On the 9th, Hana Financial Investment raised its target stock price to 290,000 won and offered 10 trillion won as its target market capitalization, saying "Steep profit growth continues.". The investment opinion remained 'buy'.
Hana Financial Investment said in a report, "While the outlook for the electric vehicle market is bright, the size of the battery market will continue to grow," adding, "As the built-in capacity per electric vehicle will increase along with the variable of increased sales of electric vehicles, the growth of the battery market is expected to be steeper than that of the electric vehicle market.".
Hana Financial Investment said, "China has been responsible for more than 50% of global battery demand, but demand from Europe and the United States is expected to increase steeply. The proportion of demand for global electric vehicle batteries is expected to change from 42% in China, 29% in Europe and 12% in the United States in 2020 to 37% in China, 24% in Europe and 18% in the United States in 2026.".
Hana Financial Investment said, "The average annual growth rate of the electric vehicle battery market is likely to gradually increase to 21% in China and 29% outside of China over the next five years.".
Hana Financial Investment said, "Assuming that the expected production of bipolar materials in 2024 is about 170,000 tons, sales of about 4.2 trillion won will be possible. The expected net profit of the controlling stake at this time is 287.6 billion won.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
