2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
해자 세부 항목
- 진입장벽
- 54
- 전환비용
- 40
- 브랜드 / IP 소유
- 48
- 네트워크효과
- 22
- 가격결정력
- 37
- 마진추세
- 48
규제 · 자본집약도 · 생산설비 보유
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주 근거는 영업이익률
3년 상승 = 강화 / 하락 = 약화
해자 관점 긍정 요소
寃곕줎: ?곗씠?걔룹텛泥?湲곗닠怨?GA ?좏넻??寃고빀?덉?留? ?뚮옯?쇰낫???섏닔猷??ъ뾽???깃꺽??媛뺥븯??
?꾩씠吏?룹? 蹂댄뿕 ?곗씠?곕? 遺꾩꽍?섍퀬 ?곹뭹??鍮꾧탳쨌異붿쿇?섎뒗 ?몄뒋?댄뀒???ъ뾽?먮떎. B2C ??Bodoc? AI? MyData瑜??댁슜??蹂댄뿕 吏꾨떒, 蹂댁옣 遺꾩꽍, ?꾨씫 蹂댄뿕湲댟룰굔媛뺢?吏꽷룸퀝?먃룹쿂諛??뺣낫 ?깆쓣 ?쒓났?섍퀬, B2B ?붾（??MyRealPlan怨?ClockPass瑜??댁쁺?쒕떎. ?먰쉶??The Partners??蹂댄뿕?由ъ젏(GA)?쇰줈??鍮꾧탳쨌紐⑥쭛 湲곕뒫???대떦?쒕떎.
1. 留ㅼ텧???遺遺꾩? ?뚮옯???ъ슜猷뚭? ?꾨땲??蹂댄뿕 ?섏닔猷뚮떎
| 2026??1遺꾧린 留ㅼ텧 | 湲덉븸 | 鍮꾩쨷 |
|---|---|---|
| B2B ?뚮옯??諛곗튂 ?섏닔猷? | 3.63?듭썝 | 4.2% |
| ?뚮옯??蹂댄뿕 ?섏닔猷? | 83.65?듭썝 | 95.8% |
| ?⑷퀎 | 87.28?듭썝 | 100.0% |
Bodoc??怨좉컼?먭쾶 留욌뒗 ?곹뭹??李얘퀬, GA 議곗쭅???ㅼ젣 ?곷떞쨌紐⑥쭛???섑뻾?섎㈃ 蹂댄뿕 怨꾩빟???곕Ⅸ ?섏닔猷뚭? 諛쒖깮?쒕떎. ??援ъ“???뚮옯???몃옒?쎌쓣 ?꾧툑?뷀븷 ???덈떎???μ젏???덈떎. 2021??MyData 蹂명뿀媛瑜?諛뷀깢?쇰줈 怨좉컼??蹂댄뿕쨌湲덉쑖 ?곗씠?곕? ?쒖슜?????덇퀬, 30媛??댁긽 ?앸챸쨌?먰빐蹂댄뿕 ?곹뭹??鍮꾧탳?섎뒗 湲곕뒫? ?곷떞 ?⑥쑉怨??곹뭹 ?먯깋 ?몄쓽瑜??믪씤??
諛섎㈃ ?섏닔猷?留ㅼ텧? ?뚰봽?몄썾??援щ룆 留ㅼ텧怨??ㅻⅤ?? 蹂댄뿕 怨꾩빟???좎?湲곌컙, ?곹뭹蹂??섏닔猷뚯쑉, ?ㅺ퀎??吏湲됱븸, 蹂댄뿕?ъ쓽 紐⑥쭛 ?뺤콉???곕씪 留ㅼ텧怨??댁씡???щ씪吏꾨떎. ?꾩옱 ?섏튂???뚮옯???먯껜 ?ъ슜猷뚮뒗 ?묎퀬 蹂댄뿕 ?섏닔猷??섏〈?꾧? ?믪쑝誘濡? ?곗씠???뚮옯?쇱쓽 ?ㅽ듃?뚰겕?④낵瑜?怨㏓컮濡?SaaS ?댁옄濡??됯??섍린 ?대졄??
2. ?곗씠?곗? 異붿쿇 ?붿쭊? 吏꾩엯?λ꼍?댁?留?洹쒖젣? ?곸뾽???④퍡 ?꾩슂?섎떎
蹂댄뿕 吏꾨떒? ?쎄?쨌蹂댁옣 踰붿쐞쨌怨좉컼 ?곹깭쨌湲곗〈 怨꾩빟???댁꽍?댁빞 ?섎?濡??⑥닚 肄섑뀗痢좊낫???곗씠???덉쭏怨?異붿쿇 濡쒖쭅??以묒슂?섎떎. ?뚯궗??2022?꾨???湲곗뾽遺?ㅼ뿰援ъ냼瑜??댁쁺?섍퀬 AI 吏꾨떒쨌異붿쿇 ?붿쭊怨?AI ?곷떞 湲곕뒫??媛쒕컻???붾떎. 2026??1遺꾧린 ?곌뎄媛쒕컻鍮꾨뒗 ??2.71?듭썝?대ʼn, B2C ?깃낵 B2B ?붾（?섏뿉 ?곸슜?????덈뒗 ?곗씠??泥섎━ ??웾? ?κ린 ?먯궛???????덈떎.
洹몃윭??蹂댄뿕? 湲덉쑖?뚮퉬?먮낫?몃쾿怨?蹂댄뿕?낅쾿??洹쒖젣瑜?諛쏆쑝硫? GA ?곸뾽? 湲덉쑖媛먮룆 泥닿퀎? ?ㅺ퀎??議곗쭅???곹뼢??諛쏅뒗?? 異붿쿇???뺥솗?꾨쭔?쇰줈 怨꾩빟??諛쒖깮?섏? ?딄퀬, 怨좉컼 ?띾뱷, ?곷떞, ?ㅺ퀎??援먯쑁, 誘쇱썝쨌遺덉셿?꾪뙋留?愿由ш? ?④퍡 ?꾩슂?섎떎. 怨좉컼 ?곗씠?곌? 留롮븘吏덉닔濡?蹂댁븞쨌?숈쓽쨌紐⑹쟻 ???댁슜 由ъ뒪?щ룄 而ㅼ쭊??
3. ?댁씡? 媛쒖꽑?먯?留??섏씡紐⑤뜽??吏덉쓣 ??遊먯빞 ?쒕떎
2025??留ㅼ텧? 390.19?듭썝, ?곸뾽?댁씡? 33.30?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??401.93?듭썝, ?곸뾽?댁씡? ??39.41?듭썝, ?곸뾽?댁씡瑜좎? ??9.81%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 75.54?듭썝 | 87.28?듭썝 | +15.6% |
| ?곸뾽?댁씡 | 0.25?듭썝 | 6.36?듭썝 | ????媛쒖꽑 |
| ?곸뾽?댁씡瑜? | 0.33% | 7.29% | +6.96%p |
?꾨뀈 ?숆린?먮뒗 ?먯씡遺꾧린?먯뿉 媛源뚯썱吏留?2026??1遺꾧린?먮뒗 ?댁씡??媛쒖꽑?먮떎. GA??蹂댄뿕 紐⑥쭛 洹쒕え? ?뚮옯???⑥쑉??醫뗭븘議뚭굅??鍮꾩슜 援ъ“媛 ?덉젙?먯쓣 媛?μ꽦???덈떎. ?ㅻ쭔 ?섏닔猷??ъ뾽? ?좉퇋 怨꾩빟怨??ㅺ퀎???앹궛?? 怨꾩빟 ?좎??⑥뿉 ?곕씪 蹂?숉븳?? ?뚮옯??諛곗튂 ?섏닔猷뚭? 諛섎났?섎뒗 援щ룆쨌?쇱씠?좎뒪 留ㅼ텧濡??뺣??섎뒗吏, ?섏닔猷?吏湲????쒖닔?듭씠 ?쇰쭏???⑤뒗吏媛 湲곗뾽媛移섏쓽 ?듭떖?대떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 54 | MyData ?뱀씤쨌蹂댄뿕 ?곗씠?걔텮I쨌GA ?댁쁺怨?洹쒖젣 ????꾩슂 |
| ?꾪솚鍮꾩슜 | 40 | 怨좉컼 ?곗씠?걔룹긽???대젰? ?⑥?留?蹂댄뿕 鍮꾧탳쨌?대룞??媛?? |
| 釉뚮옖??IP | 48 | Bodoc怨?異붿쿇 ?붿쭊쨌B2B ?붾（?섏? 李⑤퀎??媛?μ꽦???덉쓬 |
| ?ㅽ듃?뚰겕?④낵 | 22 | ?곗씠?곗? ?ㅺ퀎??룹긽?덉씠 ?섎㈃ 異붿쿇 媛쒖꽑 ?ъ?媛 ?덉쑝??吏곸젒 ?④낵???쒗븳?? |
| 媛寃⑷껐?뺣젰 | 37 | ?섏닔猷뚯쑉怨?蹂댄뿕??룹꽕怨꾩궗 ?묒긽??醫뚯슦?? |
| 留덉쭊異붿꽭 | 48 | 理쒓렐 ?묒옄 ?꾪솚怨?留덉쭊 媛쒖꽑? 湲띿젙?곸씠???섏닔猷?蹂?숈꽦 議댁옱 |
理쒖쥌 50?먯? ?곗씠?곗? ?좏넻 寃고빀???몄젙?섎㈃?쒕룄, ?뚮옯??留ㅼ텧蹂대떎 ?섏닔猷?留ㅼ텧???뺣룄?곸씤 ?꾩옱 援ъ“瑜?蹂댁닔?곸쑝濡?諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? ?곗씠???뚮옯?쇱쓽 媛移섏? GA ?섏닔猷뚯쓽 蹂?숈꽦??援щ텇?댁빞 ?쒕떎
- 1.?섏닔猷?吏묒쨷: 2026??1遺꾧린 留ㅼ텧??95.8%媛 ?뚮옯??蹂댄뿕 ?섏닔猷뚮떎. ?뚮옯???ъ슜猷뚭? 而ㅼ?吏 ?딆쑝硫?留ㅼ텧??怨꾩빟 紐⑥쭛?됱뿉 怨꾩냽 醫낆냽?쒕떎.
- 2.洹쒖젣쨌誘쇱썝: 蹂댄뿕?낅쾿, 湲덉쑖?뚮퉬?먮낫?몃쾿, 愿묎퀬쨌異붿쿇 洹쒖젙怨?媛먮룆?밴뎅???먮ℓ 愿???먭????곸뾽 諛⑹떇怨?鍮꾩슜???곹뼢??以????덈떎.
- 3.?ㅺ퀎??議곗쭅: GA ?ъ뾽? ?ㅺ퀎??紐⑥쭛쨌?좎?쨌?앹궛?깃낵 吏湲됱닔?섎즺??醫뚯슦?쒕떎. ?몃젰 ?댄깉?대굹 紐⑥쭛 ?섏닔猷??곸듅? 留ㅼ텧怨?留덉쭊???숈떆????텧 ???덈떎.
- 4.?곗씠??蹂댁븞쨌?숈쓽: MyData? 嫄닿컯쨌吏꾨즺 愿???뺣낫??誘쇨컧?꾧? ?믩떎. 蹂댁븞?ш퀬, ?숈쓽 愿由??ㅽ뙣, 異붿쿇 ?ㅻ쪟??鍮꾩슜怨??좊ː ?쇱넀?쇰줈 ?댁뼱吏????덈떎.
- 5.怨좉컼 ?꾪솚: ???댁슜?먯? 吏꾨떒 嫄댁닔媛 ?ㅼ젣 蹂댄뿕 怨꾩빟?쇰줈 ?곌껐?섎뒗 鍮꾩쑉, 怨꾩빟 ?좎??? 怨좉컼?띾뱷鍮꾩슜??怨듦컻?섏? ?딆븯?? ?몃옒??利앷?媛 ?댁씡 利앷?濡??댁뼱吏꾨떎怨??⑥젙?????녿떎.
?ㅼ쓬 ?됯??먯꽌???쒖꽦 ?ъ슜?먃룹쭊??嫄댁닔쨌怨꾩빟 ?꾪솚?? 怨꾩빟 ?좎??? ?ㅺ퀎???섏? ?앹궛?? ?섏닔猷?吏湲????쒕ℓ異? ?뚮옯??諛섎났留ㅼ텧 鍮꾩쨷???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 50?????몄뒋?댄뀒???곗씠???먯궛? ?덉쑝?? ?꾩옱 ?ㅼ쟻? GA ?섏닔猷뚯뿉 ??媛源앸떎
?꾩씠吏?룹? MyData? AI 異붿쿇??蹂댄뿕 ?먮ℓ? ?곌껐?쒕떎. Bodoc??蹂댄뿕 吏꾨떒, MyRealPlan쨌ClockPass??B2B 湲곕뒫, The Partners??GA ?좏넻留앹쓣 ?④퍡 蹂댁쑀???먯? ?곗씠?곌? ?ㅼ젣 怨꾩빟?쇰줈 ?댁뼱吏??寃쎈줈瑜?留뚮뱺?? 2026??1遺꾧린 留ㅼ텧 ?깆옣怨??곸뾽?댁씡瑜?媛쒖꽑??湲띿젙?곸씠??
?섏?留?留ㅼ텧??95.8%媛 蹂댄뿕 ?섏닔猷뚯씠怨??뚮옯??諛곗튂 ?섏닔猷뚮뒗 4.2%??遺덇낵?섎떎. ?곕씪???꾩옱???낅┰?곸씤 援щ룆???곗씠???뚮옯?쇱씠?쇨린蹂대떎 ?곗씠?걔룹텛泥?湲곗닠???쒖슜??蹂댄뿕 紐⑥쭛 ?ъ뾽?쇰줈 蹂대뒗 ?몄씠 ?뺥솗?섎떎. 洹쒖젣? ?ㅺ퀎??議곗쭅, 怨좉컼?띾뱷鍮꾩슜, 怨꾩빟 ?좎??⑥씠 ?댁씡??吏덉쓣 醫뚯슦?쒕떎.
?먯닔媛 ?щ씪媛?議곌굔
- ?뚮옯??諛곗튂쨌?쇱씠?좎뒪쨌援щ룆 留ㅼ텧??蹂댄뿕 ?섏닔猷뚯? ?④퍡 ?깆옣??寃?- ?쒖꽦 ?ъ슜???鍮?蹂댄뿕 吏꾨떒쨌怨꾩빟 ?꾪솚?④낵 怨꾩빟 ?좎??⑥씠 ?뺤씤??寃?- ?ㅺ퀎???앹궛???μ긽?쇰줈 怨좉컼?띾뱷鍮꾩슜怨?吏湲됱닔?섎즺 鍮꾩쑉????븘吏?寃?- ?곗씠??蹂댁븞怨?異붿쿇 ?덉쭏???좎??섎㈃???ㅻⅨ 湲덉쑖쨌蹂댄뿕??B2B 怨좉컼?쇰줈 ?뺤옣??寃?
?먯닔媛 ?대젮媛?議곌굔
- 洹쒖젣 媛뺥솕濡?異붿쿇쨌紐⑥쭛 諛⑹떇?대굹 ?섏닔猷뚯쑉??遺덈━?섍쾶 諛붾?寃?- ?ㅺ퀎???댄깉怨?吏湲됱닔?섎즺 ?곸듅?쇰줈 理쒓렐 留덉쭊 媛쒖꽑???섎룎?꾧컝 寃?- ???댁슜?먮뒗 ?섏?留??ㅼ젣 怨꾩빟 ?꾪솚怨??좎?媛 ?쏀븷 寃?- 蹂댁븞?ш퀬??異붿쿇 ?ㅻ쪟濡?誘쇱썝怨?媛먮룆 鍮꾩슜??利앷???寃?
?꾩옱???곗씠?곗? ?좏넻 寃고빀???몄젙??50?먯쓣 遺?ы븳?? 60?먯뿉 媛源뚯썙吏?ㅻ㈃ ?섏닔猷???諛섎났 ?뚮옯??留ㅼ텧怨?怨좉컼 ?꾪솚 吏?쒓? 怨듦컻쨌寃利앸릺?댁빞 ?쒕떎.