[Click e-Stock] "Doosan Enerbility Accelerates Gas Turbine Exports...Clear Valuation Growth Factor"

On October 14, KB Securities stated, "As growth in the gas turbine sector accelerates, additional orders are expected from the artificial intelligence (AI) data center sector, where power supply shortages are intensifying. This is likely to contribute to securing long-term earnings visibility and serve as a factor for valuation growth."

Doosan Enerbility announced the previous day that it had signed a contract to supply two 380MW-class gas turbines to a major U.S. big tech company. The turbines are scheduled for delivery by the end of 2026. This contract marks Doosan Enerbility's first overseas gas turbine export. The company succeeded in localizing large-scale power generation gas turbines in 2019, becoming the fifth major gas turbine manufacturer after Siemens, GE Vernova, Mitsubishi, and Ansaldo. Doosan Enerbility has experience supplying six gas turbines domestically.

KB Securities highlighted Doosan Enerbility’s rapid delivery capability as a key strength. While major competitors are experiencing extended delivery periods for large gas turbines-from 2.5-3 years to as long as 5-7 years-Doosan Enerbility can deliver within 1-2 years, securing a differentiated competitive edge. The company also plans to expand its production capacity from the current six units to eight units next year. In addition, Doosan Enerbility has built market trust in its product reliability by successfully completing 15,000 hours of demonstration operation at the Gimpo Combined Heat and Power Plant.

Researcher Jung commented, "Doosan Enerbility’s gas turbine orders for the U.S. market have entered a full acceleration phase starting with this contract." He added, "In addition to this order, negotiations are underway to supply more than eight additional gas turbines to multiple big tech companies. Considering this, additional orders are likely to materialize between the end of this year and next year."

Meanwhile, in the U.S., demand for gas turbines for AI data centers is surging, resulting in supply shortages. It is projected that by 2030, power consumption by U.S. AI data centers will reach approximately 33.8GW, accounting for 3% of total power generation capacity. In response, big tech companies are expanding their own power generation facilities to stabilize their power grids. LNG combined cycle power generation is being used as a bridge power source to fill the gap until commercialization of renewable energy and nuclear power is achieved.

In the global gas turbine market, supply from the top three companies-Siemens, GE, and Mitsubishi-is gradually increasing. However, it is not keeping pace with the rapid rise in demand, resulting in supply bottlenecks. As a result, the construction cost for power plants has soared to around $2,000 per kW, a 60% increase compared to previous levels.