HD Hyundai Heavy Industries (329180)

HD Hyundai Heavy Industries is a comprehensive heavy industry company engaged in shipbuilding, offshore plant, engine & machinery, and special ship businesses. In its main business area, shipbuilding, the company constructs various commercial vessels such as crude oil carriers, container ships, gas carriers, and oil tankers, and is the world's No. 1 shipbuilder, having delivered over 2,300 vessels to more than 340 shipowners in 51 countries. The offshore plant business participates in renewable energy projects, including offshore oil and gas field production facilities, offshore wind power generation facilities, and carbon capture and storage (CCS) devices. In the engine & machinery business, the company produces large marine engines and its independently developed 'HiMSEN engine,' holding the world's No. 1 position in the large marine engine market with approximately 35% market share. The special ship business constructs Aegis destroyers, multi-purpose frigates, and submarines for the Republic of Korea Navy, and is also expanding into overseas defense industry exports and MRO (Maintenance, Repair, and Overhaul) projects for the U.S. Navy. As of 2025, the shipbuilding segment accounts for the largest portion of revenue at 70.68%, followed by the engine & machinery business at approximately 22%, and the offshore plant business at approximately 7%. HD Hyundai Heavy Industries possesses world-class technological capabilities in designing eco-friendly, energy-efficient vessels and developing eco-friendly dual-fuel engines, including those for methanol and ammonia. Notably, the company is leading eco-friendly ship technology by delivering the world's first very large methanol-fueled propulsion engine and developing an ammonia dual-fuel engine. Furthermore, it maintains the No. 1 global market share in both the shipbuilding and large engine segments and owns 'HiMSEN engine,' the only proprietary brand in Korea. The company is equipped with state-of-the-art production facilities, including 10 large building docks and 9 ultra-large goliath cranes. Through its merger with HD Hyundai Mipo, it has established a comprehensive shipbuilding platform encompassing commercial vessels, special ships, defense, and MRO, thereby strengthening its business portfolio. HD Hyundai Heavy Industries' revenue grew by 32.26% from KRW 9,045.5 billion in 2022 to KRW 11,963.9 billion in 2023. It is projected to grow by 21.09% to KRW 14,486.5 billion in 2024 and by 21.36% to KRW 17,580.6 billion in 2025, consistently showing strong growth. In terms of profitability, the company recorded a loss in 2022 with an operating income of KRW -289.2 billion and a net income of KRW -352.1 billion. However, it successfully turned to profit in 2023 with an operating income of KRW 178.6 billion and a net income of KRW 24.7 billion. Subsequently, profitability significantly improved in 2024 with an operating income of KRW 705.2 billion and a net income of KRW 621.5 billion. In 2025, operating income reached KRW 2,037.5 billion and net income reached KRW 1,415.5 billion, demonstrating a rapid enhancement in profitability. The operating profit margin rose from -3.20% in 2022 to 1.49% in 2023 and 4.87% in 2024, reaching 11.60% in 2025, indicating a clear trend of improving profitability. HD Hyundai Heavy Industries' financial soundness is on an improving trend. The debt-to-equity ratio slightly increased from 229.02% in 2023 to 239.93% in 2024, but significantly decreased to 180.07% in 2025, strengthening financial stability. The current ratio also improved, rising from 88.48% in 2023 and 88.19% in 2024 to 97.70% in 2025, indicating enhanced short-term liquidity. Return on Equity (ROE) was low at 0.47% in 2023 but sharply increased to 10.90% in 2024 and 15.15% in 2025, demonstrating a significant improvement in capital utilization efficiency. In line with the industry trend of increasing demand for eco-friendly and high value-added vessels, HD Hyundai Heavy Industries is focusing on developing engines based on eco-friendly fuels such as methanol and ammonia, and enhancing productivity through the establishment of smart shipyards. Furthermore, through its merger with HD Hyundai Mipo, the company plans to establish a comprehensive shipbuilding platform encompassing commercial vessels, special ships, defense, and MRO, and strengthen its global competitiveness by expanding overseas production bases and entering the MRO business in the defense sector. Based on these strategies, HD Hyundai Heavy Industries is expected to lead the future marine mobility market and continue its sustainable growth.