2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 73
- 전환비용
- 68
- 브랜드 / IP 소유
- 61
- 네트워크효과
- 4
- 가격결정력
- 36
- 마진추세
- 32
규제 · 자본집약도 · 생산설비 보유
고객이 갈아타는 데 드는 비용
자체 IP인가, 빌려 쓰는 IP인가
사용자 증가가 해자를 두껍게 하는가
주 근거는 영업이익률
3년 상승 = 강화 / 하락 = 약화
해자 관점 긍정 요소
寃곕줎: 諛섎룄泥??뚯뒪???λ퉬??湲곗닠쨌怨좉컼 ?몄쬆쨌?섏＜?붽퀬媛 媛뺤젏?대굹, ?낇솴怨?遺꾧린 ?곸옄 蹂?숈꽦??留ㅼ슦 ?щ떎
?묒떆肄섏? DDR4쨌DDR5 硫붾え由??뚯뒪?? Burn-in쨌CLT ?λ퉬, PCIe Gen5 SSD ?뚯뒪?곗? CIS쨌DDI쨌AP ??SoC ?뚯뒪?곕? 媛쒕컻쨌怨듦툒?쒕떎. 諛섎룄泥??λ퉬??怨좉컼 怨듭젙??留욎텣 ?ㅺ퀎쨌寃利씲룸궔?덉씠 ?꾩슂?섍퀬 ?쒕쾲 ?뱀씤???λ퉬瑜??쎄쾶 援먯껜?섍린 ?대졄?? 20???댁긽??硫붾え由??뚯뒪??寃쏀뿕, DDR5쨌怨좎슜??Burn-in쨌Chamber???二쇳뙆 ?뚯뒪?? PCIe Gen5쨌Gen6쨌CXL怨?CIS ?뚯뒪???뺤옣? 湲곗닠 ?댁옄??洹쇨굅??
1. 怨좉컼 怨듭젙???ㅼ뼱媛??λ퉬媛 ?꾪솚鍮꾩슜??留뚮뱺??
2026??1遺꾧린 留ㅼ텧? 硫붾え由?텯urn-in ?λ퉬 92.8%, SSD ?뚯뒪??7.1%, SoC ?뚯뒪??0.0%濡?硫붾え由??섏〈?꾧? ?믩떎. CLT쨌CIB??怨듦컻 ?섏＜?붽퀬??318.86?듭썝?쇰줈 ?꾩옱 1遺꾧린 留ㅼ텧 98.06?듭썝??3諛??댁긽?대떎. ?섏＜?붽퀬媛 ?ㅼ젣 ?⑺뭹쨌寃?샕룻쁽湲덊쉶?섎줈 ?댁뼱吏硫??④린 ?ㅼ쟻 ?뚮났 媛?μ꽦???믩떎.
?곌뎄媛쒕컻鍮꾨뒗 2026??1遺꾧린 34.95?듭썝?쇰줈 留ㅼ텧??35.80%?? DDR5쨌怨좎슜??Burn-in쨌PCIe쨌CXL쨌CIS ???쒗뭹蹂?湲곗닠???댁옱?뷀븯怨??덉뼱 吏꾩엯?λ꼍???믩떎. ?ㅻ쭔 怨듭떆??怨좉컼蹂??쒖옣?먯쑀?④낵 ?섏＜ ?몃??뺣낫???곸뾽鍮꾨?濡?怨듦컻?섏? ?딆쑝硫? ?λ퉬媛 怨좉컼 怨듭젙??梨꾪깮?먮떎???ъ떎??留ㅼ텧??吏?띿꽦怨??숈씪?섏????딅떎.
2. TTM? ?묒옄濡?怨꾩궛?섏?留??꾩옱 遺꾧린 ?먯떎???щ떎
| ?щТ 吏?? | 2025???곌껐 | 2026??1遺꾧린 ?곌껐 | ?꾨뀈 ?숆린 ?鍮? |
|---|---|---|---|
| 留ㅼ텧 | 660.27?듭썝 | 98.06?듭썝 | 19.16?듭썝 ?鍮?????利앷? |
| ?곸뾽?댁씡 | 0.80?듭썝 | -19.66?듭썝 | ?꾨뀈 ?숆린 -57.07?듭썝?먯꽌 媛쒖꽑 |
| ?곸뾽?댁씡瑜? | 0.12% | -20.05% | -297.92%?먯꽌 媛쒖꽑?먯?留??곸옄 |
理쒓렐 遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??739.17?듭썝, ?곸뾽?댁씡? 38.21?듭썝, ?곸뾽?댁씡瑜좎? 5.17%?? ?대뒗 ?꾨뀈 ?숆린 留ㅼ텧??留ㅼ슦 ??븯??湲곗??④낵瑜??ы븿?쒕떎. 硫붾え由??낇솴쨌怨좉컼 ?ㅻ퉬?ъ옄? ?⑺뭹 ?쒖젏???곕씪 遺꾧린 ?먯씡???ш쾶 ?붾뱾由щʼn, ?믪? R&D 吏異쒓낵 4,000?듭썝???꾨땶 40?듭썝 ?섏???李⑥엯遺梨꽷룻솚?⑤룄 ?④퍡 愿由ы빐???쒕떎.
?먯닔媛 ?щ씪媛?議곌굔
318.86?듭썝 ?붽퀬???⑺뭹쨌寃??留ㅼ텧?? DDR5쨌CLT쨌SSD쨌CXL??諛섎났 ?섏＜, 怨좉컼 ?ㅻ??? SoC 留ㅼ텧 鍮꾩쨷 ?뺣?, ?λ퉬 ?ㅼ튂 ???쒕퉬?ㅒ룹뾽洹몃젅?대뱶 留ㅼ텧怨??뺤긽?곸씤 遺꾧린 ?곸뾽留덉쭊???뺤씤?섎㈃ ?먯닔瑜??곹뼢?????덈떎.
비판적으로 봐야 할 것
- 1.諛섎룄泥??낇솴: 硫붾え由?톁SD 怨좉컼???ㅻ퉬?ъ옄? ?ш퀬 ?ъ씠?댁뿉 ?곕씪 ?섏＜? ?⑺뭹??湲됰??쒕떎.
- 2.遺꾧린 ?곸옄: 2026??1遺꾧린 ?곸뾽?먯떎? 19.66?듭썝?쇰줈, ?섏＜媛 留ㅼ텧쨌?꾧툑?쇰줈 ?꾪솚?섎뒗 ?쒖젏源뚯? ?먯씡 蹂?숈꽦???щ떎.
- 3.怨좉컼 吏묒쨷쨌鍮꾧났媛??뺣낫: 怨좉컼蹂??먯쑀?④낵 ?섏＜ ?몃??뺣낫媛 怨듦컻?섏? ?딆븘 ?섏＜?붽퀬??吏덇낵 怨좉컼 吏묒쨷?꾨? ?몃??먯꽌 ?뺤씤?섍린 ?대졄??
- 4.湲곗닠 援먯껜 二쇨린: DDR쨌SSD 洹쒓꺽 蹂?붽? 鍮좊Ⅴ誘濡?R&D媛 ?곸슜 ?λ퉬濡??댁뼱吏吏 ?딆쑝硫?媛쒕컻鍮?遺?댁씠 而ㅼ쭊??
총평
諛섎룄泥??뚯뒪???λ퉬??湲곗닠 ?쒖씠?? 怨좉컼 怨듭젙 ?몄쬆怨?318.86?듭썝 怨듦컻 ?섏＜?붽퀬??媛뺥븳 ?댁옄?? 洹몃윭??硫붾え由??섏〈?꾩? ?낇솴, ?꾩옱 遺꾧린 ?곸옄쨌湲곗??④낵媛 而ㅼ꽌 ?섏＜?붽퀬???⑺뭹怨??뺤긽 留덉쭊???뺤씤?댁빞 ?쒕떎.