DEEP RESEARCH · DOOSAN
[Doosan] Business Analysis, CCL, and RCC
A long-term business analysis of construction equipment, energy, electronics materials, and CCL/RCC competitiveness
0. Bottom line first
Doosan looks like a structure that places future options, including electronics materials such as CCL/RCC, collaborative robots, fuel cells, and semiconductor testing, on top of cash-generating bases in construction equipment and energy. In particular, Doosan Electronics BG's high-end CCL/RCC is tied to AI, 5G/6G, autonomous driving, and foldable-device cycles.
1. Main businesses and 2021-2023 revenue trend
Official fact: The original post divides Doosan into construction equipment via Doosan Bobcat, energy/plant via Doosan Enerbility, electronics materials via Doosan Corporation Electronics BG, plus new businesses such as collaborative robots and fuel cells. It cites Shinailbo earnings article and Doosan Robotics loss link.
| Item | Original-post figure | Meaning |
|---|---|---|
| 2023 consolidated revenue | KRW 19.1301tn | +12.6% YoY |
| 2023 Doosan Bobcat revenue | About KRW 9.7589tn | About 51% of total |
| 2023 Doosan Enerbility revenue | About KRW 7.6519tn | About 40% of total |
| 2023 separate Doosan Corp. revenue | KRW 1.1783tn | Down 10% YoY |
| Doosan Fuel Cell 2023 revenue | KRW 260.9bn | Mentioned as a new-business indicator |
In 2021, energy including power equipment had the largest share, but in 2022-2023 Doosan Bobcat's construction-equipment revenue grew sharply and became the group's largest revenue source. The remaining roughly 10% is described as revenue from Doosan's own businesses, including electronics materials.
2. Drivers of recent earnings change
Bobcat record revenue
Infrastructure investment and construction-equipment demand recovery drove about USD 5.082bn, roughly KRW 6tn, in revenue. Doosan Bobcat
Industrial-vehicle integration and North American demand
Doosan Bobcat revenue rose 24.1% YoY to USD 6.674bn, about KRW 8.6219tn. Doosan Bobcat
Construction equipment plus energy
North American demand, supply-chain normalization, and energy-project progress improved consolidated revenue and operating margin. Opinion News
The original post says Doosan Enerbility's revenue improved by more than 17% annually during 2022-2023 due to Korea's nuclear policy shift and overseas combined-cycle power orders. For 2023, it mentions KRW 7.65tn revenue, KRW 225.1bn operating profit, and KRW 8.8tn in new orders, up 18.8% YoY, driven by major projects such as UAE nuclear.
3. CCL/RCC competitiveness
Official fact: The original post says Doosan Electronics BG has operated in CCL since the early 2000s and can produce customized CCL by finely adjusting the resin-mix ratio in the insulating layer. It cites BusinessKorea Blackwell CCL article and customized CCL link.
- The original post says Doosan is the first company globally to secure both FCCL manufacturing methods. Doosan Electronics FCCL link
- FCCL is presented as having durability with no shape change even after more than 200,000 folds and unfolds, along with strong adhesion and heat resistance. Doosan Newsroom
- A sole-supply case for package CCL used in NVIDIA's latest AI accelerator is cited as evidence of high-end market technology. BusinessKorea
- In global CCL, Doosan is described as ranking around second after Taiwan's EMC, with stronger competitiveness in high-value products. BusinessKorea
- The post also says Doosan has maintained the No. 1 position in the global premium CCL market, with about 20% share, since 2016. Doosan Electro-Materials
4. CCL vs. RCC
| Category | CCL (Copper Clad Laminate) | RCC (Resin-Coated Copper) |
|---|---|---|
| Thickness | Relatively thick | Very thin |
| Manufacturing process | Requires prepreg lamination | Simpler process |
| High-frequency traits | Potential signal loss | Low signal loss |
| Applications | Smartphones, laptops, servers, automotive electronics | Foldable phones, ultra-slim devices, high-frequency products |
| Flexibility | Does not bend | Flexible |
Interpretation: CCL has broad applicability, while RCC becomes more valuable in ultra-thin, high-density, high-frequency products. The original post says RCC helps minimize signal loss in 5G high-frequency bands and that Doosan RCC is well regarded for high-density board implementation and signal-noise reduction. RCC 5G link RCC noise link
5. Market share and customers
The original post says Doosan Electronics BG is known to hold about 24% of the global flexible CCL market for mobile devices and about 29% of the semiconductor package CCL market. KED Global Its high-end PCB-material customer base is described as expanding from Korean package-substrate companies such as Samsung Electro-Mechanics, LG Innotek, and Simmtech into global supply chains for companies such as Apple and NVIDIA.
The post also says Doosan has supplied CCL to PCB makers such as Daeduck Electronics, Isu Petasys, and Korea Circuit, and has built relationships with global smartphone, telecom-equipment, and automotive-electronics companies. customer link
6. Five-year outlook
2030 revenue target of USD 12bn
The post cites a strategy for 11% annual growth through M&A and innovation. Doosan Group
Nuclear, SMR, hydrogen turbines
Nuclear renaissance, SMR, and hydrogen co-firing turbine development are expected to support portfolio transition.
AI, 5G, autonomous-driving demand
The post cites external forecasts that the global CCL market may grow from about USD 16.4bn in 2023 to around USD 30bn by 2030. Grand View Research Spherical Insights
The original post expects Electronics BG to potentially grow at double-digit rates over the next five years, supported by the 2024 start-up of the dedicated FCCL plant in Gimje, CCL supply for NVIDIA AI chips, the 2025 Electronics BG revenue target of KRW 2tn, and a rising high-end product mix. But high rates, geopolitical risk, and supply-chain instability also need monitoring. Shinailbo strategy and risk link
7. Overall assessment
Overall, Doosan is assessed as a company with both firm competitiveness in core businesses and growth potential in future businesses. Doosan Bobcat is a top-tier global compact construction-equipment company with product and distribution advantages, while Doosan Enerbility is Korea's only nuclear main-equipment maker and could benefit from a nuclear renaissance. Electronics materials could become a key supplier to AI, autonomous-driving, and 6G cycles through high-end PCB-material technology and market share.
Sources
- Original post: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=223762837290
- 신아일보: 2023년 두산 실적: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EB%91%90%EC%82%B0%EC%9D%80%202023%EB%85%84%20%EC%97%B0%EA%B2%B0%EA%B8%B0%EC%A4%80%20%EB%A7%A4%EC%B6%9C%2019%EC%A1%B01301%EC%96%B5%EC%9B%90%2C,%EC%A6%9D%EA%B0%80%ED%96%88%EB%8B%A4
- 신아일보: 두산로보틱스 손실: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EB%98%90%20%EB%91%90%EC%82%B0%EB%A1%9C%EB%B3%B4%ED%8B%B1%EC%8A%A4%EB%8A%94%20%EC%8B%A0%EA%B7%9C%20%EB%9D%BC%EC%9D%B8%EC%97%85%20%ED%99%95%EB%8C%80%2C,%EB%B9%84%EC%9A%A9%EC%9D%B4%20%EB%B0%98%EC%98%81%EB%8F%BC%20192%EC%96%B5%EC%9B%90%EC%9D%98%20%EC%98%81%EC%97%85%EC%86%90%EC%8B%A4%EC%9D%84%20%EA%B8%B0%EB%A1%9D%ED%96%88%EB%8B%A4
- 신아일보: 성장 배경: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EB%8D%95%EB%B6%84%EC%97%90%20%EC%84%B1%EC%9E%A5%ED%96%88%EB%8B%A4
- 신아일보: 별도 실적 하락: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EC%8B%A4%EC%A0%9C%20%EB%B3%84%EB%8F%84%EA%B8%B0%EC%A4%80%20%EB%91%90%EC%82%B0%EC%9D%98%20%EC%8B%A4%EC%A0%81%EC%9D%80%20%ED%95%98%EB%9D%BD%ED%96%88%EB%8B%A4,%EB%93%B1%20%EC%A0%84%EB%B0%A9%EC%8B%9C%EC%9E%A5%20%EB%B6%80%EC%A7%84%EC%9D%B4%20%EC%A7%80%EC%86%8D%EB%90%9C%20%EC%98%81%ED%96%A5%EC%9D%B4%EB%8B%A4
- 신아일보: 두산에너빌리티 실적: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EB%91%90%EC%82%B0%EC%97%90%EB%84%88%EB%B9%8C%EB%A6%AC%ED%8B%B0%EC%9D%98%20%EC%A7%80%EB%82%9C%ED%95%B4%20%EB%A7%A4%EC%B6%9C%EA%B3%BC%20%EC%98%81%EC%97%85%EC%9D%B4%EC%9D%B5%EB%8F%84%20%EA%B0%81%EA%B0%81,%EC%A6%9D%EA%B0%80%ED%95%9C%208%EC%A1%B08860%EC%96%B5%EC%9B%90%EC%9D%84%20%EC%98%AC%EB%A0%B8%EB%8B%A4
- Doosan Bobcat 2021 news: https://www.doosanbobcat.com/en/mediacenter/news/detail?id=209&page=2&pageSize=10#:~:text=News%20%3A%20Media%20Center%20%3A,
- Doosan Bobcat 2022 record revenue: https://www.doosanbobcat.com/en/mediacenter/news/detail?id=232&page=1&pageSize=10#:~:text=Doosan%20Bobcat%20reports%20all,072%20trillion%20%28USD%20829
- 오피니언뉴스: 두산 실적 개선: https://www.opinionnews.co.kr/news/articleView.html?idxno=100205#:~:text=%EB%91%90%EC%82%B0%EC%9D%80%20%EC%A3%BC%EC%9A%94%20%EA%B3%84%EC%97%B4%EC%82%AC%EC%9D%98%20%EC%8B%A4%EC%A0%81%20%EA%B0%9C%EC%84%A0%EC%9D%B4,%EB%91%90%EC%82%B0%EC%97%90%EB%84%88%EB%B9%8C%EB%A6%AC%ED%8B%B0%EC%99%80%20%EB%91%90%EC%82%B0%EB%B0%A5%EC%BA%A3%EC%9D%98%20%EA%B2%AC%EC%A1%B0%ED%95%9C%20%EC%8B%A4%EC%A0%81%EC%9D%B4%20%EC%9D%B8%EC%83%81%EC%A0%81%EC%9D%B4%EB%8B%A4
- 오피니언뉴스: 연결 실적: https://www.opinionnews.co.kr/news/articleView.html?idxno=100205#:~:text=14%EC%9D%BC%20%EA%B8%88%EC%9C%B5%EA%B0%90%EB%8F%85%EC%9B%90%EC%97%90%20%EB%94%B0%EB%A5%B4%EB%A9%B4%20%EB%91%90%EC%82%B0%EC%9D%98%20%EC%A7%80%EB%82%9C%ED%95%B4,%EC%98%81%EC%97%85%EC%9D%B4%EC%9D%B5%EC%9D%80%202.9
- BusinessKorea: Blackwell CCL: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=Doosan%2C%20which%20entered%20the%20CCL,Isu%20Petasys%2C%20and%20Korea%20Circuit
- BusinessKorea: customized CCL: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=position%2C%20particularly%20in%20the%20high,customized%20CCL%20for%20its%20clients
- Doosan Electro-Materials: high-end CCL: https://www.doosanelectronics.com/en/media/news/21000495#:~:text=Doosan%20Corporation%20Electro,tier%20smartphone%2C%20communications%2C%20and
- 두산 전자: FCCL 공법: https://www.doosanelectronics.com/kr/media/news/21000553#:~:text=%E3%88%9C%EB%91%90%EC%82%B0%20%EC%9C%A0%EC%8A%B9%EC%9A%B0%20%EC%82%AC%EC%9E%A5%EC%9D%80%20%E2%80%9CCCL%20%EC%82%AC%EC%97%85%EC%9D%84,%ED%99%95%EB%B3%B4%20%EB%93%B1%EC%9D%84%20%EC%A0%81%EA%B7%B9%EC%A0%81%EC%9C%BC%EB%A1%9C%20%EC%B6%94%EC%A7%84%ED%95%98%EA%B2%A0%EB%8B%A4%E2%80%9D%EA%B3%A0%20%EB%8D%A7%EB%B6%99%EC%98%80%EB%8B%A4
- 두산뉴스룸: KPCA Show 2024: https://www.doosannewsroom.com/?p=49511&cat=8&lang=ko#:~:text=%EC%B5%9C%EA%B7%BC%20%EC%8A%A4%EB%A7%88%ED%8A%B8%20%EA%B8%B0%EA%B8%B0%EB%8A%94%20%ED%8F%B4%EB%8D%94%EB%B8%94%2C%20%EB%A1%A4%EB%9F%AC%EB%B8%94,%EA%B5%AD%EB%82%B4%C2%B7%EC%99%B8%20%ED%8F%B4%EB%8D%94%EB%B8%94%ED%8F%B0%20%EC%A0%9C%EC%A1%B0%EC%82%AC%EB%A5%BC%20%EA%B3%A0%EA%B0%9D%EC%82%AC%EB%A1%9C%20%ED%99%95%EB%B3%B4%ED%96%88%EB%8B%A4
- BusinessKorea: high-end CCL market: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=Doosan%20Electronics%20BG%20has%20commenced,end%20CCL%20market
- BusinessKorea: Blackwell position: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=Doosan%27s%20CCL%20is%20presumed%20to,its%20position%20in%20the%20market
- BusinessKorea: CCL share: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=Currently%20holding%20the%20second,the%20latest%20AI%20accelerator%2C%20Blackwell
- Daum Cafe: 전자정보소재사업: https://cafe.daum.net/dsebg/25JF/512#:~:text=%EB%91%90%EC%82%B0%2C%20%EC%A0%84%EC%9E%90%EC%A0%95%EB%B3%B4%EC%86%8C%EC%9E%AC%EC%82%AC%EC%97%85%20%ED%96%89%EB%B3%B4%EC%97%90%20%EA%B4%80%EC%8B%AC%20,%EB%91%90%EC%82%B0%20%EC%83%81%EC%82%ACBG%20%EC%97%AD%EC%8B%9C
- Doosan Electro-Materials: customers: https://www.doosanelectronics.com/en/media/news/21000495#:~:text=Doosan%20Corporation%20Electro,communications%2C%20and%20network%20board%20manufacturers
- 두산뉴스룸: RCC·고객사: https://www.doosannewsroom.com/?p=49511&cat=8&lang=ko#:~:text=%EC%95%88%EC%A0%95%EC%84%B1%EC%9D%B4%20%EC%9A%B0%EC%88%98%ED%95%B4%20%EA%B5%AD%EB%82%B4%C2%B7%EC%99%B8%20%ED%8F%B4%EB%8D%94%EB%B8%94%ED%8F%B0%20%EC%A0%9C%EC%A1%B0%EC%82%AC%EB%A5%BC,%EA%B3%A0%EA%B0%9D%EC%82%AC%EB%A1%9C%20%ED%99%95%EB%B3%B4%ED%96%88%EB%8B%A4
- Doosan Electro-Materials: RCC 5G: https://www.doosanelectronics.com/en/media/news/21000500#:~:text=With%20the%20shift%20from%204G,low%20signal%20loss%20are%20required
- Doosan Electro-Materials: RCC noise reduction: https://www.doosanelectronics.com/en/media/news/21000500#:~:text=Doosan%20RCC%20,solution%20with%20reduced%20signal%20noise
- KED Global: CCL division: https://www.kedglobal.com/corporate-restructuring/newsView/ked202104130009#:~:text=Doosan%20taps%20PEFs%20to%20sell,the%20package%20CCL%20market
- BusinessKorea: high-end mix: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=last%20year%20to%2070,year
- Doosan Electro-Materials: auto radar: https://www.doosanelectronics.com/en/media/news/21000495#:~:text=Doosan%20Corporation%20Electro,1%20companies
- Doosan Group press release: Bobcat strategy: https://www.doosan.com/en/media-center/press-release_view?id=20172643#:~:text=Cho%20said%2C%20%E2%80%9CThe%20compact%20construction,%E2%80%9D%20He%20added
- Doosan Group press release: 2030 target: https://www.doosan.com/en/media-center/press-release_view?id=20172643#:~:text=Based%20on%20these%20competencies%2C%20Doosan,driving
- 오피니언뉴스: Bobcat outlook: https://www.opinionnews.co.kr/news/articleView.html?idxno=100205#:~:text=%EB%91%90%EC%82%B0%EB%B0%A5%EC%BA%A3%EC%9D%80%20%EB%A7%A4%EC%B6%9C%202%EC%A1%B03946%EC%96%B5%EC%9B%90%2C%20%EC%98%81%EC%97%85%EC%9D%B4%EC%9D%B5%203260%EC%96%B5,%EB%A7%A4%EC%B6%9C%20%EA%B7%9C%EB%AA%A8%EB%8A%94%20%EC%A6%9D%EA%B0%80%ED%95%A0%20%EA%B2%83%EC%9C%BC%EB%A1%9C%20%EC%98%88%EC%83%81%EB%90%9C%EB%8B%A4
- 오피니언뉴스: 신사업 기대: https://www.opinionnews.co.kr/news/articleView.html?idxno=100205#:~:text=match%20at%20L240%20%EB%91%90%EC%82%B0%EB%B0%A5%EC%BA%A3%EC%9D%80%20%EC%82%B0%EC%97%85%EA%B8%B0%EA%B3%84%EB%A5%BC%2C,%EC%9D%B4%EB%93%A4%20%EC%8B%A0%EC%82%AC%EC%97%85%20%EB%B6%80%EB%AC%B8%EC%9D%98%20%EC%84%B1%EC%9E%A5%EB%8F%84%20%EA%B8%B0%EB%8C%80%EB%90%9C%EB%8B%A4
- Grand View Research: CCL market: https://www.grandviewresearch.com/industry-analysis/copper-clad-laminates-market-report#:~:text=Copper%20Clad%20Laminates%20Market%20Size,from%202024%20to%202030
- Spherical Insights: CCL market: https://www.sphericalinsights.com/press-release/copper-clad-laminates-market#:~:text=Copper%20Clad%20Laminates%20Market%20Size%2C,during%20projected%20period
- BusinessKorea: 2024 CCL revenue outlook: https://www.businesskorea.co.kr/news/articleView.html?idxno=232197#:~:text=As%20Doosan%20continues%20to%20excel,this%20year
- Doosan Electro-Materials: 2025 target: https://www.doosanelectronics.com/en/media/news/21000495#:~:text=network%20board%20manufacturers
- 신아일보: three-axis strategy and risks: https://www.shinailbo.co.kr/news/articleView.html?idxno=1828925#:~:text=%EB%91%90%EC%82%B0%EA%B7%B8%EB%A3%B9%EC%9D%80%20%EC%97%90%EB%84%88%EC%A7%80%2C%20%EA%B8%B0%EA%B3%84%C2%B7%EC%9E%90%EB%8F%99%ED%99%94%2C%20%EB%B0%98%EB%8F%84%EC%B2%B4%C2%B7%EC%86%8C%EC%9E%AC%20%EB%93%B1,%EC%A7%80%EC%86%8D%2C%20%EC%A7%80%EC%A0%95%ED%95%99%EC%A0%81%20%EC%9D%B4%EC%8A%88%2C%20%EA%B3%B5%EA%B8%89%EB%A7%9D%20%EB%B6%88%EC%95%88%EC%A0%95%EC%84%B1