Jeryong Electric is showing strong performance. This is interpreted as being influenced by news that the domestic transformer industry is experiencing a renaissance due to the growth of the global electric vehicle market.
As of 9:14 AM on the 2nd, Jeryong Electric is trading at 16,940 KRW, up 5.34% compared to the previous day.
According to the Korea Customs Service's export-import trade statistics from the previous day, the export value of high-capacity transformers (over 10,000 kVA) in May was 64.27 million USD, a 139% increase compared to the same period last year. Transformer export values, which peaked in 2010 and had been declining, started to increase from last year and have recorded record highs every month this year. The export unit price also jumped 52% year-on-year to 14 USD as of May.
The rapid increase in domestic transformer exports is due to the growing demand for global power grids. New power grid construction for electric vehicle charging is actively underway, and renewable energy infrastructure is expanding in various countries. Additionally, the timing of replacement for existing transformers in the United States is also analyzed as a factor driving the market boom.
Meanwhile, Jeryong Electric's main products are transformers, circuit breakers (switchgear), and other medium-voltage electrical equipment. In its business report, Jeryong Electric stated that it expects improved sales performance this year due to improved export conditions for distribution transformers to the United States and a continuous increase in order backlog.
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