{"slug":"ecopro-bm","name":"에코프로비엠","name_en":"EcoPro BM","ticker":"247540.KQ","updated_at":"2026-07-12T04:18:58.915+00:00","canonical":"https://valuechain.wiki/ecopro-bm","same_as":["https://finance.yahoo.com/quote/247540.KQ","https://finance.naver.com/item/main.naver?code=247540"],"citable":"밸류체인 그래프 기준 에코프로비엠의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, EcoPro BM is directly linked to 4 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 8 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"하이니켈 NCA·NCM 양극재","kicker_en":"High-nickel NCA and NCM cathodes","lead":"에코프로비엠은 삼성SDI·SK온 중심으로 하이니켈 NCA·NCM 양극재를 공급하는 한국 양극재 허브다. 공식 회사 소개 기준 2025년 매출은 2조5,338억원이고, 2025년 3분기 보고서 기준 삼성SDI·SK온 두 고객 비중이 91.4%, NCA·NCM 매출 비중이 95.7%다. 삼성SDI향 43.87조원 NCA, SK온향 10.11조원 NCM 장기계약으로 오더북은 크지만 주가는 2025년 +77.1% 뒤 2026년 현재 -42.3%로 급락해 EV 둔화와 고객 가동률 리스크를 반영한다. 다만 2026년 1분기 영업이익 209억원 흑자와 유럽·비EV 회복, 헝가리 현지화는 후행 반등의 조건이다.","lead_en":"EcoPro BM is a Korean cathode hub supplying high-nickel NCA and NCM materials mainly to Samsung SDI and SK On. The company overview page lists FY2025 sales at KRW 2.5338 trillion, while its Q3 2025 report says Samsung SDI and SK On represented 91.4 percent of sales and NCA plus NCM made up 95.7 percent of revenue. Its order book is large, anchored by a KRW 43.87tn NCA contract with Samsung SDI and a KRW 10.11tn NCM contract with SK On, yet the stock is down 42.3 percent in 2026 after a 77.1 percent jump in 2025 as investors price in EV softness and customer-utilization risk. The return to KRW 20.9 billion of operating profit in Q1 2026, Europe and non-EV recovery, and the Hungary localization ramp are the conditions for a late-cycle rebound.","segments":{"parts":[{"desc":"핵심 축 — 삼성SDI향 하이니켈 NCA(43.87조 장기계약). 헝가리 현지화로 연결.","name":"하이니켈 NCA 양극재"},{"desc":"SK온향 하이니켈 NCM(10.11조)·포드 캐나다 합작 — 북미 공급망.","name":"하이니켈 NCM 양극재"},{"desc":"미드텀 다각화 옵션 — 미드니켈·LFP·LMFP·나트륨이온 등 보급형·차세대 화학 파이프라인.","name":"미드니켈·LFP·LMFP·Na-ion 개발 파이프라인"}],"total":"FY2025 매출 ₩2.5338조","concentration":"삼성SDI·SK온 91.4% (2025년 3분기 누적)"},"segments_en":{"parts":[{"desc":"The core axis — high-nickel NCA for Samsung SDI (KRW 43.87tn long-term contract), linked to the Hungary localization.","name":"High-nickel NCA cathodes"},{"desc":"High-nickel NCM for SK On (KRW 10.11tn) and a Ford Canada JV — the North American supply chain.","name":"High-nickel NCM cathodes"},{"desc":"A mid-term diversification option — a pipeline of mid-nickel, LFP, LMFP and sodium-ion for mass-market and next-gen chemistries.","name":"Mid-nickel, LFP, LMFP and sodium-ion pipeline"}],"total":"FY2025 sales KRW 2.5338tn","concentration":"Samsung SDI and SK On 91.4% (Q1-Q3 2025)"},"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":2,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":1,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":1,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}}],"benefiting":[{"slug":"ecopro-materials","name":"에코프로머티리얼즈","name_en":"EcoPro Materials","tier":1,"returns_yearly":{"2024":-52.5,"2025":-4.9,"2026":-43.6}},{"slug":"ecopro","name":"에코프로","name_en":"Ecopro","tier":2,"returns_yearly":{"2021":-5.1,"2022":94.5,"2023":309.5,"2024":-39.2,"2025":172.1,"2026":-47.1}},{"slug":"ecopro-hn","name":"에코프로에이치엔","name_en":"Ecopro HN","tier":3,"returns_yearly":{"2022":4.6,"2023":17,"2024":-47.7,"2025":38,"2026":-32}}],"analysis":"에코프로비엠의 논점은 '삼성SDI·SK온에 묶인 하이니켈 양극재 허브의 EV 사이클 되돌림'이다. NCA·NCM 하이니켈 양극재를 삼성SDI(43.87조 NCA)·SK온(10.11조 NCM) 장기계약으로 공급해 오더북은 크지만, 두 고객 비중 91.4%·NCA/NCM 95.7%의 집중과 EV 둔화가 겹쳐 2025 +77% 뒤 2026 -48%로 급락했다 — 셀 고객 가동률과 리튬·니켈 가격에 실적이 통째로 연동되는 소재사다. 계열 수직통합(에코프로머티리얼즈 전구체·에코프로이노베이션 리튬)이 원가·공급의 뿌리이자 그룹 리스크의 연결고리다. 반등 조건은 유럽·비EV 회복·헝가리 현지화와 2026년 1분기 흑자(209억) 지속이며, LFP·나트륨이온 등 파이프라인이 미드텀 옵션이다.","analysis_en":"EcoPro BM's thesis is 'a high-nickel cathode hub tied to Samsung SDI and SK On, giving back through the EV cycle.' It supplies NCA/NCM high-nickel cathodes under long-term contracts with Samsung SDI (KRW 43.87tn NCA) and SK On (KRW 10.11tn NCM), so its order book is large, but concentration (two customers 91.4%, NCA/NCM 95.7%) plus EV softness sent it from +77% in 2025 to -48% in 2026 — a materials maker whose results are wholly tied to cell-customer utilization and lithium/nickel prices. Group vertical integration (EcoPro Materials precursors, EcoPro Innovation lithium) is the root of its cost/supply and the link to group risk. The rebound conditions are Europe/non-EV recovery, the Hungary localization ramp, and sustaining the Q1 2026 operating profit (KRW 20.9B), with an LFP and sodium-ion pipeline as a mid-term option.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2023-12-01","basis":"하이니켈계 NCA 양극소재 공급계약","value":43.87,"period":"2024~2028","basis_en":"high-nickel NCA cathode supply contract"},"note":"삼성SDI에 하이니켈 NCA 양극재를 공급한다. 2023년 12월 체결한 5년 장기계약은 2024~2028년 43.87조원 규모이며, 2025년부터는 헝가리 현지 공장 공급까지 연결된다.","note_en":"Supplies high-nickel NCA cathodes to Samsung SDI. The five-year contract signed in December 2023 covers 2024-2028 and is worth KRW 43.87tn, with localized supply from Hungary from 2025.","sources":[{"stance":"confirms","publisher":"에코프로비엠","publisher_en":"EcoPro BM","kind":"filing","lang":"ko","published_at":"2025-11-14","url":"https://kind.krx.co.kr/external/2025/11/14/000821/20251114001819/11013.htm","title":"분기보고서 (2025년 3분기)","title_en":"Quarterly report (Q3 2025)","excerpt":"계약 목적 및 내용: 하이니켈계 NCA 양극소재 공급계약 / 계약기간 2024.01.01 ~ 2028.12.31 / 계약금액 43,867,615,524,480원","excerpt_en":"Purpose: supply of high-nickel NCA cathodes / term: 2024-01-01 to 2028-12-31 / contract value: KRW 43,867,615,524,480"},{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-12-03","url":"https://www.kedglobal.com/batteries/newsView/ked202312030001","title":"에코프로비엠, 삼성SDI에 양극재 공급 34조원 잭팟","title_en":"EcoPro BM hits $34 billion jackpot to supply cathodes to Samsung SDI","excerpt":"에코프로비엠이 삼성SDI에 5년간 약 44조원 규모 양극재를 공급한다.","excerpt_en":"EcoPro BM signed a five-year, KRW 44tn cathode supply deal with Samsung SDI."}]},{"direction":"investor","counterparty":"에코프로","counterparty_slug":"ecopro","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-01","value":40.8,"period":"지분율"},"note":"지주회사 에코프로가 지분 40.8% 보유(최대주주).","note_en":"Holding company Ecopro owns 40.8% (largest shareholder).","sources":[{"stance":"confirms","publisher":"WISEreport","publisher_en":"WISEreport","kind":"research","lang":"ko","published_at":"2026-01-01","url":"https://comp.wisereport.co.kr/company/c1070001.aspx?cmp_cd=247540","title":"에코프로비엠 지분 현황 (WISEreport)","title_en":"Ecopro BM shareholding (WISEreport)","excerpt":"에코프로 39,943,167주(40.83%) 보유.","excerpt_en":"Ecopro holds 40.83%."}]},{"direction":"revenue","counterparty":"SK이노베이션(SK온)","counterparty_slug":"sk-innovation","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2021-09-08","basis":"EV용 하이니켈 양극재(NCM) 판매계약","value":10.11,"period":"2024~2026","basis_en":"EV high-nickel NCM cathode sales contract"},"note":"SK온에 EV용 하이니켈 NCM 양극재를 공급한다. 2021년 9월 계약 기준 2024~2026년 10.11조원 규모이며, 북미에서는 포드와 함께 캐나다 양극재 합작으로 공급망을 공동 구축 중이다.","note_en":"Supplies EV high-nickel NCM cathodes to SK On. The contract signed in September 2021 covers 2024-2026 and totals KRW 10.11tn; in North America the two are also building a Canadian cathode JV with Ford.","sources":[{"stance":"confirms","publisher":"에코프로비엠","publisher_en":"EcoPro BM","kind":"filing","lang":"ko","published_at":"2025-11-14","url":"https://kind.krx.co.kr/external/2025/11/14/000821/20251114001819/11013.htm","title":"분기보고서 (2025년 3분기)","title_en":"Quarterly report (Q3 2025)","excerpt":"계약 목적 및 내용: EV용 하이니켈 양극재(NCM) 판매계약 / 계약기간 2024.01.01 ~ 2026.12.31 / 계약금액 10,110,232,000,000원","excerpt_en":"Purpose: EV high-nickel NCM cathode sales contract / term: 2024-01-01 to 2026-12-31 / contract value: KRW 10,110,232,000,000"},{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-03-23","url":"https://www.kedglobal.com/batteries/newsView/ked202303230027","title":"SK온·에코프로·GEM, 전구체 공장 공동 설립","title_en":"SK On, EcoPro, China's GEM to jointly build precursor factory","excerpt":"에코프로는 한국 공장에서 만든 전구체로 양극재를 생산해 SK온의 전 세계 배터리 공장에 공급할 예정이다.","excerpt_en":"EcoPro will make cathodes with precursors from the Korean factory and supply them to SK On’s battery factories around the world."}]},{"direction":"cost","counterparty":"에코프로이노베이션","counterparty_slug":null,"confidence":"high","metric":{"basis":"주요 리튬 원재료 공급, 금액 비공개","basis_en":"major lithium raw-material supply, value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"리튬 수산화물 등 리튬 가공 원료를 계열사 에코프로이노베이션으로부터 조달한다. 공시는 에코프로이노베이션을 주요 원재료 공급처로 명시하고, 헝가리 현지화에서도 BM과 이노베이션이 같은 부지에서 양극재·리튬 공정을 함께 운영한다.","note_en":"Sources lithium-processed raw materials such as lithium hydroxide from affiliate EcoPro Innovation. The filing names EcoPro Innovation as a major raw-material supplier, and the Hungary localization setup places BM and Innovation together on one site for cathode and lithium processing.","sources":[{"stance":"confirms","publisher":"코리아타임스","publisher_en":"The Korea Times","kind":"news","lang":"en","published_at":"2025-11-30","url":"https://www.koreatimes.co.kr/business/companies/20251130/ecopro-to-expedite-european-market-entry-with-hungarian-plant","title":"에코프로, 헝가리 공장으로 유럽 공략 가속","title_en":"EcoPro to expedite European market entry with Hungarian plant","excerpt":"헝가리 공장은 에코프로비엠의 양극재 생산, 에코프로이노베이션의 리튬 가공, 에코프로에이피의 산소·수소 생산을 한 부지에 수용한다.","excerpt_en":"The Hungary plant houses EcoPro BM, which manufactures cathode material, EcoPro Innovation, which processes lithium, and EcoPro AP, which makes industrial oxygen and hydrogen."},{"stance":"confirms","publisher":"에코프로비엠","publisher_en":"EcoPro BM","kind":"filing","lang":"ko","published_at":"2025-11-14","url":"https://kind.krx.co.kr/external/2025/11/14/000821/20251114001819/11013.htm","title":"분기보고서 (2025년 3분기)","title_en":"Quarterly report (Q3 2025)","excerpt":"주) 당사는 계열회사인 주식회사 에코프로머티리얼즈, 에코프로이노베이션 및 국내외 다수의 경로를 통하여 주요 원재료를 공급받고 있으며, 공급 안정성 측면에서 차질이 발생한 이력은 없습니다.","excerpt_en":"The company says major raw materials are supplied through affiliates EcoPro Materials, EcoPro Innovation and multiple domestic and overseas channels, with no recorded disruption to supply stability."}]},{"direction":"cost","counterparty":"에코프로머티리얼즈","counterparty_slug":"ecopro-materials","confidence":"high","metric":{"basis":"주요 전구체 공급, 금액 비공개","basis_en":"major precursor supply, value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"전구체 조달의 핵심 축이다. 회사 공시는 주요 원재료를 에코프로머티리얼즈와 에코프로이노베이션 등에서 공급받는다고 밝히며, 영어 보도는 전구체 조달을 계열사 에코프로머티리얼즈에 크게 의존한다고 적시한다.","note_en":"A core precursor-sourcing leg. The company filing says major raw materials are supplied through EcoPro Materials, EcoPro Innovation and other channels, while English coverage says EcoPro BM relies heavily on affiliate EcoPro Materials for precursor procurement.","sources":[{"stance":"confirms","publisher":"에코프로비엠","publisher_en":"EcoPro BM","kind":"filing","lang":"ko","published_at":"2025-11-14","url":"https://kind.krx.co.kr/external/2025/11/14/000821/20251114001819/11013.htm","title":"분기보고서 (2025년 3분기)","title_en":"Quarterly report (Q3 2025)","excerpt":"주) 당사는 계열회사인 주식회사 에코프로머티리얼즈, 에코프로이노베이션 및 국내외 다수의 경로를 통하여 주요 원재료를 공급받고 있으며, 공급 안정성 측면에서 차질이 발생한 이력은 없습니다.","excerpt_en":"The company says major raw materials are supplied through affiliates EcoPro Materials, EcoPro Innovation and multiple domestic and overseas channels, with no recorded disruption to supply stability."},{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2024-08-20","url":"https://www.kedglobal.com/batteries/newsView/ked202408200012","title":"에코프로비엠, GEM과 니켈·전구체 협력 강화","title_en":"EcoPro BM, GEM cement partnership for nickel, precursors","excerpt":"영문 보도에 따르면 에코프로비엠은 전구체 조달을 계열사 에코프로머티리얼즈에 크게 의존한다.","excerpt_en":"EcoPro BM relies heavily on its affiliate EcoPro Materials Co. for the procurement of precursors."},{"stance":"confirms","publisher":"유진투자증권","publisher_en":"Eugene Investment & Securities","kind":"research","lang":"ko","published_at":"2023-10-30","url":"https://www.eugenefn.com/common/files/amail/20231030_B_js_heo_1.pdf","title":"에코프로머티리얼즈(450080) IPO 리포트","title_en":"EcoPro Materials (450080) IPO report","excerpt":"에코프로비엠의 전구체 내재화 목표는 30%이고, 매출의 대부분을 차지하는 에코프로비엠 물량에 에코프로머티리얼즈가 대응한다.","excerpt_en":"EcoPro BM's precursor internalization target is 30%, and EcoPro Materials serves EcoPro BM's volume, which accounts for most of its revenue."}]}]}