s the story - samsungpop
TRANSCRIPT
• ?????
• ?????
• ?????
, .
21 * .
.
SPAC
22 . ?
2
. ' ' ,
.
, ** 2
.
2 , .
. .
. .
. ,
.
.
,
. ,
2 .
.
* (All Solid State) () ,
, .
** () .
2
1 (17.09.24) 5 , ESS (19.03.07)
2 EV (17.11.21) 6 Preview (20.05.07)
3 , 2 (18.03.30) 7 (20.09.09)
4 , (18.07.05)
REPORT
CONTENTS
02 , 08p
2 –
03 17p
–
05 30p
I. 2021
.
SDI ,
(QS) SPAC .
2 .
22 150kWh .
.
Legacy : 2
,
430
. IR EBITDA 27 32 , 7
13 . , 1 29
160 .
1.
: Bloomberg
6
• 24:
/ . 22
1GWh 23~24 . 26 20GWh
. EBITDA 27,
32 .
:
:
Product
• 150kWh ET7 : 9
2020 150kWh 1,000km ET7 22
. (Nickel)
Ultrarich, , 'In-Situ Solidification Hybrid
Electrode' . 2
. ,
. QingTao
New Energy .
QingTao Energy development: QingTao Energy develoment .
.
.
,
.
360Wh/kg .
( 80% ) 250~260Wh/kg
41% .
4.
:
5. 1. QingTao Energy Development
2018 11 .
2009 PCT ,
2014 1.
2020 6 .
: ,
2 -
2.
2 / .
4 2 ,
, 2 .
6. 2 ( vs )
:
2
9
• 2 : 2
. , 4 , ,
.
1) - ( )
. ,
.
.
.
7. :
:
8. :
:
SECTOR UPDATE
10
(Bosch) 2 ,
2 kg 300Wh . 500Wh
. NCM811
250~260Wh/kg , 2
. , 50%
, 2 . . (
.)
9. 2
11
2) - 2 Solvent
, . ,
. .
(2 ,
13 .)
.
2 .
10.
: SDI
()* ( )**
() 331,521 265,668,479
() 14 142,345
(%) 0.0042 0.0536
23,680 1,866
: * ( 13 18 , 14~18 )
** 2016 , (2018) 2014~2016
: ,
12
3) : 2
, .
. ,
.
11. 2
:
SECTOR UPDATE
.
( )
. , ,
, 5~8 .
12.
:
:
1) - / '(
, )', '', '' .
, . (
, ‘’ . 21 )
A. : ' ' ,
, ,
.
LG, SDI
. ''
.
B. : .
, .
, , 1,100
. .
/ / /
5~8
, EV/HEV
14
C. : ,
. QingTao Energy
'Two layer electrolyte compositions' , , 2
, . .
14.
:
:
/
/
1,000'C
Roll-to-Roll
2)
2 ,
.
, .
, Furnace (Sintering) .
.
16.
:
SECTOR UPDATE
:
SECTOR UPDATE
–
• 2 , 2010
. 9 IEA
( EPO) , 2005 2018
14% , 4 .
90% ,
.
18.
: EPO
18
2/3 : 25
2/3 . 10 9
. LG 1, 3 , 2, 4
. 10 .
19. 25(2000~2018)
: EPO
19
8%, 10 :
2000 6 2018 211 25% . 2018
8% .
, .
, EPO 10 .
EPO .
20. (2000~2018)
: EPO
, EPO
. ,
, ,
, 5 .
SECTOR UPDATE
20
: 2014~2018
. (41.6%) (21.9%) ,
(54%) (18%) (12%) (
). , 15.4% ,
4.9%, LG 1.6% . (
)
(%) EPC
LCO 11.6 30.4 28.5 50.5 4.5 4.5
NMC 6.0 23.5 47.3 14.9 4.8 3.6
LMO 6.7 16.8 51.1 16.2 5.4 3.8
LFP 16.2 17.7 30.9 16.4 11.2 7.6
NCA 9.4 23.6 16.2 35.6 11.1 4.1
Lithium and its alloys 5.1 24.2 18.4 28.8 18.1 5.4
Graphite for lithium insertion 6.8 20.7 47.5 11.8 9.2 4.1
Silicon and its alloys 6.5 23.6 36.9 15.1 13.6 4.3
: EPO
(%)
LCO
LMC
LMO
LFP
NCA
LTO
Silicon and
its alloys
Top 15 46.4 41.1 42.2 39.3 50.6 44.5 29.0 27.9 44.8 34.8 40.1 44.3
LG 9.3 8.4 1.6 12.4 6.9 7.4 8.8 2.2 7.2 10.4 8.0 6.6
8.0 8.3 4.9 12.8 10.7 7.0 5.7 15.7 4.6 7.8 7.0 11.3
5.3 3.7 15.4 1.4 4.8 5.8 3.1 0.0 1.8 3.2 3.6 4.0
4.2 4.2 4.2 3.3 6.4 1.4 0.3 4.5 3.3 2.2 4.8 4.6
3.7 2.5 4.5 0.4 1.5 0.4 0.0 2.2 0.8 6.2 1.2 3.4
2.4 1.8 3.0 0.8 3.2 3.1 0.3 0.0 2.3 1.1 2.5 2.0
NEC 2.2 2.6 0.1 0.8 3.5 3.9 0.0 0.0 0.5 0.4 3.9 2.2
1.9 2.8 0.8 1.8 3.5 6.8 2.0 0.0 21.0 0.1 1.3 1.8
1.8 2.1 0.1 1.2 5.4 5.3 0.0 1.1 0.0 0.3 2.2 3.8
1.4 0.4 0.1 0.0 1.4 0.6 0.0 0.0 0.0 0.0 0.4 0.0
Zeon 1.4 0.5 0.7 0.4 0.3 0.0 0.0 0.0 0.0 0.3 0.8 1.0
1.3 0.9 3.2 1.6 0.8 0.8 2.8 0.0 1.5 0.3 0.9 1.0
TDK 1.2 0.8 2.8 1.6 1.1 1.2 1.7 1.1 0.3 0.9 0.6 0.9
GS Yuasa 1.2 1.0 0.0 0.6 1.0 0.6 2.3 0.0 0.0 0.1 1.9 0.0
CEA 1.1 1.1 0.8 0.2 0.1 0.2 2.0 1.1 1.5 1.5 1.0 1.7
: EPO
SECTOR UPDATE
EPO .
.
, LG, SDI ,
. ,
.
1) Legacy maker -
. () '
' '(Dendrite:
. )
' ' .
2) -
24 , Ionic Materials A123
. , MIH Open
Platform 24 , SES(Solid Energy
Systems) .
ProLogium Multi Axis BiPolar
. , 2013
BlueSolutions LMP(Lithium Metal Polymer) ,
, ,
.
QuantumScape 165 , 24 VW
Solid Power ‘’ Ford, BMW, ,
SES Foxconn, CATL
ProLogium Lithium Ceramic Battery.
40MWh, 21 1~2GWh .
Seeo Bosch 15 , 18
BlueSolutions LFP, , LMP® Bollore
Ionic Materials A123 .
22
QingTao energy
: , ,
: Legacy
,
. ProLogium , 2018
18
. STM(
FET ) .
21.
: ProLogium
: ProLogium
: ProLogium
Seeo Inc.(Bosch) 2007-2018
EMBatt(2025)
Bosch
STMicroelectronics
PLG 2014 SBS MP 2017 RTR MP 2017~2018: 40MWh/y 2020~2021: 1~2GWh/y
Murata-Sony TDK FDK NGK
Samsung SDI LG Chem
8 Bollore/ Bosch&Seeo/ Solid Energy/ Embatt/ Ionic Materials/ Qingtao/ Welion/ Quantumscape
4 Bollore/ Solid Energy/ EMBatt/ Ionic Materials
Bosch , Seeo Qingtao/ WeLion/ Quantumscape
3 Apple(IPS)/ Dyson&Sakti3/ STM 1 STM Dyson Sakti3 IP IPS
7 Toyota/ CATL/ Solid Power/ SDI/ LGC/ Hitachi Zosen/ Panasonic
7
/
2 ProLogium/ Murata-Sony 9
ProLogium/ Murata-Sony/ Quantumscape/ TDK/ FDK/ NGK/ Qingtao/ WeLion/ Toyota
ProLogium:
: . .
8
2018
2018
IT (, )
. ,
R&D . .
, ,
. ,
, .
1) :
,
. 19
LF-30 110kWh 500km(312)
. 12 10 500km
, 21 .
19
. , , Model S
400 .
.
24. LF-30
:
SECTOR UPDATE
25
2) :
.
. ,
2 , 3
. , Daimler Benz
LMP( ) BlueSolutions
.
• Dyson N526 : 2015
Sakti-3 9 17
. N526
.
, , .
N526 Sakti-3 6.5 .
25. N526
:
SECTOR UPDATE
26
• LMP Daimler eCitaro G: 20 Daimler Benz
. 18 Bollore Daimler
BlueSolutions LMP
25% . Daimler LMP
NCM
. Daimler LMP 441kWh, NCM
396kWh .
26. eCitaro G
: Daimler
3) : MIH Open Platform
.
ET7 .
Hybrid . , Enovate
ProLogium CES 2020 , 21 .
, SAIC 'IM' .
SECTOR UPDATE
27
• Enovate 'ME7': 2019 ME7
. CES 2020 , ProLogium(PLG)
LCB(Lithium Ceramic Battery) . 9
, NCM622 160KWh
. 21 300Wh/kg PLG
.
: ifworlddesignguide
• Alibaba ‘IM’: 113 , , SAIC, Shanghai
Zhangjiang Hi-Tehc Park Development IM , CATL
.
28. Alibaba IM
. 2
.
. 2
. ,
.
.
, 2
.
: 2 12
21 (KETI)
96% . ( )
38% .
, .
,
.
29.
: 21 1 18, 20 7 6, 20 10 6, 20 12 21
: WiseFn,
60
100
140
180
220
d-10 d-5 d-day d+5 d+10 d+15 d+20 d+25 d+30
29
1 - : ,
,
.
, 2 .
• :
. R&D
. 2
. , LFP
.
• / : , 2
. ,
. , /
.
2 – : .
,
1 . ,
. , .
• :
.
.
7. 2
X . LG, SDI, SK
/
X , ,
O ,
O . SKIET
X , SK,
X ,
X ,
X ,
, ,
(LiPF6) ,
, vs ,
:
LG, SDI 2
, , ,
. 2 Overweight .
QuantumScape (QS US)
WHAT’S THE STORY
: ( QS) 2010 Jagdeep Singh Fritz Prinz
. 2018
20 3 . 20 9 Kengsington Captial
Acquisition SPAC 11 .
CTO JB .
:
1) : 2
( ) , /
. ,
, , .
.
2) 22 , 24 :
70 x 85mm 190mAh .
PHEV 25Ah , BEV 120Ah ,
. QS 22
1GWh 23 24
.
27 : QS , 1GWh
, 20GWh 30 2027
. QS 2027 (32) 5, 28
EBITDA(16 ) 10 .
. 2 21 EV/EBIDA 28.3
.
0.0
0.5
1.0
0
50
100
150
Khosla Ventures, 2% Capricorn Liba Inv, 1%
GLOBAL EQUITY
32
SSB QS : 1. - SSB QS : 2. - 800
: :
3. -
SSB QS :
4. -
: :
Product
WHAT’S THE STORY
: Bollore(: BOL.PA) 1822 .
(Bollore Logistics),
(Vivendi), E-mobility
(BlueSolutions) .
100 ( 13.5).
:
1) :
LMP( ) , (BlueSystems)
. 500MWh
2) LMP: LMP ,
. ,
. , LMP 60~80
.
3) 20, : LMP
eCitaro-G . 441kWh
25% . ,
NCM .
: 21 P/E 15.2, EV/EBITDA 9.4
. ,
2 P/E 65 .
0.0
0.5
1.0
1.5
0
2
4
6
GLOBAL EQUITY
: Bloomberg : 2020
: Bollore
Media ()
()
10,824 10,076 18,337 23,024 24,843
R&D 173 185 121 106 77
9,859 9,151 16,487 20,612 21,792
EBITDA 1,128 998 1,787 2,565 3,080
442 368 812 1,293 1,843
686 630 975 1,272 1,237
-306 -182 -374 -341 -137
() 999 823 1,219 1,327 1,374
7 12 -130 -286 301
(GAAP) 992 811 1,349 1,613 1,374
265 224 -700 506 -35
163 148 1,354 872 1,171
(GAAP) 564 440 695 235 237
EPS (GAAP, ) 0.2 0.2 0.2 0.1 0.1
EPS () 0.2 0.2 0.2 0.1 0.1
1,047 1,009 1,956 1,870 2,345
564 440 695 235 237
& 442 368 812 1,293 1,843
114 206 337 595 417
-73 -5 113 -253 -152
-3,909 -670 3,127 606 -2,245
& -776 -672 -1,080 -1,006 -1,309
& -139 -101 3,406 -109 0
0 0 0 0 -1,887
3,008 -449 -3,438 -908 -1,817
-136 -136 -134 -144 -135
() 2,647 -176 -1,192 2,126 1,435
() 610 -60 -1,573 -2,314 -2,515
-113 -77 -538 -576 -602
167 -143 1,542 1,556 -1,707
1,200 1,367 1,225 2,767 4,323
1,424 1,357 3,099 4,785 2,943
Free cash flow 458 516 1,247 1,309 1,739
: *
6,773 6,609 12,521 15,426 13,432
1,594 1,384 3,208 5,839 3,176
3,528 4,694 5,112 5,123 5,229
340 369 1,172 1,174 1,359
16,827 15,845 42,986 39,734 44,738
2,151 2,271 3,108 2,871 4,553
5,652 9,357 29,744 30,421 33,652
23,600 22,453 55,507 55,160 58,170
7,186 6,877 12,768 14,317 16,448
3,684 3,761 10,820 11,339 12,461
1,582 1,223 1,033 2,041 2,884
1,920 1,892 915 938 1,104
5,129 5,296 11,648 12,639 15,779
4,245 4,393 6,982 8,221 11,108
884 902 4,666 4,418 4,671
12,315 12,173 24,416 26,956 32,228
1,627 1,665 1,704 1,734 1,775
n/a n/a n/a n/a n/a
11,285 10,281 31,091 28,204 25,942
23,600 22,453 55,507 55,160 58,170
(%)
EPS 122.2 -25.0 60.0 -66.7 0.0
BPS 3.5 3.1 3.6 3.2 3.1
DPS () 0.1 0.1 0.1 0.1 0.1
Valuations ()
(, %) 1.8 1.8 1.8 1.8 1.8
SDI (006400)
WHAT’S THE STORY
: 20 3 ( ) '
' .
'()'
(Dendrite) .
.
5 '- ' ,
2 2 1 800km
.
2027 : SDI
. SDI .
.
5 .
.
: 2021 P/E 41, EV/EBITDA 21
. . /
, 2
.
,
1
. 900,000 BUY .
SECTOR UPDATE
:
SECTOR UPDATE
9,158 10,097 11,295 14,820 19,166
7,118 7,882 8,652 10,824 13,979
2,040 2,215 2,642 3,996 5,188
(, %) 22.3 21.9 23.4 27.0 27.1
1,325 1,753 1,971 2,569 3,298
715 462 671 1,428 1,890
(, %) 7.8 4.6 5.9 9.6 9.9
321 102 132 486 491
384 314 24 47 66
339 384 95 119 133
342 179 255 458 458
-66 -7 -52 100 100
1,036 565 803 1,914 2,380
291 162 172 479 595
(, %) 28.1 28.7 21.5 25.0 25.0
745 402 631 1,436 1,785
0 0 0 0 0
745 402 631 1,436 1,785
(, %) 8.1 4.0 5.6 9.7 9.3
701 357 559 1,272 1,582
44 46 72 163 203
EBITDA 1,297 1,318 1,675 2,558 3,127
(EBITDA , %) 14.2 13.1 14.8 17.3 16.3
EPS () 9,962 5,066 7,944 18,075 22,477
EPS () 10,586 5,717 8,965 20,397 25,365
EPS ()* 9,962 5,066 7,944 18,062 22,464
261 923 2,123 2,251 2,741
745 402 631 1,436 1,785
630 982 974 1,208 1,427
491 763 938 1,083 1,204
91 93 66 47 33
47 126 -29 78 190
-979 -307 744 141 174
-1,705 -1,535 -1,830 -2,023 -2,230
-2,142 -1,879 -1,800 -1,800 -1,800
1,600 31 -30 -223 -430
-1,162 312 0 -0 0
1,756 239 735 537 538
() 1,854 309 802 604 605
() -5 -36 0 0 0
-72 -67 -67 -67 -67
-21 33 0 -0 0
308 -360 1,314 1,089 1,370
1,209 1,517 1,156 2,471 3,560
1,517 1,156 2,471 3,560 4,930
Gross cash flow 1,375 1,384 1,605 2,643 3,212
Free cash flow -1,886 -975 323 451 941
: * ()
*** P/E, P/B
5,519 5,181 6,251 8,649 11,787
1,517 1,156 2,471 3,560 4,930
1,496 1,820 1,614 2,117 2,738
1,746 1,708 1,614 2,117 2,738
761 497 554 855 1,381
13,830 14,671 15,617 16,469 17,227
8,073 8,059 8,209 8,391 8,586
4,608 5,427 6,289 7,006 7,602
866 831 765 719 686
282 353 353 353 353
19,350 19,852 21,868 25,118 29,014
4,013 3,742 4,035 4,742 5,614
639 612 699 917 1,187
1,490 1,315 1,315 1,315 1,315
1,884 1,815 2,021 2,510 3,113
3,112 3,450 4,443 5,609 6,908
1,514 1,802 2,602 3,202 3,802
1,597 1,648 1,841 2,407 3,106
7,125 7,192 8,478 10,352 12,523
11,934 12,325 12,983 14,195 15,717
357 357 357 357 357
5,038 5,002 5,002 5,002 5,002
6,613 6,907 7,399 8,604 10,119
-73 59 225 232 239
291 335 407 571 774
12,225 12,660 13,390 14,766 16,491
1,631 2,303 1,776 1,111 -30
(%)
EPS** 6.7 -49.1 56.8 127.4 24.4
BPS 165,505 171,872 182,702 201,527 224,781
DPS () 1,000 1,000 1,000 1,000 1,000
Valuations ()
(, %) 0.5 0.4 0.2 0.1 0.1
(%) 13.3 18.2 13.3 7.5 -0.2
() 13.8 5.6 7.0 12.7 14.9
SECTOR UPDATE
Compliance notice - 1 29 SDI() .
- 1 29 .
- 1 29 1% .
- .
- .
- , , , , .
- , .
.
- 3 .
2
SDI
2018/10/1 2019/4/1 2020/1/30 3/20 4/29 5/25 7/2 7/29 8/12 2021/1/11
BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY
TP () 330,000 310,000 340,000 260,000 320,000 400,000 450,000 480,000 600,000 900,000
() -31.77 -24.44 -10.55 -1.49 -5.12 -6.70 -14.03 -7.80 -17.95
(or) -23.48 -7.42 1.03 10.19 5.00 -3.00 -12.44 1.67 23.17
: .
BUY ()
HOLD ()
SELL ()
12 10%
12 -10%~ 10%
12 -10%
OVERWEIGHT()
12 (±5%)
12 5%
1 2020 12 31
(86.1%) | (13.9%) | (0%)
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000
19 2 19 8 20 2 20 8 21 2
()
SDI
: 1588 2323 / 1544 1544
: 080 911 0900
• ?????
• ?????
, .
21 * .
.
SPAC
22 . ?
2
. ' ' ,
.
, ** 2
.
2 , .
. .
. .
. ,
.
.
,
. ,
2 .
.
* (All Solid State) () ,
, .
** () .
2
1 (17.09.24) 5 , ESS (19.03.07)
2 EV (17.11.21) 6 Preview (20.05.07)
3 , 2 (18.03.30) 7 (20.09.09)
4 , (18.07.05)
REPORT
CONTENTS
02 , 08p
2 –
03 17p
–
05 30p
I. 2021
.
SDI ,
(QS) SPAC .
2 .
22 150kWh .
.
Legacy : 2
,
430
. IR EBITDA 27 32 , 7
13 . , 1 29
160 .
1.
: Bloomberg
6
• 24:
/ . 22
1GWh 23~24 . 26 20GWh
. EBITDA 27,
32 .
:
:
Product
• 150kWh ET7 : 9
2020 150kWh 1,000km ET7 22
. (Nickel)
Ultrarich, , 'In-Situ Solidification Hybrid
Electrode' . 2
. ,
. QingTao
New Energy .
QingTao Energy development: QingTao Energy develoment .
.
.
,
.
360Wh/kg .
( 80% ) 250~260Wh/kg
41% .
4.
:
5. 1. QingTao Energy Development
2018 11 .
2009 PCT ,
2014 1.
2020 6 .
: ,
2 -
2.
2 / .
4 2 ,
, 2 .
6. 2 ( vs )
:
2
9
• 2 : 2
. , 4 , ,
.
1) - ( )
. ,
.
.
.
7. :
:
8. :
:
SECTOR UPDATE
10
(Bosch) 2 ,
2 kg 300Wh . 500Wh
. NCM811
250~260Wh/kg , 2
. , 50%
, 2 . . (
.)
9. 2
11
2) - 2 Solvent
, . ,
. .
(2 ,
13 .)
.
2 .
10.
: SDI
()* ( )**
() 331,521 265,668,479
() 14 142,345
(%) 0.0042 0.0536
23,680 1,866
: * ( 13 18 , 14~18 )
** 2016 , (2018) 2014~2016
: ,
12
3) : 2
, .
. ,
.
11. 2
:
SECTOR UPDATE
.
( )
. , ,
, 5~8 .
12.
:
:
1) - / '(
, )', '', '' .
, . (
, ‘’ . 21 )
A. : ' ' ,
, ,
.
LG, SDI
. ''
.
B. : .
, .
, , 1,100
. .
/ / /
5~8
, EV/HEV
14
C. : ,
. QingTao Energy
'Two layer electrolyte compositions' , , 2
, . .
14.
:
:
/
/
1,000'C
Roll-to-Roll
2)
2 ,
.
, .
, Furnace (Sintering) .
.
16.
:
SECTOR UPDATE
:
SECTOR UPDATE
–
• 2 , 2010
. 9 IEA
( EPO) , 2005 2018
14% , 4 .
90% ,
.
18.
: EPO
18
2/3 : 25
2/3 . 10 9
. LG 1, 3 , 2, 4
. 10 .
19. 25(2000~2018)
: EPO
19
8%, 10 :
2000 6 2018 211 25% . 2018
8% .
, .
, EPO 10 .
EPO .
20. (2000~2018)
: EPO
, EPO
. ,
, ,
, 5 .
SECTOR UPDATE
20
: 2014~2018
. (41.6%) (21.9%) ,
(54%) (18%) (12%) (
). , 15.4% ,
4.9%, LG 1.6% . (
)
(%) EPC
LCO 11.6 30.4 28.5 50.5 4.5 4.5
NMC 6.0 23.5 47.3 14.9 4.8 3.6
LMO 6.7 16.8 51.1 16.2 5.4 3.8
LFP 16.2 17.7 30.9 16.4 11.2 7.6
NCA 9.4 23.6 16.2 35.6 11.1 4.1
Lithium and its alloys 5.1 24.2 18.4 28.8 18.1 5.4
Graphite for lithium insertion 6.8 20.7 47.5 11.8 9.2 4.1
Silicon and its alloys 6.5 23.6 36.9 15.1 13.6 4.3
: EPO
(%)
LCO
LMC
LMO
LFP
NCA
LTO
Silicon and
its alloys
Top 15 46.4 41.1 42.2 39.3 50.6 44.5 29.0 27.9 44.8 34.8 40.1 44.3
LG 9.3 8.4 1.6 12.4 6.9 7.4 8.8 2.2 7.2 10.4 8.0 6.6
8.0 8.3 4.9 12.8 10.7 7.0 5.7 15.7 4.6 7.8 7.0 11.3
5.3 3.7 15.4 1.4 4.8 5.8 3.1 0.0 1.8 3.2 3.6 4.0
4.2 4.2 4.2 3.3 6.4 1.4 0.3 4.5 3.3 2.2 4.8 4.6
3.7 2.5 4.5 0.4 1.5 0.4 0.0 2.2 0.8 6.2 1.2 3.4
2.4 1.8 3.0 0.8 3.2 3.1 0.3 0.0 2.3 1.1 2.5 2.0
NEC 2.2 2.6 0.1 0.8 3.5 3.9 0.0 0.0 0.5 0.4 3.9 2.2
1.9 2.8 0.8 1.8 3.5 6.8 2.0 0.0 21.0 0.1 1.3 1.8
1.8 2.1 0.1 1.2 5.4 5.3 0.0 1.1 0.0 0.3 2.2 3.8
1.4 0.4 0.1 0.0 1.4 0.6 0.0 0.0 0.0 0.0 0.4 0.0
Zeon 1.4 0.5 0.7 0.4 0.3 0.0 0.0 0.0 0.0 0.3 0.8 1.0
1.3 0.9 3.2 1.6 0.8 0.8 2.8 0.0 1.5 0.3 0.9 1.0
TDK 1.2 0.8 2.8 1.6 1.1 1.2 1.7 1.1 0.3 0.9 0.6 0.9
GS Yuasa 1.2 1.0 0.0 0.6 1.0 0.6 2.3 0.0 0.0 0.1 1.9 0.0
CEA 1.1 1.1 0.8 0.2 0.1 0.2 2.0 1.1 1.5 1.5 1.0 1.7
: EPO
SECTOR UPDATE
EPO .
.
, LG, SDI ,
. ,
.
1) Legacy maker -
. () '
' '(Dendrite:
. )
' ' .
2) -
24 , Ionic Materials A123
. , MIH Open
Platform 24 , SES(Solid Energy
Systems) .
ProLogium Multi Axis BiPolar
. , 2013
BlueSolutions LMP(Lithium Metal Polymer) ,
, ,
.
QuantumScape 165 , 24 VW
Solid Power ‘’ Ford, BMW, ,
SES Foxconn, CATL
ProLogium Lithium Ceramic Battery.
40MWh, 21 1~2GWh .
Seeo Bosch 15 , 18
BlueSolutions LFP, , LMP® Bollore
Ionic Materials A123 .
22
QingTao energy
: , ,
: Legacy
,
. ProLogium , 2018
18
. STM(
FET ) .
21.
: ProLogium
: ProLogium
: ProLogium
Seeo Inc.(Bosch) 2007-2018
EMBatt(2025)
Bosch
STMicroelectronics
PLG 2014 SBS MP 2017 RTR MP 2017~2018: 40MWh/y 2020~2021: 1~2GWh/y
Murata-Sony TDK FDK NGK
Samsung SDI LG Chem
8 Bollore/ Bosch&Seeo/ Solid Energy/ Embatt/ Ionic Materials/ Qingtao/ Welion/ Quantumscape
4 Bollore/ Solid Energy/ EMBatt/ Ionic Materials
Bosch , Seeo Qingtao/ WeLion/ Quantumscape
3 Apple(IPS)/ Dyson&Sakti3/ STM 1 STM Dyson Sakti3 IP IPS
7 Toyota/ CATL/ Solid Power/ SDI/ LGC/ Hitachi Zosen/ Panasonic
7
/
2 ProLogium/ Murata-Sony 9
ProLogium/ Murata-Sony/ Quantumscape/ TDK/ FDK/ NGK/ Qingtao/ WeLion/ Toyota
ProLogium:
: . .
8
2018
2018
IT (, )
. ,
R&D . .
, ,
. ,
, .
1) :
,
. 19
LF-30 110kWh 500km(312)
. 12 10 500km
, 21 .
19
. , , Model S
400 .
.
24. LF-30
:
SECTOR UPDATE
25
2) :
.
. ,
2 , 3
. , Daimler Benz
LMP( ) BlueSolutions
.
• Dyson N526 : 2015
Sakti-3 9 17
. N526
.
, , .
N526 Sakti-3 6.5 .
25. N526
:
SECTOR UPDATE
26
• LMP Daimler eCitaro G: 20 Daimler Benz
. 18 Bollore Daimler
BlueSolutions LMP
25% . Daimler LMP
NCM
. Daimler LMP 441kWh, NCM
396kWh .
26. eCitaro G
: Daimler
3) : MIH Open Platform
.
ET7 .
Hybrid . , Enovate
ProLogium CES 2020 , 21 .
, SAIC 'IM' .
SECTOR UPDATE
27
• Enovate 'ME7': 2019 ME7
. CES 2020 , ProLogium(PLG)
LCB(Lithium Ceramic Battery) . 9
, NCM622 160KWh
. 21 300Wh/kg PLG
.
: ifworlddesignguide
• Alibaba ‘IM’: 113 , , SAIC, Shanghai
Zhangjiang Hi-Tehc Park Development IM , CATL
.
28. Alibaba IM
. 2
.
. 2
. ,
.
.
, 2
.
: 2 12
21 (KETI)
96% . ( )
38% .
, .
,
.
29.
: 21 1 18, 20 7 6, 20 10 6, 20 12 21
: WiseFn,
60
100
140
180
220
d-10 d-5 d-day d+5 d+10 d+15 d+20 d+25 d+30
29
1 - : ,
,
.
, 2 .
• :
. R&D
. 2
. , LFP
.
• / : , 2
. ,
. , /
.
2 – : .
,
1 . ,
. , .
• :
.
.
7. 2
X . LG, SDI, SK
/
X , ,
O ,
O . SKIET
X , SK,
X ,
X ,
X ,
, ,
(LiPF6) ,
, vs ,
:
LG, SDI 2
, , ,
. 2 Overweight .
QuantumScape (QS US)
WHAT’S THE STORY
: ( QS) 2010 Jagdeep Singh Fritz Prinz
. 2018
20 3 . 20 9 Kengsington Captial
Acquisition SPAC 11 .
CTO JB .
:
1) : 2
( ) , /
. ,
, , .
.
2) 22 , 24 :
70 x 85mm 190mAh .
PHEV 25Ah , BEV 120Ah ,
. QS 22
1GWh 23 24
.
27 : QS , 1GWh
, 20GWh 30 2027
. QS 2027 (32) 5, 28
EBITDA(16 ) 10 .
. 2 21 EV/EBIDA 28.3
.
0.0
0.5
1.0
0
50
100
150
Khosla Ventures, 2% Capricorn Liba Inv, 1%
GLOBAL EQUITY
32
SSB QS : 1. - SSB QS : 2. - 800
: :
3. -
SSB QS :
4. -
: :
Product
WHAT’S THE STORY
: Bollore(: BOL.PA) 1822 .
(Bollore Logistics),
(Vivendi), E-mobility
(BlueSolutions) .
100 ( 13.5).
:
1) :
LMP( ) , (BlueSystems)
. 500MWh
2) LMP: LMP ,
. ,
. , LMP 60~80
.
3) 20, : LMP
eCitaro-G . 441kWh
25% . ,
NCM .
: 21 P/E 15.2, EV/EBITDA 9.4
. ,
2 P/E 65 .
0.0
0.5
1.0
1.5
0
2
4
6
GLOBAL EQUITY
: Bloomberg : 2020
: Bollore
Media ()
()
10,824 10,076 18,337 23,024 24,843
R&D 173 185 121 106 77
9,859 9,151 16,487 20,612 21,792
EBITDA 1,128 998 1,787 2,565 3,080
442 368 812 1,293 1,843
686 630 975 1,272 1,237
-306 -182 -374 -341 -137
() 999 823 1,219 1,327 1,374
7 12 -130 -286 301
(GAAP) 992 811 1,349 1,613 1,374
265 224 -700 506 -35
163 148 1,354 872 1,171
(GAAP) 564 440 695 235 237
EPS (GAAP, ) 0.2 0.2 0.2 0.1 0.1
EPS () 0.2 0.2 0.2 0.1 0.1
1,047 1,009 1,956 1,870 2,345
564 440 695 235 237
& 442 368 812 1,293 1,843
114 206 337 595 417
-73 -5 113 -253 -152
-3,909 -670 3,127 606 -2,245
& -776 -672 -1,080 -1,006 -1,309
& -139 -101 3,406 -109 0
0 0 0 0 -1,887
3,008 -449 -3,438 -908 -1,817
-136 -136 -134 -144 -135
() 2,647 -176 -1,192 2,126 1,435
() 610 -60 -1,573 -2,314 -2,515
-113 -77 -538 -576 -602
167 -143 1,542 1,556 -1,707
1,200 1,367 1,225 2,767 4,323
1,424 1,357 3,099 4,785 2,943
Free cash flow 458 516 1,247 1,309 1,739
: *
6,773 6,609 12,521 15,426 13,432
1,594 1,384 3,208 5,839 3,176
3,528 4,694 5,112 5,123 5,229
340 369 1,172 1,174 1,359
16,827 15,845 42,986 39,734 44,738
2,151 2,271 3,108 2,871 4,553
5,652 9,357 29,744 30,421 33,652
23,600 22,453 55,507 55,160 58,170
7,186 6,877 12,768 14,317 16,448
3,684 3,761 10,820 11,339 12,461
1,582 1,223 1,033 2,041 2,884
1,920 1,892 915 938 1,104
5,129 5,296 11,648 12,639 15,779
4,245 4,393 6,982 8,221 11,108
884 902 4,666 4,418 4,671
12,315 12,173 24,416 26,956 32,228
1,627 1,665 1,704 1,734 1,775
n/a n/a n/a n/a n/a
11,285 10,281 31,091 28,204 25,942
23,600 22,453 55,507 55,160 58,170
(%)
EPS 122.2 -25.0 60.0 -66.7 0.0
BPS 3.5 3.1 3.6 3.2 3.1
DPS () 0.1 0.1 0.1 0.1 0.1
Valuations ()
(, %) 1.8 1.8 1.8 1.8 1.8
SDI (006400)
WHAT’S THE STORY
: 20 3 ( ) '
' .
'()'
(Dendrite) .
.
5 '- ' ,
2 2 1 800km
.
2027 : SDI
. SDI .
.
5 .
.
: 2021 P/E 41, EV/EBITDA 21
. . /
, 2
.
,
1
. 900,000 BUY .
SECTOR UPDATE
:
SECTOR UPDATE
9,158 10,097 11,295 14,820 19,166
7,118 7,882 8,652 10,824 13,979
2,040 2,215 2,642 3,996 5,188
(, %) 22.3 21.9 23.4 27.0 27.1
1,325 1,753 1,971 2,569 3,298
715 462 671 1,428 1,890
(, %) 7.8 4.6 5.9 9.6 9.9
321 102 132 486 491
384 314 24 47 66
339 384 95 119 133
342 179 255 458 458
-66 -7 -52 100 100
1,036 565 803 1,914 2,380
291 162 172 479 595
(, %) 28.1 28.7 21.5 25.0 25.0
745 402 631 1,436 1,785
0 0 0 0 0
745 402 631 1,436 1,785
(, %) 8.1 4.0 5.6 9.7 9.3
701 357 559 1,272 1,582
44 46 72 163 203
EBITDA 1,297 1,318 1,675 2,558 3,127
(EBITDA , %) 14.2 13.1 14.8 17.3 16.3
EPS () 9,962 5,066 7,944 18,075 22,477
EPS () 10,586 5,717 8,965 20,397 25,365
EPS ()* 9,962 5,066 7,944 18,062 22,464
261 923 2,123 2,251 2,741
745 402 631 1,436 1,785
630 982 974 1,208 1,427
491 763 938 1,083 1,204
91 93 66 47 33
47 126 -29 78 190
-979 -307 744 141 174
-1,705 -1,535 -1,830 -2,023 -2,230
-2,142 -1,879 -1,800 -1,800 -1,800
1,600 31 -30 -223 -430
-1,162 312 0 -0 0
1,756 239 735 537 538
() 1,854 309 802 604 605
() -5 -36 0 0 0
-72 -67 -67 -67 -67
-21 33 0 -0 0
308 -360 1,314 1,089 1,370
1,209 1,517 1,156 2,471 3,560
1,517 1,156 2,471 3,560 4,930
Gross cash flow 1,375 1,384 1,605 2,643 3,212
Free cash flow -1,886 -975 323 451 941
: * ()
*** P/E, P/B
5,519 5,181 6,251 8,649 11,787
1,517 1,156 2,471 3,560 4,930
1,496 1,820 1,614 2,117 2,738
1,746 1,708 1,614 2,117 2,738
761 497 554 855 1,381
13,830 14,671 15,617 16,469 17,227
8,073 8,059 8,209 8,391 8,586
4,608 5,427 6,289 7,006 7,602
866 831 765 719 686
282 353 353 353 353
19,350 19,852 21,868 25,118 29,014
4,013 3,742 4,035 4,742 5,614
639 612 699 917 1,187
1,490 1,315 1,315 1,315 1,315
1,884 1,815 2,021 2,510 3,113
3,112 3,450 4,443 5,609 6,908
1,514 1,802 2,602 3,202 3,802
1,597 1,648 1,841 2,407 3,106
7,125 7,192 8,478 10,352 12,523
11,934 12,325 12,983 14,195 15,717
357 357 357 357 357
5,038 5,002 5,002 5,002 5,002
6,613 6,907 7,399 8,604 10,119
-73 59 225 232 239
291 335 407 571 774
12,225 12,660 13,390 14,766 16,491
1,631 2,303 1,776 1,111 -30
(%)
EPS** 6.7 -49.1 56.8 127.4 24.4
BPS 165,505 171,872 182,702 201,527 224,781
DPS () 1,000 1,000 1,000 1,000 1,000
Valuations ()
(, %) 0.5 0.4 0.2 0.1 0.1
(%) 13.3 18.2 13.3 7.5 -0.2
() 13.8 5.6 7.0 12.7 14.9
SECTOR UPDATE
Compliance notice - 1 29 SDI() .
- 1 29 .
- 1 29 1% .
- .
- .
- , , , , .
- , .
.
- 3 .
2
SDI
2018/10/1 2019/4/1 2020/1/30 3/20 4/29 5/25 7/2 7/29 8/12 2021/1/11
BUY BUY BUY BUY BUY BUY BUY BUY BUY BUY
TP () 330,000 310,000 340,000 260,000 320,000 400,000 450,000 480,000 600,000 900,000
() -31.77 -24.44 -10.55 -1.49 -5.12 -6.70 -14.03 -7.80 -17.95
(or) -23.48 -7.42 1.03 10.19 5.00 -3.00 -12.44 1.67 23.17
: .
BUY ()
HOLD ()
SELL ()
12 10%
12 -10%~ 10%
12 -10%
OVERWEIGHT()
12 (±5%)
12 5%
1 2020 12 31
(86.1%) | (13.9%) | (0%)
0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000
19 2 19 8 20 2 20 8 21 2
()
SDI
: 1588 2323 / 1544 1544
: 080 911 0900