[Click e-Stock] "SK Oceanplant, Offshore Wind Power Order Cycle Just Beginning"

DS Investment & Securities has analyzed that SK Oceanplant's offshore wind power order cycle has begun, significantly increasing the likelihood of achieving a new order backlog of 1 trillion won.

On June 30, SK Oceanplant announced through a regulatory filing that it had secured a 383.4 billion won contract for substructures for the Anma Offshore Wind Power Project in Korea. Actual revenue from this contract is expected to begin in 2026, with deliveries continuing through 2027.

Kim Jinhyung, a researcher at DS Investment & Securities, stated, "Not only in Korea, but this year, new orders are also expected from overseas. Taiwan abolished its local content preferential policy in November last year, and the Round 3 bidding process is resuming. In Europe, an offshore wind power auction of 20GW was held last year, and contracts of the same scale were actually awarded."

He continued, "With additional supply contracts pending overseas as well, confidence is growing that the company will achieve its target of 1 trillion won in new orders."

Kim maintained a 'Buy' investment rating on SK Oceanplant and kept the target price at 25,000 won.

He emphasized, "The performance from orders received this year will be reflected starting in 2026. In particular, this year marks the starting point for domestic orders, as the scale of offshore wind power auctions is increasing every year. This indicates that the offshore wind power order cycle is now in full swing."