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Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-3}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":-3.7}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":-4.5}},{"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":-6.4}},{"slug":"workday","name":"워크데이","name_en":"Workday, Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":3,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":-9.3}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-9.9}},{"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":-12.8}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-31.3}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-31.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"글로벌 냉난방 솔루션 기업. 2026년 +14.3%다. 수요단(평균 +34.1%)·본주(+14.3%)·공급단(평균 +12%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 컴포트 시스템스 USA(+72.8%), 가장 처진 곳은 홈디포(-4.7%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Carrier Global Corporation operates across Global climate solutions. It is +14.3% in 2026. Demand side (avg +34.1%), the stock (+14.3%) and supply side (avg +12%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Comfort Systems USA, Inc. (+72.8%) and the furthest behind is The Home Depot, Inc. (-4.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its products move through specialist distributors such as Watsco and installation channels such as The Home Depot, while refrigerants and cloud services are important operating inputs.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"비스만 클라이밋 솔루션스","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-05","basis":"Viessmann Climate Solutions 인수 총대가","value":14200000000,"period":"2024-01-02","basis_en":"Total consideration for the acquisition of Viessmann Climate Solutions","qualifier":null},"note":"Carrier는 2024년 1월 Viessmann Climate Solutions를 인수해 유럽 주거·경상업용 냉난방과 히트펌프 사업을 편입했다. 2025년 10-K에 기재된 총 인수대가는 142억 달러다.","note_en":"Carrier acquired Viessmann Climate Solutions in January 2024, adding European residential and light-commercial HVAC and heat-pump operations. Carrier's 2025 Form 10-K reports total consideration of $14.2 billion.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-05","url":"https://www.sec.gov/Archives/edgar/data/1783180/000178318026000008/carr-20251231.htm","title":"Carrier Global Corporation 2025 연차보고서 Form 10-K","title_en":"Carrier Global Corporation 2025 Annual Report on Form 10-K","excerpt":"Carrier는 2024년 1월 2일 Viessmann의 기후 솔루션 사업을 총 142억 달러에 인수했다고 공시했다.","excerpt_en":"On January 2, 2024, the Company completed the acquisition of the VCS Business from Viessmann for total consideration of $14.2 billion."},{"stance":"mentions","publisher":"삼성증권 리서치센터","publisher_en":"Samsung Securities Research Center","kind":"research","lang":"ko","published_at":"2024-07-01","url":"https://www.samsungpop.com/common.do?cmd=down&contentType=application%2Fpdf&fileName=3010%2F2024070113025252K_02_05.pdf&inlineYn=Y&saveKey=research.pdf","title":"전력에 묻는 네 개의 질문들: 글로벌 전력 설비","title_en":"Four Questions for Power: Global Power Equipment","excerpt":"보고서는 Viessmann Climate Solutions를 Carrier의 주요 인수 브랜드로 제시하고, 히트펌프·디지털 솔루션 확장 전략을 설명한다.","excerpt_en":"The report lists Viessmann Climate Solutions among Carrier's major acquired brands and describes its expansion in heat pumps and digital solutions."},{"stance":"confirms","publisher":"유럽경제연구센터(ZEW)","publisher_en":"ZEW - Leibniz Centre for European Economic Research","kind":"analysis","lang":"en","published_at":"2024-05-01","url":"https://www.zew.de/fileadmin/FTP/zn/en/schwerpunkte/ma-report/mareport_052024.PDF","title":"기후 솔루션 제조업의 인수합병","title_en":"Mergers and Acquisitions in Climate Solutions Manufacturing","excerpt":"ZEW는 Carrier의 Viessmann Climate Solutions 인수금액을 약 120억 유로로 분석했다.","excerpt_en":"The acquisition of Viessmann Climate Solutions SE by Carrier Global Corporation for approximately 12 billion euros prompted ZEW researchers to examine the industry."}]},{"direction":"investor","counterparty":"하니웰 테크놀로지스","counterparty_slug":"honeywell-technologies","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-17","basis":"Global Access Solutions 인수의 순현금 차감 회계상 총대가, 하니웰 FY2025 10-K 기준","value":4913000000,"period":"transaction closed 2024-06-03","basis_en":"Total consideration for the Global Access Solutions acquisition, net of cash acquired, per Honeywell FY2025 Form 10-K","qualifier":null},"note":"캐리어 글로벌은 2024년 6월 Global Access Solutions 사업을 하니웰에 매각해 LenelS2, Onity, Supra가 하니웰의 빌딩 자동화에 편입되게 했으며, 발표 거래가액은 49억5000만달러, 하니웰 2025 10-K의 순현금 차감 회계상 총대가는 49억1300만달러, 캐리어가 공시한 현금 유입은 50억달러다.","note_en":"Carrier Global sold its Global Access Solutions business to Honeywell in June 2024, bringing LenelS2, Onity, and Supra into Honeywell's Building Automation business, for an announced deal value of $4.95 billion, while Honeywell's FY2025 10-K records $4.913 billion of total consideration net of cash acquired and Carrier reports $5.0 billion of cash proceeds.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/773840/000077384026000013/hon-20251231.htm","title":"하니웰 인터내셔널 2025 회계연도 10-K","title_en":"HONEYWELL INTERNATIONAL INC 10-K (2026-02-17)","excerpt":"회사는 2024년 6월 3일 Access Solutions를 순현금 차감 총대가 49억1300만달러에 인수했다.","excerpt_en":"for total consideration of $4,913 million, net of cash acquired."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-11","url":"https://www.sec.gov/Archives/edgar/data/1783180/000178318025000008/carr-20241231.htm","title":"캐리어 글로벌 2024 회계연도 10-K","title_en":"Carrier Global Corporation 2024 Form 10-K","excerpt":"캐리어는 2024년 6월 2일 Access Solutions를 하니웰에 매각해 현금 50억달러를 받았다고 공시했다.","excerpt_en":"we completed the sale of our Access Solutions business (\"Access Solutions\") to Honeywell International Inc. (\"Honeywell\") for cash proceeds of $5.0 billion."},{"stance":"confirms","publisher":"하니웰","publisher_en":"Honeywell","kind":"ir","lang":"en","published_at":"2024-06-03","url":"https://investor.honeywell.com/news-releases/news-release-details/honeywell-completes-acquisition-carriers-global-access-solutions","title":"하니웰, 캐리어 Global Access Solutions 인수 완료 및 2024년 전망 갱신","title_en":"Honeywell Completes Acquisition Of Carrier's Global Access Solutions Business And Updates 2024 Outlook","excerpt":"하니웰은 캐리어 글로벌의 Global Access Solutions 사업을 49억5000만달러에 인수 완료했다고 발표했다.","excerpt_en":"Honeywell (NASDAQ: HON) today announced the completion of its acquisition of Carrier Global Corporation's Global Access Solutions business for $4.95 billion."}]},{"direction":"revenue","counterparty":"Watsco","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-02-27","basis":"Watsco의 FY2025 전체 매입 중 Carrier 제품 비중","value":62,"period":"FY2025","basis_en":"Carrier products as a share of Watsco's total FY2025 purchases","qualifier":null},"note":"Watsco는 Carrier 제품을 대규모로 매입해 HVAC 시공업체에 유통한다. Watsco의 FY2025 전체 매입에서 Carrier 비중은 62%였다.","note_en":"Watsco purchases Carrier products at scale and distributes them to HVAC contractors. Carrier represented 62% of Watsco's total purchases in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/105016/000119312526082486/wso-20251231.htm","title":"Watsco 2025 연차보고서 Form 10-K","title_en":"Watsco 2025 Annual Report on Form 10-K","excerpt":"Watsco는 FY2025 전체 매입의 62%가 Carrier에서 발생했다고 공시했다.","excerpt_en":"The Company's top ten suppliers accounted for 85% of our purchases, including 62% from Carrier and 8% from Rheem."}]},{"direction":"cost","counterparty":"Koura Fluorochemicals","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2021-01-19","basis":"Koura의 Carrier 냉매 장기 공급계약 금액","value":null,"period":"장기 공급계약","basis_en":"Value of Koura's long-term refrigerant supply agreement with Carrier","qualifier":"confirmed_no_disclosed_value"},"note":"Koura는 장기 공급계약에 따라 북미·유럽·아시아태평양의 Carrier HVAC 및 냉동 제품군에 냉매를 공급한다. 계약 금액은 공개되지 않았다.","note_en":"Under a long-term supply agreement, Koura supplies refrigerants across Carrier's HVAC and refrigeration portfolios in North America, Europe, and Asia Pacific. The contract value has not been disclosed.","sources":[{"stance":"confirms","publisher":"캐리어 글로벌","publisher_en":"Carrier Global Corporation","kind":"ir","lang":"en","published_at":"2021-01-19","url":"https://www.corporate.carrier.com/news/news-articles/koura_fluorochemicals_joins_the_carrier_alliance_supplier_program.html","title":"Koura Fluorochemicals, Carrier Alliance 공급사 프로그램 가입","title_en":"Koura Fluorochemicals Joins the Carrier Alliance Supplier Program","excerpt":"Koura의 운영회사는 Carrier와 전략적 장기 공급계약을 체결했다.","excerpt_en":"Koura, through its operating company, signed a strategic long-term supplier agreement with Carrier."}]},{"direction":"revenue","counterparty":"컴포트 시스템스 USA","counterparty_slug":"comfort-systems-usa","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"Carrier 냉동기와 옥상형 공조 장비 조달액","value":null,"period":"supplier relationship confirmed 2026-02-19","basis_en":"Purchases of Carrier chillers and rooftop HVAC units","qualifier":"confirmed_no_disclosed_value"},"note":"Carrier는 Comfort Systems USA가 상업용 MEP 시스템에 사용하는 냉동기와 옥상형 공조 장비의 주요 제조사이며, 상대별 구매액과 공급계약 조건은 공개되지 않았다.","note_en":"Carrier is a principal manufacturer of chillers and rooftop HVAC units used by Comfort Systems USA in commercial MEP systems, while supplier-specific purchase value and contract terms were not disclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1035983/000110465926017530/fix-20251231x10k.htm","title":"컴포트 시스템스 USA 2025 회계연도 10-K","title_en":"COMFORT SYSTEMS USA INC 10-K (2026-02-19)","excerpt":"주요 상업용 MEP 부품 제조사 목록에 Carrier가 포함됐다.","excerpt_en":"primary manufacturers ... Carrier"}]},{"direction":"revenue","counterparty":"엠코 그룹","counterparty_slug":"emcor","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-09-23","basis":"Carrier i-Vu 빌딩 자동화 장비 조달액","value":null,"period":"current relationship","basis_en":"Procurement value of Carrier i-Vu building-automation equipment","qualifier":"confirmed_no_disclosed_value"},"note":"캐리어 글로벌은 공인 딜러인 ESIS가 신설 빌딩 자동화 시스템에 통합하는 Carrier i-Vu 제어 장비를 공급하며, 장비 조달액은 공개되지 않았다.","note_en":"Carrier Global supplies Carrier i-Vu controls through authorized dealer ESIS for integration into new building-automation systems, with the procurement value undisclosed.","sources":[{"stance":"confirms","publisher":"EMCOR Services Integrated Solutions","publisher_en":"EMCOR Services Integrated Solutions","kind":"ir","lang":"en","published_at":"2026-09-23","url":"https://emcorintegratedsolutions.com/regions/midwest/capabilities","title":"Capabilities","title_en":"Capabilities","excerpt":"발행일이 없는 현재 페이지를 확인했으며 ESIS는 Carrier i-Vu를 공인 딜러 취급 브랜드로 표시한다.","excerpt_en":"We are authorized dealers for Schneider Electric, Carrier i-Vu, and Honeywell."}]},{"direction":"revenue","counterparty":"홈디포","counterparty_slug":"home-depot","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-04-09","basis":"홈디포 설치 채널을 통한 Carrier HVAC 장비 거래액","value":null,"period":"2025","basis_en":"Value of Carrier HVAC equipment sold through The Home Depot's installation channel","qualifier":"confirmed_no_disclosed_value"},"note":"홈디포는 미국에서 Carrier 브랜드 HVAC 장비의 설치 서비스를 제공한다. 공개 자료에는 Carrier 장비와 관련된 거래액이나 매출 비중이 없다.","note_en":"The Home Depot offers installation of Carrier-branded HVAC systems in the United States. Public materials do not disclose the value of Carrier-related sales or their share of Carrier revenue.","sources":[{"stance":"confirms","publisher":"홈디포","publisher_en":"The Home Depot","kind":"news","lang":"en","published_at":"2025-04-09","url":"https://www.homedepot.com/c/ab/choosing-the-best-hvac-brand-for-your-home/9ba683603be9fa5395fab905f29d6ed","title":"가정용 HVAC 브랜드 선택 가이드","title_en":"Choosing the Best HVAC Brand for Your Home","excerpt":"홈디포는 미국에서 설치하는 주요 HVAC 브랜드 중 하나로 Carrier를 명시한다.","excerpt_en":"The Home Depot proudly installs four of the top HVAC brands in the U.S.: Carrier, Rheem, Lennox and Amana."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2021-07-20","basis":"Carrier의 AWS 클라우드 서비스 구매액","value":null,"period":"2021","basis_en":"Carrier's purchases of AWS cloud services","qualifier":"confirmed_no_disclosed_value"},"note":"Carrier는 레거시 시스템을 AWS로 이전하고 공장·제품 관련 디지털 운영에 AWS 서비스를 사용한다. 계약 금액은 공개되지 않았다.","note_en":"Carrier has migrated legacy systems to AWS and uses AWS services in digital operations spanning factories and product initiatives. Contract spending has not been disclosed.","sources":[{"stance":"confirms","publisher":"아마존웹서비스","publisher_en":"Amazon Web Services","kind":"news","lang":"en","published_at":"2021-07-20","url":"https://aws.amazon.com/blogs/industries/amazon-web-services-led-hackathon-sparks-innovation-at-carrier/","title":"AWS 주도 해커톤이 Carrier의 혁신을 촉진하다","title_en":"Amazon Web Services-led Hackathon Sparks Innovation at Carrier","excerpt":"Carrier는 레거시 시스템을 AWS로 이전하고 기존 애플리케이션 현대화를 시작했다.","excerpt_en":"Carrier began migrating from its legacy systems to Amazon Web Services (AWS) and rolling out efforts to modernize existing applications."}]}]}