[Click eStock] "Samyoung, Capacitor Film Shortage... The Only Domestic Mass Producer of Core Materials"

Hana Securities analyzed on the 14th that Samyoung is expected to perform well in the second half of the year due to a shortage of capacitor films.

Samyoung, established in 1959, is a specialized manufacturer of condenser and packaging films, and is expected to improve its business structure with the full-scale launch of the capacitor film business in the second half of the year. Most electronic devices, including ESS, renewable energy, and electric vehicles, contain condensers that stabilize power flow, and Samyoung is the only domestic company capable of developing and mass-producing capacitor films, which are core materials for condensers.

Hana Securities researcher Kim Seong-ho stated in a report on the same day, “Japanese competitors are focusing on producing capacitor films for electric vehicles due to the increasing application of PHEV (Plug-in Hybrid Electric Vehicle) and BEV (Battery Electric Vehicle) electronic capacitors,” adding, “As a result, the shortage of capacitor films for general electronic devices continues.”

Researcher Kim analyzed, “Currently, the lead time for capacitor film production equipment still takes more than three years, and with the continuous growth in demand for capacitor films for electric vehicles and general use, Samyoung, which completed capacitor film CAPA expansion this year, is expected to benefit.”

He added, “In particular, demand for 2.3㎛ films used in hybrid electric vehicles is on the rise, and due to high demand and technological capabilities, the price is expected to be significantly higher than existing films.”

Furthermore, an analysis predicts significant performance growth as Samyoung’s CAPA increases. Researcher Kim said, “Samyoung’s existing CAPA was worth 43 billion KRW annually, but with the completion of the new factory this year, it secured CAPA worth more than 25 billion KRW,” and analyzed, “The new factory is currently in the ramp-up phase with an operating rate of about 50%, and performance growth is expected with full-scale operation starting in the fourth quarter.”

He also stated, “Of the consolidated operating profit of 1.6 billion KRW in the first quarter of this year, it is understood that the capacitor division, excluding loss-making business units, recorded an operating profit of about 1.7 billion KRW or more, showing performance growth even before the new factory’s full operation due to global demand,” and added, “A significant performance level-up is expected when the new factory operates fully in the fourth quarter.”

This content was produced with the assistance of AI translation services.