[Click eStock] "Woojine, Performance Levels Up Along with Increased Nuclear Power Operation Rate"

Daishin Securities analyzed on the 9th that Woojin's performance will level up along with the increase in nuclear power operation rates.

Jangwook Park, a researcher at Daishin Securities, said, "The domestic nuclear power operation rate is recovering to the 80% range before the nuclear phase-out, with 82.1% in 2022 and 81.1% in 2023," adding, "Long-term benefits are expected from the commercial operation of domestic Saeul Units 3 and 4 and Baraka Unit 3 nuclear power plants."

He continued, "The main replacement product, In-Core Instrumentation (ICI Assembly), has been installed 45 units in OPR-1000 and 62 units in APR-1400," and added, "As the nuclear power operation rate rises, the replacement cycle of instrumentation shortens, improving performance."

Woojin is one of the four major domestic instrumentation localization companies. In the first quarter, Woojin's sales composition was 52% temperature sensors and instrumentation business, 38% nuclear power business, and 10% plant business.

According to the report, Woojin's sales by sector this year are expected to be KRW 56 billion in nuclear power (+60.0% year-on-year) and KRW 77.3 billion in temperature sensors and instrumentation business (-4.2% year-on-year).

Researcher Park evaluated, "With the increase in new nuclear power operations this year, Woojin's nuclear power sector sales are expected to cumulatively rise in the mid to long term," and added, "Woojin's nuclear power sector profit margin is in the mid to high 20% range, and with sales growth in this high-margin business sector, operating profit margin improvement will follow."