[Click e-Stock] "Doosan Enerbility, a Key Player Reshaping the Energy Market"

On April 24, KB Securities analyzed that, starting from 2027, Doosan Enerbility will see a full-scale opening of new order and performance growth opportunities in its three main industries: large-scale nuclear power plants, small modular reactors (SMRs), and gas turbines. The firm expects Doosan Enerbility to become a key player reshaping the global energy market. KB Securities maintained its target price of 34,000 won and its investment opinion of 'Buy'.

KB Securities projected that Doosan Enerbility's first-quarter revenue would reach 3.6 trillion won, a decrease of 11.7% year-on-year, and operating profit would fall by 28.8% to 254.8 billion won. Net profit attributable to controlling shareholders is expected to decrease by 22.6% year-on-year to 111.6 billion won, but is forecast to return to profitability compared to the previous quarter, which is expected to meet consensus operating profit estimates.

Doosan Enerbility's next-generation growth drivers include a surge in demand for large-scale nuclear power plants, rapid growth expected in SMRs, and the earlier-than-anticipated visibility of overseas expansion for gas turbines.

As the importance of securing stable power supply in the United States and Europe becomes more pronounced, nuclear power is rapidly emerging as the only viable power source. Analyst Jung Hyejung stated, "The nuclear power plant export contract with the Czech Republic is expected to be signed in the second quarter of this year, with full-scale revenue contribution anticipated from 2027." She added, "It is also positive that strategic partner Westinghouse in the United States is pursuing new nuclear power plant construction plans in Poland, Bulgaria, and Ukraine."

In the SMR sector, Doosan Enerbility has established close cooperative relationships with companies such as NuScale, X-Energy, and TerraPower from the early stages of development. The company is planning a commercial SMR project for 2030, and orders for main SMR modules are expected to begin in earnest from 2027.

For gas turbines, a surge in demand for LNG power plants is intensifying the shortage of turbine supply. Jung Hyejung analyzed, "The likelihood of Doosan Enerbility's overseas expansion in 2027 has increased significantly."

Meanwhile, at the end of May, the U.S. National Energy Regulatory Commission (NERC) is expected to announce a new energy policy centered on SMRs and LNG.