🔥 Doosan Enerbility: Gas Turbine Shipments and Supply Chain Challenges - 2026.10.22

Well, today’s story is an interesting one! I’m Onion 🧅 Orders have been rolling in, but the stock has moved a little in the opposite direction. So today, let’s take our time and chew over the good news and the numbers.

🔥 The Gas Turbine Has Shipped

Earlier this month, Doosan Enerbility shipped a 380MW-class gas turbine to SpaceXAI, led by Elon Musk ^[1]. It’s a milestone that came just one year after the company signed its first export contract last October, following its 2019 development of the world’s fifth large-scale turbine for power generation. In other words, technology developed over seven years has made it onto an actual worksite. Now this is something to cheer about! Even after 30 years watching the market, I’d say this is the most welcome part. It’s the moment paperwork on a desk turns into a hunk of steel in the field.

📈 SMR Orders, and Changwon’s Shadow

News came in of an SMR order in the United States. But that same day, Energy Safety News also reported that small and medium-sized companies in Changwon are struggling with staffing and funding ^[3]. The article called this a warning light for the K-nuclear supply chain. I find that contrast fascinating. The door is opening for the industry leader, while the suppliers making the equipment behind it are struggling to catch their breath. Metro Newspaper also reported that the company is expanding global supplies of SMR equipment and strengthening its manufacturing competitiveness ^[4]. As orders grow, the supply chain needs to grow stronger alongside them—but the key question is whether that link will hold. Like a bicycle chain, if even one link is loose, the wheels won’t turn.

☕ Offshore Wind’s Domestic Content Challenge

According to an exclusive report, Doosan Enerbility turbines are being used in the Gulupdo and Geumodo offshore wind projects ^[2]. But as generator turbine capacity has increased, the domestic supply chain utilization rate has fallen by 15%p. Put simply, winning projects for larger turbines is good, but the share of components sourced from our own backyard has declined. Thinking it over over a cup of coffee, winning big projects and growing the domestic ecosystem are challenges that have to go hand in hand. If you build up only one side, you end up with uneven legs.

📊 The Stock and the Outlook: How Should We Read the Numbers?

The stock fell to ₩61,600, down -2.99% from the previous day on the 22nd ^[5]. It pulled back from ₩63,700 (+3.24%) the day before. Meanwhile, a video led with a forecast that Doosan Enerbility would grow dramatically ^[6], but that’s a third-party outlook presented by the program. It’s neither a confirmed company plan nor a figure Onion has verified, so let’s treat it only as an attributed view on the direction. I do see a clear bullish scenario in which SMR orders and gas turbine shipments translate into earnings. But how quickly that transition happens, and whether the domestic supply chain can keep up, are still open questions. What do you think?

📰 Reference News (5)

1

[Issue]

네이버뉴스 · 2026.10.22

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2

[Exclusive] Domestic Content Share Fell 15%P as Generator Turbines Got Bigger [In-Depth Feature: The ‘Trilemma’ of Korea’s Offshore Wind]

네이버뉴스 · 2026.10.21

📰 View original

5

Doosan Enerbility Shares Rebound After Previous-Day Slump… Is 70,000 the New Benchmark?

네이버뉴스 · 2026.10.22

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📺 Reference Videos (1)

6

YouTube

Doosan Enerbility: Sudden ‘85% Surge’ Forecast… Is a Windfall from Nuclear Power and Gas Turbines About to Begin?

▶서울경제TV·2026.10.21