Samsung SDI: 2Q OP beat; earnings uptrend to continue, ex-AMPC OP likely turning positive from 4Q26; stay Overweight

研报英文原文证据摘录

Samsung SDI: 2Q OP beat; earnings uptrend to continue, ex-AMPC OP likely turning positive from 4Q26; stay Overweight

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Samsung SDI Overweight

006400.KS, 006400 KS

2Q OP beat; earnings uptrend to continue, ex-AMPC Price (30 Jul 26):W356,000

OP likely turning positive from 4Q26; stay Overweight Price Target (Dec-27):W630,000

SDI’s 2Q OP beat BBGe/JPMe, which we attribute mainly to earlier-than-expected Korea Auto, EV battery, Nuclear and

recognition of an IEEPA tariff refund; even excluding this, OP would have Utility

remained positive on stronger sales/profitability across BBU (battery back-up Sonny Lee AC

unit), UPS (uninterruptible power supply) and ESS. Key takeaways: US ESS (82-2) 758 5716

production ramps from 3Q, with ESS sales accelerating from 4Q as LFP ESS sonny.lee@jpmorgan.com

production begins; BBU/UPS growth guided at ~70% CAGR; ESS orderbook now Seri Yoon

covers 3-4 years of local US capacity (JPMe: 60–90Gwh) with potential US (82-2) 758 5704

capacity expansion; and new application upside (hybrid car batteries, robots). We seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

expect the OP uptrend to continue: total OP to be positive in 3Q and core-OP (ex- Branch

AMPC, advanced manufacturing production credit) to turn positive from 4Q26, on

operating leverage, a higher mix of US-served ESS volumes (lower tariffs, higher

Key Changes (FYE Dec)AMPC capture), and sustained high Korea ESS UTR, supported by centralized

ESS tenders. Reiterate Overweight; Dec-27 PT unchanged at W630,000, with Prev Cur Δ

Adj. EPS - 26E (W) 7,108 9,823 38.2%

2027-28E OP 32-37% above BBG consensus and potential Samsung Display stake Adj. EPS - 27E (W) 16,317 17,718 8.6%

sale as a sentiment tailwind.