Samsung SDI
Samsung SDI · Batteries
01Wall Street Consensus
02Earnings Results
※ EPS = 561억 / 75.95M주 (보통주 기준)
Key Takeaways
- 1Q26 revenue ₩3.576T (+12.6% YoY)
- Operating loss ₩155.6B — 64.2% YoY narrowing
- Net income ₩56.1B — return to profit
- Battery: revenue ₩3.354T (op loss ₩176.6B)
- Electronic materials: revenue ₩222.0B (op profit ₩21.0B)
- Multi-year supply agreement with Mercedes-Benz — all 3 German premium OEMs secured
Key Checkpoints
- 01Solid-state battery development timeline — pilot production status and commercialization roadmap
- 02GM JV (Ultium Cells) contribution — US production ramp and profitability timeline
- 03Prismatic cell market share — BMW, Volkswagen, and other European OEM supply
- 04ESS revenue growth — grid-scale battery storage order pipeline
- 05Operating margin trajectory — path from low single digits to 8%+ target
Upside Catalysts
- Solid-state battery breakthrough: if Samsung SDI achieves commercial viability, it would be industry-defining
- GM JV production ramp: US-made IRA-compliant batteries securing domestic EV supply chain
- BMW partnership deepening: next-gen Neue Klasse platform exclusively using Samsung SDI cells
- ESS growth: utility-scale battery storage demand growing 40%+ YoY — diversifying beyond EV
- 46-series cylindrical cell development: next-gen form factor for broader OEM adoption
Risk Factors
- Solid-state timeline risk: technology still unproven at commercial scale — 2028+ target may slip
- EV demand moderation: European OEM customers adjusting EV targets downward
- CATL and BYD competition: Chinese battery makers expanding globally with lower costs
- GM JV profitability: Ultium Cells plants have been slow to ramp — cash burn continuing
- Iran war: rising oil prices and macro uncertainty potentially delaying EV purchase decisions
1Final Verdict
Samsung SDI is pursuing a technology-leadership strategy in the battery industry, with its solid-state battery program as the centerpiece. Consensus EPS ₩2,500, Revenue ₩4.8T.
While current financials are under pressure from EV demand moderation and Chinese competition, Samsung SDI is betting that solid-state batteries will create a step-function improvement in energy density, safety, and charging speed that reshapes the competitive landscape. The company is targeting pilot production in 2027 and commercialization by 2028.
In the near term, the GM JV ramp and BMW Neue Klasse partnership provide revenue growth visibility, while ESS offers a less cyclical demand stream. The KOSPI crash may create an attractive entry point for investors with a 2-3 year horizon.
2Battery Technology & Partnerships
Solid-State Battery:
- All-solid-state using sulfide-based electrolyte
- Energy density: 900+ Wh/L (vs 700 Wh/L for current lithium-ion)
- 9-minute fast charge (20-80%)
- Pilot line: planned for 2027
- Commercial production: targeting 2028-2029
- If successful: redefines EV range, safety, and charging paradigm
Current Product Portfolio:
- Prismatic cells: BMW, Volkswagen, Stellantis supply
- Cylindrical cells: power tools, micro-mobility
- ESS: grid-scale and commercial battery storage
- 46-series cylindrical: development for next-gen EV applications
Key Partnerships:
- GM: Ultium Cells JV — Indiana plant operational, additional US capacity planned
- BMW: Exclusive supplier for Neue Klasse platform (2026+ launch)
- Stellantis: European supply for EV models
- Hyundai: Korean supply for domestic EV models
Financial Recovery Path:
- Operating margin: low single digits → target 8%+ by 2027
- GM JV breakeven: expected H2 2026
- ESS margin: higher than EV battery margins
- Product mix improvement: more premium cells with higher ASP
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)