67.76%
[2014] 350
67.76%
............................................ 3
.............................. 4
........................................................ 5
........................................................... 5
............................................................... 6
.............................................................11
...............................................................11
.......................................................... 18
.............................................................. 50
............................................................ 53
...................................................................................... 53
...................................................................................... 54
.................................................. 57
...................................................... 63
.......................................................................... 75
................................................................ 89
...................................................................................... 89
.............................................................................. 92
67.76%
4
67.76%
( )
“ ”
315,385,226.59
139,825,615.71 175,559,610.88
233,265,996.70 82,119,229.89
130,395,615.71 9,430,000.00
2014
3 31
( )
7,844.28
24.87%
1 765
5
67.76%
A
2
3 2006
765
4
( )
RFID
( )
( )
2014
4 20 4 30
6
67.76%
( )
1
2
(1)
(2)
7
67.76%
(3)
8
67.76%
9
67.76%
10
67.76%
( )
( )
1
2
3
4
( )
1
11
67.76%
2
1
22,983,294.36 2,990,210.87
12,138,127.47 7,854,956.02
2,990,210.87
12,138,127.47
7,854,956.02
2
12
67.76%
145,928,163.15 3,687,950.68
142,240,212.47
0 1
1.5% 1 2
5% 2 3 15%
3 50%
3,567,543.97
118,534,910.82 1.5% 1,778,023.66
1-2 18,097,732.25 5% 671,728.65
2-3 4,478,191.00 15% 671,728.65
3 425,810.10 50% 212,905.05
3,567,543.97
142,360,619.18 120,406.71
0.08%
3
13,815,688.77
13
67.76%
13,815,688.77
4
35,817,665.00 345,053.56
35,472,611.44
0 1
1.5% 1 2
5% 2 3
15% 3
50% 144,502.70
4,147,974.00 1.5% 62,219.61
1-2 1,393,661.70 5% 69,683.09
2-3 30,000.00 15% 4,500.00
3 16,200.00 50% 8,100.00
144,502.70
35,673,162.30 200,550.86
0.57%
14
67.76%
5
18,754,189.66
8,211,892.46
847,860.79 7,364,031.67
7,364,031.67
1,151,467.09 0
1,151,467.09
1,151,467.09
3,109,391.47 1,735,388.52
15
67.76%
1,374,002.95
= 1- -
- - 1- r
a
b
c
d. = ;
e. ;
f. r
r 0 50%
100%
2,331,897.61 957,894.66
69.72%
( 3-9-5 52)
16
67.76%
= 1- -
- - 1- r
1,071.79 / 2.06%
9.85% 11.14% 15%
=1,071.79 1-2.06%- 9.85%-11.14% 15%-11.14%
1-15% 0.5
= 470.72 ( )
470.72 /
143 :
470.72 143 = 67,312.96
8,653,189.07
8,653,189.07
211,498.88
17
67.76%
291,662.86 80,163.98
37.90 %
19,792,248.30
1,038,058.64 5.54 %
( )
1
2
21,100,000.00 1,100,000.00
20,000,000.00
%
1 2012-09-18 100% 20,000,000.00 20,000,000.00
2 2011-08-31 73.33% 1,100,000.00 1,100,000.00
21,100,000.00
1,100,000.00
20,000,000.00
18
67.76%
2
1
(1)
16
2000
(2)
2011 5 30
1000
2011
16
19
67.76%
2012 9 10
1000 2000
100%
1 2000.00 100%
2000.00 100%
(3)
2012 12 31 2013 12 31 2014 03 31
125,066,612.23 141,464,220.77 134,648,563.87
94,144,502.60 100,827,451.97 91,335,833.66
30,922,109.63 40,636,768.80 43,312,730.21
2012 2013 2014
79,877,178.03 85,583,802.80 16,734,709.01
12,911,400.87 18,124,380.39 3,181,147.78
9,659,652.16 14,669,659.17 2,675,961.41
2
(1)
204 2 6 07
150
20
67.76%
(2)
( )
500.00
110
40
2012 10 11
5% 25
20%
100
2013 6 13
150 110
40
150.00
1 110.00 73.33%
2 40.00 26.67%
150.00 100%
(3)
2012 12 31 2013 12 31 2014 03 31
21
67.76%
2,166,886.21 1,279,090.00 1,098,231.53
924,246.98 1,160,297.53 1,138,554.60
1,242,639.23 118,792.47 -40,323.07
2012 2013 2014
1,837,264.00 688,701.80 117,858.06
32,836.06 -1,104,542.18 -147,329.73
6,743.70 -1,123,846.76 -159,115.54
3
(1)
(2)
=
4
(1)
22
67.76%
21,100,000.00
1,100,000.00 20,000,000.00 176,654,008.32
156,654,008.32 783.27 %
% %
1 100% 20,000,000.00 176,654,008.32 783.27
2 73.33% 1,100,000.00
176,654,008.32 737.22
- -100.00
176,654,008.32 783.27
(2)
( )
1
14,362.27 78,551,550.75
52,348,375.40
2
1
2006
765
14,362.27
23
67.76%
2
240mm
3
PVC
UPVC
4
7
3
1
2
24
67.76%
3
4
5385.47
P
A ( = - )
= ×(1- )
= + + +
R
D
N ( )
25
67.76%
5
1
78,551,550.75 52,348,375.40
110,171,225.00 110,171,225.00
31,619,674.25 40.25% 57,822,849.60
110.46 %
2
31,619,674.25 40.25%
57,822,849.60 110.46%
6
A 2 1 2
1.2
1
26
67.76%
84 102 115 118 806 823 4A 4B
800
2
A 2 4 1
100#
PVC
2006 4 30
A 2 1 2 3.3
2857.18
2
2948770
2011 27096
2055 12 20
27
67.76%
41.72
3
1)
2014 3 31
2014
2,857.18
60.00 /
0.75
2,057,169.60
100%
2,057,169.60
501,715.55
1 41,143.39 ×2%
2 64,286.55 ×1.5%
3 34,223.76 × ×0.2%
4 115,201.50 ×5.60%
5 246,860.35 ×12%
1,555,454.05
7.00%
0.00%
1,099,439.68
2
55-70 /
65.00
2%
28
67.76%
2,857.18
65.00 /
40.97
2,228,600.40
0.98
2,184,028.39
526,579.88
1 43,680.57 ×2%
2 64,286.55 ×1.5%
3 34,223.76 × ×0.2%
4 122,305.59 ×5.60%
5 262,083.41 ×12%
1,657,448.51
7.00%
2.00%
27,073,475.22
2 +
1,099,439.68+27,073,475.22
=28172915( )
)
1
2014 3 31
11,207,686.92 7,340,213.63
8 1,845,403.66 1,153,319.31 ;
164 9,362,283.26 6,186,895.32
29
67.76%
2
3
1
“ ”
“ ”
30
67.76%
2
3
4
= ×
1
1
= + +
= + ×10%+
2
1 / ×100%
3
31
67.76%
×
3
1
2
= + 100%
3
×
4
5
1
11,207,686.92 7,340,214.63
9,864,297.20 7,576,097.56
1,343,389.72 11.99% 235,882.93
3.21%
1,845,403.66 1,153,319.31
32
67.76%
1,677,101.00 1,393,488.00 168,302.66
9.12% 240,168.69 20.82 %
9,362,283.26 6,186,895.32
8,187,196.20 6,182,609.56 1,175,087.06
12.55% 4,285.76 0.07%
1
2
6
1 1.8T 4-6-5 7
1
1.8T AT
A313WU 89300
2012 10 2012 10
263,943.40 205,692.29
mm : 4870 mm : 1834
mm : 1472 mm : 2803
kg : 1520 :4
33
67.76%
: :
: 6
kw/rpm : 118/4500-6200
n.m/rpm 250/1500-4500
: 0 ml : 1798
: 4 :
: 4 : 9.6
: :
:
2
270,000.00
270,000.00/1.17= 230,800.00
10%
300.00
= 230,800.00+ 230,800.00×10%+300.00
= 254,200.00
3
[1997]456 “ ”
600000 89300
=(1 / )×100%
=(1 89300/600000)×100%=85%
34
67.76%
85%
A
B
C
D
E
85%
4
= ×
= 254,200.00×85%
= 216,070.00
2 4-6-6 152
1
RX200- S6
2014 2 2014 2
35
67.76%
CPU Intel 5500
CPU Xeon E5506
CPU 2.13GHz
CPU 1
CPU 2
45nm
1MB
4MB
QPI 4.8GT/s
CPU Gainestown
CPU
Intel 5500
1 PCI-E Gen2 x4 mech.x8
2×PCI-E Gen2 x8
ECC DDR3
4GB
2 2GB
12
192GB
36
67.76%
SATA/SAS/SSD
6 2.5
RAID RAID 0 1
2
13500
11538.46
3
2014 2 0.1
6
= / + 100%
=6/ 0.01+6 ×100%
=99%
4
×
11538.46×99%
11,423.08
( )
4
37
67.76%
1
1 “ ”
201310182142.X
2013 5 15
1
2 1
3 1
4 1
38
67.76%
2.4GHz
2 “ RFID
”
RFID
201310153003.4
2013 4 27
1 RFID
RFID
RFID
39
67.76%
2 1 RFID
LTC1569-7
3 2 RFID
R2 R3 R7 R8 C3 R2 R7
C3 PIN3 R3 PIN6
R8 PIN5 R2 R3 VCC R7
R8 C3
4 3 RFID
10k
128kHz
R3
R8 0 f cutoff
1
10k
128kHz
R3
R8 100pF , f cutoff
4
CUTOFF
5 1 4 RFID
LTC1560-1
6 1 4 RFID
AD8541
7 1 4 RFID
40
67.76%
MMIC
MAMXSS0012
RFID
3 “ ”
201310153120.0
2013 4 27
41
67.76%
1
2 1
XC0900E-03
3 1
ACPM-7868
“ ”
42
67.76%
“
4 “ ”
201310195610.7
2013 5 23
1
2 1
MCU
3 1
SPI / GPIO
4 1 3
43
67.76%
840~960MHZ
“
2
1
44
67.76%
2
3
45
67.76%
3
“ ”
4
1
n
Ri
P K
i 1 (1 r ) i
P ——
Ri—— i
K ——
n ——
i ——
r ——
2
46
67.76%
2013
2023
3
18 20%
47
67.76%
2014 4-12 2015 2016 2017 2018 2019
3,606.83 5,515.77 6,063.33 6,384.81 7,018.68 7,018.68
2,238.77 3,318.77 3,648.42 3,826.81 4,206.94 4,206.94
54.10 84.94 93.38 98.33 108.79 108.79
368.98 568.68 601.48 611.66 650.63 650.63
570.96 917.82 1,025.92 1,077.76 1,085.09 1,085.09
- - - - - -
374.02 625.56 694.13 770.25 967.23 967.23
56.10 93.83 104.12 115.54 241.81 241.81
317.92 531.73 590.01 654.71 725.42 725.42
4 K
30%
5
CAPM r
48
67.76%
r rf (rm rf ) 1 2
rf
rm
1
2
r f rm 1 2
6
6,032,800.00
2014 4-12 2015 2016 2017 2018 2019
317.92 531.73 590.01 654.71 725.42 725.42
30% 30% 30% 30% 30% 30%
100% 90% 81% 73% 66% 59%
95.38 143.57 143.37 143.38 143.63 128.40
0.1182 0.1182 0.1182 0.1182 0.1182 0.1182
0.05 0.05 0.05 0.05 0.05 0.05
0.1682 0.1682 0.1682 0.1682 0.1682 0.1682
0.8899 0.7618 0.6521 0.5582 0.4779 0.4090
84.88 109.37 93.49 80.03 68.64 52.52
7
6,032,800.00 4,759,598.17
( )
49
67.76%
1,157,438.03
1,157,438.03
( )
1
54,500,000.00
54,500,000.00
2
15,296,117.45
50
67.76%
15,296,117.45
3
52,197,589.88
52,197,589.88
4
1,824,953.97
1,824,953.97
5
2,218,939.95
2,218,939.95
6
1,862,618.58
51
67.76%
1,862,618.58
7
2,495,395.88
2,495,395.88
( )
9,430,000.00
1,414,500.00
52
67.76%
1
2
3
4
5
53
67.76%
DCF
DCF
1
54
67.76%
2
3
E B D 1
E
B
B P Ci
2
P
n
Ri Rn
P
i 1 (1 r ) i r (1 r ) n 3
Ri i
Rn
r
n
i
C i C1 C2 4
C1
55
67.76%
C2
D
2
R= + + - 5
3
WACC r
r rd wd re we 6
rd
rd ro (1 t ) 7
r0
t
Wd
D
wd
(E D) 8
We
E
we
(E D) 9
re CAPM
re
56
67.76%
re rf (rm rf )
e
10
rf
rm
e
D
e u (1 (1 t ) ) 11
E
u
t 12
u
D
1 (1 t) i
Ei
t
t 34% K 66% x 13
K K=1
2009~2013
6 2014 ~2019
2019
57
67.76%
1
2
3
4
5
6
7
8
9
10
11
12
58
67.76%
13
14
15
16
17
18
19
20
59
67.76%
2014 3 31
1
2012 12 31 2013 12 31 2014 3 31
23,487,256.51 69,397,912.12 22,983,294.36
20,000.00
101,715,345.44 130,956,813.99 142,240,212.47
10,923,219.02 9,673,281.14 13,815,688.77
24,903,649.00 28,197,131.91 35,472,611.44
10,852,453.61 15,206,152.35 18,754,189.66
171,881,923.58 253,451,291.51 233,265,996.70
60
67.76%
2012 12 31 2013 12 31 2014 3 31
21,100,000.00 20,087,114.48 20,000,000.00
84,198,722.58 89,665,272.71 89,759,237.67
23,915,182.00 28,615,040.99 30,070,647.64
60,283,540.58 61,050,231.72 59,688,590.03
60,283,540.58 61,050,231.72 59,688,590.03
1,341,409.08 1,273,201.83
452,787.04 1,009,406.39 1,157,438.03
81,836,327.62 83,488,161.67 82,119,229.89
253,718,251.20 336,939,453.18 315,385,226.59
33,000,000.00 54,500,000.00 54,500,000.00
12,876,832.14 10,666,522.03 15,296,117.45
35,895,762.55 70,860,283.62 52,197,589.88
1,029,418.80 11,741,360.55 1,824,953.97
3,403,863.85 3,946,293.38 2,218,939.95
2,370,860.49 3,083,006.33 1,862,618.58
1,047,791.09 2,284,566.87 2,495,395.88
500,000.00
90,124,528.92 157,082,032.78 130,395,615.71
0.00 0.00
61
67.76%
2012 12 31 2013 12 31 2014 3 31
9,430,000.00 9,430,000.00
- 9,430,000.00 9,430,000.00
90,124,528.92 166,512,032.78 139,825,615.71
81,000,000.00 81,000,000.00 81,000,000.00
62,203,697.89 62,203,697.89 62,203,697.89
2,039,002.44 3,775,372.25 3,775,372.25
18,351,021.95 23,448,350.26 28,580,540.74
163,593,722.28 170,427,420.40 175,559,610.88
253,718,251.20 336,939,453.18 315,385,226.59
2
2012 2013 2014 1-3
106,829,191.42 152,315,814.88 36,595,946.29
58,415,274.09 85,048,807.06 16,719,247.31
3,095,942.93 2,644,332.67 481,150.95
9,295,848.76 14,692,701.97 3,721,953.41
24,414,577.19 32,205,819.47 8,200,701.26
1,525,138.97 2,585,301.19 836,032.06
1,171,399.68 3,784,235.65 986,877.65
0.00 4,955,000.00
8,911,009.80 16,309,616.87 5,649,983.65
5,602,915.96 3,170,664.66 187,600.00
47.04 489,734.80 13,141.71
14,513,878.72 18,990,546.73 5,824,441.94
2,690,230.20 1,626,848.61 692,251.46
11,823,648.52 17,363,698.12 5,132,190.48
62
67.76%
3
2014 3 31
5,450.00
2009
2010~2013
2014 2014
2013 3 0.2% 4
GDP 3.5% 2.7%
63
67.76%
3D
2014 2013
2014
1
2014
64
67.76%
2013
2014
“ ”
“ ” “ ”
2
“ ”
“ ”
,
“ ” “ ”
3 2014
65
67.76%
2014 GDP 7.6%
2013 0.1 3.6%
7.6% 8.5% GDP
3.7 GDP 3.8
GDP 0.1 2014 GDP
7.4% 7.7% GDP
0.5
2013
2014
1
" "
GDP
2
1979
66
67.76%
" "
3
4 2013
5 2014
2014
2014
6 2014
67
67.76%
1
IOT Internet of Thing
RFID
RFID
68
67.76%
;
;
RFID(Radio Frequency
Identification) (RFID)
20 90
RFID
Internet
RFID
69
67.76%
RFID/
2009 RFID 85.1
29.3
2012-2013-
- -2013 2015
7500 30%
:
2
70
67.76%
3 35
2012 6
" " 2015
120
300
3 120
2013 5 3 " "
2013
4 17 2013
" "
71
67.76%
3
2011
2020
1
2006 2
RFID
72
67.76%
100
15 47
2.4G
RFID RFID
73
67.76%
2
9 6
RFID
3
2006 RFID
74
67.76%
RFID
RFID
1
2009 -2014 3
2
(1) RFID
75
67.76%
(2) RFID
RFID
(3)
2009 2010 2011 2012 2013 2014 1-3
1,250.44 1,677.22 7,918.29 6,756.31 8,427.97 2,621.47
48.00 1,746.40 1,466.43 3,195.18 5,378.49 618.77
2,032.84 6,823.41 1,062.11 264.45 1,024.54 296.00
3
5
2014
2014 4-12 2015 2016 2017 2018 2019
10,621.50 14,829.65 16,638.86 18,428.81 20,778.91 20,778.91
76
67.76%
2014 4-12 2015 2016 2017 2018 2019
6,961.64 8,661.16 9,898.38 11,312.44 12,924.52 12,924.52
17,583.14 23,490.81 26,537.24 29,741.25 33,703.43 33,703.43
RFID
RFID
1
2009 2010 2011 2012 2013 2014 1-3
987.46 1,123.17 5,142.57 4,100.50 6,099.26 1,063.24
- 569.65 839.65 1,228.20 1,898.42 316.16
1,782.24 6,504.15 916.99 214.20 336.27 248.44
2
77
67.76%
2014 4-12 2015 2016 2017 2018 2019
7,502.02 9,586.81 10,742.29 11,876.50 13,367.15 13,367.15
3,049.80 3,727.09 4,265.22 4,881.03 5,584.20 5,584.20
10,551.82 13,313.90 15,007.51 16,757.53 18,951.35 18,951.35
1
2009 ~2014 3 188.84
504.03 459.83 929.58 1,469.27 372.20
2009 ~2014 3
5.08% 4.74% 4.24% 8.70% 9.65% 10.17%
2014 1-3
2
2009 ~2014 3 1,224.79
1,283.13 1,495.20 2,441.46 3,220.58
820.07 2009 ~2014 3
32.97% 12.06% 13.77% 22.85% 21.14% 22.41%
78
67.76%
2014 1-3
3
5,400.00
2014 5 2000
17% 5%
7% 3% 2% 15%
2018 25%
2009 2014 1-3
68.44 126.50 190.54 309.59
264.43 48.12 1.84%
1.19% 1.76% 2.90% 1.74% 1.31% 2013 2014
1-3
79
67.76%
127.32
80
67.76%
= -
= + + -
= /
= + -
1
= /
81
67.76%
= /
= /
17%
2008 4
2012 6
2012 2013 2014 1-3
15%
82
67.76%
2014 -2017 15%
2018 25%
2014 4-12 2015 2016 2017 2018 2019
17,953.19 23,984.21 27,030.64 30,234.65 34,196.83 34,196.83
10,684.06 13,490.22 15,183.83 16,933.85 19,127.67 19,127.67
268.46 368.81 416.63 466.94 529.14 529.14
1,836.81 2,473.87 2,682.62 2,897.70 3,168.54 3,168.54
2,841.85 3,990.47 4,573.90 5,104.43 5,288.11 5,288.11
357.72 518.52 518.52 518.52 518.52 518.52
1,964.29 3,142.32 3,655.14 4,313.21 5,564.85 5,564.85
1,739.57 2,843.00 3,317.80 3,935.88 5,138.07 5,138.07
262.99 426.45 497.67 590.38 1,284.52 1,284.52
1,476.58 2,416.55 2,820.13 3,345.50 3,853.55 3,853.55
317.48 423.95 423.95 423.95 423.95 423.95
20.46 27.28 27.28 27.28 27.28 27.28
304.06 440.74 440.74 440.74 388.89 388.89
-1,975.48 1,612.75 1,953.76 2,050.05 2,426.79 0.00
337.94 451.23 451.23 451.23 451.23 451.23
3,756.12 1,244.54 1,307.11 1,736.19 1,815.65 4,242.44
1 rf
83
67.76%
rf
rf=3. 94%
1 100902 0902 20 0.0390
2 100903 0903 10 0.0307
3 100905 0905 30 0.0406
4 100907 0907 10 0.0304
5 100911 0911 15 0.0372
6 100912 0912 10 0.0311
7 100916 0916 10 0.0351
8 100920 0920 20 0.0404
9 100923 0923 10 0.0347
10 100925 0925 30 0.0422
11 100927 0927 10 0.0371
12 100930 0930 50 0.0435
13 101002 1002 10 0.0346
14 101003 1003 30 0.0412
15 101007 1007 10 0.0339
16 101009 1009 20 0.0400
17 101012 1012 10 0.0328
18 101014 1014 50 0.0407
19 101018 1018 30 0.0407
20 101019 1019 10 0.0344
21 101023 1023 30 0.0400
22 101024 1024 10 0.0331
23 101026 1026 30 0.0400
24 101029 1029 20 0.0386
25 101031 1031 10 0.0332
26 101034 1034 10 0.0370
27 101037 1037 50 0.0445
28 101040 1040 30 0.0427
29 101041 1041 10 0.0381
30 101102 1102 10 0.0398
31 101105 1105 30 0.0436
32 101108 1108 10 0.0387
33 101110 1110 20 0.0419
34 101112 1112 50 0.0453
84
67.76%
35 101115 1115 10 0.0403
36 101116 1116 30 0.0455
37 101119 1119 10 0.0397
38 101123 1123 50 0.0438
39 101124 1124 10 0.0360
40 101204 1204 10 0.0354
41 101206 1206 20 0.0407
42 101208 1208 50 0.0430
43 101209 1209 10 0.0339
44 101212 1212 30 0.0411
45 101213 1213 30 0.0416
46 101215 1215 10 0.0342
47 101218 1218 20 0.0414
48 101220 1220 50 0.0440
49 101221 1221 10 0.0358
50 101305 1305 10 0.0355
51 101309 1309 20 0.0403
52 101310 1310 50 0.0428
53 101311 1311 10 0.0341
54 101316 1316 20 0.0437
55 101318 1318 10 0.0412
56 101319 1319 30 0.0482
57 101324 1324 50 0.0538
58 101325 1325 30 0.0511
0.0394
2 rm
1992 5 21
2013 12 31
rm=10.19%
3 e 2011 3 2014
3 150
x= 1.0374 12 t=
1.0250 11 u=
85
67.76%
0.7045 10 e=
0.7803
4 re
0.03
9 re
re=0.0394+ 0.7803× 0.1019-0.0394 + 0.0300
= 0.1182
5 2008 4
2012 6
2012
2013 2014 1-3 15%
2014 -2017 15% 2018 25%
6 7 8 Wd= 0.1123
We= 0.8877
7 rd= 0.0592
8 r 6
r = rd×wd + re×we
= 0.0592×0.1123+0.1182×0.8877
=0.1116
9
2015 2016 2017 2018 2019 2020
86
67.76%
0.1116 0.1116 0.1116 0.1108 0.1108 0.1108
3
30,994.33
2014 3 31
1 C1
C1=0
2 C2
C2=-141.45
4
:
C= C1 +C2=-141.45
2014 3
31 20,000,000.00
17,665.40
87
67.76%
1
= +
( )
= 30,994.33+ 17,665.40 +-141.45
= 48,518.28
2
D= 5,450.00 1
:
E=B-D=48,518.28- 5,450.00=43068.28
88
67.76%
2014 3 31
31,538.52 53,621.66
22,083.14 70.02 %
13,982.56 13,181.01
801.55 5.73%
17,555.96 40,440.65
22,884.69 130.35%
2014 3 31
B C D=C-B E=D/B×100%
1 23,326.60 23,462.50 135.90 0.58
89
67.76%
B C D=C-B E=D/B×100%
2 8,211.92 30,159.16 21,947.24 267.26
3 - - -
4 - - -
5 - - -
6 2,000.00 17,665.40 15,665.40 783.27
7 - - -
8 5,968.86 11,774.73 5,805.87 97.27
12 - - -
13 - - -
14 - - -
15 - - -
16 - - -
17 127.32 603.28 475.96 373.83
22 115.74 115.74 0.00 0.00
23 - - -
24 31,538.52 53,621.66 22,083.14 70.02
25 13,039.56 13,039.56 - -
26 943.00 141.45 -801.55 -85.00
27 13,982.56 13,181.01 -801.55 -5.73
28 17,555.96 40,440.65 22,884.69 130.35
22,884.69
1 103.81
90
67.76%
2 15,665.40
3 5,782.28
4 475.96
DCF
2014 3 31
17,555.96 43,068.28
25,512.32 145.32%
1
43,068.28
40440.65 2627.63
6.50%
1
2
91
67.76%
2
43,068.28
67.76% 29183.07
1 765
2948770
0513 -027
2 765
92
67.76%
2851482
DB1300000139054
93
6
510700000059847
1994 12 26
1
259
510700000047992
1991 11 28
259
510000000080272 6-5
2000 7 31
2
1
765
510109000057444
3
2
2006 2 28
3,000.00 2,850.00
95%
90.00 3%
60.00 2%
2006 2 22 2006 004
2008 9 20
[2008]91 2008
6 30 3,000.00 3,410.84
3,000.00 3,000.00
2,638.65 5,638.65
5,488.65 97.34%
90.00 1.60% 60.00 1.06%
2008 12 25
2008 022
2011 2 26 2010 12 31
2011 3 17
2011 15 2011 3 20
2010 12 31
XYZH/2010CDA3023-2 2010 12 31
63,176,697.89
4
56,386,500 1:1 56,386,500
6,790,197.89
2011 8 26 2011 56
2011 8 22
8,000,000.00
XYZH/2011CDA3022
2011 11 4 2011
2011 11 22
2,613,500
2 2,613,500.00
2,613,500.00
67,000,000.00
2012 4 1 150,000.00
30,000.00 30,000.00
30,000.00 20,000.00
20,000.00 20,000.00
100,000.00 80,000.00 20,000.00
2012 6 27 100,000.00
2012 7 27 2012 4
2012 8 14
5
2012 42
14,000,000
1 4.2
14,000,000.00 44,800,000.00
81,000,000.00
2013 4 23 80,000.00
50,000.00 30,000.00
2013 5 7 60,000.00
80,000.00
150,000.00 50,000.00
100,000.00
2013 12 18
50,000.00 15,000.00
15,000.00 15,000.00
15,000.00 20,000.00 30,000.00
10,000.00
2014 3 24 ( 51340119790514****
100,000.00 20,000.00
( 51290319770124**** 40,000.00
20,000.00 20,000.00
30,000.00 20,000.00
( 51290319770124**** 10,000.00
30,000.00
8,100.00
6
1 54,886,500.00 67.76%
2 900,000.00 1.11%
3 600,000.00 0.74%
4 2,613,500.00 3.23%
5 52 8,000,000.00 9.88%
6 5,000,000.00 6.17%
7 4,500,000.00 5.56%
8 500,000.00 0.62%
9 1,800,000.00 2.22%
10 1,500,000.00 1.85%
11 700,000.00 0.86%
81,000,000.00 100.00%
3
2012 12 31 2013 12 31 2014 3 31
253,718,251.20 336,939,453.18 315,385,226.59
90,124,528.92 166,512,032.78 139,825,615.71
163,593,722.28 170,427,420.40 175,559,610.88
2012 2013 2014 1-3
106,829,191.42 152,315,814.88 36,595,946.29
14,513,878.72 18,990,546.73 5,824,441.94
11,823,648.52 17,363,698.12 5,132,190.48
4
1
1 1 12 31
2
7
3
4
5
1
8
2
33
6
3
7
1
9
2
8
1
10
( )
11
2
12
3
13
9
3
1
100
2
14
% %
1 1.50 1.50
1-2 5.00 5.00
2-3 15.00 15.00
3 50.00 50.00
3
10
15
11
16
17
12
18
13
1
2000
2
3
5% 30 3.17%
5% 10 9.50%
19
5% 8 11.875%
5% 8 11.875%
3%-5% 5 19.4%-19%
5% 5 19%
5% 8 11.875%
4
5
20
14
21
15
1
3
16
22
17
1
2
3
23
4
5
18
24
19
20
21
25
22
26
23
1
1 2
3
2
1
2
27
24
1
2
3
4
25
1
28
26
27
29
28
29
30
30
1
2
31
5
1
17%
6%
3% 5%
7%
3%
2%
15%
*
15%
2014 4 18
2014 5 5
32
67.76%
315,385,226.59 139,825,615.71
175,559,610.88 233,265,996.70
82,119,229.89 130,395,615.71 9,430,000.00
RFID
33
2014 3 31
1
315,385,226.59
139,825,615.71 175,559,610.88
233,265,996.70 82,119,229.89
130,395,615.71 9,430,000.00
2
7,844.28
24.87%
34
1 765
A
2
3 2006
765
3 2014 4 20 2014 4
30
4
1
2
35
5
5
2014
2014 4-12 2015 2016 2017 2018 2019
17,953.19 23,984.21 27,030.64 30,234.65 34,196.83 34,196.83
10,684.06 13,490.22 15,183.83 16,933.85 19,127.67 19,127.67
268.46 368.81 416.63 466.94 529.14 529.14
1,836.81 2,473.87 2,682.62 2,897.70 3,168.54 3,168.54
2,841.85 3,990.47 4,573.90 5,104.43 5,288.11 5,288.11
357.72 518.52 518.52 518.52 518.52 518.52
1,964.29 3,142.32 3,655.14 4,313.21 5,564.85 5,564.85
36
1,739.57 2,843.00 3,317.80 3,935.88 5,138.07 5,138.07
262.99 426.45 497.67 590.38 1,284.52 1,284.52
1,476.58 2,416.55 2,820.13 3,345.50 3,853.55 3,853.55
317.48 423.95 423.95 423.95 423.95 423.95
20.46 27.28 27.28 27.28 27.28 27.28
304.06 440.74 440.74 440.74 388.89 388.89
-1,975.48 1,612.75 1,953.76 2,050.05 2,426.79 0.00
337.94 451.23 451.23 451.23 451.23 451.23
3,756.12 1,244.54 1,307.11 1,736.19 1,815.65 4,242.44
1
2
3
4
5
6
37
67.76%
( - )
[2014] 350
67.76%
............................................ 1
.............................. 2
........................................................ 3
........................................................... 3
.............................................................. 5
................................................................ 5
.......................................................... 12
.............................................................. 23
............................................................ 26
...................................................................................... 26
...................................................................................... 27
.................................................. 30
...................................................... 36
.......................................................................... 46
................................................................ 60
...................................................................................... 60
.............................................................................. 63
67.76%
2
67.76%
( )
134,648,563.87 91,335,833.66
43,312,730.21 73,395,710.63
61,252,853.24 52,735,833.66
38,600,000.00
2014
3 31
( )
1,374.56
10.21% ( )
3
67.76%
( )
3
( )
2014 3 31
( )
( )
4
67.76%
( )
( )
1
2
3
4
( )
1
5
67.76%
2
(1)
13,733,987.26 133,176.12
12,200,811.14 1,400,000.00
133,176.12
“ ”
12,200,811.14
1,400,000.00
13,733,987.26
(2)
200,000.00
6
67.76%
200,000.00
3
38,405,853.80 788,164.17
37,617,689.63
1
1.5% 1 2
5% 2 3
15% 3 50%
381,336.57
7
67.76%
20,458,736.98 1.5% 306,881.05
1-2 371,514.74 5% 18,575.74
2-3 372,531.84 15% 55,879.78
338,062.87
38,024,517.23 406,827.60
1.08%
(3)
6,079,173.30
6,079,173.30
(4)
3,681,039.00 1,223,274.30
2,457,764.70
0.00
1
8
67.76%
1.5% 1 2
5% 2 3
15% 3
50% 1,105,359.45
867,900.00 1.5% 13,018.50
1-2 256,819.00 5% 12,840.95
3 2,159,000.00 50% 1,079,500.00
1,105,359.45
2,575,679.55 117,914.85
4.80 %
(5)
13,307,095.74
337,057.19 0
337,057.19
9
67.76%
337,057.19
990,701.45 0
990,701.4
= × × 1- -
- × - × 1- ×r
a
b
c
d. = ÷ ;
e. ;
f. r
r 0 50%
10
67.76%
100%
1,122,038.84 131,337.39
13.26%
JZRD-TS01
= 1- -
- - 1- r
JZRD-TS01
4786.32 / 4.01%
2.73% 16.81% 15%
=4786.32 1-4.01%- 2.73%-16.81% 15%-16.81% 1-15%
0.5
= 4,001.09 ( )
4,001.09 / 219
:
4,001.09 219 = 876,238.71
11,795,905.83
11
67.76%
11,795,905.83
183,431.27
211,400.32 27,969.05
15.25%
13,307,095.74 13,466,405.31
159,309.57 1.20%
( )
4,000,000.00
4,029,143.73 29,143.73
12
67.76%
0.73%
( )
3,290,750.00
3,290,750.00
( )
1
2014 3 31
925,626.54 438,479.99
4 553,679.00 309,991.86 ;
52 371,947.54 128,488.13
2
13
67.76%
3
1
“ ”
“ ”
2
3
14
67.76%
4
= ×
1
1
= + +
= + ×10%+
2
1 / ×100%
3
×
3
1
2
15
67.76%
= + 100%
3
×
4
5
1
925,626.54 438,479.99
720,919.01 602,906.00 204,707.53
22.12% 164,426.01 37.50%
553,679.00 309,991.86
511,700.00 456,504.00 41,979.00
7.58% 146,512.14 47.26%
371,947.54 128,488.13
209,219.01 0 146,402.00 162,728.53
43.75 % 17,913.87 13.94 %
1
2
16
67.76%
6
1
1
BFR153 50003
2010 5 2010 5
259,626.00 154,520.86
188
LB8
(ml) 2490 (kw) 112
(mm) 5100 1847 1729(mm)
2398(Kg) 1804(Kg)
7( )
/ 18.1/16.9( ) / 953/1100(mm)
1247/1151 3047(mm)
2 168(km/h)
11.50 -/-
4 215/70R15
1562 1608
GB18352.3-2005
20090402
17
67.76%
2
250,000.00 250,000.00/1.17=
213700
10%
300.00
= 213700+213700×10%+300.00
= 235,400.00
3
[1997]456 “ ”
600000 50003
=(1 / )×100%
=(1 50003/600000)×100%=83%
92%
A
B
C
D
18
67.76%
E
92%
4
= ×
= 235,400.00×92%
= 216,568.00
( )
3
1
2
1
2
400
19
67.76%
319
2,884
3
1
2
=A/R×[1-1/(1+R)N]
A ( = - )
= ×(1-
)
20
67.76%
=
R
N
4
53,221,907.48 59,320,200.00
6,098,292.52 11.46%
5
3
1
2
2011
2 5
2011 10
2012 7
21
67.76%
3
2014 3 31
2,884.00
0.00 /
2.77
26,726,886.35
9%
24,321,466.58
17,754,670.60
10,541,528.48
7,213,142.12
1,216,073.33
15,892,251.13
12.00% re
35,681,100.00
( )
301,715.77
22
67.76%
301,715.77
( )
1
1,400,000.00
1,400,000.00
2
22,830,087.50
22,830,087.50
2
4,545,739.38
23
67.76%
4,545,739.38
3
250,573.49
250,573.49
5
693,514.59
693,514.59
6
23,015,918.70
23,015,918.70
( )
1
35,000,000.00
24
67.76%
35,000,000.00
2
3,600,000.00
2013 7
540,000.00
25
67.76%
1
2
3
4
5
6
26
67.76%
DCF
DCF
1
27
67.76%
2
3
E B D 1
E
B
B P Ci
2
P
n
Ri Rn
P
i 1 (1 r ) i r (1 r ) n 3
Ri i
Rn
r
n
i
C i C1 C2 4
C1
28
67.76%
C2
D
2
R= + + - 5
3
WACC r
r rd wd re we 6
rd
rd ro (1 t ) 7
r0
t
Wd
D
wd
(E D) 8
We
E
we
(E D) 9
re CAPM
re
29
67.76%
re rf (rm rf )
e
10
rf
rm
e
D
e u (1 (1 t ) ) 11
E
u
t
u
Di
(1 (1 t)
Ei 12
t
t 34% K 66% x 13
K K=1
2011~2013
6 2014 ~2019
2019
30
67.76%
1
2
3
4
5
6
7
8
9
10
11
12
31
67.76%
13
14
15
16
17
18
19
20
32
67.76%
2014 3 31
1
2012 12 31 2013 12 31 2014 3 31
27,284,200.26 33,745,044.41 13,733,987.26
0.00
1,799,972.00 115,500.00 200,000.00
24,706,155.80 29,859,995.42 37,617,689.63
3,613,000.00 662,455.30 6,079,173.30
0.00
0.00
7,327,118.78 2,172,583.58 2,457,764.70
9,976,853.21 14,795,605.47 13,307,095.74
74,707,300.05 81,351,184.18 73,395,710.63
4,000,000.00
2,735,000.00 2,324,750.00 3,290,750.00
33
67.76%
2012 12 31 2013 12 31 2014 3 31
813,907.29 925,626.54 925,626.54
402,428.89 460,187.91 487,146.55
411,478.40 465,438.63 438,479.99
411,478.40 465,438.63 438,479.99
46,820,553.10 56,867,170.48 53,221,907.48
392,280.68 455,677.48 301,715.77
50,359,312.18 60,113,036.59 61,252,853.24
125,066,612.23 141,464,220.77 134,648,563.87
2,000,000.00
0.00
4,841,100.00 5,068,782.00 1,400,000.00
23,679,364.72 25,518,252.94 22,830,087.50
15,120,814.00 4,854,874.64 4,545,739.38
135,219.00 1,121,928.40 250,573.49
1,894,789.67 2,711,725.13 693,514.59
0.00
0.00
21,473,215.21 22,951,888.86 23,015,918.70
0.00
0.00
69,144,502.60 62,227,451.97 52,735,833.66
25,000,000.00 35,000,000.00 35,000,000.00
0.00 0.00
3,600,000.00 3,600,000.00
34
67.76%
2012 12 31 2013 12 31 2014 3 31
25,000,000.00 38,600,000.00 38,600,000.00
94,144,502.60 100,827,451.97 91,335,833.66
20,000,000.00 20,000,000.00 20,000,000.00
1,167,937.66 2,634,903.58 2,634,903.58
9,754,171.97 18,001,865.22 20,677,826.63
30,922,109.63 40,636,768.80 43,312,730.21
125,066,612.23 141,464,220.77 134,648,563.87
2
2012 2013 2014 1-3
79,877,178.03 85,583,802.80 16,734,709.01
53,185,554.16 49,752,871.46 8,842,789.91
2,460,020.84 3,640,688.05 705,710.61
2,256,176.84 2,024,509.45 447,711.12
7,653,263.94 8,780,868.64 2,886,974.27
441,175.44 2,998,256.09 478,233.22
992,628.74 253,587.21 188,728.55
12,888,358.07 18,133,021.90 3,184,561.33
23,042.80 2,870.00 1.45
0.00 11,511.51 3,415.00
12,911,400.87 18,124,380.39 3,181,147.78
3,251,748.71 3,454,721.22 505,186.37
35
67.76%
2012 2013 2014 1-3
9,659,652.16 14,669,659.17 2,675,961.41
3
2014 3 31
3,500.00
2009
2010~2013
2014 2014
2013 3 0.2% 4
GDP 3.5% 2.7%
“ ”
“ ” “ ”
36
67.76%
3D
“ ”
“ ”
2014 2013
2014
37
67.76%
1
2014
2013
2014
“ ”
“ ” “ ”
2
“ ”
“ ”
,
“ ” “ ”
3 2014
38
67.76%
2014 GDP 7.6%
2013 0.1 3.6%
7.6% 8.5% GDP
3.7 GDP 3.8
GDP 0.1 2014 GDP
7.4% 7.7% GDP
0.5
2013
2014
1
" "
GDP
2
1979
39
67.76%
" "
3
4 2013
5 2014
2014
2014
6 2014
40
67.76%
2009
2008 2% 4
2011
853 13%
40% 30% 30% 6%
4G
41
67.76%
5 18 0.6% 95%
1
1
1
a. SoC TI
NXP
TI
b.
c.
42
67.76%
2
a.
b.
3
IPSAN
43
67.76%
4
a.
2010 340
5 25%
b. 2013
3 5 12
147 85 223
2,646 1 19.6
299.1
2013
30
50-60 30-40 10
300
4 IP
DVR
2
44
67.76%
MPEG-2 H.264 AAC G7xx AVS
3G
24
10
3
45
67.76%
BT build-transfer, - BTO build-operate-transfer, -
-
BT
1
2011 -2014 3
2
46
67.76%
2011 2012 2013 2014 1-3
8,145,701.95 47,566,138.77 46,201,093.34 7,838,556.51
12,134,265.41 8,310,747.05 842,315.50
17,702,191.73 26,610,002.50 8,053,837.00
3
47
67.76%
, 5
,
2014
2014 8838
2014 4-12 2015 2016 2017 2018 2019
44,152,104.74 53,493,399.54 59,678,262.28 66,605,308.54 72,336,720.65 78,753,469.96
2,526,946.50 4,043,114.40 4,851,737.28 5,822,084.74 6,986,501.68 6,986,501.68
24,973,275.58 35,138,025.91 36,491,175.56 36,489,723.56 36,327,033.56 36,327,033.56
4
1
48
67.76%
2011 2012 2013 2014 1-3
6,118,415.42 30,782,881.61 25,544,745.61 3,001,709.83
8,398,372.34 5,703,584.61 268,060.69
13,679,471.90 18,294,074.19 5,573,019.39
2
2014 4-12 2015 2016 2017 2018 2019
24,160,539.01 28,760,630.16 32,192,811.29 36,036,854.15 39,171,811.89 42,681,560.12
1,429,117.32 2,286,587.71 2,743,905.25 3,292,686.30 3,951,223.57 3,951,223.57
17,147,712.09 24,135,452.11 25,417,840.90 25,475,669.01 25,683,766.35 25,683,766.35
1
2011 ~2014 3 19.40
225.62 202.45 44.77 2011 ~2014 3
2.29% 2.82% 2.37% 2.68%
2014 1-3
49
67.76%
2
2011 ~2014 3 34.74
765.33 878.09 288.70 2011 ~2014 3
4.11% 9.58% 10.26% 17.25%
2014 1-3
3
3,500
17% 5%
7% 3% 2% 15%
2020 25%
2011 2012 2013 2014
1-3 48.89 246.00
364.07 70.57 5.78% 3.08%
4.25% 4.22% 2012 2014 1-3
50
67.76%
5,322.19
51
67.76%
= -
= + + -
= /
= + -
52
67.76%
1
= /
= /
= /
17%
2008 4
2013 11
53
67.76%
2014 1-3
15%
2014 -2019 15% 2020
25%
2014 4-12 2015 2016 2017 2018 2019
7,165.23 9,267.45 10,102.12 10,891.71 11,565.03 12,206.70
4,273.74 5,518.27 6,035.46 6,480.52 6,880.68 7,231.66
275.88 356.82 388.96 419.36 445.28 469.99
190.00 245.65 267.75 288.65 288.65 323.47
572.33 906.51 948.55 986.51 1,019.85 1,019.85
162.82 215.25 215.25 215.25 215.25 215.25
1,690.47 2,024.96 2,246.16 2,501.42 2,715.31 2,946.49
1,652.24 1,975.84 2,192.62 2,443.69 2,654.02 2,881.80
245.03 296.38 328.89 366.55 398.10 432.27
1,407.21 1,679.46 1,863.73 2,077.14 2,255.91 2,449.53
1.34 1.93 1.93 1.93 1.93 1.93
1,159.58 1,546.11 1,546.11 455.49 362.23 82.42
138.40 182.96 182.96 182.96 182.96 182.96
-979.21 53.32 141.21 762.17 161.85 273.78
1160.91 1548.03 1548.03 457.42 364.15 84.35
2,524.82 1,809.11 1,905.47 1,497.93 2,277.03 2,358.70
54
67.76%
1 rf
rf
rf=3. 94%
1 100902 0902 20 0.0390
2 100903 0903 10 0.0307
3 100905 0905 30 0.0406
4 100907 0907 10 0.0304
5 100911 0911 15 0.0372
6 100912 0912 10 0.0311
7 100916 0916 10 0.0351
8 100920 0920 20 0.0404
9 100923 0923 10 0.0347
10 100925 0925 30 0.0422
11 100927 0927 10 0.0371
12 100930 0930 50 0.0435
13 101002 1002 10 0.0346
14 101003 1003 30 0.0412
15 101007 1007 10 0.0339
16 101009 1009 20 0.0400
17 101012 1012 10 0.0328
18 101014 1014 50 0.0407
19 101018 1018 30 0.0407
20 101019 1019 10 0.0344
21 101023 1023 30 0.0400
22 101024 1024 10 0.0331
23 101026 1026 30 0.0400
24 101029 1029 20 0.0386
25 101031 1031 10 0.0332
26 101034 1034 10 0.0370
27 101037 1037 50 0.0445
55
67.76%
28 101040 1040 30 0.0427
29 101041 1041 10 0.0381
30 101102 1102 10 0.0398
31 101105 1105 30 0.0436
32 101108 1108 10 0.0387
33 101110 1110 20 0.0419
34 101112 1112 50 0.0453
35 101115 1115 10 0.0403
36 101116 1116 30 0.0455
37 101119 1119 10 0.0397
38 101123 1123 50 0.0438
39 101124 1124 10 0.0360
40 101204 1204 10 0.0354
41 101206 1206 20 0.0407
42 101208 1208 50 0.0430
43 101209 1209 10 0.0339
44 101212 1212 30 0.0411
45 101213 1213 30 0.0416
46 101215 1215 10 0.0342
47 101218 1218 20 0.0414
48 101220 1220 50 0.0440
49 101221 1221 10 0.0358
50 101305 1305 10 0.0355
51 101309 1309 20 0.0403
52 101310 1310 50 0.0428
53 101311 1311 10 0.0341
54 101316 1316 20 0.0437
55 101318 1318 10 0.0412
56 101319 1319 30 0.0482
57 101324 1324 50 0.0538
58 101325 1325 30 0.0511
0.0394
2 rm
1992 5 21
2013 12 31
rm=10.19%
56
67.76%
3 e 2011 3 2014
3 150
x= 1.0374 12 t=
1.0250 11 u=
0.7045 10 e=
0.8231
4 re
0.03
9 re
re=0.0394+0.8231× 0.1019-0.0394 + 0.0300
=0.1208
5 2008 4
2013 11
2014
1-3 15%
2014 -2019 15%
2020 25%
6 7 8 Wd= 0.1654
We=0.8346
7 rd= 0.0615
8 r 6
r = rd×wd + re×we
= 0.0615×0.1654+0.1208×0.8346
= 0.1095
57
67.76%
9
2015 2016 2017 2018 2019 2020
0.1095 0.1095 0.1095 0.1095 0.1095 0.1085
3
20,819.40
2014 3 31
1 C1
C1=400.00
2 C2
C2=-54.00
4
:
C= C1 +C2= 346.00
1
58
67.76%
P=20,819.40
C= 0 2
B=P+C
=20,819.40+346.00= 21,165.40
2
D=3,500.00 1
:
E=B-D= 21,165.40- 3,500.00= 17,665.40
59
67.76%
( )
13,464.86 14,162.45
697.59 5.18%
9,133.58 8,827.58
306.00 3.35
4,331.28 5,334.87
1,003.59 23.17% 6-1
6-1
2014 3 31
B C D=C-B E=D/B×100%
1 7,339.57 7,407.98 68.41 0.93
2 6,125.29 6,754.47 629.18 10.27
3 400.00 402.91 2.91 0.73
4 - - -
5 329.08 329.08 - -
6 - - -
7 - - -
8 43.85 60.29 16.44 37.49
12 - - -
60
67.76%
B C D=C-B E=D/B×100%
13 - - -
14 - - -
15 - - -
16 - - -
17 5,322.19 5,932.02 609.83 11.46
18 - - -
23 - - -
24 13,464.86 14,162.45 697.59 5.18
25 5,273.58 5,273.58 - -
26 3,860.00 3,554.00 -306.00 -7.93
27 9,133.58 8,827.58 -306.00 -3.35
28 4,331.28 5,334.87 1,003.59 23.17
1,003.59
1 2.91
2 15.93
3 16.44
4 - 609.83
( )
DCF
2014 3 31 4,331.28
61
67.76%
17665.40 13334.11
307.86 %
1
17665.40
5,334.87 12330.53
231.13%
(1)
(2)
2
17665.40
62
67.76%
5-10
2015
63