Brokerage : Daishin Securities
Analyst : Kang-ho Park
Investment Rating : BUY (Maintained)
Target Price : KRW 180,000 (Maintained)
Core Momentum : Driving profitability through higher MLCC utilization and premium product mix, alongside sustained growth from AI-focused FC-BGA expansion and next-generation glass substrate initiatives.
📊 1. [Valuation & Key Financial Metrics]
- Investment Rating & Target Price: BUY (Maintained) / KRW 180,000 (Maintained, based on a 2025F Target P/E of 17.1x)
- Current Share Price (As of Mar 10, 2025): KRW 132,900
- Key Financial Metrics & Forecast:
- Revenue: 2024A KRW 10.29T → 2025F KRW 11.03T (+7.1% YoY) → 2026F KRW 11.92T → 2027F KRW 12.84T
- Operating Profit: 2024A KRW 735.0B → 2025F KRW 974.0B (+32.6% YoY) → 2026F KRW 1.13T → 2027F KRW 1.28T
- Net Profit (Controlling): 2024A KRW 679.0B → 2025F KRW 817.0B → 2026F KRW 940.0B → 2027F KRW 1.02T
- EPS: 2024A KRW 8,752 → 2025F KRW 10,530 → 2026F KRW 12,111 → 2027F KRW 13,191
- P/E: 2024A 14.1x → 2025F 12.6x → 2026F 11.0x → 2027F 10.2x
- P/B: 2024A 1.1x → 2025F 1.1x → 2026F 1.0x → 2027F 0.9x
- ROE: 2024A 8.2% → 2025F 8.9% → 2026F 9.5% → 2027F 9.5%
- 1Q25 Earnings Forecast: Revenue of KRW 2.68T (+2.2% YoY, +7.6% QoQ), Operating Profit of KRW 211.3B (+15.1% YoY, +83.7% QoQ), exceeding market consensus (KRW 197.7B).
🚀 2. [Market Opportunities & Business Outlook]
- MLCC Division: Benefiting from on-device AI integration and China’s trade-in stimulus policies, lifting demand for high-capacitance IT MLCCs. With automotive and industrial MLCCs accounting for ~45% of segment revenue, higher fab utilization and improved product mix are expected to drive 2025 MLCC revenue to KRW 4.60T (+13.4% YoY).
- Optics & Solutions (Camera Modules): Supported by the Galaxy S25 launch and the planned roll-out of autonomous driving services in 2H25. Expansion into humanoid robot vision systems and foldable smartphone models is expected to increase shipments and lift ASPs.
- Package Substrates (FC-BGA): Full operation of the Vietnam facility to support AI substrate demand, alongside potential expansion into new global customers. 2025 FC-BGA revenue is projected to reach KRW 1.10T (+26.8% YoY).
- Glass Substrates: Strategic alignment with Samsung Electronics on glass interposers, positioning the company as an early mover in next-generation packaging technologies.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Electro-Mechanics not merely as a traditional passive component maker tied to consumer device cycles, but as an advanced electronics solutions provider elevating its profitability through high-value MLCC product mix and structural exposure to AI FC-BGA and glass substrates. The core thesis places greater emphasis on product mix enhancement and business diversification into automotive, industrial, humanoid robotics, and advanced packaging rather than simple volume recovery in IT hardware.
To verify whether this investment thesis materializes, key tracking points include whether MLCC capacity utilization and high-capacitance mix lead to sustained operating margin expansion, the pace of commercial volume ramp-up and new customer additions for AI-oriented FC-BGA at the Vietnam plant, and concrete milestones regarding glass substrate commercialization. These factors can be monitored through upcoming quarterly earnings releases, official IR presentations, and regulatory filings.
📢 Disclaimer & Source
Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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