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 18.3% → 2026 2Q 10.8% (−7.4%p)
以묎났?ы삎 湲곗껜遺꾨━留됯낵 紐⑤뱢쨌?쒖뒪?쒖쓣 ?먯껜 ?ㅺ퀎??吏덉냼 諛쒖깮, 諛붿씠?ㅺ???怨좎쭏?? CO2 ?ъ쭛??怨듦툒?쒕떎. ??났쨌諛⑹궛??OBIGGS? ?댁쇅 吏덉냼 紐⑤뱢 ?덊띁?곗뒪???믪? 吏꾩엯?λ꼍??留뚮뱾吏留? 2026??1遺꾧린 留ㅼ텧???遺遺꾩씠 吏덉냼 紐⑤뱢??吏묒쨷?섍퀬 ?쒖뒪??留ㅼ텧? ?ㅼ튂 ?쒖젏???몄떇?섏뼱 ?꾨줈?앺듃 蹂?숈꽦???⑥븘 ?덈떎.
해자 세부 항목
- 진입장벽
- 68
- 전환비용
- 62
- 브랜드 / IP 소유
- 59
- 네트워크효과
- 7
- 가격결정력
- 51
- 마진추세
- 55
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: ?낆옄 留됱냼?ъ? ?ㅼ궗???덊띁?곗뒪媛 ?덉?留? ?꾩쭅 吏덉냼 紐⑤뱢 吏묒쨷?꾧? ?믩떎
?먯뼱?덉씤? 以묎났?ы삎 湲곗껜遺꾨━留됱쓣 ?먯껜 怨좊텇??湲곗닠濡??쒖“?섍퀬, 留됱쓣 ?⑦뭹?쇰줈 ?먮ℓ?섍린蹂대떎 紐⑤뱢怨??쒖뒪?쒖쑝濡??ㅺ퀎??吏덉냼 諛쒖깮쨌諛붿씠?ㅺ???怨좎쭏?붋텰O2 ?ъ쭛??怨듦툒?쒕떎. 2026??1遺꾧린 留ㅼ텧? 63.39?듭썝, ?섏텧? 60.24?듭썝?쇰줈 ?遺遺??댁쇅?먯꽌 諛쒖깮?덈떎. ?⑥닚 ?뚯옱 ?낆껜蹂대떎 怨좉컼???좊웾쨌?쒕룄쨌?뺣젰쨌?ㅼ튂?섍꼍??諛섏쁺?섎뒗 ?쒖뒪???ъ뾽??媛源앸떎???먯씠 ?듭떖?대떎.
1. ?꾩옱 留ㅼ텧? 吏덉냼 諛쒖깮 紐⑤뱢???대걟??
| 2026??1遺꾧린 ?덈ぉ | 留ㅼ텧 | 鍮꾩쨷 |
|---|---|---|
| 吏덉냼 諛쒖깮 紐⑤뱢 | 58.85?듭썝 | 92.8% |
| 吏덉냼 諛쒖깮 ?쒖뒪?? | 0.16?듭썝 | 0.3% |
| 諛붿씠?ㅺ??ㅒ텰O2쨌湲고? 紐⑤뱢/?쒖뒪?? | 0.44?듭썝 | 0.7% |
| 湲고? 諛??⑷퀎 議곗젙 | 3.94?듭썝 | 6.2% |
| 珥앸ℓ異? | 63.39?듭썝 | 100.0% |
吏덉냼 紐⑤뱢? ?좊컯쨌?곗뾽?ㅻ퉬쨌??났쨌諛⑹궛 ?깆뿉???꾩옣 吏덉냼瑜?留뚮뱾 ???덇쾶 ???몃? 吏덉냼 議곕떖怨????遺?댁쓣 以꾩씤?? ?뚯궗???먯껜 ?대━癒?諛고빀怨??대━?ㅽ룿 湲곕컲 留됱쓣 ?ъ슜?섎ʼn, ??났쨌諛⑹궛泥섎읆 ??源뚮떎濡쒖슫 議곌굔?먮뒗 ?먯껜 ?⑹꽦 ?대━?대??쒕룄 ?곸슜?쒕떎怨??ㅻ챸?쒕떎. 2017?꾨????섎━???щ━肄ν꽣 140?????OBIGGS??紐⑤뱢??怨듦툒???대젰? ?쇰컲 ?곗뾽?щ낫??湲??몄쬆쨌?좊ː???λ꼍???덉쓬??蹂댁뿬以??
2. 紐⑤뱢쨌?쒖뒪???듯빀 ?λ젰???꾪솚鍮꾩슜??留뚮뱺??
湲곗껜遺꾨━留됱쓽 ?깅뒫? 留됱쓽 ?좏깮?꾩? ?ш낵?꾨쭔?쇰줈 寃곗젙?섏? ?딅뒗?? 留됱쓣 ?대뼡 硫댁쟻怨??뺣젰?쇰줈 諛곗뿴?섎뒗吏, ?κ린媛??ㅼ뿼怨??댄솕媛 ?대뼸寃?愿由щ릺?붿?, 怨좉컼 ?ㅻ퉬???대뼸寃??곌껐?섎뒗吏媛 ?ㅼ젣 ?댁슜鍮꾨? 醫뚯슦?쒕떎. ?먯뼱?덉씤? 以묎났??留됱쓣 紐⑤뱢?뷀븯怨?怨좉컼 ?붽뎄??留욎떠 ?쒖뒪?쒖쓣 ?ㅺ퀎?섎ʼn, ?ㅼ튂???몃? ?낆껜瑜??쒖슜?섎릺 ?쒖뒪??留ㅼ텧? ?ㅼ튂 ?꾨즺 ?쒖젏???몄떇?쒕떎怨?怨듭떆?쒕떎.
??援ъ“??怨좉컼???ㅻ퉬 ?ㅺ퀎? ?댁쁺 ?곗씠?곌? 異뺤쟻?좎닔濡?援먯껜 遺?댁쓣 留뚮뱾 ???덈떎. 以묎뎅쨌以묐룞쨌?깃??щⅤ 怨좉컼 諛?援?궡 ?뷀븰쨌?쒕찘?맞룹???궃諛㈑룹젣吏쨌?먯쟾 愿???ㅼ쬆 ?щ???湲곗닠???ㅼ젣 ?곸슜 踰붿쐞瑜??볧? 以?? ?ㅻ쭔 ?꾨줈?앺듃蹂??쒖뒪??留ㅼ텧怨?紐⑤뱢 諛섎났 ?먮ℓ瑜?援щ텇?댁빞 ?쒕떎. 湲곗닠??醫뗫뜑?쇰룄 怨좉컼???щ윭 怨듦툒?먮? 蹂묓뻾?섍굅???④? 鍮꾧탳瑜??섎㈃ 媛寃⑷껐?뺣젰? ?쒗븳?쒕떎.
3. ?섏씡?깆? ?묓샇?섎굹 ?깆옣瑜좉낵 留ㅼ텧 ?몄떇 ?쒖젏??遊먯빞 ?쒕떎
2025??留ㅼ텧? 280.76?듭썝, ?곸뾽?댁씡? 30.89?듭썝?댁뿀?? 2025??1遺꾧린? 2026??1遺꾧린瑜?諛섏쁺??TTM 留ㅼ텧? ??284.09?듭썝, ?곸뾽?댁씡? ??30.91?듭썝, ?곸뾽?댁씡瑜좎? ??10.88%??
| 援щ텇 | 2025??1遺꾧린 | 2026??1遺꾧린 | 蹂?? |
|---|---|---|---|
| 留ㅼ텧 | 60.07?듭썝 | 63.39?듭썝 | +5.5% |
| ?곸뾽?댁씡 | 11.55?듭썝 | 11.57?듭썝 | +0.2% |
| ?곸뾽?댁씡瑜? | 19.23% | 18.26% | -0.98%p |
遺꾧린 留ㅼ텧? ?섏뿀吏留??곸뾽?댁씡? 嫄곗쓽 ?쒖옄由ъ?怨? 留덉쭊???뚰룺 ?섎씫?덈떎. ?쒖뒪?쒖? ?ㅼ튂쨌寃???쒖젏??留ㅼ텧???≫엳誘濡?遺꾧린蹂??섏＜? ?몄떇 ?ъ씠???쒖감媛 ?앷만 ???덈떎. 諛붿씠?ㅺ??ㅼ? CO2 ?ъ쭛? ?κ린?곸쑝濡????쒖옣?댁?留??꾩옱 留ㅼ텧 鍮꾩쨷? ?묐떎. 吏덉냼 紐⑤뱢??諛섎났 ?섏슂? ?좎궗?낆쓽 ?곸뾽 留ㅼ텧???④퍡 而ㅼ??붿?瑜??뺤씤?댁빞 ?쒕떎.
?먯닔 洹쇨굅
| ??ぉ | ?먯닔 | ?먮떒 |
|---|---|---|
| 吏꾩엯?λ꼍 | 68 | 留??뚯옱, 紐⑤뱢 ?ㅺ퀎, ?쒖뒪???듯빀怨???났쨌諛⑹궛 ?몄쬆 寃쏀뿕 |
| ?꾪솚鍮꾩슜 | 62 | ?ㅻ퉬 ?곕룞쨌?댁쁺 ?좊ː?굿룰탳泥?寃利?遺?댁씠 議댁옱 |
| 釉뚮옖??IP | 59 | ?먯껜 怨좊텇?먃룹쨷怨듭궗留?湲곗닠怨??ㅼ쬆 ?덊띁?곗뒪媛 ?덉쓬 |
| ?ㅽ듃?뚰겕?④낵 | 7 | 怨좉컼 利앷????덊띁?곗뒪瑜?留뚮뱾吏留?吏곸젒?곸씤 ?ъ슜???ㅽ듃?뚰겕???꾨떂 |
| 媛寃⑷껐?뺣젰 | 51 | ?꾩옣 ?⑥쑉怨?留욎땄 ?ㅺ퀎媛 諛⑹뼱?μ쓣 二쇰굹 ?곗뾽??援щℓ ?묒긽??媛뺥븿 |
| 留덉쭊異붿꽭 | 55 | TTM 10.88%? ?묒옄???묓샇?섎굹 理쒓렐 遺꾧린 ?깆옣 ?鍮??댁씡 ?뺤껜 |
理쒖쥌 59?먯? 湲곗닠怨??덊띁?곗뒪瑜??믨쾶 蹂대릺, 吏덉냼 紐⑤뱢 吏묒쨷怨??꾨줈?앺듃??留ㅼ텧 ?몄떇 ?꾪뿕??諛섏쁺???먯닔??
비판적으로 봐야 할 것
?듭떖 由ъ뒪?? ?깆옣 ?쒖옣蹂대떎 ?꾩옱 留ㅼ텧 吏묒쨷怨??꾨줈?앺듃 ??대컢??癒쇱? 蹂댁씤??
- 1.吏덉냼 紐⑤뱢 吏묒쨷: 2026??1遺꾧린 ?쒗뭹 留ㅼ텧???遺遺꾩씠 吏덉냼 諛쒖깮 紐⑤뱢?대떎. 諛붿씠?ㅺ???怨좎쭏?붿? CO2 ?ъ쭛???꾩쭅 ?ㅼ쟻??以묒떖???꾨땲??
- 2.*?꾨줈?앺듃 ?몄떇 蹂??: ?쒖뒪??留ㅼ텧? ?ㅼ튂쨌?몃룄 ?쒖젏???몄떇?쒕떎. ?섏＜媛 ?덉뼱???ㅺ퀎 蹂寃? ?ㅼ튂 吏?? 怨좉컼 寃?섎줈 遺꾧린 ?ㅼ쟻???붾뱾由????덈떎.
- 3.?댁쇅쨌?섏쑉 ?몄텧: 留ㅼ텧 ?遺遺꾩씠 ?섏텧?대떎. ?댁쇅 怨좉컼??諛쒖＜, ?댁넚鍮? ?섏쑉, ?꾩? 洹쒖젣? ?쒕퉬????묒뿉 誘쇨컧?섎떎.
- 4.湲곗닠 寃쎌웳: 留됰텇由????≪닔쨌?≪갑쨌洹뱀??????泥?湲곗닠怨?湲濡쒕쾶 留??쒖“?ъ???寃쎌웳??議댁옱?쒕떎. 怨좉컼??珥앸퉬???덇컧???ㅼ젣濡??좎??섎뒗吏 ?뺤씤?댁빞 ?쒕떎.
- 5.*?좎궗???곸슜??: CO2 ?ъ쭛怨?諛붿씠?ㅺ??ㅻ뒗 ?ㅼ쬆?먯꽌 ?곸슜 諛섎났 二쇰Ц?쇰줈 ?섏뼱媛?????쒓컙??嫄몃┛?? ?뺤콉 蹂댁“湲덉씠??怨좉컼???꾩냼?ъ옄 ?쇱젙???섏〈?????덈떎.
?ㅼ쓬 ?됯??먯꽌???섏＜?붽퀬???덈ぉ蹂?援ъ꽦, 紐⑤뱢 諛섎났留ㅼ텧怨??쒖뒪??留ㅼ텧??鍮꾩쨷, 怨좉컼蹂?吏묒쨷?? ?ㅼ튂 ???좎?蹂댁닔쨌援먯껜 留ㅼ텧???뺤씤?댁빞 ?쒕떎.
총평
珥앺룊: 59????留됰텇由?湲곗닠怨??몄쬆 ?덊띁?곗뒪??媛뺤젏?대굹, 吏덉냼 紐⑤뱢??諛섎났?깆씠 愿嫄댁씠??
?먯뼱?덉씤? 留??뚯옱瑜?吏곸젒 媛쒕컻?섍퀬 ?대? 紐⑤뱢怨??쒖뒪?쒖쑝濡?援ы쁽?쒕떎. 2017?꾨????섎━?⑥뿉 怨듦툒??OBIGGS ?덊띁?곗뒪, ?댁쇅 吏덉냼 紐⑤뱢 ?먮ℓ, 怨좉컼蹂??ㅺ퀎 ?λ젰? ?⑥닚 ?좏넻?낆껜媛 ?곕씪?ㅺ린 ?대젮???먯궛?대떎. 湲곗껜遺꾨━ ?⑥쑉怨??κ린 ?좊ː?깆씠 以묒슂???꾩옣?먯꽌???좉퇋 怨듦툒??援먯껜媛 ?쎌? ?딅떎.
洹몃윭??2026??1遺꾧린 留ㅼ텧???遺遺꾩씠 吏덉냼 諛쒖깮 紐⑤뱢?닿퀬, ?꾨뀈 ?숆린 ?鍮?留ㅼ텧? 5.5% 利앷??섎뒗 ??洹몄낀?쇰ʼn ?곸뾽?댁씡? 嫄곗쓽 ?섏? ?딆븯?? CO2 ?ъ쭛怨?諛붿씠?ㅺ??ㅼ쓽 ?깆옣 ?ㅽ넗由щ뒗 ?좏슚?섏?留? ?꾩옱 ?댁씡???ㅻ챸?섎뒗 寃껋? 湲곗〈 吏덉냼 ?ъ뾽?대떎. ?쒖뒪???ㅼ튂 ?쒖젏???곕Ⅸ ?몄떇 蹂?숇룄 ?④퍡 怨좊젮?덈떎.
?먯닔媛 ?щ씪媛?議곌굔
- 吏덉냼 紐⑤뱢??諛섎났 諛쒖＜? 援먯껜쨌?좎?蹂댁닔 留ㅼ텧???덉젙?곸쑝濡??꾩쟻??寃?- ??났쨌諛⑹궛 ?덊띁?곗뒪媛 異붽? 怨좉컼怨??κ린 怨듦툒?쇰줈 ?뺤옣??寃?- CO2 ?ъ쭛쨌諛붿씠?ㅺ??ㅺ? ?ㅼ쬆???섏뼱 ?섎? ?덈뒗 ?곸뾽 留ㅼ텧????寃?- 留ㅼ텧 ?깆옣怨??④퍡 15% ?덊뙉??遺꾧린 留덉쭊??吏?랁븷 寃?
?먯닔媛 ?대젮媛?議곌굔
- 二쇱슂 ?꾨줈?앺듃 吏?곗쑝濡?遺꾧린 留ㅼ텧怨??꾧툑?먮쫫 蹂?숈꽦??而ㅼ쭏 寃?- 吏덉냼 紐⑤뱢 ?④? ?섎씫?대굹 ?먯옱猷?鍮꾩슜 ?곸듅?쇰줈 留덉쭊???낇솕??寃?- ?댁쇅 ?뱀젙 怨좉컼 ?섏〈??而ㅼ?怨??꾩? ?쒕퉬??鍮꾩슜???섏뼱??寃?- ?좎궗???섏＜媛 ?ㅼ쬆 ?섏???癒몃Ъ???ъ옄鍮꾨쭔 利앷???寃?
?꾩옱???낆옄 湲곗닠怨??ㅼ궗??寃利앹쓣 ?몄젙??59?먯쓣 遺?ы븳?? 60?먮? 以묐컲???댁옄濡?蹂대젮硫??쒗뭹 吏묒쨷????텛怨?諛섎났 留ㅼ텧??蹂댁뿬以섏빞 ?쒕떎.