🔋 Samsung SDI's Structural Turnaround and Global Value Chain Analysis - 2026.06.13

Hello, how is everyone doing? This is Dotori, whose profession is industry analysis. Today, I'd like to point out the macroeconomic trends and microeconomic changes surrounding Samsung SDI along with objective data.

📚 Macro Perspective: Structural Turnaround Led by Data Centers

Recently, the battery industry as a whole has been sluggish due to the slowdown in electric vehicle (EV) demand. However, according to a systematic analysis, Samsung SDI is preparing for a structural turnaround through a new breakthrough called data centers ^[1].

According to a Samsung Securities report, the turnaround to profitability is expected to be moved forward from the fourth quarter to the third quarter of this year due to strong sales of battery backup units (BBU) and energy storage systems (ESS) for data centers ^[1]. The operating loss for the second quarter of this year is estimated at 73.5 billion KRW, but an operating profit of 14.3 billion KRW is expected in the third quarter ^[5]. Because of this, as the sales of relatively highly profitable product lines increase, an overall margin improvement is expected at this time.

🔗 Value Chain Perspective: Stellantis Joint Venture and Global Network

From the perspective of global supply chain reorganization, partnerships with automakers are very important. Recently, Chairman Lee Jae-yong accompanied the state visit to Italy and met with Ferrari Chairman John Elkann ^[2].

Chairman John Elkann is not only the chairman of Ferrari but also of Stellantis. Samsung SDI is building a battery joint venture plant, 'StarPlus Energy', in Kokomo, Indiana, USA, in partnership with Stellantis ^[2]. The communion of such top-level networks can have a positive impact on securing a stable supply chain and expanding market share in the North American market in the future.

🏭 Risk Management: Checking the Hungary Plant Issues

When analyzing long-term corporate growth, it is necessary to consider non-financial risks as well as financial indicators. Recently, local resident groups and environmental organizations have been raising issues surrounding the Samsung SDI battery plant located in Göd, Hungary ^[3].

Demands for information transparency regarding suspicions of toxic chemical leaks, noise problems, and industrial accidents during plant operations are growing ^[3]. As environmental regulations in Europe are gradually strengthening, proactive ESG risk management seems necessary so that these issues do not lead to local licensing problems or production disruptions in the future.

⚙️ Market Reaction and Differential Benefits in the Value Chain

Reflecting these complex factors, as of the 12th, Samsung SDI's closing price recorded 539,000 KRW, an 8.12% increase from the previous trading day ^[4]. With net buying from foreigners and institutions, it seems to have recovered the mid-500,000 KRW range.

Looking at the big picture of the industry, the expansion of AI data centers and the modernization of power grids are trends that will structurally continue. As a result, differential benefits are expected within the value chain.

• 1st Priority: Value chain directly supplying power ESS and data center BBUs to North America. Short-term performance improvement and margin expansion are analyzed to be the largest.
• 2nd Priority: Equipment and materials companies related to the Stellantis joint venture (JV). Trickle-down effects are expected in accordance with the preparation for full-scale operation of the Indiana plant.
• 3rd Priority: Companies participating in the R&D of lithium manganese oxide (LMO) and next-generation form factors. From a mid-to-long-term perspective, benefits through technological superiority are valid.

Dotori sees that the growth of the ESS sector triggered by data center demand can establish itself as Samsung SDI's new cash cow. Therefore, it is necessary to pay attention to the process of improving the corporate constitution as the profit structure, which was heavily biased towards EV batteries, diversifies.

I'll be back next time with another in-depth industry analysis. Have a peaceful day.

📰 Reference News (4)

1

End of the Deficit Tunnel in Sight... Revived by Data Centers

네이버뉴스 · 2026.06.13

📰 View original

2

Lee Jae-yong Accompanies President Lee on Italy State Visit: "I Will Work Harder"

네이버뉴스 · 2026.06.13

📰 View original

3

Toxic Substances Behind 'Eco-Friendly Batteries'... The Shadow of Samsung SDI's Hungary Plant

네이버뉴스 · 2026.06.13

📰 View original

4

Samsung SDI Stock Recovers to Mid-500,000 Won Range in 2nd Week of June

네이버뉴스 · 2026.06.13

📰 View original

📺 Reference Videos (1)

5

YouTube

[Research Highlight] Samsung SDI Expected to Turn Profitable in Q3 Faster Than Anticipated

▶삼성증권·2026.06.12