[2차전지 분석] "다운사이클 거의 끝나간다..에코프로BM 유증 타이밍 아쉬워..최선호주 삼성SDI"ㅣ최보영 교보증권 연구위원

▶ July 1, 2026 K-Stock Live ▶ Mon–Fri 13:00 🎙 Guests: Anchor On In-ju, Research Fellow Choi Bo-young (Kyobo Securities) 🔋 Secondary Batteries: Is a Rebound Possible in the Second Half? Key Summary ▶ EcoPro BM Paid-in Capital Increase Announcement of a paid-in capital increase worth 1.2 trillion KRW Short-term burden of stock dilution Long-term purpose: Investment in Indonesia and Hungary and internalization of raw material supply chains Strategy to strengthen competitiveness in response to IRA and FEOC ▶ Secondary Battery Trends in the First Half Driven by expectations for ESS rather than EVs Reflects lithium price stabilization and expectations for North American ESS orders Stock price has recovered, but expectations are currently ahead of earnings ▶ Investment Points for the Second Half ✔ Full-scale growth of the ESS market ✔ Expansion of power infrastructure for AI data centers ✔ Expansion of the physical AI and humanoid robot markets ✔ Expectations for solid-state batteries ▶ Areas to Watch ESS (Energy Storage System) Batteries for AI Data Centers (BBU/UPS) Solid-state Batteries Batteries for Robots ▶ Stocks of Interest Samsung SDI: Expected to be the biggest beneficiary of ESS, data centers, and solid-state batteries L&F: Expected expansion of LFP cathode material supply for ESS EcoPro BM: Short-term burden but long-term supply chain competitiveness Ganghwa ▶ Investment Strategy Rather than simply classifying by cells and materials, Check for potential benefits from ESS, AI data centers, and robots together. Approach with a focus on companies where earnings improvement is confirmed for the second half. 💡 Conclusion The key keywords for secondary batteries in the second half are ESS, AI data centers, and solid-state batteries. The analysis suggests that once supply and demand, currently concentrated on semiconductors, begin to diversify, opportunities for a rebound may emerge for secondary batteries as well. Ganghwa #SecondaryBattery #RechargeableBattery #Battery #ESS #EnergyStorageSystem #AI #AIDataCenter #AllSolidStateBattery #PhysicalAI #Humanoid #Robot #EcoProBM #SamsungSDI #L&F #CathodeMaterial #Semiconductor #SamsungElectronics #SKHynix #Memory #MaterialsPartsEquipment #HBM #DDR5 #MemorySemiconductor #PSKHoldings #YESTI #VM #SecondaryBattery #Robot #PhysicalAI #BostonDynamics #HyundaiMotor #Kia #HyundaiMobis #HyundaiGlovis #BackProcessing #Packaging #Robot #HyundaiMotorGroup #HyundaiMobis #Humanoid #BigTech #CAPEX #ValueChain #InvestmentStrategy #SamsungSDI #ESS #EnergyStorageSystem #LithiumPrice #EV #L&F #SamsungSDI #LGEnergySolution #PowerEquipment #DataCenter #AI #DRAM #SSD #DataCenter #Power #PowerInfrastructure #FuelCell #HydrogenBattery #Hydrogen #ChemicalStocks #EnergyStocks #Utility #SamsungC&T #ConsumerStocks #TravelStocks #AirlineStocks #CasinoStocks #RetailStocks #BankingStocks #SecuritiesStocks #SamsungSecurities #YuantaSecurities #MiraeAssetSecurities #KiwoomSecurities #LeadingStocks #HyundaiMotor #RobotAI #AllSolidStateBattery #LithiumSulfide #BatteryMaterials #ISUSSpecialtyChemicals #LakeMaterials #LotteEnergyMaterials #SKC #SolusAdvancedMaterials #Bio #PharmaceuticalBio #NewDrugDevelopment #ASCO #AINewDrug #Healthcare #ABLBio #SamsungBioLogics #Celltrion #SamchundangPharma #YuhanPharmaceuticals #HLB #DefenseIndustry #KDefenseIndustry #DefenseBusiness #MilitaryIndustry #NuclearPowerPlant #NuclearPowerStocks #NuclearPower #SMR #SmallModularReactor #DefenseBudgeting #HanwhaAerospace #LIG #HyundaiRotem #KoreaAerospace #DoosanEnerbility #KEPCOTech #KEPCOKPS #KEPCO #Aerospace #AeroDefense #EnergyPolicy #CosmeticsStocks #KBeauty #APR #AmorePacific #KolmarKorea #BigTech #OilPrices #Macro #StockMarket #VolatileGrowth #Portfolio #KOSPI #KOSDAQ #SupplyAndDemand #ForeignInvestors #SplitBuying #SectorStrategy #KStockLive #KoreaEconomicTV Director: PD Yang Kyung-sik Writer: Kwon Su-ji Assistant Director: AD Cha Ju-eun -------------------------------- 🎯 Investment judgment, information is the key. Check out fast and accurate core information now on the official Korea Economic TV Telegram. 🎁 Free Subscription 👉 https://t.me/wowtv_official ------------------------------------------- △ Watch the Korean economy! △ We deliver fast and accurate economic and securities news 24 hours a day. △ Subscribe + Like! -------------------------------- ◇ Subscribe to Korea Economic TV YouTube https://bit.ly/45pz6GK ◇ Korea Economic TV YouTube LIVE    • Video   ◇ Collaboration and Business Inquiries [email protected] -------------------------------- ◇ Korea Economic TV Website: http://www.wowtv.co.kr Kakao Plus Friend: https://pf.kakao.com/_xbcxlxgd Twitter:   / hkwowtv   Facebook:   / hkwowtv   Program Schedule: https://bit.ly/47q2caY -------------------------------- ◆ Subscribe to Korea Economic TV Family Channels! News: [Hankyung TV News]    / 한국경제tv뉴스   S...