Doosan Enerbility beat market consensus by roughly 20 percent in second-quarter earnings, Yuanta Securities reported on the 28th. The company posted revenue of 4.7248 trillion won and operating profit of 314.3 billion won. Large gas generation projects and nuclear equipment sales in the Enerbility division, plus tariff effects at Doosan Bobcat, drove the performance. Analyst Kim Do-yeop maintained a 'Buy' rating and 149,000 won target price, citing second-half momentum from the Czech nuclear contract and US small modular reactor projects.
Doosan Enerbility Records 314.3 Billion Won Operating Profit in Second Quarter
Doosan Enerbility recorded consolidated revenue of 4.7248 trillion won and operating profit of 314.3 billion won in the second quarter. The Enerbility division posted operating profit of 97.4 billion won as large gas generation projects and nuclear equipment sales were reflected in results. Kim Do-yeop stated that profitability improvement from project progress in the Enerbility division and tariff effects at Doosan Bobcat drove the earnings.
Company Achieves 54 Percent of Annual Order Target in First Half
Doosan Enerbility secured orders for 12 gas turbines, 6 steam turbines, and 5 service contracts in the first half, along with the Oman Duqm combined cycle power plant EPC contract, achieving 54 percent of its annual order target. The gas and hydrogen segment already filled 97 percent of its annual target, while combined cycle EPC reached 63 percent. Kim noted that the possibility of exceeding annual guidance has been raised. The company secured the Oman Duqm combined cycle power plant EPC contract during this period.
US Energy Department Announces $17.5 Billion Financing Support for AP1000 Nuclear Projects
The second half will see the Czech Dukovany nuclear main contract and supply of SMR equipment to US-based X-Energy as key momentum drivers. The US Department of Energy announced a financing support plan totaling $17.5 billion for AP1000 nuclear projects, raising visibility for new nuclear plant orders. Kim stated that US investment projects and the 12th power supply plan have not yet been reflected in earnings estimates, adding that the business structure holding both nuclear and gas turbines provides sufficient room for mid- to long-term earnings upgrades.
FAQ
What were Doosan Enerbility's second-quarter earnings?
Doosan Enerbility recorded consolidated revenue of 4.7248 trillion won and operating profit of 314.3 billion won in the second quarter, exceeding market consensus by approximately 20 percent.
How much of Doosan Enerbility's annual order target was achieved in the first half?
The company achieved 54 percent of its annual order target in the first half by securing orders for 12 gas turbines, 6 steam turbines, 5 service contracts, and the Oman Duqm combined cycle power plant EPC contract.
What financing support did the US Energy Department announce for AP1000 nuclear projects?
The US Department of Energy announced a financing support plan totaling $17.5 billion for AP1000 nuclear projects, which raised visibility for new nuclear plant orders.
