DEEP RESEARCH · G2POWER
G2POWER: Nuclear Switchgear and Immersion-Cooling ESS as the Next Power-Equipment Cycle
A review of 2025 earnings surprise, Shin-Hanul 3/4, and GEM overhang risk.
0. Bottom line first
G2POWER’s 2025 results show a backlog-driven power-equipment company entering operating leverage. The key risk is GEM Global Yield’s 4.99%, or 930,000 shares, which could cap upside when positive news arrives.
1. Business structure and moat
G2POWER makes and installs switchgear, solar power systems and ESS based on CMD condition-monitoring technology.
| Segment | Products | Q3 2025 share | Edge |
|---|---|---|---|
| Switchgear | High/low-voltage panels, MCC, distribution panels | 64.83% | AI partial-discharge prediction, fire-prevention CMD, public procurement |
| Solar | Solar EPC, junction boxes, inverters | 25.45% | MPPT inverter and arc diagnosis |
| ESS/other | ESS, PCS, CMD modules | 9.72% | Potential growth driver if S-OIL immersion-cooling ESS commercializes |
56 patents and KEPIC-EN
The company obtained nuclear electrical Q Class certification in July 2024.
Public-procurement moat
Excellent product, innovative product, NET and NEP certifications support public contracts.
20-year infrastructure life
Once switchgear and EMS are installed, compatibility supports repeat purchases.
2. 2025 results and 2026 guide
| Metric | 2024 | 2025 preliminary | YoY |
|---|---|---|---|
| Revenue | KRW 55.4B | KRW 77.3B | +39.6% |
| Operating profit | KRW 3.67B | KRW 8.80B | +139.9% |
| Pre-tax profit | KRW 4.50B | KRW 6.66B | +47.9% |
| Net income | KRW 4.21B | KRW 5.52B | +31.2% |
Official fact: The source describes the Shin-Hanul 3/4 high-voltage switchgear contract with KHNP as KRW 43.0 billion, or KRW 39.16 billion on a disclosure basis, with delivery from June 2027 to March 2029.
Interpretation: The source presents 2026 revenue above KRW 100 billion and operating profit of KRW 11 billion as possible, driven by nuclear revenue recognition, about KRW 34.7 billion solar EPC revenue, and S-OIL immersion-cooling ESS.
3. Macro: distributed energy and AI data centers
4. Timeline, capital and risk
- Founded in December 2010; listed on KOSDAQ in April 2022 with KRW 12.5 billion IPO proceeds.
- KEPIC-EN in July 2024; Shin-Hanul contract in February 2025; S-OIL immersion-cooling ESS MOU in July 2025.
- Q3 2025 cash and short-term financial products totaled about KRW 30 billion.
- Track GEM Global Yield’s 4.99%, 930,000 share overhang through ownership filings.
The source’s final stance is closer to wait-and-see than chase-buying until the GEM supply risk is clarified.
Sources
- Original post: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=224195831270
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