에너지 대전환의 파고를 넘는 두산에너빌리티: 원전 파운드리에서 AI 생태계의 핵심 축으로 > 뉴스

The biggest reason why Doosan Energy is attracting attention in the global SMR market is because it has established a ‘nuclear foundry’ model like TSMC in the semiconductor industry. Unlike large nuclear power plants, SMR has fewer location restrictions and is evaluated as a game changer that can be immediately deployed near power consumers such as AI data centers. It is expected to form a huge market worth about 100 trillion won by 2033. Doosan has a batch production system ranging from casting and forging to precision machining and assembly, and has close partnerships with the top three global SMR design companies, XEnergy, NuScale Power, and Terrapower. In addition, through a large-scale investment of more than KRW 800 billion, we have built a dedicated factory capable of producing 20 units per year by 2031, demonstrating strategic flexibility to preemptively respond to the surge in global SMR demand.

It is also worth noting that beyond the energy sector, the entire Doosan Group is emerging as a key partner in the AI ecosystem, led by NVIDIA. The cooperation model that took shape after NVIDIA CEO Jensen Huang's visit to Korea is creating strong synergy in conjunction with Doosan's diversified business portfolio. Doosan Energy's power generation facilities and gas turbine technology will be used as a stable power source for the AI ​​data center, and Doosan Electronics BG has established itself deep in the hardware ecosystem by supplying copper clad laminate (CCL), an essential material for AI accelerators. In addition, Doosan Robotics and Doosan Bobcat are advancing robot technology that drives automation in industrial sites such as construction, logistics, and agriculture in line with the ‘Physical AI’ era. This suggests that Doosan is evolving beyond a simple parts supplier to become a core member of the future AI infrastructure platform.

Doosan Energy’s struggles in the offshore wind power field are also an indicator of Doosan Energy’s technological pride. Despite the adverse conditions of slow growth in the domestic market and delays in licensing, Doosan continued its technological legacy by building a track record of commercializing 8MW turbines and developing a 10MW domestic model. In particular, establishing a 14MW ultra-large turbine production system through cooperation with the global company Siemens Games is a strategic choice to kill two birds with one stone: technological advancement and localization of the supply chain. However, in a situation where global competitors are moving toward next-generation models of 20MW or higher, consistent policy support at the national level and expansion of financial infrastructure beyond simplification of administrative procedures are essential for domestic companies to gain a competitive advantage. If these infrastructure improvements are supported, Doosan's wind power business will become one of the two major energy businesses along with SMR.

Doosan Energy's stock price has recently shown volatility due to the easing of geopolitical risks and expectations of order receipts, but the market is paying attention to their fundamentals. Major securities companies, including Kiwoom Securities, maintain a ‘buy’ investment opinion, citing the fact that orders for gas turbines and steam turbines are in full swing, and are positively evaluating the possibility of entering the U.S. market due to Korea-U.S. nuclear power plant cooperation. In fact, orders for steam turbines from US customers are being concluded one after another, and if additional large-scale orders become visible within the year, the stock price is expected to enter a new phase. Of course, the fact that the PER is at a high level compared to the same industry is an indicator that requires investment caution, but this can be interpreted as a result reflecting the market's high expectations for future growth. As a result, rather than worrying about short-term stock price fluctuations, it is time to take a long-term approach focusing on the company's order backlog and technological entry barriers.