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DEEP RESEARCH · Sejin Heavy Industries

Sejin Heavy Industries: shipbuilding supercycle and the mega-block value chain

A review of deck houses, LPG tanks, the Vietnam hub, and subsidiary integration

Published: 2025-12-25 · Company research · Original Naver Blog post

You are responsible for your own investment decisions. This material is research, not a recommendation to buy or sell.

0. Bottom line first

Sejin Heavy functions like an externalized production base that relieves shipyard bottlenecks.

Official fact: 2024 consolidated revenue was KRW 352.4 billion, operating profit was KRW 36.0 billion, and OPM was 10.2%. OPM rose from 0.4% in 2020, 1.5% in 2021, and 6.1% in 2022.

Interpretation: Deck house and LPG tank capability, the long HD Hyundai relationship, and customer diversification are the core.

Site

200,000 pyeong

Large Onsan production site

OPM

10.2%

2024 turnaround confirmation

Vietnam

More than 3x

Capacity expansion target

1. Industry and outsourcing

Sejin Heavy source image 1
Shipyard bottleneck and SejinDock-turnover improvement structure
YardsFocus on high-value processes
SejinBuilds mega-blocks
Sea transportBarge delivery
InstallationFinished module installation
It works like an expanded production base for shipyards.

2. Customers and moat

Sejin Heavy source image 2

For more than 20 years, Sejin effectively captured deck house and LPG tank orders from HD Hyundai Heavy and HD Hyundai Mipo. Recently it has diversified toward Hanwha Ocean and Samsung Heavy, with potential Chinese yard orders also mentioned in the source.

Official fact: The source cites annual deck house capacity of 100 to more than 130 vessels.

Sejin Heavy source image 3

3. Financials

ItemNumberRead
2024 revenueKRW 352.4bnDown about 8.4% YoY
Operating profitKRW 36.0bn10.2% OPM
Total assetsKRW 620.9bnLarge-equipment base
Liabilities/equityKRW 371.5bn / KRW 249.4bnDebt ratio around 149%
CashKRW 79.5bnUp about 56% YoY

4. Vietnam strategy and risks

Sejin Heavy source image 4

In December 2024 Sejin signed a site-entry contract for a new factory in Ninh Thuy Industrial Park, Khanh Hoa, Vietnam. The site is near HD Hyundai Vietnam Shipbuilding, and the source states a goal to more than triple Vietnam capacity. Risks are steel prices, post-2027/2028 peak-out, and early Vietnam stabilization costs.

Sources

Naver original