배터리 다시 간다…진짜 이유는? | 김현수 하나증권 리서치센터 연구위원 [더블 업]

Summary

Kim Hyun-soo of Hana Securities explains that the battery sector is rising again due to a structural shift in growth drivers from EV to ESS (energy storage), with cell makers leading the rally. He recommends LG Energy Solution and Samsung SDI as the top beneficiaries of ESS and U.S. production subsidies, and highlights lithium plays such as POSCO Holdings and Albemarle, as well as small-cap ESS cooling company Hanjung NCS.

• Battery sector has outperformed over the past month, driven by ESS demand and low EV expectations.
• ESS growth is now based on energy security and grid stabilization, not just green policy.
• Large-cap cell makers (LG Energy Solution, Samsung SDI) have the fastest earnings growth due to ESS, LFP conversion, and AMPC subsidies.
• Lithium price recovery supports miners like Albemarle and domestic beneficiary POSCO Holdings.
• Small-cap ESS cooling company Hanjung NCS is also benefiting from the trend.
• Europe EV sales are strong but Korean battery makers are not yet capturing the benefit due to Chinese dominance.
• The EU industrial acceleration bill may eventually boost Korean battery makers in Europe.
• Investors are advised to focus on ESS-related names and avoid legacy EV-only plays.