한화엔진 082740 -->HSD엔진

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HSD엔진(A082740) | Snapshot | 기업정보 | Company Guide

- 3Q24 Review: 기대하는 4 분기 - 메리츠증권 - 2024.10.28 downpdf (hankyung.com)
- 현시점 대형 조선사보다 매력적인 선택지 Buy (Maintain) 목표주가(12M) 20,000원(유지)
  종가(2024.10.25) 15,230원 상승여력 31.3 % -IM증권 - 2024.10.28 downpdf (hankyung.com)
- 2Q Review:  연속 서프라이즈로 굳어지는 이익 신뢰도 Buy 적정주가 (12 개월) 18,000 원
  현재주가 (7.24) 15,880 원 상승여력 13.4% - 메리츠증권 - 2024.07.25 downpdf (hankyung.com)
- 이제 믿고 가면 됩니다 Buy (Maintain) 목표주가(12M) 20,000원(상향) 상승여력 25.9 %
  종가(2024.07.24) 15,880원 - 하이투자 - 2024.07.25 downpdf (hankyung.com)
- 올해 호실적 기대감 등에 소폭 상승 12,740원(+2.74%) - 2024.05.20
  ▷다올투자증권은 동사에 대해 2Q24에 전분기의 이월된 매출에 따른 기저로 Flat할 수 있지만 
  올해 분기별로 꾸준히 6% 이상의 OPM이 기대된다며, 올해 호실적 기대감이 크다고 밝힘. 
  이는 올해 납품되는 엔진이 모두 고가 수주한 2022년 물량이기 때문이라고 설명.
  ▷아울러 2024년 뿐 아니라 밸류에이션에 적용되는 2025년~26년 EPS를 각각 20%, 13% 
  올리고, 적정주가도 적정 PER 15배를 유지하는 가운데 상향 조정한다고 언급.
  ▷투자의견 : BUY[유지], 목표주가 : 15,000원 -> 18,000원[상향] 
- 1Q24 실적발표, 호실적 주가 (4월 23일) 11,610원 시가총액 968십억원 -
  신한투자 - 2024.04.24 1713917837827.pdf (pstatic.net)
- 이익 턴어라운드, 매수 타이밍 매수(유지) 목표주가: 14,000 원(상향) 현재주가: 10,710 원
  상승여력: 30.7% - SK증권 - 2024.04.16 1713224946798.pdf (pstatic.net)
- 저가물량 마무리 단계 매수(유지)  현재주가 (2 월 6 일) 8,530 원 목표주가  11,000 원 (유지)
  상승여력 29.0% - 신한투자 - 2024.02.07 1707280193478.pdf (pstatic.net)
- 2년 후면 이익 천억원 시현 매수(유지) 목표주가(상향) 13,000원 현재주가(12/13) 9,640원 
  상승여력 34.9% -DS투자 - 2023.12.14 1702512110036.pdf (pstatic.net)
- D/F 엔진 확대와 탱커 사이클의 시작 매수(신규편입) 목표주가: 12,000 원 현재주가: 8,540 원
  상승여력: 40.5% -SK증권 - 2023.10.17 1697500628998.pdf (pstatic.net)
- D/F엔진 증가 수혜를 온전히 Buy(Maintain) TP(12M) 12,000원(유지) 종가(06/05) 9,270원
  상승여력 29.4 % - 하이투자 - 2023.06.08 1686179390959.pdf (pstatic.net)
- 물 들어올 때 D/F 엔진 풀가동 Buy (Initiate) TP(12M) 12,000 원(신규) 종가(05/26) 8,650 원
  상승여력 38.7 % - 하이투자 - 2023.05.30 1685406605395.pdf (pstatic.net)
- 중장기 이익 성장의 초입 BUY I TP(12M): 12,000원 I CP(11월14일): 6,830원 - 
  하나대투 - 2022.11.15 2013년 0월 0일 (hanaw.com)
- 일회성 비용에 의한 일시적 부진 BUY I TP(12M): 12,000원 I CP(8월16일): 9,050원 -
  하나대투 - 2022.08.17  2013년 0월 0일 (hanaw.com)
- 전환사채의 주식전환과 오버행 해소 기대 BUY I TP(12M): 14,000원 I CP(6/15): 9,120원 -
  하나대투 - 2021.06.16
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/06/15/210616_HSD_Engine_Update_1.pdf
- 연일 계속되는 선박 수주, 엔진 수요 더욱 늘어난다 BUY  TP(12M): 14,000원 
  CP(6/1): 10,850원 - 하나대투 - 2021.06.02
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/06/01/210602_HSDEngineUpdate_0.pdf
- 7년만에 LNG선 선박량 2.3배 증가, 2배 더 늘어난다 BUY TP(12M): 14,000원 
  CP(5월26일): 9,870원 - 하나대투 - 2021.05.27
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/05/26/210527_HSDEngineUpdate.pdf
- 수주잔고 다시 1조원 상회, 2조원은 시간의 문제 BUY I TP(12M): 14,000원 
   CP(5월20일): 9,920원 -  하나대투 - 2021.05.24 
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/05/21/210524_HSDEngineUpdate.pdf
- 선박 기술 진화와 엔진의 변화 BUY TP(12M): 14,000원 CP(5/ 11): 10,900원 - 
  하나대투 - 2021.05.12   
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/05/11/210512_HSDEngineUpdate_0.pdf
- 개선되고 있는 현금흐름에 주목 BUY TP(12M): 14,000원 CP(5/6): 11,450원 - 
  하나대투 - 2021.05.07   
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/05/06/210507_HSDEngineUpdate_0.pdf
- 원화강세, 선박 발주량 증가의 신호 BUY TP(12M): 14,000원 CP(4월30일): 9,950원 -
  하나대투 - 2021.05.03 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/04/30/210503_HSDEngineUpdate.pdf
- LNG추진선, M.A.N ES 영향력 더욱 높아진다 BUY I TP(12M): 14,000원
  CP(4월15일): 8,710원 - 하나대투 - 2021.04.16 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/04/15/210416_HSDEngineUpdate_0.pdf
- 1분기말 수주잔고 1조원 돌파 추정 BUY I TP(12M): 14,000원 I CP(4월7일): 8,780원 -
  하나대투 - 2021.04.08 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/04/07/210408_HSDEngineUpdate_0.pdf
- 1분기 선박엔진 수주는 4천억원 상회 BUY I TP(12M): 14,000원 I CP(4월 1일): 9,390원 -
  하나대투 - 2021.04.02 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/04/01/210402_HSDEngineUpdate_0.pdf
- 수에즈 운하 정체는 LNG추진선 수요 성장의 기폭제 BUY I TP(12M): 14,000원 
   CP(3월29일): 9,030원 -  하나대투 - 2021.03.31 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/03/29/210330_HSDEngineUpdate_0.pdf
- 전세계 메이저 언론은 선박연료 변화를 주목 BUY I TP(12M): 14,000원  
  CP(3월 23일): 7,910원 - 하나대투 - 2021.03.24 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/03/23/210324_HSDEngineUpdate.pdf
- 선박엔진 수주계약이 빨라지고 있다 BUY I TP(12M): 14,000원 I CP(3월 18일): 7,620원 -
  하나대투 - 2021.03.19 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/03/18/210319_HSDEngineUpdate_0.pdf
- LNG추진 VL탱커 계약 선가 상승 BUY I TP(12M): 14,000원 I CP(3월12일): 7,320원 -
  하나대투 - 2021.03.15 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/03/12/210315_HSDEngineUpdate_0.pdf
- ‘20년 4분기 수주량 전분기 대비 3배 증가 BUY I TP(12M): 14,000원 I CP(3월 3일): 6,740원 -
  하나대투 - 2021.03.04 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/03/03/210304_HSDEngineUpdate_0.pdf
- 선박엔진 수주잔량의 증가 BUY I TP(12M): 14,000원 I CP(2월25일): 6,690원 -
  하나대투 - 2021.02.26 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/02/25/210226_HSDEngineUpdate_0.pdf
- 원화 강세와 선박 수주량 증가 BUY I TP(12M): 14,000원 I CP(2월19일): 7,220원 -
  하나대투 - 2021.02.22 
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/02/19/210222_HSDEngineUpdate_0.pdf
- 선박엔진 제작 기업의 제한된 경쟁 BUY I TP(12M): 14,000원 I CP(1월25일): 7,950원 -
  하나대투 - 2021.01.26
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2021/01/25/210126_HSD%20Engine%20Update_0.pdf
- 선박엔진 제작 기업은 단 두 곳뿐이다 BUY I TP(12M): 14,000원 I CP(12월29일): 8,010원 -
  하나대투 - 2020.12.30
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/12/29/201230_HSD%20Engine%20Update_0.pdf
- 기회2 vs. 리스크2 Hold (Downgrade) TP(12M) 7,700원(상향) 종가(2020/12/15) 8,500원
  상승여력 -9.4% - 하이투자 - 2020.12.16
  기회: ①LNG선 십수년의 호황 + ②D/F 확산
  기존 엔진보다 P와 수익성이 높은 LNG추진의 D/F 비중이 늘고 있다.
  1) 삼성중공업과 대우조선해양이 러시아 LNG 15척 수주를 마쳤고,삼성중공업의 모잠비크
   8척도 기다리고 있다. 
  동사의 캡티브 2사는 매년 LNG선 40척에 육박 풀 캐파로 돌아가고, (기업결합 승인이
  없을 경우) 동사는 M/S 70%~100%에서 0.3조원~0.5조원으로 무려 십수년을 간다.
  2) 캡티브2사가 수주한 D/F 엔진(LNG선 제외)은, 2019년 15척, 그리고 2020년 10월까지는 
  6척이지만, 최근 대우조선은 Hapag-Lloyd의 D/F 울트라막스 컨테이너선 6+6척과 
  D/F VLCC 10척 LOI를 따내 16+6척으로 늘고 있다
  위기① 현 잔고 0.8조원에서 내년 매출 0.72조원(-13%)으로 감소, 이익은 더 크게
  그러나 동사의 2021년 탑라인은 7,189억원으로 -13% 역성장해서 순이익단도 BEP, 
  ROE도 0% 안팎에 머무른다[표1]. 올해 수주가 3Q까지 누적 0.38조원에 그치고 있고, 
  4Q에 수주가 몰려 0.6조원대로 마무리해도 잔고는 2년 연속 소진되어 0.8조원대
  (1Q19 1.36조원)에 불과하기 때문이다
  고정비 부담 때문에 D/F 증가의 MIX 효과도 온전히 볼 수 없다.
  위기② 기업결합 승인 앞둠: 매출처의 1/3이 불확실
  무엇보다도 현대중공업 그룹과 대우조선해양의 기업결합 승인을 앞두고 있다. 
  EU가 기업결합을 승인해 합치는 쪽으로 기울 경우, 동사 수주의 50~80%를 차지하는 
  캡티브 2사 중 한 곳과의 거래가 차차 줄어들 개연성이 높다. 
  즉, 장차 신조 시장의 호황이 오더라도 이를 온전히 누릴 수 없다. 현재의 동사 주가 랠리는
  기업결합 승인을 멀리로 해석하는 듯 하다.
  VALUATION: 목표주가 7,700원으로 +18% 상향하지만, 투자의견 HOLD로 낮춤
  올해와 내년 ROE는 0% 안팎으로 이익잉여금이 쌓이지 않음에도, 조선사보다도 높은 
  PBR 1.5배로 평가 받고 있다. 
  그러나, 시장은 옳고 이러한 VALUATION을 설명해야 한다. 이에 동사의 VALUATION
  잣대를 타겟 PSR 0.5배로 변경하고, 14백만주 전환사채의 주식전환을 반영한 주식수에서
  목표주가를 7,700원 (기존 6,500원)으로 올리지만 상승여력 제한으로 
  투자의견은 “HOLD”로 내린다
  목표주가는 타겟 PBR 1.4배를 적용한 셈이며, 현재 조선주들은PBR 0.6배~1.0배에서, PSR은
  0.4배~0.6배에 거래되고 있다
  단, 현재의 VALUATION이 유지되기 위해서는, LNG선 건조 증가와 일반상선의 D/F 채택 
  확대에 따른 성장이 실현되기 위해서는, 대우조선해양이라는 캡티브를 잃지 않아야 한다. 
  즉,임박한 HHI-DSME의 기업결합승인이 동사에게 너무도 중요하다. 이를 확인하자.
- 조선소들의 선박수주는 곧 선박엔진 수요 증가 BUY I TP(12M): 14,000원(상향) 
  CP(12/11): 9,860원 - 하나대투 - 2020.12.14
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/12/13/201214_HSD%20Engine%20Update_0.pdf
- 선박엔진 가격이 오를 준비를 하고 있다 BUY I TP(12M): 11,000원 I CP(12월 9일): 8,490원 -
  하나대투 - 2020.12.10
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/12/09/201210_HSD%20Engine%20Update_0.pdf
- 중고선박의 추진엔진이 모두 망가지고 있다 BUY I TP(12M): 11,000원 I CP(12월 7일): 8,280원 -
  하나대투 - 2020.12.08
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/12/07/201208_HSD%20Engine%20Update_0.pdf
- ‘21년을 가장 크게 빛낼 선박 기자재 기업 BUY I TP(12M): 11,000원(상향)  CP(12/3): 7,400원 -
  하나대투 - 2020.12.04
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/12/03/201204_HSD%20Engine%20Update_0_0.pdf
- LNG/LPG 추진엔진 매출 비중 40% 돌파 BUY I TP(12M): 9,000원 I CP(11월20일): 5,320원 -
  하나대투 - 2020.11.23
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/11/20/201120_HSD%20Engine%20Update_0.pdf
- 싱가폴항구 입항 선박 급감, 신조선 교체수요 증가 신호 BUY I TP(12M): 7,000원 
  CP(10/ 19): 4,805원 - 하나대투 - 2020.10.20
www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2020/10/19/201020_HSD%20Engine%20Update_0.pdf
- 북극의 얼음이 없어지고 있다 BUY I TP(12M): 7,000원 I (9월 7일): 5,510원 - 
  하나대투 - 2020.09.08 200908_HSD Engine Update_0.pdf 
- 사우디에서도 Scrubber 입항 금지 BUY TP(12M): 7,000원 현재주가(8월 21일): 4,460원-
  하나대투-2020.08.24 200824_HSD Engine Update_0.pdf 
- 2분기 LNG 선박연료 판매량 4배 이상 증가 BUY TP(12M): 7,000원 현재주가(8월 5일): 4,660원 -
  하나대투 - 2020.08.06 200806_HSD Engine Update_0.pdf 
- 환 영향 감익, 흑자 유지, 운명의 9월 Buy (Maintain) 목표주가(12M) 6,500원(유지)
  종가(2020/07/24) 4,885원  상승여력 33.1 % - 하이투자 - 2020.07.27
  consensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=566763
- 선박추진엔진의 기본사양은 LNG추진이다 BUY I TP(12M): 7,000원 I CP(7월 17일): 4,810원 -
  하나대투 - 2020.07.20 200720_HSD Engine Update_0.pdf 
- 싱가폴항구에서 저황유 판매량 둔화 BUY I TP(12M): 7,000원 I CP(7월 14일): 4,800원 -
  하나대투 - 2020.07.14 200715_HSD Engine Update_0.pdf 
- 높은 매출 성장과 현금흐름의 개선 BUY I TP(12M): 7,000원 I CP(6월 17일): 4,595원 -
  하나대투 - 2020.06.18 200618_HSD Engine Update_0.pdf 
- LNG 선박 연료 부상과 스크러버 몰락 BUY TP(12M): 7,000원 (6월 9일): 5,150원-
  하나대투- 2020.06.09 200610_HSD Engine Update_0.pdf 
- 1.2조원+0.6조원의 D/F 엔진 Buy (Maintain) TP(12M) 6,500원(상향) 종가(06/02) 5,200원
  상승여력 25.0 % -  하이투자 - 2020.06.03
   consensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=562502
- Dual Fuel 엔진, HSD엔진이 생산한다 BUY TP(12M): 7,000원(상향) CP(6월 1일): 4,810원-
  하나대투- 2020.06.02 HSD 0602(3).pdf 
- 카타르發 100척의 LNG선 발주가 몰려온다 BUY I TP(12M): 5,000원(상향) 
   CP(5월 25일): 3,480원 - 하나대투 - 2020.05.26 20526_HSD Engine Update1_0.pdf 
- 환보다 D/F MIX 개선으로 서프라이즈 Buy (Maintain) 목표주가(12M) 4,500원(상향)
  종가(2020/04/24) 3,220원 상승여력 39.8 % -  하이투자 - 2020.04.27
  http://consensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=558242
- 유가 급락 이후 탱커 선사 주가는 평균 20% 상승 BUY I TP(12M): 4,500원  CP(4/ 17): 3,100원 -
  하나대투 - 2020.04.20
  http://consensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=557499
- 실적 전망치는 높아지고 있다 BUY I TP(12M): 4,500원(상향) I CP(4월 8일): 2,830원 -
  하나대투 - 2020.04.09
  http://consensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=556482
- 탐방노트) +α가 될 세 가지 이유 Not Rated 현재주가 (1.24) 5,960 원 - 
  메리츠증권 - 2019.01.25 
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=510332
- 2019년 선박 인도량 32.5% 증가 BUY I TP(12M): 7,000원 I CP(1월 15일): 5,680원 -
  하나대투 - 2019.01.16
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=509132
- 분할합병으로 변경상장 예정 중립 (유지) 현재가 (5/23) 7,000원 - IBK투자 - 2018.05.25 
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=478763
- 가벼워진 엔진 & +20%의 거의 무위험 수익 Buy(Maintain) 목표주가(12M) 7,200원
  종가(2018/04/26) 6,210원 - 하이투자 - 2018.04.27
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=474546
- 대세는 LNG선, LNG 추진이 되고 있다 BUY I TP(12M): 7,000원 I CP(4월17일): 5,470원 -
  하나대투 - 2018.04.18
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2018/04/17/180418_Doosan%20Engine%20Update.pdf
- 선가 오를수록 엔진 가격도 상승한다 BUY I TP(12M): 7,000원 I CP(4월 9일): 5,410원 -
  하나대투 - 2018.04.10
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=471815
- 두산엔진, 드디어 새 둥지를 찾다 Overweight I TP(12M): 7,000원 I CP(3월 13일): 4,220원 -
  하나대투 -2018.03.14
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2018/03/13/180314_Doosanengine%20Issue%20comment.pdf
- 지분가치와 영업가치간 줄다리기 중립 (유지) 현재가 (11/29) 5,040원 - IBK투자 - 2017.11.30 
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=454695

- 점진적 실적 개선 가능 BUY / TP 4,800원 - 현대차투자 - 2017.11.06
  http://hkconsensus.hankyung.com/apps.analysis/analysis.downpdf?report_idx=450346
- 선박엔진 수요는 점점 늘어나고 있다 BUY I TP(12M): 7,000원 I CP(8월 28일): 3,980원-  
  하나대투 - 2017.08.29 
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2017/08/28/doosan%20engine%200829.pdf
- 선박 엔진 수주가 대규모로 늘어나고 있다 TP(12M): 7,000원 - 하나대투 -2017.06.22 
https://www.hanaw.com/download/research/FileServer/WEB/industry/enterprise/2017/06/21/doosan%20engine%200622.pdf
- ① DF(Dual Fuel)엔진의 수익성 확인: 1Q OPM 3.4% 서프라이즈
  ② 최근 일반상선에도 DF 엔진 채택 움직임 포착 - 
  하이투자 -2017.05.08 - 하이20170508두산엔진.pdf