(약 2조 추정)은 미확정.","note_en":"Built all of Songdo bio plants 1-5; 11.7% of FY2024 revenue (KRW 1.17tn). Plant 6 (~KRW 2tn) not yet awarded.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-11","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260311003927","title":"삼성E&A 사업보고서 (2025.12)","title_en":"Samsung E&A Annual Report (FY2025)","excerpt":"전기(2024) 주요고객: 삼성바이오로직스 1,166,449백만원(11.70%, 첨단산업).","excerpt_en":"FY2024: Samsung Biologics at KRW 1,166.4bn (11.70%)."},{"stance":"mentions","publisher":"중소기업신문","publisher_en":"SME Daily","kind":"news","lang":"ko","published_at":"2025-08-01","url":"http://www.smedaily.co.kr/news/articleView.html?idxno=335561","title":"삼성E&A, 평택 P4·삼바 6공장 수주 기대","title_en":"Samsung E&A eyes P4 and Samsung Biologics plant-6 orders","excerpt":"1~5공장 건설에 모두 참여, 6공장 예상 도급액 약 2조원.","excerpt_en":"Built plants 1-5; plant 6 estimated at ~KRW 2tn."}]},{"direction":"revenue","counterparty":"삼성바이오로직스 (송도 플랜트 EPC)","counterparty_slug":"samsung-biologics","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"송도 바이오플랜트 EPC 시공.","note_en":"EPC for Songdo bio plants.","sources":[{"stance":"mentions","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-05-15","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260515001658","title":"삼성바이오로직스 사업보고서 (2025.12)","title_en":"Samsung Biologics annual report (FY2025)","excerpt":"삼성E&A가 송도 바이오플랜트 시공.","excerpt_en":"Samsung E&A builds the Songdo bio plants."}]}]}