In the nuclear power industry, the "Operation and Maintenance (O&M)" market is just as important as new construction. This market, which involves replacing equipment and maintaining the performance of operating nuclear power plants, generates regular demand, unlike new plant construction. Therefore, it can serve as a more practical indicator for gauging the revenue stability of related companies.

■ Beyond Nuclear Power Instrumentation and Control: Pursuing Business Diversification

According to Corporate Monitor, Uri Technology has designated nuclear power instrumentation and control as its core business while expanding into defense, offshore wind, and smart bio sectors. Its consolidated subsidiaries include Uri DS, responsible for defense; Aphae Offshore Wind Power Plant, related to offshore wind; and Uri Smart Bio, which operates smart farms.

However, based solely on currently available materials, it is difficult to compare the specific share of each business within total revenue and operating profit. Therefore, it is appropriate to classify nuclear power instrumentation and control as the core business, with defense, offshore wind, and smart farms as axes of business diversification.

■ SMR Technology Development Underway... Commercialization Requires Separate Verification

The Small Modular Reactor (SMR) related business is also a factor drawing interest. According to public materials, Uri Technology has been introduced as having performed the design of a test distributed control system cabinet and the development of control logic applicable to SMRs. However, test design and control logic development do not immediately lead to commercial nuclear power plant delivery or revenue generation. It must be separately verified whether these will translate into actual orders and supply contracts through future participation in national projects and technology verification.

Corporate Monitor also lists the selection for a supply contract for a multi-purpose reactor distributed control system in December 2025 and a successful competitive bid for a fixed-price contract for the Aphae Offshore Wind Power Plant. However, contract scale and the schedule for future performance reflection need to be confirmed through individual disclosures and company announcements.

■ Four Key Points to Monitor Going Forward

Rather than evaluating Uri Technology simply as a nuclear power concept stock, the following factors should be comprehensively examined.

1. The emergence of additional supply contracts with Korea Hydro & Nuclear Power 2. The conversion of existing nuclear power plant equipment improvement needs into repeat orders 3. The actual progression of SMR-related technology development into the ordering phase 4. Specific verification of the revenue contribution from non-nuclear businesses such as defense and offshore wind

Recent stock price movements are strongly characterized by being aligned with overall supply and demand trends in the nuclear power sector. Therefore, actual contract execution and new order intake need to be evaluated separately.

[※ This article is intended for informational purposes only, and investment decisions and their consequences are the sole responsibility of the investor. As matters related to specific stocks and companies are highly volatile and fluid, please verify further through the latest disclosures and multiple sources before making any investment decisions. This is an article partially assisted by AI.]