High-nickel NCA and NCM cathodes
EcoPro BM
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.
247540.KQ Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · FY2025 sales KRW 2.5338tn
- Customer concentration · Samsung SDI and SK On 91.4% (Q1-Q3 2025)
- Segments · High-nickel NCA cathodes · High-nickel NCM cathodes · Mid-nickel, LFP, LMFP and sodium-ion pipeline
Revenue from
- Samsung SDI High confidence· Contract value ₩43.9T · 2024~2028 · high-nickel NCA cathode supply contract
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.Confirms EN KED Global Published Dec 3, 2023: EcoPro BM hits $34 billion jackpot to supply cathodes to Samsung SDI - SK Innovation (SK On) High confidence· Contract value ₩10.1T · 2024~2026 · EV high-nickel NCM cathode sales contract
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.Confirms EN KED Global Published Mar 23, 2023: SK On, EcoPro, China's GEM to jointly build precursor factory
Pays to
- EcoPro Innovation High confidence
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.Confirms EN The Korea Times Published Nov 30, 2025: EcoPro to expedite European market entry with Hungarian plant - EcoPro Materials High confidence
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.Confirms EN KED Global Published Aug 20, 2024: EcoPro BM, GEM cement partnership for nickel, precursorsConfirms KO Eugene Investment & Securities Published Oct 30, 2023: EcoPro Materials (450080) IPO report
Investors
- Ecopro High confidence· Market share 40.8% · 지분율
Holding company Ecopro owns 40.8% (largest shareholder).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| EcoPro BM | node | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| EcoPro Materials | benef1 | · | · | · | -52.5 | -4.9 | -43.6 |
| Ecopro | benef2 | -5.1 | +94.5 | +309.5 | -39.2 | +172.1 | -47.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 1 · Sell 0 · Avg. target ₩245,000 · Price ₩121,600 (07-10) · Upside +101%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| DB Financial Investment | Hold | ₩240,000 | Apr 30, 2026 | Report ↗ |
| KB Securities | Buy | ₩270,000 | Apr 30, 2026 | Report ↗ |
| IBK Investment & Securities | Buy | ₩220,000 | Apr 14, 2026 | Report ↗ |
| Kyobo Securities | Buy | ₩250,000 | Apr 8, 2026 | Report ↗ |
Q1 volumes held up and shipments improve with Samsung SDI's recovery; an 80x EV/EBITDA on 2027E lifts target to KRW240,000 (+84.6%), but heavy multiples keep it at Hold.
Analyses covering this node
- At the materials tier, the customer sets the clock Jul 5, 2026
- Clocks that haven't run and clocks that ran hardest Jul 5, 2026
- The cathode paradox: cells turned, materials did not Jul 3, 2026