[Edaily Reporter PARK MIN ] On the 15th, Daol Investment & Securities maintained its “Buy” rating and target price of 290,000 won for POSCO FUTURE M(003670), noting that the company is emerging as a key player in resolving bottlenecks in the lithium iron phosphate (LFP) supply chain and that its position within the “Non-FEOC” (non-China) supply chain is gaining prominence. This represents an upside potential of 62.1% compared to the previous trading day’s (September 14) closing price of 178,900 won.

Yoo Ji-woong, an analyst at Daol Investment & Securities, stated in a report published that day, “The recent completion of the production line conversion from ternary to LFP is expected to lead to additional orders, and we anticipate that the company will sufficiently overcome valuation pressures thanks to structural benefits resulting from China’s export restrictions on anode materials in November.” He added, “We recommend it as our top pick among the three major domestic materials companies.”

Daol Investment & Securities projected that POSCO FUTURE M’s consolidated revenue for the third quarter of this year would be 740.9 billion won, a 15.3% decrease year-over-year, while operating profit would fall 55.1% to 24.5 billion won.

Third-quarter cathode material shipments are expected to reach approximately 11,000 metric tons. This projection is based on the assumption that while shipments of the N86 model to General Motors (GM) remained suspended, 4,500 metric tons of the N87 model would be shipped to HyundaiMotor and 3,000 metric tons to SAMSUNG SDI CO.,LTD. In particular, the firm noted that a clear trend toward normalization of shipments to SAMSUNG SDI CO.,LTD. is emerging.

Additional orders for LFP cathode materials and the potential for anode material orders for North America were cited as key variables for the stock price in the second half of the year. As battery cell manufacturers shift their existing North American production capacity from electric vehicles (EVs) to energy storage systems (ESS), entry into the LFP cathode material market has begun in earnest.

Daol Investment & Securities estimated POSCO FUTURE M’s annual cathode material shipments at 48,000 metric tons in 2026 and 72,000 metric tons in 2027, forecasting that the 2027 shipment volume could be revised upward further if LFP orders are confirmed in the future.

In particular, the company is expected to benefit significantly from the anode material sector. When China’s export restrictions on anode materials take full effect this November, demand for non-Chinese anode materials is projected to surge.

POSCO FUTURE M plans to gradually expand its anode material production capacity—currently 13,000 metric tons in South Korea—to approximately 70,000 metric tons by 2029–2030 through the expansion of its Vietnam plant.

Daol Investment & Securities projected POSCO FUTURE M’s 2026 annual revenue at 3.1184 trillion won and operating profit at 97.6 billion won. It expects the company to achieve a significant rebound in performance in 2027, recording revenue of 4.2626 trillion won and operating profit of 203.8 billion won.

Analyst Yoo Ji-woong stated, “In the medium to long term, based on the 250 GWh portion of North America’s 400 GWh battery production capacity that complies with non-FEOC standards, the potential market size for non-Chinese anode material suppliers reaches 250,000 metric tons,” adding, “A severe anode material shortage could persist starting at the end of this year.”