에코프로 (ECOPRO, 086520)
5/23 기준 94,000원
코스닥 2위
시가 총액 5/23 기준 12조 5,150 억 원
상장 주식 수 133,138,840
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오늘은 요즘 주식 시장에서 뜨거운 감자로 떠오르고 있는 ‘2차전지’ 종목에 대해 이야기해볼까 해요.
특히 그 중에서도 대장주로 꼽히는 ‘에코프로’에 대한 깊이 있는 분석을 준비해봤습니다.
에코프로의 기업 개요부터 재무제표 분석까지, 함께 자세히 들여다보도록 해요!
2차전지 산업의 현재와 미래 전망
전기차 시장의 급격한 성장과 함께 2차전지 산업은 최근 가장 핫한 분야 중 하나로 주목받고 있습니다.
전기차의 핵심 부품인 배터리를 생산하는 이 산업은 높은 성장 잠재력과 함께 글로벌 기업들의 투자가 집중되고 있습니다.
현재 2차전지 산업은 전기차 시장의 성장과 함께 빠르게 성장하고 있습니다.
전기차 시장은 기후변화 대응과 탄소중립 정책 추진으로 인해 전 세계적으로 수요가 증가하고 있으며,
이에 따라 전기차에 탑재되는 배터리 수요도 함께 증가하고 있습니다.
특히, 미국과 유럽 등 주요 자동차 시장에서 전기차 보급이 확대되면서 2차전지 산업의 성장세는 더욱 가속화될 것으로 전망됩니다.
또, 기존의 내연기관 자동차에서 전기차로의 전환이 빠르게 진행되면서,
2차전지 산업은 향후 10년간 연평균 30% 이상의 고성장을 이룰 것으로 예상됩니다.
이런 상황에서 국내 기업들은 글로벌 2차전지 시장에서 높은 경쟁력을 갖추고 있습니다.
대표적인 기업으로는 LG에너지솔루션, 삼성SDI, SK이노베이션 등이 있으며,
이들 기업은 기술력과 생산능력 면에서 세계적인 수준을 자랑하고 있습니다.
에코프로 소개: 비전과 사업영역
에코프로는 1998년 설립된 대한민국의 친환경 비즈니스 전문 기업으로,
대기오염 제어 관련 친환경 핵심소재 및 부품 개발과 수입대체 국산화에 기여하며
“다음 세대를 위한 깨끗한 환경”을 만들기 위해 노력하고 있습니다.
주요 사업 영역은 아래와 같이 네 가지로 분류됩니다.
1.환경사업 : 대기오염 방지 및 사후처리 부문인 유해가스 저감장치,
온실가스 저감장치, 대기환경 플랜트 등을 생산하고 있습니다.
국내 대부분의 대형 발전소와 화학공장에 당사의 제품이 설치되어 운영 중이며,
중국, 일본, 미국 등 해외시장에도 진출하였습니다.
2.전지재료 사업 : 리튬이온 이차전지의 핵심 소재인 양극활물질과 전구체를 생산, 판매하고 있습니다.
2016년 5월 양극소재 사업 전문화를 위해 종속회사인 (주)에코프로비엠을 설립하였으며,
2022년부터 2026년까지 총 5.4조 원을 투자하여 하이니켈계 NCA와 NCM 양극재 생산능력을 확대할 계획입니다.
3.기타 : 반도체 제조 공정용 케미컬 필터, 미세먼지 제거용 집진필터 등을
생산하고 있는 필터사업과 온실가스 저감 시스템 사업을 영위하고 있습니다.
에코프로의 경쟁력: 기술력과 시장 지위
양극 활물질 전구체, 양극 활물질, 폐배터리 리사이클 등 2차 전지 생태계 전반에 걸쳐 사업을 영위하고 있어,
2차 전지 업종 내 가장 강력한 수직 계열화를 구축했습니다.
R&D 역량 강화를 통한 기술경쟁력 확보에도 주력하고 있습니다.
2022년 기준 매출액 대비 R&D 비중은 9.5%로 업종 평균(6.0%) 대비 높은 수준이며,
국내외 총 1,100여 건의 특허를 보유하고 있습니다.
높은 시장 지위도 강점입니다.
2023년 기준 양극재 Capa는 18만 톤으로 유미코아(19만 톤), 포스코케미칼(18만 톤)에 이어 글로벌 3위권이며,
NCA(니켈·코발트·알루미늄) 분야에서는 스미토모메탈마이닝에 이어 글로벌 2위입니다.
재무제표 기초 이해: 수익성과 안정성 평가
기업의 재무상태와 경영성과를 나타내는 자료로 투자 결정에 중요한 판단 근거가 됩니다.
그중에서도 수익성과 안정성은 투자자가 가장 기본적으로 확인해야 하는 지표입니다.
수익성 평가는 일정 기간 동안 기업이 얼마나 많은 이익을 창출했는지를 측정하는 지표입니다.
대표적으로 영업이익률, 순이익률 등이 있습니다.
높을수록 좋은 성과를 냈다는 뜻이고, 낮을수록 좋지 않은 상황이라는 의미입니다.
에코프로의 최근 5개년 수익성 지표를 보면, 매년 개선되고 있는 모습을 확인할 수 있습니다.
특히, 22년도에는 매출액 증가와 더불어 판관비율 하락으로 영업이익률이 전년 대비 4.9%p 상승한 16.8%를 기록했습니다.
23년도 반기 역시 매출액 증가와 원가율 개선으로 영업이익률이 20.7%까지 상승했습니다.
이러한 추세라면 23년도 연간으로도 우수한 수익성을 달성할 것으로 기대됩니다.
에코프로 재무제표 상세 분석
앞서 살펴봤듯이 에코프로는 2차전지 대장주로 불리며 높은 수익성을 보여주고 있습니다.
이번에는 좀 더 자세히 살펴보기 위해 주요 재무 항목들을 분석해 보겠습니다.
먼저 유동자산과 유동부채를 비교해보면,
유동비율(유동자산/유동부채)은 2022년 기준 237.5%로 양호한 수준입니다.
1년 이내에 현금화할 수 있는 자산이 1년 이내에 상환해야 할 부채보다 2.37배 많다는 뜻이므로
단기적인 채무 상환 능력이 충분하다고 판단됩니다.
자본총계와 부채 총계를 비교해서 보는 부채비율(부채 총계/자본 총계)은 2022년 기준 104.6% 입니다.
일반적으로 100% 이하를 적정 수준으로 보지만 업종 특성상 다소 높게 나타나는 경향이 있으므로 참고하시기 바랍니다.
다만, 2021년 대비 32.0%p 감소하며 재무 안정성이 개선되고 있음을 알 수 있습니다.
에코프로의 성장 전략과 투자 포인트
에코프로는 적극적인 M&A와 해외 진출을 통해 성장 동력을 확보하고 있습니다.
2023년부터 미국 인플레이션 감축법(IRA)이 시행되면서 북미 지역에서의 배터리 수요가 증가할 것으로 예상되는 가운데,
에코프로는 미국 조지아주에 양극재 생산 공장을 건설하고 있습니다.
또 유럽 시장에도 진출하기 위해 헝가리에도 양극재 공장을 세울 계획입니다.
이러한 공격적인 투자를 바탕으로 향후에도 높은 성장세를 이어갈 것으로 기대됩니다.
특히 전기차 시장의 성장과 함께 2차 전지 소재 수요가 지속적으로 증가할 것으로 예상되는 바,
해당 분야에서 선도적인 지위를 유지하고 있는 에코프로의 미래는 밝다고 볼 수 있습니다.
리스크 요인과 향후 과제
공격적인 투자로 인해 재무 안정성이 다소 떨어질 수 있다는 점은 리스크 요인 중 하나입니다.
대규모 시설 투자와 인력 채용으로 인해 차입금이 증가하고 있으며,
이로 인해 이자비용 부담이 커질 수 있습니다.
또 원재료 가격 상승 역시 수익성에 부정적인 영향을 미칠 수 있으므로 주의해야 합니다.
해외 진출 과정에서 현지 정부와의 규제나 인프라 부족 등의 문제가 발생할 수도 있어 철저한 대비가 필요하며,
기존 사업과의 시너지 효과를 극대화하는 한편, 신규 사업에서도 경쟁력을 확보해야 하는 과제도 안고 있습니다.
투자자를 위한 결론 및 전망
에코프로는 2차전지 시장의 성장세에 힘입어 높은 실적 성장세를 이어가고 있으며,
적극적인 투자를 통해 미래 성장동력을 확보하고 있는 점이 긍정적입니다.
전기차 시장의 성장과 함께 2차전지 수요가 지속적으로 증가할 것으로 예상되고 있으며,
해외 진출을 통해 시장 지배력을 더욱 강화할 것으로 기대됩니다.
하지만 앞서 언급한 바와 같이 재무 안정성에 대한 우려와 각종 불확실성이 존재하기 때문에,
투자 전에는 반드시 면밀한 검토가 필요합니다.
오늘은 이렇게 2차전지 관련주인 에코프로에 대해 자세히 알아봤는데요.
앞으로도 다양한 주식 정보들을 알려드릴 테니 기대해 주세요~
※개인적인 의견이므로 투자 판단은 본인에게 책임이 있습니다.
“이 포스팅은 쿠팡 파트너스 활동의 일환으로, 이에 따른 일정액의 수수료를 제공받습니다.”
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Cash deposits are not accepted on 24Option. Also, the Forex broker does not accept any third-party payments. It is mandatory for the depositor to own the account. For withdrawal, it is necessary for the client to be verified. For the client, KYC verification is required for which a document for ‘proof of residence’ and ‘proof of ID’ need to be submitted. Learn about forex day trading, how it works, and the best daily forex trading strategy for beginners and intermediate traders Traders eager to expand their current trading from binary options need to download this platform and open up positions on Forex and CFDs. Established in 2010 and regulated by the Cyprus Securities and Exchange Commission (CySEC), 24Option is a reputable and award-winning online broker that offers a comprehensive trading package that includes forex, CFDs, stocks, indices, and binary options. The broker’s dedication to providing a user-friendly and intuitive trading experience is evident in its proprietary trading platform, which offers access to over 270 underlying assets, as well as its support for the popular MetaTrader 4 platform.
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