[Edaily Reporter Kim Hyung-il ] Shinhan Investment Securities projected that DOOSAN ENERBILITY(034020)will continue its medium- to long-term growth momentum, citing a series of major developments—including U.S. investments, the Vietnam nuclear power plant project, and orders for nuclear power plant equipment—amid second-quarter earnings that exceeded market expectations due to improved performance in the Energy Solutions division and tariff refund benefits from Bobcat.

On the 28th, Han Seung-hoon, an analyst at Shinhan Investment Securities, stated, “Plans for investment in the U.S. are expected to take shape in August and September, and Team Korea is also expected to secure a major nuclear power plant order in Vietnam.” He added, “Orders for long-lead-time equipment for the AP1000 (a large U.S. reactor model) and small modular reactor (SMR) projects will also gradually materialize.”

DOOSAN ENERBILITY’s second-quarter consolidated operating profit reached 314.3 billion won, a 34.6% increase from the previous quarter and exceeding the market consensus (262.9 billion won). The consolidated operating profit margin (OPM) stood at 6.7%. The Enerbility division posted an operating profit of 97.4 billion won, reflecting the recognition of excess progress on gas power generation projects and nuclear power plant equipment manufacturing processes; new orders rose 55.7% quarter-over-quarter to 4.3 trillion won, driven by contracts for domestic and international gas turbine and combined-cycle power projects.

One analyst predicted that momentum for nuclear power plant orders, centered on the U.S. and Vietnam, would gain full steam in the second half of the year. The analyst expected orders for long-lead-time AP1000 equipment, backed by a $17.5 billion loan from the U.S. Department of Energy (DOE), to materialize by year-end, and assessed that projects with global SMR partners—such as Rolls-Royce SMR, X-Energy, and NuScale Power—are highly likely to result in actual orders.

The gas turbine business is also projected to continue its structural growth trend. In the North American market, negotiations on supply volumes for 2030–2031 are underway, while in South Korea, the 12th Basic Plan for Electricity Supply and Demand and large-scale power generation projects are expected to generate additional demand.

However, the recent weakness in the stock price was diagnosed as a reflection of the lack of major nuclear power-related orders and valuation pressures stemming from the nature of long-term projects. One analyst stated, “Although momentum is lacking in the short term, considering the robust order backlog centered on nuclear power and gas turbines, as well as future equipment orders, the medium- to long-term upward trend for the stock price remains valid.”