三星SDI2025Q3电池业务收入同比下降23.2%至2.82万亿韩元，电池业务营业亏损6301亿韩元

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [5]. Core Insights - In Q3 2025, the company's battery business revenue decreased by 23.2% year-on-year to 2.82 trillion KRW, with an operating loss of 630.1 billion KRW attributed to a slowdown in electric vehicle battery sales and tariffs on energy storage system batteries in the U.S. [2][3] - The company has signed supply contracts exceeding 110 GWh with several global automotive groups and has secured a significant portion of orders in a government-led energy storage system project [3]. - The company plans to enhance its presence in the energy storage system market and improve operational efficiency, with a projected annual production capacity of 30 GWh for energy storage system batteries in the U.S. by the end of next year [6]. Financial Performance Summary - For Q3 2025, the company's total revenue was 3.05 trillion KRW (21.3 billion USD), a decrease of 22.5% year-on-year and 4% quarter-on-quarter [1]. - The operating loss for Q3 2025 was 591.3 billion KRW (4.16 billion USD), marking a shift from profit to loss compared to the previous year [1][2]. - The company's cash and cash equivalents remained stable at 2.15 trillion KRW at the end of Q3 2025, compared to 2.15 trillion KRW in Q2 2025 [1]. Business Segment Performance - The battery business revenue was 2.82 trillion KRW, down 23.2% year-on-year and 4.8% quarter-on-quarter, with an operating loss of 630.1 billion KRW [2]. - The electronic materials business generated revenue of 231.8 billion KRW, a 6.2% increase from the previous quarter but a 12.1% decrease year-on-year, with operating profit rising by 17.6% to 38.8 billion KRW [2].