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Meritz Securities: Doosan Fuel Cell Poised for Growth Following Data Center Contract

Electronic Technology · Electronic Components · yonhap_finance · 2026-09-02

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Meritz Securities maintains a buy rating on Doosan Fuel Cell, citing strong growth potential from upcoming data center power projects and expected profitability.

What Happened

Contract Milestone: Meritz Securities highlighted that Doosan Fuel Cell recently secured a 514 billion KRW contract to supply phosphoric acid fuel cell (PAFC) systems for U.S. data centers. Deliveries are scheduled to commence in the second quarter of next year, marking a significant entry into the U.S. AI data center power market.

Market Reaction: Despite the positive news, Doosan Fuel Cell's stock experienced a sharp decline, which analysts described as an overreaction. Experts suggest that investors should focus on the continuity of future orders and potential capacity expansions rather than short-term price volatility.

Growth Catalysts: The company is actively negotiating with multiple data center clients, and the recent contract serves as a vital reference to accelerate future deals. Management expects that increased production capacity and rising sales will drive a turnaround to profitability by the second half of next year.

Investment Outlook: Meritz Securities maintains a 'Buy' rating with a target price of 76,000 KRW. The firm anticipates that improved operational efficiency and stabilized costs for core components will be the primary drivers for the company's financial recovery.

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