Brokerage : Daishin Securities
Analyst : Kangho Park
Investment Rating : BUY (Maintained)
Target Price : KRW 180,000 (Maintained)
Core Momentum : Expected main supplier status for FC-BGA on Tesla’s AI6 chip contract and deepening collaboration across camera modules and high-reliability MLCCs drive structural revenue and margin growth.
📊 1. [Valuation & Key Financial Metrics]
- Rating & Target Price: BUY (Maintained), 6-Month Target Price of KRW 180,000 maintained
- Annual Earnings Forecasts (K-IFRS Consolidated):
- 2024A: Revenue KRW 10.294 Trillion / Operating Profit KRW 735 Billion / Net Profit (Controlling) KRW 679 Billion
- 2025F: Revenue KRW 11.263 Trillion / Operating Profit KRW 853 Billion / Net Profit (Controlling) KRW 689 Billion
- 2026F: Revenue KRW 12.035 Trillion / Operating Profit KRW 1.005 Trillion / Net Profit (Controlling) KRW 857 Billion
- 2027F: Revenue KRW 13.008 Trillion / Operating Profit KRW 1.166 Trillion / Net Profit (Controlling) KRW 956 Billion
- Key Valuation Multiples (2024A → 2025F → 2026F → 2027F):
- PER: 14.1x → 15.5x → 12.5x → 11.2x
- PBR: 1.1x → 1.1x → 1.1x → 1.0x
- ROE: 8.2% → 7.6% → 8.8% → 9.1%
- EPS: KRW 8,752 → KRW 8,884 → KRW 11,041 → KRW 12,316
- BPS: KRW 113,261 → KRW 120,650 → KRW 130,201 → KRW 141,033
🚀 2. [Market Opportunities & Business Outlook]
- Samsung Electronics-Tesla AI6 Contract & FC-BGA Beneficiary:
- Following Samsung Electronics’ KRW 22.8 Trillion AI6 chip foundry contract with Tesla (July 2025 – December 2033), Samsung Electro-Mechanics is anticipated to act as the primary substrate supplier for the AI6 chip.
- Building on its track record of supplying FC-BGA for AI4 (Samsung foundry) and AI5 (TSMC foundry), the company is positioned to maintain a leading supplier position for AI6.
- FC-BGA division revenue is forecast to grow to KRW 1.10 Trillion in 2025 (YoY +20.8%) and KRW 1.27 Trillion in 2026 (YoY +19.1%), outpacing total company top-line growth rates (9.4% in 2025, 6.9% in 2026).
- Expanding Multi-Division Synergy (Autonomous Driving, Robotaxi, Humanoid):
- Camera Modules: Supply volume is expected to expand as Tesla diversifies from EVs into autonomous driving, robotaxis, and humanoid robots (Optimus).
- MLCC: Per-vehicle adoption of high-capacity and high-reliability MLCCs continues to increase.
- The integration of AI6 across supercomputers, autonomous vehicles, and humanoid robotics broadens application domains and strengthens long-term growth across all business units.
📝 Editor’s Comment (Perspective)
The analyst views Samsung Electro-Mechanics not merely as a conventional IT hardware supplier tied to consumer PC and smartphone cycles, but as a critical strategic hardware partner deeply integrated into Tesla’s next-generation AI and autonomous robotics ecosystem. Rather than focusing solely on indirect foundry tailwinds, greater significance is attached to the company-wide portfolio expansion spanning high-margin FC-BGA substrates, automotive camera modules, and high-reliability MLCCs.
To verify whether this investment thesis materializes going forward, investors should monitor whether FC-BGA supply contracts for Tesla’s AI6 chip officially translate into mass production alongside Samsung Electronics’ foundry schedule, whether FC-BGA sales achieve the projected milestones of KRW 1.10 Trillion in 2025 and KRW 1.27 Trillion in 2026, and whether commercial shipment volumes for camera modules and high-reliability MLCCs expand into next-generation autonomous driving and humanoid platforms. These developments can be tracked through upcoming quarterly earnings releases, official IR presentations, and regulatory filings.
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Source: This content has been structured and newly written based on officially disclosed financial facts and data from brokerage reports.
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