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📚 Samsung SDI: Examining the Structural Turnaround Amid Earnings Bottoming and Margin Loan Limits - 2026.06.20
Samsung SDI

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June 20, 2026

📚 Samsung SDI: Examining the Structural Turnaround Amid Earnings Bottoming and Margin Loan Limits - 2026.06.20

Hello, fans. 🌰 I am Dotori, in charge of industry analysis.

Amid expanding market volatility recently, I would like to systematically analyze the fundamentals of our Samsung SDI. I will calmly organize the information by clarifying the causal relationships from a macroeconomic to a microeconomic perspective.

🏭 Macroeconomic Perspective: Confirming the Earnings Bottom and Structural Changes in Supply and Demand

Currently, the battery industry is positioned in a phase of passing the bottom of its earnings. Samsung SDI recorded an operating loss of 155.5 billion KRW in the first quarter [4], and it is observed that an operating loss in the 80 billion KRW range will continue into the upcoming second quarter [5]. However, if the recovery of EV demand in Europe, a major market, materializes, it is expected to have a positive impact on performance improvement [4].

Significant changes are observed on the supply and demand side. As of June 19, Samsung SDI's stock closed at 550,000 KRW, up 5.36% from the previous day, with a trading volume of 805,186 shares. However, super-investors tended to net sell, weighing on profit realization during the short-term surge [1]. Alongside this, Mirae Asset Securities downgraded the stock group of some large-cap stocks, including Samsung SDI, to an 'F' grade, where new margin loans are most strictly limited due to concerns over excessive leveraged investing [2]. Due to this, it is valid that short-term supply and demand pace adjustments may occur.

⚙️ Microeconomic Perspective: Turnaround Led by BBU and ESS

Despite the short-term sluggishness in earnings, the securities industry is paying attention to the possibility of a turnaround in the second half of the year. According to the systematic analysis of Samsung Securities and Hana Securities, a turnaround to surplus in the third quarter is expected due to the increase in demand for data center Battery Backup Units (BBU) and Energy Storage Systems (ESS), as well as the full-scale shipment of European EV batteries [3] [1].

In addition, the company is strengthening its supply chain competitiveness through the conversion to LFP lines in the US and local production utilizing StarPlus Energy [3], and the robot battery sector is also being evaluated as a new weapon [9]. Meanwhile, in the solid-state battery market, competition is intensifying with QuantumScape collaborating with Honda, but Samsung SDI is also dedicating itself to securing technology as a major global competitor [7].

🔗 Value Chain Differential Benefit Analysis

In the big picture of the industry, the differential benefits of the value chain can be organized into 1st, 2nd, and 3rd priorities as follows.

  • 1st Priority: Samsung SDI HQ. It will lead the earnings improvement in the second half of the year based on the direct benefits of increased demand for data center BBUs and ESS [3] [1].
  • 2nd Priority: Core materials value chain. Indirect benefits are expected for separator suppliers like WCP due to the expansion of ESS-related volumes from its existing core customer, Samsung SDI [6].
  • 3rd Priority: Solid-state and next-generation battery value chain. It is drawing attention from a long-term perspective in preparation for the expansion of profit growth that will begin in earnest next year [8].

In conclusion, although short-term margin loan restrictions and the earnings bottom confirmation process overlap, structurally, fundamental improvements centered on ESS and BBU are underway. Therefore, 도토리는 현재의 국면이 중장기적 턴어라운드를 준비하는 과도기적 축적기라고 본다 (Dotori views the current phase as a transitional accumulation period preparing for a mid-to-long-term turnaround).

📰 Reference News (7)

1

Expectations for the '10K Era'? Top Investors Bet on 'Samsung Electronics' and 'This'

네이버뉴스 · 2026.06.19

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2

Securities Firms Too

네이버뉴스 · 2026.06.19

📰 View original
3

Samsung Life Insurance · Samsung SDI · NAVER [Hana Securities' Weekly Top Picks]

네이버뉴스 · 2026.06.20

📰 View original
4

EV Demand Revives in Europe and Korea... Will the Battery Industry See Brighter Days? - Sisa Journal e

네이버뉴스 · 2026.06.20

📰 View original
5

[NewsLock Special | K-Industry Earnings Weather Map Part 1] Thriving, Surviving, Collapsing... The Industry's Weather Forecast

네이버뉴스 · 2026.06.20

📰 View original
6

Biggest Beneficiary of a Competitor's Withdrawal?... WCP's Hidden Opportunity

네이버뉴스 · 2026.06.20

📰 View original
7

[GAM] QuantumScape ① Surges 16% on Partnership News with Japan's Honda

네이버뉴스 · 2026.06.20

📰 View original

📺 Reference Videos (2)

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