삼성SDI

Business Overview

Samsung SDI operates two business segments: Energy Solutions (batteries) and Electronic Materials. The Energy Solutions segment includes medium/large batteries for EVs and PHEVs, utility- and commercial-scale ESS, UPS batteries, and small batteries (for power tools and data-center BBUs), while the Electronic Materials segment covers semiconductor and display (OLED) materials. Per the 2023 annual business report, the Energy Solutions segment generated revenue of KRW 20.4061 trillion, accounting for approximately 90% of total revenue.

Reference: 2023 annual business report (A) · Latest 2024/2025 segment breakdown not obtained

5-Year Financial Trend (Consolidated)

2026 Quarterly Results

Reference: 2026-04-28 earnings release (A) · Source: Samsung SDI official IR

Valuation (Factual Multiples)

The PBR numerator (share price) is as of 2026-07-16 while the denominator (BPS based on total equity) is as of 2025-12-31 — the reference dates differ; the most recent quarterly total equity figure was not obtained.

Peer Comparison

For the January–May 2026 cumulative period (excluding the Chinese market), the combined market share of the three Korean battery makers was 28.4%, down 8.7 percentage points year-over-year (A, compiled from media reports). Samsung SDI has fallen outside the global top 10 in absolute shipment terms.

Supply-Demand Trends (Estimate — Not Cross-Checked Against KRX Source)

For the single trading day 2026-07-16 (based on scraped aggregation, not cross-checked against official KRX data): net retail inflow of 71,214 shares, net institutional outflow of 72,155 shares, and net foreign outflow of 118 shares — effectively near-neutral. Foreign ownership was recorded at 26.31% (a snapshot at time of query; exact reference date not indicated).

Over the 2026-06-16 to 2026-07-16 period, the short-selling ratio fluctuated in a range of 1.14%–7.72% (estimate, media/scraped sources). Cross-checking against the primary source failed due to a change in KRX login policy, and the margin loan balance was not obtained through any research channel.

Ownership & Governance

In 2025, Samsung Electronics Co., Ltd. participated in Samsung SDI's rights offering, increasing its holding from approximately 13.46 million shares to 15.66 million shares; however, because the new share issuance expanded total shares outstanding, its ownership ratio remained in the 19% range. Treasury shares stood at approximately 4.27% of total shares outstanding as of 2025-12-31.

Reference dates 2025-12-31 / 2026-03-31 / 2026-07-01 as indicated (A) · Source: DART annual report, quarterly report, and large-shareholding disclosures

Macro Environment

The ESS share of revenue has been expanding, from 14.6% in 2024 to 22.9% in 2025 and a projected 26.5% in 2026 (including forecasts), and it was reported on 2026-07-10 that the company won 21 of 32 lines (66%) in a US data-center ESS support program (A).

Reference dates as indicated per item · Source: Bank of Korea, Investing.com, TradingEconomics, Battery Today, ZDNet Korea, and other media reports, compiled

Recent News Timeline

• 2026-07-16 — The KOSPI index fell 7.21% from the previous trading day (6,759.31), led by a semiconductor-sector sell-off triggered by news of a large-scale IPO by China's ChangXin Memory Technologies (CXMT). No disclosure specific to Samsung SDI itself was identified.
• 2026-07-14 — Samsung SDI announced that its UPS battery became the world's first to pass a large-scale indoor fire test administered by global safety-certification body UL Solutions.
• 2026-04-20 to 21 — Signed its first EV battery supply agreement with Mercedes-Benz (high-nickel NCM; contract size undisclosed), securing all three major German automakers (BMW, Audi, and Mercedes-Benz) as customers.
• 2026-03-11 — Unveiled the world's first pouch-type solid-state battery sample for physical AI (robotics) applications at 'InterBattery 2026'.
• 2026-02-19 — Announced plans to dispose of part of its stake in Samsung Display (15.2%, book value over KRW 10 trillion) to secure investment funding and improve its financial structure (counterparty, size, and timing undetermined).
• 2026-01-30 — Announced that its US subsidiary signed a battery supply agreement (counterparty and size undisclosed; industry sources speculate it is for Tesla-bound ESS applications).

Reference dates as indicated per item (A, a mix of primary announcements and secondary media reports) · Source: Samsung SDI official releases, Herald Economy, Electronic Times, Money Today, and others

Risk & Uncertainty Factors

• Continued EV demand slowdown (the 'chasm') — global EV sales of approximately 3.9 million units in Q1 2026 (-8% YoY), with the US in particular projected at -19% for full-year 2026
• The US IRA 45X AMPC tax credit deadline was shortened from 2032-12-31 to 2026-12-31, raising the possibility that the tax credit for domestic production will expire early
• Continued market-share erosion from the expansion of low-cost LFP batteries by China's CATL and BYD (see Peer Comparison)
• Cost pressure from an effective US import tariff of approximately 220% on Chinese graphite (anode material), finalized 2026-02-11
• Low utilization rates following large-scale capital investment in 2022–2023 (approximately 40–45% in Q1 2026) — the pace of recovery will affect earnings
• Solid-state batteries are targeted for mass production in H2 2027, but technical uncertainty remains, as translating lab-scale results into factory-level yield typically takes 2–3 years