prediction
4Q26 engine deliveries are expected to be between 2Q26 and 3Q26 levels, with quarterly deliveries near 2H26 levels while high ASP is maintained.
A prediction by 현대차증권 조선/방산 백주호. Statements are as reported by the cited publishers — not verified by DecisionGateway.
4Q26 엔진 인도대수는 2Q26과 3Q26의 중간 수준 예상.
Discussion
Related claims
The 3Q26 earnings improvement was driven by fixed-cost leverage from higher engine deliveries, expanded recognition of 2025 high-price orders, and a rising share of LPG DF engines.현대차증권 조선/방산 백주호 · statementDF engine revenue share expanded from 7% in 2Q26 to 20% in 3Q26, and the revenue share of 2025 orders rose to about 70%.현대차증권 조선/방산 백주호 · statement3Q26 revenue is expected at 691억원 (YoY -45.8%) with an operating loss of -263억원, in line with estimates, as the absence of new titles accelerates declines in both PC and mobile.현대차증권 인터넷/게임 최승호 · predictionCurrent engine capacity is about 1.4 million horsepower with 11 test beds in operation; adding one test bed could raise nominal capacity by about 10%, and a two-shift system is under review for 2027 output expansion.현대차증권 조선/방산 백주호 · statement에버런스社의 데이터센터 전력 인프라에 활용될 L35/44G 신규 엔진 부품 개발이 순조롭게 진행 중이며, 증축 공장에서 전량 개발/공급이 '27년부터 이루어진다.하나증권 미래산업팀 · statementThe 2026 Q4-2027 Q1 buy direction is maintained; if data center construction is not fully halted, the real impact on the industry and earnings is expected to be limited.FICC리서치부 전략/시황: 이경민 · commitment