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 11.4% → 2026 2Q 18.6% (+7.2%p)
KineMaster? Spring???댁쁺?섎뒗 紐⑤컮???곸긽 ?몄쭛 ???ъ뾽?먮떎. ?꾩쟻 ?ㅼ슫濡쒕뱶 7.5?듯쉶 ?댁긽怨?170媛쒓뎅쨌18媛??몄뼱 ?쒕퉬?? 援щ룆 以묒떖 ?섏씡紐⑤뜽怨??믪? R&D 鍮꾩쨷? 媛뺤젏?댁?留? 2026??1遺꾧린 留ㅼ텧? 10% 媛먯냼?덇퀬 ?ㅼ슫濡쒕뱶瑜??좊즺 援щ룆쨌?붿〈?⑤줈 ?꾪솚?섎뒗 寃쎌젣?깆씠 怨듦컻?섏? ?딆븯??
해자 세부 항목
- 진입장벽
- 39
- 전환비용
- 32
- 브랜드 / IP 소유
- 55
- 네트워크효과
- 18
- 가격결정력
- 38
- 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: 湲濡쒕쾶 諛고룷? ?쒗뭹 湲곗닠? ?덉쑝?? ???좏넻 ?뚮옯?쇱쓽 ?섏뿉 醫낆냽?쒕떎
?ㅻ꽕留덉뒪?곕뒗 紐⑤컮???곸긽 ?몄쭛 ??KineMaster? Spring??媛쒕컻쨌?댁쁺?쒕떎. 2026??3??湲곗? ?꾩쟻 ?ㅼ슫濡쒕뱶 7.5?듯쉶 ?댁긽, 170媛쒓뎅, 18媛??몄뼱?쇰뒗 諛고룷 踰붿쐞???쒗뭹 ?몄??꾩? 湲濡쒕쾶 ?댁쁺 寃쏀뿕??蹂댁뿬以?? 留ㅼ텧? ?곸긽 ?몄쭛 ?깆뿉??諛쒖깮?섎ʼn 援щ룆, 愿묎퀬, ?뚯븙쨌?먯뀑 ?ㅽ듃由щ컢??寃고빀??援ъ“??
1. 援щ룆???뚰봽?몄썾?댁?留?臾대즺 ?댁슜?먯? ?좊즺 ?댁슜?먮뒗 ?ㅻⅤ??
?뚯궗??KineMaster???붽컙쨌?곌컙 援щ룆怨?愿묎퀬쨌肄섑뀗痢?留ㅼ텧???몄떇?섍퀬, 留ㅼ텧???遺遺꾩씠 援щ룆?먯꽌 諛쒖깮?쒕떎怨??ㅻ챸?쒕떎. 2026??1??22?쇰?????援щ룆猷뚮? 誘명솕 8.49?щ윭?먯꽌 8.99?щ윭濡?議곗젙?덇퀬 ?곌컙 援щ룆猷뚮뒗 59.99?щ윭瑜??좎??덈떎. ?깆뒪?좎뼱 ?섏닔猷뚮뒗 留ㅼ텧????30% ?먮뒗 議곌굔???곕씪 洹??댄븯濡?諛쒖깮?섎ʼn, 援щ룆? ?댁? ?꾧퉴吏 ?먮룞 媛깆떊?쒕떎.
??紐⑤뜽? ?좊즺 ?ъ슜?먭? ?좎??섎㈃ ?믪? 諛섎났?깃낵 ?뚰봽?몄썾???덈쾭由ъ?瑜?留뚮뱾 ???덈떎. ?먮쭑쨌?덉씠?는룻뀥?뚮┸쨌?뚯븙쨌?대낫?닿린 湲곕뒫??怨꾩냽 媛쒖꽑?섎㈃ ?ъ슜??泥대쪟? 援щ룆 ?꾪솚???믪씪 ???덇퀬, 湲濡쒕쾶 ?깆뒪?좎뼱 ?좏넻? 援??蹂??곸뾽留??놁씠 ?쒖옣???뺤옣?섍쾶 ?쒕떎. ?섏?留??꾩쟻 ?ㅼ슫濡쒕뱶???ㅼ튂???꾩쟻?됱씪 肉??쒖꽦 ?ъ슜?? ?좊즺 援щ룆?? ?붾퀎 ?댁??? ?ъ슜?먮떦 留ㅼ텧???섎??섏? ?딅뒗??
2. ?쒗뭹 湲곗닠怨?肄섑뀗痢??앺깭怨꾨뒗 遺遺꾩쟻???댁옄??
怨듭떆???곌뎄媛쒕컻? MPEG, ?ㅽ듃由щ컢, ?吏??MPEG-DASH, ?곸긽 ?덉젙?? ML SDK, 遺꾩궛??硫?곕??붿뼱 ?깆쑝濡?援ъ꽦?쒕떎. 2026??1遺꾧린 ?곌뎄媛쒕컻鍮꾨뒗 ??4.54?듭썝?쇰줈 留ㅼ텧????16% ?섏??대ʼn, 2025?꾩뿉????22.25?듭썝???곌뎄媛쒕컻???ъ슜?덈떎. 紐⑤컮???섍꼍?먯꽌 ?몄쭛 ?깅뒫怨??뚮뜑留? ?뺤텞, ?덉젙??湲곗닠??吏?띿쟻?쇰줈 媛쒖꽑?댁빞 ?쒕떎???먯? ?쒗뭹 寃쎌웳?μ쓽 湲곕컲?대떎.
?먰븳 ?ъ슜?먭? 留뚮뱺 肄섑뀗痢좎? ?쒗뵆由? ?뚯븙쨌?먯뀑???볦씠硫??깆쓣 怨꾩냽 ?ъ슜???댁쑀媛 ?섏뼱?????덈떎. ?ㅻ쭔 ?꾩옱 援ъ“??TikTok쨌CapCut쨌Canva쨌Adobe ??????뚮옯?쇨낵 寃쎌웳?섎뒗 ?뚮퉬???깆씠?? 寃쎌웳?ш? 臾대즺 湲곕뒫, AI ?몄쭛, ?좏넻留? ?щ━?먯씠??蹂댁“湲덉쓣 ?숈떆???쒓났?섎㈃ 湲곗닠 李⑤퀎?붾쭔?쇰줈 媛寃⑹쓣 ?좎??섍린 ?대졄?? 肄섑뀗痢??쇱씠?좎뒪? ?뚮옯???뺤콉???뚯궗媛 ?듭젣?섍린 ?대졄??
3. 留ㅼ텧? 以꾩뿀吏留??댁씡瑜좎? 媛쒖꽑?먮떎
2025??留ㅼ텧? 122.59?듭썝, ?곸뾽?댁씡? 9.25?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??119.44?듭썝, ?곸뾽?댁씡? ??9.68?듭썝, ?곸뾽?댁씡瑜좎? ??8.10%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 31.50?듭썝 | 28.35?듭썝 | -10.0% |
| ?곸뾽?댁씡 | 2.81?듭썝 | 3.24?듭썝 | +15.1% |
| ?곸뾽?댁씡瑜? | 8.92% | 11.41% | +2.49%p |
鍮꾩슜 ?듭젣???쒗뭹쨌吏??誘뱀뒪 媛쒖꽑?쇰줈 遺꾧린 留덉쭊? ?섏븘議뚯?留? 留ㅼ텧 媛먯냼媛 癒쇱? ?섑??щ떎. 媛寃⑹쓣 ?щ┛ ??援щ룆猷뚭? ?좊즺 ?ъ슜???댄깉??留뚮뱾吏 ?딅뒗吏, ?곌컙 援щ룆怨?愿묎퀬쨌?먯뀑 留ㅼ텧???쇰쭏??諛⑹뼱?섎뒗吏媛 以묒슂?섎떎. 援щ룆 ?ъ뾽??吏덉쓣 蹂대젮硫??ㅼ슫濡쒕뱶蹂대떎 ?좊즺 ?꾪솚?④낵 ?쒕ℓ異??좎??⑥씠 ?꾩슂?섏?留? ?대떦 吏?쒕뒗 怨듭떆?먯꽌 異⑸텇???쒖떆?섏? ?딅뒗??
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 39 | ?곸긽泥섎━ 湲곗닠怨?湲濡쒕쾶 ?댁쁺? ?덉쑝???泥???吏꾩엯??媛?? |
| ?꾪솚鍮꾩슜 | 32 | ?꾨줈?앺듃쨌?쒗뵆由우씠 ?볦씠硫?遺?댁씠 ?앷린吏留??대낫?닿린쨌?대룞??媛?? |
| 釉뚮옖??IP | 55 | 7.5?듯쉶 ?댁긽 ?꾩쟻 ?ㅼ슫濡쒕뱶? ?쒗뭹 湲곗닠, 釉뚮옖???몄??? |
| ?ㅽ듃?뚰겕?④낵 | 18 | 肄섑뀗痢졖룻뀥?뚮┸ ?앺깭怨꾧? ?ъ슜 媛移섎? ?믪씪 ???덉쑝???쒗븳?? |
| 媛寃⑷껐?뺣젰 | 38 | 援щ룆 媛寃?議곗젙? 媛?ν븯吏留?臾대즺 寃쎌웳怨??깆뒪?좎뼱 鍮꾧탳媛 媛뺥븿 |
| 留덉쭊異붿꽭 | 48 | 理쒓렐 留덉쭊? 媛쒖꽑?먯?留?留ㅼ텧 媛먯냼? ?좊즺吏??遺덊닾紐낆꽦 議댁옱 |
理쒖쥌 48?먯? 湲濡쒕쾶 ?쒗뭹 ?먯궛怨?援щ룆 寃쎌젣?깆쓣 ?몄젙?섎㈃?쒕룄, ?뚮옯??寃쎌웳怨??듭떖 KPI 遺?щ? ?ш쾶 諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? ?ㅼ슫濡쒕뱶 洹쒕え媛 援щ룆 ?섏씡??吏덉쓣 ??좏븷 ???녿떎
- 1.?쒖꽦쨌?좊즺 ?ъ슜??遺덊닾紐낆꽦: ?꾩쟻 ?ㅼ슫濡쒕뱶? 留ㅼ텧留뚯쑝濡쒕뒗 ?꾩옱 ?ъ슜???붿〈?? ?좊즺 ?꾪솚?? ?댁??⑥쓣 ?????녿떎.
- 2.?뚮옯??寃쎌웳: ????곸긽쨌?뚯뀥 ?뚮옯?쇱씠 臾대즺 ?몄쭛 湲곕뒫怨?AI 湲곕뒫??鍮좊Ⅴ寃?異붽??섎㈃ 怨좉컼 ?띾뱷鍮꾩슜怨??좎씤 遺?댁씠 而ㅼ쭏 ???덈떎.
- 3.?깆뒪?좎뼱 ?섏〈: 寃곗젣쨌?몄텧쨌?뺤콉쨌?섏닔猷뚭? Apple怨?Google???뺤콉???곹뼢??諛쏅뒗?? ?뺤콉 蹂寃쎌씠??寃???몄텧 ?섎씫??吏곸젒?곸씤 留ㅼ텧 媛먯냼濡??댁뼱吏????덈떎.
- 4.媛寃??몄긽怨??댄깉: ??援щ룆猷??몄긽??ARPU瑜??믪씠?붾씪??媛寃?誘쇨컧 ?ъ슜?먯쓽 ?댁?濡??쒕ℓ異쒖씠 以????덈떎.
- 5.肄섑뀗痢?鍮꾩슜: ?뚯븙쨌?고듃쨌?쒗뵆由온룹뿉???쇱씠?좎뒪 鍮꾩슜怨???묎텒 臾몄젣媛 留ㅼ텧 ?깆옣蹂대떎 鍮좊Ⅴ寃?利앷??????덈떎.
?ㅼ쓬 ?됯??먯꽌???붽컙?쒖꽦?댁슜?? ?좊즺 援щ룆?먃룹닚利? ?댁??? 援??蹂?留ㅼ텧, ?깆뒪?좎뼱 ?섏닔猷???怨듯뿄?댁씡, 肄섑뀗痢??쇱씠?좎뒪 鍮꾩슜???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 48????醫뗭? 湲濡쒕쾶 ?깆씠吏留? ?뚮퉬??援щ룆 ?댁옄媛 ?꾩쭅 異⑸텇???낆쬆?섏? ?딆븯??
?ㅻ꽕留덉뒪?곕뒗 7.5?듯쉶 ?댁긽???꾩쟻 ?ㅼ슫濡쒕뱶? 170媛쒓뎅 ?쒕퉬?? KineMaster쨌Spring ?쒗뭹, ?곸긽泥섎━ R&D瑜?蹂댁쑀?쒕떎. 援щ룆 以묒떖 援ъ“??愿묎퀬留뚯쑝濡??댁쁺?섎뒗 ?깅낫??留ㅼ텧 ?덉륫?깆씠 ?믨퀬, ?쒗뭹 媛쒖꽑怨?肄섑뀗痢좉? ?ъ슜??泥대쪟瑜??섎━硫??뚰봽?몄썾???덈쾭由ъ?媛 媛?ν븯?? 2026??1遺꾧린?먮뒗 留ㅼ텧??以꾩뿀?뚯뿉???곸뾽?댁씡瑜좎씠 媛쒖꽑???먮룄 湲띿젙?곸씠??
洹몃윭?????쒖옣? 湲곕뒫 蹂듭젣? 臾대즺 寃쎌웳??鍮좊Ⅴ怨??깆뒪?좎뼱 ?좏넻???뚯궗媛 ?듭젣?섏? 紐삵븳?? ?꾩쟻 ?ㅼ슫濡쒕뱶???좊즺 援щ룆?먯쓽 洹쒕え? ?ㅻⅤ硫? 2026??1遺꾧린 留ㅼ텧 媛먯냼???쒗뭹???꾩옱 ?깆옣?깆씠 ?쏀빐議뚯쓣 媛?μ꽦??蹂댁뿬以?? 媛寃??몄긽 ?댄썑 ?좊즺 ?ъ슜???좎?? AI ?몄쭛 寃쎌웳 ??묒씠 ?뺤씤?섍린 ?꾧퉴吏??釉뚮옖?쒖? 湲곗닠???쒗븳?곸씤 ?꾨━誘몄뾼??遺?ы뻽??
?먯닔媛 ?щ씪媛?議곌굔
- ?좊즺 援щ룆??利앷?, ??? ?댁??? ?믪? ?쒕ℓ異??좎??⑥씠 ?뺤씤??寃?- AI ?몄쭛쨌?쒗뵆由온룹뿉?뗭씠 寃쎌웳???鍮?李⑤퀎?붾릺??ARPU瑜??믪씪 寃?- 留ㅼ텧 媛먯냼瑜?硫덉텛怨?R&D ?ъ옄? ?④퍡 ?곸뾽?댁씡瑜좎쓣 ?좎???寃?- ?깆뒪?좎뼱 ?섏닔猷??꾩뿉??肄섑뀗痢졖룸쭏耳??鍮꾩슜???쒖쇅??怨듯뿄?댁씡??媛쒖꽑??寃?
?먯닔媛 ?대젮媛?議곌굔
- 媛寃??몄긽 ??援щ룆 ?댁?? ?ㅼ슫濡쒕뱶 媛먯냼媛 ?숈떆???섑???寃?- 寃쎌웳?ъ쓽 臾대즺쨌AI 湲곕뒫?쇰줈 ?좉퇋 ?ъ슜???띾뱷鍮꾩슜???곸듅??寃?- ?깆뒪?좎뼱 ?뺤콉?대굹 ?섏닔猷?蹂寃쎌씠 留ㅼ텧怨?留덉쭊???쇱넀??寃?- ?뚯븙쨌?먯뀑 鍮꾩슜怨?R&D 鍮꾩슜??留ㅼ텧蹂대떎 鍮좊Ⅴ寃??섏뼱??寃?
?꾩옱???쒗뭹怨?諛고룷 ?먯궛???몄젙?섎릺, ?ъ슜??吏?쒓? 怨듦컻?섍린 ?꾧퉴吏 48?먯쑝濡??됯??쒕떎.