dartlab-data / landing /map /companies /000120.json
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{
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{
"slug": "000120-cj-logistics",
"title": "CJ대한통운 (000120) — 매출 3년 정체, 영업이익은 23% 증가한다",
"description": "택배 점유율 1위 물류회사의 10년. 2022년 매출 12.13조, 2025년 12.28조 — 3년간 +1.2% 정체. 그런데 같은 기간 영업이익은 4,118억에서 5,081억으로 +23% 증가. 영업이익률 4.14%는 현대글로비스 7.01%의 절반, 한진 3.66%에 근접. 쿠팡·네이버 C커머스 잠식과 이재현의 글로벌 확장 사이에서 이익률이 만드는 물류 1위의 진짜 모습을 추적한다.",
"date": "2026-04-22",
"grade": "dCR-AA-",
"storyTemplate": "프랜차이즈",
"verdict": "매출 12조 3년 정체 — 쿠팡·네이버 C커머스 잠식. 영업이익 +23% 개선은 판관비 통제·자동화·글로벌에서 온 구조 개선",
"direction": "개선",
"confidence": "높음",
"archetype": "프랜차이즈",
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"ROIC 2018 2.79% → 2025 7.22% (2.6배)",
"dCR-AA- 최우량, OCF 9,024억 사상 최대",
"사외이사 60% — 이사회 독립성 양호"
],
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"매출 3년 정체 (2022 12.13조 = 2025 12.28조)",
"OPM 4.14% — 현대글로비스 7.01%의 절반",
"금융비용 2,617억이 영업이익 5,081억의 51%",
"EBITDA/이자비용 1.94배 (credit 하방 압력)"
],
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},
"thumbnail": "/avatar-chart.png",
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