{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","ticker":"6841.T","updated_at":"2026-07-12T03:58:48.938487+00:00","canonical":"https://valuechain.wiki/yokogawa-electric","citable":"밸류체인 그래프 기준 요코가와전기의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Yokogawa Electric is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 산업자동화 · 플랜트 DCS 과점","kicker_en":"Nikkei 225 · Industrial automation · Plant DCS oligopoly","lead":"정유·화학·발전·LNG 등 대형 플랜트의 분산제어시스템(DCS)을 만드는 일본 산업자동화 기업이다. 1975년 세계 최초 DCS인 CENTUM을 내놓았고 100여 개국 3만여 시설에 설치됐다. 매출의 약 94%가 제어(IA&C) 사업에서 나오며 오일·가스가 핵심 시장이다. FY2025(2026년 3월 종료) 매출 약 ¥5,950억, 영업이익 ¥870억.","lead_en":"A Japanese industrial-automation company that builds distributed control systems (DCS) for large refining, chemical, power and LNG plants. Its CENTUM, the world's first DCS launched in 1975, runs at over 30,000 facilities in more than 100 countries. About 94% of revenue comes from the control (IA&C) business, with oil and gas as the core market. FY2025 (ended March 2026) revenue was about ¥595.0 billion with ¥87.0 billion operating income.","segments":{"fy":2025,"parts":[{"name":"제어사업 (IA&C, 매출 약 94%)"},{"name":"계측사업 (계측기기)"},{"name":"신규사업·기타"}],"total":"매출 약 ¥5,950억 · 영업이익 ¥870억 (FY2025, 2026.3 종료)"},"segments_en":{"fy":2025,"parts":[{"name":"Control / IA&C (~94% of sales)"},{"name":"Measuring Instruments"},{"name":"New businesses & others"}],"total":"~¥595.0B sales · ¥87.0B operating income (FY2025, ended Mar 2026)"},"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":9.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"amd","name":"AMD","name_en":"AMD","tier":3,"returns_yearly":{"2021":56.9,"2022":-55,"2023":127.6,"2024":-18.1,"2025":77.3,"2026":160.5}},{"slug":"astera-labs","name":"Astera Labs","name_en":"Astera Labs","tier":3,"returns_yearly":{"2025":25.6,"2026":148.2}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"fortinet","name":"포티넷","name_en":"Fortinet","tier":3,"returns_yearly":{"2021":142,"2022":-32,"2023":19.7,"2024":61.4,"2025":-16,"2026":98.4}},{"slug":"renesas","name":"르네사스","name_en":"Renesas Electronics","tier":3,"returns_yearly":{"2021":8.2,"2022":2.4,"2023":88,"2024":-13.6,"2025":23.8,"2026":84.9}},{"slug":"credo","name":"크레도","name_en":"Credo Technology","tier":3,"returns_yearly":{"2023":46.3,"2024":245.2,"2025":114.1,"2026":79.2}},{"slug":"realtek","name":"리얼텍","name_en":"Realtek","tier":3,"returns_yearly":{"2021":19.6,"2022":-33.8,"2023":56.2,"2024":19.1,"2025":-6.4,"2026":73.7}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"cisco","name":"Cisco","name_en":"Cisco","tier":3,"returns_yearly":{"2021":45.8,"2022":-22.5,"2023":9.3,"2024":21,"2025":33.5,"2026":59.8}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":3,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"microchip","name":"Microchip","name_en":"Microchip Technology","tier":3,"returns_yearly":{"2021":27.5,"2022":-18,"2023":30.9,"2024":-35,"2025":14.6,"2026":40.6}},{"slug":"nxp","name":"NXP반도체","name_en":"NXP Semiconductors","tier":3,"returns_yearly":{"2021":44.8,"2022":-29.2,"2023":48.4,"2024":-8,"2025":6.4,"2026":35.8}},{"slug":"alchip","name":"알칩","name_en":"Alchip Technologies","tier":3,"returns_yearly":{"2021":14.3,"2022":-8.7,"2023":365.1,"2024":-18.9,"2025":0.8,"2026":34.7}},{"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":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"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":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":3,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"ambarella","name":"Ambarella","name_en":"Ambarella","tier":3,"returns_yearly":{"2021":121,"2022":-59.5,"2023":-25.5,"2024":18.7,"2025":-2.6,"2026":9.1}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":3,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"ibm","name":"IBM","name_en":"IBM","tier":3,"returns_yearly":{"2021":16.7,"2022":10.6,"2023":21.8,"2024":39.3,"2025":38.2,"2026":-1.6}},{"slug":"sony-semiconductor","name":"소니 반도체","name_en":"Sony Semiconductor Solutions","tier":3,"returns_yearly":{"2021":27.2,"2022":-8.4,"2023":27.8,"2024":17.9,"2025":1,"2026":-2.4}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":3,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":3,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"will-semiconductor","name":"웨이얼반도체(윌세미)","name_en":"Will Semiconductor","tier":3,"returns_yearly":{"2021":-12.1,"2022":-49.7,"2023":-8.3,"2024":22.8,"2025":15.5,"2026":-14.8}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":3,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":3,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"exxonmobil","name":"엑슨모빌","name_en":"ExxonMobil","tier":1,"returns_yearly":{"2021":57.6,"2022":87.4,"2023":-6.3,"2024":11.3,"2025":16,"2026":17}},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":1,"returns_yearly":null}],"benefiting":[],"analysis":"요코가와의 논점은 '설치기반 락인'이다. 1975년 첫 DCS CENTUM 이래 100여 개국 3만여 시설에 깔린 제어시스템은 교체비용·안전인증 때문에 쉽게 갈아탈 수 없어, 매출의 94%가 나오는 제어(IA&C) 사업이 반복·서비스 매출의 성격을 띤다. 최대 시장인 오일·가스 capex와 LNG 사이클에 노출되며, JSR 플랜트 35일 연속 무인 자율운전 같은 강화학습 AI 제어가 범용 대비 차별화·확장 축이다. 리스크는 에너지 capex 둔화와 자율제어 상용화 속도. 그래프 파급: 아람코·엑슨모빌·JSR 등 대형 플랜트 고객의 설비투자·가동이 수요를 결정한다.","analysis_en":"Yokogawa's thesis is installed-base lock-in. Since the first DCS (CENTUM, 1975), control systems in 30,000+ facilities across 100+ countries can't be swapped easily due to switching cost and safety certification, so the control (IA&C) business — 94% of sales — behaves like recurring/service revenue. It is exposed to oil & gas capex, its largest market, and the LNG cycle, while reinforcement-learning AI control (e.g., 35 days of unmanned autonomous operation at a JSR plant) differentiates and extends it. Risks are softening energy capex and the pace of autonomous-control adoption. Graph propagation: capex and operations of large-plant customers like Aramco, ExxonMobil and JSR set demand.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"Saudi Aramco (정유·가스 플랜트, DCS)","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"facilities","basis":"CENTUM DCS 누적 설치 시설","value":30000,"period":"2025","basis_en":"CENTUM DCS installed facilities","qualifier":"cumulative"},"note":"사우디 아람코 등 오일·가스 대형 플랜트에 CENTUM DCS를 공급 — 최대 시장이자 락인의 원천. 파딜리 가스시설의 자율제어 AI 에이전트는 단순 납품을 넘어선 확장 레퍼런스.","note_en":"Supplies CENTUM DCS to large oil & gas plants like Saudi Aramco — the largest market and source of lock-in. The autonomous-control AI agent at the Fadhili gas facility is an expansion reference beyond mere supply.","sources":[{"stance":"confirms","publisher":"TipRanks","publisher_en":"TipRanks","kind":"analysis","lang":"en","published_at":"2026-06-15","url":"https://www.tipranks.com/stocks/jp:6841/stock-analysis","title":"요코가와전기(6841) 애널리스트 컨센서스","title_en":"Yokogawa Electric (6841) analyst consensus","excerpt":"애널리스트 12개월 목표주가 평균 약 ¥5,904, 투자의견 매수(공정자동화 수요 견조).","excerpt_en":"Analyst 12-month average target ~¥5,904, Buy, on solid process-automation demand."},{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"news","lang":"en","published_at":"2025-10-29","url":"https://www.yokogawa.com/us/news/press-releases/2025/2025-10-29","title":"아람코·요코가와, 대형 가스시설에 자율제어 AI 에이전트 가동","title_en":"Aramco and Yokogawa commission autonomous control AI agents at major gas facility","excerpt":"아람코 파딜리 가스시설에 다수의 자율제어 AI 에이전트를 요코가와가 상용 가동.","excerpt_en":"Yokogawa commissioned multiple autonomous control AI agents at Aramco's Fadhili gas facility."},{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2025-09-30","url":"https://www.yokogawa.com/about/ir/reports/annual/","title":"요코가와 리포트(통합보고서) 2025","title_en":"Yokogawa Report (Integrated Report) 2025","excerpt":"통합보고서: 제어(IA&C) 사업이 매출 약 94%, 오일·가스·에너지가 핵심 시장.","excerpt_en":"Integrated Report: control (IA&C) is ~94% of sales, with oil, gas and energy as core markets."},{"stance":"confirms","publisher":"ARC Advisory Group","publisher_en":"ARC Advisory Group","kind":"analysis","lang":"en","published_at":"2025-06-04","url":"https://www.arcweb.com/blog/yokogawa-unveils-future-dcs-centum-vp-r7","title":"ARC: 요코가와 차세대 DCS CENTUM VP R7 공개","title_en":"ARC: Yokogawa Unveils the Future of DCS with CENTUM VP R7","excerpt":"ARC: CENTUM은 1975년 세계 최초 DCS, 프로세스 자동화의 글로벌 표준.","excerpt_en":"ARC: CENTUM was the world's first DCS in 1975 and the global standard for process automation."}]},{"direction":"revenue","counterparty":"JSR","counterparty_slug":"jsr","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"JSR 합성고무 플랜트에서 강화학습 AI로 35일 연속 무인 자율제어를 세계 최초로 성공 — DCS를 '제어 자동화'에서 '자율운전'으로 끌어올리는 상징적 레퍼런스.","note_en":"World-first 35-day unmanned autonomous control via reinforcement-learning AI at a JSR synthetic-rubber plant — a landmark reference lifting DCS from control automation toward autonomous operation.","sources":[{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2025-09-30","url":"https://www.yokogawa.com/about/ir/reports/annual/","title":"요코가와 리포트(통합보고서) 2025","title_en":"Yokogawa Report (Integrated Report) 2025","excerpt":"통합보고서: 제어사업에서 CENTUM 기반 자율운전(IA2IA) 사례 확대.","excerpt_en":"Integrated Report: expanding CENTUM-based autonomous operations (IA2IA) cases in the control business."},{"stance":"confirms","publisher":"한국요코가와전기","publisher_en":"Yokogawa Electric Korea","kind":"news","lang":"ko","published_at":"2025-03-01","url":"https://www.yokogawa.com/special/planet-ko/stories/boosting_industrial_autonomy_with_AI/","title":"AI로 가속화되는 산업 자율화","title_en":"Boosting industrial autonomy with AI","excerpt":"요코가와가 JSR 플랜트에서 AI를 CENTUM에 통합해 35일 자율·안전 제어를 세계 최초 성공. DCS 국내 점유율 1위.","excerpt_en":"Yokogawa achieved the world's first 35-day autonomous safe control by embedding AI in JSR's CENTUM plant; No.1 domestic DCS share."}]},{"direction":"revenue","counterparty":"ExxonMobil","counterparty_slug":"exxonmobil","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"엑슨모빌 등 정유·석유화학 플랜트에 제어·안전시스템·무선 가스감지를 공급 — 안전계장(SIS)까지 묶여 교체장벽이 높은 관계.","note_en":"Supplies control, safety systems and wireless gas detection to refining/petrochemical plants like ExxonMobil — bundled with safety-instrumented systems, a high-switching-barrier relationship.","sources":[{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2025-09-30","url":"https://www.yokogawa.com/about/ir/reports/annual/","title":"요코가와 리포트(통합보고서) 2025","title_en":"Yokogawa Report (Integrated Report) 2025","excerpt":"통합보고서: 다운스트림 정유·화학이 제어사업 핵심 수요처.","excerpt_en":"Integrated Report: downstream refining and chemicals are core demand for the control business."},{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"ir","lang":"en","published_at":"2025-06-19","url":"https://www.yokogawa.com/solutions/products-and-services/control/control-and-safety-system/distributed-control-systems-dcs/","title":"분산제어시스템(DCS)·CENTUM","title_en":"Distributed Control Systems (DCS) / CENTUM","excerpt":"CENTUM은 정유·석유화학·전력·가스 등 광범위 산업에 설치.","excerpt_en":"CENTUM is installed across refining, petrochemicals, power and gas industries."}]},{"direction":"revenue","counterparty":"전력·LNG 플랜트 (DCS·안전계장)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"발전·LNG·수처리 등 연속공정 플랜트에 DCS·안전계장을 공급 — 오일·가스 편중을 분산하며 에너지 전환 capex에 노출된 축.","note_en":"Supplies DCS and SIS to continuous-process plants (power, LNG, water) — diversifying oil & gas concentration and exposed to energy-transition capex.","sources":[{"stance":"confirms","publisher":"TipRanks","publisher_en":"TipRanks","kind":"analysis","lang":"en","published_at":"2026-06-15","url":"https://www.tipranks.com/stocks/jp:6841/stock-analysis","title":"요코가와전기(6841) 애널리스트 컨센서스","title_en":"Yokogawa Electric (6841) analyst consensus","excerpt":"매도 의견 0, 매수 우위. 프로세스 자동화 구조적 수요 지속.","excerpt_en":"Zero sell ratings, buy-weighted; structural process-automation demand persists."},{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"ir","lang":"en","published_at":"2025-06-19","url":"https://www.yokogawa.com/solutions/products-and-services/control/control-and-safety-system/distributed-control-systems-dcs/","title":"분산제어시스템(DCS)·CENTUM","title_en":"Distributed Control Systems (DCS) / CENTUM","excerpt":"CENTUM은 100여 개국 3만여 시설에 설치된 프로세스 자동화 글로벌 표준.","excerpt_en":"CENTUM is the global process-automation standard installed at over 30,000 facilities in 100+ countries."}]},{"direction":"revenue","counterparty":"전자·반도체 제조사 (계측기기)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"계측사업: 오실로스코프·전력분석계·광계측기를 전자·반도체·전장 제조사에 공급 — 제어사업과 다른 사이클(전자 설비투자)에 연동되는 완충 축.","note_en":"Test & measurement: oscilloscopes, power analyzers and optical instruments to electronics/semi/EV makers — a buffer axis tied to a different cycle (electronics capex) than control.","sources":[{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2026-05-07","url":"https://www.yokogawa.com/about/ir/reports/finance/","title":"FY2025 연결 결산(2026.3 종료)","title_en":"Consolidated Financial Results FY2025 (ended Mar 2026)","excerpt":"FY2025 결산: 계측기기 사업 매출·영업이익 증가.","excerpt_en":"FY2025 results: Measuring Instruments segment grew sales and operating income."}]},{"direction":"cost","counterparty":"전자부품·반도체 (컨트롤러·센서·I/O)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"제어기·I/O 모듈·필드센서용 반도체·전자부품 매입(공급사 비공개).","note_en":"Buys semiconductors and electronic components for controllers, I/O modules and field sensors (suppliers undisclosed).","sources":[{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2025-09-30","url":"https://www.yokogawa.com/about/ir/reports/annual/","title":"요코가와 리포트(통합보고서) 2025","title_en":"Yokogawa Report (Integrated Report) 2025","excerpt":"통합보고서: 제조원가에 전자부품·반도체 조달 포함, 공급망 리스크 관리 언급.","excerpt_en":"Integrated Report: cost of sales includes electronic-component and semiconductor procurement; supply-chain risk noted."}]},{"direction":"cost","counterparty":"에너지·금속 소재·설비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"제조·조립 설비, 금속·수지 소재, 에너지 등 운영비용(비공개).","note_en":"Operating costs for manufacturing and assembly equipment, metals and resin materials, and energy (undisclosed).","sources":[{"stance":"confirms","publisher":"Yokogawa Electric","publisher_en":"Yokogawa Electric","kind":"filing","lang":"en","published_at":"2026-05-07","url":"https://www.yokogawa.com/about/ir/reports/finance/","title":"FY2025 연결 결산(2026.3 종료)","title_en":"Consolidated Financial Results FY2025 (ended Mar 2026)","excerpt":"FY2025 결산: 원가·판관비 상승 요인(일시 비용 포함) 명시.","excerpt_en":"FY2025 results: cites higher cost of sales and SG&A including one-time factors."}]}]}