2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
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- 전환비용
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- 네트워크효과
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- 가격결정력
- 44
- 마진추세
- 49
규제 · 자본집약도 · 생산설비 보유
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해자 관점 긍정 요소
寃곕줎: VPN쨌UTM ?λ퉬? 愿?쑣룹쑀吏蹂댁닔瑜?寃고빀??蹂댁븞 ?뚮옯?쇱씠吏留? ?섎뱶?⑥뼱? ?꾨줈?앺듃 ?섏〈???⑥븘 ?덈떎
?묒뒪寃뚯씠?몃뒗 VPN쨌諛⑺솕踰승톃TM쨌IPS ???ㅽ듃?뚰겕 蹂댁븞 ?λ퉬? ?뚰봽?몄썾?대? 怨듦툒?섍퀬, ?λ퉬 ?꾨?쨌24?쒓컙 蹂댁븞愿?쑣룹쑀吏蹂댁닔 ?쒕퉬?ㅻ? ?쒓났?쒕떎. AXGATE Series??吏?먃룹쨷媛꽷룹꽱?곌툒 ?λ퉬濡?援ъ꽦?섎ʼn, 怨좉컼???곕씪 VPN쨌諛⑺솕踰승텶PS쨌SSL VPN쨌媛?곹솕 湲곕뒫???쇱씠?좎뒪濡?異붽??쒕떎. TMS 以묒븰愿由? SSL 蹂듯샇?? ?덈꽕?몄썙??蹂댁븞, ?묒옄?쒖닔 湲곕컲 VPN ?깆쑝濡??쒗뭹怨??쒕퉬??踰붿쐞瑜??뺤옣?섍퀬 ?덈떎.
1. ?쒗뭹 留ㅼ텧怨??쒕퉬??留ㅼ텧???④퍡 諛쒖깮?쒕떎
2026??1遺꾧린 留ㅼ텧? 96.96?듭썝?쇰줈 HW/SW 58.11?듭썝, 蹂댁븞愿??27.76?듭썝, ?좎?蹂댁닔/RMA 11.09?듭썝?대떎. ?쒗뭹????60%吏留?愿?쑣룹쑀吏蹂댁닔 40%媛 ?ㅼ튂 湲곕컲?먯꽌 諛섎났?????덉뼱 ?쒖닔 ?섎뱶?⑥뼱 ?낆껜蹂대떎 ?섏씡 ?덉젙?깆씠 ?믩떎.
| 2026??1遺꾧린 留ㅼ텧 | 湲덉븸 | 鍮꾩쨷 |
|---|---|---|
| VPN쨌UTM ??HW/SW | 58.11?듭썝 | 60.0% |
| 蹂댁븞愿?쑣룹엫? | 27.76?듭썝 | 28.6% |
| ?좎?蹂댁닔/RMA | 11.09?듭썝 | 11.4% |
| ?⑷퀎 | 96.96?듭썝 | 100.0% |
怨좉컼??蹂댁븞?뺤콉怨??ㅽ듃?뚰겕???λ퉬쨌?뚰봽?몄썾?는톂MS媛 ?곕룞?섎㈃ 援먯껜?먮뒗 ?뺤콉 ?댁쟾, ?깅뒫 寃利? ?댁쁺??援먯쑁???꾩슂?섎떎. 愿?쒖꽌鍮꾩뒪??24?쒓컙 紐⑤땲?곕쭅怨??μ븷 ??묒쓣 ?쒓났?섍퀬, ?좎?愿由ъ꽌鍮꾩뒪??臾댁긽 ?쒕퉬?ㅺ린媛??댄썑 ?좎긽 A/S? ?쇱씠?좎뒪瑜??쒓났?쒕떎. ???ㅼ튂 湲곕컲? ?쒕퉬??留ㅼ텧??諛섎났?깆쓣 留뚮뱺??
2. ?먯껜 ?뚰봽?몄썾?댁? ?뱁뿀媛 ?섎뱶?⑥뼱 ?섏〈??蹂댁셿?쒕떎
?뚯궗??OEM?쇰줈 怨듦툒諛쏆? 蹂댁븞?쒕쾭???먯껜 媛쒕컻??VPN쨌諛⑺솕踰??뚰봽?몄썾?대? ?묒옱?쒕떎. dCUBE 湲곗닠? IP 梨꾨꼸 蹂몃뵫?쇰줈 ????뚯꽑???몃옒?쎌쓣 遺꾩궛?섍퀬 ?μ븷 ???⑦궥??蹂댁젙?섎ʼn, 愿???뱁뿀瑜?蹂댁쑀?쒕떎. MIPS쨌ARM쨌x86 ?뚮옯??媛쒕컻怨?李⑥꽭? 諛⑺솕踰? IoT??寃쎈웾 ?쒗뭹??異붿쭊?섎뒗 ?먮룄 ?쒗뭹 ?뺤옣?깆쓽 洹쇨굅??
洹몃윭???섎뱶?⑥뼱???몃? OEM怨??쒕쾭쨌遺??媛寃? ?⑷린, ?ㅽ럺???곹뼢??諛쏅뒗?? ?ㅽ듃?뚰겕 蹂댁븞 ?쒖옣? 湲濡쒕쾶 諛⑺솕踰승톁ASE쨌?대씪?곕뱶 蹂댁븞 ?낆껜? 援?궡 ?낆껜媛 寃쎌웳?섍퀬, 怨좉컼? ?깅뒫쨌?몄쬆쨌媛寃㈑룰????덉쭏???④퍡 鍮꾧탳?쒕떎. ?먯껜 ?뚰봽?몄썾?닿? ?λ퉬 援먯껜 ?놁씠 ?쇱씠?좎뒪? 援щ룆?쇰줈 留ㅼ텧???뺣??섎뒗吏媛 以묒슂?섎떎.
3. 留ㅼ텧? ?ш쾶 ?섍퀬 ?곸뾽?묒옄濡??꾪솚?덈떎
2025??留ㅼ텧? 481.36?듭썝, ?곸뾽?댁씡? 37.53?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??504.81?듭썝, ?곸뾽?댁씡? ??49.30?듭썝, ?곸뾽?댁씡瑜좎? ??9.77%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 73.51?듭썝 | 96.96?듭썝 | +31.9% |
| ?곸뾽?댁씡 | -9.29?듭썝 | 2.48?듭썝 | ?묒옄?꾪솚 |
| ?곸뾽?댁씡瑜? | -12.64% | 2.56% | 媛쒖꽑 |
?꾩옱 遺꾧린 留ㅼ텧? ?깆옣?덉?留??곸뾽?댁씡瑜좎? 2.6%濡??꾩쭅 ??떎. ?λ퉬 留ㅼ텧 ?몄떇, ?쒗뭹 誘뱀뒪, 愿?쑣룹쑀吏蹂댁닔 ?먭?, OEM 議곕떖鍮꾧? ?곹뼢??以ъ쓣 ???덈떎. TTM 湲곗? ?묒옄? 理쒓렐 留ㅼ텧 ?깆옣? 湲띿젙?곸씠吏留? 怨좎젙?곸씤 援щ룆쨌愿??留덉쭊?쇰줈 諛붾뚮뒗吏 ?뺤씤?댁빞 ?쒕떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 64 | 蹂댁븞 ?붿쭊쨌?몄쬆쨌怨좉컼 ?ㅽ듃?뚰겕 援ъ텞怨?愿????웾 ?꾩슂 |
| ?꾪솚鍮꾩슜 | 58 | 蹂댁븞?뺤콉쨌?λ퉬쨌TMS쨌?댁쁺 ?꾨줈?몄뒪 ?곕룞 遺?? |
| 釉뚮옖??IP | 60 | AXGATE Series, dCUBE ?뱁뿀, ?먯껜 VPN쨌FW ?붿쭊 |
| ?ㅽ듃?뚰겕?④낵 | 7 | 怨좉컼 利앷???吏곸젒?곸씤 ?ъ슜???ㅽ듃?뚰겕瑜?留뚮뱾吏 ?딆쓬 |
| 媛寃⑷껐?뺣젰 | 44 | 蹂댁븞 以묒슂?꾩? ?쒕퉬?ㅺ? 諛⑹뼱?μ쓣 二쇰굹 寃쎌웳쨌OEM ?먭? ?뺣젰 議댁옱 |
| 留덉쭊異붿꽭 | 49 | 留ㅼ텧 ?깆옣怨??묒옄?꾪솚? 湲띿젙?곸씠???꾩옱 遺꾧린 留덉쭊? ??쓬 |
理쒖쥌 59?먯? ?쒗뭹怨?愿?쑣룹쑀吏蹂댁닔??寃고빀, ?먯껜 蹂댁븞 ?붿쭊???믨쾶 蹂대릺, ?섎뱶?⑥뼱 議곕떖怨?理쒓렐 遺꾧린 ??? 留덉쭊??諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? ?λ퉬 留ㅼ텧??而ㅼ쭏?섎줉 ?먭?쨌?ш퀬쨌?꾨줈?앺듃 ?먯씡???④퍡 遊먯빞 ?쒕떎
- 1.?섎뱶?⑥뼱쨌OEM ?섏〈: 蹂댁븞?쒕쾭? ?곹뭹???몃? ?낆껜?먯꽌 怨듦툒諛쏅뒗?? 遺??媛寃? ?⑷린, ?덉쭏怨??섏쑉???쒗뭹 留덉쭊???곹뼢??以??
- 2.?쒕퉬???꾪솚 ?꾩슂: 愿?쑣룹쑀吏蹂댁닔媛 諛섎났留ㅼ텧??留뚮뱾 ???덉?留?2026??1遺꾧린 留ㅼ텧??60%??HW/SW?? ?λ퉬 ?먮ℓ 怨듬갚???앷린硫??쒕퉬?ㅻ쭔?쇰줈 蹂댁셿?섍린 ?대졄??
- 3.蹂댁븞 寃쎌웳: 湲濡쒕쾶 諛⑺솕踰승톁ASE쨌?대씪?곕뱶 蹂댁븞 ?낆껜? 援?궡 寃쎌웳?ъ쓽 ?쒗뭹쨌媛寃㈑룹씤利?寃쎌웳??吏?띾맂??
- 4.*遺꾧린 ?먯씡 蹂??: 留ㅼ텧? 31.9% 利앷??덉?留??곸뾽?댁씡瑜좎? 2.56%?? ?쒗뭹 誘뱀뒪? 援ъ텞쨌愿???먭?媛 ?덉젙?섎뒗吏 ?뺤씤?댁빞 ?쒕떎.
- 5.湲곗닠 ?꾪솚: ?ㅽ듃?뚰겕媛 ?대씪?곕뱶쨌?쒕줈?몃윭?ㅽ듃 援ъ“濡??대룞?섎㈃ ?꾪넻 VPN쨌UTM ?λ퉬???깆옣瑜좉낵 ?쒗뭹 ??븷??諛붾????덈떎.
?ㅼ쓬 ?됯??먯꽌??愿?쑣룹쑀吏蹂댁닔 媛깆떊瑜? ?쇱씠?좎뒪쨌援щ룆 留ㅼ텧 鍮꾩쨷, ?λ퉬蹂??먭?? ?ш퀬, 怨좉컼蹂?留ㅼ텧 吏묒쨷?? ?대씪?곕뱶 蹂댁븞 ?쒗뭹???곸슜?붾? ?뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 59?????ㅽ듃?뚰겕 蹂댁븞 ?ㅼ튂 湲곕컲怨??먯껜 ?붿쭊? 醫뗭?留? ?섎뱶?⑥뼱 留덉쭊???섏뼱???쒕떎
?묒뒪寃뚯씠?몃뒗 AXGATE Series ?λ퉬???먯껜 VPN쨌諛⑺솕踰승텶PS ?뚰봽?몄썾?대? ?묒옱?섍퀬 愿?쑣룹엫?쨌?좎?蹂댁닔源뚯? 臾띕뒗?? 怨좉컼 ?ㅽ듃?뚰겕???뺤콉怨?愿由ъ떆?ㅽ뀥???곕룞?섎㈃ 援먯껜鍮꾩슜??諛쒖깮?섍퀬, dCUBE ?뱁뿀? MIPS쨌ARM쨌x86 媛쒕컻 寃쏀뿕? ?⑥닚 ?쒕쾭 ?좏넻怨?援щ퀎?섎뒗 ?먯궛?대떎. 2026??1遺꾧린 留ㅼ텧??31.9% ?깆옣???곸뾽?묒옄濡??꾪솚?덈떎.
?섏?留??꾩옱 留덉쭊? 2.6%濡???퀬 HW/SW 鍮꾩쨷??60%?? OEM ?섎뱶?⑥뼱쨌?꾨줈?앺듃 ?먭?? 蹂댁븞?쒖옣??寃쎌웳??怨좊젮?섎㈃ ?명삎 ?깆옣留뚯쑝濡??믪? ?댁옄瑜??뺤젙?섍린 ?대졄?? 愿?쑣룹쑀吏蹂댁닔쨌?뚰봽?몄썾???쇱씠?좎뒪媛 諛섎났 留ㅼ텧怨??믪? 留덉쭊?쇰줈 ?뺣??섎뒗吏媛 ?듭떖?대떎.
?먯닔媛 ?щ씪媛?議곌굔
- 愿?쑣룹쑀吏蹂댁닔쨌?쇱씠?좎뒪 留ㅼ텧???ㅼ튂 湲곕컲?먯꽌 袁몄????꾩쟻??寃?- 留ㅼ텧 ?깆옣怨??④퍡 ?쒗뭹쨌?쒕퉬?ㅻ퀎 留덉쭊???덉젙??寃?- 李⑥꽭? 諛⑺솕踰승룻겢?쇱슦?쑣룻? VPN???좉퇋 怨좉컼怨?諛섎났 怨꾩빟?쇰줈 ?댁뼱吏?寃?- OEM ?섏〈怨?遺???먭? 蹂?숈씠 ??븘吏?寃?
?먯닔媛 ?대젮媛?議곌굔
- ?λ퉬 諛쒖＜ 怨듬갚怨??ш퀬쨌遺??鍮꾩슜?쇰줈 遺꾧린 ?곸옄媛 諛섎났??寃?- ?대씪?곕뱶쨌SASE 寃쎌웳?쇰줈 湲곗〈 UTM ?쒗뭹???④?? ?섏슂媛 ??븘吏?寃?- 愿???덉쭏쨌蹂댁븞?ш퀬쨌?쒕퉬???몃젰 鍮꾩슜??留덉쭊???쇱넀??寃?- ?섎뱶?⑥뼱? ?뱀젙 怨좉컼 ?섏〈??而ㅼ쭏 寃?
?꾩옱??蹂댁븞 ?붿쭊怨??ㅼ튂 湲곕컲???몄젙??59?먯쓣 遺?ы븯?? ?쒕퉬?ㅽ삎 留ㅼ텧怨?留덉쭊??諛섎났?깆쓣 ?뺤씤?섍린 ?꾧퉴吏 ?곹뼢?섏? ?딅뒗??