LG Energy Solution "Near-term BESS ramp costs, long-term supercycle intact"

研报英文原文证据摘录

LG Energy Solution "Near-term BESS ramp costs, long-term supercycle intact"

90% yield and new locations should follow over the next 6-12 months. As

12/27E 9,219 8,083 -12 8,661

the company's overall yield rises, costs will fall toward our optimized teardown cost

12/28E 18,678 17,306 -7 14,781

estimate of $86 kWh. This should obviate the need to share PTC with customers.

Tim Bush

Long term upside from the U.S. BESS expansion cycle Analyst

tim-d.bush@ubs.comWe remain constructive on LGES as a key long-term beneficiary of the U.S. BESS

+82-2-3702 8801

supercycle. The recent Google–Cypress Creek agreement, which explicitly incorporates

domestically manufactured battery cells, highlights the growing importance of local Cherie Miao

supply chains and reinforces LGES's competitive positioning in North America. In terms Associate Analyst

cherie.miao@ubs.com

of grid-scale BESS installation in the U.S., Apr-2026 YTD utility-scale storage capacity

+852-3712 2035

additions were 5GW, +57% y/y and 2.6x the 2024 pace. As of Apr-2026, the U.S. had

27GW of battery capacity in the pipeline that is already approved, under-construction or

completed and awaiting interconnection. Coupled with strong initial execution on its

U.S. LFP BESS ramp, we believe LGES is well placed to capture accelerating hyperscaler-

and AI data center-driven demand and further expand its market share as the U.S.

storage market scales.

Valuation: Trim PT 4% to Won530k; Reiterate Buy

We lower our DCF-derived PT 4% to Won530k, implying 66x / 31x 2027/28E PE and

3.9x / 3.4x 2027 /28E P/B, versus historical averages of 68x PE and 4.2x P/B on 12-month

forward consensus estimates.

Highlights (Wonb) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 33,745 25,620 23,672 29,271 35,620 45,617 55,463 62,640