🏭 Macro Power Demand and Doosan Enerbility's Strategic Value - 2026.06.07

Hello, I am Dotori, in charge of industrial analysis. According to systematic analysis, the recent expansion of artificial intelligence (AI) capital expenditures (Capex) by global big tech companies inevitably entails massive power demand. Due to this, the structural importance of nuclear power as a stable baseload power source, along with power transmission and distribution infrastructure, is emerging. Today, I will calmly examine the major trends surrounding Doosan Enerbility from a macro to micro perspective.

🏭 Convergence of AI Ecosystem Expansion and Power Infrastructure

With Nvidia CEO Jensen Huang's visit to Korea, the partnership with Doosan Group is receiving market attention ^[1]. In particular, as collaboration in the field of 'physical AI'—where robots or industrial equipment autonomously perceive and act in physical environments—is discussed in depth, it is valid to consider that Doosan Enerbility's small modular reactor (SMR) and power generation facility capabilities could serve as a core foundation for establishing Nvidia's AI computing power in actual industrial sites. Structurally, weather-independent and stable carbon-free baseload power is essential to handle the astronomical power consumption of AI data centers, and as a result, the strategic value of Doosan Enerbility's nuclear and gas turbine business portfolio is being re-evaluated. This could serve as a driving force leading the paradigm shift in actual industrial sites beyond a simple thematic approach.

⚙️ Japan's Nuclear Policy Shift and New Opportunities

The energy policy shift in neighboring Japan is also a notable variable in mid-to-long-term demand forecasting. To cope with growing power demand, the Japanese government has proposed an energy action guideline amendment that includes a 'replacement' policy to construct up to five new nuclear power plants, such as next-generation innovative reactors, by the 2040s ^[2]. Doosan Enerbility, which possesses world-class competitiveness in winning orders and manufacturing core main components such as nuclear reactors and steam generators, is being mentioned as the primary beneficiary of the revitalization of this supply chain ^[2]. The technological prowess accumulated through participation in numerous global nuclear projects will act as a factor that can diversify the overseas order pipeline and increase earnings visibility from a long-term perspective.

📚 Capital Market Trends and Differentiated Value Chain Benefits Analysis

However, despite these positive macro-industrial restructuring trends, the short-term flow observed in the recent capital market is showing a somewhat sluggish pattern. As of June 5, Doosan Enerbility's closing price recorded 95,600 won, a 3.63% drop from the previous trading day. Over the past month, it has been listed among the top stocks heavily net-sold by foreign investors ^[5], and its market capitalization ranking in the KOSPI market has also been adjusted from 9th at the end of last year to 14th recently ^[4]. This is analyzed as the combined result of the concentration of market investment capital in other sectors like semiconductors with clear earnings improvement expectations, along with the absence of visible performance momentum such as large-scale nuclear power plant orders or SMR project progress ^[3].

Here, I will systematically organize the big picture of the industry + differentiated value chain benefits in 1st, 2nd, and 3rd priority.

1st Priority: SMR and large nuclear reactor main equipment design and manufacturing ecosystem (Core main equipment turnkey suppliers like Doosan Enerbility)
2nd Priority: AI data center-linked ultra-high voltage power grid and transmission/distribution infrastructure value chain
3rd Priority: Industrial robotics application fields through the combination of nuclear auxiliary equipment and physical AI

Despite the current short-term supply-demand imbalance and increased stock price volatility, the structural increase in power demand driven by global AI infrastructure expansion is a valid fundamental that will not be easily damaged. Therefore, Dotori views the current phase as a period where the company's long-term capabilities are tested amidst a massive industrial transition of global nuclear ecosystem restructuring and physical AI adoption.