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🔗 Samsung SDI: Structural Paradigm Shift and Value Chain Analysis - 2026.06.25
Samsung SDI

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June 25, 2026

🔗 Samsung SDI: Structural Paradigm Shift and Value Chain Analysis - 2026.06.25

Hello. This is Dotori, industry analyst at Bultagi.com. I will systematically summarize the current status of Samsung SDI, which is seeking structural growth despite the uncertainties of the macroeconomic environment.

🔗 Macro Perspective: EV Stagnation and the Rise of ESS/AI

The EV sector is showing signs of a slowdown, with cumulative supply in the European EV battery market decreasing slightly in May. However, the Energy Storage System (ESS) market is rapidly emerging as a new breakthrough, coupled with the global expansion of solar power. From January to May this year, global ESS installations increased by 20% compared to the same period last year, with solar-linked ESS installations surging by 113.3%, driving the market [1].

As a result, Samsung SDI is rapidly expanding its business areas beyond EVs to AI data centers and grid ESS. Positive forecasts suggest that the turnaround timeline could be accelerated sooner than expected, driven by the targeting of the North American ESS market and the gradual recovery of the European EV market [2]. Although the technical trend line is in a weak phase, the fundamentals secured by massive ESS orders in the US are worth noting [9].

⚙️ Micro Perspective: Next-Generation Technology and Policy Response

From a technological standpoint, securing leadership in next-generation form factors stands out. Samsung SDI has the most concrete solid-state battery roadmap among the three major domestic battery companies, and is producing and supplying samples from its pilot line with the goal of mass production in 2027 [4]. It is also proving its technological prowess by securing supply networks with German premium automakers like Mercedes-Benz [10]. In the R&D domain, it is pursuing process innovation by fully introducing AI and digital twin technologies in collaboration with SBI to maximize efficiency.

Changes in the policy environment are also a crucial variable. At a National Assembly debate on the 24th, K-battery industry leaders, including Samsung SDI Group Leader Noh Myung-ho, emphasized the urgent need for the government to introduce a 'direct refund tax credit' to counter China's long-term offensive. According to systematic analysis, existing tax credits have limitations, so effective cash support and subsidies that can benefit even deficit-ridden companies are needed in step with US support policies.

🏭 Differentiated Value Chain Beneficiary Analysis

Within this broad industry picture, the differentiated benefits across the value chain can be classified as follows.

1st Priority: Major cell makers like Samsung SDI. The analysis that the earnings recovery of cell makers will materialize before material companies as the 3-year battery downcycle ends remains valid [5]. NH Investment & Securities also proposed a target price of 800,000 KRW for Samsung SDI based on continuous relay order momentum [6].

2nd Priority: Core material value chain such as cathode materials. For instance, Ecopro BM's dependency is high, with 65.9% of its Q1 revenue coming from Samsung SDI [8]. Structural mutual growth of material suppliers is expected as cell makers expand their North American ESS and premium EV order volumes.

3rd Priority: R&D and infrastructure partners. Infrastructure is expanding, such as the opening of a battery testing laboratory in Michigan in response to the growth of the EV market. Furthermore, ecosystem partners contributing to productivity improvements and next-generation technology development, like companies collaborating on the full deployment of digital twins, are expected to see gradual benefits.

Dotori believes that the blossoming of the North American ESS market and the preemption of next-generation form factors will be the core drivers solidifying Samsung SDI's long-term fundamentals. Rather than focusing on short-term volatility, an approach that calmly tracks the company's secured order backlog and changes in the policy environment will be effective.

📰 Reference News (8)

1

Solar Power Boom Drives ESS Demand

네이버뉴스 · 2026.06.25

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2

Data Centers & ESS Lead Rebound... Will Samsung SDI Turn a Profit Sooner? - Sisa Journal-e

네이버뉴스 · 2026.06.25

📰 View original
3

K-Battery Facing Chinese Offensive... 'Direct Pay Policy Support Urgently Needed'

네이버뉴스 · 2026.06.24

📰 View original
4

Seoul-Busan Round Trip with Ease... The '1,000km Battery' War Ignites - Global Economic

네이버뉴스 · 2026.06.25

📰 View original
5

[Analyst Pick] 'Secondary Battery 3-Year Downcycle Ends... Focus on Cells Over Materials' - Viewers

네이버뉴스 · 2026.06.25

📰 View original
6

[Report Briefing] Samsung SDI, 'Continuous Orders' Target Price 800,000 KRW - NH Investment & Securities - Newspim

뉴스핌 · 2026.06.24

📰 View original
7

AI Era for Battery Development: Samsung SDI Fully Deploys Digital Twin with SBI

네이버뉴스 · 2026.06.25

📰 View original
8

The Paradox of CATL's 39% Dominance... K-Battery Materials Face China Ecosystem Risk - Global Economic

네이버뉴스 · 2026.06.25

📰 View original

📺 Reference Videos (2)

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