Doosan Enerbility (034020)

[Business Overview] Doosan Enerbility is a Korean heavy industry company established in 1962, with power generation equipment and industrial plant construction as its core business. Its main business areas consist of traditional plant businesses such as nuclear, thermal, and combined-cycle power generation equipment, seawater desalination plants, and environmental facilities, as well as new businesses in eco-friendly energy solutions such as small modular reactors (SMRs), gas turbines, offshore wind power, and hydrogen. In particular, it has strengths in the manufacture of core nuclear equipment such as reactors and steam generators, and in the development of large gas turbines for power generation. Doosan Enerbility's own business divisions (power, plant, materials/manufacturing, etc.) account for about 40–45% of consolidated revenue, while the small construction machinery and equipment business of its subsidiary Doosan Bobcat accounts for about 50–55%. Its major customers include domestic and overseas power generation operators, plant ordering parties, and SMR developers, and it holds a high share of 44.9% in the domestic B2B power generation equipment market. [Competitive Strengths] Based on more than 40 years of accumulated experience in supplying core nuclear equipment such as reactors and steam generators, Doosan Enerbility serves as an SMR foundry and is establishing a leading position in the global SMR market. In addition, it possesses the technological capability of being the fourth in the world to develop a large gas turbine for power generation, and through its faster delivery competitiveness compared to global competitors, it is drawing attention from U.S. AI data center companies. It has strengths in its capability to integrally perform the entire process from casting and forging — the basic materials of the industry — through design, manufacture, maintenance, and construction, as well as in its overwhelming market dominance of 44.9% in the domestic B2B power generation equipment market. [Financial Performance] Doosan Enerbility's revenue grew 14.07% from KRW 15.4211 trillion in 2022 to KRW 17.5899 trillion in 2023, but decreased 7.71% to KRW 16.2331 trillion in 2024, then increased 5.08% to KRW 17.0579 trillion in 2025, showing a recovery trend. Operating profit increased significantly by 32.66% from KRW 1.1061 trillion in 2022 to KRW 1.4673 trillion in 2023, but decreased 30.64% to KRW 1.0176 trillion in 2024 and decreased 25.05% to KRW 762.7 billion in 2025, showing a declining profitability trend. However, first-quarter 2026 revenue was KRW 4.2611 trillion and operating profit was KRW 233.5 billion, representing year-on-year increases of 13.7% in revenue and 63.9% in operating profit, indicating improved results. The operating margin decreased from 8.34% in 2023 to 4.47% in 2025, but improved slightly to 5.48% in the first quarter of 2026. [Financial Health] Looking at the Company's financial health, the debt-to-equity ratio rose slightly from 128.66% in 2022 to 129.10% in 2025, but is showing a stable level, remaining in the mid-to-high 120% range. The current ratio improved from 100.49% in 2022 to 112.33% in 2024, then declined somewhat to 106.58% in 2025, but still exceeds 100%, indicating a relatively sound short-term debt repayment ability. ROE (return on equity) recorded a loss of -4.50% in 2022, but turned positive at 4.77% in 2023, and recorded 1.71% in 2025. [Outlook] In line with the global energy transition trend, Doosan Enerbility is accelerating the realignment of its portfolio toward eco-friendly energy businesses such as small modular reactors (SMRs), gas turbines, offshore wind power, and hydrogen. In particular, gas turbine demand is increasing due to the surge in power demand from AI data centers, and with the growth of the SMR market and the high likelihood of expanded large nuclear power orders, it is projected to continue a stable growth trend going forward. In 2025, it achieved a record-high order backlog of KRW 14.7 trillion, and in 2026 as well, improved results are expected through orders for domestic and overseas nuclear power and gas turbine projects.