Hana Financial Investment predicted on the 16th that copper foil will exceed 100,000 tons in 2024 as sales of Iljin Materials will continue to increase from next year.
The target price was raised from 110,000 won to 137,000 won, and the investment opinion remained 'buy'.
Iljin Materials'third-quarter sales rose 51% year-on-year to 198.6 billion won and operating profit rose 98% to 23.6 billion won. This is about 11% below the consensus.
Iljin Materials'battery shipments of its major customers Samsung SDI and LG Energy Solutions continued to increase in the third quarter, with sales of battery gourds rising 65% year-on-year and 26% compared to the previous quarter.
The operating profit ratio, which is the performance of the copper foil corporation in Korea, was 13%, up 2.4% p from the second quarter and improved profitability In the fourth quarter, sales growth in battery gourds is expected to be difficult as battery production decreases due to a lack of supply of semiconductors for vehicles.
However, as the increase continues from next year, additional expansion other than guidance is expected. Hana Financial Investment predicts that Iljin Materials'annual copper foil cap will expand to 80,000 tons in 2023 and more than 100,000 tons in 2024.
Reporter Lee Dong-hoon usinvestmentidea2020@gmail.com
