{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","ticker":"3402.T","updated_at":"2026-07-12T08:19:55.95717+00:00","canonical":"https://valuechain.wiki/toray-industries","citable":"밸류체인 그래프 기준 도레이의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 12건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Toray Industries is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 7 companies within two hops; the links are backed by 12 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"탄소섬유 세계 1위 · 닛케이225","kicker_en":"World No.1 carbon fiber · Nikkei 225","lead":"폴리아크릴로니트릴(PAN) 기반 토레이카(TORAYCA) 탄소섬유로 세계 1위를 지키는 일본 종합소재 기업이다. 보잉 787과 에어버스 A350 등 항공기 1차 구조재에 탄소섬유 복합재를 장기계약으로 공급한다. 사업은 섬유, 기능화성품, 탄소섬유 복합재료, 환경·엔지니어링, 생명과학 5개 부문이며 매출의 큰 축은 의류·산업용 섬유와 필름·수지다. 원료는 아크릴로니트릴과 나프타 등 석유화학 계열이라 유가와 에너지 비용에 실적이 민감하다. 유니클로 HEATTECH·AIRism를 공동개발한 파트너이기도 하다. 닛케이225 구성종목.","lead_en":"A Japanese materials group that holds the world No.1 position in polyacrylonitrile (PAN) based TORAYCA carbon fiber. It supplies carbon fiber composites for primary aircraft structures such as the Boeing 787 and Airbus A350 under long-term contracts. The business runs across five segments: Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, and Life Science, with apparel and industrial fibers plus films and resins as the largest revenue base. Its feedstocks are petrochemical inputs such as acrylonitrile and naphtha, so earnings are sensitive to oil and energy prices. Toray is also the co-development partner behind Uniqlo HEATTECH and AIRism. Nikkei 225 constituent.","segments":{"fy":2026,"parts":[{"desc":"의류·산업용 섬유가 매출의 큰 축 — 유니클로 HEATTECH·AIRism 공동개발 등 기능성 소재가 강점이나, 아크릴로니트릴 등 석유화학 원료가에 마진이 연동된다.","name":"섬유","value":"약 ¥1조500억"},{"desc":"필름·수지·전자소재 — 나프타계 원료에 원가가 연동되는 부문으로, 전자·디스플레이 수요 사이클에 노출된다.","name":"기능화성품","value":"약 ¥8,860억"},{"desc":"세계 1위 토레이카 탄소섬유·복합재 — 보잉 787·에어버스 A350 1차 구조재 장기계약이 매출을 선확정하는 고부가 성장축으로, 항공 생산율 회복의 직접 수혜다.","name":"탄소섬유 복합재료","value":"약 ¥3,000억"},{"desc":"수처리 역삼투막·플랜트 등 환경 사업 — 물·인프라 수요에 연동되는 방어적 부문이다.","name":"환경·엔지니어링"},{"desc":"의약·의료 소재 — 규모는 작으나 안정적 다변화 축이다.","name":"생명과학"}],"total":"약 ¥2조5,851억 (FY2026, 2026.3期, +0.9%)·영업이익 ¥972억(-23.7%, 분리막 손상)"},"segments_en":{"fy":2026,"parts":[{"desc":"Apparel and industrial fibers are a large revenue base — strong in functional materials (Uniqlo HEATTECH/AIRism co-development), but margins track petrochemical feedstocks like acrylonitrile.","name":"Fibers & Textiles","value":"~¥1,050B"},{"desc":"Films, resins and electronic materials — costs tied to naphtha-based feedstocks, exposed to the electronics/display demand cycle.","name":"Performance Chemicals","value":"~¥886B"},{"desc":"The world No.1 TORAYCA carbon fiber and composites — long-term contracts for Boeing 787 and Airbus A350 primary structures pre-secure revenue, a high-value growth axis benefiting directly from aircraft build-rate recovery.","name":"Carbon Fiber Composite Materials","value":"~¥300B"},{"desc":"Environmental businesses such as RO water-treatment membranes and plants — a defensive segment tied to water and infrastructure demand.","name":"Environment & Engineering"},{"desc":"Pharmaceutical and medical materials — small but a stable diversification axis.","name":"Life Science"}],"total":"~¥2,563.3B (FY ended Mar 2025)"},"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":2,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":2,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"eutelsat","name":"유텔샛","name_en":"Eutelsat Group","tier":2,"returns_yearly":{"2021":17.8,"2022":-30.7,"2023":-51.8,"2024":-48.9,"2025":32.1,"2026":3.2}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":1,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-15.3}}],"benefiting":[],"analysis":"도레이의 핵심 논점은 PAN계 탄소섬유 세계 1위라는 구조적 해자가 항공 사이클과 석유화학 원가 사이에서 어떻게 균형을 잡느냐다. 보잉 787·777X(약 $30억 규모 장기계약)·에어버스 A350의 1차 구조재에 탄소섬유 복합재를 장기계약으로 공급해, 항공기 생산율 회복이 이 부문 매출을 선확정하는 구조다. 다만 매출의 큰 축인 섬유·필름·수지는 아크릴로니트릴·나프타 등 석유화학 원료에 연동돼 유가·에너지 비용에 마진이 눌리고, 프리커서가 탄소섬유 원가의 절반 이상이라 원료가 곧 수익성이다. 그래프상 도레이는 보잉·에어버스·미쓰비시중공업(787 주익박스)·유니클로에 대한 매출 노드이자 석유화학 원료·에너지에 대한 비용 노드로, 항공 생산율 상승과 원료가 안정이 동시에 와야 실적이 개선된다.","analysis_en":"The core of Toray is how its structural moat as the world No.1 in PAN carbon fiber balances between the aerospace cycle and petrochemical costs. It supplies carbon-fiber composites for the primary structures of the Boeing 787/777X (a ~$3bn long-term agreement) and Airbus A350 under long-term contracts, so a recovery in aircraft build rates pre-secures that segment's revenue. But its large fibers/films/resins base is tied to petrochemical feedstocks (acrylonitrile, naphtha), pressuring margins with oil and energy costs, and since the precursor is over half of carbon-fiber cost, feedstock is profitability. In graph terms Toray is a revenue node to Boeing, Airbus, Mitsubishi Heavy Industries (787 wing box) and Uniqlo, and a cost node to petrochemical feedstocks and energy — so results improve only when higher aircraft build rates and stable feedstock prices arrive together.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"high","metric":{"type":"contract_value","unit":"USD","basis":"보잉 787·777X 탄소섬유 프리프레그 포괄장기계약(보도)","value":3000000000,"period":"multi_year","basis_en":"Boeing 787/777X prepreg comprehensive LTA (reported)","qualifier":"reported"},"note":"787 주익·동체 1차 구조재용 토레이카 탄소섬유 프리프레그 공급 — 777X까지 10년+ 연장된 포괄 장기계약(약 $30억 규모 보도).","note_en":"Supplies TORAYCA carbon fiber prepreg for the 787 wing and fuselage primary structure, under a comprehensive long-term agreement extended by 10+ years through the 777X (reported at about $3 billion).","sources":[{"stance":"confirms","publisher":"도레이","publisher_en":"Toray Industries","kind":"filing","lang":"en","published_at":"2026-05-12","url":"https://www.toray.com/ir/pdf/fin/fin_a116.pdf","title":"도레이 FY2026(2026.3期) 연결 결산(IFRS)","title_en":"Toray FY2026 (year ended March 2026) Consolidated Financial Results (IFRS)","excerpt":"도레이 FY2026 매출 ¥2조5,851억(+0.9%)·영업익 ¥972억(-23.7%). 탄소섬유 부문 ¥3,001억(보합), 산업·풍력 조정 국면.","excerpt_en":"Toray FY2026 revenue JPY 2,585.1bn (+0.9%), operating profit JPY 97.2bn (-23.7%); carbon-fiber segment JPY 300.1bn (flat), industrial/wind in adjustment."},{"stance":"mentions","publisher":"실적 브리핑","publisher_en":"Earnings briefing","kind":"research","lang":"en","published_at":"2026-05-12","url":"https://finance.biggo.com/news/jpx_tdnet_140120260512524890","title":"도레이 FY2026 실적: 매출 ¥2조5,851억(+0.9%)·영업익 ¥972억(-23.7%, 분리막 손상), FY2027 매출 ¥2조8,300억 전망","title_en":"Toray FY2026: revenue JPY 2,585.1bn (+0.9%), operating profit JPY 97.2bn (-23.7%, separator impairment); FY2027 revenue guided JPY 2,830bn","excerpt":"FY2027 매출 ¥2조8,300억·사업이익 ¥1,600억 전망(회복).","excerpt_en":"FY2027 guidance revenue JPY 2,830bn, business profit JPY 160bn (recovery)."},{"stance":"confirms","publisher":"도레이","publisher_en":"Toray Industries, Inc.","kind":"filing","lang":"en","published_at":"2025-05-14","url":"https://www.toray.com/ir/pdf/lib/lib_a545.pdf","title":"2025년 3월기 연결 결산 실적 발표","title_en":"Announcement of Business Results for the Fiscal Year Ended March 31, 2025","excerpt":"2025년 3월기 탄소섬유 복합재료 부문 매출은 항공우주 회복으로 3.3% 늘어 약 3,000억엔, 부문 핵심영업이익은 70.7% 급증했다.","excerpt_en":"For the fiscal year ended March 2025 the Carbon Fiber Composite Materials segment revenue rose 3.3% to about JPY300B on aerospace recovery, with core operating income up 70.7%."},{"stance":"confirms","publisher":"도레이 CMA","publisher_en":"Toray Composite Materials America","kind":"ir","lang":"en","published_at":"2015-11-01","url":"https://www.toraycma.com/toray-extends-comprehensive-agreement-with-boeing-to-supply-carbon-fiber-torayca-prepreg/","title":"도레이, 보잉과 토레이카 프리프레그 공급 포괄계약 연장","title_en":"Toray Extends Comprehensive Agreement with Boeing to Supply Carbon Fiber TORAYCA Prepreg","excerpt":"도레이는 보잉 787과 차세대 777X에 쓰일 토레이카 프리프레그 탄소섬유 공급 포괄계약을 연장했다.","excerpt_en":"Toray extended its comprehensive agreement to supply TORAYCA prepreg carbon fiber for the Boeing 787 and next-generation 777X."},{"stance":"mentions","publisher":"플라스틱스투데이","publisher_en":"PlasticsToday","kind":"news","lang":"en","published_at":"2015-11-01","url":"https://www.plasticstoday.com/materials/toray-in-3-billion-deal-to-supply-carbon-fiber-composites-to-boeing","title":"도레이, 보잉에 탄소섬유 복합재 30억달러 공급 계약","title_en":"Toray in $3 Billion Deal to Supply Carbon Fiber Composites to Boeing","excerpt":"도레이가 보잉에 탄소섬유 복합재를 공급하는 약 30억달러 규모 계약을 체결했다.","excerpt_en":"Toray signed a roughly $3 billion deal to supply carbon fiber composites to Boeing."},{"stance":"mentions","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2015-11-01","url":"https://www.sedaily.com/NewsView/1HQCNN2N3B","title":"일본 도레이, 보잉에 탄소섬유 1조엔어치 공급","title_en":"Japan's Toray to supply ~JPY1 trillion of carbon fiber to Boeing","excerpt":"도레이가 보잉에 향후 10년간 항공기 동체용 탄소섬유를 단독 공급하는 약 1조엔 규모 계약을 맺었다.","excerpt_en":"Toray struck a roughly JPY1 trillion deal to be the sole supplier of aircraft-fuselage carbon fiber to Boeing over the next decade."}]},{"direction":"revenue","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"15년 CFRP 파트너십 — A350 등 복합재 공급(기체 중량의 50%+가 복합재 시대).","note_en":"A 15-year CFRP partnership supplying composites for the A350 and other programs, in an era where 50%+ of airframe weight is composite.","sources":[{"stance":"confirms","publisher":"도레이","publisher_en":"Toray Industries, Inc.","kind":"filing","lang":"en","published_at":"2025-05-14","url":"https://www.toray.com/ir/pdf/lib/lib_a545.pdf","title":"2025년 3월기 연결 결산 실적 발표","title_en":"Announcement of Business Results for the Fiscal Year Ended March 31, 2025","excerpt":"탄소섬유 복합재료 부문은 항공우주 수요 회복으로 매출·이익이 늘었다(부문 매출 약 3,000억엔).","excerpt_en":"The Carbon Fiber Composite Materials segment grew revenue and profit on recovering aerospace demand (segment revenue ~JPY300B)."},{"stance":"confirms","publisher":"디자인뉴스","publisher_en":"Design News","kind":"news","lang":"en","published_at":"2024-06-01","url":"https://www.designnews.com/assembly/toray-airbus-ink-15-year-cfrp-partnership","title":"도레이·에어버스, 15년 CFRP 파트너십 체결","title_en":"Toray, Airbus Ink 15-Year CFRP Partnership","excerpt":"도레이와 에어버스가 15년짜리 CFRP 공급 파트너십을 체결해 항공기 복합재를 장기 공급한다.","excerpt_en":"Toray and Airbus signed a 15-year CFRP supply partnership for long-term aircraft composites."}]},{"direction":"revenue","counterparty":"유니클로(패스트리테일링)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"2006년부터 이어진 전략적 파트너십 — HEATTECH·AIRism 등 기능성 이너웨어 소재를 공동개발·공급. 섬유 부문의 대표 대형 고객.","note_en":"A strategic partnership since 2006, co-developing and supplying functional innerwear materials such as HEATTECH and AIRism. A flagship large customer of the Fibers & Textiles segment.","sources":[{"stance":"mentions","publisher":"도레이","publisher_en":"Toray Industries, Inc.","kind":"filing","lang":"en","published_at":"2025-05-14","url":"https://www.toray.com/ir/pdf/lib/lib_a545.pdf","title":"2025년 3월기 연결 결산 실적 발표","title_en":"Announcement of Business Results for the Fiscal Year Ended March 31, 2025","excerpt":"섬유 부문은 2025년 3월기 약 1조500억엔으로 그룹 최대 매출 부문이다.","excerpt_en":"The Fibers & Textiles segment, at about JPY1,050B for the fiscal year ended March 2025, is the group's largest revenue segment."},{"stance":"confirms","publisher":"도레이","publisher_en":"Toray Industries, Inc.","kind":"ir","lang":"en","published_at":"2024-01-01","url":"https://www.toray.com/partnership/uniqlo/","title":"라이프웨어의 예술과 과학 — 유니클로 파트너십","title_en":"The Art and Science of LifeWear — UNIQLO Partnership","excerpt":"도레이와 유니클로는 2006년부터 소재부터 봉제까지 전 공정을 아우르는 전략적 파트너십으로 HEATTECH·AIRism를 함께 만들어 왔다.","excerpt_en":"Since 2006 Toray and Uniqlo have run a strategic partnership spanning materials to sewing, co-creating HEATTECH and AIRism."}]},{"direction":"revenue","counterparty":"미쓰비시중공업 (탄소섬유 공급)","counterparty_slug":"mitsubishi-heavy-industries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"도레이 T800 탄소섬유 프리프레그를 미쓰비시중공업에 공급 — MHI가 보잉 787 주익박스 제작에 사용하는 1차 구조재.","note_en":"Supplies Toray T800 carbon-fiber prepreg to Mitsubishi Heavy Industries — the primary structural material MHI uses to build the Boeing 787 wing box.","sources":[{"stance":"mentions","publisher":"미쓰비시중공업","publisher_en":"Mitsubishi Heavy Industries","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.mhi.com/products/air/boeing_787.html","title":"미쓰비시중공업 — 보잉 787 복합재 주익박스","title_en":"Mitsubishi Heavy Industries — Boeing 787 composite wing box","excerpt":"787 주익 CFRP 성형.","excerpt_en":"787 wing CFRP forming."},{"stance":"confirms","publisher":"CompositesWorld","publisher_en":"CompositesWorld","kind":"news","lang":"en","published_at":"2024-01-01","url":"https://www.compositesworld.com/articles/boeing-787-update","title":"보잉 787 복합재 업데이트 — MHI 주익박스에 토레이 T800 프리프레그","title_en":"Boeing 787 update — MHI wing box uses Toray T800 prepreg","excerpt":"MHI가 787 주익에 토레이 T800 프리프레그 사용.","excerpt_en":"MHI uses Toray T800 prepreg for the 787 wing."}]},{"direction":"cost","counterparty":"아크릴로니트릴·PAN 프리커서 원료","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"탄소섬유 프리커서(PAN)의 주원료인 아크릴로니트릴(프로필렌계). 프리커서가 탄소섬유 생산원가의 절반 이상을 차지한다.","note_en":"Acrylonitrile (propylene-derived) is the key feedstock for the PAN carbon fiber precursor, and the precursor accounts for more than half of carbon fiber production cost.","sources":[{"stance":"mentions","publisher":"닛케이 아시아","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-03-01","url":"https://asia.nikkei.com/business/materials/japan-carbon-fiber-makers-aim-higher-as-chinese-rivals-close-in","title":"일본 탄소섬유 업체, 중국 추격 속 고부가 전환","title_en":"Japan carbon fiber makers aim higher as Chinese rivals close in","excerpt":"중국 경쟁 심화 속에 일본 탄소섬유 업체는 원가·가격 압박에 대응해 고부가 응용으로 전환하고 가격을 인상하고 있다.","excerpt_en":"Amid intensifying Chinese competition, Japanese carbon fiber makers are shifting to high-value applications and raising prices to cope with cost and price pressure."},{"stance":"confirms","publisher":"AA Blocks","publisher_en":"AA Blocks","kind":"news","lang":"en","published_at":"2023-06-01","url":"https://www.aablocks.com/node/30","title":"경제적 프리커서 기반 저비용 탄소섬유 제조","title_en":"Fabrication of low-cost carbon fibers using economical precursors","excerpt":"탄소섬유 프리커서(PAN)의 원료인 아크릴 프리커서는 탄소섬유 총 생산원가의 50% 이상을 차지하며 아크릴로니트릴은 프로필렌·나프타에서 유래한다.","excerpt_en":"The acrylic precursor for PAN carbon fiber makes up more than 50% of total carbon fiber production cost, and its acrylonitrile is derived from propylene and naphtha."}]},{"direction":"cost","counterparty":"나프타·석유화학 피드스톡","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"필름·수지·기능화성품의 원료인 나프타 등 석유화학 피드스톡. 유가에 연동돼 원가가 변동한다.","note_en":"Naphtha and other petrochemical feedstocks used for films, resins, and performance chemicals; cost moves with crude oil prices.","sources":[{"stance":"mentions","publisher":"AA Blocks","publisher_en":"AA Blocks","kind":"news","lang":"en","published_at":"2023-06-01","url":"https://www.aablocks.com/node/30","title":"경제적 프리커서 기반 저비용 탄소섬유 제조","title_en":"Fabrication of low-cost carbon fibers using economical precursors","excerpt":"프리커서 원료 아크릴로니트릴은 프로필렌 등 나프타 계열 석유화학 제품에서 얻어져 유가에 민감하다.","excerpt_en":"The precursor feedstock acrylonitrile is obtained from naphtha-derived petrochemicals such as propylene, making it sensitive to oil prices."}]},{"direction":"cost","counterparty":"에너지(전력·연료)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"섬유·화학·탄소섬유 소성 등 에너지 집약 공정의 전력·연료비. 에너지 가격 상승기에 마진 압박 요인.","note_en":"Electricity and fuel for energy-intensive processes such as fiber spinning, chemicals, and carbon fiber carbonization; a margin pressure when energy prices rise.","sources":[{"stance":"mentions","publisher":"닛케이 아시아","publisher_en":"Nikkei Asia","kind":"news","lang":"en","published_at":"2025-03-01","url":"https://asia.nikkei.com/business/materials/japan-carbon-fiber-makers-aim-higher-as-chinese-rivals-close-in","title":"일본 탄소섬유 업체, 중국 추격 속 고부가 전환","title_en":"Japan carbon fiber makers aim higher as Chinese rivals close in","excerpt":"원료·에너지 비용 부담이 일본 탄소섬유 업체의 가격 인상과 고부가 전환을 압박하는 배경이다.","excerpt_en":"Raw material and energy cost burdens are part of what is pushing Japanese carbon fiber makers to raise prices and move upmarket."}]}]}