大柱电子材料（078600 KS）：维持买入评级，目标价下调至13万韩元

Issuer of report:The Hongkong and ShanghaiBanking Corporation Limited, Seoul SecuritiesBranchView HSBC Global Research at:https://www.research.hsbc.comHSBC Global Research PodcastsTARGET PRICE(KRW)130,000SHARE PRICE(KRW)73,500(as of19 May 2025)MARKET DATAMarket cap(KRWb)Market cap (USDm)3m ADTV (USDm)FINANCIALS AND RATIOS(KRW)Year toHSBC EPSHSBC EPS (prev)Change (%)Consensus EPSPE (x)Dividend yield (%)EV/EBITDA (x)ROE (%)52-WEEK PRICE(KRW)Source:LSEGIBES, HSBC estimatesYushin Park*Analyst, Korea Industrials & UtilitiesThe Hongkong and Shanghai Banking CorporationLimited, Seoul Securities Branchyushin.park@kr.hsbc.com+82 2 3706 8756* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsKorea05/24 ◆◆◆ Listen to our insightsFind out moreMAINTAIN BUYPREVIOUS TARGET(KRW)140,000UPSIDE/DOWNSIDE+76.9%1,138Free float819BBG10RIC12/2024a12/2025e2381.81397.82350.91946.51.3-28.21396.21926.730.90.132.919.311/24Target price: 130000.00High: 160000.00 Low: 72400.00 Current: 73500.00 69%078600 KS078600.KQ12/2026e12/2027e2466.73435.03189.9na-22.7na3118.052.629.821.40.10.10.128.219.415.09.114.417.261000.00120500.00180000.0005/25 2Financial statementsYear to12/2024a12/2025e12/2026e12/2027eProfit & loss summary(KRWb)Revenue219260331412EBITDA41487192Depreciation & amortisation-12-16-19-22Operating profit/EBIT29325270Net interest-4-5-5-5PBT47274867HSBC PBT47274867Taxation-10-6-11-15Net profit37223853HSBC net profit37223853Cash flowsummary(KRWb)Cash flow from operations10455367Capex-101-60-60-80Cash flow from investment16-15-17-88Dividends-2-2-2-2Change in net debt3218914FCF equity-91-15-7-13Balance sheet summary(KRWb)Intangible fixed assets1100Tangible fixed assets440484526584Current assets175208264273Cash & others93125166152Total assets623700800869Operating liabilities32354050Gross debt308358408408Net debt215233242256Shareholders' funds227247284335Invested capital491532584656Ratio, growth and per share analysisYear to12/2024a12/2025e12/2026e12/2027eY-o-y % changeRevenue18.618.527.524.3EBITDA169.317.846.330.4Operatingprofit372.88.763.034.9PBT-41.276.539.3HSBC EPS5204.7-41.376.539.3Ratios (%)Revenue/IC (x)0.50.50.60.7ROIC5.64.97.38.9ROE19.39.114.417.2ROA6.82.94.75.9EBITDA margin18.718.621.322.3Operating profitmargin13.412.315.717.0EBITDA/net interest (x)10.010.214.418.1Net debt/equity93.493.084.576.0Net debt/EBITDA (x)5.24.83.42.8CF from operations/net debt4.519.221.826.1Per share data(KRW)EPS Rep (diluted)2381.81397.82466.73435.0HSBC EPS (diluted)2381.81397.82466.73435.0DPS100.0100.0100.0100.0Book value14656.615957.618327.521665.8Valuation dataYear toEV/salesEV/EBITDAEV/ICPE*PBFCF yield (%)Dividend yield (%)* Based on HSBC EPS (diluted)ESGmetricsEnvironmental IndicatorsGHG emission intensityEnergy intensityCO2reduction policySocial IndicatorsEmployee costs as % of revenuesEmployee turnover (%)Diversity policySource: Company data, HSBC*GHG intensity and energy intensity are measuredin kg and kWhrespectivelyagainst revenuein USD ‘000sIssuer informationShare price(KRW)Target price(KRW)RIC(Equity)Bloomberg (Equity)Market cap(USDm)Price relativeSource: HSBCNote:Priced at close of 19 May 202545000.0065000.0085000.00105000.00125000.00145000.00165000.00Financials & valuation:Daejoo Electronic Materials Risksto our viewKey downside risks:1) new competitor successfullymass producing silicon anodes at competitive pricing;2) delays in adoption of next generation technologyresulting in slower-than-expected demand of siliconanode; and 3) ramp-up issues or quality issues at itsnew production capacity.Potential share price catalysts:1) strong sales ofEVs with fast-charging systemsleading to strongerdemand for EV LIB with silicon anodes; 2) additionalcapacity expansion to address strong demand; 3) newcustomer expansion; and 4) commercialisation ofsilicon anode batteries in IT devices resulting in higherdemand. ValuationWe maintain our Buy rating with our new PE-based target priceof KRW130,000 (from KRW140,000), which implies c77%upside. We apply ourunchanged target PE multiple of 44x to our2026e-2027e average EPS estimate of KRW2,951(from 2026eEPS of KRW3,190) to derive our rounded TP of KRW130,000.We have a Buy rating because we think Daejoo is set to outpaceindustry growth,with:1) customer expansion from its previousfocus on LGES to expansion towards SK On and additionalcustomers; 2) exponential demand growth with adoption headingtowards high-volume mass market models; and 3) continuedleadership in the upcoming years withits demonstratedtrackrecord. 5 6Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s)appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies)