(279) 214 1 27 3 () 35.96 / / www.tinci.com /44.68% /44.68% () 12 A () 3 B/H () 43.3 A () 1.83 () 6.95 (%) 16.3 12% 1% 8% 6% 4% 2% % -2% Jan-14 Apr-14 Jul-14 213 25.8% 3.48 4.96%.92 17.8% 1.54 218 133.17GWh 4 5 ATL LED 6 / 214~216 EPS.58.86 1.6 1 24 214~216 PE 61.5 41.9 34. 1 2 212A 213A 214E 215E 216E () 554 596 611 791 99 YoY(%) 17.7 7.6 2.5 29.5 25.1 () 63 81 7 13 127 YoY(%) 36.8 29. -13.4 46.9 23.2 (%) 34.6 33. 29.8 3.7 3.9 (%) 11.4 13.6 11.5 13.1 12.9 ROE(%) 13.1 14.8 7.1 9.7 11.1 EPS(/).52.68.58.86 1.6 P/E() 68.7 53.2 61.5 41.9 34. P/B() 9. 7.9 4.4 4.1 3.8
... 5... 9... 12... 21... 23... 24 2 / 26
... 5... 5... 6... 6... 7... 8... 8... 8... 8... 9... 9 27~213 3.85%... 9 27~213 7.76%... 9... 1... 1... 1... 11... 11... 11... 12... 12... 13... 13... 13 21~216 GWh... 13... 14 45%... 14 Tesla213... 14 Tesla215... 14 3 / 26
... 15 213... 15 215... 15 212 84.84%... 15... 15... 16 21... 16... 16 216 8.45GWh... 16... 17... 17... 17... 18... 18 214... 18 /... 19 /... 19... 19... 2... 2... 2... 21 LED... 22... 22... 22... 22... 23 4 / 26
1.1 5 / 26
1.2 9 1.3 6 / 26
1.4 24~213 15.98%213 5.96 7.58%24~213 34.46%,213.81 28.96%213 3.48 25.8% 1.54 17.8%.92 4.96% 214 3.15 17.63%.29 13.48% 7 / 26
( YOY 7 6 5 4 3 2 1 24 25 26 27 28 29 21 211 212 213 214H1 35% 3% 25% 2% 15% 1% 5% % -5% 9 8 7 6 5 4 3 2 1 24 25 26 27 28 29 21 211 212 213 214H1 2% 15% 1% 5% % -5% Wind Wind 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 29 21 211 212 213 214H1 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 29 21 211 212 213 214H1 Wind Wind 29~213 3%213~214 8 / 26
6 5 4 3 2 1 % % % % 29 21 211 212 213 214H1 18% 16% 14% 12% 1% 8% 6% 4% 2% % -2% / / / 24 25 26 27 28 29 21 211 212 213 214H1 Wind Wind 2.1 27~213 7.76%213 8.38% 11 213 254 21 27~213 3.85% 27~213 7.76% ( 3, 2,5 2, 1,5 1, 5 27 28 29 21 211 212 213 4.5% 4.% 3.95% 3.9% 3.85% 3.8% 3.75% 3.7% 3.65% 3.6% 3.55% 3.5% 25 2 15 1 5 27 28 29 21 211 212 213 8.4% 8.2% 8.% 7.8% 7.6% 7.4% 7.2% 7.% 6.8% 9 / 26
2.2 % 5% 1% 15% 2% % 2% 4% 6% 8% 1% Kantar Worldpanel Kantar Worldpanel 2.3 26 BDF 1 1 / 26
2.4 219 36.86 211 5 213 7653.57 94.21% 27~213 6.23%213 35.5 4 35 3 25 2 15 1 5 27 28 29 21 211 212 213 9.% 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 5.79% 1.45%.87% 1.45% 2.49% 1.4% 86.91% Lubrizol SNF Corel 3V Sigma Junlon Sumitomo Seika 4% 3 / 216 7~8 / 11 / 26
3.1 / ~ () () 1 8 3C 213 143.51 72% 15% 12 / 26
2.5 2. 1.5 1..5. 35% 3% 25% 2% 15% 1% 5% % -5% -1% 3.5 3. 2.5 2. 1.5 1..5 35% 3% 25% 2% 15% 1% 5% 27 28 29 21 211 212 213 214E 215E 216E. 21 211 212 213 214E 215E 216E % Garter Garter 21~216 GWh 25 2 15 1 5 27 28 29 21 211 212 213 214E 215E 216E 25% 2% 15% 1% 5% % 7 6 5 4 3 2 1 21 211 212 213 214E 215E 216E 2% 15% 1% 5% % IDC GarterIDC 45% 13 / 26
45% Pike Research KATECHPike Research Tesla+ EVHEV PHEV 1Tesla Tesla model S212213 1 Model S2147S 7 LSA8 Tesla Model S 1865Tesla 212 181.784.84%Tesla 214 Model XSUV Tesla213 Tesla215 Pike Research Pike Research 2 14 / 26
Pike Research 213 215 Pike Research Pike Research 212181.784.84%22 817.6% 21284.84% 9 8 7 6 5 4 3 2 1 EV PHEV HEV 9% 8% 7% 6% 5% 4% 3% 2% 1% % 3% 25% 2% 15% 1% 5% % 21 211 212 213E 214E 215E 216E 217E 218E 219E 22E 21 211 212 213E 214E 215E 216E 217E 218E 219E 22E B3 Research B3 Research 15 / 26
21219128 59.4%2168.45GWh 14% 21 2168.45GWh 6 5 4 3 2 1 212 215F 22F 9 8 7 6 5 4 3 2 1 GWh 21 211 212 213 214E 215E 216E 16% 14% 12% 1% 8% 6% 4% 2% % Samsung SDI SNE ResearchPikeResearch 218133.17GWh 16 / 26
GWh3375 45 14 12 1 8 6 4 2 21 211 212 213 214 E 215 E 216 E 217 E 218 E GWh 1.29 1.55 2.7 2.24 3.28 5.52 8.45 13.28 17.76 GWh 1.61 2.95 2.13 4.26 7.21 14.75 21.15 29.2 38.69 GWh 26.31 28.69 32.46 38.2 44.75 52.46 6.66 68.3 76.72 YOY 13.62% 1.45% 21.94% 23.59% 31.65% 24.9% 22.24% 2.71% 35% 3% 25% 2% 15% 1% 5% % 3.2 LiPF6 (LiAsF6)(LiBF4)(LiCLO4) 4% B3 Research B3 Research 17 / 26
B3 Research 2139.5 214 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 27 211 212 12, 1, 8, 6, 4, 2, GBII Marklines 231 3.3 215 271 /~67/21316.172.3% 18 / 26
215 5~1215 3.5/ 25%8~9/ / / 35 3 25 2 15 1 5 29 21 211 212 213E) 214E) 215E) GBII 3.4 27Dr. Novis Smith 211 19 / 26
2. 1.8 1.6 1.4 1.2 1..8.6.4.2. () YOY 29 21 211 212 213 214H1 1% 8% 6% 4% 2% % -2% -4% 6 5 4 3 2 1 29 21 211 212 213 214H1 GBII 3.6 ATL 1% GBII213 4 8 ATL ATL ATL ATL ATLATL 2 / 26
Apple ATL ATL 4.1 6~7% 21 / 26
LED 3,5 3, 2,5 2, 1,5 1, 5 LED LED 28 29 21 211 212 213E 26% 25% 24% 23% 22% 21% 2% 19% 1,6 1,4 1,2 1, 8 6 4 2 ( 27 28 29 21 211 212213E214E 14% 12% 1% 8% 6% 4% 2% % -2% -4% 4.2 LED 1% 18% 41% 19% LED 2% 6 LED LED LED LED HID 3~5 13.8 / 2.4 22 / 26
/ 47% 215~216 3 2~3% 1 2 3 4 556 214~216 EPS.58.86 1.6 1 24 214~216 PE 61.5 41.9 34. 213A 214E 215E 216E 34,777.36 36,742.94 43,81.34 51,426.36 25.83% 5.65% 19.21% 17.41% 24,38.26 26,26.25 3,66.94 35,7.94 17.57% 8.27% 17.81% 16.44% 3.88% 29.17% 3.% 3.58% 15,443.21 15,285.6 25,8. 37,8. -17.8% -1.2% 68.79% 46.51% 9,279.29 1,393.84 17,4. 25,65. -2.77% 12.1% 67.41% 47.41% 39.91% 32.% 32.56% 32.14% 9,149.53 8,84. 9,25. 9,487.5 4.96% -3.78% 5.7% 2.57% 6,51.64 6,283.5 6,586. 6,862.5 7.52% -3.36% 4.81% 4.2% 28.94% 28.63% 28.8% 27.67% 235.83 25. 275. 3. -12.13% 6.1% 1.% 9.9% 137.9 165. 175. 19. -24.86% 2.36% 6.6% 8.57% 41.87% 34.% 36.36% 36.67% 23 / 26
59,65.93 61,82. 79,126.34 99,13.86 7.57% 2.48% 29.54% 25.13% 39,956.28 42,868.59 54,821.94 68,43.44 1.32% 7.29% 27.88% 24.77% 32.97% 29.82% 3.72% 3.92% wind 1 2 3 24 / 26
: : 213A 214E 215E 216E 213A 214E 215E 216E 362 844 994 1162 596 611 791 99 77 547 616 692 4 429 548 684 139 142 184 23 4 5 6 7 9 34 35 46 57 11 12 15 19 76 78 1 126 85 91 117 146 5-8 -19-22 45 46 55 65 3 3 3 3 434 41 366 33 324 313 294 27 74 74 113 142 27 26 25 24 26 13 15 15 83 61 46 36 1 1 1 1 796 1244 136 1492 99 86 126 156 224 232 268 39 15 13 19 23 75 75 75 75 85 73 18 133 88 95 121 151 3 3 4 5 61 63 72 83 81 7 13 127 6 6 6 6 EBITDA 11 99 128 156 EPS.68.58.86 1.6 6 6 6 6 23 238 274 315 17 2 24 29 213A 214E 215E 216E 99 12 12 12 173 533 533 533 % 7.6 2.5 29.5 25.1 277 332 48 494 % 2. -.5 52.2 26. 548 986 161 1147 % 29. -13.4 46.9 23.2 796 1244 136 1492 % 33. 29.8 3.7 3.9 : % 13.6 11.5 13.1 12.9 213A 214E 215E 216E ROE(%) 14.8 7.1 9.7 11.1 82 95 77 96 ROIC(%) 12. 1.5 14.6 18.2 85 73 18 133 31 33 35 36 % 29. 19.2 2.2 21.1 5-8 -19-22 % 32.6 31.5 27.3 23.8 1.6 3.6 3.7 3.8-39 -3-49 -54 1.2 3.2 3.3 3.3 1 3 3-92 - - -.8.6.6.7 97 4. 4. 5. 4. 4.9 4.7 5.1 5. 5 - - - 26 375-9 -19.68.58.86 1.6 65 -.68.79.64.8 4.55 8.19 8.81 9.53 22 361 P/E 53.2 61.5 41.9 34. -39-7 -9-19 P/B 7.9 4.4 4.1 3.8 17 47 68 77 EV/EBITDA 4 44 34 28 25 / 26