{"slug":"sumitomo-metal-mining","name":"스미토모금속광산","name_en":"Sumitomo Metal Mining","ticker":"5713.T","updated_at":"2026-07-12T04:39:25.659+00:00","canonical":"https://valuechain.wiki/sumitomo-metal-mining","citable":"밸류체인 그래프 기준 스미토모금속광산의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Sumitomo Metal Mining is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 니켈 제련·NCA 양극재","kicker_en":"Nikkei 225 · nickel smelting & NCA cathode","lead":"스미토모금속광산은 광산→제련→양극재로 이어지는 수직계열을 쥔 일본 비철·배터리 소재사다 — 니켈·구리·금을 캐고(자원), 제련하고(제련), NCA 양극재로 만들어(재료) 파나소닉 에너지·테슬라 배터리 밸류체인의 상류에 선다. 다만 FY2026 순이익이 +969%(1,763억엔) 급증한 실제 동력은 배터리가 아니라 지분법 해외광산의 구리·금 record 가격과 전년 감손 소멸이었다 — 오히려 EV용 배터리 소재 수요는 둔화됐다. 중장기 성장축은 파나소닉향 NCA 증설(연 6만t→18만t)과 토요타 전고체 양극재 공동개발이며, 코랄베이 100% 내재화·암바토비 매각으로 자원 포트폴리오를 조인다.","lead_en":"Sumitomo Metal Mining owns the vertical chain from mine to smelter to cathode — mining nickel/copper/gold (Resources), smelting it (Smelting), and making NCA cathode (Materials), sitting upstream of the Panasonic Energy/Tesla battery value chain. But the real driver of the +969% net-profit surge (JPY 176.3bn) in FY2026 was not batteries — it was record copper/gold prices at its equity-method mines and the absence of prior-year impairments; EV battery-material demand actually slowed. Its medium-term growth axis is NCA expansion for Panasonic (60kt->180kt/yr) and joint development of solid-state cathode for Toyota, and it is tightening its resource portfolio by taking Coral Bay to 100% and divesting Ambatovy.","segments":{"fy":2026,"parts":[{"desc":"매출 3,026억엔(+43.6%)·부문이익 1,678억엔(+64.8%) — FY2026 이익의 주 엔진. 지분법 해외광산(모레니치 25%·세로베르데 16.8%·케브라다블랑카 25%·코테골드 30%)의 구리·금이 record 가격에 급등, 히시카리 자체 금광.","name":"자원 (Mineral Resources)"},{"desc":"매출 1조3,501억엔(+9.7%)·부문이익 916억엔(전년 손실 전환). 전해니켈 사상 최대(6.6만t)·코랄베이·타가니토 HPAL. 구리 매입조건(TC/RC) 악화가 상쇄 요인.","name":"제련 (Smelting & Refining)"},{"desc":"매출 2,845억엔(-4.0%)·부문이익 153억엔(전년 배터리 감손 소멸로 흑자전환). EV·HEV용 배터리 소재 수요 성장은 둔화, 데이터센터·반도체용 전자부품 소재가 만회. 파나소닉 NCA·토요타 전고체가 중장기 축.","name":"재료 (Materials — 양극재)"}],"total":"매출 1조7,416억엔(FY2026·2026.3, +9.3%)·세전이익 2,557억엔(+714.7%)·지배주주 순이익 1,763억엔(+969%)·ROE 9.0%. 이익 급증은 배터리가 아니라 구리·금 record 가격과 전년 감손 소멸이 견인.","source":"SMM FY2026 연결결산 (IFRS)","concentration":"이익의 진폭은 재료(양극재)가 아니라 자원(구리·금 지분법)·제련이 만든다. 중장기 성장은 파나소닉향 NCA 증설·토요타 전고체이나, FY2026처럼 단기 실적은 금속 가격 사이클에 통째로 연동. 코랄베이 100% 내재화·암바토비 매각으로 니켈 포트폴리오 정리."},"segments_en":{"fy":2026,"parts":[{"desc":"Revenue JPY 302.6bn (+43.6%), segment income JPY 167.8bn (+64.8%) — the main FY2026 profit engine. Copper/gold from equity-method mines (Morenci 25%, Cerro Verde 16.8%, Quebrada Blanca 25%, Côté Gold 30%) surged on record prices; the Hishikari gold mine is wholly owned.","name":"Mineral Resources"},{"desc":"Revenue JPY 1,350.1bn (+9.7%), segment income JPY 91.6bn (back to profit). Record electrolytic nickel output (66kt), Coral Bay and Taganito HPAL. Worsening copper purchasing terms (TC/RC) were an offset.","name":"Smelting & Refining"},{"desc":"Revenue JPY 284.5bn (-4.0%), segment income JPY 15.3bn (back to profit as prior-year battery impairments dropped out). EV/HEV battery-material demand growth slowed, offset by electronic-parts materials for data centers/semis. Panasonic NCA and Toyota solid-state are the medium-term axis.","name":"Materials (cathode)"}],"total":"Revenue JPY 1,741.6bn (FY2026 ended Mar 2026, +9.3%); pretax profit JPY 255.7bn (+714.7%); net profit to owners JPY 176.3bn (+969%); ROE 9.0%. The profit surge was driven by record copper/gold prices and the absence of prior-year impairments, not batteries.","source":"SMM FY2026 Consolidated Financial Results (IFRS)","concentration":"The amplitude of earnings is made by Resources (equity-method copper/gold) and Smelting, not by Materials (cathode). Medium-term growth is NCA expansion for Panasonic and Toyota solid-state, but short-term results — as in FY2026 — are wholly tied to the metals-price cycle. It is tidying its nickel portfolio by taking Coral Bay to 100% and divesting Ambatovy."},"returns_yearly":{"2021":20.5,"2022":5.4,"2023":-19.4,"2024":-10.2,"2025":168.7,"2026":-20.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":2,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"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":"panasonic-energy","name":"파나소닉 에너지","name_en":"Panasonic Energy","tier":1,"returns_yearly":{"2021":-5.7,"2022":-1.6,"2023":20.1,"2024":16.6,"2025":36.2,"2026":113.2}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":1,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}}],"benefiting":[],"analysis":"스미토모금속광산의 논점은 '금속 가격 사이클이 이익을 지배하는 수직통합 자원·배터리 소재사'다. 광산·제련·양극재를 한 회사에 담아 파나소닉 NCA·토요타 전고체의 상류에 서지만, FY2026 순이익 +969%의 실제 엔진은 배터리가 아니라 지분법 해외광산(모레니치·세로베르데·코테골드)의 구리·금 record 가격이었다 — 지분법이익만 406억엔(전년 87억). 정작 EV용 배터리 소재 수요는 둔화돼 재료 부문 매출은 -4%였고, 데이터센터·반도체용 전자부품 소재가 만회했다. 즉 중장기 EV 스토리(파나소닉 증설·토요타 전고체)와 단기 실적(구리·금·니켈 가격)이 분리돼 움직인다. 관전 포인트는 금속 가격 사이클, EV 수요 회복, 전고체 상용화(토요타 2027~28), 그리고 코랄베이 내재화·암바토비 매각의 포트폴리오 효과다.","analysis_en":"Sumitomo Metal Mining's thesis is 'a vertically integrated resources-and-battery-materials company whose earnings are dominated by the metals-price cycle.' Housing mine, smelter and cathode in one company puts it upstream of Panasonic NCA and Toyota solid-state, but the real engine of the +969% net-profit surge in FY2026 was not batteries — it was record copper/gold prices at its equity-method mines (Morenci, Cerro Verde, Côté Gold), with equity-method income alone at JPY 40.6bn (from JPY 8.7bn). EV battery-material demand actually slowed, so Materials revenue fell -4%, offset by electronic-parts materials for data centers/semis. In other words, the medium-term EV story (Panasonic expansion, Toyota solid-state) and short-term results (copper/gold/nickel prices) move apart. What to watch is the metals-price cycle, EV-demand recovery, solid-state commercialization (Toyota 2027-28), and the portfolio effect of in-sourcing Coral Bay and divesting Ambatovy.","analysis_asof":"2026-07-12"},"edges":[{"direction":"revenue","counterparty":"파나소닉 에너지","counterparty_slug":"panasonic-energy","confidence":"high","metric":{"type":"capacity","unit":"tonnes","as_of":"2022-11-17","basis":"NCA 양극재 생산능력 증설","value":60000,"period":"→120k(2028)→180k(2031)","basis_en":"NCA cathode capacity expansion"},"note":"파나소닉 에너지에 배터리 양극재(NCA)를 공급하는 핵심 소재 파트너.","note_en":"Key cathode (NCA) materials supplier to Panasonic Energy.","sources":[{"stance":"mentions","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketscreener.com/quote/stock/SUMITOMO-METAL-MINING-CO--6491216/consensus/","title":"스미토모금속광산 투자의견·목표주가 컨센서스 (5713)","title_en":"Sumitomo Metal Mining analyst consensus and price target (5713)","excerpt":"애널리스트 컨센서스 — FY2026 이익 급증(구리·금)에도 배터리 소재 수요 둔화가 재료 부문 관전 포인트.","excerpt_en":"Analyst consensus — despite the FY2026 profit surge (copper/gold), slowing battery-material demand is the key watch item for the Materials segment."},{"stance":"confirms","publisher":"스미토모금속광산","publisher_en":"Sumitomo Metal Mining","kind":"filing","lang":"en","published_at":"2026-05-11","url":"https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf","title":"스미토모금속광산 연결결산 실적 (2026.3 종료 회계연도, IFRS)","title_en":"Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]","excerpt":"재료(양극재) 부문 매출 2,845억엔(-4.0%)·부문이익 153억엔(전년 배터리 감손 소멸로 흑자전환). EV·HEV용 배터리 소재 수요 성장은 둔화, 전자부품용 소재가 만회.","excerpt_en":"Materials (cathode) segment revenue JPY 284.5bn (-4.0%), segment income JPY 15.3bn (back to profit as prior-year battery-material impairments dropped out). Growth in EV/HEV battery-material demand slowed, offset by electronic-parts materials."},{"stance":"mentions","publisher":"KOTRA 해외경제정보드림","publisher_en":"KOTRA","kind":"news","lang":"ko","published_at":"2025-11-01","url":"https://dream.kotra.or.kr/kotranews/cms/newsHotClip/actionKotraBoardHotClipDetail.do?MENU_ID=1360&CONTENTS_NO=1&pNttSn=208283","title":"배터리 주요 광물에 대한 일본의 공급망 동향 (스미토모금속광산 등)","title_en":"Japan's supply-chain trends in key battery minerals (incl. Sumitomo Metal Mining)","excerpt":"스미토모금속광산은 파나소닉(테슬라)향 양극재를 공급하는 일본 배터리 광물 공급망의 핵심 축.","excerpt_en":"Sumitomo Metal Mining is a core axis of Japan's battery-mineral supply chain, supplying cathode to Panasonic (Tesla)."},{"stance":"confirms","publisher":"마이닝닷컴","publisher_en":"MINING.COM","kind":"news","lang":"en","published_at":"2022-11-17","url":"https://www.mining.com/web/sumitomo-metal-aims-to-boost-battery-materials-output/","title":"스미토모금속광산, 배터리 소재 증산 추진","title_en":"Sumitomo Metal aims to boost battery materials output","excerpt":"supplies the nickel-cobalt-aluminum (NCA) cathode materials for the Panasonic lithium-ion batteries used in Tesla EVs","excerpt_en":"supplies the nickel-cobalt-aluminum (NCA) cathode materials for the Panasonic lithium-ion batteries used in Tesla EVs"},{"stance":"confirms","publisher":"도요케이자이","publisher_en":"Toyo Keizai","kind":"news","lang":"ja","published_at":"2022-06-01","url":"https://toyokeizai.net/articles/-/575838","title":"스미토모금속광산, 정극재 세계 2위의 비결","title_en":"How Sumitomo Metal Mining stays competitive in battery cathodes","excerpt":"住友鉱山にとって電池材料の最大の供給先はパナソニックで ... 大半を供給","excerpt_en":"Panasonic is Sumitomo Metal Mining's largest battery-material customer; it supplies most of the material for Panasonic's Tesla cells"},{"stance":"confirms","publisher":"Sumitomo Metal Mining","publisher_en":"Sumitomo Metal Mining","kind":"ir","lang":"en","published_at":"2021-07-06","url":"https://www.smm.co.jp/en/news/release/2021/07/001456.html","title":"SMM, EV용 양극재 생산능력 확대","title_en":"SMM expands cathode材 production capacity for EVs","excerpt":"NCA 양극재 캐파: 월 5,000t(2021) → 7,000t(2025) → 10,000t(2027) 목표. 베시·하리마 증설 ¥470억.","excerpt_en":"NCA cathode capacity: 5,000 t/mo (2021) to a 10,000 t/mo target (2027); ¥47bn Besshi/Harima expansion."}]},{"direction":"investment","counterparty":"해외 광산 지분 (지분법 — 모레니치·세로베르데·케브라다블랑카·코테골드)","counterparty_slug":null,"confidence":"high","metric":{"stakes_pct":{"morenci":25,"cote_gold":30,"cerro_verde":16.8,"quebrada_blanca":25},"equity_earnings_jpy_bn":40.6},"note":"스미토모의 자원 부문은 실은 해외 광산 지분(지분법) 포트폴리오다 — 모레니치(미국 25%)·세로베르데(페루 16.8%)·케브라다블랑카(칠레 25%)·코테골드(캐나다 30%)의 구리·금 지분이 FY2026 지분법이익 406억엔(전년 87억)으로 급증하며 순이익 +969%를 만든 실제 엔진이다. 니켈 양극재가 아니라 이 구리·금 지분과 가격 사이클이 이익의 진폭을 좌우한다. 2026년 호주 Winu 구리·금 프로젝트 지분도 신규 취득.","note_en":"SMM's Resources segment is really a portfolio of equity-method mine stakes — copper/gold interests in Morenci (US, 25%), Cerro Verde (Peru, 16.8%), Quebrada Blanca (Chile, 25%) and Côté Gold (Canada, 30%) drove FY2026 equity-method income to JPY 40.6bn (from JPY 8.7bn), the real engine behind net profit +969%. It is these copper/gold stakes and the price cycle, not nickel cathode, that govern the amplitude of earnings. In 2026 it also newly acquired an interest in the Winu copper-gold project (Australia).","sources":[{"stance":"mentions","publisher":"MarketScreener","publisher_en":"MarketScreener","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketscreener.com/quote/stock/SUMITOMO-METAL-MINING-CO--6491216/consensus/","title":"스미토모금속광산 투자의견·목표주가 컨센서스 (5713)","title_en":"Sumitomo Metal Mining analyst consensus and price target (5713)","excerpt":"구리·금 지분법 광산이 이익 진폭의 축이라는 점이 밸류에이션의 핵심 — 배터리보다 금속 가격 사이클에 연동.","excerpt_en":"That equity-method copper/gold mines drive the earnings amplitude is central to valuation — tied to the metals-price cycle more than to batteries."},{"stance":"confirms","publisher":"스미토모금속광산","publisher_en":"Sumitomo Metal Mining","kind":"filing","lang":"en","published_at":"2026-05-11","url":"https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf","title":"스미토모금속광산 연결결산 실적 (2026.3 종료 회계연도, IFRS)","title_en":"Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]","excerpt":"지분법이익 406억엔(전년 87억). 모레니치 25%·세로베르데 16.8%·케브라다블랑카 25%·코테골드 30% 지분. 자원 부문 매출 3,026억엔(+43.6%)·부문이익 1,678억엔(+64.8%) — 구리·금 record 가격이 견인.","excerpt_en":"Equity-method income JPY 40.6bn (from JPY 8.7bn). Stakes: Morenci 25%, Cerro Verde 16.8%, Quebrada Blanca 25%, Côté Gold 30%. Resources revenue JPY 302.6bn (+43.6%), segment income JPY 167.8bn (+64.8%) — driven by record copper/gold prices."}]},{"direction":"revenue","counterparty":"Toyota","counterparty_slug":"toyota","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"전고체 배터리(BEV용) 양극재 양산을 위한 공동개발 계약(2025.10, 2021년부터 협력). 토요타는 2027~28년 전고체 상용화 목표.","note_en":"Joint development agreement for mass production of all-solid-state battery cathode materials (Oct 2025, collaboration since 2021); Toyota targets 2027-28 ASSB launch.","sources":[{"stance":"mentions","publisher":"스미토모금속광산","publisher_en":"Sumitomo Metal Mining","kind":"filing","lang":"en","published_at":"2026-05-11","url":"https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf","title":"스미토모금속광산 연결결산 실적 (2026.3 종료 회계연도, IFRS)","title_en":"Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]","excerpt":"재료 부문은 전고체 등 차세대 배터리 소재를 성장축으로 명시 — 다만 FY2026 배터리 소재 수요 성장은 지역별로 둔화.","excerpt_en":"The Materials segment cites next-gen battery materials (incl. solid-state) as a growth axis, though FY2026 battery-material demand growth slowed by region."},{"stance":"confirms","publisher":"Sumitomo Metal Mining","publisher_en":"Sumitomo Metal Mining","kind":"ir","lang":"en","published_at":"2025-10-08","url":"https://www.smm.co.jp/en/news/release/2025/10/002036.html","title":"스미토모금속광산·토요타, 전고체 배터리 양극재 양산 협력","title_en":"SMM and Toyota collaborate on mass production of ASSB cathode materials","excerpt":"Entered into a joint development agreement for the mass production of cathode materials for all-solid-state batteries to be installed in BEVs.","excerpt_en":"Joint development agreement for mass production of ASSB cathode materials for BEVs."}]},{"direction":"cost","counterparty":"코랄베이 니켈 (필리핀 HPAL)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"팔라완 HPAL 상류 원료(니켈 연 2.4만t·코발트 2,500t). 2025년 2월 니켈아시아 잔여 지분 인수로 100% 자회사화.","note_en":"Upstream nickel/cobalt feed (24kt Ni, 2.5kt Co per year) from the Palawan HPAL plant; became a wholly owned subsidiary in Feb 2025.","sources":[{"stance":"confirms","publisher":"스미토모금속광산","publisher_en":"Sumitomo Metal Mining","kind":"filing","lang":"en","published_at":"2026-05-11","url":"https://www.smm.co.jp/en/news/release/uploaded_files/20260511_E_full.pdf","title":"스미토모금속광산 연결결산 실적 (2026.3 종료 회계연도, IFRS)","title_en":"Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]","excerpt":"제련 부문: 필리핀 코랄베이 생산은 소폭 감소했으나 타가니토 HPAL은 증가, 전해니켈 생산 사상 최대(6.6만t).","excerpt_en":"Smelting: Coral Bay (Philippines) output dipped slightly while Taganito HPAL rose; electrolytic nickel output hit a record high (66kt)."},{"stance":"confirms","publisher":"Argus Media","publisher_en":"Argus Media","kind":"news","lang":"en","published_at":"2025-02-04","url":"https://www.argusmedia.com/en/news-and-insights/latest-market-news/2644488-smm-to-wholly-own-philippine-coral-bay-nickel-smelter","title":"SMM, 필리핀 코랄베이 니켈 제련소 완전 자회사화","title_en":"SMM to wholly own Philippine Coral Bay nickel smelter","excerpt":"SMM acquired the remaining 15.625% stake from Nickel Asia, making Coral Bay Nickel a completely-owned subsidiary.","excerpt_en":"SMM bought Nickel Asia's remaining 15.625%, making Coral Bay wholly owned."}]},{"direction":"cost","counterparty":"암바토비 JV (마다가스카르)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"대형 니켈 채광·정련 JV(지분 54%) 상류 조달처였으나, 2026년 5월 매각 발표로 철수 진행 중(FY2026 상반기 목표).","note_en":"Upstream nickel mining/refining JV (54% stake); divestment announced May 2026, exit targeted for H1 of FY ending Mar 2027.","sources":[{"stance":"confirms","publisher":"Bloomberg","publisher_en":"Bloomberg","kind":"news","lang":"en","published_at":"2026-05-01","url":"https://www.bloomberg.com/news/articles/2026-05-01/japan-s-sumitomo-to-divest-stake-in-madagascar-nickel-project","title":"스미토모, 마다가스카르 니켈 프로젝트 지분 매각","title_en":"Sumitomo to divest stake in Madagascar nickel project","excerpt":"Sumitomo will divest its 54% interest in Ambatovy during the first half of the fiscal year to March 2027.","excerpt_en":"Sumitomo to divest its 54% Ambatovy interest in H1 FY to Mar 2027."}]}]}