Lithium Batteries & Energy Storage
All research in Lithium Batteries & Energy Storage — 2 reports.
LG Energy Solution is the largest Korean large-format battery maker, running a three-part machine of automotive cells for global OEMs, IRA-localized North American capacity, and a fast-growing energy-storage pivot, with 2025 revenue of ₩23.7tn. The 2026 question is whether it can earn real returns on a ₩42.6tn asset base: Q1 2026 still posted a ₩207.8bn operating loss even after ₩189.8bn of AMPC credits, though 46-series backlog has topped 440 GWh and ESS is becoming a credible second leg. Rating Hold: at ₩404,500 the stock trades near 4.0x sales and already prices a recovery, leaving no clear margin of safety until ex-credit profitability inflects.
Samsung SDI is South Korea's largest integrated battery company and one of the world's top five lithium battery makers by cumulative installations, with Energy Solutions contributing about 93% of revenue and Electronic Materials about 7%. FY2025 revenue was KRW 13.27 trillion (-21%), with an operating loss of KRW 1.72 trillion and a net loss of KRW 64.9 billion; Q1 2026 revenue rebounded to KRW 3.58 trillion (+12.6%), operating loss narrowed by 64.2%, and net income turned positive at KRW 56.1 billion, but its global EV battery share fell out of the top 10. Research rating Watch: the turnaround signals are visible, but valuation already prices in recovery while dilution, JV delays, and market-share erosion remain unresolved.