Seoul Economic Daily EnglishCodex · 实盘不做把握 6/10
北京时间·🕒 发布 07:51:04时区推断·⟳ 抓取 08:25:24·⚡ 决策 07-28 08:28:25 +3m01s·91.3 天前
多家券商下调斗山能源目标价但维持买入，核心订单与盈利动能未被证伪
本事件的新增负面主要是估值倍数下修而非公司经营恶化，Eugene、Meritz均维持买入并强调核电、SMR、燃机订单动能。
📄 原文Seoul Economic Daily English↗ 原文
Brokerages Cut Doosan Enerbility Targets, Cite Intact Nuclear-SMR Momentum
Brokerages are successively cutting their target prices for Doosan Enerbility, reflecting recent share-price correction…
不做 斗山能源（034020.KS）
券商目标价下调属于估值修正且买入评级、订单和盈利动能仍被确认，事件方向正负混合；不满足强空催化与做空红线，也不适合因回撤反手做多。
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研究档案
消息传播链
- Edaily报道IBK将斗山能源目标价由16万韩元下调至14万韩元，但维持买入并称订单增长稳健。
- SED英文版报道Eugene、Meritz下调斗山能源目标价，但均维持买入并强调下半年核电、SMR、燃机订单动能。市场反应:截至09:27 KST，斗山能源（034020.KS）报68600韩元，较前收跌3.24%。
关键理由
- 本事件的新增负面主要是估值倍数下修而非公司经营恶化，Eugene、Meritz均维持买入并强调核电、SMR、燃机订单动能。
- 斗山能源（034020.KS）二季度营业利润3143亿韩元超预期，上半年累计订单7.1万亿韩元、订单积压26.4万亿韩元，基本面信息偏正面。
- 股价近20日已回撤约13.7%、距52周高点约49.7%，但这只是估值修正背景，不构成新的同向做空催化。
主要风险
- 券商目标价连续下调说明核电与电力设备同业估值中枢在下移，短线仍可能压制反弹弹性。
- 目标价下调和订单利好同时出现，方向不够单一；盘中股价已下跌约3.2%，追空或反手做多都缺乏清晰正期望。
反向证据
- 做空前查反向 · 来源 kb_search · 日期 2026-07-27 · 影响 weakens
内部库命中伯恩斯坦快评称2Q26强劲、下半年核电与燃机订单仍有望增加，削弱把目标价下调解读为强空催化的依据。
检索:Doosan Enerbility target price cut Eugene Meritz Q2 orders backlog 26.4 trillion won 原文 ↗
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原文全文
展开原文 · 2,047 字
Brokerages are successively cutting their target prices for Doosan Enerbility, reflecting recent share-price corrections among global nuclear power and power-equipment companies that have lowered valuation expectations.
According to the financial investment industry on the 28th, Eugene Investment & Securities lowered its target price for Doosan Enerbility to 110,000 won from 150,000 won, a 26.7% cut, on the 28th. The move reflected the share-price corrections among global nuclear and power-equipment companies. The firm maintained its "buy" rating.
"We lowered the target price to reflect the recent valuation adjustment among global peers," said Hwang Sung-hyun, an analyst at Eugene Investment & Securities. "But given Doosan Enerbility's solid earnings and order momentum, U.S. investment in the second half, along with expanded supply of SMR and nuclear equipment, will drive the share price higher."
In particular, he said SMR projects including NuScale, X-Energy and TerraPower are progressing smoothly. He projected that the realization of the first U.S. investment project in August-September, an expansion of AP1000 supply items, and a nuclear order in Vietnam would serve as key momentum in the second half.
Meritz Securities also lowered its target price to 131,000 won from 145,000 won, a cut of about 10%. "Second-half momentum remains ample, including additional orders for U.S. AP1000 nuclear equipment and gas turbines, as well as the NuScale SMR project," said Moon Kyung-won, an analyst at Meritz Securities. "We lowered the target price to reflect an adjustment in the long-term margin rate, but we actually raised our order forecast for this year."
Both brokerages assessed the second-quarter results positively. Doosan Enerbility posted operating profit of 314.3 billion won on a consolidated basis in the second quarter, exceeding market expectations. Cumulative orders in the first half reached 7.1 trillion won, a sharp increase from a year earlier, while the order backlog also hit a record high of 26.4 trillion won.
According to the financial investment industry on the 28th, Eugene Investment & Securities lowered its target price for Doosan Enerbility to 110,000 won from 150,000 won, a 26.7% cut, on the 28th. The move reflected the share-price corrections among global nuclear and power-equipment companies. The firm maintained its "buy" rating.
"We lowered the target price to reflect the recent valuation adjustment among global peers," said Hwang Sung-hyun, an analyst at Eugene Investment & Securities. "But given Doosan Enerbility's solid earnings and order momentum, U.S. investment in the second half, along with expanded supply of SMR and nuclear equipment, will drive the share price higher."
In particular, he said SMR projects including NuScale, X-Energy and TerraPower are progressing smoothly. He projected that the realization of the first U.S. investment project in August-September, an expansion of AP1000 supply items, and a nuclear order in Vietnam would serve as key momentum in the second half.
Meritz Securities also lowered its target price to 131,000 won from 145,000 won, a cut of about 10%. "Second-half momentum remains ample, including additional orders for U.S. AP1000 nuclear equipment and gas turbines, as well as the NuScale SMR project," said Moon Kyung-won, an analyst at Meritz Securities. "We lowered the target price to reflect an adjustment in the long-term margin rate, but we actually raised our order forecast for this year."
Both brokerages assessed the second-quarter results positively. Doosan Enerbility posted operating profit of 314.3 billion won on a consolidated basis in the second quarter, exceeding market expectations. Cumulative orders in the first half reached 7.1 trillion won, a sharp increase from a year earlier, while the order backlog also hit a record high of 26.4 trillion won.
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