Where will the benefits of future industries go? ESS, robots, and defense all together.

미래산업의 수혜는 어디로? ESS·로봇·방산 다합니다. | 이성욱, 박지훈, 여도은, 허재무 [아침N투자]
Watch on YouTube ↗  |  February 11, 2026 at 02:16  |  55:55  |  3PRO TV (삼프로TV)
Speakers
Lee Sung-wook — CEO
Park Ji-hoon — Director, Asset Management Consulting Dept., NH Investment & Securities
Yeo Do-hun — Host

Summary

The episode featured SeAH Mecat CEO Lee Sung-wook discussing the company's ESS module parts business with LG Energy Solution, its die-casting and mechanism design technologies, and expansion plans into robots, defense, and M&A. Park Ji-hoon then discussed LG Energy Solution's ESS-driven value chain, LG Electronics' robot/HVAC/shareholder-return re-rating, and the Korean battery sector's potential bottoming. The hosts also noted that Korean equities were holding up better than US markets ahead of macro data and the Lunar New Year holiday.

  • SeAH Mecat CEO Lee Sung-wook said ESS module parts revenue with LG Energy Solution began in August 2025 and should become meaningful in 2026.
  • Lee Sung-wook said high-vacuum die-casting and mechanism design can be applied to advanced IT, EV/hydrogen, robots, and defense, and that M&A is under review.
  • Park Ji-hoon highlighted LG Energy Solution's 2026-2027 consensus and said related ESS value-chain names should be monitored.
  • Park Ji-hoon presented LG Electronics as a robot, HVAC/data-center cooling, and shareholder-return re-rating story.
  • Park Ji-hoon said the Korean battery sector may be bottoming despite weak near-term EV earnings expectations.
  • Park Ji-hoon framed SeAH Mecat as a turnaround and valuation candidate with auto, robot, and defense optionality.
  • Hosts noted Korean equities were stronger than US markets with individual investor support.
Ideas
Lee Sung-wook CEO 8:21
ESS contract drives 2026 growth.
SeAH Mecat's 2024-2025 EV-related slowdown is being offset by an ESS module parts order from LG Energy Solution; after winning the order, it developed and ramped production in 7-8 months, began ESS revenue in August 2025, and expects meaningful 2026 ESS revenue. Its high-vacuum die-casting and mechanism design technologies can be applied to advanced IT/premium displays, EV/hydrogen parts, robots, and defense, and management targets ROE near 9%, higher EPS, and M&A in aluminum, robot, and defense areas.
SeAH Mecat HIGH
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 22:51
SeAH Mecat offers valuation upside.
Park Ji-hoon views SeAH Mecat as a turnaround/earnings-momentum candidate whose collaboration with major customers, including LG Energy Solution, becomes a 2026 growth year. He says the base automotive display/electrical parts business should be steady, while auto order wins and robot/defense optionality can add upside; using rough numbers, if revenue reaches KRW 150bn with above-5% margin, operating profit could approach KRW 10bn, making forward valuation potentially attractive versus a roughly KRW 120bn market cap.
SeAH Mecat HIGH
Lee Sung-wook CEO 32:07
ESS market growing over 20% annually.
Lee Sung-wook says the ESS market is still growing at around 20%+ annually and is taking over part of the profit structure as EV demand slows; SeAH Mecat's 2026 revenue mix is expected to be led by ESS, with smart factory robotics used to protect costs and margins.
ESS MED
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 33:47
Watch LGES ESS value chain.
Park Ji-hoon notes LG Energy Solution's 2026 consensus operating profit of about KRW 1.3tn and 2027 estimate of KRW 3tn already reflect an ESS value-up. If those earnings materialize, related LG Energy Solution value-chain names should be monitored because ESS growth can support the supply chain even when EV multiples are limited.
LG Energy Solution value chain MED
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 34:42
LG Electronics has three re-rating drivers.
LG Electronics is being re-rated on three drivers: the robot business makes it more than a home-appliance company, HVAC/air-conditioning orders are accelerating with data-center cooling demand tied to HBM and AI heat, and the company is pursuing shareholder-friendly policies. These factors have driven a sharp move in the stock.
066570.KS HIGH
Park Ji-hoon Director, Asset Management Consulting Dept., NH Investment & Securities 37:42
Battery sector is bottoming.
Park Ji-hoon argues the Korean battery sector may be forming a bottom: earnings expectations are low, Samsung SDI is expected to remain in loss and LG Energy Solution's EV growth is not seen as strong, but base effects, faster ESS line conversion, and the shift toward physical AI/solid-state batteries could help the sector escape its old EV-chasm narrative in 2026.
KARS MED
Lee Sung-wook CEO 40:54
LGES dominates North American ESS growth.
From a supplier's view, Lee Sung-wook says LG Energy Solution has overwhelming competitiveness in North American ESS, is securing cells and converting existing EV lines to ESS, and is targeting double-digit sales growth. This supports an ESS-led growth thesis for LG Energy Solution.
373220.KS MED
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This 3PRO TV (삼프로TV) video, published February 11, 2026, features Lee Sung-wook, Park Ji-hoon discussing SeAH Mecat, ESS, LG Energy Solution value chain, 066570.KS, KARS, 373220.KS. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lee Sung-wook, Park Ji-hoon  · Tickers: SeAH Mecat, ESS, LG Energy Solution value chain, 066570.KS, KARS, 373220.KS