[Click eStock] Doosan Fuel Cell, Policy-Driven Seasonality "Expecting Lower in Early, Higher in Later"

[Asia Economy Reporter Lee Seon-ae] Hana Financial Investment announced on the 28th that it maintains a target price of 77,000 KRW and a buy rating for Doosan Fuel Cell.

The first-quarter earnings fell short of consensus, which was due to the order gap that occurred last year. Sales amounted to 72 billion KRW, a 258.8% increase compared to the previous year. Operating profit turned positive to 300 million KRW compared to the previous year.

Due to the order gap in the third quarter of 2020, the potential for performance improvement in the first half of this year is somewhat limited, but from the second half, it is expected to improve as orders from the fourth quarter of last year are reflected in sales. The order performance in the first quarter of 2021 was 6MW. Since the HPS system has been concretized, there is a high possibility of order expansion.

Yoo Jae-heon, a researcher at Hana Financial Investment, explained, "Doosan Fuel Cell is developing the Trigen model as a national project and is seeking to enter the mobility fuel supply market by utilizing the hydrogen produced. Additionally, like the case at Daesan Green Energy, they are also exploring additional projects using by-product hydrogen models." He added, "They are focusing on expanding new markets by securing orders for a 12MW LPG and LNG dual-fuel model for the Gwangju Bitgoeul hydrogen fuel cell and signing an MOU for the smart farm business."

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