[Edaily Reporter Shin Ha-yeon ] As increased investment in artificial intelligence (AI) data centers drives growth in the global power generation equipment market, attention is turning to related South Korean publicly traded companies. As Caterpillar’s power and energy business has surpassed its traditional core construction equipment division to become the company’s largest business unit, its exclusive domestic dealer, HaeinCorporation(003010), is also expanding its operations by securing a contract to supply large-scale generators. However, since the stock price recently surged immediately after the order announcement only to give up those gains, whether the company secures additional orders and improves its earnings is expected to be key to its future valuation.

According to industry sources on the 3rd, Caterpillar’s third-quarter revenue, announced on the 29th of last month, totaled $20.7 billion, a 17% increase year-over-year. In particular, revenue in the Power and Energy segment rose 18% year-over-year to $8.784 billion during the same period. This was driven by increased demand for power generation equipment, particularly for AI data centers.

The Power and Energy segment surpassed the Construction Equipment segment in quarterly revenue, becoming Caterpillar’s largest business unit. Segment profit also rose 31% year-over-year to $2.143 billion. The company’s total order backlog reached $78 billion, an increase of approximately 96% compared to the same period last year, setting a new all-time high.

These results demonstrate that expanding investment in AI infrastructure is spreading beyond semiconductors and servers into the power supply equipment market. AI data centers that operate large-scale graphics processing units (GPUs) require high power density and a stable power supply. Consequently, demand for large-scale power generation equipment to prepare for emergencies, such as power outages, is also increasing.

In particular, since power generation equipment requires a significant amount of time from order placement to manufacturing and delivery, securing sufficient supply volume and meeting delivery deadlines are considered key competitive factors. This means that the ability to supply equipment in line with data center construction schedules can determine whether a company actually wins an order.

Amid these market changes, HaeinCorporation is expanding its supply of power generation equipment for domestic AI data centers. HaeinCorporation announced on the 21st of last month that it had signed a contract to supply large Caterpillar diesel emergency generators to an AI data center being built in Pohang, North Gyeongsang Province.

The contract is valued at 46.35665 billion won, representing 19.18% of HaeinCorporation’s consolidated revenue from last year. The total generating capacity of the generators to be supplied is 61.5 megawatts (MW), and deliveries are scheduled to begin sequentially starting in May 2027. According to the company, this contract is the largest ever for a single data center project.

The stock price surged on the news of the order but later gave up those gains. On the 21st of last month, when the contract announcement was made, HaeinCorporation closed at 10,450 won—up 29.98% from the previous trading day—hitting the daily price limit; the following day, it rose as high as 12,660 won during intraday trading. The closing price on the 3rd was 7,380 won, a 29.38% decline from the closing price on the day the order was announced.

In preparation for additional orders, HaeinCorporation has placed advance orders for large generators with Caterpillar’s headquarters and has secured supply volumes scheduled for delivery through 2028. Amid growing global demand for power generation equipment, which is leading to longer delivery times, the company’s strategy is to proactively secure supply volumes to enhance its responsiveness to domestic projects. However, since not all of the pre-secured volumes have been converted into firm supply contracts with clients, the company’s ability to secure new projects in the future will be critical.

Expanded domestic investment in AI infrastructure is another factor that will shape future order opportunities. The government’s 2027 budget proposal allocates 21.3 trillion won to the AI sector—a 97.2% increase from the previous year—covering three major megaprojects: semiconductors, physical AI, and AI data centers. Policy support is also planned for the construction of AI data center infrastructure and the development of an industrial ecosystem.

HaeinCorporation plans to strengthen its push into the domestic data center market by leveraging its existing generator supply volume and experience in executing large-scale projects. The company intends to expand related business by utilizing not only its power generation equipment supply capabilities but also its expertise in installation, commissioning, and post-installation technical support.

A HaeinCorporation official stated, “We expect demand for large-scale power generation equipment to continue to rise as AI data centers become more widespread,” adding, “Based on our stable supply chain and accumulated technical support capabilities, we will expand opportunities to secure large-scale domestic projects and continuously strengthen our competitiveness in the land-based engine and generator sectors.”