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[Apha Biz=(Chicago) Reporter Paul Lee] IBK Investment & Securities analyzed on the 7th that L&F sales and operating profit in the third quarter will fall far below the consensus. The investment opinion and target stock price remained at 330,000 won and purchase.
"L&F's second-quarter earnings recorded sales of 1.3682 trillion won and operating profit of 3 billion won, far below consensus," said IBK Investment & Securities. "The reason why shipments of anode materials reached the level of the previous quarter is due to the increased sales of the final customer's low-cost electric vehicle (EV) lineup."
IBK Investment & Securities said, "The average unit price (ASP) in the second quarter remained similar to the first quarter," and "metal prices plunged at a level where disposable costs of about KRW 15 billion and shipments in the first half of the year rose to KRW 1.6 trillion, and profitability deteriorated due to negative inventory."
"L&F's third-quarter sales are 1.3291 trillion won and operating profit is 25.3 billion won, far below 1.7 trillion won in market access sales and 93.3 billion won in operating profit," said IBK Investment & Securities. "As EV production in the third quarter is expected to slow temporarily due to Tesla's upgrade of its EV plant, L&F's shipments of anode materials in the third quarter will also be sluggish."
"Although earnings are expected to be sluggish in the third quarter, we will continue to run out of inventory and improve our performance starting from the fourth quarter as demand from our final customers is expected to recover from the fourth quarter," said IBK Investment & Securities Co.
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
