보고서 2019-11 2019. 1. 3 CS(065770) IT H/W < 작성기관 : 한국기업데이터 > 보고서 ( 요약 ) 보고서 ( 전문 ) 기업현황산업분석기술분석주요이슈및전망
CS(065770) IT H/W 이 보고서는 자본시장 혁신을 위한 코스닥시장 활성화 방안 의 일환으로 코스닥 기업에 대한 투자정보 확충을 위해, 한국거래소와 한국예탁결제원의 후원을 받아 한국IR협의회가 기술신용평가기관에 발주하여 작성한 보고서 입니다. 본 보고서는 투자 의사결정을 위한 참고용으로만 제공되는 것입니다. 따라서 본 보고서를 활용한 어떠한 의사결정에 대해서도 본회는 일체의 책임을 지지 않습니다. -1-
CS(Creative Solution) ( ) 1999,. CDMA SK Telecom, ( ), SK Telecom Best Partner, 2, RFID Shower System.. 2016 11. Home Repeater,, RF, ICS,. 78%, ICS 10%, 3%, RF 2%, Home Repeater 1%,. - 3 -
,., PAPR(Peak-to-Average Power Ratio)., CFR(Crest Factor Reduction) DPD(Digital Pre-Distortion)..,. TDD(Time Division Duplex) (Downlink) (Uplink),,. 5G,,,,. 5G,,., 5G,,,. Ericsson, 2026 5G ICT U$1.3, KT 5G 2030 47.7. - 4 -
CS(065770) IT H/W 작성기관 유의사항 한국기업데이터(주) 작 성 자 최준호 전문위원 본 기술분석보고서는 당사가 신뢰할 수 있는 자료 및 정보로부터 얻은 것이나, 당사가 그 정확성이나 완전성을 보장할 수 없으므로 투자자 자신의 판단과 책임 하에 종목 선택이나 투자시기에 대한 최종 결정을 하시기 바랍니다. 따라서 본 기술분석보고서는 어떠한 경우에도 고객의 증권투자 결과에 대한 법적 책임소재의 증빙자료로 사용될 수 없습니다. 이 보고서에 대한 자세한 문의는 한국기업데이터(주)(TEL.02-3215-2595)로 연락 하여 주시기 바랍니다. -5-
( ) 1999.. CDMA SK Telecom, ( ), SK Telecom Best Partner, 2, RFID Shower System.. CS(Creative Solution), Creative Solution, Great Global Company in - 7 -
22nd Century Vision.,, 100.,, SI.,,,,, SI,,,.,,. 2016 11, 100%.,,,, 7. 1 2016 6,,. 25.33%,., 6.38%, 3.34%, 64.95%. - 8 -
1 25.33 100.00 9.09 6.38 3.31 3.34 6.36 37.50 64.95 TEKMAR INC( ) 6.92 12.99 100.00-2016 11. Home Repeater,, RF, ICS,. 78%, ICS 10%, 3%, RF 2%, Home Repeater 1%,. Home Repeater 10,752 8,350 4,423 946 295 4,551 24,907 19,140 33,933 33,822 RF 1,805 11,677 3,334 155 985-6,302 - - - LTE RRH 2,975 1,511 815 - - Femto Cell 931 - - - - DTV 98 - - - - 1,364 348 442 83 - ICS - - 12,615 8,536 4,265 5,162 3,261-2,558 1,342 23,223 29,721-2,524 2,805 50,862 85,268 50,948 48,734 43,514 () 10,592 - - - - () 658 1,999 4,211 - - 818 - - - - -427-1,060-322 -229-183 - 9 -
1) 2015 (1956, ), University of Colorado MBA. 2016 9 10~20%.,,,. - 10 -
, RF, Home Repeater., 1984 1G 10 1990 2G, 2000 3G, 2010 4G 2020 5G. 1,, (1984~1993 ). 2 1 10, GSM, CDMA (1993~2000 ). 3,., GSM 3G WCDMA, CDMA TD-SCDMA (2000). 4, All-IP 2), 3), LTE (2010). 2) All-IP :,, TV (IP) 3) (wibro) :, - 11 -
,,,.,,,.,,,,,,. GPS Business Commerce On Demand,, (MMS, SMS), GPS,,,,,,,,,, ITS,,, - 12 -
,,, RF,,,, TV,,,,,,,,,,.,,,.,,,.,,..,,. 47% '21 '16 7., Full HD, 360 (49exabytes/, 1EB=1 TB). - 13 -
,., '21 83, M2M(Machine to Machine) 33., 2018 1 142%, 126%, 114%, 108%,. 53, 16, 14, 5 2%. LTE(4G) '23 55 ( 60%), 5G '20 '23 10 ( 12%). '17 43, (3G 4G 95%), '23 72 ( 3G ). - 14 -
78 89 2% 43 72 9% 53 83 8% 27 55 12% 3.4GB 17GB 31%,,,.,,,., RF(Radio Frequency). RF(), RF., RF, RF, RF, 5~10m,,. - 15 -
,,.,,,.,.,.,,,,.,, SK Telecom, KT, LG U+ - 16 -
( ) 2012 10,897 2016 7,547 8.77%,, 1.66%(TAGR 4) ) 2021 8,194, 2012 173 2016 132. 2016 437 132. 10,897 10,302 9,561 7,243 7,547 7,698 7,837 7,966 8,085 8,194 1.66% - -5.5% -7.2% -24.2% 4.2% 2.0% 1.8% 1.6% 1.5% 1.4% - 63 69 63 72 57 - - - - - - 173 149 152 101 132 - - - - - - 4) TAGR(TDB Annual Growth Rate) : () (Logistic, Bass ) 5 TDB(Tech Data Base), (DAS),. (Value Chain) R&D,,,,,,.,,,,., - 17 -
,,. 2016 72 9,000 6.74% 2022 107 8,000, 9,580 3.03% 2022 1 1,460., DAS 23 1,370 6.13% 2022 33 560. - 18 -
(Repeater),. (Coverage),,,,.,,,,.,,,.,,. RF(Radio Frequency), ICS(Interference Cancellation System). (RF ) () (RF ) :,, :, :,,,,,,, - 19 -
RF, (Coverage), RF,,, 4. RF (Duplexer) 5) (LNA), (LO) (IF). (IF) (Skirt) 6) (SAW) 7), (HPA).,,. RF (IF), 4 (IF).,.,,,..,. - 20 -
RF, Feed-back 8),., ICS, Feed-back. RF,, ICS. 5) (Duplexer) :,, 6) (Skirt) : 7) (SAW, Surface Acoustic Wave) Filter:, 8) Feed-back :, (DAS, Distributed Antenna System).,,,., idas(indoor DAS) odas(outdoor DAS). DAS,, DAS,. - 21 -
,, RF.,.,. DAS,,., DAS,,..,., PAPR 9)., CFR(Crest Factor Reduction) DPD(Digital Pre-Distortion). CFR (Peak Power),, DPD - 22 -
..,.,. (Latency). TDD 10) (Downlink) (Uplink),,.. 9) PAPR(Peak-to-Average Power Ratio):. (peak). PAPR (Dynamic Range) 10) TDD(Time Division Duplex): 1 1999 6.,,,,,,,, PCB.. - 23 -
3 4.70% 6.01%, 15. ISO 9001, INNO-BIZ, 2.,. 26 70 37.14% 4-11 38 - - - 1-6 - 3 2 4.50 4.38 5.21 3160 2293 2413 4.70% 6.01% 50,988 48,505 43,331 SKT MiBOS Rev DOCOMO MOF Rev SKT LTE, SKT ARO, IRO 2.6G SKT 2.6G MiBOS SKT 2.6G 4x4 MIMO SKT WL10 2.6G BAND Digital 2.5 TDD HPA SKT IRO 2BAND MIMO 2BAND ICS - 24 -
800M, 21000M ICS SKT SMHS (2 ), 38, 1, 6,,,.,,. 10-0700894 10-0763754 10-0870101 - 10-0870694 10-0909816 10-0909818 10-1032002 10-1589387 10-1651040 10-1672139 10-1795313 27 30-0772189 40-0863748 S CS 5 (, 10-1651040).,,,,, - 25 -
..,., MHz 100MHz, CDMA, WCDMA, WIBRO, LTE.,.,., I Q Q I,,., - 26 -
, I I Q,.,., (transmitter) (receiver).,. - 27 -
5G. 5G IMT-2020 (4G) 20, 10, 10. 4K/8K UHD,, (embb, Enhanced Mobile Broadband), 4G 10,,.,, 4 IoT., 5G,,,,, 5G 3.5GHz 28GHz, 4G (850MHz, 1.8GHz ). 5G,, Massive MIMO,., Massive MIMO (MIMO, Multi Input Multi Output).,, 5G - 28 -
.. 5G,,,,. 5G,,., 5G,,,.,,., 4K. Ericsson, 2026 5G ICT U$1.3, KT 5G 2030 47.7. - 29 -
5G, 2019 3 4G LTE 5G NSA(Non-standalone) 11) 5G. 5G (ITU) 12) 3GPP 13), 2018 6 5G SA(Standalone), 2020 5G. 11) NSA(Non-standalone) : 5G 4G 5G 4G. SA(Standalone) 5G 12) (ITU, International Telecommunication Union) :, 5G (framework), 13) 3GPP(3rd Generation Partnership Project) : 98 3G, 5G ITU - 30 -
(065770), (13487) 228 15 ( ) 031-622-3333 031-622-3330 1999 2 3 http://www.cs-holdings.co.kr 215-81-74874 110111-1644809 (C26429) >,,, > > 2017-12-31 50,170 9,418 18,901 43,331 1,001 (RF,, ICS), Home Repeater 100% 2018-09-30 17-26 10 17 70-31 -
100 SKT Gap-Filter BMT Gap-Filter BMT ( +4G ) 2004 RFID Shower System WiBro,, DTV 48 2 ( ) Femto Cell() SKT Best Partner (DAS ) Sprint, AT&T DSA 2017.01 INNO-BIZ 2017.07 ISO 9001 2015.12 DNV 2 2011.12 2 2005.12-32 -
22,847 16,382 45,851 1,107 6,498 5,691 3,820 4,070 5,908 10,378 6,490 3,181 37,986 38,562 4,320 1,860 1,743 1,078 33,640 35,437 423 1,490 1,141 1,382 60,833 54,945 50,170 46,010 32,454 30,377 10,173 7,954 6,333 32,669 22,311-26,435 15,257 - - - - 5,834 7,054-5,058 2,769 892 3,742 1,608 - - - - 3,742 1,608-51,068 35,224 31,269 9,765 19,721 18,901 6,000 9,418 9,418 - - - 9,765 19,721 18,901-33 -
50,988 48,505 43,331 49,684 40,769 35,687 () 1,304 7,736 7,644 9,630 8,064 5,780 1,566 2,179 1,566 183 232 183 312 383 312 1,754 2,125 1,710 () -9,926-328 1,864 2,440 942 760 4,954 6,390 1,478 2,364 1,776 862-10,840-5,777 1,146 7,867-732 145 () -18,707-5,044 1,001 () 9,946-2,784 - ( ) -8,761-7,828 1,001-8,719-7,828 1,001-42 - - - 34 -
-9,508-1,043 1,433 () -8,761-7,828 1,001 15,448 11,016 3,280 442 505 410 1,108 1,131 1,007 249 399 312 17,322 1,983 772 1,127-2,248-2,076 () 3,019-877 -1,866 () 924 1,733 3,308 () -920-1,233-1,567-362 -423-272 15,849 995 21,850 19,739 2,401 24,369 25 693 670 283 133 8 3,890 1,406 2,519 - - - 1,946 400 1,027-5,891 5,434-24,003 56,411 68,905 10,791 54,267 52,818 10,791-2,586-2,000 - - 62,302 63,471 34,794 60,282 62,496 26,048 2,020 914 7,632 - - - - - - () 451 5,391-806 656 1,107 6,497 1,107 6,498 5,691-35 -