DAISHIN SECURITIES analyzed on the 19th that there is a need to focus on the growth potential of the global nuclear power and gas generation market and manufacturing competitiveness rather than the uncertainty of Doosan Enerbility's entry into the European nuclear market. The target price has been raised from 26,000 won to 35,000 won, and the investment opinion was maintained as 'buy.'
Heo Min-ho, a Research Institute at DAISHIN SECURITIES, noted, "In 2025, bids for nuclear power plants in the United Arab Emirates and Saudi Arabia will begin, and the new large-scale nuclear power plant contracts for Westinghouse will lead to equipment orders for Doosan Enerbility." He added, "In the future, contracts for equipment supply with other small modular reactor (SMR) companies are also expected to expand."
He further stated, "There is also a possibility for Korean nuclear power plants to enter the U.S. large-scale nuclear market," and added, "In the gas generation equipment sector, expectations for overseas gas power plant orders are growing due to the recovery of the global gas generation market, the limited number of gas turbine suppliers, and securing references within Korea."
DAISHIN SECURITIES estimated that Doosan Enerbility's revenue in 2025 will decrease by 11.7% compared to the previous year to 6.5 trillion won, while operating profit is expected to increase by 50% during the same period to 365.9 billion won. Heo noted, "While a decrease in overall revenue is inevitable due to reduced sales from low-margin construction projects such as coal and desalination, gradual improvements in profitability are expected through the expansion of sales in high-profit nuclear equipment and gas generation equipment and services."