[Edaily Reporter PARK MIN ] On the 30th, DaishinSecurities analyzed that DOOSAN ENERBILITY(034020)posted solid third-quarter earnings thanks to strong performance in gas turbines and nuclear power plant equipment. While the company has been securing a series of orders for small modular reactors (SMRs), the firm expects a significant expansion in orders for large-scale nuclear power plants to become visible starting in the second half of 2027.

However, considering factors such as a lack of short-term momentum in nuclear power plant orders, the firm lowered its target price by 15.0% from the previous 100,000 won to 85,000 won. Based on the previous day’s closing price (56,700 won), the stock has upside potential of 49.9%.

Heo Min-ho, an analyst at DaishinSecurities, stated in a report published today, “The situation now calls for a tangible expansion of nuclear power plant orders rather than just a growth narrative,” adding, “A meaningful expansion of nuclear power plant orders is likely to begin in earnest starting in the second half of 2027.”

DOOSAN ENERBILITY announced in a regulatory filing the previous day (the 29th) that it recorded consolidated revenue of 4.4495 trillion won and operating profit of 261.2 billion won for the third quarter of this year. Compared to the same period last year, revenue increased by 14.7% and operating profit by 90.5%. Net income turned to a profit of 14.9 billion won.

DOOSAN ENERBILITY plans to pursue additional orders through the end of the year, focusing on large-scale nuclear power plants, SMRs, gas turbines, and combined-cycle power plants. Through these efforts, the company aims to achieve its annual order target of 13.3 trillion won.

In a report released today, DaishinSecurities highlighted that initial orders centered on SMRs are steadily accumulating ahead of large-scale nuclear power projects.

Analyst Heo stated, “On the 29th, the company signed a contract with NuScale Power to supply primary equipment for one module, and in the fourth quarter, it is expected to secure orders for certain long-lead items and materials for four modules from X-energy,” adding “Following the contract with TerraPower in the second and third quarters, it is positive that a number of SMR equipment orders—though small in scale per contract—are continuing to come in,” he noted.

He continued, “We are also in discussions with Rolls-Royce and others regarding the supply of major equipment, and for the NuScale SMR, we expect to secure additional orders for 11 modules prior to obtaining a Construction License (COL) when the Power Purchase Agreement (PPA) is signed in 2027.”

However, it is assessed that for large-scale nuclear power projects, where market expectations are high, there is a time lag before concrete results are achieved. While the institutional foundation of the U.S. nuclear power market has been strengthened by supply chain financial support from the U.S. Department of Energy (DOE) and the Tennessee Valley Authority’s (TVA) approval for nuclear power plant expansion, detailed project development—including site selection and financial agreements—must still be completed.

Researcher Heo stated, “The U.S. nuclear power market will go through the project development phase until 2027, and it will not be until the second half of 2027 through 2028 that initial orders for long-lead items—such as reactor pressure vessels (RPVs) and steam generators (SGs)—will be placed, leading to construction contracts in 2028–2029,” and “A significant increase in the value of nuclear power plant orders is expected to begin in earnest in the second half of 2027,” he predicted.

Regarding the renewed bid for the construction contract for the Dukovany Nuclear Power Plant in the Czech Republic, he viewed construction competitiveness as the key variable.

Researcher Heo said, “Although negotiations with the DaewooEngineering&Construction consortium have concluded, we plan to participate again in the bidding for a new construction contract in July 2027,” adding, “We have maintained a local presence for the past three years to gather data on the construction environment, and our strength lies in our ability to provide a turnkey solution—from supply to installation—by leveraging our expertise as the main equipment supplier.”