한국타이어 기업분석

소개글

한국타이어 기업분석에 대한 보고서 자료입니다.

목차

１．기업소개 ···············································································································································
　１）한국타이어 ······································································································································
　２）넥센타이어 ······································································································································
　
２．산업분석 ···············································································································································
１）타이어산업의 정의 및 특징 ····································································································
２）타이어산업의 구조 ······················································································································ ３）타어어산업의 전망 ······················································································································
４）타이어산업의 수급분석 ·············································································································
５）타이어산업의 생산위험 ·············································································································
６）타이어산업의 산업구조분석 ····································································································
７）타이어산업의 산업분석 결론 ··································································································

3． 영업분석 ···············································································································································
１）사업구성 및 시장구조 ················································································································
２）시장점유율 ······································································································································
３）매출창출력 ······································································································································
４）내부경쟁력 원천 ···························································································································
５）사업전략 ···········································································································································
６）리스크관리 ·······································································································································
７）SWOT분석 ········································································································································
８）영업분석 ···········································································································································

4． 경영관리분석 ······································································································································
１）지분구조 ···········································································································································
２）감사구조 ···········································································································································
３）신용분석 ···········································································································································

5． 재무분석 ···············································································································································
１）표준재무제표 ·································································································································
２）손익계산서 ·················································

본문내용

산이 많기 때문에 +를 보였지만 넥센은 까지 내려갔다. 매출 원가 비율은 비슷하지만 2011년 앞서 말한 원자재 가격상승과 금융위기, 유럽 발 재정위기로 인하여 두 기업 모두 75%까지 상승하였다. 손익계산서에서 판관비 비율이 차이가 나는 것으로 보일수도 있는데 이는 계정이 다르지만 (넥센은 물류원가 + 판관비 한국은 판관비 + 관리비) 결과적으로는 비슷함을 볼 수 있다.
４）표준 손익계산서와 수익성 비율
한국타이어
(2)주요 수익성 비율
2013
2011
2010
매출총이익
33.36%
25.81%
30.04%
NOPAT
10.91%
6.66%
8.96%
당기순이익(손실)
10.40%
5.47%
8.54%
EBITDA마진
20.43%
14.55%
17.21%
넥센타이어
(2)주요 수익성 비율
2013
2012
2011
2010
2009
매출총이익
28.29%
26.77%
24.16%
30.25%
32.13%
NOPAT
8.52%
9.15%
6.53%
10.10%
당기순이익(손실)
7.17%
7.87%
6.12%
9.33%
11.09%
EBITDA마진
16.03%
15.36%
11.45%
15.40%
22.46%
５）자산 활용도를 나타내는 기간
한국타이어
　한국타이어
2013
2011
2010
매출채권회수기간
61.49일
79.67일
63.50일
재고기간
114.09일
100.79일
90.36일
매입채무상환기간
71.67일
67.78일
75.22일
넥센타이어
　넥센타이어
2013
2011
2010
매출채권회수기간
59.30일
69.15일
48.12일
재고기간
77.57일
92.73일
84.18일
매입채무상환기간
16.42일
25.21일
25.88일
여기서 또한 2011년 매출채권 회수기간과 재고기간이 올라간 것을 볼 수 있는데 이 또한 앞서 말한 위기로 인한 변동으로 생각 된다.
６）수익성 분석
전통적 ROE 분해
한국타이어　
2013
2011
2010
순이익마진(ROS)
10.40%
5.47%
8.54%
총자산회전율
90.90%
87.26%
88.37%
ROA
9.45%
4.78%
7.55%
총자산/자기자본(leverage)
198.18%
231.18%
211.21%
ROE
18.73%
11.04%
15.94%
　넥센타이어
2013
2011
2010
순이익마진(ROS)
7.17%
6.12%
9.33%
총자산회전율
75.15%
74.51%
91.24%
ROA
5.39%
4.56%
8.51%
총자산/자기자본(leverage)
288.56%
339.02%
260.45%
ROE
15.55%
15.45%
22.18%
현대적인 ROE 분해
　한국타이어
2013
2011
2010
NOPAT마진
10.91%
6.66%
8.96%
순영업자산회전율
134.44%
123.88%
131.50%
영업ROA
14.66%
8.25%
11.78%
스프레드
14.00%
6.84%
11.25%
순재무레버리지(손부채/자기자본)
39.05%
69.63%
47.61%
재무레버리지이득
5.47%
4.76%
5.36%
ROE
20.13%
13.02%
17.14%
순재무레버리지(손자산/자기자본-1)
34.00%
62.84%
41.94%
ROE'
19.42%
12.55%
16.50%
넥센타이어　
2013
2011
2010
NOPAT마진
8.52%
6.53%
10.10%
순영업자산회전율
97.76%
106.60%
132.84%
영업ROA
8.33%
6.96%
13.42%
스프레드
6.07%
6.26%
11.48%
순재무레버리지(손부채/자기자본)
129.37%
148.83%
94.34%
재무레버리지이득
7.85%
9.32%
10.83%
ROE
16.18%
16.28%
24.25%
순재무레버리지(손자산/자기자본-1)
121.82%
136.97%
78.89%
ROE'
15.73%
15.54%
22.48%
넥센은 부채 비중이 높아서 레버리지가 높다. 또한 총자산회전율이 떨어지는 것을 볼 수 있는데, 이는 앞서 말한 공장 때문으로 판단하였다. 현대적 전통적 ROE가 비슷하다. NOPAT은 한국은 상승세, 넥센은 하락세를 볼 수 있다. 또한 넥센은 영업 ROA가 떨어지면서 스프레드도 같이 하락 하였다.
6. 결론
한국타이어는 국내 1위의 타이어 업계로서 높은 시장점유율과 기술력, 인지도를 바탕으로 안정적인 수익을 올리고 있다. 산업위험에 있어서도 치열한 경쟁과 원자재 공급 리스크, 환 리스크 등의 위협요인이 존재하지만 높은 진입장벽과 대체 불가능한 타이어의 특성, 그리고 시장에서의 확고한 지위를 바탕으로 한 구매자와의 교섭력에서 우위 등을 바탕으로 보면 전체적으로 수익성이 높다. 전방산업인 자동차 산업이 성장하고 있다는 점도 수익성을 높이는 요인이다. 영업측면에서는 넥센타이어를 포함한 점유율이 낮은 업체들과의 기술력 차이가 점차 좁혀지고, 마케팅적으로도 타 업체와 큰 차별화를 두기가 어려워지는 등의 위협요인이 존재하지만 여전히 높은 인지도와 좋은 품질, 적절한 마케팅으로 높은 점유율을 굳건히 하고 있다. 뿐만 아니라 해외에서는 철저한 현지화와 대규모 투자를 통해 공장을 확충하고 좋은 이미지를 얻으면서 중국시장에서는 이미 점유율 1위 기업으로 올라섰고 미국에서도 점유율을 늘려가는 추세다. 그리고 해외거래가 많아짐에 따라 수반되는 원자재 리스크와 환 리스크는 여러 가지 리스크 관리로 관리하고 있다. 원자재 리스크의 경우에는 장기계약 방식으로 리스크를 줄이려고 노력하고 있으며 환 리스크는 다양한 외국통화 보유, 현지통화로 계약 체결, 외환 자산과 부채를 일치시키는 자연적 헤지 등을 통해 관리하고 있다. 경영관리측면에서는 신용등급 AA로써 국내 업계 중 가장 양호한 상태이고 경영진의 독단적인 경영이나 비상식적인 경영 등의 경영위험은 보이지 않는다. 마지막으로 재무 상태를 보자면 업계평균이상의 영업이익을 기록하고 있고 ROA나 ROE같은 자산 활용지표도 양호한 모습을 보여주고 있다. 유동비율도 큰 변동 없이 안정적으로 유지되고 있는 상태다. 넥센타이어는 한국타이어와 비교했을 때 모든 부분에서 뒤처지는 것이 사실이지만 안정적인 재무 상태와 높은 R&D비율, 과감한 투자 등을 바탕으로 한국타이어를 빠르게 추격하고 있는 추세이다.

키워드

한국타이어,   기업분석,   재무분석,   영업분석,   기업분석 보고서,   기업경영분석