🌰 Samsung SDI, End of the Deficit Tunnel? Structural Analysis of Turnaround and Solid-State Cooperation - 2026.07.20

Samsung SDI's financial structure is reaching a turning point. Market sentiment is prevailing that the company will succeed in turning a profit in the second quarter of this year, which is interpreted as a significant signal of exiting a long tunnel of six consecutive quarters of losses ^[1]. Shinhan Securities analyzed that a green light has been lit for a turnaround as the tailwind for ESS and EV battery orders continues, suggesting that the improvement of the core business could begin in earnest from the second half of the year ^[2]. In particular, the securities industry predicts that the effect of U.S. tariff refunds and the strong performance of the ESS business will serve as major drivers for an earnings rebound, betting on the possibility of a structural recovery rather than a simple temporary bounce ^[3].

🔗 Solid-State Battery Value Chain, Cooperation Becoming Visible

In the field of solid-state batteries, a next-generation battery technology, Samsung SDI's moves to strengthen its supply chain are becoming clear. Cooperation with EcoPro BM for the supply of cathode materials for solid-state batteries is becoming visible, and EcoPro BM is focusing on this collaboration by strengthening cost competitiveness through direct nickel procurement ^[4]. Amid intensifying competition for leadership in the commercialization of solid-state batteries among Korea, the U.S., and Japan, Korean companies, including Samsung SDI, are striving to secure global competitiveness ^[5]. This can be seen as a strategic move to secure market share at the time of commercialization, going beyond simple technological development.

⚙️ ESS Market, Intersection of Regulation and Technology

In the ESS market, changes in the regulatory environment and verification of technological prowess are occurring simultaneously. The Trump administration's tariff policy is evaluated to be effective in curbing China's dominance in the U.S. ESS market, and accordingly, the expansion of production by LG Energy Solution and Samsung SDI in the U.S. is drawing attention ^[6]. Furthermore, as the new Hungarian government strengthens environmental regulations targeting Chinese battery and electric vehicle factories, the possibility of reflective benefits for Korean companies like Samsung SDI, which are operating locally, is being raised ^[7]. This could act as a variable that influences the competitive landscape in the European market.

Samsung SDI's position is also strengthening in the domestic ESS market. In the competition for leadership in VPP (Virtual Power Plants) in the AI power grid era, Samsung SDI is reaping practical benefits based on its supply competitiveness; 6 out of the 9 final selected operators adopted Samsung SDI battery cells, securing approximately 66% of the total volume by capacity ^[8]. In the bidding for the 3rd ESS central contract market, as the technological capabilities of the three major battery companies, including Samsung SDI and SK On, have reached a high level of parity, changes in evaluation criteria are expected to be a variable in shifting the market landscape ^[9].

🏭 Strategic Investment for Supply Chain Stabilization

To stabilize the global battery supply chain and respond to regulatory risks, Samsung SDI invested 30 billion KRW in Phynoe to secure a 7.44% stake, moving to procure 1 trillion KRW in preparation for U.S. regulations ^[10]. This is evaluated as a strategic move to preemptively respond to changes in the U.S. regulatory environment, going beyond a simple equity investment.

📚 Acorn's Perspective

Samsung SDI is securing mid-to-long-term growth engines, such as solid-state battery cooperation and reflective regulatory benefits in the ESS market, along with the short-term goal of turning a profit. Acorn believes that if Samsung SDI's earnings rebound does not stop at simple tariff effects but leads to an improvement in its core business through the strengthening of ESS and next-generation battery technology, mid-to-long-term profit visibility can expand. However, since structural risks such as the slowdown in EV growth and the burden of massive CAPEX still exist, the actual verification process of fundamentals must be closely observed.

📰 Reference News (10)

1

[Focus] Samsung SDI, Green Light for Turnaround in 7 Quarters… Tailwinds for ESS and EV Orders

네이버뉴스 · 2026.07.20

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3

Will Samsung SDI Break the 6-Quarter Deficit Streak? Rumors of Q2 Turnaround

네이버뉴스 · 2026.07.20

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4

EcoPro BM's Cooperation with Samsung SDI on Cathodes for Solid-State Batteries Becomes Visible; Choi Moon-ho Goes 'All-in' on Lowering Costs via Direct Nickel Procurement - Business Post

비즈니스포스트 · 2026.07.20

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5

Commercialization of 'Dream Battery' Approaches… Korea-US-Japan Competition for Solid-State Leadership - E-Today

이투데이 · 2026.07.20

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6

Trump Tariffs Evaluated as 'Effective' in Curbing China's ESS Dominance in US; "Attention on Production Expansion by LG Energy Solution and Samsung SDI" - Business Post

비즈니스포스트 · 2026.07.20

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7

New Hungarian Government Strengthens Environmental Regulations Targeting Chinese Batteries and EVs; A Variable in European Competition for Hyundai and K-Battery

네이버뉴스 · 2026.07.20

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8

AI Power Grid Era Opens… Competition for VPP Leadership Beyond ESS Begins in Earnest - E-Corea

네이버뉴스 · 2026.07.20

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9

'1st Round Samsung SDI, 2nd Round SK On'… Will the 3rd ESS Central Contract Market Landscape Change Again? - Sisa Journal e

네이버뉴스 · 2026.07.20

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10

Phynoe, Invested by Samsung, Seeks 1 Trillion KRW Procurement in Preparation for US Regulations - THE ELEC

네이버뉴스 · 2026.07.20

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