Yuanta`s Investment Strategy 디스플레이산업 이상언디스플레이 / 휴대폰부품 2-377-3521 sangun.lee@yuantakorea.com
CONTENTS 투자전략 3 LCD 7 AMOLED 12 관심종목 17 Appendix 26
투자전략
투자전략 1. 218 년까지 LCD 호황지속! -> LG 디스플레이 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 215 216 217E 218E 219E Supply-Demand ratio (%) 15% 18% 17% 12% 18% 99% 92% 93% 17% 96% 89% 89% 15% 98% 95% 98% 13% Supply 8,324 8,931 9,25 8,814 8,456 8,749 8,819 8,717 8,565 8,628 8,827 8,827 35,274 34,742 34,847 36,791 39,743 % change 7% -2% % 6% 8% Demand 7,959 8,31 8,583 8,672 7,816 8,821 9,552 9,341 7,976 8,943 9,915 9,964 33,515 35,53 36,798 37,569 38,41 % change 4% 6% 4% 2% 2% LG 디스플레이실적전망 ( 단위 : 조원 ) LG 디스플레이 OLED TV 사업전망 ( 단위 : 조원 ) TV Monitor Notebook Tablet Handset & Others OPM(R) Sales OP OPM(R) 35 3 25 2 15 1 5 14.6% 1.8% 11.7% 4.3% 5.1% 5.7% 4.9% 213 214 215 216p 217E 218E 219E 16% 14% 12% 1% 8% 6% 4% 2% % 3, 2,5 2, 1,5 1, 5-5 -1, -1,5 14% 7% 213 214 215 216 217E 218E 219E -3% 16% 14% 12% 1% 8% 6% 4% 2% % -2% -4% Source: Yuanta Securities Research Source: Yuanta Securities Research 4
투자전략 2. 초대형 LCD 설비투자개시! -> 주성엔지니어링 order size Maker Gen. Location Capacity (K/month) Capex (RMB Bn, USD Bn) LGD 1.5 1.5 TBD TBD BOE 1.5 Hefei 9 4, 7 CSOT 11 Shenzhen 9 4, 7 Foxconn-Sharp 1.5 Guangzhou 12 61, 1 HKC 11 Kunming 9 4, 7 CEC-Panda 11 Cheongdu TBD TBD USD 3 Bn 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Equipment Manufacturing Order! Equipment Equipment Manufacturing Installment TEST RUN 24 24 Equipment Installment TEST RUN 24 24 24 24 48 48 Order! Equipment Equipment Manufacturing Installment TEST RUN 24 24 Order! Equipment Equipment Manufacturing Installment TEST RUN 24 24 Order! Equipment Equipment Manufacturing Installment TEST RUN 24 24 Equipment Equipment Order! Manufacturing Installment TEST RUN 24 24 5
투자전략 3. 플렉시블 AMOLED 관련전략적선택필요 -> 테라세미콘 글로벌플렉시블 AMOLED 설비투자규모및시기시장기대치못미칠것으로판단 1) 높은비용으로플렉시블 AMOLED 패널시장제한적일전망 2) 애플, 217년아이폰에플렉시블 AMOLED 패널적용하지않을것으로예상 전략적선택필요. 테라세미콘이중국으로부터가장많은물량수주예상 기타플렉시블 AMOLED 업체들의단기적주가움직임은 217 년말까지좋지못할것 중국제조업체들로부터추가수주발생시, 주가상승움직임예상 6
LCD
LCD 글로벌대형패널수요 (8 세대 ) Panel Shipments (1, units) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 215 216 217E 218E 219E TV 66,573 66,72 65,729 66,577 61,135 65,79 7,737 65,946 55,487 6,977 65,62 67,329 264,951 262,897 249,412 233,527 223,313 % change 5% -1% -5% -6% -4% Above 5" 11,72 12,982 14,164 14,452 11,77 14,969 17,12 17,37 14,624 17,173 2,528 2,5 52,67 61,148 72,33 81,734 89,325 46"~ 6,143 6,2 6,87 7,29 6,137 6,64 6,995 7,341 6,238 6,582 7,87 7,528 26,53 27,77 27,435 28,23 31,264 4"~ 16,29 15,89 15,39 15,19 16, 16,339 15,687 16,159 13,699 15,538 15,99 17,127 62,679 64,185 62,353 59,549 58,61 32"~ 24,771 23,4 21,675 21,945 21,643 22,75 24,546 2,693 18,73 19,344 19,284 19,96 91,791 89,587 77,318 59,549 42,429 Below 32"~ 8,378 7,6 7,63 7,7 5,648 4,462 6,47 4,383 2,195 2,34 2,732 2,71 31,38 2,9 9,976 4,671 2,233 Monitor 36,335 38,239 4,696 41,342 31,691 35,225 36,842 35,94 29,65 32,7 33,566 33,257 156,613 138,852 128,435 126,256 121,141 % change 1% -11% -8% -2% -4% Above 3" 182 276 344 43 375 564 1,59 998 771 854 1,248 983 1,25 2,996 3,857 4,96 6,62 25"~ 2,424 2,583 3,458 3,625 2,179 2,77 2,93 2,724 2,899 3,426 4,22 3,797 12,9 1,54 14,143 15,11 2,61 22"~ 11,363 12,5 13,6 13,7 1,514 12,232 13,35 12,743 1,422 11,335 12,25 12,28 49,498 48,839 46,287 46,583 48,494 2"~ 11,341 11,69 12,85 12,625 9,364 1,646 1,57 1,428 8,416 9,27 9,1 9,216 47,742 41,7 36,1 35,538 31,521 15"~ 11,25 11,685 11,749 11,619 9,259 9,76 8,933 8,21 7,96 7,123 6,946 6,981 46,78 35,469 28,146 26,19 14,454 Notebook 47,6 5,45 51,196 48,856 36,78 4,922 44,412 41,511 37,456 4,56 42,644 4,388 197,697 163,625 16,995 159,37 149,553 % change % -17% -2% -1% -6% 15"~ 22,64 24,633 26,935 24,756 16,88 18,45 2,478 18,457 2,651 22,45 24,216 22,442 98,928 73,788 89,355 89,25 89,5 1"~ 24,996 25,412 24,261 24,1 19,972 22,877 23,934 23,54 16,85 18,461 18,428 17,946 98,769 89,837 71,64 7,344 6,548 Mother Glass (1, sheets) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 214 215 216E 217E 218E TV 6,421 6,675 6,844 6,949 6,525 7,368 7,982 7,86 6,661 7,513 8,381 8,483 26,889 29,735 31,38 31,737 32,636 % change 4% 11% 4% 2% 3% Above 5" 2,214 2,596 2,833 2,89 2,62 3,326 3,8 3,86 3,25 3,816 4,562 4,445 1,534 13,588 16,73 18,163 19,85 46"~ 768 775 859 911 767 826 874 918 78 823 886 941 3,313 3,385 3,429 3,53 3,98 4"~ 1,81 1,766 1,71 1,688 1,778 1,815 1,743 1,795 1,522 1,726 1,777 1,93 6,964 7,132 6,928 6,617 6,451 32"~ 1,376 1,3 1,24 1,219 1,22 1,261 1,364 1,15 1,41 1,75 1,71 1,19 5,1 4,977 4,295 3,38 2,357 Below 32"~ 262 238 238 241 177 139 2 137 69 73 85 85 978 653 312 146 7 Monitor 933 985 1,69 1,91 829 944 1,11 965 818 895 963 943 4,79 3,748 3,619 3,758 3,74 % change 4% -8% -3% 4% % Above 3" 1 15 19 22 21 31 59 55 43 47 69 55 67 166 214 281 337 25"~ 11 18 144 151 91 113 122 114 121 143 168 158 54 439 589 789 859 22"~ 355 375 48 48 329 382 417 398 326 354 383 384 1,547 1,526 1,446 1,5 1,515 2"~ 284 292 32 316 234 266 264 261 21 232 227 23 1,194 1,25 9 852 788 15"~ 184 195 196 194 154 151 149 137 118 119 116 116 768 591 469 336 241 Notebook 64 642 669 632 462 59 559 517 497 535 571 537 2,547 2,46 2,141 2,74 2,34 % change -1% -2% 5% -3% -2% 15"~ 377 411 449 413 28 31 341 38 344 367 44 374 1,649 1,23 1,489 1,478 1,483 1"~ 227 231 221 219 182 28 218 21 153 168 168 163 898 817 651 596 55 8
LCD 글로벌대형패널공급 (8 세대 ) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 215 216 217E 218E 219E Supply-Demand ratio (%) 15% 18% 17% 12% 18% 99% 92% 93% 17% 96% 89% 89% 15% 98% 95% 98% 13% Supply 8,324 8,931 9,25 8,814 8,456 8,749 8,819 8,717 8,565 8,628 8,827 8,827 35,274 34,742 34,847 36,791 39,743 % change 7% -2% % 6% 8% Demand 7,959 8,31 8,583 8,672 7,816 8,821 9,552 9,341 7,976 8,943 9,915 9,964 33,515 35,53 36,798 37,569 38,41 % change 4% 6% 4% 2% 2% Mother Glass (1, sheets) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 215 216 217E 218E 219E above Gen.5, Gen.8 equiv. 3,83 3,134 3,23 3,264 3,132 3,24 3,266 3,228 3,172 3,196 3,269 3,269 38,133 38,62 38,719 4,879 44,159 % change 4% 1% % 6% 8% LGD 745 737 732 724 722 727 72 73 642 635 659 659 8,812 8,642 7,784 8,175 8,784 SDC 753 753 753 773 62 652 68 595 67 67 67 67 9,98 7,588 7,279 7,279 7,279 AUO 434 434 434 434 434 434 434 434 434 434 434 434 5,22 5,22 5,22 5,22 5,22 Innolux 53 53 53 53 53 537 545 545 545 545 565 565 6,354 6,465 6,654 6,918 6,918 Sharp 24 22 22 194 191 191 191 191 191 191 191 191 2,43 2,287 2,287 2,287 2,86 BOE 234 254 34 34 344 359 359 359 369 389 419 419 3,293 4,268 4,793 5,547 6,66 CSOT 143 164 195 25 21 23 24 25 25 25 25 25 2,121 2,79 3, 2,88 3,168 CEC-Panda 41 61 81 11 11 111 116 126 136 146 146 146 849 1,359 1,719 1,749 2,37 HKC 84 1,358 9
LCD 초대형 LCD 투자계획 Maker Gen. Location Capacity (K/month) Capex (RMB Bn, USD Bn) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q2 2Q2 3Q2 4Q2 218E 219E 22E LGD 1.5 1.5 TBD TBD 24 24 24 24 48 48 144 432 BOE 1.5 Hefei 9 4, 7 24 24 24 24 48 48 48 48 72 72 144 432 72 CSOT 11 Shenzhen 9 4, 7 24 24 24 24 48 48 144 432 Foxconn-Sharp 1.5 Guangzhou 12 61, 1 24 24 48 48 48 48 288 576 HKC 11 Kunming 9 4, 7 24 24 48 48 48 48 288 576 CEC-Panda 11 Cheongdu TBD TBD 24 24 24 24 48 48 144 432 Sum(K/month, year, Gen.8 equiv.) 46 46 46 46 319 319 41 41 593 593 274 2,189 6,19 Global total(k/month, year, Gen.8 equiv.) 3,362 3,362 3,451 3,451 3,595 3,595 3,764 3,764 3,896 3,896 4,65 4,65 4,879 44,159 47,768 potion 1% 1% 1% 1% 8% 8% 11% 11% 15% 15% 1% 5% 13% 1
LCD 생산과정및공급체인 Oxide TFT Cell Module Dry/Wet Cleaner Sputter PECVD Heat Treatment Spineless Coater Photo Developer Dry/Wet Etcher Dry/Wet Strip Dispenser/ Aligner Cutter/ Grinder TAB/POL Attacher Tester/ Repair LGD DMS KC Tech Avaco Iruza (unlisted) Ulvac (JP) AMAT (US) Jusung - Engineer ing Viatron YAC (JP) Koyo (JP) PRI (unlisted) DMS KC Tech Canon (JP) Nikon (JP) DMS KC Tech TEL (JP) Invenia DMS KC Tech Top- Enginee ring Avaco Invenia Toptech Mirae- Nanotec h Avaco Avaco Top- Enginee ring Toptech Charm- Enginee ring Intekplus K-mac China DMS KC Tech STI SEMES (unlisted) AMAT (US) Ulvac (JP) Avaco AMAT (US) Jusung - Engineer ing Viatron YAC (JP) Koyo (JP) PRI (unlisted) DMS KC Tech Canon (JP) Nikon (JP) DMS KC Tech STI TEL (JP) YAC (JP) Invenia DMS KC Tech SEMES (unlisted) Mirae- Nanotec h Vessel Avaco Top- Enginee ring Invenia Toptech Top- Enginee ring JAStech Avaco Charm- Enginee ring SFA DE&T HB- Tech. Handling System/Logistics Dioku(JP), Shinsung FA, SFA, Vessel, Avaco 11
AMOLED
AMOLED 삼성디스플레이 시장전망 Fab Phase Gen Capa (K/m) Form 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 216E 217E 218E 219E A3 1 6 3 Flex AMOLED 15 15 15 15 3 3 3 3 3 3 3 3 18 36 36 36 2 6 3 Flex AMOLED 3 3 3 3 3 3 3 27 36 36 3 6 3 Flex AMOLED 3 3 3 3 3 3 18 36 36 4 6 3 Flex AMOLED 3 3 3 3 3 9 36 36 Total(K/month) 15 15 15 15 3 6 9 12 12 12 135 135 18 9 153 189 Panel Output(million units/qtr) 11 11 11 11 23 45 68 9 9 9 11 11 135 675 1,148 1,418 Yield 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 25% 25% 25% 25% Yielded Output(million units) 8 8 8 8 17 34 51 68 68 68 76 76 34 169 287 354 유안타전망 Fab Phase Gen Capa (K/m) Form 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 216E 217E 218E 219E A3 1 6 3 Flex AMOLED 15 15 15 15 3 3 3 3 3 3 3 3 18 36 36 36 2 6 3 Flex AMOLED 15 3 3 3 3 3 3 225 36 36 3 6 3 Flex AMOLED 15 3 3 3 3 45 36 36 4 6 3 Flex AMOLED 15 3 3 225 36 Total(K/month) 15 15 15 15 3 45 6 75 15 15 12 12 18 63 135 171 Panel Output(million units/qtr) 11 11 11 11 23 34 45 56 79 79 9 9 135 473 1,13 1,283 Yield 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 25% 25% 25% 25% Yielded Output(million units) 8 8 8 8 17 25 34 42 59 59 68 68 34 118 253 321 13
AMOLED 기타 시장전망 유안타전망 No. Maker Gen. Location Capacity (K/m) Details Process TFT EVEN No. Maker Gen. Location Capacity (K/m) Details Process TFT EVEN 1 BOE 6 Cheongdu 16 Phase 2 1 BOE 6 Cheongdu 16 Phase 2 2 BOE 6 Cheongdu 16 Phase 3 4 Go Visionox 5.5 Shanghai 1 Add EVEN 3 BOE 6 Mienyang 16 Phase 1 5 Go Visionox 6 Shanghai 15 Phase 1 4 Go Visionox 5.5 Shanghai 1 Add EVEN 6 Tianma 6 Wuhan 15 Phase 1 5 Go Visionox 6 Shanghai 15 Phase 1 7 Sharp 4.5 Taki(Mie) 5 R&D 6 Tianma 6 Wuhan 15 Phase 1 7 Sharp 4.5 Taki(Mie) 5 R&D 8 Truly 4.5 Huizhou 15 Phase 2 9 Royole 5.5 Shenzhen 15 Phase 1 1 Foxconn TBD Jeongzhou 미정 Phase 1 11 AUO TBD TBD 미정 Phase 1 12 CSOT TBD TBD 미정 Phase 1 13 MGV TBD TBD 미정 Phase 1 14 JDI TBD TBD 미정 Phase 1 15 Everdisplay TBD Shanghai 미정 Phase 2 14
AMOLED 플렉시블 AMOLED 시장 플렉시블 AMOLED 비용 $7~$1 고려시, $6 이상스마트폰에적용가능. 감가상각기간 (5년) 고려시, 가격수준 4년간유지전망. 비용이 $6로떨어지는 22년에나 $4 이상스마트폰에적용가능. 그러므로, 플렉시블 AMOLED TAM은 4년간최대 3억대, 그이후 5억대예상. 가격대별스마트폰시장 ( 단위 : 백만대 ) 플렉시블 AMOLED 패널수요전망 ( 단위 : 백만대 ) 2, 1,5 1, 5 above $6 $4~$6 $2~$4 $1~$2 below $1 Above $6( 우 ) Above $4( 우 ) 461 497 51 514 394 265 296 35 299 287 215 216E 217E 218E 219E 6 5 4 3 2 1 D&A period 216 217E 218E 219E 22E 221E 222E Y+1 Y+2 Y+3 Y+4 Y+5 Finish Panel Price($) 82 78 74 7 67 63 44 Samsung 8 8 9 9 1 11 15 Apple 4 15 17 19 22 25 Others 2 3 3 3 9 1 1 Sum 1 15 27 29 38 43 5 Global Total 1,651 1,75 1,765 1,747 1,8 1,9 2, penetration 6% 9% 15% 17% 21% 23% 25% Source: Yuanta Securities Research Source: Yuanta Securities Research 15
AMOLED 217 아이폰은플렉시블 AMOLED 패널적용하지않을것 패널생산이즉각적인핸드폰출시를의미하지않음. 애플공급위한 A3 Fab 신규설비점진적가동. 패널제품사양협의시간부족. 217 년플렉시블 AMOLED 탑재아이폰출시를위해서는 216 년초패널부품사양협의완료및 216 년 9 월패널생산시작되었어야함. 아래개발및출시일정참고. 9 월부터생산된패널은애플의재고일뿐, 218 년아이폰샘플생산을위한테스트목적으로활용될것. 애플 Flexible AMOLED 패널탑재아이폰개발및출시일정 217 (216) 218 (217) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 삼성디스플레이 ( 패널 ) Apple( 아이폰 ) A3 Fab 시가동 패널생산과설계협의 설계완료 샘플생산 패널샘플 out WS ES CS PP 부품수급 MP 출시국전파인증 / 등록 유통분배 출시 1~2월 : 애플공급위해투자한 A3 Fab 가동시작 3월 ~5월 : 삼성디스플레이와애플사양협의 / 조율 6월 : 양사가사양확정 7~8월 : 삼성디스플레이, 샘플패널생산 (1~1.5 개월예상 ) 9월 : 삼성디스플레이최종샘플생산 WS (working sample): 작동만되는샘플. 작동여부검증 ES (engineering sample): 주변부품과연동 / 호환해스마트폰세부기능까지탑재한샘플 CS (consumer sample): 디자인요소포함된소비자들이만나보게될가장가까운모습의샘플 PP (pilot production): 시험생산 MP (mass production): 위 4 단계검증 / 통과후최종양산단계 Source: IDC, Yuanta Securities Research 16
관심종목 LG 디스플레이 (KS 3422) 주성엔지니어링 (KS 3693) 테라세미콘 (KS 1231) 테스나 (KS 13197)
LG 디스플레이 (KS 3422) OLED TV 패널사업 LG디스플레이, 수율개선을통한효율성극대화에주력 현재수율안정화성공및적극적 capacity 확대통한규모의경제확보도모 17년 4분기부터사업이익흑자전환예상 LG 디스플레이 OLED TV 사업전망 ( 단위 : 백만달러 ) LG 디스플레이 OLED TV 출하량전망 ( 단위 : 천대 ) Sales OP OPM(R) 77/65-UHD 55-UHD 55-FHD growth(r) 3,5 3, 2,5 2, 1,5 1, 5-5 -1, -1,5-2, 22% 1% 213 214 215 216E 217E 218E 219E -5% 25% 2% 15% 1% 5% % -5% -1% 4, 3,5 3, 2,5 2, 1,5 1, 5 99% 52% 43% 23% 213 214 215 216E 217E 218E 219E 12% 1% 8% 6% 4% 2% % Source: Yuanta Securities Research Source: Yuanta Securities Research 18
LG 디스플레이 (KS 3422) OLED TV 패널사업 OLED TV는제한적인 capacity 로인해 $2,이상의 high-end 시장공략 현재 6만장 / 월 (8세대) 감안, 최대패널출력은 25만개. 따라서, 중저가 TV시장에진출하기위한가격인하불필요 High-end 시장에서의 OLED TV 인기입증으로 TV세트업체들의 OLED 채택가속화. 217년 Sony의 OLED TV 출시로대부분의프리미엄 TV 표준이 LCD(QLED) 에서 OLED로옮겨질것 가격대별 TV 시장 ( 단위 : 백만대, 215) 215 년 $3 이상 TV 시장업체별점유율 25 2 15 1 5 OLED TV`s target market 1 3 6 15 29 58 73 13 135 146 232 1% 8% 6% 4% 2% Samsung LG Sony China Major 5 Visio Other 11% 2% 3% 48% 24% 1% 12% 9% 57% 7% 7% 25% 25% 3% 5% 7% 19% 12% 69% 57% 2% 1% 23% 25% 35% % 211 212 213 214 215 Source: Yuanta Securities Research Source: Yuanta Securities Research 19
LG 디스플레이 (KS 3422) 글로벌 TV 패널업체별출하량 ( 백만대, 모든인치 ) 글로벌 TV 패널업체별출하량 ( 백만대, 5 이상 ) 3 25 2 15 1 5 AUO BOE CSOT Innolux LGD SDC Sharp Others MS of LGD(R) 26% 25% 29 41 26% 26% 44 25% 24% 52 52 51 2% 29 21 211 212 213 214 215 54 3% 25% 2% 15% 1% 5% % AUO Innolux LGD SDC Others MS of LGD(R) 6 23% 23% 25% 5 19% 2% 19% 16% 2% 4 13% 15% 3 1 9 1% 2 7 1 4 5% 1 1 2 % 29 21 211 212 213 214 215 글로벌 TV 패널업체별출하량 ( 백만대, 4 ~5 ) 글로벌 TV 패널업체별출하량 ( 백만대, 3 ~4 ) 1 9 8 7 6 5 4 3 2 1 AUO LGD SDC Sharp Others MS of LGD 29% 11 26% 29% 15 18 34% 32% 32% 31% 24 22 27 28 29 21 211 212 213 214 215 4% 35% 3% 25% 2% 15% 1% 5% % AUO BOE CSOT Innolux LGD SDC Others MS of LGD(R) 12 26% 3% 1 22% 22% 25% 8 18% 17% 15% 2% 6 24 23 16 15% 25 24 15 8% 4 1% 2 18 5% % 29 21 211 212 213 214 215 Source: IDC, Samsung electronics, Yuanta Securities Research 2
LG 디스플레이 (KS 3422) 글로벌모니터패널업체별출하량 ( 백만대 ) 글로벌노트북패널업체별출하량 ( 백만대 ) 25 2 15 1 5 AUO BOE CEC-Panda Innolux LGD SDC Tianma Others MS of LGD(R) 24% 25% 25% 42 49 28% 29% 5 51 46 27% 27% 4 43 35% 3% 25% 2% 15% 1% 5% AUO BOE Inforvision Innolux LGD SDC Sharp Others MS of LGD 33% 25 3% 31% 28% 29% 27% 26% 2 15 71 64 58 51 52 1 59 5 46 35% 3% 25% 2% 15% 1% 5% 29 21 211 212 213 214 215 % 29 21 211 212 213 214 215 % Source: IDC, Samsung electronics, Yuanta Securities Research 21
주성엔지니어링 (KS 3693) 실적전망 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16E 1Q17E 2Q17E 3Q17E 4Q17E 213 214 215 216E 217E 218E Sales 34.1 41.3 51.7 48.6 54.3 69.6 63. 8.3 9.6 73.9 75.9 8.4 153.7 142. 175.6 267.2 32.8 31.7 YoY % 26% 41% 26% 59% 69% 22% 65% 67% 6% 2% % 92% -8% 24% 52% 2% -3% QoQ -12% 21% 25% -6% 12% 28% -1% 28% 13% -18% 3% 6% SEMICON 26.8 31. 29.4 18.9 41.8 28. 19.1 16.3 38.6 2.9 31.9 28.4 38.8 83.3 16.1 15.3 119.8 121.7 DISPLAY 2. 8.1 2.2 27.7 8.8 38.1 36.3 52. 44. 45. 36. 44. 97.6 42.2 58.1 135.2 169. 157. SOLAR 5.2 2.1 2.1 2. 3.6 3.5 7.7 12. 8. 8. 8. 8. 17.3 16.5 11.5 26.7 32. 32. Operating Profit.7 1.9 8.7 3.9 8. 9.3 8.3 1.9 18.9 13.2 13.9 15.4 1. 9.6 15.3 36.5 61.5 51.2 YoY 29.8% 367% 134% -25% 981% 39% -5% 177% 136% 42% 68% 42%TB 819% 6% 139% 68% -17% QoQ -86% 157% 358% -55% 14% 16% -11% 31% 74% -3% 5% 11% EBT -1.1.6 7.6.6 6.8 7.2 6.9 1.5 18.5 13.1 13.9 15.5 (36.4) (19.7) 7.8 31.4 61. 51.1 NI -1.1.6 7.6.6 6.8 6.7 6.7 1.2 18.5 13.1 11.8 12.7 (36.3) (21.1) 7.7 3.4 56.1 41.9 Profitability OPM 2.2% 4.6% 16.8% 8.1% 15% 13% 13% 14% 21% 18% 18% 19% 1% 7% 9% 14% 19% 16% EBTM -3.3% 1.5% 14.7% 1.3% 12% 1% 11% 13% 2% 18% 18% 19% -24% -14% 4% 12% 19% 16% NIM -3.2% 1.5% 14.7% 1.2% 12% 1% 11% 13% 2% 18% 16% 16% -24% -15% 4% 11% 17% 13% Portion SEMICON 79% 75% 57% 39% 77% 4% 3% 2% 43% 28% 42% 35% 25% 59% 6% 39% 37% 38% DISPLAY 6% 2% 39% 57% 16% 55% 58% 65% 49% 61% 47% 55% 63% 3% 33% 51% 53% 49% SOLAR 15% 5% 4% 4% 7% 5% 12% 15% 9% 11% 11% 1% 11% 12% 7% 1% 1% 1% Date Customer Amount (KRW Bn) 16/1/15 SK Hynix 3.9 16/1/15 16/1/18 16/3/1 SK Hynix 9.3 16/3/9 16/5/23 16/5/3 SK Hynix 7. 16/5/2 16/6/3 16/5/25 SK Hynix 7.4 16/5/25 16/6/27 16/6/29 LGE 17.2 16/6/28 17/5/3 16/9/2 LG Display 38.3 16/9/19 17/1/31 16/1/17 LG Display (China) Begin End 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 37.6 16/1/17 17/2/1 16/12/2 Go Visiononx 18. 16/12/9 17/5/2 22
테라세미콘 (KS 1231) 실적전망 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16p 1Q17E 2Q17E 3Q17E 4Q17E 213 214 215 216 217E 218E Sales 21.8 2.7 38.8 25.3 16.4 24.7 37.9 93. 77. 68. 64. 52. 5.1 71.6 16.7 172.1 261. 179.2 YoY 177% 97% 51% -8% -25% 19% -2% 267% 369% 175% 69% -44% -19% 43% 49% 61% 52% -31% QoQ -21% -5% 87% -35% -35% 51% 53% 145% -17% -12% -6% -19% DISPLAY 4.6 8.2 33.2 23.9 13.3 23.5 31.6 85. 62. 53. 49. 37. 26. 53.7 69.8 153.3 21. 145.2 SEMICON 17.2 12.6 5.6 1.4 3.2 1.3 6.3 8. 15. 15. 15. 15. 24 17.7 36.9 18.8 6. 34. SOLAR.............3.2.... Operating Profit 3.1.7 3.2-2.7 2.4 1.1 1.7 11.9 14.7 13.4 1.2 3.8 1.5 4.8 4.2 26.1 42.1 27.7 YoY TB 112% -1%TR -21% 54% 24%TB 57% 1136% -5% -68% -85% 221% -13% 524% 61% -34% QoQ 16% -77% 35%TR TB -55% 893% 11% 24% -9% -23% -63% % % % % % % EBT 2.5.6 2.3-3.9 1.4.8 7.4 15. 15.2 14. 1.9 4.7.1 3.3 1.4 24.6 44.8 32.2 NI 2.6.7 2.1-2.9 1..8 6.1 11.8 12.4 11.5 9. 3.8.5 3.1 2.5 19.7 36.8 26.4 Profitability OPM 14.1% 3.4% 8.1% -1.8% 15% 4% 28% 13% 19% 2% 16% 7% 3.% 6.7% 3.9% 15.2% 16.1% 15.5% EBTM 11.5% 2.8% 5.8% -15.5% 8% 3% 2% 16% 2% 21% 17% 9%.3% 4.6% 1.3% 14.3% 17.2% 18.% NIM 11.8% 3.1% 5.4% -11.3% 6% 3% 16% 13% 16% 17% 14% 7%.9% 4.3% 2.3% 11.4% 14.1% 14.7% Portion TV 21% 39% 85% 94% 81% 95% 83% 91% 81% 78% 77% 71% 52% 75% 65% 89% 77% 81% Tablet 79% 61% 15% 6% 19% 5% 17% 9% 19% 22% 23% 29% 48% 25% 35% 11% 23% 19% Handset & Others % % % % % % % % % % % % 1% % % % % % Date Customer Amount (KRW Bn) 216-5-3??? 12.8 216-8-17 Wuhan Tianma 3.6 216-9-27 Samsung Display 62. 216-12-26 Govisionox 15.8 217-2-6 Wuhan Tianma 17.1 Begin End 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 216-5- 27 216-8- 16 216-2- 26 216-12- 23 217-2- 3 217-6-8 219-12-31 216-11-2 217-5-3 217-7-15 23
테스나 (KS 13197) 실적전망 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16p 1Q17E 2Q17E 3Q17E 4Q17E 213 214 215 216 217E 218E Sales 9.2 8.1 7.7 7.9 7.5 7.2 7.6 8. 9.8 11.3 12.8 14. 67.8 49.4 32.9 3.2 47.9 67.5 YoY -32% -32% -38% -31% -19% -12% -2% 1% 31% 58% 69% 75% % -27% -33% -8% 59% 41% QoQ -2% -11% -5% 3% -6% -4% 6% 6% 22% 15% 14% 1% SoC.4.2 -.1..2.1.3.3 1. 1.7 1.6 2.6 28.1 12..5.9 6.8 21.9 Smart IC 3.9 3.2 3.1 3. 2.6 2.4 2.6 2.8 2.6 2.5 2.7 2.9 14.9 15.6 13.2 1.5 1.7 1.9 CIS 2.3 2.3 2.3 2.3 2. 2.2 2.2 2.1 2.2 2.2 2.2 2.2 13.4 11. 9.2 8.4 8.6 9. MCU 2.6 2.4 2.4 2.6 2.6 2.5 2.5 2.4 2.5 2.5 2.5 2.5 11.3 1.8 1.1 1.1 1. 1. Others.4 1.5 2.4 3.9 3.9 11.7 15.6 Costs 1.3 9.3 8.9 8.6 8.3 7.9 7.8 7.8 7.7 8.4 9.3 1. 51.8 4.2 37.1 31.8 35.4 43.6 Labor Cost 3.3 3. 3. 2.8 2.7 2.6 2.6 3. 2.8 3. 3.5 3.8 18 11 12 11 13 17 D&A 4.9 4.5 3.9 3.9 3.6 3.7 3.3 3. 3.2 3.2 3.1 3.1 2 19 17 14 13 12 Others 2.1 1.8 1.9 2. 1.9 1.6 1.8 1.8 1.7 2.3 2.7 3.1 14 9 8 7 1 15 Operating Profit (1.) (1.1) (1.) (.2) (.8) (.7) (.2).2 2.1 2.9 3.5 4. 16. 7.7 (3.3) (1.5) 12.5 23.8 YoY TR TR TR TR RR RR RR TB TB TB TB 1669% % -52% -143% -56%TB 91% QoQ TR RR RR RR RR RR RR TB 798% 41% 21% 15% EBT -1.2-1. -1.2-1.8 -.4 -.4.8.3 2.1 3. 3.6 4.2 12.3 6.6 (5.2).3 12.8 24.5 NI -1.2 -.5 -.9-1.6 -.4 -.2.6.6 1.8 2.5 3. 3.6 1.9 4.7 (4.2).7 1.9 19.6 Profitability OPM -1% -14% -13% -2% -11% -1% -2% 3% 21% 26% 27% 29% 24% 16% -1% -5% 26% 35% EBTM -14% -12% -15% -22% -5% -5% 1% 3% 22% 26% 28% 3% 18% 13% -16% 1% 27% 36% NIM -14% -6% -12% -2% -5% -3% 8% 8% 18% 22% 24% 25% 16% 1% -13% 2% 23% 29% Portion SoC 4% 3% -1% % 2% 1% 4% 4% 1% 15% 12% 18% 41% 24% 2% 3% 14% 32% Smart IC 42% 4% 4% 37% 36% 34% 34% 35% 27% 22% 21% 21% 22% 32% 4% 35% 22% 16% CIS 25% 28% 29% 29% 27% 3% 29% 26% 22% 19% 17% 15% 2% 22% 28% 28% 18% 13% MCU 28% 29% 32% 33% 35% 35% 33% 31% 26% 22% 19% 18% 17% 22% 31% 33% 21% 15% Others % % % % % % % 4% 15% 21% 3% 28% % % % % 24% 23% 24
테스나 (KS 13197) Sales/OP/All costs (KRW bn) D&A cost details (KRW bn) Sales Labor cost D&A Others OP(R) PPE D&A CAPEX % D&A(R) 8 6 4 2-2 -4-6 24 16 12 8 213-18 214-11 215-12 216p -11 217E -13 218E -17-19 -17-14 -13-12 -2-7 -9-8 -1-1 -3-15 -14 3 25 2 15 1 5-5 9 8 7 6 5 4 3 2 1 29% 29% 27% 27% 26% 25% 19 2 19 17 14 13 12 212 213 214 215 216p 217E 218E 3% 29% 28% 27% 26% 25% 24% 23% Labor cost details (KRW bn) Other cost details (KRW bn) 8. 7. 6. 5. 4. 3. 2. 1. Sales Labor cost Avg.employee(R) 312 3 35 274 3 236 238 27 25 2 15 17.8 16.9 1 11.4 12.1 11. 13.1 5 8 7 6 5 4 3 2 1 21% 14 Sales Other costs ratio(r) 23% 24% 22% 2% 2% 15 9 8 7 1 25% 2% 15% 1% 5%. 213 214 215 216 217E 218E 213 214 215 216 217E 218E % Source: Yuanta Securities Research 25
Appendix
Appendix TV 패널가격 ( 단위 : 미달러 ) TV 패널가격변화 25 2 15 1 5 55" UHD 6 Hz (Open Cell) 43" FHD 6Hz (Open Cell) 4" FHD 6Hz (Open Cell) 32" WXGA (Open Cell) '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1 55" UHD 6 Hz (Open Cell) 43" FHD 6Hz (Open Cell) 4" FHD 6Hz (Open Cell) 32" WXGA (Open Cell) 2% 15% 1% 5% % '15.1-5% '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-1% -15% 모니터패널가격 ( 단위 : 미달러 ) 모니터패널가격변화 27" FHD 16:9 21.5" FHD 16:9 19.5" HD+ 16:9 16 14 12 1 8 6 4 2 27" FHD 16:9 21.5" FHD 16:9 19.5" HD+ 16:9 1% 5% % '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-5% -1% '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-15% Source: Yuanta Securities Research 27
Appendix 노트북패널가격 ( 단위 : 미달러 ) 노트북패널가격변화 15.6" HD (Flat) 14" HD (Flat) 13.3" HD (Slim) 45 4 35 3 25 15.6" HD (Flat) 14" HD (Flat) 13.3" HD (Slim) 6% 4% 2% % '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-2% -4% -6% 2 '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-8% -1% 모바일패널가격 ( 단위 : 미달러 ) 모바일패널가격변화 5.5" LTPS, IPS/FFS 5" a-si, IPS 5" a-si, TN 5" FHD LTPS 5" QHD a-si 4" a-si, TN 25 2 15 5.5" LTPS, IPS/FFS 5" a-si, IPS 5" a-si, TN 5" FHD LTPS 5" QHD a-si 4" a-si, TN 3% 2% 1% 1 5 '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1 % '15.1 '15.4 '15.7 '15.1 '16.1 '16.4 '16.7 '16.1 '17.1-1% -2% Source: Yuanta Securities Research 28
Appendix AMOLED 장비공급체인 Common process LTPS TFT AMOLED Flexible AMOLED Cleaing -> Deposition -> Photo -> Etching Heat Treatment Crystallization (ELA) E/L Deposition Glass Encapsulation Vacuum Handling System Thin Film Encapsulation PI Curing Laser Lift Off SDC LGD Clean system : DMS, KC tech, STI PEDCV/Sputter : Jusung Engineering, Avaco, Applied Materials Photo : Canon, Nikon Tera Semicon Viatron Viatron YAC(JP) Koyo(JP) AP System EO Technics Duck-In (unlisted) JSW(JP) Canon Tokki (JP) Dong-A Elteck (Sunik System) Canon Tokki (JP) AP System SFA, Lot vacuum Avaco Invenia, Avaco Applied Materials(US) Kateeva(US) Jusung Engineering (TFE) Invenia(VAS) Tera Semicon Viatron AP System EO Technics China Etcher : Tokyo Electron, Wonik IPS, ICD, Invenia Viatron Tera Semicon YAC(JP) Koyo(JP) AP System JSW(JP) SFA Dong-A Elteck (Sunik System) Ulvac(JP) AP System Jusung Engineering Applied Materials(US) Viatron Tera Semicon AP System Dioku(JP), Shinsung FA, SFA, Vessel 29
Appendix IT process materials 공급체인 3
Appendix 31
Appendix AMOLED process materials 공급체인 32
Appendix AMOLED process films 공급체인 33
Appendix 글로벌모니터패널사이즈별출하량 ( 백만대 ) 글로벌모니터패널원장수요 ( 백만장 ) Above 3" 25"~ 22"~ 2"~ 15"~ growth(r) Above 3" 25"~ 22"~ 2"~ 15"~ growth(r) 18 16 14 12 1 8 6 4 2 1% 1% -2% -4% -7% -15% 213 214 215 216E 217E 218E 219E 4% 2% % -2% -4% -6% -8% -1% -12% -14% -16% 5 4 4 3 3 2 2 1 1 4% 4% 2% % -4% -12% 213 214 215 216E 217E 218E 219E 6% 4% 2% % -2% -4% -6% -8% -1% -12% -14% 글로벌노트북패널사이즈별출하량 ( 백만대 ) 글로벌노트북패널원장수요 ( 백만장 ) 15"~ 1"~ growth(r) 15"~ 1"~ growth(r) 25 2 15 1 5 1% 5% 5% 2% % % -4% -5% -8% -1% -15% -2% -21% -25% 213 214 215 216E 217E 218E 219E 3 3 2 2 1 1 1% 8% 5% 5% -1% % -3% -5% -7% -1% -15% -2% -21% -25% 213 214 215 216E 217E 218E 219E Source: Yuanta Securities Research 34
Appendix 글로벌 TV 업체별출하량및중국비중 ( 백만대 ) 글로벌 TV 업체별출하량및중국비중 ( 십억달러 ) Samsung Electronics TCL Skyworth Others LG Electronics Hisense Other China % China Major 7(R) Samsung Electronics TCL Skyworth Others LG Electronics Hisense Other China % China Major 7(R) 3 25 2 2% 22% 23% 22% 25% 3% 25% 2% 12 1 8 18% 21% 24% 22% 24% 3% 25% 2% 15 15% 6 15% 1 5 38 36 34 34 34 48 49 49 53 52 211 212 213 214 215 1% 5% % 4 2 17 17 15 15 13 29 3 27 29 25 211 212 213 214 215 1% 5% % 글로벌스마트폰업체별출하량및중국비중 ( 백만대 ) 글로벌스마트폰업체별출하량및중국비중 ( 십억달러 ) 2, Samsung Electronics Apple Xiaomi Others LG Electronics Huwei Other China % China Major 7(R) 23% 21% 25% 5 Samsung Electronics Apple Xiaomi Others LG Electronics Huwei Other China % China Major 7(R) 15% 12% 1,5 1, 5 8% 14% 17% 2% 153 193 232 136 23 48 93 94 22 316 318 321 21 211 212 213 214 215 2% 15% 1% 5% % 4 3 2 1 1% 7% 6% 1 128 165 3% 93 1% 66 87 12 117 11 33 11 39 21 211 212 213 214 215 1% 5% % Source: Yuanta Securities Research Note) China Major 7 in TV market: TCL, Hisense, Skyworth, Changhong, Haier, Konka, Tongfang Note) China Major 7 in Smartphone market: Huawei, Xiaomi, ASUS, Coolpad, ZTE, TCL, Gionee 35
Appendix Mother Glass and Panelization 55" 55" 55" 55" 55" 55" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" 32" Gen. 11 1 8 7 6 65" 8 6 3 2 2 6" 8 8 3 2 2 55" 8 8 6 3 2 46" 15 12 8 6 3 4" 18 18 1 8 4 32" 32 28 18 12 8 9.6" 345 312 187 15 88 5.7" 924 828 532 425 255 5" 124 166 65 512 315 4" 1798 16 95 78 49 36
( 십억원 ) 1Q16 2Q16 3Q16 4Q16p 1Q17E 2Q17E 3Q17E 4Q17E 214 215 216p 217E 218E 매출액 19.6 189.1 192.6 192.7 21. 22.1 25.3 27.3 669.6 79.3 765. 815.7 865. YoY 16% 9% 3% 5% 5% 7% 7% 8% 2% 6% 8% 7% 6% QoQ 4% -1% 2% % 4% 1% 2% 1% 국내전자재료 157 152 151 154 156 154 159 161 577.3 578.4 614. 63.1 668.2 삼성전자 ( 반도체 ) 24 23 25 26 29 25 26 28 88. 92.4 99. 18.8 114.5 LG디스플레이 25 24 23 25 21 22 25 26 9.7 94.9 96.7 93.8 99.5 삼성디스플레이 21 21 23 2 23 23 23 22 86.5 85.8 85. 91. 98.1 해외전자재료 34 37 42 38 45 48 47 46 92.3 13.8 151. 185.6 196.8 대만동진화성고분 3 3 3 3 3 3 3 3 1 13 12 13 13 북경동진쎄미켐 12 12 12 1 12 12 12 12 49 46 46 47 5 동진전자재료 ( 계동 ) 8 1 1 8 1 1 1 9 23 28 37 39 39 성도동진쎄미켐 2 2 2 2 3 3 3 3 5 6 6 1 15 합비동진쎄미켐 8 8 8 7 9 9 9 9 18 23 31 36 5 서안반도체재료 8 8 8 8 1 1 1 1 1 28 32 41 3 얼도스시동진쎄미켐전자재료 3 3 3 2 3 3 2 2 6 9 1 1 9 중경동진쎄미켐전자재료 4 8 6 5 5 8 7 7 1 22 27 3 혜주동진쎄미켐전자재료등 1 1 1 1 2 2 2 2 4 7 9 영업이익 16.7 1. 9.1 9.9 18. 19.6 21.9 22.6 37.7 58.5 45.7 82.1 11.9 YoY 66% -25% -5% -41% 8% 96% 14% 128% 61% 55% -22% 8% 24% QoQ -1% -4% -9% 8% 82% 9% 11% 3% 국내전자재료 11 7 4 7 13 15 17 17 23 36 29 63 78 해외전자재료 5 3 5 3 5 4 5 5 12 17 17 19 24 세전이익 12.8 6. 4.9 8.6 14.4 16.2 18.5 19.3 14.2 24.6 32.3 68.3 91.2 순이익 1. 4.3 4.2 7.9 12.2 13.8 15.7 16.4 1.6 19.9 26.4 58.1 77.5 수익성영업이익률 8.7% 5.3% 4.7% 5.1% 9.% 9.7% 1.7% 1.9% 5.6% 8.2% 6.% 1.1% 11.8% 국내전자재료 7% 5% 3% 4% 8% 1% 11% 11% 3.9% 6.3% 4.7% 9.9% 11.7% 해외전자재료 16% 8% 12% 8% 11% 9% 1% 12% 13.% 13.3% 11.% 1.5% 12.2% (%) 세전이익률 7% 3% 3% 4% 7% 8% 9% 9% 2.1% 3.5% 4.2% 8.4% 1.5% 순이익률 5% 2% 2% 4% 6% 7% 8% 8% 1.6% 2.8% 3.4% 7.1% 9.% 비중 국내전자재료 82% 8% 78% 8% 78% 76% 77% 78% 86% 82% 8% 77% 77% (%) 해외전자재료 18% 2% 22% 2% 22% 24% 23% 22% 14% 18% 2% 23% 23%
이자료에게재된내용들은본읶의의견을정확하게반영하고있으며타읶의부당한압력이나간섭없이작성되었음을확읶함. ( 작성자 : 기업분석팀 ) 당사는자료공표읷현재동종목발행주식을 1% 이상보유하고있지않습니다. 당사는자료공표읷현재해당기업과관련하여특별한이해관계가없습니다. 당사는동자료를젂문투자자및제 3자에게사젂제공한사실이없습니다. 동자료의금융투자분석사와배우자는자료공표읷현재대상법읶의주식관련금융투자상품및권리를보유하고있지않습니다. 종목투자등급 (Guide Line): 투자기간 6~12개월, 젃대수익률기준투자등급 4단계 (Strong Buy, Buy, Hold, Sell) 로구분한다 Strong Buy: 3% 이상 Buy: 1% 이상, Hold: -1~1%, Sell: -1% 이하로구분 업종투자등급 Guide Line: 투자기간 6~12개월, 시가총액대비업종비중기준의투자등급 3단계 (Overweight, Neutral, Underweight) 로구분 214 년 2월21읷부터당사투자등급이기존 3단계 + 2단계에서 4단계로변경본자료는투자자의투자를권유할목적으로작성된것이아니라, 투자자의투자판단에참고가되는정보제공을목적으로작성된참고자료입니다. 본자료는금융투자분석사가싞뢰할만하다고판단되는자료와정보에의거하여만들어진것이지만, 당사와금융투자분석사가그정확성이나완젂성을보장할수는없습니다. 따라서, 본자료를참고한투자자의투자의사결정은젂적으로투자자자싞의판단과책임하에이루어져야하며, 당사는본자료의내용에의거하여행해진읷체의투자행위결과에대하여어떠한책임도지지않습니다. 또한, 본자료는당사투자자에게만제공되는자료로당사의동의없이본자료를무단으로복제젂송읶용배포하는행위는법으로금지되어있습니다. 33