Samsung SDI’s earnings hit bottom but target price raised from 420,000 to 580,000 won... SungEel HiTech expected to return to profit after 12 quarters [Stocktopia]

[Financial News] Here is a summary of major brokerage reports as of the morning of March 30.
Samsung SDI is expected to stage an earnings rebound by recovering demand for small batteries and shifting its business toward ESS, despite the downturn in the electric vehicle market. As a result, its recent share price trend is seen as positive. HanmiGlobal, a company specializing in Construction Management Services and Project Management (PM), is drawing attention for its mid- to long-term growth potential, driven mainly by expansion in nuclear power projects, even though its short-term earnings remain weak. SungEel HiTech, a secondary battery recycling company, is projected to return to profit in the third quarter of this year, for the first time in 12 quarters, supported by higher utilization rates at its production facilities and rising cobalt prices.
◆Samsung SDI (006400)― Kyobo Securities / Analyst Choi Bo-young
- Target price: 580,000 won (raised from 420,000 won) | Previous closing price: 405,500 won
- Investment opinion: Buy
Kyobo Securities expects Samsung SDI’s earnings in the first quarter of this year to be the lowest of 2026 due to weakness in the electric vehicle battery market, but still views the share price trend as positive. Analyst Choi Bo-young noted that the sale of Samsung Display shares has improved the company’s financial structure, while the conversion of some electric vehicle battery lines to ESS, along with expectations for solid-state batteries and small batteries for humanoid robots, are being priced in. These factors, Choi explained, are supporting a relatively strong share price performance compared with other large-cap secondary battery stocks in Korea.※ Solid-state battery (SSB)Current electric vehicles use batteries with liquid electrolytes, whereas a solid-state battery (SSB) replaces this with a solid electrolyte as a next-generation technology. Because it eliminates explosion risks and offers higher energy density, it is often called the “dream battery” and is drawing attention not only for electric vehicles but also as a power source for humanoid robots. Samsung SDI aims to begin mass production of SSBs in the second half of 2027.
◆HanmiGlobal (053690)― Hanwha Investment & Securities / Analyst Song Yu-rim
- Target price: 46,000 won (raised from 31,000 won) | Previous closing price: 26,100 won
- Investment opinion: Buy
Hanwha Investment & Securities reported that since establishing a dedicated nuclear power task force in 2022, HanmiGlobal has secured its first overseas nuclear power order through a facility upgrade project in Romania and appointed former Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho as an outside director. These moves, the brokerage said, are rapidly strengthening the company’s nuclear expertise. It expects HanmiGlobal’s standalone order backlog to grow by around 20% for a second consecutive year in 2026, supporting annual revenue growth of about 10%. Analyst Song Yu-rim added that many developments, including new nuclear power projects and expansion of overseas pipelines through participation in Team Korea, are likely to become visible soon, and argued that investors should not miss this period of major transition.※ Construction Management Services (PM)This business does not involve directly building structures or plants. Instead, it manages design, construction, budget, and scheduling on behalf of the client. It plays the role of a “general director” at large construction sites. HanmiGlobal is extending this capability to nuclear power plant construction, thereby expanding its business scope.
◆SungEel HiTech (365340)― IBK Securities / Analyst Lee Hyun-uk
- Target price: 60,000 won (raised from 32,000 won) | Previous closing price: 59,900 won
- Investment opinion: Buy (upgraded)
IBK Securities projects that SungEel HiTech will return to profit in the third quarter of this year, for the first time in 12 quarters, and has raised its target price by 87%, from 32,000 to 60,000 won. Analyst Lee Hyun-uk analyzed that utilization at the third plant of the Saemangeum Hydro Center is expected to approach 100% in the third quarter, while the second plant is projected to recover to around 40–50%. Lee also pointed out that the Democratic Republic of the Congo (DRC), the world’s largest cobalt producer, has set an annual export cap of 97,000 tons, which is likely to trigger a full-fledged rise in cobalt selling prices.※ Secondary battery recyclingThis business extracts key minerals such as lithium, cobalt, and nickel from spent batteries and recycles them into materials for new batteries. As electric vehicle adoption increases, the volume of waste batteries also grows, which in turn raises the value of recycling companies that can secure raw materials without direct mining. SungEel HiTech is Korea’s leading player in this field, with production bases in six countries worldwide.※ Cobalt export quota systemThe Democratic Republic of the Congo (DRC), which accounts for about 80% of global cobalt production, began limiting annual cobalt exports to 97,000 tons starting in the fourth quarter of 2025. As supply falls, prices tend to rise, making this a direct positive factor for SungEel HiTech, which produces and sells cobalt as a core product.

sms@fnnews.com Seong Min-seo Reporter