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Doosan Electronics Investment Analysis Summary

Date: 16 June 2025
Analyst: Josh Yang, Peter Lee, Jayden Oh
Recommendation: Buy / High Risk

Key Highlights

• Capacity Addition: Doosan plans to expand network CCL capacity by 50% by end-26E through new lines and converting semi-pack lines, aiming for an additional 20% capa. Additional options like greenfield projects or M&A are under consideration to meet long-term AI demand from Nvidia and ASIC clients.
• Nvidia Deal: Doosan expects to retain exclusivity for Nvidia's Blackwell compute boards and target switch boards, with qualification (Rubin) likely finalized in 4Q25E. This positions them for strong market share in next-gen AI chips.
• ASIC Engagement: Discussions with 4-5 ASIC clients, with 1-2 expected to ramp up shipments in 2026E for next-gen ASIC chips.
• Raw Materials: Doosan confirms no issues with glass fiber supply, citing comfortable safety inventory and plans to pass cost increases via price hikes.
• Financial Projections: Revised 2025E/26E OP to W498 billion/W693 billion (up 2%/17%). Target price increased from W530,000 to W710,000 (25% upside). Revenue outlook supports a W2 trillion target for 2026E.

Financial Summaries

• EPS Growth: 2025E diluted EPS at 24,895W (281.9% YoY increase).
• Valuation: SOTP valuation assigns 12x EV/EBITDA for Doosan Electronics and 4x for other businesses.
• Balance Sheet: Improved equity to 2,376 billionW by 2025E, driven by strong Enerbility share performance.

Risks

• High volatility (70% risk rating) due to stock price fluctuations and potential earnings volatility from subsidiaries.
• Key risks include competitors gaining market share, Nvidia's AI chip shipments slowing, or failure to secure client contracts.

Analyst Takeaway

Citi raises targets due to strong AI momentum, capacity expansions, and positive financial outlook, emphasizing Doosan Electronics as a key beneficiary of AI growth.