[Edaily Reporter Kwon Oh Seok ] DS Investment & Securities announced on the 3rd that it is maintaining its “Buy” rating and target price of 47,000 won for Doosan Fuel Cell(336260).

Ahn Ju-won, an analyst at DS Investment & Securities, emphasized, “Following the export of SOFC (solid oxide fuel cell) stacks in early August, the company has also secured an order for PAFC (phosphate fuel cells) in the U.S. This confirms Doosan Fuel Cell’s expansion into overseas markets—having previously operated its fuel cell business solely in Korea—and demonstrates its competitiveness as a fuel cell provider alongside Bloom Energy.”
He added, “Despite the news of overseas orders, the stock price fell by as much as 13% due to the recent spread of bans on data center construction in the U.S. stemming from rising electricity rates, environmental pollution, and noise. Ultimately, for the stock price to rebound, there must either be tangible signs of a relaxation in U.S. data center regulations or additional order wins to support this,” he said, adding, “Data center operators, having already experienced a moratorium, will increasingly require on-site power generation to reduce future permitting risks, and fuel cells will be the preferred choice.”
The supply volume of the U.S. order—which the market had been awaiting—is approximately 500 billion won, intended for data centers, with deliveries scheduled to begin in March of next year. The estimated operating profit margin is 6–7%. Analyst Ahn noted, “The unit price appears to be higher than in the domestic market. PAFC production capacity (CAPA) will reach 350 MW by the end of this year, and since the value exceeds 1 trillion won, there is no immediate need for a large-scale expansion,” he noted.
He continued, “If additional orders of a similar scale are secured in the U.S. in the future, an expansion of production facilities will likely be necessary at that time. Amid a shrinking domestic fuel cell market, this overseas order was essential for Doosan Fuel Cell’s mid- to long-term growth, and given its large scale, it is clearly a significant achievement.”
The annual operating loss for 2026 is projected to be 63.8 billion won. He explained, “This will be a year in which sluggish sales, PAFC stack replacement costs, and the burden of SOFC fixed costs are all reflected simultaneously. Fortunately, based on orders secured domestically and internationally this year, significant earnings growth is expected in 2027,” he said, adding, “We estimate 2027 annual results to be 844.4 billion won in revenue (up 74.7% year-over-year) and 72.6 billion won in operating profit (returning to profitability).”