[Edaily Reporter Shin Ha-yeon ] On the 1st, Meritz Securities assessed that VINA TECH CO.,LTD.(126340)has entered a phase of full-scale growth in its systems business following a contract to supply supercapacitor systems for data centers to Bloom Energy.

Moon Kyung-won, an analyst at Meritz Securities, stated, “This is the long-awaited system order,” adding, “It is an event we had been watching as a key trigger for a stock price rise.” He continued, “Previously, the company only produced cells, while Taiwanese firms like Acbel assembled the systems and supplied them to Bloom Energy; however, with this order, the company has begun supplying the systems directly,” explaining, “We believe the company has secured a significant market share within Bloom Energy.”

On the 30th of last month, VINA TECH CO.,LTD. announced a 412억 원 contract to supply supercapacitor systems for data centers to Bloom Energy. The systems include not only supercapacitor cells but also various power devices and enclosures.

Analyst Moon assessed that this contract is just the beginning. He said, “This order represents only a portion of the total volume, and expectations for additional system orders within the year remain valid,” adding, “Volume is expected to expand once the Xingyan plant begins full-scale operations in 2027.” He further noted, “There is a possibility that system delivery revenue could exceed that of cells after 2027,” adding, “This is expected to narrow the stock return gap that has widened compared to Bloom Energy.”

He predicted that earnings would begin to improve in the second half of this year, but that substantial growth would not begin until 2027. Analyst Moon explained, “We expect profits to be around the break-even point (BEP) in the second quarter, with a significant rise in revenue anticipated starting in the third quarter,” but noted, “There is a possibility of a temporary margin deterioration due to the impact of fire incidents.” He continued, “We expect gradual margin improvement starting in the fourth quarter,” adding, “The effects of capacity expansion will gradually be reflected, and system orders will begin to be recognized in revenue in earnest starting in the fourth quarter.”

However, he cautioned against excessive expectations for short-term profitability improvements. “Since margins for systems are lower than those for cells, and fixed costs such as R&D expenses have increased, we should avoid excessive expectations for short-term margin improvements,” he noted, adding, “We anticipate substantial improvement starting in 2027, once revenue gets on track.”

He also highlighted the new LiC product as an additional growth driver. Analyst Moon explained, “In addition to system orders, the new LiC product is another source of momentum we are anticipating,” adding, “It is expected to be installed in CBUs within server racks rather than in fuel cells, and we are currently producing prototypes.” He continued, “We expect qualification testing to be completed by the first half of 2027, and news of orders and capacity expansions from our client, Bloom Energy, will also serve as a catalyst for the stock price.”