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KREDKRED
329180KOSPI

HD Hyundai Heavy Industries

384,000
-16,000 (-4.00%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

HD Hyundai Heavy Industries was established in 2019 through a vertical split from HD Korea Shipbuilding & Offshore Engineering. The company is listed on the KOSPI market.

The company operates in shipbuilding, offshore plants, and engine machinery. It constructs commercial vessels, gas carriers, and naval ships, and provides oil production and storage facilities. Its engine business supplies large engines and the HiMSEN brand for ships and land-based power generation.

Business overview as filed

가. 사업의 현황

지배기업인 당사와 종속기업의 사업부문별 현황은 다음과 같습니다.

상기 매출액은 연결기준 매출액이며, 내부매출액을 차감한 수치입니다.

나. 주요 사업의 특성

조선산업은 대형 건조설비를 필수적으로 갖추어야 하기 때문에 막대한 설비투자가 필요한 장치산업이자 자본 집약적 산업입니다. 건조공정이 매우 다양하고 작업특성상 자동화에도 한계가 있기 때문에 다수의 기술 및 기능 인력을 필요로 하는 노동집약적 산업으로 높은 고용효과를 유발합니다. 또한, 사업특성상 전방산업인 해운산업의 시황에 많은 영향을 받고 있으며, 후방산업인 철강·기계산업 등에 대한 파급효과가 매우 큽니다. 아울러, 일반 상선 외에 국가방위에 필요한 해경·해군 함정을 건조하는 방위 산업의 특징을 갖고 있습니다.

해양플랜트 산업은 해양 유전과 가스전에서 원유와 천연가스를 생산하는 다양한 형태의 설비에 대한 설계, 구매, 제작, 운송, 설치 및 시운전까지 포함하는 산업입니다. 설비가 설치되는 지역과 원유 또는 천연가스의 특질에 따라 설비가 방대하고 사양이 복잡하며 고객사의 기술적 요구사항이 매 공사마다 상이하기 때문에, 표준화된 설계 적용이 어렵고 프로젝트 공기가 길며 공사 금액이 큰 특징을 지니고 있습니다.

최근에는 에너지 전환 흐름에 발맞추어 정부 및 민간 발전사업자가 추진하는 해상풍력발전 등 신재생에너지사업 뿐만 아니라 소형모듈원자로(SMR)와 같은 차세대 원전사업에도 참여하며 사업 포트폴리오를 확장해 나가고 있습니다.

엔진기계사업은 선박의 추진 및 발전기용 엔진을 주요 제품으로 하며, 조선산업과 밀접한 관련이 있습니다. 따라서, 조선 및 해운산업이 발달한 국가에 경쟁력 있는 엔진제조사가 밀집해 있습니다. 대형 선박(상선)의 추진기관인 대형엔진은 Everllence(舊 MAN ES)社와 WinGD(Winterthur Gas&Diesel)社의 제품이 양분하고 있으며, 당사를 비롯한 엔진 제조사들은 Licensee로서 엔진을 제작해 조선소에 납품하고 있습니다.대형 선박(상선) 발전기용으로 사용되는 중형엔진의 경우, 당사는 국내 유일 자체 브랜드인 힘센(HiMSEN)엔진을 보유하고 있습니다. 힘센엔진은 선박용 발전기 중속엔진 분야에서 세계 1위, 시장점유율 약 35%로 세계 다수의 엔진 메이커들과 경쟁 중입니다. 중소형 선박(관공선, 여객선)의 주기관으로 사용되는 중형엔진의 경우, Wartsila(핀란드)社가 약 30%의 점유율로 시장을 이끌며, 다수의 엔진 메이커들이 경쟁 중입니다. 당사도 힘센엔진을 주축으로 관련 선박에 엔진을 납품하고 있습니다. 육상용 엔진발전의 주요 수요처는 전력청, 민간발전사업자, 중앙 전력망이 닿기 어려운 도서지역 및 광산/공장의 사업주이며, 주로 대규모 발전소 건설이 여의치 않고 긴급히 전력이 필요한 개발도상국의 수요가 많습니다. 중속엔진을 이용한 육상 엔진발전 사업은 현재 Wartsila(핀란드)社가 시장을 선도하고 있으며, Everllence(독일), Bergen(노르웨이), ABC(벨기에)社 등도 중속엔진 발전설비를 생산하고 있습니다. 당사도 자체 기술로 개발한 힘센엔진을 기반으로 시장 확대를 위한 지속적인 노력 중에 있습니다.

다. 주요 원재료 및 생산능력

(1) 주요 원재료 등의 현황

(2) 생산능력

(*1) HD현대미포(주)와의 2025년 12월 1일 흡수합병에 따라 HD현대미포(주)의 생산능력을 추가로 반영하였습니다.(*2) 해양플랜트 사업부문은 현재 해양플랜트설비를 주로 제작하고 있으며, 선박 Block 제작에도 일부 참여하고 있습니다. (해양 H-Dock에서 선박 생산시 Max. Capa. : 연간 1,200천 GT)

라. 주요 종속회사 현황지배기업인 당사와 주요 종속회사의 사업부문별 현황은 다음과 같습니다.

주요종속회사 판단기준 : 최근사업연도말 자산 총액 750억원 이상

Company overview

가. 연결대상 종속회사 현황(요약)

주요종속회사 판단기준 : 최근사업연도말 자산 총액 750억원 이상(연결대상회사의 변동내용)

나. 회사의 법적ㆍ상업적 명칭

ㆍ당사의 명칭은 '에이치디현대중공업 주식회사'라고 표기하며, 영문으로는 'HD HYUNDAI HEAVY INDUSTRIES CO.,LTD.'(약호 'HHI')라 표기합니다.

다. 설립일자

ㆍ회사의 설립일 : 2019년 6월 1일ㆍ당사는 선박과 해양구조물, 플랜트 및 엔진 등의 제조, 판매를 주 사업목적으로 2019년 6월 1일을 분할기일로 하여 에이치디한국조선해양 주식회사(분할 전 현대중공업 주식회사, 분할존속법인)에서 물적분할되어 신규 설립되었습니다.

라. 본사의 주소, 전화번호 및 홈페이지 주소

마. 중소기업 해당 여부

당사는 『중소기업기본법 제2조ㆍ벤처기업육성에 관한 특별조치법 제 2조의 2ㆍ중견기업 성장 촉진 및 경쟁력 강화에 관한 특별법 제 2조』에 의한 중소기업ㆍ벤처기업ㆍ중견기업에 해당되지 않습니다.

바. 주요 사업의 내용

지배기업인 HD현대중공업㈜와 한국채택국제회계기준에 따른 연결대상 종속기업(4개사)에 해당되는 회사가 영위하는 주요 사업은 다음과 같습니다.조선사업(매출비중 71%)은 일반상선, 고부가가치 가스선, 해양관련 선박, 최신예 함정등의 건조와 수소ㆍ암모니아 추진운반선을 개발하고 있으며, 해양플랜트사업(매출비중 7%)은 원유 생산ㆍ저장설비 공사, 발전ㆍ화공플랜트공사를 수행하고있습니다. 엔진기계사업(매출비중 22%)은 대형엔진, 힘센엔진, 육상용 엔진발전설비등을 공급하고 있으며, 친환경 제품도 자체개발하고 있습니다.

사. 신용평가에 관한 사항

(1) 신용평가

(2) 한국기업평가㈜의 신용등급체계와 부여 의미 i) 회사채 신용등급 정의

(3) 한국신용평가㈜의 신용등급체계와 부여 의미i) 기업어음 신용등급 정의 ii) 회사채 신용등급 정의

(4) NICE신용평가㈜의 신용등급체계와 부여 의미i) 기업어음 신용등급 정의 ii) 회사채 신용등급 정의

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.20), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

4.86%
[3.36%, 7.16%] · As of 2026-10-02
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 48.5% (2026-10-08). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.45
Beta [0.33, 0.57] · KOSPI200 · As of 2026-10-08
Intercept
-0.208%[-0.654%, +0.239%]
R squared
0.19
Observations
252
Trading-time corrected beta
0.60[0.37, 0.83]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

2019202020212022202320242025TTM
RevenueKRW 100M54,56783,12083,11390,455119,639144,865175,806218,595
Revenue growth%—52.33-0.018.8332.2621.0821.36—
Operating incomeKRW 100M1,295325-8,003-2,8921,7867,05220,37530,776
Operating income growth%—-74.89-2,561.66——294.77188.92—
Net incomeKRW 100M-889-4,314-8,142-3,5212476,21514,15525,163
Net income growth%—————2,417.33127.75—
Attributable to ownersKRW 100M-889-4,314——2476,21514,15525,163
Attributable to minoritiesKRW 100M————00-0-0
Operating margin%2.370.39-9.63-3.201.494.8711.5914.08
Net margin%-1.63-5.19-9.80-3.890.214.298.0511.51
ROE%————0.4710.9015.1523.87
ROA%-0.64-3.13-5.40-2.160.143.215.418.57
Debt ratio%146.66157.42169.55208.06229.02239.93180.07178.60
Current ratio%119.80117.11111.8888.1988.4888.1997.70103.91
Quick ratio%105.99104.0799.1373.01—75.3884.5592.21
Reserve ratio%1,281.571,168.48962.02893.01877.76993.741,433.571,657.90
Free cash flowKRW 100M-7,446-4,2625,181—-3,09424,20429,984—
FCF margin%-13.64-5.136.23—-2.5916.7117.06—
OCF conversion%————683.85464.01248.00—
Capex to revenue%2.922.722.94—4.003.202.91—
Receivable daysdays—48.542.343.738.538.435.0—
Inventory daysdays—37.135.946.8——44.0—
Payable daysdays—77.472.668.258.160.970.0—
Cash conversion cycledays—8.25.522.3——9.1—
EPSKRW——-10,713-3,9662787,00115,70223,974
PERx————464.0341.0732.4224.69
BPSKRW————58,66064,25989,001100,445
PBRx————2.204.475.725.89
Dividend per shareKRW——————3,761—
Payout ratio%——————23.95—

Consolidated basis

Profit flowKRW 100M

Revenue
175,806
Cost of sales
146,164
Gross profit
29,642
Operating income
20,375
SG&A expenses
9,267
Profit before tax
18,009
Non-operating expenses
2,366
Net income
14,155
Income tax expense
3,854

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

2019202020212022202320242025
138,695137,997150,787162,894171,336193,909261,630
82,46684,38994,846110,016119,262136,865168,214
56,22953,60855,94052,87852,07457,04493,416

Income statement

2019202020212022202320242025
54,56783,12083,11390,455119,639144,865175,806
1,295325-8,003-2,8921,7867,05220,375
-1,035-5,401-11,114-4,2153447,98118,009
-889-4,314-8,142-3,5212476,21514,155
Basic earnings per shareKRWNot applicableNot applicable-10,713-3,9662787,00115,702
Diluted earnings per shareKRWNot applicableNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
-945-2,621-8,352-3,060-8524,97715,820

Cash flow statement

2019202020212022202320242025
Net incomefrom the income statement-889-4,314-8,142-3,5212476,21514,155
Total adjustments to operating cash flowcomputed-4,9622,31415,7634,2331,44122,62420,949
-5,852-2,0007,6217121,68828,83935,104
1,782-2,0101,517-5,179-4,779-4,991-20,396
2,0477,302-926-9,3285,028-20,488-8,603
Cash at beginning of periodKRW 100M11,9899,93613,14821,3747,4419,28012,579
9,93613,14821,3747,4419,28012,57918,699
Net change in cash and cash equivalentsKRW 100M-2,0533,2128,226-13,9321,8393,2986,121

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.20.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 7삼정회계법인2025-12-31
2024적정의견Term 6삼정회계법인2025-12-31
2023적정의견Term 5삼정회계법인2025-12-31
2022적정Term 4삼정회계법인2022-12-31
2021적정Term 3한영회계법인2022-12-31
2020적정Term 2삼정회계법인2022-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%
BetaDaily 3Y0.51
%
%
Cost of equity6.97%
Weighted average cost of capital—
Initial growth11.5%
Effective tax rate21.4%
Base fiscal year2025
Current priceKRW384,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth model77,236-79.9%
Dividend discount model DDM95,835-75.0%
Discounted cash flow FCFFNo borrowing line filed
Discounted cash flow FCFE727,929+89.6%
Residual income model RIM291,342-24.1%
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.51 × 5.00% = 6.97%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(15.15% × (1 − 23.95%), 0) = 11.52%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P0=D0 (1+gT)r−gTP_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 3,761 × (1 + 2.00%) / (6.97% − 2.00%) = 3,836 / 0.0497 = 77,236 KRW

Dividend discount model DDM

P0=∑t=1NDt(1+r)t+DN(1+gT)(r−gT) (1+r)N,Dt=Dt−1(1+gt)P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 3,761, g_1 = 11.52%, g_T = 2.00%, r = 6.97%

YearGrowthDividend KRWDiscount factorPresent value KRW
111.52%4,1940.93493,921
29.14%4,5780.87404,001
36.76%4,8870.81713,993
44.38%5,1010.76383,897
52.00%5,2040.71413,716
Terminal value2.00%106,8590.714176,307
Total95,835

P_0 = 95,835 KRW

Residual income model RIM

P0=B0+∑t=1NRIt(1+r)t+RIN(1+gT)(r−gT) (1+r)N,RIt=(ROE−r) Bt−1P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 89,001 KRW, ROE = 15.15%, payout ratio = 23.95%, r = 6.97%, g_T = 2.00%

YearOpening book valueEarningsEquity chargeResidual incomeDiscount factorPresent value
189,00113,4866,2017,2850.93496,811
299,25615,0406,9158,1250.87407,101
3110,69416,7737,7129,0610.81717,403
4123,44918,7068,60110,1050.76387,719
5137,67420,8619,59211,2690.71418,047
Terminal value231,4280.7141165,261

P_0 = 89,001 + 37,081 + 165,261 = 291,342 KRW

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 35,103.9 − 5,119.4 + 0.0 (net borrowing) = 29,984.5 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
111.52%33,439.60.934931,261.7
29.14%36,496.80.874031,897.4
36.76%38,964.50.817131,836.2
44.38%40,671.50.763831,066.5
52.00%41,484.90.714129,624.0
Terminal value2.00%851,932.90.7141608,356.9
Total764,042.7

P_0 = 764,042.7 KRW hundred million ÷ 104,961,225 (shares) = 727,929 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

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