구글 AI 제미나이에게 오픈베이스에 대한 가까운 미래 전망을 물었습니다.

<p id="SE-ca322042-a63e-402d-b288-cc502be6d446" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">질문: </p><p id="SE-3855049d-581c-49f0-8123-4c1f51e871dc" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;"> AI데이터센터 시대에 클라우드 보안, 네트웍 분야가 한국시장에서 너무 안오르는데 현재 PER가 10인 오픈베이스는 언제나 PER가 20 정도로 오를까?</p><p id="SE-73905690-7ab3-480c-95bf-abcd8fb705c4" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">
</p><p id="SE-91b9d455-72f9-47a7-837e-f83094cded5b" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">답변: </p><p id="SE-bf75e2b6-a5dd-4109-81b3-cd100c30e9fa" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;"> 이 질문에 대한 핵심은 PER가 20배로 상승하는 조건과 시장의 순환매 시점을 파악하는 것입니다.</p><p id="SE-27b935e1-6a80-4b8a-9874-3c644d25e9d1" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">현재 **오픈베이스(PER 약 10배)**가 속한 클라우드 보안, 네트워크 분야는 AI 데이터센터 시대의 핵심 인프라임에도 불구하고, 한국 시장에서는 아직 AI 반도체나 일부 대형 IT 서비스주 대비 상대적으로 PER가 낮게 형성되어 있습니다.</p><p id="SE-05b8796a-fedf-48b2-8a56-27ee6be43782" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">오픈베이스의 PER가 20배로 오르는 시점을 예측하기는 어렵지만, 다음 세 가지 조건이 충족될 때 급격한 재평가가 이루어질 수 있습니다.</p><p id="SE-2434c8ee-b3f7-4fbb-ac30-ab5e76db9e40" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">
</p><p id="SE-5d012a87-ef9a-4b9c-97d4-339827c0b4a1" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">1. PER 20배 도달을 위한 핵심 조건 </p><p id="SE-bad87dc4-2e70-4c64-bb4e-34e68e2cf4f3" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">PER(주가수익비율)가 10배에서 20배로 두 배 상승한다는 것은 시장이 기업의 미래 성장 가치를 두 배 더 높게 평가한다는 의미입니다. 이는 기업의 근본적인 변화를 요구합니다.</p><p id="SE-9c3447de-e86d-4896-a686-a342f7cfbd82" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">A. 폭발적인 실적 성장 (E의 증가)</p><p id="SE-5bfc9d89-c8e7-41a9-b20a-d5eaaf4b7538" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">가장 확실한 방법은 분모인 **주당순이익(EPS)**이 크게 증가하는 것입니다.</p><p id="SE-e02d5a35-6267-4ee9-ad5a-c4b6cd4d72aa" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">단기적으로 EPS를 100% 증가시키거나,</p><p id="SE-b22f37a2-3727-4d5a-89ad-93b60583ca46" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">실적 증가세가 향후 3~5년간 꾸준히 유지될 것이라는 확신을 시장에 심어줘야 합니다.</p><p id="SE-694e8ded-e3fa-4e27-a658-4f86da3fa6b2" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">오픈베이스는 현재 클라우드, AI 기반 보안 서비스에 집중하고 있으므로, 이 분야에서의 대형 수주나 AI 데이터센터 신규 솔루션 공급이 실질적인 매출과 이익으로 이어져야 합니다.</p><p id="SE-1f03ad1e-800c-4f8b-9a04-152cea468d46" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">B. 시장 지배력 또는 독점적 해자 (P/E 배수의 증가)</p><p id="SE-24696294-c980-4961-8489-d9f357e77975" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">PER 배수가 높아지려면 기업이 다음과 같은 **독점적 지위(해자)**를 확보해야 합니다.</p><p id="SE-224c21c8-d0a5-4ec8-b8fe-90c65a15b559" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">신기술 도입 및 선점: AI-네트워크, AI-보안 분야에서 경쟁사가 따라올 수 없는 차별화된 기술을 선보여야 합니다.</p><p id="SE-291d7875-06f1-4476-acab-1009d3975391" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">가격 결정권: 독점적 솔루션을 바탕으로 가격 경쟁에서 벗어나 높은 마진을 확보할 수 있어야 합니다.</p><p id="SE-57ce645d-c476-4097-9b00-97fd2c1e0a21" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">성장 산업과의 연계성 극대화: 오픈베이스가 AI 데이터센터의 단순한 하청업체가 아닌, 핵심 인프라 솔루션 공급자로 인식되어야 합니다.</p><p id="SE-390bf9df-ca17-4623-808c-cb4345017ed7" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">C. 자사주 소각을 통한 주주 가치 환원</p><p id="SE-3fe4d42a-7951-47e6-a420-ea19c49691e1" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">앞서 논의된 것처럼, 상법 개정 등으로 인해 오픈베이스가 보유한 13% 이상의 자사주가 소각될 경우, 이는 주당 가치를 즉각적으로 끌어올리며 저평가 요인(대주주 리스크)을 해소하여 PER 자체의 재평가(Discoun-t 해소)를 유발할 수 있습니다.</p><p id="SE-900cac39-2787-4e97-82d2-1bbe88a271de" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">
</p><p id="SE-b825ce2e-a3fb-495a-96f4-b36bfa113e80" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">2. 순환매를 통한 주가 상승 시점 시나리오 </p><p id="SE-c64e9912-ec58-489c-8bc1-f99c08c7f1d1" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">클라우드/네트워크 분야는 AI 데이터센터의 '전력 및 하드웨어 인프라(1단계 주도주)' 다음으로 필수적인 **'운영 및 보호 인프라'**이므로, 순환매가 발생할 가능성이 높습니다.</p><p id="SE-c9c68891-f145-4b91-b8c2-02cab6850c7e" class="se-text-paragraph se-text-paragraph-align-" style="box-sizing: unset; font-size: 16px; background-color: rgb(255, 255, 255); word-break: break-word; line-height: 1.5; font-family: se-nanumgothic, arial, 나눔고딕, nanumgothic, sans-serif, Meiryo; white-space-collapse: break-spaces; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-variant-emoji: inherit; font-stretch: inherit; font-optical-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-variation-settings: inherit; overflow-wrap: break-word; letter-spacing: -0.3px;">결론적으로, 오픈베이스의 주가가 PER 20배에 도달하는 것은 단순한 순환매가 아닌, AI 데이터센터 관련 실적의 폭발적인 증가와 13% 자사주 소각 이슈가 결합되어야 현실화될 수 있습니다. 2026년 초 2025년 연간 실적 발표와 상법 개정 논의가 가장 중요한 변곡점이 될 것입니다.</p><div>
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