[Click eStock] "Beomhan Fuel Cell, Submarine Fuel Cells to Watch"

NH Investment & Securities analyzed on the 24th that submarine fuel cells will gain more attention in the long term for Bumhan Fuel Cell. No investment opinion or target price was provided.

Bumhan Fuel Cell operates businesses including submarine fuel cells, building fuel cells, and hydrogen refueling station construction. It manufactures fuel cells using the PEMFC (Polymer Electrolyte Membrane Fuel Cell) method. The company is also expanding its business areas to SOFC (Solid Oxide Fuel Cell) and liquefied hydrogen refueling stations. It specializes in manufacturing fuel cell modules for submarines.

Researcher Jeong Yeonseung of NH Investment & Securities explained, "Currently, sales from fuel cell production for three submarines related to Jangbogo-3 Batch 2 are being reflected," adding, "Annual sales of submarine fuel cells around 20 billion KRW are expected in 2025."

He emphasized, "In the second half of next year, there is also an opportunity for new orders related to the domestic production project of fuel cells for the existing Jangbogo-2 class," and "From 2027, if the export of 3,000-ton class submarines, led by Canada, including the expected three Jangbogo-3 Batch 3 submarines, is confirmed, additional expansion of fuel cell sales will be possible."

However, orders for liquefied hydrogen refueling stations are expected to act as a variable for short-term sales. He said, "Due to mandatory installation regulations within public institutions, the market size for building fuel cells is growing, but there are limitations in economic feasibility, so the growth rate is low," adding, "This year, building fuel cell sales are at the level of 7 to 8 billion KRW annually, and sales are expected to maintain this level next year as well."

He stated, "The government is focusing more on the distribution of liquefied hydrogen refueling stations rather than gaseous types," and "Only three companies?Bumhan Fuel Cell, SK E&S, and Hyosung Heavy Industries?have meaningfully participated in the bidding for liquefied hydrogen refueling stations, so the scale of orders for liquefied hydrogen refueling stations is judged to be a key variable for annual sales next year."

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