---
title: "4Q26 engine deliveries are expected to be between 2Q26 and 3Q26 levels, with quarterly deliveries… — 현대차증권 조선/방산 백주호 — DecisionGateway"
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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.*

hmsecresearchPublished 2026-11-02 [ Read source](https://t.me/hmsecresearch/6153)

## **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 · statement](https://dgw.tmarket.io/claims/01a1d939-d013-72d2-9a10-6f0e0fde0666) [**DF 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 · statement](https://dgw.tmarket.io/claims/01a1d939-d020-7507-a5c3-371c543a3a64) [**3Q26 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 · prediction](https://dgw.tmarket.io/claims/01a1d940-b964-7f8f-a4e8-3f73af4b3371) [**Current 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 · statement](https://dgw.tmarket.io/claims/01a1d939-d041-7992-81e7-f24342b6cc5d) [**에버런스社의 데이터센터 전력 인프라에 활용될 L35/44G 신규 엔진 부품 개발이 순조롭게 진행 중이며, 증축 공장에서 전량 개발/공급이 '27년부터 이루어진다.**하나증권 미래산업팀 · statement](https://dgw.tmarket.io/claims/01a1cea9-f4a8-7494-b9bf-3ad2e75182e3) [**The 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](https://dgw.tmarket.io/claims/01a1d71d-c57d-76cc-b3b1-9d32984f959b)

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```

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