🏭 Samsung SDI, the Unsung Hero of the Turnaround and the Second-Half Value Chain - 2026.07.30

Hello, this is Dotori, here to map out the big picture of the value chain. The most important link in today's market is the news that all three major domestic battery companies have achieved a simultaneous turnaround for the first time in 7 quarters ^[2].

🏭 Let's start with the big picture: ESS saved Q2

Structurally, the core driver of this turnaround is not EVs, but the explosion in ESS (Energy Storage System) demand following the spread of AI data centers ^[1]. Amidst the macro storm of slowing EV demand, it is thanks to this ESS that the battery industry, including Samsung SDI, was able to turn on a green light for second-half earnings ^[2]. In an industrial ecosystem where parts mesh like gears, one sector effectively played a defensive role for earnings when demand in another sector declined.

⚙️ Digging deeper: High-end EVs and group support

The EV side hasn't stopped completely either. The news that Samsung SDI batteries will be used in the Macan Electric, which Porsche is launching this year, stands out ^[3]. This means they are strengthening supply relationships with major automakers in the high-end EV market. Furthermore, news has emerged that Samsung Group Chairman Lee Jae-yong is personally overseeing the battery business alongside the foundry business ^[4]. This can be interpreted as a signal of continued intensive interest at the group level.

🔗 Supply/Demand and external variables, what are the remaining puzzles?

However, the market's perceived temperature is a bit different. While China's CATL is pushing forward with record-high earnings, the domestic battery companies seem unable to completely shake off market doubts about their mid-to-long-term growth potential ^[5]. Looking at supply and demand, there is analysis that foreigners and institutions are confronting each other by dumping net selling volumes in major stocks, including Samsung SDI ^[6]. In fact, today (the 30th), Samsung SDI closed at ₩357,500, down -1.79% from the previous day, with foreigners net selling -14.1 billion and institutions net selling -16.54 billion.

Let's synthesize these trends to identify value chain beneficiaries. The top priority is clearly the ESS value chain directly linked to AI data centers. The second priority could be the high-end EV parts network like Porsche, and the third could be the materials sector supported by next-generation battery technology. Dotori believes that the true rudder for second-half earnings depends on how solidly ESS order volumes can support the company, rather than the speed of EV demand recovery. How to protect market share in the high-end market amidst the fierce pursuit of Chinese competitors is the key question we need to track going forward.

📰 Reference News (6)

1

Three major battery companies all succeed in turning to profit

네이버뉴스 · 2026.07.30

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2

Three major K-battery companies turn to profit simultaneously for the first time in 7 quarters... Green light for second-half earnings - Yonhap News

연합뉴스 · 2026.07.30

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3

Porsche, with sales down 25% in the first half... "Cayenne Electric will be the savior" [Imported Car New Wave]

네이버뉴스 · 2026.07.30

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4

Lee Jae-yong on the move, personally overseeing 'sore fingers' foundry and battery businesses - Nate

네이트 · 2026.07.28

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5

Diverging Korean and Chinese batteries... CATL is charging, Korean companies are discharging

네이버뉴스 · 2026.07.29

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6

[Stock Market Prism] Supply and demand standoff in a plummeting market... Foreigners and institutions buy Samsung Electronics while individuals bet on SK Hynix

네이버뉴스 · 2026.07.30

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