Hana Securities analyzed Samsung SDI's recent stock surge, which reached approximately 97% over the last three months, as a reflection of improved performance expectations, and significantly raised its target price from 4.69 million won to 8.57 million won on the 29th. The firm maintained its "Buy" rating, emphasizing that while short-term downward adjustment pressure may have increased due to the rapid stock rise, it does not constitute a fundamental sell signal. Researcher Kim Hyeon-soo recommended holding the stock, noting that although the sharp upward trend may cause temporary volatility, it indicates sufficient long-term growth drivers.
Outlook for the electric vehicle battery business division is particularly bright. Fixed cost burdens have been significantly reduced after cutting production capacity at its local European plant by about 20% over the past three years. Starting in the second half of this year, new Hyundai projects will commence, BMW's new business will begin operations next year, and Mercedes-Benz's new model is scheduled to join the lineup in 2028. Hana Securities predicts that due to these positive factors, the utilization rate of the current 50% level at the Hungarian plant will increase significantly to over 80% next year.
The argument that the market size will expand due to insufficient power demand in North America is gaining traction in the energy storage system sector. This segment shows structural growth potential beyond simple demand increases, suggesting it will play an important role as a driving force for future performance improvements. In particular, the demand shortage in the North American market is directly stimulating investment demand for ESS facilities, leading to high expectations for the growth of this business division.
Signs of performance improvement are already evident in the numbers. The operating loss in the first quarter was recorded at 15.56 trillion won, a significant reduction from the previous quarter, which is an important signal. Researcher Kim interpreted this as a turning point, noting that although losses have continued for six consecutive quarters, the loss margin has been shrinking for the past two consecutive quarters. This indicates that internal cost reduction, improved production efficiency, and the full realization of revenue from new projects are proceeding simultaneously.