[Click eStock] "Doosan Fuel Cell, Benefiting from AI Data Center Expansion... Target Price Up"
Sangsangin Securities raised the target price of Doosan Fuel Cell to 33,000 KRW on the 27th. They analyzed that sales are expected to rapidly expand as the demand for hydrogen fuel cells increases due to the growth of AI data centers.
On the same day, Junho Lee, an analyst at Sangsangin Securities, stated in a report, "Morgan Stanley identified Bloom Energy, a competitor of Doosan Fuel Cell, as one of the five major energy stocks that could benefit from data center construction," adding, "Last week, Bloom Energy's stock price rose by more than 30% in the U.S. stock market, and Doosan Fuel Cell, which has shown stock price synchronization with Bloom Energy, also increased by 22% since the 22nd."
The analyst explained, "Doosan Fuel Cell has supplied Phosphoric Acid Fuel Cells (PAFC) to two domestic data centers, Samsung Electronics Hwaseong HPC and Equinix Goyang Capital Land," and added, "They will complete the technology development of Solid Oxide Fuel Cells (SOFC), which have an advantage in electrical efficiency, this year and start supplying them from next year."
He noted, "Currently, data centers mainly use the Korea Electric Power Corporation's power grid as their primary power source, but to catch both the rapidly increasing power demand and carbon neutrality, the expansion of renewable energy is inevitable," forecasting, "Since solar and wind power have the disadvantage of fluctuating power generation, this will eventually lead to increased interest and demand for hydrogen energy."
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He continued, "Doosan Fuel Cell can generate about 120 billion KRW in sales from existing bid volumes under the Renewable Portfolio Standard (RPS) and Clean Hydrogen Power Obligation System (CHIPS)," and predicted, "Adding this year's new bid volumes, sales beyond that can be expected." Furthermore, he projected, "As the power generation cost decreases in the future, the market share (MS) can gradually increase."
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