> For the complete documentation index, see [llms.txt](https://arc-10.gitbook.io/arc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arc-10.gitbook.io/arc/056360_/t4.md).

# Deep Dive

## Executive Summary

코위버 주가 2026-03 정점 12,460원 → 2026-05 8,660원 (-31% 조정). 2000년 설립 광통신 장비 전문. **KT·LG U+·SKT 통신 3사 직공급** + ROADM·POTN·CWDM·MSPP. **양자암호 + AI 기반 OLS 시스템** 신기술. 핵심 동력은 (1) **PBR 0.50x = 자본 1,585억의 절반 = 명백한 청산가치 영역**, (2) **2024 매출 -43% 적자 → 2025 V자 회복 (매출 +33.7%·흑전)**, (3) **CB/BW·유증·스옵 0건 + 실질 무차입** 최우량 자본구조. 다만 **26Q1 OP -22억 일시 부진** + 정점 후 -31% 조정. **확률가중 적정주가 15,962원 (현재 8,660원 대비 +84% 업사이드)** — PBR 0.7x 평균회귀 시 12,132원 (+40%). **즉시 분할 매수 또는 MA60 영역 분할 매수 권장**.

## 분석 핵심

* 광통신 전문 + 통신 3사 직공급. 2025 V자 흑전. PBR 0.50x 청산가치 영역. 양자암호·AI OLS 신기술 옵션. 자본 1,585억 + 실질 무차입 + 황인환 16.82% 안정. 26Q1 OP 일시 부진이나 분기 변동성.
* **모니터링**: 분기 OP 회복 / 양자암호·AI OLS 신규 수주 / KT·LG U+·SKT 발주 추적.

## 시나리오 매출·OP (단위: 억원)

| 구분    | 2026E | 2027E | 2028E |
| ----- | ----: | ----: | ----: |
| 보수 매출 |   600 |   700 |   800 |
| 기본 매출 |   750 |   900 | 1,050 |
| 낙관 매출 |   850 | 1,100 | 1,400 |
| 기본 OP |    40 |    80 |   120 |

## 확률가중 적정주가

* **15,962원 (현재 8,660원 대비 +84%)**

## 결론

PBR 0.50x = 자본의 절반 명백한 가치투자. **즉시 분할 매수 또는 MA60 영역 분할 매수 권장**.


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