[Click eStock] "KIB Plug Energy, Core Business Growth and New Business Appeal"

On the 17th, SK Securities analyzed that KIB Plug Energy should be noted for the solid growth of its heat exchanger business and the attractiveness of its eco-friendly energy business.

Na Seungdoo, a researcher at SK Securities, said, "The company is estimated to have demonstrated a clear performance growth trend last year, recovering from the aftereffects of COVID-19," and added, "Significant performance growth and order increases are highlighted in the existing heat exchanger business segment."

Recently, there has been a demand for replacing aging heat exchangers in the global market. However, only a few companies primarily operate the domestic heat exchanger business, giving KIB Plug Energy a relative competitive advantage. In this situation, with annual new orders gradually increasing, stable performance growth and improved profit margins are expected.

Researcher Na stated, "This year marks the first year of a full-fledged evolution into an eco-friendly energy solutions company," and analyzed, "Attention should be paid to the production of clean hydrogen using waste plastics, hydrogen fuel cell power generation, and entry into the hydrogen mobility market."

He continued, "As KIB Plug Energy fully enters the hydrogen business, expansion into the green ammonia market for long-distance transportation is expected," and added, "Demand for ammonia plants is expected to increase mainly in countries where green hydrogen has begun to be economically viable, and accordingly, heat exchangers will emerge as key components of the plants."

In September last year, KIB Plug Energy signed an MOU (Memorandum of Understanding) related to the production of synthesis gas based on waste plastic pyrolysis with KEPCO Engineering & Construction and other stakeholders. This year, it plans to complete the establishment of clean hydrogen production facilities through waste plastic pyrolysis in Hwaseong, Gyeonggi Province, and begin full-scale commercial operation next year.

In addition, the company has entered the hydrogen fuel cell power generation market through investment in Ulsan hydrogen power generation and stepped into the hydrogen commercial mobility market through Beomhan Motors, in which it acquired a 50% stake. As demand for hydrogen commercial vehicles is expected to continue mainly among local governments and public offices, it is anticipated that there will be sufficient opportunities to target niche markets.

This content was produced with the assistance of AI translation services.