Quick take: Samsung SDI 2Q26 - Profitability arrives sooner than expected

研报英文原文证据摘录

Quick take: Samsung SDI 2Q26 - Profitability arrives sooner than expected

bler remains the Indiana ramp/conversion, as Samsung SDI’s 2026 strategy

points to a meaningful improvement in ESS profitability through U.S.-based local production, especially via SBB 2.0 with

prismatic LFP batteries. In short, AMPC is a tailwind, but the bigger valuation driver is whether Samsung SDI can scale local

U.S. ESS production fast enough to translate that policy support into sustained earnings recovery.

• NCA- large prismatic batteries: Samsung SDI’s NCA/prismatic franchise remains a core differentiator even as it expands

LFP. Under the KRW 1.5tn U.S. ESS contract announced on Mar. 16, 2026, supply starts with NCA cells before later shifting

into LFP, implying continued near-term strength in premium, safety-critical stationary storage. At InterBattery 2026, Samsung

SDI showcased a 700 Wh/L prismatic battery capable of up to 800 km range and 4,000 W output, built with a 91% nickel NCA

cathode, third-generation SCN anode, and a direct-connect current collector, while also launching PrismStack and highlighting

roughly 1,200 U.S. prismatic battery patents since 1997.

• Recent technique/technology: Samsung SDI’s 2026 technology news flow shows a push beyond EVs into robotics, AI

infrastructure and software-enabled ESS safety. On March 9, 2026, it unveiled a pouch-type all-solid-state battery for

humanoids and other “Physical AI” applications, with mass production targeted for 2H27, extending its solid-state roadmap

into robotics and wearables. It also launched an AI data-center battery stack covering UPS, BBU and ESS: the U8A1 UPS

battery improves safety and offers about 33% better space efficiency, while the new cylindrical BBU battery uses high-nickel