{"slug":"ecopro-materials","name":"에코프로머티리얼즈","name_en":"EcoPro Materials","ticker":"450080.KS","updated_at":"2026-07-12T08:23:49.777+00:00","canonical":"https://valuechain.wiki/ecopro-materials","same_as":["https://finance.yahoo.com/quote/450080.KS","https://finance.naver.com/item/main.naver?code=450080"],"citable":"밸류체인 그래프 기준 에코프로머티리얼즈의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 2·투자 1)이고, 사슬을 2차까지 넓히면 7곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, EcoPro Materials is directly linked to 3 companies (0 supply, 2 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"하이니켈 양극재용 전구체 국내 1위 (에코프로 계열)","kicker_en":"Korea's top high-nickel cathode precursor maker (EcoPro group)","lead":"에코프로머티리얼즈는 하이니켈 양극재용 전구체(CPM 공정)와 니켈 황산화(RMP 공정)를 만드는 에코프로 그룹 계열사다. 전구체 국내 1위로, 매출의 대부분이 계열사 에코프로비엠향 전구체다. 인도네시아 그린에코니켈 지분을 확보해 니켈 원료를 내재화하고 있으며, 2025년 4분기에 8개 분기 만에 흑자로 돌아섰다.","lead_en":"EcoPro Materials, part of the EcoPro group, makes high-nickel cathode precursors (CPM process) and nickel sulfate (RMP process). It is Korea's top precursor maker, with most of its revenue coming from precursors sold to affiliate EcoPro BM. It has secured a stake in Indonesia's Green Eco Nickel to internalize nickel feedstock, and returned to an operating profit in Q4 2025 after eight quarters.","segments":{"fy":2025,"parts":[{"desc":"NCM 하이니켈 양극재용 전구체. 매출의 대부분이 계열사 에코프로비엠향","name":"전구체 (CPM)"},{"desc":"저순도 니켈을 황산니켈로 전환해 전구체 원료를 자급. 니켈 자급률 100% 목표","name":"니켈 황산화 (RMP)"}],"total":"2025년 4분기 매출 1,152억원(영업이익 33억원, 8개 분기 만에 흑자전환), 2026년 연결 매출 약 1.1조원 전망","source":"https://kind.krx.co.kr/common/disclsviewer.do?method=search&acptno=20250314001345&docno=&viewerhost=","concentration":"매출 대부분이 에코프로비엠향 전구체. 에코프로비엠의 전구체 내재화 목표 30%, 나머지를 외주. 삼성SDI 등 외부 고객 확대 중"},"segments_en":{"fy":2025,"parts":[{"desc":"NCM high-nickel cathode precursor; most revenue is precursor sold to affiliate EcoPro BM","name":"Precursor (CPM)"},{"desc":"Converts low-grade nickel to nickel sulfate to internalize precursor feedstock; targets 100% nickel self-sufficiency","name":"Nickel sulfate (RMP)"}],"total":"Q4 2025 sales of KRW 115.2bn (operating profit KRW 3.3bn, first profit in eight quarters); 2026 consolidated sales guided at about KRW 1.1tn","source":"https://kind.krx.co.kr/common/disclsviewer.do?method=search&acptno=20250314001345&docno=&viewerhost=","concentration":"Most revenue is precursor to EcoPro BM. EcoPro BM targets 30% precursor internalization and outsources the rest. External customers such as Samsung SDI are being added"},"returns_yearly":{"2024":-52.5,"2025":-4.9,"2026":-43.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":3,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":3,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}},{"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":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":2,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}},{"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":"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":"ecopro-bm","name":"에코프로비엠","name_en":"EcoPro BM","tier":1,"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6}}],"benefiting":[{"slug":"ecopro","name":"에코프로","name_en":"Ecopro","tier":1,"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":2,"returns_yearly":{"2022":4.6,"2023":17,"2024":-47.7,"2025":38,"2026":-32}},{"slug":"ecopro-bm","name":"에코프로비엠","name_en":"EcoPro BM","tier":2,"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6}}],"analysis":"에코프로머티리얼즈의 논지는 니켈 업스트림 내재화와 계열 의존 탈피의 두 축이다. 하이니켈 양극재용 전구체 국내 1위지만 매출의 대부분이 계열사 에코프로비엠향이라, 실적은 에코프로비엠의 양극재 캐파와 전구체 외주 비중(내재화 목표 30%, 나머지 조달)에 묶인다 — 이 계열 집중이 안정성이자 리스크다. 인도네시아 그린에코니켈 지분 28%(2026년 1월 연결 편입)로 저순도 니켈·MHP를 시장가 대비 할인 조달해 RMP 공정 원료를 자급하는 것이 원가 경쟁력의 핵심이며, 삼성SDI 등 외부 고객 확대가 다변화 축이다. 2025년 4분기 8개 분기 만의 흑자전환은 니켈 가격·가동률 회복의 초입 신호다. 재평가 트리거는 니켈 자급률 상승, 외부 고객 매출 비중, 그리고 전기차 배터리 수요 사이클이다.","analysis_en":"EcoPro Materials's thesis has two axes: internalizing the nickel upstream and reducing group dependence. It is Korea's top high-nickel cathode-precursor maker, but most revenue is to affiliate EcoPro BM, so results are tied to EcoPro BM's cathode capacity and its precursor-outsourcing mix (30% internalization target, the rest sourced here) — that group concentration is both stability and risk. Its 28% stake in Indonesia's Green Eco Nickel (consolidated from January 2026), which supplies low-grade nickel/MHP at a discount to market, internalizes RMP-process feedstock and is the core of cost competitiveness, while adding external customers like Samsung SDI is the diversification axis. The Q4 2025 return to profit after eight quarters signals the start of a nickel-price and utilization recovery. Re-rating triggers are rising nickel self-sufficiency, the external-customer revenue share, and the EV-battery demand cycle.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"니켈 원료 (인도네시아 GEM·그린에코니켈)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"톤","as_of":"2025-03-31","basis":"그린에코니켈 니켈 장기구매(에코프로 그룹)","value":10000,"period":"연간 장기계약","basis_en":"Green Eco Nickel long-term nickel offtake (EcoPro group)"},"note":"RMP 공정의 원료인 저순도 니켈·MHP를 인도네시아 그린에코니켈(GEM 운영, 에코프로머티 28% 최대주주)에서 조달한다. 제련소 연 2만톤 니켈 중 1만톤을 에코프로 그룹이 장기 구매 계약으로 확보(시장가 대비 2~3% 할인).","note_en":"Low-grade nickel and MHP for the RMP process are sourced from Indonesia's Green Eco Nickel (operated by GEM, with EcoPro Materials the 28% largest shareholder). Of the smelter's 20,000 tons/year, EcoPro group secures 10,000 tons under a long-term contract at a 2-3% discount to market.","sources":[{"stance":"confirms","publisher":"헤럴드경제","publisher_en":"Herald Corp","kind":"news","lang":"ko","published_at":"2025-03-31","url":"https://biz.heraldcorp.com/article/10453988","title":"에코프로머티, 인니 니켈 제련 사업 본격 진출","title_en":"EcoPro Materials pushes into Indonesian nickel smelting","excerpt":"에코프로머티리얼즈가 그린에코니켈 지분 28%를 취득해 최대주주가 됐고, 그룹 차원 최종 38%를 확보할 예정이다. 제련 니켈 생산능력은 연 2만톤 수준이다.","excerpt_en":"EcoPro Materials acquired a 28% stake in Green Eco Nickel to become largest shareholder, with the group to reach 38%; the smelter's nickel capacity is about 20,000 tons a year."},{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2024-03-25","url":"https://www.kedglobal.com/batteries/newsView/ked202403250007","title":"Korea's EcoPro invests $11 mn in Indonesian nickel smelter","title_en":"Korea's EcoPro invests $11 mn in Indonesian nickel smelter","excerpt":"에코프로머티리얼즈는 인도네시아에서 조달한 니켈로 차세대 배터리 핵심 원료인 황산니켈과 전구체를 생산할 계획이다.","excerpt_en":"EcoPro Materials plans to produce nickel sulfate, a key raw material for batteries, and precursors from nickel procured in Indonesia."}]},{"direction":"investor","counterparty":"에코프로","counterparty_slug":"ecopro","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2023-11-17","basis":"최대주주 에코프로 지분(공모후)","value":43,"period":"2023 공모 후","basis_en":"EcoPro stake post-IPO"},"note":"지주사 에코프로가 공모 후 지분 43.0%로 최대주주다. 회사 자체가 에코프로와 중국 전구체 기업 GEM의 합작으로 출발했다.","note_en":"Holding company EcoPro Co. is the largest shareholder with 43.0% after the IPO. The company originated as a joint venture between EcoPro and China's precursor maker GEM.","sources":[{"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":"공모 후 주요주주는 최대주주 에코프로 43.0%, 기존주주 32.8%, 우리사주 4.1%, 공모주주 16.3%다.","excerpt_en":"After the offering the main shareholders are EcoPro (largest) at 43.0%, existing holders 32.8%, employee stock ownership 4.1%, and public offering 16.3%."}]},{"direction":"investment","counterparty":"그린에코니켈 (Green Eco Nickel)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-03-31","basis":"그린에코니켈 지분(에코프로머티)","value":28,"period":"2025","basis_en":"Green Eco Nickel stake (EcoPro Materials)"},"note":"에코프로머티리얼즈가 인도네시아 니켈 제련사 그린에코니켈 지분 28%를 취득해 최대주주가 됐다(약 3,890억원 규모). 2026년 1월부터 연결로 편입돼 니켈 업스트림을 내재화한다.","note_en":"EcoPro Materials acquired a 28% stake in Indonesia's nickel smelter Green Eco Nickel to become its largest shareholder (about KRW 389bn), consolidating it from January 2026 to internalize the nickel upstream.","sources":[{"stance":"confirms","publisher":"뉴스투데이","publisher_en":"News2day","kind":"news","lang":"ko","published_at":"2026-02-12","url":"https://www.news2day.co.kr/article/20260212500105","title":"에코프로머티, 8분기 만에 흑자…니켈 제련 연결로 실적 레벨업","title_en":"EcoPro Materials returns to profit after eight quarters as nickel smelting is consolidated","excerpt":"인도네시아 그린에코니켈은 연 약 2만톤 니켈 생산능력을 갖췄고 이 중 1만톤을 에코프로 그룹이 장기 구매로 확보한다. 제련소는 1월부터 연결 편입이 확정됐다.","excerpt_en":"Indonesia's Green Eco Nickel has about 20,000 tons a year of nickel capacity, of which EcoPro group secures 10,000 tons under long-term offtake; the smelter is consolidated from January."}]},{"direction":"revenue","counterparty":"에코프로비엠","counterparty_slug":"ecopro-bm","confidence":"high","metric":null,"note":"매출의 대부분이 계열사 에코프로비엠향 하이니켈 전구체다. 에코프로비엠은 2025년 양극재 CAPA 40만톤에 중량 기준 전구체 비중 90%, 전구체 내재화 목표 30%로, 나머지 물량을 에코프로머티리얼즈에서 조달한다.","note_en":"Most revenue is high-nickel precursor sold to affiliate EcoPro BM. EcoPro BM's 2025 cathode capacity is 400kt with precursor about 90% by weight and a 30% internalization target, sourcing the remainder from EcoPro Materials.","sources":[{"stance":"mentions","publisher":"NH투자증권","publisher_en":"NH Investment & Securities","kind":"research","lang":"ko","published_at":"2025-12-17","url":"https://v.daum.net/v/20251217074805739","title":"에코프로머티리얼즈 2026 흑자전환 전망 — 신규 고객·니켈 제련(NH투자증권)","title_en":"Ecopro Materials FY2026 return-to-profit outlook — new customers, nickel refining (NH Investment)","excerpt":"NH투자증권: 2026 흑자전환 전망 — 전구체 판매량 +67%(3.1만톤)·신규고객 비중 ~50%, 인도네시아 니켈 제련(GEN) 2026 매출 3,728억·영업이익 932억(25% 마진). Q4 2025 매출 1,209억(+37%).","excerpt_en":"NH Investment: FY2026 turnaround — precursor volume +67% (31kt), new customers ~50% of sales; Indonesia nickel refining (GEN) 2026 revenue ₩372.8bn, OP ₩93.2bn (25% margin). Q4 2025 revenue ₩120.9bn (+37%)."},{"stance":"confirms","publisher":"KRX KIND","publisher_en":"KRX KIND","kind":"filing","lang":"ko","published_at":"2025-03-14","url":"https://kind.krx.co.kr/common/disclsviewer.do?method=search&acptno=20250314001345&docno=&viewerhost=","title":"에코프로머티리얼즈 사업보고서 (2024 사업연도)","title_en":"EcoPro Materials annual report (FY2024)","excerpt":"사업보고서가 전구체 매출의 주 거래처로 그룹 내 양극재사(에코프로비엠)를 기재.","excerpt_en":"The annual report lists the group cathode maker (EcoPro BM) as the primary precursor customer."},{"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":"매출의 대부분을 차지하는 에코프로비엠의 물량에만 대응하더라도 생산량을 모두 판매할 수 있다. 에코프로비엠의 전구체 내재화 목표는 30%다.","excerpt_en":"Even serving only EcoPro BM, which accounts for most of revenue, EcoPro Materials can sell its entire output; EcoPro BM's precursor internalization target is 30%."},{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-09-26","url":"https://www.kedglobal.com/batteries/newsView/ked202309260006","title":"EcoPro Materials to quadruple precursor output by 2027","title_en":"EcoPro Materials to quadruple precursor output by 2027","excerpt":"에코프로비엠은 전구체 조달을 계열사 에코프로머티리얼즈에 크게 의존한다. 에코프로머티리얼즈는 연 5만톤 전구체를 생산하며 2027년 21만톤으로 확대할 계획이다.","excerpt_en":"EcoPro BM relies heavily on its affiliate EcoPro Materials for precursors; EcoPro Materials produces 50,000 tons of precursor a year and plans to raise it to 210,000 tons by 2027."}]},{"direction":"cost","counterparty":"코발트·망간 등 금속 원료 바스켓 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"NCM 전구체 생산에 니켈 외 코발트·망간 등 금속 원료를 조달한다. 개별 공급사·금액은 비공개.","note_en":"Beyond nickel, EcoPro Materials procures cobalt, manganese and other metals for NCM precursor production. Individual suppliers and amounts are not disclosed.","sources":[{"stance":"mentions","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":"동사의 주요 제품은 EV용 NCM 전구체로, 니켈·코발트·망간 등 금속을 원료로 사용한다.","excerpt_en":"The company's main product is NCM precursor for EVs, using nickel, cobalt and manganese as raw materials."}]},{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"mid","metric":null,"note":"에코프로머티리얼즈는 계열사 밖 외부 고객으로 삼성SDI 등에 하이니켈 전구체를 공급하며 고객 다변화를 추진한다.","note_en":"Beyond the group, EcoPro Materials supplies high-nickel precursors to external customers including Samsung SDI as it diversifies its customer base.","sources":[{"stance":"mentions","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-09-26","url":"https://www.kedglobal.com/batteries/newsView/ked202309260006","title":"EcoPro Materials to quadruple precursor output by 2027","title_en":"EcoPro Materials to quadruple precursor output by 2027","excerpt":"에코프로머티리얼즈는 삼성SDI 등 배터리 제조사에 하이니켈 전구체를 공급한다.","excerpt_en":"EcoPro Materials supplies high-nickel precursors to Samsung SDI and other battery makers."}]}]}