NH Investment & Securities analyzed on the 20th that the increase in sales of fuel cells in the United States is expected for Doosan Fuel Cell. It also indicated expectations that performance would improve by winning about half of the new projects domestically. The target stock price was raised from the previous 19,000 won to 23,000 won, and the investment opinion was maintained as 'buy.'
Researcher Jeong Yeon-seung from NH Investment & Securities noted, 'Revenue estimates for this year and next year were adjusted upward by 8% and 11%, respectively,' and stated, 'Although the operating profit estimate for this year has been lowered due to a drop in fuel cell prices, profitability is expected to recover starting from the second quarter after hitting a low in the first quarter.'
Doosan Fuel Cell is expected to begin production of products ordered by HyExium, its fuel cell corporation in the United States, in the second half of this year. The fuel cell market size in the United States is about 2 GW, showing an annual growth rate of 15-20% due to increased demand from data centers.
Researcher Jeong noted, 'As electricity demand increases in the United States, the possibility of Doosan Fuel Cell winning orders in the U.S. is increasing,' and stated, 'It is expected to win annual orders of over 50 MW.'
Demand is expected to continue to grow in Korea, primarily in the general hydrogen bidding market. Currently, bidding for new hydrogen projects is underway. Researcher Jeong said, 'Doosan Fuel Cell is expected to secure about 90 MW annually in Korea, with a market share of approximately 50%.'