{"slug":"landf","name":"엘앤에프","name_en":"L&F","ticker":"066970.KS","updated_at":"2026-07-12T04:10:27.154+00:00","canonical":"https://valuechain.wiki/landf","same_as":["https://finance.yahoo.com/quote/066970.KS","https://finance.naver.com/item/main.naver?code=066970"],"citable":"밸류체인 그래프 기준 엘앤에프의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, L&F is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 9 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"하이니켈·LFP 양극재","kicker_en":"High-nickel and LFP cathode maker","lead":"엘앤에프는 LG에너지솔루션·삼성SDI·SK온 등 한국 셀 메이커와 글로벌 고객향 하이니켈·LFP 양극재를 공급하는 한국 배터리 소재 기업이다. 2025년 연결 매출 2조1,549억원, 영업손실 1,568억원을 기록했지만 하이니켈 Ni95와 46파이 원통형 제품 출하 확대, LFP 양산 준비를 바탕으로 2026년 1분기 영업이익 1,173억원 흑자 전환에 성공했다. 2025년 상위 두 외부고객이 매출의 100%를 차지할 만큼 고객 집중도가 매우 높다.","lead_en":"L&F is a Korean battery-materials maker supplying high-nickel and LFP cathodes to Korean cell makers such as LG Energy Solution, Samsung SDI and SK On, as well as global customers. It posted KRW 2.1549 trillion of FY2025 consolidated revenue and a KRW 156.8 billion operating loss, but turned back to profit in Q1 2026 with KRW 117.3 billion of operating income as Ni95 high-nickel, 46-series cylindrical cathodes and the LFP ramp gained traction. Customer concentration is extreme: its top two external customers represented 100 percent of FY2025 revenue.","segments":{"parts":[{"name":"하이니켈 NCMA/NCM 양극재"},{"name":"46파이 원통형용 단결정 양극재"},{"name":"LFP 양극재 (양산 준비/ESS 중심)"}],"total":"FY2025 매출 ₩2.15조","concentration":"외부고객1 88%, 외부고객2 12% (FY2025)"},"segments_en":{"parts":[{"name":"High-nickel NCMA/NCM cathodes"},{"name":"Single-crystal cathodes for 46-series cylindrical cells"},{"name":"LFP cathodes (ramping, ESS-led)"}],"total":"FY2025 revenue ₩2.15tn","concentration":"External customer 1: 88%, customer 2: 12% (FY2025)"},"returns_yearly":{"2021":139.2,"2022":22.4,"2023":-30.3,"2024":-38.6,"2025":43.4,"2026":-20.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"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":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"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}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"LG에너지솔루션·삼성SDI·SK온 등 한국 셀 3사를 상대하는 하이니켈·LFP 양극재 기업으로, 상위 2개 고객이 매출의 100%를 차지할 만큼 집중도가 극단적이다. 논지의 핵심은 사이클 저점 통과 — 2025년 리튬·양극재 가격 하락으로 영업손실(-1,568억)을 냈지만, 하이니켈 Ni95·46파이 원통형 확대와 LFP(ESS) 양산으로 2026년 1분기 흑자 전환(1,173억)했다. 리스크는 극단적 고객 집중과 셀 업체 가동률·판가 사이클이며, 그래프 파급은 LG엔솔·삼성SDI·SK온의 셀 생산이 엘앤에프 양극재 물량으로 전이되나, 소재 판가가 이익 진폭을 결정한다.","analysis_en":"A high-nickel and LFP cathode maker serving Korea's three cell makers (LG Energy Solution, Samsung SDI, SK On), with extreme concentration — its top two customers were 100% of revenue. The thesis is passing the cycle trough — 2025 lithium/cathode price falls produced an operating loss (KRW 156.8B), but expanding Ni95 high-nickel and 46-series cylindrical plus the LFP (ESS) ramp turned it back to profit in Q1 2026 (KRW 117.3B). Risks are extreme customer concentration and cell-maker utilization/price cycles, and in graph terms LGES/Samsung SDI/SK On cell output transmits into L&F cathode volume, but material prices set the amplitude of profit.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"LLBS","counterparty_slug":null,"confidence":"high","metric":{"type":"capacity","unit":"tonnes/year","as_of":"2025-10-02","basis":"LLBS 전구체 생산능력","value":120000,"period":"2029~","basis_en":"LLBS precursor capacity"},"note":"합작사 LLBS로부터 전구체를 조달해 하이니켈 양극재를 생산한다. 2025년 준공 기사 기준 2029년 연산 12만톤 체제를 계획한다.","note_en":"Sources precursor from the LLBS joint venture for high-nickel cathode production. The 2025 completion announcement targets 120,000 tonnes per year by 2029.","sources":[{"stance":"confirms","publisher":"엘앤에프","publisher_en":"L&F","kind":"ir","lang":"ko","published_at":"2025-10-02","url":"https://www.landf.co.kr/company/hong_7.html?action=read&board_db=news&column=&keyword=&n=&num=235&page=1","title":"엘앤에프, LS 합작 새만금 전구체 공장 준공… K-배터리 밸류체인 강화","title_en":"L&F and LS complete Saemangeum precursor plant, reinforcing the K-battery value chain","excerpt":"LLBS는 2029년 전기차 130만 대 규모인 연산 12만 톤까지 생산능력을 확대해 나갈 계획이다. 엘앤에프는 LLBS로부터 공급받는 전구체를 활용해 하이니켈 양극재를 생산한다.","excerpt_en":"LLBS plans to expand to 120,000 tonnes a year by 2029, and L&F will use precursor supplied by LLBS to make high-nickel cathodes."}]},{"direction":"revenue","counterparty":"SK이노베이션(SK온)","counterparty_slug":"sk-innovation","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2024-03-25","basis":"하이니켈 양극재 공급계약","value":13.19,"period":"2024~2030","basis_en":"high-nickel cathode supply contract"},"note":"SK온향 하이니켈 양극재 장기 공급. 2025년 사업보고서 기준 2024년 체결 13.19조원 계약(2030년말)과, 그 이전 2021년 1.22조원 계약이 확인된다.","note_en":"Long-term supplier of high-nickel cathodes to SK On. The FY2025 annual report shows a KRW 13.19tn contract signed in 2024 through end-2030, alongside an earlier KRW 1.22tn contract from 2021.","sources":[{"stance":"confirms","publisher":"엘앤에프","publisher_en":"L&F","kind":"filing","lang":"ko","published_at":"2026-03-17","url":"https://file.irgo.co.kr/data/IRPAGE/BIZ_REPORT/8f915e2b-f173-476f-bb25-e85755cd08a1.pdf","title":"사업보고서 (2025년)","title_en":"Annual report (FY2025)","excerpt":"SK온 ... 하이니켈 양극재 공급계약체결 ... 2024.03.25 ... 6년 7개월 ... 13,191,047,267","excerpt_en":"SK On ... high-nickel cathode supply contract ... 2024-03-25 ... 6 years 7 months ... 13,191,047,267 (KRW thousand)"},{"stance":"mentions","publisher":"딜사이트","publisher_en":"Dealsite","kind":"news","lang":"ko","published_at":"2024-06-10","url":"https://dealsite.co.kr/articles/107517","title":"SK온 양극재 협력사 엘앤에프","title_en":"SK On cathode supplier L&F","excerpt":"1조2176억원 규모의 NCM 양극재 공급 계약을 체결했으며, 올해 12월 말 만료 예정","excerpt_en":"signed a KRW 1.2176tn NCM cathode contract, due to expire at year-end"}]},{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2022-05-19","basis":"양극재 거래 협약","value":7.1,"period":"2023~2024","basis_en":"Cathode trading agreement"},"note":"LG에너지솔루션에 원통형 셀용 하이니켈 NCMA·단결정 양극재를 공급. 2022년 약 7조1천억원 규모 거래 협약과 2020년 1.45조원 공급계약이 확인된다.","note_en":"Supplies high-nickel NCMA and single-crystal cathodes for LG Energy Solution cylindrical cells. Sources confirm a roughly KRW 7.1tn trading agreement in 2022 and a KRW 1.45tn supply contract in 2020.","sources":[{"stance":"confirms","publisher":"서울경제","publisher_en":"Seoul Economic Daily","kind":"news","lang":"ko","published_at":"2022-05-19","url":"https://www.sedaily.com/NewsView/2663VGJSS4","title":"LG엔솔·엘앤에프, 7조원대 양극재 거래 협약","title_en":"LGES and L&F sign KRW 7tn cathode trading agreement","excerpt":"LG에너지솔루션과 엘앤에프는 7조1000억 원 규모의 양극재 거래 협약을 체결","excerpt_en":"LGES and L&F signed a roughly KRW 7.1tn cathode trading agreement"},{"stance":"confirms","publisher":"디일렉","publisher_en":"TheElec","kind":"filing","lang":"ko","published_at":"2020-12-16","url":"http://www.thelec.kr/news/articleView.html?idxno=9572","title":"엘앤에프, LG엔솔과 1조4547억원 양극재 공급계약","title_en":"L&F signs KRW 1.45tn cathode supply contract with LGES","excerpt":"엘앤에프는 LG에너지솔루션과 1조4547억원 규모의 양극재 공급 계약을 맺었다","excerpt_en":"L&F signed a KRW 1.4547tn cathode supply contract with LG Energy Solution"}]},{"direction":"revenue","counterparty":"삼성SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"type":"contract_value","unit":"KRW trillion","as_of":"2026-03-24","basis":"ESS용 LFP 양극재 공급계약","value":1.6,"period":"2027~2029","basis_en":"ESS LFP cathode supply contract"},"note":"삼성SDI에 ESS용 LFP 양극재를 공급한다. 2026년 3월 1.6조원 규모 계약으로 2027~2029년 확정 물량과 추가 3년 옵션이 공개됐다.","note_en":"Supplies LFP cathode to Samsung SDI for ESS. The March 2026 deal disclosed KRW 1.6tn of committed volume for 2027-2029 plus a three-year option.","sources":[{"stance":"confirms","publisher":"엘앤에프","publisher_en":"L&F","kind":"ir","lang":"ko","published_at":"2026-03-24","url":"https://www.landf.co.kr/company/hong_7.html?action=read&board_db=news&column=&keyword=&n=&num=261&page=1","title":"엘앤에프, 삼성SDI와 1.6조원 규모 LFP 중장기 공급계약 체결…중국 외 ‘최초’","title_en":"L&F signs KRW 1.6tn mid- to long-term LFP supply deal with Samsung SDI, first outside China","excerpt":"이번 계약 규모는 1.6조원이며, 2027년부터 2029년까지 3년간 확정 물량에 추가 3년의 공급 옵션이 포함된 구조다.","excerpt_en":"The deal size is KRW 1.6tn, with committed volume for 2027-2029 plus a three-year supply option."},{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2026-03-24","url":"https://www.koreaherald.com/article/10701581","title":"삼성SDI, 엘앤에프와 1.6조 양극재 계약","title_en":"Samsung SDI signs W1.6tr cathode deal with L&F in ESS push","excerpt":"three years from 2027 ... world's first large-scale LFP cathode material supply agreement by a non-Chinese company","excerpt_en":"three years from 2027 ... world's first large-scale LFP cathode material supply agreement by a non-Chinese company"}]},{"direction":"cost","counterparty":"피노 (CNGR Korea)","counterparty_slug":null,"confidence":"mid","metric":{"basis":"전략적 전구체 수급 계획, 계약금액 비공개","basis_en":"strategic precursor sourcing plan, value undisclosed","qualifier":"confirmed_no_disclosed_value"},"note":"국내 CNGR 법인 피노를 전략적 전구체 수급 채널로 제시했다. 한국·북미 생산 네트워크용 원료 공급망 다변화 축이다.","note_en":"Presented Pino, CNGR's Korean unit, as a strategic precursor sourcing channel. It is part of the Korea/North America raw-material diversification plan.","sources":[{"stance":"confirms","publisher":"엘앤에프","publisher_en":"L&F","kind":"ir","lang":"ko","published_at":"2025-04-17","url":"https://www.landf.co.kr/company/hong_7.html?action=read&board_db=news&column=&keyword=&n=&num=205&page=1","title":"엘앤에프, '인터배터리 2025' 관심 집중 NCM 하이니켈 기술과 LFP 신성장 전략 전격 공개","title_en":"L&F highlights high-nickel NCM and LFP growth strategy at InterBattery 2025","excerpt":"안정적인 원료 공급망 구축을 위해 엘앤에프는 국내 CNGR의 한국법인인 피노, LS와 합작한 LS-엘앤에프 배터리솔루션(LLBS)을 통한 전략적 전구체 수급 계획도 제시했다.","excerpt_en":"To build a stable raw-material supply chain, L&F presented strategic precursor sourcing plans through Pino, CNGR's Korean unit, and the LS-L&F Battery Solution (LLBS) joint venture."}]}]}