韩华海洋与三星重工二季度业绩因汇率对冲策略分化

The second-quarter earnings of Hanwha Ocean (042660) and Samsung Heavy Industries (010140), both riding the shipbuilding super-cycle, split in opposite directions in the face of the currency variable.
According to the Financial Supervisory Service on the 28th, Hanwha Ocean's preliminary second-quarter consolidated operating profit reached 736.1 billion won, up 98.0% from a year earlier, exceeding the market consensus of 533.5 billion won. Samsung Heavy Industries' operating profit, by contrast, rose 58.7% to 325 billion won but fell short of the market consensus of 374.4 billion won.
What divided the two was the difference in currency hedging methods. Hanwha Ocean has taken an open approach that leaves it almost fully exposed to exchange rate fluctuations. With a hedge ratio of only single digits, its structure works favorably for earnings as the won-dollar exchange rate rises. In fact, the order volume that contributed to second-quarter revenue consisted of 25% from orders won in 2023, 50% from 2024 orders, and 25% from 2025 orders, and all of these contracted volumes were signed at exchange rates lower than the second-quarter average rate of 1,502 won. This means the company fully benefited from the recent weakness of the won (rise in the exchange rate). Hanwha Ocean, however, is reported to have recently changed its strategy toward raising its hedge ratio amid the high exchange rate trend.
Samsung Heavy Industries, by contrast, has maintained "100% currency hedging," under which it signs forward exchange contracts with banks immediately upon winning a ship order to lock in the entire future dollar payment at the exchange rate at the time of contract. As of the end of March, Samsung Heavy Industries' remaining hedge volume relative to its order backlog reached 105%, far higher than Hanwha Ocean's roughly 8.6% during the same period. This means it has accumulated hedge volumes contracted over several years.
Samsung Heavy Industries' second-quarter revenue consisted of 20% from orders won in 2022, when the annual average exchange rate was 1,292 won, and mid-30% from orders won in 2023, when the rate was 1,305 won, and these volumes were recognized as revenue at the low exchange rates fixed at the time, dragging down its profit margin. According to the company, the forward exchange rate reflected in second-quarter revenue was below 1,300 won.
"Margin improvement will become visible from late this year to early next year, when volumes contracted at the mid-1,400 to 1,500 won range are reflected in revenue," a Samsung Heavy Industries official predicted.