FF-PCB sales in the first half of the year were 17.6 billion won... Last year's performance exceeded three times, End-Plate's first-half sales amounted to KRW 42.1 billion... Order backlog of 146.8 billion won Samki America turns into surplus… Mass production of new hybrid parts in October
Small Insight Research analyzed on the 8th that while the existing electric vehicle battery parts business is recovering, FF-PCB for ESS and North American business are emerging as new growth axes for Samki Energy Solutions (419050). In particular, it is assessed that the increase in demand for ESS due to the expansion of AI data centers is leading to growth opportunities for the FF-PCB business.
Samki Energy Solutions' consolidated sales in the first half of 2026 were KRW 113.3 billion and operating profit was KRW 4.9 billion. In just the first half of the year, 79% of the 2025 annual sales of 144.2 billion won and 91% of the operating profit of 5.4 billion won were achieved.
Source: Samki Energy Solutions
The most notable change occurred in the FF-PCB (Flexible and Flat PCB) business. FF-PCB is a signal cable that transmits the voltage and temperature information of battery cells to the BMS, and is advantageous for being lighter and thinner and reducing costs compared to existing wire harnesses. FF-PCB sales, which were only about 30 million won in 2024, increased to 5.4 billion won in 2025, and recorded 17.6 billion won in the first half of 2026 alone, exceeding three times last year's annual sales. The company aims to achieve annual FF-PCB sales of more than 44 billion won in 2026.
The application market for FF-PCB is also expanding. Following the mass production of BMS Cable for ESS for LG Energy Solutions, it is understood that the quantity of FF-PCB applied to ESS for AI data centers has recently increased. It is expected that the growth of the ESS market due to the expansion of AI data centers and new and renewable energy will lead to increased demand for FF-PCB in the future.
End-Plate, the existing flagship product, is also showing signs of recovery. Sales of related parts such as end-plates in the first half of 2026 amounted to KRW 42.1 billion, an increase of 55.74% compared to the same period last year, reaching approximately 74% of annual sales of KRW 56.9 billion in 2025. It increased by 54% from 16.6 billion won in the first quarter to about 25.5 billion won in the second quarter, and the order backlog at the end of the first half was 146.8 billion won, which is about 2.6 times the size of last year's annual sales.
Performance in the North American business is also improving. Samki America's sales more than tripled from approximately 17.7 billion won in 2024 to 60.4 billion won in 2025, and recorded 33.4 billion won in the first half of 2026. Net profit also changed from a deficit of 6.4 billion won in 2025 to a surplus of 400 million won in the first half of this year.
Samki America received orders worth a total of $211.56 million for two types of lower crank cases for hybrids, and will supply them from October 2026 to 2033. By securing two additional types, including timing chain covers for hybrids, new sales are expected to occur starting in the fourth quarter and be fully reflected in annual performance in 2027.
The business area is also expanding. Samki Energy Solutions has completed U.S. patent registration for FF-PCB technology and is in the process of developing CCS technology. At the same time, the company is also pursuing the development of battery packs for the defense industry and battery parts for robots, expanding its applications from existing EVs to ESS/AI data centers, defense industries, and robots.
Lee Dong-hee, a researcher at Small Insight Research, said, "With the recovery of End-Plate, Samki Energy Solutions' existing flagship product, FF-PCB has begun to establish itself as a new growth axis." He added, "The sustainability of FF-PCB growth in the future, the expansion of demand for ESS for AI data centers, and the speed of sales contribution from new orders in North America will be key variables for performance growth."
