{"slug":"samsung-heavy-industries","name":"삼성중공업","name_en":"Samsung Heavy Industries","ticker":"010140.KS","updated_at":"2026-07-12T04:00:25.026+00:00","canonical":"https://valuechain.wiki/samsung-heavy-industries","citable":"밸류체인 그래프 기준 삼성중공업의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Samsung Heavy Industries is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"조선·해양 · FLNG 세계 1위(LNG 슈퍼사이클)","kicker_en":"Shipbuilding & offshore · FLNG No.1 (LNG supercycle)","lead":"LNG선·초대형 컨테이너선·탱커에 더해 부유식 LNG생산설비(FLNG)에서 세계 신조 7기 중 5기를 쥔 1위 조선사로, LNG 슈퍼사이클의 정면 수혜주다. 2025년 매출 약 11조3,500억원(+15.4%)·영업이익 7,825억원(+64.1%, OPM 6.9%)으로 이익이 매출보다 훨씬 빠르게 늘었는데, 이는 LNG선 건조비중 확대(2024년 45%→2026년 65%)와 건조선가 연 11% 상승이 마진을 밀어올린 결과다. FLNG는 척당 약 23억달러·OPM 10~15%로 이익의 질을 대표하며, 다년 백로그가 매출 가시성을 준다.","lead_en":"A shipbuilder that leads the world in floating LNG production (5 of 7 FLNG newbuilds) on top of LNG carriers, mega boxships and tankers — a direct beneficiary of the LNG supercycle. 2025 revenue of about KRW 11.35tn (+15.4%) and operating profit of KRW 782.5bn (+64.1%, 6.9% margin) grew profit far faster than revenue, driven by a rising LNG-carrier mix (45% in 2024 to 65% in 2026) and ship prices up ~11% a year lifting the margin. FLNG, at ~$2.3B per unit and a 10-15% margin, embodies the profit quality, and a multi-year backlog gives revenue visibility.","segments":{"parts":[{"desc":"LNG선·FLNG가 이끄는 사실상 전부인 부문 — LNG 믹스 확대와 선가 상승이 마진을 밀어올리는 이익의 핵심.","name":"조선해양 (LNG선·컨테이너선·탱커·FLNG)","note":"매출의 약 96%"},{"desc":"건설 소규모 부문 — 조선 사이클과 분리된 보조 매출.","name":"토건 (건축·토목·하이테크)","note":"약 4,232억원"}],"total":"2025 매출 약 11.35조원"},"segments_en":{"parts":[{"desc":"Effectively the whole company, led by LNG carriers and FLNG — the rising LNG mix and ship prices lifting margin are the core of profit.","name":"Shipbuilding/Offshore (LNG carriers, boxships, tankers, FLNG)","note":"~96% of revenue"},{"desc":"A small construction unit — an ancillary revenue stream decoupled from the shipbuilding cycle.","name":"Construction (building, civil, hi-tech)","note":"~KRW 423bn"}],"total":"2025 revenue ~KRW 11.35tn"},"returns_yearly":{"2021":-11.6,"2022":11.8,"2023":26.3,"2024":78,"2025":126.4,"2026":-24.1},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"posco-holdings","name":"POSCO홀딩스","name_en":"POSCO Holdings","tier":1,"returns_yearly":{"2021":13.9,"2022":19.9,"2023":43,"2024":-37.3,"2025":38.3,"2026":-8.8}},{"slug":"hanwha-engine","name":"한화엔진","name_en":"Hanwha Engine","tier":1,"returns_yearly":{"2021":19.6,"2022":12.6,"2023":13.9,"2024":165.1,"2025":138.6,"2026":-14.3}},{"slug":"posco-future-m","name":"포스코퓨처엠","name_en":"POSCO Future M","tier":2,"returns_yearly":{"2021":-17.7,"2022":97.6,"2023":16.3,"2024":-43.6,"2025":56.5,"2026":-32}}],"analysis":"삼성중공업의 투자 논점은 'LNG 슈퍼사이클 + FLNG 마진 프리미엄 + 다년 백로그'다. 카타르에너지의 128척 LNG선 프로그램이 수요를 받치고, 건조비중이 LNG선으로 쏠리며 선가가 매년 오르는 국면이 영업이익 +64%를 만들었다 — FLNG 세계 1위(5/7·척당 23억달러·OPM 10~15%)가 이익의 질을 대표한다. 그래프상 상류로 POSCO(후판)·한화엔진(추진)·한국카본(보냉재)에 의존하며, 후판가에 민감(총계약원가 +5% 시 세전이익 -9,110억원)하다. 미 해군 NGLS 개념설계는 상업 조선을 넘어 미국 함정 시장으로 확장하는 옵션이다. 리스크는 러시아 Zvezda 계약 대량 해지(약 4.8조원)처럼 지정학이며, 2026년 -24% 조정은 2025년 +126% 급등이 펀더멘털을 앞선 되돌림이다.","analysis_en":"Samsung Heavy's thesis is 'LNG supercycle + FLNG margin premium + multi-year backlog.' QatarEnergy's 128-carrier LNG program anchors demand, and a build mix tilting to LNG carriers with prices rising every year produced +64% operating profit — FLNG leadership (5 of 7, ~$2.3B per unit, 10-15% margin) embodies the profit quality. In the graph it depends upstream on POSCO (plate), Hanwha Engine (propulsion) and Korea Carbon (cargo-tank insulation), and is sensitive to plate prices (a 5% rise in total contract cost cuts pretax profit by KRW 911bn). The US Navy NGLS concept design is an option to expand beyond commercial shipbuilding into US naval work. The risk is geopolitics — e.g., the large Russia Zvezda cancellations (~KRW 4.8tn) — and the -24% 2026 correction is a give-back after the +126% 2025 run outpaced fundamentals.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Zvezda 조선소 (러시아, 2025 계약 대량 해지)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2025-06","basis":"LNG선10+셔틀탱커7","value":4800000000000,"period":"2025 해지 규모","basis_en":"10 LNG + 7 shuttle tankers"},"note":"러시아 Zvezda 조선소향 계약이 2025년 대량 해지·취소됨(대러 제재 영향): 2025.03 일방적 계약취소 통지로 파생상품 평가손실 6,000억원, 2025.06 LNG선 10척 계약해지(2조8,000억원)·셔틀탱커 7척 계약해지(2조원). 축소된 관계를 사실대로 기록.","note_en":"Contracts with Russia's Zvezda yard were largely terminated in 2025 (sanctions-driven): a March 2025 unilateral cancellation notice caused a KRW 600bn derivative valuation loss; June 2025 saw 10 LNG carriers (KRW 2.8tn) and 7 shuttle tankers (KRW 2.0tn) cancelled. Recorded as a wound-down relationship.","sources":[{"stance":"contradicts","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001037","title":"삼성중공업 사업보고서 (2025.12)","title_en":"Samsung Heavy Industries annual report (FY2025)","excerpt":"2025.03 Zvezda 일방적 계약취소 통지(파생손실 6천억원), 2025.06 Zvezda LNG선 10척 계약해지(2조8천억원)·셔틀탱커 7척 계약해지(2조원).","excerpt_en":"March 2025 Zvezda unilateral cancellation (KRW 600bn loss); June 2025 cancellations of 10 LNG carriers (KRW 2.8tn) and 7 shuttle tankers (KRW 2.0tn)."}]},{"direction":"revenue","counterparty":"글로벌 선주 (LNG선·컨테이너선·탱커)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"원","as_of":"2026-07-08","basis":"DART 단일공급계약","value":284900000000,"period":"유조선 2척(2026.7 공시)","basis_en":"DART supply-contract filing"},"note":"선주와 직접매매(마일스톤 수령)로 LNG선·초대형 컨테이너선·탱커를 건조. 2026년 단건 공시: 유조선 2척 2,849억원(버뮤다 지역 선주, 매출 대비 2.7%, 2026-07~2029-05 인도). 카타르에너지의 128척 LNG선 프로그램이 수요 축. LNG선 건조비중 2024년 45%→2026년 65% 확대 전망.","note_en":"Sells directly to shipowners (milestone payments) for LNG carriers, mega boxships and tankers. A July 2026 disclosure: 2 tankers at KRW 284.9bn (a Bermuda-region owner, 2.7% of revenue, delivery 2026-07 to 2029-05). QatarEnergy's 128-carrier LNG program anchors demand; the LNG mix is guided from 45% (2024) to 65% (2026).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-07-08","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260708800164","title":"삼성중공업 단일판매·공급계약체결 (유조선 2척)","title_en":"Samsung Heavy supply contract (2 tankers)","excerpt":"체결계약명 '유조선 2척', 계약금액 2,849억원, 최근매출액 10.65조원 대비 2.7%, 계약상대 '버뮤다 지역 선주', 계약기간 2026-07-07~2029-05-15.","excerpt_en":"Contract '2 tankers', KRW 284.9bn, 2.7% of the KRW 10.65tn recent revenue, counterparty 'a Bermuda-region owner', term 2026-07-07 to 2029-05-15."},{"stance":"confirms","publisher":"미래에셋증권","publisher_en":"Mirae Asset Securities","kind":"research","lang":"ko","published_at":"2026-05-04","url":"https://securities.miraeasset.com/bbs/download/2132249.pdf","title":"미래에셋증권 — 삼성중공업 커버리지 개시 (LNG선 비중 45→65%)","title_en":"Mirae Asset Securities - Samsung Heavy initiation (LNG mix 45 to 65%)","excerpt":"LNG운반선 건조비중이 2024년 45%에서 2026년 65%까지 확대되고 건조선가도 매년 11%씩 상승. 2025년 매출 11조3,528억원(+15.4%), 영업이익 7,825억원(+64.1%, OPM 6.9%).","excerpt_en":"LNG carrier mix rising 45% (2024) to 65% (2026), newbuild prices +11%/yr; 2025 revenue KRW 11.35tn (+15.4%), OP KRW 782.5bn (+64.1%)."},{"stance":"mentions","publisher":"Nikkei Asia","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://asia.nikkei.com/business/transportation/shipping-shipbuilding","title":"Korean shipbuilders ride LNG and Qatar supercycle","title_en":"Korean shipbuilders ride LNG and Qatar supercycle","excerpt":"QatarEnergy's 128-vessel LNG carrier program drives Korean shipbuilders' orders.","excerpt_en":"QatarEnergy's 128-vessel LNG program drives Korean orders."}]},{"direction":"revenue","counterparty":"카타르에너지·글로벌 선주 (LNG선·FLNG)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-02","value":9800000000,"period":"2025 수주 목표"},"note":"LNG선·FLNG 강자 — 카타르에너지 대형 LNG선 프로젝트(총 128척)의 17.4만㎥급 건조. 2025 수주 목표 98억달러. 미 해군 NGLS 개념설계도 수주(한화 방산과).","note_en":"An LNG carrier and FLNG leader building 174,000cbm ships for QatarEnergy's mega program (128 vessels total); 2025 order target $9.8B; also won a US Navy NGLS concept-design contract.","sources":[{"stance":"confirms","publisher":"파이낸스스코프","publisher_en":"Finance Scope","kind":"news","lang":"ko","published_at":"2025-02-21","url":"https://www.finance-scope.com/article/view/scp202502210012","title":"삼성중공업, LNG·FLNG 질주 — 2025 수주 98억달러","title_en":"Samsung Heavy: LNG/FLNG drive, $9.8B 2025 order target","excerpt":"삼성중공업 2025년 수주 목표 98억 달러; 카타르에너지 LNG선(총 128척) 17.4만㎥급 건조.","excerpt_en":"Samsung Heavy's $9.8B 2025 order target; QatarEnergy LNG carriers (128 total)."}]},{"direction":"revenue","counterparty":"오일메이저 (FLNG·해양생산설비)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"기 (신조 7기 중)","as_of":"2026-04","basis":"DS투자증권","value":5,"period":"FLNG 세계 1위","basis_en":"DS Securities"},"note":"오일메이저와 직접매매(기성금 수령)로 FLNG·해양플랜트 건조. 글로벌 FLNG 신조 7기 중 5기를 수주한 세계 1위. 수주잔고 FLNG 2기(척당 수주선가 약 23억달러·3.2조원, OPM 10~15%). 2026년 단건 공시: 해양생산설비 1기(북미 지역 선주, NTP 조건부).","note_en":"Sells directly to oil majors (progress payments) for FLNG and offshore plants; world No.1 with 5 of 7 FLNG newbuilds. Backlog holds 2 FLNG units (~$2.3B / KRW 3.2tn each, 10-15% OP margin). A 2026 disclosure: 1 offshore production unit (a North America-region owner, NTP-conditional).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-06-02","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260602800254","title":"삼성중공업 단일판매·공급계약체결 (해양생산설비 1기)","title_en":"Samsung Heavy supply contract (1 offshore production unit)","excerpt":"체결계약명 '해양생산설비 1기', 계약상대 '북미 지역 선주', NTP(공사진행통보서) 발급 조건부.","excerpt_en":"Contract '1 offshore production unit', counterparty 'a North America-region owner', conditional on the owner's Notice To Proceed."},{"stance":"confirms","publisher":"DS투자증권","publisher_en":"DS Investment & Securities","kind":"research","lang":"ko","published_at":"2026-04-20","url":"https://www.ds-sec.co.kr/bbs/board.php?bo_table=sub03_02&wr_id=2277","title":"DS투자증권 — 삼성중공업 2026년 영업이익 1.3조 전망 (목표가 42,000원)","title_en":"DS Investment & Securities - Samsung Heavy 2026 OP KRW 1.3tn (TP 42,000)","excerpt":"글로벌 FLNG 신조 7기 중 5기를 수주한 세계 1위. 수주잔고 FLNG 2기, 수주선가 23억달러(3.2조원), OPM 10~15%. 2026년 영업이익 1.3조원 전망, 목표주가 42,000원.","excerpt_en":"World No.1 with 5 of 7 FLNG newbuilds; backlog 2 FLNG at $2.3B each, 10-15% margin; 2026 OP est. KRW 1.3tn, TP 42,000."}]},{"direction":"cost","counterparty":"POSCO (강재·후판)","counterparty_slug":"posco-holdings","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사업보고서 주요 원재료: 강재·파일·형강·프로펠러. 주요 매입처로 POSCO 명시. 후판 가격은 철광석·유연탄에 연동. 총계약원가 5% 상승 시 세전이익 9,110억원 감소(민감도).","note_en":"Per the annual report, key raw materials are steel plate, piles, sections and propellers; POSCO is named as a principal supplier. Plate prices track iron ore and coking coal. A 5% rise in total contract cost cuts pretax profit by KRW 911bn (disclosed sensitivity).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001037","title":"삼성중공업 사업보고서 (2025.12)","title_en":"Samsung Heavy Industries annual report (FY2025)","excerpt":"주요 원재료 강재·파일·메인엔진·형강·프로펠러 등, 주요 매입처 POSCO·한화엔진·한국카본 등. 총계약원가 5% 증가 시 세전이익 9,110억원 감소.","excerpt_en":"Key raw materials incl. steel, engines, sections, propellers; principal suppliers POSCO, Hanwha Engine, Korea Carbon. A 5% cost rise cuts pretax profit by KRW 911bn."}]},{"direction":"cost","counterparty":"한화엔진 (선박용 메인엔진)","counterparty_slug":"hanwha-engine","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사업보고서 주요 원재료 매입처로 한화엔진 명시 — 선박 메인엔진(추진) 조달.","note_en":"Hanwha Engine is named in the annual report as a principal supplier of marine main engines (propulsion).","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001037","title":"삼성중공업 사업보고서 (2025.12)","title_en":"Samsung Heavy Industries annual report (FY2025)","excerpt":"주요 원재료 매입처로 한화엔진 명시(메인엔진).","excerpt_en":"Hanwha Engine named as a principal supplier (main engines)."}]},{"direction":"revenue","counterparty":"미 해군 (차세대 군수지원함 NGLS 개념설계)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"한화 방산 미국법인과 함께 미 해군 차세대 군수지원함(NGLS) 개념설계 수주 — MRO를 넘어 미국 함정 사업 진출 교두보.","note_en":"Won a US Navy next-gen logistics ship (NGLS) concept-design contract alongside Hanwha's US defense arm - a beachhead into US naval work beyond MRO.","sources":[{"stance":"mentions","publisher":"Nikkei Asia","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://asia.nikkei.com/business/transportation/shipping-shipbuilding","title":"Korean shipbuilders ride LNG and Qatar supercycle","title_en":"Korean shipbuilders ride LNG and Qatar supercycle","excerpt":"Korean yards expand from commercial into US naval programs.","excerpt_en":"Korean yards expand into US naval programs."}]},{"direction":"cost","counterparty":"한국카본 (LNG 화물창 보냉재)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사업보고서 주요 원재료 매입처로 한국카본 명시 — LNG선 화물창 보냉재(내외장).","note_en":"Korea Carbon is named in the annual report as a principal supplier of LNG cargo-tank insulation.","sources":[{"stance":"confirms","publisher":"금융감독원 DART","publisher_en":"FSS DART","kind":"filing","lang":"ko","published_at":"2026-03-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260312001037","title":"삼성중공업 사업보고서 (2025.12)","title_en":"Samsung Heavy Industries annual report (FY2025)","excerpt":"주요 원재료 매입처로 한국카본 명시.","excerpt_en":"Korea Carbon named as a principal supplier."}]}]}