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1 In-Depth Report, 삼성테크윈 (012450) 삼각편대가이끄는성장 매수 ( 신규편입 ) T.P 90,000 원 ( 신규편입 ) Analyst 정한섭 hanchong@sk.com Company Data 자본금 2,657 억원 발행주식수 5,313 만주 자사주 1 만주 액면가 5,000 원 시가총액 38,466 억원 주요주주 삼성전자 25.46% 삼성물산 4.28% 외국인지분률 15.10% 배당수익률 0.70% Stock Data 주가 (12/07/27) 72,400 원 KOSPI pt 52주 Beta 주최고가 79,900 원 52 주최저가 49,800 원 60일평균거래대금 302 억원 주가및상대수익률 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 삼성테크윈 ( 원 ) KOSPI 대비상대주가 주가상승률 절대주가 상대주가 1개월 -6.1% -6.7% 6개월 35.1% 45.1% 12 개월 -10.3% 6.6% 투자의견매수, 목표주가 90,000 원 3 개사업부가성장동력 : SS, IMS, Power System 2012 년매출액 3 조 907 억원, 영업이익 1,983 억원전망 영업실적및투자지표 구분 단위 F F F 매출액 십억원 2,691 2,924 2,948 3,091 3,726 4,241 yoy % 조정영업이익 십억원 yoy % 발표영업이익 십억원 EBITDA 십억원 세전이익 십억원 순이익 ( 지배주주 ) 십억원 발표영업이익률 % % EBITDA% % 순이익률 % EPS 원 3,761 4,559 4,329 3,282 4,703 6,309 PER 배 PBR 배 EV/EBITDA 배 ROE % 순차입금 십억원 부채비율 % 자료 : SK 증권주 ) EPS 는계속사업이익으로계상.

2 기업분석 Analyst 정한섭 / Contents 1. Valuation 3 2. 삼각편대체제 7 3. 실적전망 Appendix 17 2

3 삼성테크윈 (012450) 1. Valuation 투자의견매수, 목표주가 90,000 원제시 투자의견매수목표주가 90,000 원제시 삼성테크윈 DCF 밸류에이션 DCF Model I Fiscal Year Sales 2,948 3,091 3,726 4,352 5,000 5,500 6,050 6,595 7,056 7,409 7,631 growth(%) 4.9% 20.6% 16.8% 14.9% 10.0% 9.0% 7.0% 5.0% 3.0% 1.0% EBIT growth(%) -20.9% 44.0% 37.5% 14.6% 10.0% 10.0% 9.0% 7.0% 5.0% 3.0% Margin(%) 8.5% 6.4% 7.7% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% * EBITDA * EBITDA margin(%) 11.9% 9.4% 10.2% 11.1% 10.8% 10.6% 12.0% 12.0% 12.0% 12.0% 12.0% Tax rate(%) 6.9% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% NOPLAT Depr. & amort Gross Cash Flow Net Working Capital inc(d Capex Investing Cash Flow Free Cash Flow Cost of Equity 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% 11.8% Risk Free 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Beta Risk Premium 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Cost of Debt 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% WACC 10.2% 10.2% 10.3% 10.3% 10.4% 10.4% 10.4% 10.4% 10.4% 10.4% NPV of FCF 2, NPV of CV 2,107 2,325 2,566 2,832 3,126 NOPLAT ROIC 10.4% WACC 10.4% Terminal Growth 0.0% CV 5,634 5,634 5,634 5,634 5,634 Enterprize Value 4,504 4,855 5,210 5,422 5,597 Non-Operating Value 1,156 1,274 1,404 1,548 1,708 Debt ,054 1,163 Net Enterprize Value 4,873 5,262 5,658 5,916 6,142 Equity Value 4,873 5,262 5,658 5,916 6,142 No. of Shares(Common, t 53,130 53,130 53,130 53,130 53,130 Fair Price -DCF 91,712 99, , , ,602 자료 : 삼성테크윈, SK 증권 3

4 기업분석 Analyst 정한섭 / 삼성테크윈 PBR 추이 Historical PBR Average 2.8 자료 : Bloomberg, SK 증권 삼성테크윈 PBR Band Chart 삼성테크윈 PER Band Chart 4.5배 3.5배 3.0배 2.0배 1.0배 31배 20배 14배 8배 자료 : Bloomberg, SK 증권 자료 : Bloomberg, SK 증권 삼성테크윈 Historical 밸류에이션추이 ( 단위 : 원, 배, %) Average PER PBR EPS 1,122 2,051 2, ,164 4,394 4,319 2,657.9 BPS 9,385 11,127 13,391 14,093 20,118 23,830 30,519 17,494.6 ROE 자료 : FN Guide, SK 증권 4

5 삼성테크윈 (012450) 글로벌방위산업체밸류에이션 Table ( 단위 : 배, %) Compay Price Mkt Cap P/E (x) P/B (x) EV/EBITDA (x) ROE(%) (USD) (USD mn) 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E SAMSUNG TECHWIN , % 14.4% BOEING , % 47.4% LOCKHEED MARTIN , % 529.8% EADS % 18.6% DOOSAN INFRACORE , % 16.3% NORTHROP GRUMMAN , % 15.3% RAYTHEON , % 33.4% BAE SYSTEMS , THALES , % 13.4% 자료 : Bloomberg, SK 증권 글로벌반도체장비밸류에이션 Table ( 단위 : 배, %) Compay Price Mkt Cap P/E (x) P/B (x) EV/EBITDA (x) ROE(%) (USD) (USD mn) 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E APPLIED MATERIALS , % 12.2% TOKYO ELECTRON , % 8.6% ASML HOLDING , % 31.8% ADVANTEST , % 10.0% KLA-TENCOR , % 21.3% DISCO , % 9.7% 자료 : Bloomberg, SK 증권 글로벌기계업체밸류에이션 Table(I) ( 단위 : 배, %) Compay Price Mkt Cap P/E (x) P/B (x) EV/EBITDA (x) ROE(%) (USD) (USD mn) 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E HYUNDAI HEAVY INDUSTRIES , % 12.5% DOOSAN HEAVY INDUSTRIES , % 13.1% LS INDUSTRIAL SYSTEMS , % 17.2% KOMATSU , % 16.6% HITACHI CONSTRUCTION MACHINE , % 9.3% MITSUBISHI , % 12.5% KAWASAKI KISEN KAISHA , % 4.5% IHI , % 10.1% THK , % 8.2% MORI SEIKI % 6.0% 자료 : Bloomberg, SK 증권 5

6 기업분석 Analyst 정한섭 / 글로벌기계업체밸류에이션 Table(II) ( 단위 : 배, %) Compay Price Mkt Cap P/E (x) P/B (x) EV/EBITDA (x) ROE(%) (USD) (USD mn) 2012E 2013E 2012E 2013E 2012E 2013E 2012E 2013E CATERPILLAR , % 33.0% GENERAL ELECTRIC , % 15.1% VOLVO AB-B SHS , % 18.7% SIEMENS AG-REG , % 17.1% HONEYWELL INTERNATIONAL , % 25.4% ROCKWELL AUTOMATION , % 30.3% OMRON , % 9.6% ABB LTD-SPON , % 19.6% SCHNEIDER ELECTRIC , % 13.3% 자료 : Bloomberg, SK 증권 6

7 삼성테크윈 (012450) 2. 삼각편대 (SS, IMS, Power) 체제 Security Solutions 반도체장비 (IMS) Power System 사업부성장으로 15 년까지매출 7 조계획 (1) 3 개사업부가성장동력 : SS, IMS, Power System SS, IMS, Power System, 3 개의사업부가성장동력 ( 단위 : 십억원, %) (Unit: 십억원 ) 12 년대비 46.4% 성장 12 년대비 47.6% 성장 12 년대비 104.5% 성장 자료 : SK 증권 7

8 기업분석 Analyst 정한섭 / 네트워크카메라시장내경쟁력강화예상 (2) Security Solutions 글로벌보안카메라시장전망 ( 단위 : Bil USD) (USD Billion) 25 Others Analogue Video Surveillance 20 Network Video Surveillance E 2016E 자료 : IMS Research 8

9 삼성테크윈 (012450) 글로벌네트워크보안카메라시장전망 ( 단위 : Bil USD) (USD Billion) 자료 : IMS Research 글로벌보안카메라시장점유율추이 Panasonic System Networks (PSN) Axis Communications 2 Samsung Techwin Panasonic System Networks (PSN) 3 Axis Communications Samsung Techwin 4 Bosch Security Systems Hikvision 5 Pelco Pelco 자료 : IMS Research 글로벌네크워크보안카메라시장점유율추이 Axis Communications Axis Communications 2 Panasonic System Networks (PSN) Panasonics System Networks (PSN) 3 Sony Sony 4 Mobotix Hikvision 5 Bosch Security Systems Mobotix 자료 : IMS Research 9

10 기업분석 Analyst 정한섭 / 고속칩마운트시장점유율확대준비완료 삼성전자내점유율확대기대 (3) 반도체장비 (IMS) 스마트폰출하량전망 (Unit: 백만개 ) 태블릿출하량전망 (Unit: 백만개 ) Smart Phone Shipment 1,200 1, (Unit : Mil Units) 2012 년성장율 +35.7% 각형 / 폴리머전지 300 (Unit: Mil Units) 폴리머전지 250 Tablet Shipment 년성장율 +62.8% 자료 : Gartner, SK 증권 자료 : Gartner, SK 증권 글로벌 SMT 시장분기별추이 ( 단위 : Mil USD) (Mil. USD) 자료 : 업계자료, SK 증권 10

11 삼성테크윈 (012450) 글로벌 SMT 시장연간전망 ( 단위 : Mil USD) (Mil. USD) 자료 : 업계자료, SK 증권 Flip Chip Bonder(Mounter) 장비시장전망 (Mil. USD) ( 단위 : Mil USD) 120% 100% 80% 60% 40% 20% 0% -20% % 자료 : Gartner, SK 증권 11

12 기업분석 Analyst 정한섭 / 고부가가치에너지장비개발성장시장진입기대 삼성중공업, 삼성엔지니어링과협력을할것으로예상 (4) 파워시스템 LNG-FPSO 시장전망 ( 단위 : Bil USD) (Bil. USD) 자료 : Flex-LNG, SK 증권 삼성중공업 Shell LNG FPSO 프로젝트 Shell LNG FPSO 프로젝트 공급계획 15 년간 10 척 (50 억불 / 척 ) 지역 호주북서부지역 생산량 3.5 mtpa 선형 450k cbm 진행현황 1호선계약완료 자료 : 삼성중공업, SK 증권 12

13 삼성테크윈 (012450) LNG-FPSO 개념도 ( 단위 : Bil USD) 자료 : 언론자료, SK 증권 13

14 기업분석 Analyst 정한섭 / 포텐셜높은신소재그래핀양산위한 R&D 진행중 (5) 그래핀 그래핀시장전망 ( 단위 : 십억달러 ) (Unit : Bil USD) 자료 : 지식경제부, SK 증권 그래핀활용한터치패널 자료 : 지식경제부, SK 증권 14

15 삼성테크윈 (012450) 그래핀투명전극의장점 자료 : 성균관대, SK 증권 그래핀활용한터치패널 자료 : 전자부품연구원, SK 증권 15

16 기업분석 Analyst 정한섭 / 실적전망 2012 년매출액 3 조 907 억원, 영업이익 1,983 억원전망 2012 년매출액 3 조 907 억원, 영업이익 1,983 억원전망 삼성테크윈실적전망 Table ( 단위 : 십억원, %) 1Q12 2Q12P 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E E 2013E Revenue , , ,725.9 Security & Solution MDS IMS Power System ,090.0 Defense Operating Profit Security & Solution MDS IMS Power System Defense Operating Profit Margin 5.1% 7.0% 6.9% 6.3% 6.8% 7.9% 8.1% 7.8% 1.6% 6.4% 7.7% Security & Solution 10.5% 11.5% 11.5% 10.5% 11.1% 12.4% 11.0% 11.0% 5.9% 11.0% 11.4% MDS 0.2% 0.2% 0.0% -1.0% 1.0% 1.0% 1.0% 1.0% -19.8% -0.2% 1.0% IMS 6.8% 9.3% 10.5% 10.0% 6.0% 8.2% 10.5% 9.5% -1.1% 9.4% 8.7% Power System 2.2% 6.1% 5.6% 5.2% 6.1% 6.8% 7.2% 7.3% 1.5% 5.0% 6.8% Defense 3.7% 5.2% 5.2% 5.0% 6.1% 7.4% 7.4% 6.6% 7.2% 4.8% 6.9% 자료 : 삼성테크윈, SK 증권 16

17 삼성테크윈 (012450) 4. Appendix - Peer Group Valuation 글로벌방위산업체 Peer Group Table SAMSUNG LOCKHEED DOOSAN NORTHROP RAYTHEON BAE BOEING EADS TECHWIN MARTIN INFRACORE GRUMMAN COMPANY SYSTEMS THALES Stock Price(7/27, USD) Market Cap(Mil USD) 3,381 56,768 29,262-2,683 16,291 18,483 16,066 6,402 Income Statement Sales ,578 68,571 46,598 62,837 7,639 26,593 25,151 31,391 17,308 (Mil USD) ,694 80,643 45,701 65,460 7,824 25,149 24,565 30,341 16, E 3,125 87,187 45,043 69,705 8,407 24,548 24,201-17, E 3,583 94,147 44,361 72,909 8,940 24,179 23,723-17,335 Operating Profit ,545 3,900 1, ,198 2,742 2, (Mil USD) ,037 4,227 3, ,915 2,847 3,017 1, E 221 7,093 4,229 4, ,753 2,897 2,972 1, E 283 8,131 4,312 4, ,732 2,963-1,304 EBITDA ,190 4,693 4, ,770 3,175 3,572 1,522 (Mil USD) ,663 5,010 5, ,437 3,268 3,638 1, E 309 8,688 5,018 6, ,307 3,325-1, E 373 9,775 5,158 7,160 1,002 3,246 3,437-1,795 Net Income ,392 2, ,988 1,792 2, (Mil USD) ,570 2,640 1, ,805 1,767 2, E 214 4,254 2,618 2, ,684 1, E 271 4,949 2,754 3, ,654 1, EPS (USD) E E BPS (USD) E E Profitability OP Margin % 8.1% 8.4% 2.9% 9.0% 12.0% 10.9% 9.0% 5.4% % 7.5% 9.2% 4.6% 7.8% 11.6% 11.6% 9.9% 6.1% 2012E 7.1% 8.1% 9.4% 6.0% 8.5% 11.2% 12.0% - 6.8% 2013E 7.9% 8.6% 9.7% 6.7% 8.9% 11.3% 12.5% - 7.5% EBITDA Margin % 10.5% 10.1% 6.4% 12.1% 14.2% 12.6% 11.4% 8.8% % 9.5% 11.0% 8.1% 10.7% 13.7% 13.3% 12.0% 9.4% 2012E 9.9% 10.0% 11.1% 9.3% 11.3% 13.5% 13.7% % 2013E 10.4% 10.4% 11.6% 9.8% 11.2% 13.4% 14.5% % Net Income Margin % 4.9% 5.6% 1.6% 4.4% 7.5% 7.1% 7.7% 3.9% % 4.4% 5.8% 2.8% 2.7% 7.2% 7.2% 6.7% 4.0% 2012E 6.9% 4.9% 5.8% 3.7% 4.0% 6.9% 7.5% - 4.6% 2013E 7.6% 5.3% 6.2% 4.1% 4.4% 6.8% 7.9% - 5.1% ROE % 76.6% 78.9% 8.0% 21.4% 15.8% 17.9% 27.9% 12.4% % 66.2% 158.3% 15.5% 11.5% 16.7% 21.4% % 2012E 13.0% 54.2% 117.6% 19.4% 15.8% 15.3% 23.4% % 2013E 14.4% 47.4% 104.1% 18.6% 16.0% 14.9% 29.8% % Multiple P/E 2012E E P/B 2012E E EV/EBITDA 2012E E 자료 : Bloomberg, SK 증권 17

18 기업분석 Analyst 정한섭 / 글로벌반도체장비업체 Peer Group Table APPLIED MATERIAL TOKYO ELECTRON ASML HOLDING ADVANTEST KLA-TENCOR DISCO Stock Price(7/27, USD) Market Cap(Mil USD) 13,964 8,161 24,291 2,485 8,519 1,721 Income Statement Sales ,436 8,293 7,096 1,226 3,155 1,216 (Mil USD) ,005 7,777 5,983 1,670 3,156 1, E 9,551 7,448 7,000 2,013 3,204 1, E 9,864 8,279 7,736 2,192 3,434 1,290 Operating Profit ,404 1,165 2, , (Mil USD) , , , E 1, , E 1, , , EBITDA ,646 1,445 2, , (Mil USD) ,827 1,054 1, , E 2, , , E 2,262 1,234 2, , Net Income , , (Mil USD) , , E 1, , E 1, , EPS (USD) E E BPS (USD) E E Profitability OP Margin % 14.1% 28.9% 7.1% 37.2% 15.6% % 9.5% 25.8% -0.1% 32.7% 11.0% 2012E 17.7% 7.9% 27.8% 10.0% 30.2% 14.5% 2013E 19.6% 11.1% 29.3% 12.3% 32.4% 15.7% EBITDA Margin % 17.4% 31.9% 11.5% 39.8% 22.3% % 13.5% 30.1% 4.9% 35.9% 17.7% 2012E 21.6% 12.0% 30.1% 14.3% 33.1% 21.0% 2013E 22.9% 14.9% 31.9% 16.3% 34.6% 22.1% Net Income Margin % 9.8% 25.2% 3.9% 25.6% 10.4% % 6.5% 22.7% -1.8% 24.0% 7.3% 2012E 14.0% 5.2% 23.8% 6.7% 22.3% 9.9% 2013E 14.6% 7.4% 25.3% 7.8% 23.6% 10.6% ROE % 12.3% 44.8% 2.7% 32.0% 11.0% % 7.0% 28.3% -1.6% 23.9% 6.2% 2012E 13.0% 4.6% 28.3% 7.9% 20.5% 9.2% 2013E 12.2% 7.8% 31.4% 9.7% 21.8% 9.7% Multiple P/E 2012E E P/B 2012E E EV/EBITDA 2012E E 자료 : Bloomberg, SK 증권 18

19 삼성테크윈 (012450) 기계업체 Peer Group Table (1) HYUNDAI DOOSAN LS INDUST. HITACHI CONST. KAWASAKI MORI KOMATSU MITSUBISHI IHI THK HEAVY IND. HEAVY IND. SYSTEMS MACHINE KISEN KAISHA SEIKI Stock Price(7/27, USD) Market Cap(Mil USD) 15,132 5,555 1,661 22,092 3,828 32,267 1,317 3,011 2, Income Statement Sales ,263 7,818 1,891 21,761 9, ,319 12,072 14,536 2,387 1,427 (Mil USD) ,486 8,700 2,003 24,966 9, ,138 11,944 14,832 2,441 1, E 50,233 9,746 2,272 27,001 10, ,802 14,070 15,575 2,484 2, E 52,563 10,670 2,562 28,287 11, ,053 14,618 15,371 2,618 2,047 Operating Profit , , , (Mil USD) , , , E 3, , , E 3, , , EBITDA , , ,334 1,321 1, (Mil USD) , ,463 1,209 6, , E 4, ,104 1,407 6, , E 4,460 1, ,460 1,485 7,210 1,082 1, Net Income , , , (Mil USD) , , , E 2, , , E 2, , , EPS (USD) E E BPS (USD) E E Profitability OP Margin % 7.3% 6.8% 12.7% 5.5% 1.8% 6.5% 4.6% 10.9% 0.2% % 6.7% 8.2% 13.6% 7.2% 1.7% -4.3% 3.7% 9.8% 4.3% 2012E 6.2% 7.3% 8.6% 14.7% 8.2% 1.6% 1.8% 3.7% 10.4% 4.6% 2013E 6.7% 7.7% 9.1% 15.3% 8.6% 1.7% 2.5% 4.3% 11.6% 4.7% EBITDA Margin % 11.0% 10.2% 17.9% 10.5% 3.1% 10.9% 7.7% 15.8% 6.2% % 8.5% 10.9% 17.9% 12.1% 2.7% 0.7% 7.7% 14.7% 8.6% 2012E 8.2% 9.1% 11.5% 18.9% 12.9% 2.5% 6.6% 7.8% 15.9% 9.2% 2013E 8.5% 9.4% 11.7% 19.3% 13.0% 2.6% 7.4% 8.5% 17.3% 9.0% Net Income Margin % 3.9% 4.4% 7.9% 1.6% 2.2% 3.3% 2.0% 6.7% 0.0% % 4.8% 5.7% 8.9% 3.0% 2.3% -5.1% 1.9% 5.3% 3.0% 2012E 4.2% 5.8% 6.2% 9.0% 3.9% 2.2% 0.5% 2.3% 7.2% 3.7% 2013E 4.6% 6.3% 6.4% 9.5% 3.8% 2.3% 1.2% 2.3% 7.8% 3.5% ROE % 8.2% 12.3% 15.2% 4.1% 13.8% 9.9% 9.9% 7.5% 0.3% % 9.5% 15.7% 18.5% 7.9% 13.9% -17.3% 10.1% 5.9% 4.9% 2012E 11.8% 12.1% 17.0% 17.8% 9.8% 12.1% 3.3% 11.1% 7.4% 6.6% 2013E 12.4% 12.9% 17.0% 16.9% 9.1% 12.0% 4.4% 10.0% 8.2% 4.9% Multiple P/E 2012E E P/B 2012E E EV/EBITDA 2012E E 자료 : Bloomberg, SK 증권 19

20 기업분석 Analyst 정한섭 / 기계업체 Peer Group Table (2) CATERPILLAR GENERAL HONEYWELL ROCKWELL SCHNEIDER VOLVO SIEMENS OMRON ABB ELECTRIC INTERNATIONAL AUTOMATION ELECTRIC Stock Price(3/8, USD) Market Cap(Mil USD) 56, ,654 26,000 76,382 45,979 9,669 4,654 40,554 30,914 Income Statement Sales , ,296 45, ,790 36,707 5,897 7,614 40,246 29,149 (Mil USD) , ,607 46,165 95,245 38,118 6,231 7,574 39,796 29, E 73, ,455 48,939 98,115 40,252 6,470 8,176 42,017 30, E 78, ,100 51, ,196 42,630 6,974 8,452 39,182 31,854 Operating Profit ,105 20,795 4,040 12,505 4, ,920 3,820 (Mil USD) ,387 20,412 3,693 8,813 5,377 1, ,631 3, E 10,386 23,174 4,253 9,889 5,928 1, ,248 4, E 11,539 24,409 4,702 11,116 6,429 1, ,993 4,523 EBITDA ,155 30,200 5,993 16,116 5,815 1, ,556 4,794 (Mil USD) ,045 25,529 5,666 12,090 6,296 1, ,896 4, E 13,072 28,719 6,212 13,080 6,877 1, ,678 5, E 14,472 31,477 6,633 14,180 7,572 1,364 1,013 5,638 5,450 Net Income ,528 14,505 2,613 9,571 3, ,314 2,594 (Mil USD) ,486 15,981 2,402 6,493 3, ,165 2, E 7,263 18,022 2,811 7,272 3, ,569 2, E 7,871 19,663 3,133 8,062 4, ,906 3,081 EPS (USD) E E BPS (USD) E E Profitability OP Margin % 13.9% 9.0% 12.4% 13.5% 15.3% 7.9% 12.2% 13.1% % 13.7% 8.0% 9.3% 14.1% 16.7% 6.1% 11.6% 13.3% 2012E 14.2% 15.2% 8.7% 10.1% 14.7% 17.2% 7.1% 12.5% 13.8% 2013E 14.8% 15.4% 9.1% 10.9% 15.1% 17.8% 8.2% 12.7% 14.2% EBITDA Margin % 20.2% 13.3% 16.0% 15.8% 17.6% 12.1% 16.3% 16.4% % 17.2% 12.3% 12.7% 16.5% 18.9% 9.7% 14.8% 16.3% 2012E 17.9% 18.8% 12.7% 13.3% 17.1% 19.6% 10.6% 15.9% 16.6% 2013E 18.5% 19.9% 12.9% 13.9% 17.8% 19.6% 12.0% 14.4% 17.1% Net Income Margin % 9.7% 5.8% 9.5% 8.6% 11.4% 4.8% 8.2% 8.9% % 10.8% 5.2% 6.8% 9.3% 11.8% 2.3% 8.0% 9.0% 2012E 9.9% 11.8% 5.7% 7.4% 9.8% 12.1% 4.3% 8.5% 9.4% 2013E 10.1% 12.4% 6.1% 7.9% 10.4% 12.5% 5.2% 7.4% 9.7% ROE % 11.6% 22.3% 21.8% 25.4% 40.2% 9.0% 21.2% 12.6% % 13.7% 18.7% 15.6% 29.8% 39.1% 4.6% 19.5% 12.8% 2012E 34.3% 13.8% 19.4% 16.8% 27.9% 35.3% 8.2% 16.5% 12.9% 2013E 32.7% 14.8% 19.3% 17.0% 25.5% 32.8% 9.6% 16.3% 13.3% Multiple P/E 2012E E P/B 2012E E EV/EBITDA 2012E E 자료 : Bloomberg, SK 증권 20

21 삼성테크윈 (012450) 투자의견변경일시투자의견목표주가 ( 원 ) 수정주가 130, , , ,000 90,000 80,000 70,000 60,000 50,000 40,000 30, 목표주가 Compliance Notice 작성자 ( 정한섭 ) 는본조사분석자료에게재된내용들이본인의의견을정확하게반영하고있으며, 외부의부당한압력이나간섭없이신의성실하게작성되었음을확인합니다. 본보고서에언급된종목의경우당사조사분석담당자는본인의담당종목을보유하고있지않습니다. 본보고서는기관투자가또는제 3 자에게사전제공된사실이없습니다. 본보고서는 2012 년 7 월 30 일 20 시 20 분당사홈페이지에게재되었습니다. 당사는본보고서의발간시점에해당종목을 1% 이상보유하고있지않습니다. 종목별투자의견은다음과같습니다. 투자판단 4 단계 (6 개월기준 ) 25% 이상 적극매수 / 10%~25% 매수 / -10%~+10% 중립 / -10% 미만 매도 21

22 기업분석 Analyst 정한섭 / 재무상태표 12 월결산 ( 십억원 ) E E E 비유동자산 1,228 1,764 1,949 2,085 2,275 2,453 장기금융자산 유형자산 무형자산 유동자산 1,319 1,134 1,244 1,421 1,653 2,039 현금및현금성자산 매출채권및기타채권 재고자산 자산총계 2,547 2,898 3,194 3,506 3,928 4,492 비유동부채 장기금융부채 장기매입채무및기타채무 장기충당부채 유동부채 1,019 1, ,026 1,095 1,220 단기금융부채 매입채무및기타채무 단기충당부채 부채총계 1,475 1,627 1,568 1,639 1,717 1,851 지배주주지분 1,067 1,265 1,621 1,863 2,206 2,635 자본금 자본잉여금 기타자본구성요소 자기주식 이익잉여금 ,134 1,385 1,721 비지배주주지분 자본총계 1,072 1,271 1,625 1,867 2,211 2,641 부채와자본총계 2,547 2,898 3,194 3,506 3,928 4,492 현금흐름표 12 월결산 ( 십억원 ) E E E 영업활동현금흐름 당기순이익 ( 손실 ) 비현금성항목등 유형자산감가상각비 무형자산상각비 기타 운전자본감소 ( 증가 ) 매출채권및기타채권의감소 ( 증가 ) 재고자산감소 ( 증가 ) 매입채무 및 기타채무의 기타 법인세납부 투자활동현금흐름 금융자산감소 ( 증가 ) 유형자산감소 ( 증가 ) 무형자산감소 ( 증가 ) 기타 재무활동현금흐름 단기금융부채증가 ( 감소 ) 장기금융부채증가 ( 감소 ) 자본의증가 ( 감소 ) 배당금의지급 기타 현금의증가 ( 감소 ) 기초현금 기말현금 FCF 자료 : 삼성테크윈, SK 증권추정 22

23 삼성테크윈 (012450) 손익계산서 12 월결산 ( 십억원 ) E E E 매출액 2,691 2,924 2,948 3,091 3,726 4,241 매출원가 2,230 2,324 2,403 2,462 2,956 3,307 매출총이익 매출총이익률 (%) 판매비와관리비 조정영업이익 조정영업이익률 (%) 발표영업이익 비영업손익 순금융비용 외환관련손익 관계기업투자등관련손익 세전계속사업이익 세전계속사업이익률 (%) 계속사업법인세 계속사업이익 중단사업이익 * 법인세효과 당기순이익 순이익률 (%) 지배주주 지배주주귀속순이익률 (%) 비지배주주 총포괄이익 지배주주 비지배주주 EBITDA 주요투자지표 12 월결산 ( 십억원 ) E E E 성장성 (%) 매출액 조정영업이익 세전계속사업이익 EBITDA EPS( 계속사업 ) 수익성 (%) ROE ROA EBITDA 마진 안정성 (%) 유동비율 부채비율 순차입금 / 자기자본 EBITDA/ 이자비용 ( 배 ) 주당지표 ( 원 ) EPS( 계속사업 ) 3,761 4,559 4,329 3,282 4,703 6,309 BPS 20,086 23,815 30,513 35,058 41,525 49,596 CFPS 4,564 6,204 6,200 5,168 6,882 8,734 주당현금배당금 Valuation지표 ( 배 ) PER 최고 최저 PBR 최고 최저 PCR EV/EBITDA 최고 최저 자료 : 삼성테크윈, SK 증권추정 23

24 Memo 24

25 25

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