Doosan (000150.KS) 2Q26 Review: Promising Growth Outlook on Robust AI CCL Demand

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Doosan (000150.KS) 2Q26 Review: Promising Growth Outlook on Robust AI CCL Demand

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27 Jul 2026 17:30:24 ET │ 14 pages

Doosan (000150.KS)

2Q26 Review: Promising Growth Outlook on Robust AI CCL Demand

CITI'S TAKE

Doosan Elec reported 2Q OP of W201.3bn (+8% QoQ/+47% YoY) thanks to

strong sales growth across 800G network CCL, optical transceiver CCL,

and memory packaging CCL. It also gave a strong full-year revenue outlook Buy

of W2.8tr (+49% YoY) and said its capacity expansion is well aligned with Price (27 Jul 26 15:45) W1,197,000

additional customers’ volume plans. With the new capacity expected to

Target price W2,100,000operate at nearly full UTR in 4Q, we expect Doosan to benefit from customer

diversification and high-margin CCL sales growth. TP maintained at Expected share price

75.4%W2,100k. Reiterate Buy. return

Expected dividend yield 0.2%

2Q26 Review — Doosan Elec reported 2Q OP of W201.3bn (+8% QoQ/+47% YoY),

Expected total return 75.6%driven by: 1) 800G network CCL demand; 2) continued sales growth at 800G/1.6T

optical transceiver CCL; and 3) solid memory packaging CCL demand. By segment, Market Cap W19,384,020M

memory packaging/network/FCCL/Low-end CCL sales recorded W101bn/W369bn/ US$13,281M

W54bn/W151bn in 2Q, respectively. 800G network CCL revenue increased by 64%

QoQ to W90bn and optical transceiver CCL revenue rose by 47% QoQ to W49bn.

26E Revenue Guidance at W2.8tr — Doosan Elec guided for full-year revenue to

reach W2.8tr (+49% YoY) driven by capacity expansion in China from 4Q26E, which Price Performance

implies significant growth vs. its original network CCL capacity growth guidance of (RIC: 000150.KS, BB: 000150 KS)

+25% YoY in 2026E. Along with the CCL content increase in NVDA’s Rubin platform,