ESS Pushes, Robots Pull Battery Stocks... Have They Finally Passed the Bad News Tunnel? | Han Byung-hwa, Director at Eugene Investment & Securities

ESS가 밀고 로봇이 당긴 2차전지주...드디어 악재 터널 지났나 | 한병화 유진투자증권 이사 [인뎁스60]
Watch on YouTube ↗  |  January 22, 2026 at 00:20  |  26:23  |  3PRO TV (삼프로TV)
Speakers
Han Byung-hwa — Director

Summary

Han Byung-hwa, Director at Eugene Investment & Securities, discusses the outlook for secondary battery stocks. He argues that data-center ESS/BBU demand and robot battery demand are new positive drivers favoring Korean high-spec battery makers, while the EV market is mixed: Europe and Korea are strong, and the US may decline in 2025 before recovering in 2026. He also highlights the importance of ESS revenue mix and US midterm elections as key monitorables.

  • Han Byung-hwa of Eugene Investment & Securities reviews the secondary battery sector.
  • Robot batteries require high-density NCM and eventually solid-state chemistry, favoring Korean battery makers.
  • Data-center ESS and UPS/BBU demand is strong and is shifting from lead-acid to ternary lithium-ion batteries.
  • European EV demand is growing on reinstated subsidies and upcoming CO2 penalties.
  • US EV sales may fall about 7% in 2025 but could rebound 10-15% in 2026 as new models launch and subsidies potentially return.
  • Korean EV demand is rising with higher government subsidies and growing domestic battery/ESS demand.
  • Toyota is quietly expanding its US EV lineup and has a local battery pack plant.
  • Key monitorables include ESS revenue mix and US midterm election odds.
Ideas
Han Byung-hwa Director 1:27
Robot batteries favor Korean high-spec cell makers.
Humanoid robot batteries are a small-volume but high-value opportunity because they require high-density, high-spec NCM chemistry and eventually solid-state batteries, not LFP. Korean battery makers are relatively strong in these technologies, and supply-chain news involving Tesla's Optimus, Boston Dynamics, Figure AI, and others can be a powerful re-rating trigger for Korean battery stocks even before meaningful volumes arrive; the theme is more about quality and news flow than near-term earnings.
373220.KS 006400.KS HIGH
Han Byung-hwa Director 3:07
Data-center ESS/BBU demand favors Korean battery makers.
Data centers are creating strong incremental battery demand through grid-linked ESS and UPS/BBU backup systems. Lithium-ion is replacing lead-acid, and backup systems need fast response, so ternary/NCM batteries are preferred over LFP, which plays to Korean battery makers' strengths. BBU demand has increased since last year and remains strong, with replacement demand and new data-center construction, providing enough support to offset weakness in US EV demand.
EWY HIGH
Han Byung-hwa Director 8:54
Europe EV demand keeps growing.
Europe's EV market is in a volume recovery because Germany and the UK have reinstated purchase subsidies, and sales grew in the high-20% range last year with similar growth expected this year. Next year's CO2 emissions penalties should further force automakers to sell more EVs. Although Chinese EV imports are rising and may prompt trade barriers, rising European EV volumes improve the probability that Korean battery makers can sell more batteries into the region.
European EV market HIGH
Han Byung-hwa Director 12:32
US EV demand to decline then rebound.
US EV sales likely fell 3-5% last year and may fall about 7% this year, but the decline should be milder than the most bearish forecasts because 32 new EV models are launching, California and 17 allied states maintain EV mandates, and a Democratic House win in the midterms could revive federal EV purchase subsidies. Autonomous driving requires EVs, legacy automakers have too much invested to retreat, and Toyota is quietly expanding EV models with a US battery pack plant; US EV sales should return to 10-15% growth next year.
US EV market HIGH
Han Byung-hwa Director 14:50
Korean EV demand grows on higher subsidies.
Korean EV sales have increased since last year, led by Tesla's popularity, and the government has raised EV purchase subsidies for 2025, including extra support for replacing internal-combustion vehicles. Policy discussions about production and investment tax credits and a carbon-neutral industry law could further support domestic battery demand. Korea is becoming the largest EV market in Asia excluding China, and domestic battery and ESS demand is not small.
Korean EV market HIGH
Han Byung-hwa Director 24:23
Toyota quietly expands US EV lineup.
Toyota is positioned to benefit from the US EV recovery because it is launching more EV models in 2025 despite previously emphasizing hybrids, and it already has a US battery pack plant. The speaker views Toyota as wisely entering the US EV market while others pull back, and expects its models to be among the notable US EV launches this year.
TM MED
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This 3PRO TV (삼프로TV) video, published January 22, 2026, features Han Byung-hwa discussing 373220.KS, 006400.KS, EWY, European EV market, US EV market, Korean EV market, TM. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Han Byung-hwa  · Tickers: 373220.KS, 006400.KS, EWY, European EV market, US EV market, Korean EV market, TM