2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 65
- 전환비용
- 61
- 브랜드 / IP 소유
- 64
- 네트워크효과
- 9
- 가격결정력
- 50
- 마진추세
- 62
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: ?곗뾽 ?먮룞?붿뿉 遺숈? 耳?대툝 蹂댄샇 ?꾨Ц?깆씠 媛뺤젏?대ʼn, ?由ъ젏 留ㅼ텧怨?洹쒕え???쒓퀎瑜?媛먯븞?댁빞 ?쒕떎
?⑦뵾?쒖뒪?쒖? 耳?대툝泥댁씤, ?대┛猷?耳?대툝泥댁씤, ?뚮젆?쒕툝 ?쒕툕, 而ㅻ꽖?곗? 濡쒕낫?⑥씠 ???곗뾽??耳?대툝 蹂댄샇 ?쒗뭹???먯껜 媛쒕컻쨌?앹궛?쒕떎. 1993???ㅻ┰ ?댄썑 ?뺤텧쨌?ъ텧 媛怨듦린?좎쓣 異뺤쟻?덇퀬, 諛섎룄泥는룸뵒?ㅽ뵆?덉씠쨌2李⑥쟾吏쨌?먮룞李㉱룹“?졖룹쿋?꽷룸줈遊????ㅻ퉬???ㅼ뼱媛??遺?덉쓣 30??媛쒓뎅??怨듦툒?쒕떎. ?쒗뭹? 耳?대툝 ?먯긽쨌遺꾩쭊쨌?뚯쓬쨌?뺤? ?꾪뿕??以꾩씠??湲곕뒫??遺?덉씠誘濡??⑥닚 ?뚮씪?ㅽ떛 ?쒗뭹蹂대떎 怨좉컼???덉쭏 寃利앹씠 以묒슂?섎떎.
1. ?대┛猷맞룸줈遊뉗슜 ?쒗뭹???쇰컲 ?쒗뭹蹂대떎 ?믪? 吏꾩엯?λ꼍??留뚮뱺??
2026??1遺꾧린 ?쒗뭹 鍮꾩쨷? ?쇰컲 耳?대툝泥댁씤 30.18%, ?뚮젆?쒕툝 ?쒕툕 25.33%, ?대┛猷?耳?대툝泥댁씤 18.56%, 而ㅻ꽖??13.46%, 濡쒕낫?⑥씠 4.49%?? ???G?대┛泥댁씤? 耳?대툝???쎌엯???곹깭?먯꽌 IPA CLASS 1 ?깃툒???띾뱷?덈떎怨?怨듭떆?섎ʼn, 珥덉?遺꾩쭊 怨듭젙???덉쭏쨌寃利??붽굔? ?쇰컲 ?ъ텧?낆껜媛 ?④린媛꾩뿉 蹂듭젣?섍린 ?대졄?? 濡쒕낫?⑥씠??怨좎냽쨌諛섎났 ?대룞 濡쒕큸??耳?대툝 ?먯긽??以꾩씠???쒖뒪?쒖쑝濡??먮룞李⑥? 2李⑥쟾吏 怨좉컼???ㅻ퉬 議곌굔??留욎떠???쒕떎.
?뱁뿀쨌?ㅼ슜?좎븞 ??吏?곸옱?곌텒? 耳?대툝泥댁씤, ?대┛猷??μ튂, 濡쒕큸 ?꾩븫 媛?대뱶? 愿?⑦빐 ?ㅼ닔 ?깅줉???덈떎. ?곌뎄媛쒕컻?? ?쒕??덉씠?? ?꾨줈?좏??? ?좊ː?굿룸갑吏꽷룸갑???쒗뿕, ?묒궛 珥덇린 ?덉쭏愿由ш퉴吏 ?섑뻾?쒕떎. ?ㅻ쭔 2026??1遺꾧린 ?곌뎄媛쒕컻鍮꾨뒗 0.86?듭썝(留ㅼ텧??1.71%)?쇰줈, 湲곗닠 ?댁옄???뱁뿀 ?レ옄蹂대떎 ?꾩옣 ?곸슜 寃쏀뿕怨??덉쭏 ?좊ː?????ш쾶 ?섏〈?쒕떎.
2. 怨좉컼 ?꾪솚鍮꾩슜? ?덉?留??좏넻留앹씠 ?댁옄???꾨????꾨땲??
援?궡 12媛??由ъ젏怨??댁쇅 21媛??由ъ젏, ?留?吏?щ? ?듯빐 ?먮ℓ?섎ʼn 2026??1遺꾧린 ?먮ℓ??72.5%媛 ?由ъ젏 寃쎈줈??? ?由ъ젏? 30媛쒓뎅 ?묒젏???쒓났?섏?留?留ㅼ텧???곷떦 遺遺꾩쓣 以묎컙 梨꾨꼸怨?怨듭쑀?섍퀬 怨좉컼 ?곗씠?걔룰?寃??듭젣?μ씠 ?쏀빐吏????덈떎. 諛섎?濡?吏곸젒 留ㅼ텧? ?쒗뭹 ?ъ뼇 ?묒쓽? ?꾩옣 ??묒쓣 ?듯빐 ?κ린 怨좉컼 愿怨꾨? 留뚮뱾 ???덈떎. ?꾨줈?앺듃 ?섏＜?붽퀬??怨듭떆?섏? ?딄퀬, 吏㏃? 由щ뱶??꾩뿉 怨좉컼 PO瑜?諛쏆븘 怨듦툒?섎뒗 援ъ“??諛섎났留ㅼ텧??媛?쒖꽦? ?쒗븳?곸씠??
3. ?ㅼ쟻? ?덉젙?곸씤 ?몄씠??
| ?щТ 吏?? | 2025???곌껐 | 2026??1遺꾧린 ?곌껐 | ?댁꽍 |
|---|---|---|---|
| 留ㅼ텧 | 190.54?듭썝 | 52.09?듭썝 | ?꾨뀈 ?숆린 49.60?듭썝 ?鍮?5.0% 利앷? |
| ?곸뾽?댁씡 | 21.39?듭썝 | 5.34?듭썝 | ?꾨뀈 ?숆린 4.75?듭썝 ?鍮?利앷? |
| ?곸뾽?댁씡瑜? | 11.22% | 10.25% | 怨좊쭏吏??곗뾽 遺???ъ뾽?쇰줈 ?묓샇 |
理쒓렐 遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??193.02?듭썝, ?곸뾽?댁씡? 21.97?듭썝, ?곸뾽?댁씡瑜좎? 11.38%?? ?대┛猷맞룸줈遊??쒗뭹??留ㅼ텧 鍮꾩쨷 ?뺣?? ?댁쇅 吏곸젒 怨좉컼 利앷?媛 ?뺤씤?섎㈃ ?댁옄??吏덉씠 醫뗭븘吏꾨떎. 諛섎㈃ ?뚮씪?ㅽ떛 ?먯옱猷?媛寃? ?ㅻ퉬?ъ옄 ?ъ씠?? ?먮룞李㉱룸컲?꾩껜 怨좉컼??諛쒖＜ 蹂?숈? ?ㅼ쟻 蹂???붿씤?대떎.
?먯닔媛 ?щ씪媛?議곌굔
G?대┛泥댁씤쨌濡쒕낫?⑥씠??留ㅼ텧 鍮꾩쨷怨??ш뎄留ㅼ쑉, 怨좉컼 ?ㅻ퉬??????쒖? 梨꾪깮 ?щ?, 吏곸젒 ?먮ℓ 鍮꾩쨷, ?댁쇅 ?由ъ젏 留ㅼ텧???섏씡?? ?좎?蹂댁닔쨌?뚮え???뺥깭??諛섎났留ㅼ텧??怨듦컻?섎㈃ ?먯닔瑜??곹뼢?????덈떎.
비판적으로 봐야 할 것
- 1.*?곗뾽 ?ъ씠??: 諛섎룄泥는룸뵒?ㅽ뵆?덉씠쨌2李⑥쟾吏쨌?먮룞李??ㅻ퉬?ъ옄媛 ?뷀솕?섎㈃ 耳?대툝 蹂댄샇 遺???섏슂???④퍡 以????덈떎.
- 2.?由ъ젏 ?섏〈: 留ㅼ텧??72.5%媛 ?由ъ젏 寃쎈줈?ъ꽌 媛寃㈑룰퀬媛앷?怨꽷룸쭏吏??듭젣?μ씠 ?쒗븳?????덈떎.
- 3.?먭? ?꾪뿕: ?뚮씪?ㅽ떛 ?뚯옱? 湲덊삎쨌媛怨듬퉬???곸듅???먮ℓ媛寃⑹뿉 諛섏쁺?섏? 紐삵븯硫?留덉쭊????븘吏꾨떎.
- 4.*諛섎났留ㅼ텧 遺議?: ?섏＜?붽퀬? ?κ린怨꾩빟??怨듭떆?섏? ?딄퀬 PO 湲곕컲 怨듦툒?댁뼱???ㅼ쟻 媛?쒖꽦???믩떎怨??⑥젙?섍린 ?대졄??
총평
?대┛猷맞룸줈遊뉗슜 耳?대툝 蹂댄샇?쇰뒗 ?꾨Ц ?곸뿭, ?ㅻ옖 媛怨?寃쏀뿕怨??꾩옣 寃利앹씠 ?듭떖 ?댁옄?? ?ㅻ쭔 ?由ъ젏 鍮꾩쨷???믨퀬 ?섏＜?붽퀬쨌諛섎났留ㅼ텧???쒕졆?섏? ?딆븘, 湲곗닠 ?댁옄瑜??믪? ?먯닔濡??꾪솚?섎젮硫?吏곸젒 怨좉컼怨??ш뎄留?利앷굅媛 ?꾩슂?섎떎.