2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 65
- 전환비용
- 57
- 브랜드 / IP 소유
- 55
- 네트워크효과
- 5
- 가격결정력
- 44
- 마진추세
- 48
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: ?덉씠?쨌鍮꾩쟾쨌?먮룞?붾? 臾띠? 二쇰Ц?쒖옉 ?λ퉬?ъ?留? ?꾨줈?앺듃 蹂?숈꽦???щ떎
?쒕튆?덉씠????댁감?꾩?쨌?먮룞李㉱룸컲?꾩껜쨌?꾧린?꾩옄 ?쒖“怨듭젙???ъ엯?섎뒗 ?덉씠? ?묒슜 ?먮룞???λ퉬瑜??ㅺ퀎쨌?쒖“?쒕떎. ?덉씠? ?뚯뒪留??먮ℓ?섎뒗 ?ъ뾽???꾨땲??湲곌퀎?ㅺ퀎, 議곕┰, ?덉씠? 媛怨? ?쒖뼱, 鍮꾩쟾, ?꾩슜 ?뚰봽?몄썾?대? 怨좉컼 ?앹궛?쇱씤??留욎떠 ?듯빀?섎뒗 二쇰Ц?쒖옉??B2B ?ъ뾽?대떎. 2026??1遺꾧린?먮뒗 ?먮룞李?18.02?듭썝, ?댁감?꾩? 18.10?듭썝, 諛섎룄泥는룹쟾湲곗쟾????湲고? ?곗뾽 26.01?듭썝??留ㅼ텧??湲곕줉?덈떎.
1. 怨좉컼 怨듭젙???ㅼ뼱媛???좏깉 ?붾(?섏씠 ?듭떖?대떎
| 2026??1遺꾧린 ?쒗뭹援? | 留ㅼ텧 | 鍮꾩쨷 |
|---|---|---|
| ?댁감?꾩? ?쒖“?λ퉬 | 18.10?듭썝 | 28.6% |
| ?먮룞李??쒖“?λ퉬 | 18.02?듭썝 | 28.5% |
| 諛섎룄泥는룹쟾湲곗쟾???쒖“?λ퉬 | 26.01?듭썝 | 41.1% |
| 湲고? | 1.04?듭썝 | 1.6% |
| ?⑷퀎 | 63.17?듭썝 | 100.0% |
二쇱슂 ?쒗뭹? ?댁감?꾩? ? 異붿쟻 留덊궧, ??룹틪罹??⑹젒怨??대━?? ?꾧레 ?몄묶쨌?щ━?? ?먮룞李?李⑤?踰덊샇 留덊궧怨?怨좎냽 ?먭꺽 ?⑹젒, 諛섎룄泥는룹쟾湲곗쟾?먯슜 ?덉씠? ?대툝?덉씠?샕룹뒪?몃━?뫢룻븘由?而ㅽ똿 ?λ퉬?? 怨좉컼 ?붽뎄??留욎떠 ?ㅺ퀎 ?④퀎遺???쒖옉?섍린 ?뚮Ц???⑥닚 ?λ퉬 媛寃⑸낫??媛怨듯뭹吏? ?앺듃??? ?섏쑉, ?먮룞???쇱씤 ?곕룞?깆씠 援щℓ 寃곗젙????以묒슂?섎떎.
?대윴 ?λ퉬媛 怨좉컼 ?앹궛?쇱씤???ㅼ튂?섎㈃ 怨듭젙 ?곗씠?곗? ?쒖뼱 ?꾨줈洹몃옩, ?좎?蹂댁닔 寃쏀뿕???꾩쟻?섏뼱 ?⑥닚 ?λ퉬 援먯껜蹂대떎 ?꾪솚 遺?댁씠 而ㅼ쭊?? ?뚯궗媛 鍮꾩쟾 ?쒖뒪?쒖쓣 援?궛?뷀븯怨??덉씠? ?쒖뼱쨌紐⑥뀡쨌癒몄떊鍮꾩쟾 ?뚰봽?몄썾?대? ?④퍡 媛쒕컻?섎뒗 ?먮룄 ?듯빀 ??웾??洹쇨굅?? ?ㅻ쭔 二쇰Ц?쒖옉 ?λ퉬??怨좉컼蹂??ъ뼇???щ씪 ?쒖??붾맂 諛섎났 留ㅼ텧怨??믪? ?쒕퉬?ㅽ삎 ?섏씡??留뚮뱾湲??대졄?ㅻ뒗 ?⑥젏???덈떎.
2. ?섏<?붽퀬???꾩옱 遺꾧린 留ㅼ텧????1.9諛곕떎
2026??3??留?湲곗? ?댁썡遺꾩쓣 ?ы븿???섏< 珥앹븸? 184.26?듭썝, 1遺꾧린 留ㅼ텧 ?꾨즺?≪? 63.17?듭썝, ?섏<?붽퀬??121.09?듭썝?대떎. ?붽퀬 援ъ꽦? ?먮룞李?49.77?듭썝(41.1%), 諛섎룄泥는룹쟾湲곗쟾????35.75?듭썝(29.5%), ?댁감?꾩? 33.80?듭썝(27.9%)?쇰줈 ?뱀젙 ?꾨갑?곗뾽?먮쭔 紐곕━吏 ?딆븯??
?섏<?붽퀬媛 遺꾧린 留ㅼ텧蹂대떎 ?щ떎???먯? ?④린 留ㅼ텧 媛?쒖꽦???꾩???以?? 洹몃윭???뚯궗???섏<?쇱옄쨌?⑷린쨌?섎웾???곸뾽??湲곕?濡?怨듦컻?섏? ?딆븯怨? ?λ퉬???쒖옉쨌?ㅼ튂쨌?쒖슫?꾧낵 怨좉컼 寃??怨쇱젙???꾩슂?섎떎. ?곕씪???붽퀬 ?꾨?媛 ?ㅼ쓬 遺꾧린??留ㅼ텧濡??≫엳??寃껋? ?꾨땲?? ?먭? ?곸듅怨??ъ뼇 蹂寃? 怨좉컼???ㅻ퉬?ъ옄 ?곌린, ?꾨줈?앺듃蹂??먯씡 ?몄감???④퍡 遊먯빞 ?쒕떎.
3. 理쒓렐 ?ㅼ쟻? ?뚮났?먯?留? ?묐뀈 1遺꾧린??湲곗?媛 ??떎
2025??留ㅼ텧? 242.46?듭썝, ?곸뾽?댁씡? 19.62?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??297.73?듭썝, ?곸뾽?댁씡? ??33.62?듭썝, ?곸뾽?댁씡瑜좎? ??11.29%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 8.00?듭썝 | 63.28?듭썝 | ????利앷? |
| ?곸뾽?댁씡 | -12.29?듭썝 | 1.71?듭썝 | ?묒옄?꾪솚 |
| ?곸뾽?댁씡瑜? | -153.53% | 2.70% | 媛쒖꽑 |
?꾩옱 遺꾧린 留ㅼ텧? ?꾨뀈 ?숆린 ?鍮??ш쾶 ?섏뿀吏留? ?곸뾽?댁씡瑜좎? 2.7%??洹몄낀?? ?섏<媛 留ㅼ텧濡??꾪솚?섎뒗 珥덇린 ?④퀎?먯꽌 怨좎젙鍮꾩? ?꾨줈?앺듃 ?먭?媛 癒쇱? 諛섏쁺?먭굅?? ?ㅼ튂쨌寃???쒖젏怨??쒗뭹 誘뱀뒪媛 ?곹뼢??以ъ쓣 ???덈떎. TTM 湲곗??쇰줈???묒옄吏留? ?붽퀬瑜??믪? 留덉쭊?쇰줈 ?섑뻾?????덈뒗吏媛 ??以묒슂?섎떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 65 | ?덉씠?쨌湲곌퀎쨌?쒖뼱쨌鍮꾩쟾쨌?뚰봽?몄썾???듯빀怨?怨좉컼 怨듭젙 寃利??꾩슂 |
| ?꾪솚鍮꾩슜 | 57 | ?앹궛?쇱씤 ?곕룞쨌?꾨줈洹몃옩쨌?쒖슫?꽷룹쑀吏蹂댁닔 ?대젰??援먯껜 遺?댁쓣 留뚮벀 |
| 釉뚮옖??IP | 55 | ?뱁뿀? 媛怨돠룸퉬??湲곗닠? ?덉쑝???λ퉬蹂?寃쎌웳???꾨줈?앺듃?뺤엫 |
| ?ㅽ듃?뚰겕?④낵 | 5 | 怨좉컼 利앷?媛 ?ㅻⅨ 怨좉컼???쒗뭹 媛移섎? 吏곸젒 ?믪씠吏 ?딆쓬 |
| 媛寃⑷껐?뺣젰 | 44 | ?섏쑉쨌?앺듃??꾩쑝濡?李⑤퀎?뷀븯吏留????怨좉컼???먭? ?묒긽?μ씠 ?? |
| 留덉쭊異붿꽭 | 48 | TTM ?묒옄??媛쒖꽑?먯쑝??理쒓렐 遺꾧린 留덉쭊????쓬 |
理쒖쥌 58?먯? ?섏<?붽퀬? ?듬났??湲곗닠???믨쾶 蹂대릺, ?꾨줈?앺듃 ?먭?? 怨좉컼 ?ъ옄???곕Ⅸ 蹂?숈꽦??諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? ?섏<媛 留롮븘???꾨줈?앺듃 ?댁씡怨??꾧툑 ?꾪솚? 蹂꾧컻??臾몄젣??
- 1.*?섏< ?꾪솚 吏??: ?λ퉬???ㅺ퀎쨌?쒖옉쨌?ㅼ튂쨌?쒖슫?꽷룰???怨쇱젙???덉뼱 怨좉컼???ъ옄 ?쇱젙?대굹 ?ъ뼇 蹂寃쎌뿉 ?곕씪 留ㅼ텧 ?몄떇????뼱吏????덈떎.
- 2.*?꾨줈?앺듃 ?먭? 由ъ뒪??: 二쇰Ц?쒖옉 ?λ퉬???덉긽蹂대떎 ?묒뾽?쒓컙怨??몄<鍮꾧? ?섎㈃ 媛쒕퀎 ?꾨줈?앺듃 留덉쭊???ш쾶 ??븘吏????덈떎.
- 3.*?꾨갑?곗뾽 ?ъ옄 蹂??: ?댁감?꾩?쨌?먮룞李㉱룸컲?꾩껜???ㅻ퉬?ъ옄? 怨좉컼?ъ쓽 ?좉퇋?쇱씤 怨꾪쉷??留ㅼ텧??吏곸젒 ?곹뼢??以??
- 4.*怨좉컼 吏묒쨷??遺덊닾紐?: ?곗뾽蹂??붽퀬??怨듦컻?먯?留?怨좉컼蹂??붽퀬쨌怨꾩빟湲곌컙쨌怨듦툒 吏?꾨뒗 怨듦컻?섏? ?딆븯??
- 5.*?쒕퉬??諛섎났??遺議?: ?λ퉬 ?먮ℓ ???좎?蹂댁닔? ?뚰봽?몄썾??留ㅼ텧???쇰쭏??諛섎났?섎뒗吏 ?뺤씤?섏? ?딆븘, ?λ퉬 ?섏< 怨듬갚???앷린硫??ㅼ쟻???붾뱾由????덈떎.
?ㅼ쓬 ?됯??먯꽌???붽퀬???⑷린蹂?援ъ꽦, ?꾨줈?앺듃蹂??먭??④낵 ?섏씡?? 怨좉컼蹂?留ㅼ텧쨌?섏< 吏묒쨷?? ?λ퉬 ?ㅼ튂 ???좎?蹂댁닔 留ㅼ텧???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 58?????섏<?붽퀬? ?듬났??湲곗닠? 媛뺤젏?댁?留? ?λ퉬 ?꾨줈?앺듃??吏덉쓣 ?뺤씤?댁빞 ?쒕떎
?쒕튆?덉씠????덉씠? ?뚯뒪? ?λ퉬瑜??⑥닚 ?먮ℓ?섎뒗 ?뚯궗媛 ?꾨땲??怨좉컼 ?앹궛?쇱씤??留욎떠 媛怨돠룹젣?는룸퉬?꽷룹옄?숉솕瑜??듯빀?쒕떎. ?댁감?꾩?, ?먮룞李? 諛섎룄泥는룹쟾湲곗쟾?????щ윭 ?곗뾽?쇰줈 ?ы듃?대━?ㅻ? ?섎늻怨? 2026??3??留??섏<?붽퀬 121.09?듭썝???뺣낫???먯? 湲띿젙?곸씠?? ?곌뎄媛쒕컻 ?몃젰 21紐낃낵 ?덉씠?쨌癒몄떊鍮꾩쟾쨌?쒖뒪???뚰봽?몄썾??媛쒕컻??湲곗닠 異뺤쟻??洹쇨굅??
洹몃윭??2026??1遺꾧린 ?곸뾽?댁씡瑜좎? 2.7%濡???븯怨? ?섏< ?곸꽭媛 怨듦컻?섏? ?딆븘 ?붽퀬??留덉쭊怨??⑷린 ?덉쭏???뚭린 ?대졄?? ?꾨뀈 ?숆린 留ㅼ텧??留ㅼ슦 ??븯??湲곗??④낵???덈떎. ?섏<?붽퀬媛 ?덉젙?곸쑝濡?留ㅼ텧濡??꾪솚?섍퀬, ?꾨줈?앺듃蹂??먭?愿由ъ? ?ㅼ튂 ???쒕퉬?ㅺ? 諛섎났 留ㅼ텧濡??먮━ ?〓뒗吏媛 ?듭떖?대떎.
?먯닔媛 ?щ씪媛?議곌굔
- ?섏<?붽퀬媛 怨꾪쉷?濡??몄떇?섍퀬 ?꾨줈?앺듃 留덉쭊???덉젙??寃?- ?먮룞李㉱룹씠李⑥쟾吏쨌諛섎룄泥?怨좉컼?먯꽌 諛섎났 諛쒖<? ?κ린 ?묒뾽???뺤씤??寃?- ?λ퉬 ?ㅼ튂 ???좎?蹂댁닔쨌?뚰봽?몄썾??留ㅼ텧???꾩쟻??寃?- ?덉씠? ?쒖뼱? 鍮꾩쟾 援?궛?붽? 怨좉컼???섏쑉쨌?앺듃???媛쒖꽑?쇰줈 ?낆쬆??寃?
?먯닔媛 ?대젮媛?議곌굔
- 怨좉컼???ㅻ퉬?ъ옄 ?곌린? ?ъ뼇 蹂寃쎌쑝濡??붽퀬 ?몄떇??吏?곕맆 寃?- ?몄<쨌遺?댟룹씤嫄대퉬 ?곸듅?쇰줈 ?꾨줈?앺듃 ?먯떎??諛섎났??寃?- ?뱀젙 怨좉컼 ?먮뒗 ?뱀젙 ?꾨갑?곗뾽 ?섏〈?꾧? ?믪븘吏?寃?- ?좉퇋 ?섏<媛 媛먯냼?섎㈃??怨좎젙鍮?遺?댁씠 而ㅼ쭏 寃?
?꾩옱??湲곗닠怨??붽퀬瑜??몄젙?섎릺, ?λ퉬???뱀쑀???댁씡 蹂?숈꽦???좎씤?⑥쓣 ?곸슜??58?먯쑝濡??됯??쒕떎.