조선대 증권투자연구회(BI-CLUB)

<DIV> <P></P> <DIV> <P>기아차(000270, KS) / 운수장비</P> <P> </P> <P>일자 : 2012. 03.19</P> <P> </P> <P> </P> <P> <TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-COLLAPSE: collapse; FONT-FAMILY: ; FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" class=txc-table border=0 cellSpacing=0 cellPadding=0 width=700> <TBODY> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; WIDTH: 100%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> <P> 현황</P> <P>  ▶ K시리즈, 스포티지R등 의 돌풍으로 급격한 외형성장을 이룰수 있었던 2010, 2011년</P> <P>  ▶ 평균판매단가(ASP) 또한 상승해 외형성장 뿐만 아니라 수익성 개선까지 함께 이룰수 있었음(현대차 대비 1.5배 높은 ROE)</P> <P>  ▶ 중형차 뿐만 아니라 새로 출시된 레이 또한 엄청난 돌풍을 일으키며 성장하고 있음</P> <P>  ▶ 이에 맞춰 서산공장과 미국공장에서의 CAPA확대(60만대 → 65.3만대)</P></TD></TR></TBODY></TABLE></P> <P> </P> <P> </P> <P> <TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-COLLAPSE: collapse; FONT-FAMILY: ; FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" class=txc-table border=0 cellSpacing=0 cellPadding=0 width=700> <TBODY> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; BORDER-LEFT: #000 1px solid; WIDTH: 100%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> <P> 전망 </P> <P>  ▶ 4월 싼타페dm, 5월 K9출시가 예정되어있음. 또한 cee'd의 후속모델 또한 5월 유럽시장에서 선보일 전망</P> <P>  ▶ 이러한 신형자동차의 출시는 미국, 유럽의 경기회복에 따른 차량 교체수요에 맞춰 안정적인 매출을 기록할 것으로 전망된다. </P> <P>  ▶ K시리즈의 막내격인 K3 또한 올해 9월 출시예정. 그간 포르테의 부진으로 준중형 제품에서 성장이 미진했지만 K3의 출시는</P> <P>      준중형 시장에서도 기아차의 선전을 기대하게됨.</P> <P>  ▶ 플랫폼통합을 꾸준히 진행해 수익성 개선 계속될듯(2010년 23% → 2011년 50%로 향상, 매출총이익율 1.5%개선)</P> <P>  ▶ 한-미 FTA, 한-EU 발효는 각 시장에서 기아차와 경쟁하는 일본차에 대한 가격경쟁우위에 설수 있을 전망</P></TD></TR></TBODY></TABLE></P> <P> </P> <P> <TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-COLLAPSE: collapse; FONT-FAMILY: ; FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" class=txc-table border=0 cellSpacing=0 cellPadding=0 width=700> <TBODY> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> 손익계산서</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2009년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2010년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2011년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> 재무상태표 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2009년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2010년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2011년</TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 매출액</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">184,157 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">232,614 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">277,423 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 자산</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">169,416 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">186,254 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">221,440 </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 매출총이익</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">45,914 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">53,298 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 비유동자산</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">126,329 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">140,412 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">167,894 </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 영업이익</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">11,445 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">16,802 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">19,071 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 유동자산</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">43,807 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">45,842 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">53,547 </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 영업외수익</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">4,266 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">2,592 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 부채</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">95,652 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">89,642 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">95,642 </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 영업외비용</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">3,838 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">1,680 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 비유동부채</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">34,063 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">26,757 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">26,162 </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 당기순이익</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">14,503 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">22,543 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">18,048 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 유동부채</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">58,456 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">62,885 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">69,481 </TD></TR></TBODY></TABLE></P> <P>단위 : 억원 [IFRS 별도기준]</P> <P> </P> <P> <TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BORDER-COLLAPSE: collapse; FONT-FAMILY: ; FONT-SIZE: 9pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" class=txc-table border=0 cellSpacing=0 cellPadding=0 width=700> <TBODY> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> 주요 재무비율</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2009년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2010년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2011년</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid"> 매출구성</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2009년 / %</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2010년 / % </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: center; WIDTH: 12%; BORDER-TOP: #000 1px solid; BORDER-RIGHT: #000 1px solid">2011년 / % </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 매출액 증가율</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">12.41 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">26.31 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">19.26 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 승용차</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">49.1   </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">46 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 순이익 증가율</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">1174.57 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">55.44 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">-19.94 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> RV</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">36.1 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">38.9 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> ROE</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">22.11 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">26.46 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">37.36 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 승합차</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">0.8 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">0.8 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD></TR> <TR> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; BORDER-LEFT: #000 1px solid; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 부채비율</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">169.14 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">129.67 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">92.79 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: left; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> 화물차, 특장차</TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">6.3 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid">5.9 </TD> <TD style="BORDER-BOTTOM: #000 1px solid; TEXT-ALIGN: right; WIDTH: 12%; BORDER-RIGHT: #000 1px solid"> </TD></TR></TBODY></TABLE></P> <P> </P> <P> </P> <P> </P> <P> </P> <P> </P> <P> </P></DIV></DIV>