Doosan Fuel Cell Reports Operating Loss of 50.4B Won in Q2; Meritz Maintains Buy Rating on H2 Recovery Prospects

According to analyst Moon Kyung-won at Meritz Securities, Doosan Fuel Cell reported an operating loss of 50.4 billion won in Q2 (July 27), with revenue of 44.3 billion won falling significantly short of the consensus estimate of 131.8 billion won. The underperformance resulted from delayed project deliveries that pushed revenue recognition into the next quarter. Meritz maintained its buy rating and target price of 76,000 won, projecting that revenue recovery will be driven by concentrated Clean Hydrogen Power System (CHPS) contract recognition in the second half. The analyst expects similar stack replacement costs of approximately 300 billion won to be reflected in H2, with significantly reduced cost impacts beginning in 2027.
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