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<p>[메리츠증권 철강/금속 장재혁] <br><br>안녕하세요, 메리츠증권 장재혁입니다. LS(006260) 업데이트 드립니다. <br><br>▶️ 현재 주가에는 아직도 LS전선과 LSMnM 기업가치 확대 미반영 <br>- 최근 주가 상승은 주요 상장자회사 LS Electric의 시장가치 상승 반영 <br>- 현재 주가에 내재된 주요 비상장사 LS전선과 LSMnM의 시장가치는 여전히 2023년 수준 <br><br>▶️ 적정주가 상향: Base Case 500,000원, Best Case 710,000원 <br>- LSMnM과 LS전선의 적정가치 상향, 상장자회사 LS Electric의 시가총액 상승을 반영 <br>- Base Case (비상장사 할인율 30%, LS Electric 1개월평균 시가총액 28.1조원 적용) 기준 적정주가는 50만원 <br>- Best Case(비상장사 할인율 0%, LS Electric 전일종가 기준 시가총액 38.3조원 적용) 기준 적정주가는 71만원까지 확대 가능 <br><br>▶️ 핵심 비상장사 LS전선의 Grid Capex, LSMnM의 황산 레버리지 <br>- LS전선의 구조적 재평가 논리는 3/30 발간 해저케이블 산업보고서 『CABLE TITANS』에서 (<a href="https://home.imeritz.com/include/resource/research/WorkFlow/20260330064146013K_02.pdf)" target="_blank" class="ke-link">https://home.imeritz.com/include/resource/research/WorkFlow/20260330064146013K_02.pdf)</a> 제시 <br>- LSMnM은 구리 TC 하락으로 인한 원가 상승 우려에도 불구하고 귀금속 가격 강세로 인한 메탈 게인과 황산 가격 상승에 따른 부산물 이익(공헌이익률 90%~) 기여 확대 <br><br>▶️ 1Q26 Preview: 서프라이즈의 주연은 LSMnM <br>- 연결영업이익 3,858억원(+51.1% QoQ, +26.7% YoY), 컨센서스 +8% 상회 예상 <br>- LSMnM 영업이익 1,452억원(+28.6% QoQ, +94.6% YoY), 서프라이즈의 주 요인. 금속 가격 강세와 황산 호조 영향 <br>- LS전선 영업이익 881억원(+6.0% YoY, +158.9% QoQ), 정상화 확인 <br><br>보고서 링크: <a href="https://home.imeritz.com/include/resource/research/WorkFlow/20260424173143170K_02.pdf" target="_blank" class="ke-link">https://home.imeritz.com/include/resource/research/WorkFlow/20260424173143170K_02.pdf</a></p>
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