2026 1Q 기준평가 2026. 08. 19.근거 공시 새 창에서 열기
최신 실적 반영 전 · 이 평가는 2026 1Q 공시까지를 근거로 썼습니다. 이후 2026 2Q 실적이 공시되었습니다.
영업이익률 2026 1Q −19.8% → 2026 2Q 30.5% (+50.3%p)
HLR/UDM쨌IMS ???대룞?듭떊 肄붿뼱留??붾（?섏쓣 媛쒕컻쨌怨듦툒?섍퀬 SKT쨌SKB쨌LGU+ ?깆뿉 ?좎?蹂댁닔瑜??쒓났?쒕떎. ?좎?蹂댁닔 留ㅼ텧怨??듭떊???몄쬆쨌?곕룞 寃쏀뿕? ?믪? ?꾪솚鍮꾩슜??留뚮뱾吏留? 2026??1遺꾧린 ??怨좉컼??留ㅼ텧????91%瑜?李⑥??섍퀬 ?곸뾽?곸옄媛 ?댁뼱??怨좉컼 吏묒쨷怨?李⑥꽭? 肄붿뼱留??꾪솚???④퍡 遊먯빞 ?쒕떎.
해자 세부 항목
- 진입장벽
- 61
- 전환비용
- 67
- 브랜드 / IP 소유
- 50
- 네트워크효과
- 4
- 가격결정력
- 45
- 마진추세
- 47
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: ?듭떊 肄붿뼱留앹쓽 ?믪? ?꾪솚鍮꾩슜? 媛뺤젏?댁?留? 怨좉컼 吏묒쨷怨??덇굅???꾪솚??遺?댁씠??
?붿퐫?⑥뼱???대룞?듭떊 肄붿뼱留??곸뿭?먯꽌 HLR/UDM, IMS ???듭떖 ?듭떊 ?붾（?섏쓣 媛쒕컻쨌怨듦툒?섍퀬 ?좎?蹂댁닔?쒕떎. HLR/UDM? 媛?낆옄 ?꾩튂? ?꾨줈?뚯씪??愿由ы븯怨? IMS???곗씠?곕쭩?먯꽌 ?뚯꽦 ?쒕퉬?ㅻ? ?쒓났?섎뒗 ?명봽?쇰떎. SK?붾젅肄ㅒ톁K釉뚮줈?쒕객?쑣텹G?좏뵆?ъ뒪 ??援?궡 ?듭떊?ъ쓽 肄붿뼱留앹뿉 ?ㅼ뼱媛???쒖뒪?쒓낵 ?좎?蹂댁닔 怨꾩빟???섑뻾?쒕떎.
1. ?좎?蹂댁닔媛 留ㅼ텧??以묒떖?닿퀬 ?쒖뒪??留ㅼ텧??蹂댁셿?쒕떎
2026??1遺꾧린 ?곌껐 留ㅼ텧? 68.23?듭썝?쇰줈, 臾댁꽑?듭떊?쒖뒪??28.48?듭썝, ?좎?蹂댁닔 38.99?듭썝, ?꾨??섏씡 0.76?듭썝?대떎. ?좎?蹂댁닔 鍮꾩쨷????57%?대?濡?湲곗〈 ?쒖뒪???ㅼ튂 湲곕컲?먯꽌 諛섎났?섎뒗 ?쒕퉬?ㅺ? 留ㅼ텧 ?덉젙?깆쓣 ?쒓났?쒕떎. 2025???곌컙 留ㅼ텧? 383.51?듭썝, ?곸뾽?댁씡? 32.86?듭썝?댁뿀??
| 2026??1遺꾧린 留ㅼ텧 | 湲덉븸 | ?섎? |
|---|---|---|
| 臾댁꽑?듭떊?쒖뒪?? | 28.48?듭썝 | 肄붿뼱留?援ъ텞쨌媛쒖꽑쨌利앹꽕 |
| ?좎?蹂댁닔 | 38.99?듭썝 | HLR쨌HD Voice쨌媛?곹솕 ?λ퉬 ???댁쁺 吏?? |
| ?꾨??섏씡 | 0.76?듭썝 | 遺???섏씡 |
| ?⑷퀎 | 68.23?듭썝 | 援?궡 ?듭떊 ?명봽??留ㅼ텧 |
肄붿뼱留??붾（?섏? ?μ븷? ?쒕퉬??以묐떒 鍮꾩슜???ш퀬, ?댁쁺 以묒씤 ?쒖뒪?쒖쓣 援먯껜?섎젮硫??곕룞쨌寃利씲룻넻?좎궗 ?몄쬆???꾩슂?섎떎. ?κ린媛??좎?蹂댁닔 ?대젰怨??듭떊?щ퀎 ?쒖뒪???댄빐?꾨뒗 ?좉퇋 怨듦툒?먭? ?④린媛꾩뿉 蹂듭젣?섍린 ?대젮???꾪솚鍮꾩슜?대떎. 怨듭떆?먮뒗 SK?붾젅肄?HLR쨌HD Voice ?좎?蹂댁닔, 媛?곹솕 ?λ퉬 湲곗닠吏?? IMS 援ъ“媛쒖꽑쨌利앹꽕 ??諛섎났?곸씤 嫄곕옒 ?대젰???섑??쒕떎.
2. 怨꾩빟遺梨꾨뒗 ?ν썑 ?섑뻾?섎Т瑜?蹂댁뿬二쇱?留??섏씡??吏덉쓣 ?곗졇???쒕떎
2026??3??留?怨꾩빟遺梨꾨뒗 146.52?듭썝?쇰줈 ?꾧린 留?138.76?듭썝蹂대떎 ?섏뿀?? ?대뒗 怨좉컼?쇰줈遺??癒쇱? 諛쏆? 湲덉븸???ν썑 ?쒖뒪?쑣룹쑀吏蹂댁닔 ?섑뻾???곕씪 留ㅼ텧濡??몄떇?????덉쓬???섎??섏?留? 紐⑤몢 ?뺤젙 ?댁씡?대굹 ?좉퇋 ?섏＜?붽퀬? ?숈씪?섏????딅떎. ?쒓났?댁빞 ???쒕퉬??湲곌컙, ?먭?, 怨좉컼蹂?怨꾩빟 議곌굔???④퍡 遊먯빞 ?쒕떎.
?먰븳 2026??1遺꾧린 ?몃?怨좉컼 以?留ㅼ텧 10% 珥덇낵 怨좉컼??2怨녹씠硫?媛곴컖 35.62?듭썝怨?26.27?듭썝?대떎. ??怨좉컼??遺꾧린 留ㅼ텧????91%瑜?李⑥???怨좉컼 吏묒쨷?꾧? ?믩떎. ?대뒗 ????듭떊?ъ? 源딆? 愿怨꾨씪??媛뺤젏???숈떆?? 怨꾩빟 媛깆떊쨌?④? ?묒긽쨌?ъ옄怨꾪쉷???ㅼ쟻???ш쾶 醫뚯슦?쒕떎???살씠??
3. ?곸옄 遺꾧린吏留?TTM? ?묒옄??
2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??388.01?듭썝, ?곸뾽?댁씡? ??37.52?듭썝, ?곸뾽?댁씡瑜좎? ??9.67%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 63.73?듭썝 | 68.23?듭썝 | +7.1% |
| ?곸뾽?댁씡 | -18.16?듭썝 | -13.50?듭썝 | ?곸옄??異뺤냼 |
| ?곸뾽?댁씡瑜? | -28.50% | -19.79% | 媛쒖꽑 |
?꾩옱 遺꾧린??留ㅼ텧???섍퀬 ?곸옄??씠 以꾩뿀吏留??ъ쟾???곸뾽?곸옄?? ?좎?蹂댁닔? ?쒖뒪??留ㅼ텧???몄떇 ?쒖젏, ?꾨줈?앺듃 ?먭?, ?몃젰쨌?몃??⑹뿭鍮꾧? 遺꾧린 ?먯씡???ш쾶 ?吏곸씪 ???덈떎. TTM ?묒옄???ъ뾽???κ린 ?섏씡?깆쓣 蹂댁뿬二쇱?留? 留?遺꾧린 ?덉젙?곸씤 留덉쭊???좎??섎뒗 ?ъ뾽?쇰줈 蹂닿린???대졄??
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 61 | ?듭떊 肄붿뼱留??몄쬆쨌?곕룞쨌?댁쁺 寃쏀뿕怨??κ린 ?좎?蹂댁닔 ?꾩슂 |
| ?꾪솚鍮꾩슜 | 67 | ?쒕퉬??以묐떒 ?꾪뿕怨??쒖뒪??援먯껜쨌寃利?遺?댁씠 ?? |
| 釉뚮옖??IP | 50 | HLR/UDM쨌IMS ?붾（?섍낵 ?듭떊???덊띁?곗뒪媛 ?덉쑝???덇굅???꾪솚 遺?? |
| ?ㅽ듃?뚰겕?④낵 | 4 | ?듭떊留?怨좉컼 利앷????ㅻⅨ 怨좉컼??吏곸젒 ?⑥슜??留뚮뱾吏 ?딆쓬 |
| 媛寃⑷껐?뺣젰 | 45 | ?듭떖 ?명봽?쇱?留?????듭떊?ъ쓽 援щℓ ?묒긽?μ씠 媛뺥븿 |
| 留덉쭊異붿꽭 | 47 | TTM ?묒옄?대굹 理쒓렐 遺꾧린 諛섎났 ?곸옄 |
理쒖쥌 56?먯? ?믪? ?꾪솚鍮꾩슜怨??좎?蹂댁닔 湲곕컲???몄젙?섎㈃?쒕룄, 怨좉컼 吏묒쨷怨?遺꾧린 ?곸옄瑜?諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? 怨좉컼 ?쎌씤? 媛뺥븯吏留? 怨좉컼???곴퀬 湲곗닠 ?꾪솚??諛⑺뼢???곕씪媛???쒕떎
- 1.怨좉컼 吏묒쨷: 2026??1遺꾧린 ??怨좉컼??留ㅼ텧????91%瑜?李⑥??쒕떎. 怨꾩빟 媛깆떊怨??④? ?묒긽 寃곌낵媛 ?먯씡??吏곸젒 ?곹뼢??以??
- 2.*?듭떊???ъ옄 蹂??: 肄붿뼱留?利앹꽕쨌援ъ“媛쒖꽑쨌媛?곹솕 ?꾪솚 ?쇱젙????뼱吏硫??쒖뒪??留ㅼ텧??媛먯냼?섍굅??遺꾧린蹂꾨줈 ?댁뿰?????덈떎.
- 3.?덇굅??湲곗닠 ?꾪솚: HLR/UDM쨌IMS ?좎?蹂댁닔???덉젙?곸씤 留ㅼ텧??二쇱?留? ?듭떊留앹쓽 ?대씪?곕뱶 ?ㅼ씠?곕툕쨌媛?곹솕쨌5G/李⑥꽭? 援ъ“濡??대룞?섎뒗 怨쇱젙?먯꽌 湲곗〈 ?쒗뭹????븷??諛붾????덈떎.
- 4.?꾨줈?앺듃 ?먯씡: ?좎?蹂댁닔 鍮꾩쨷???믪븘???뱀젙 ?쒖뒪??媛쒖꽑 ?꾨줈?앺듃???몃??⑹뿭鍮꾩? ?멸굔鍮꾧? ?섎㈃ 遺꾧린 ?곸옄媛 諛섎났?????덈떎.
- 5.怨꾩빟遺梨꾩쓽 ?댁꽍: 怨꾩빟遺梨꾨뒗 ?ν썑 ?섑뻾?섎Т? 愿?⑤맂 湲덉븸?댁? 留ㅼ텧쨌?곸뾽?댁씡???뺤젙???섏＜?붽퀬媛 ?꾨땲??
?ㅼ쓬 ?됯??먯꽌??怨좉컼蹂?怨꾩빟湲곌컙쨌媛깆떊瑜? 怨꾩빟遺梨꾩쓽 留ㅼ텧 ?꾪솚 ?쇱젙, ?좎?蹂댁닔? ?쒖뒪?쒕퀎 留덉쭊, 李⑥꽭? 肄붿뼱留씲룻겢?쇱슦???꾪솚 留ㅼ텧???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 56?????듭떊 肄붿뼱留앹쓽 援먯껜 遺?댁? 媛뺥븯吏留? 怨좉컼 吏묒쨷怨?湲곗닠 ?꾪솚??媛먯닔?댁빞 ?쒕떎
?붿퐫?⑥뼱???듭떊?ъ쓽 ?듭떖留앹뿉 ?ㅼ뼱媛???붾（?섍낵 ?좎?蹂댁닔瑜??쒓났?쒕떎. ?μ븷쨌?몄쬆쨌?곕룞 遺???뚮Ц??怨듦툒?먮? 諛붽씀湲??대졄怨? SK?붾젅肄ㅒ텹G?좏뵆?ъ뒪 ?깃낵??諛섎났 嫄곕옒 ?대젰怨??좎?蹂댁닔 留ㅼ텧? ?믪? ?꾪솚鍮꾩슜??蹂댁뿬以?? 怨꾩빟遺梨꾧? 146.52?듭썝?쇰줈 ?섏뼱???먮룄 ?ν썑 ?섑뻾??怨꾩빟???덉쓬???쒖궗?쒕떎.
洹몃윭????怨좉컼??遺꾧린 留ㅼ텧????91%瑜?李⑥??섍퀬, 2026??1遺꾧린?먮룄 ?곸뾽?곸옄??? 怨좉컼??援щℓ쨌媛깆떊 寃곗젙怨?肄붿뼱留앹쓽 ?대씪?곕뱶쨌媛?곹솕 ?꾪솚 諛⑺뼢???곕씪 湲곗〈 ?덇굅???붾（?섏쓽 寃쎌젣?깆씠 諛붾????덈떎. TTM ?곸뾽?댁씡瑜좎? 9.67%吏留??대? 留?遺꾧린 諛섎났 媛?ν븳 留덉쭊?쇰줈 媛?뺥븯吏 ?딆븯??
?먯닔媛 ?щ씪媛?議곌굔
- 怨꾩빟遺梨꾧? ?좎?蹂댁닔쨌?쒖뒪??留ㅼ텧濡??덉젙?곸쑝濡??꾪솚??寃?- ???듭떖 怨좉컼 ???듭떊??룻빐??怨좉컼?쇰줈 留ㅼ텧??遺꾩궛??寃?- 李⑥꽭? 肄붿뼱留씲룰??곹솕쨌?대씪?곕뱶 ?붾（?섏씠 ?좉퇋 ?깆옣異뺤씠 ??寃?- 遺꾧린 ?곸뾽?곸옄瑜??댁냼?섍퀬 ?좎?蹂댁닔 留덉쭊???덉젙??寃?
?먯닔媛 ?대젮媛?議곌굔
- 怨좉컼???댁옱?붋룰꼍?곸궗 ?꾪솚쨌?④? ?명븯濡?湲곗〈 ?좎?蹂댁닔 留ㅼ텧??以?寃?- ?듭떊???ъ옄 吏?곗쑝濡??쒖뒪??留ㅼ텧??諛섎났?곸쑝濡??댁뿰??寃?- ?덇굅???쒗뭹 ?꾪솚 鍮꾩슜???뚯궗媛 遺?댄븯硫댁꽌 媛쒕컻쨌吏?먮퉬媛 ??寃?- 怨꾩빟遺梨꾧? 留ㅼ텧濡??꾪솚?섏뼱????? 留덉쭊?대굹 ?먭? 珥덇낵媛 諛쒖깮??寃?
?꾩옱???듭떊 肄붿뼱留앹쓽 ?믪? 援먯껜 遺?댁쓣 ?몄젙?섎릺, 怨좉컼 吏묒쨷怨?湲곗닠 ?꾪솚 由ъ뒪?щ? 諛섏쁺??56?먯쑝濡??됯??쒕떎.