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1、Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction,including the U.S.PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES&DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.Chuljoong Kim Junseo Park Overseas capacity expansion+cost inn

2、ovationEV Batteries(Overweight/Maintain)2022 Outlook|November 29,2021Mirae Asset Securities Research2|2022 Outlook EV BatteriesContentsSummary 3I.Demand outlook:Another good year ahead6II.Battery supply/demand analysis11III.Teslas battery supply/demand14IV.2022:Overseas capacity expansion+cost innov

3、ation17V.Issues27Investment strategy 30Global battery supply chain 31Company analysis 35Samsung SDI(006400 KS)L&F(066970 KQ)EcoPro BM(247540 KQ)Global peer valuations41Mirae Asset Securities Research3|2022 Outlook EV BatteriesBattery market boom and momentum to continueSummary Second re-rating cycle

4、 not over yet20172022-25Earnings(market conditions)Multiples(momentum)2018201920202021Boom:Demand surges1)ESS demand soars2)Cylindrical cells(non-IT applications)see robust demandDownturn:Demand plunges1)Market slows in the wake of ESS fires2)China cuts EV subsidies3)COVID-19 spreads Boom:Demand sur

5、ges1)2H20:Sales spike in Europe2)1H21:Sales spike in ChinaFirst round of battery orders Volkswagen places battery orders for MEB platform Tesla Model 3 deliveries beginAbsence of large-scale battery orders Second round of battery orders(supply scheduled for 2024);battery orders from:Ford(joint ventu

6、re with SK Innovation),GM(Ultium Cells)Tesla(NCMA;LFP batteries added)Stellantis(joint venture between LG Energy Solution and Samsung SDI)BMW Gen 5/6 Volkswagen(MPE platform)Daimler Several Chinese and US startups(Rivian,Lucid)Scale of battery orders needs to be confirmedBattery makers start to ramp