仲琦科技股份有限公司公開說明書摘要»²琦CB4公開說明書... ·...
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Transcript of 仲琦科技股份有限公司公開說明書摘要»²琦CB4公開說明書... ·...
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2,262,683,510 38 1 (02)2298-3456 75 3 24 http:// www.hitron.com.tw 89 9 11 87 12 10 86 04 25
http://www.capital.com.tw (02) 2702-3999 97 B2
(02) 2771-6699
http://www.fubon.com 169 2 15
http:// www.bdo.com.tw
(02)2564-3000 72 10
(02) 2597-4521 http:// www.ailo.com.tw 3 58 7 1
103 6 20 103 6 20
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87 12/10 21
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93 B-DLC G.SHD.S.L 5.2
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94 ML-eMTA ODM STM-1Ethernet(EOS) HTC-1100E
95 09500242350 ()() BRM-35302FFOM
96 09600297080 () 09600293480
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97 09700240450 () Docsis 3.0 CableLabs ()
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95.12 10 300,000,000 3,000,000,000 135,537,369 1,355,373,690 13
96.4 10 300,000,000 3,000,000,000 135,863,369 1,358,633,690 14
96.7 10 300,000,000 3,000,000,000 136,233,619 1,362,336,190 15
96.10 10 300,000,000 3,000,000,000 136,410,369 1,364,103,690 16
97.1 10 300,000,000 3,000,000,000 136,427,869 1,364,278,690 17
98.2 10 300,000,000 3,000,000,000 129,824,869 1,298,248,690 18
98,8 10 300,000,000 3,000,000,000 136,316,111 1,363,161,110 19
98.10 10 300,000,000 3,000,000,000 138,688,361 1,386,883,610 20
-27-
-
99.4 10 300,000,000 3,000,000,000 141,268,861 1,412,688,610 21
99.4 10 300,000,000 3,000,000,000 161,268,861 1,612,688,610 22
99.6 10 300,000,000 3,000,000,000 161,747,361 1,617,473,610 23
99.8 10 300,000,000 3,000,000,000 165,372,861 1,653,728,610 24
99.12 10 300,000,000 3,000,000,000 165,433,861 1,654,338,610 25
100.4 10 300,000,000 3,000,000,000 166,501,861 1,665,018,610 26
100.7 10 300,000,000 3,000,000,000 166,840,111 1,668,401,110 27
100.9 10 300,000,000 3,000,000,000 166,883,611 1,668,836,110 28
101.1 10 300,000,000 3,000,000,000 166,963,111 1,669,631,110 29
101.4 10 300,000,000 3,000,000,000 183,275,361 1,832,753,610
30
101.5 10 300,000,000 3,000,000,000 180,140,361 1,801,403,610 31
101.7 10 300,000,000 3,000,000,000 186,954,861 1,869,548,610
32
101.10 10 300,000,000 3,000,000,000 202,934,989 2,029,349,890
33
102.1 10 300,000,000 3,000,000,000 207,571,891 2,075,718,910
34
102.4 10 300,000,000 3,000,000,000 214,701,991 2,147,019,910
35
102.7 10 300,000,000 3,000,000,000 216,945,456 2,169,454,560 36
102.11 10 300,000,000 3,000,000,000 218,742,239 2,187,422,390
37
102.12 10 300,000,000 3,000,000,000 219,278,965 2,192,789,950
38
103.5 10 300,000,000 3,000,000,000 240,744,010 2,407,440,100
39
103.7 10 300,000,000 3,000,000,000 245,750,677 2,457,506,770 40
103.9 10 300,000,000 3,000,000,000 240,404,852 2,404,048,520
41
103.12 10 300,000,000 3,000,000,000 240,548,686 2,405,486,860 42
104.4 10 300,000,000 3,000,000,000 232,137,279 2,321,372,790 43
104.6 10 300,000,000 3,000,000,000 233,911,234 2,339,112,340 44
104.12 10 300,000,000 3,000,000,000 223,911,234 2,239,112,340 45
105.3 10 300,000,000 3,000,000,000 223,918,376 2,239,183,760 46
105.4 10 300,000,000 3,000,000,000 226,268,351 2,262,683,510 47
1 9,085 2 30,000 3 137,200 53,900 4,900 86.4.25
31444 4 78,400 87.6.29 56419 5 130,000 96,432 21,168 8,880
88.6.15(88) () 53588 88.6.28(88)() 60430 6 19,626 198,438 10,830 89.7.14(89)
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91.8.2 09101307860 11 50,000 261,594 93.9.8
-28-
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09301161900 12 34,910 94.11.15 09401228460 13 34,340 95.12.21 09501276320 14 3,260 96.4.10 09601069410 15 3,702 96.7.12 09601161800 16 1,767 96.10.17 09601251740 17 175 97.1.7 09701000280 18 66,030 98.2.2 09801018030 19 51,930 12,982 98.8.11 09801174040
20 23,723 98.10.13 09801236470 21 99 3 24 25,805 99.4.20
09901078210 22 200,000 99.4.30 09901084920 23 99 6 15 4,785 99.6.28
09901135440 24 99 8 18 4,435 31,820
99.8.26 09901192650 25 99 12 21 610 99.12.27
09901288080 26 100 3 23 10,680 100.4.7
10001066840 27 100 6 22 3,382,500 100.7.18
10001160810 28 100 8 24 435,000 100.9.08
10001209280 29 100 12 19 795,000 101.1.20
10101012040 30 101 4 6 163,122
101.4.27 10101074750 31 31,350,000 100.5.29 10101098080 32 101 6 21 68,145
101.7.25 10101152900 33 101 9 11 159,801
101.10.15 10101214050 34 101 12 24 46,369
102.1.8 10201001470 35 102 3 31 71,301
102.4.15 10201067880 36 102 7 10 22,435 102.7.26
10201150710 37 102 11 7 17,968
102.11.07 10201226130 38 102 12 16 5,368
102.12.31 10201266450 39 103 4 9 21,465103.5.2
10301078230 40 103 6 20 50,067 103.7.8
10301133130 41 103 8 23 4,181 95,270
103.9.17 10301191230 42 103 11 25 1,438 103.12.18
10301258100 43 104 3 24 88,540 104 3 25
4,425 104.4.23 10401062010 44 104 5 26 17,740 104.06.18
-29-
-
10401111300 45 104 11 18 100,000 104.12.09
10401264730 46 105 1 20 71 105.03.09
10501026910 47 105 3 23 23,499 105.04.06
10501067410
-30-
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2.
()
1.105 4 16 /
3 15 33 28,032 77 28,160 2,371,000 19,711,000 8,127,170 157,116,399 38,942,782 226,268,351 1.05 8.71 3.59 69.44 17.21 100
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1 999 10,522 1,079,497 0.481,000 5,000 12,645 28,445,383 12.575,001 10,000 2,579 21,098,181 9.32
10,001 15,000 726 9,190,358 4.0615,001 20,000 532 10,111,216 4.4720,001 30,000 445 11,566,937 5.1130,001 50,000 319 13,228,011 5.8550,001 100,000 223 16,314,409 7.21
100,001 200,000 68 9,731,895 4.30200,001 400,000 39 11,152,830 4.93400,001 600,000 22 11,159,295 4.93600,001 800,000 5 3,499,002 1.55800,001 1,000,000 4 3,530,000 1.56
1,000,001 999,999,999 31 76,161,337 33.66 28,160 226,268,351 100.000
3.
105 4 16 /
7,683,120 3.40 5,425,000 2.40 4,850,000 2.14 3,852,998 1.70- 3,648,472 1.61 AJO 3,577,000 1.58 3,060,017 1.35 RAM() 3,005,000 1.33 AJO 2,978,000 1.32 2,866,336 1.27
-31-
-
4.
5.
(1)
105 3 31
103 104 105 3 31
()
()
()
()
()
()
(444,000) - (386,000) - - -
- - - - - -
(9,000) - (18,000) - (297,000) -
(189,000) - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - (58,000) -
- - 190,000 - - -
- - - - - -
- - 30,000 - - -
- - - - - -
- - 40,000 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
1. 104.9.11 2. 104.11.12 3. 104.9.30
(2)
(3)
-32-
-
6.
105 4 16
()
7,683,120 3.40 1,143 0.00 - - - -
5,425,000 2.40 - - - - - -
4,850,000 2.14 - - - - - -
3,852,998 1.70 - - - - - -
-
3,648,472 1.61 - - - - - -
AJO
3,577,000 1.58 - - - - - -
3,060,017 1.35 - - - - - -
RAM( )
3,005,000 1.33 - - - - - -
AJO
2,978,000 1.32 - - - - - -
2,866,336 1.27 - - - - - -
-33-
-
()/
103 104 105 3 31
( 1)
22.7 17.55 25.70
12.8 9.32 14.65 17.77 14.37 21.98
( 2)
13.32 13.80 14.23
13.32 9 -
() 233,630 220,372 226,268
3
0.64 1.01 -
0.62 9 -
0.5142 9 - - - -
- - - - - -
( 4) - - -
( 5) 27.77 14.23 -( 6) 34.56 9 -( 7) 2.91 9 -
1 2 3 3
5=/ 6=/ 7=/ 8()
9104
-34-
-
()
1.
2. 104 11 12 105 06 14
()
()
1.
-35-
-
2.:
(96) 052
3.
1041050318
(1)
104 19,125 3,831 104
(2)
4.
105 06 14
5.
(1) 11,058
(2) 2,212
()
103/10/30~103/12/26 104/08/14~104/10/12
9.45~23.25 8.05~18.50
8,854,000 10,000,000
136,540,450 123,157,070
8,854,000
10,000,000
0 0
(%) 0% 0%
-36-
-
()
()
()
()
103 104 105 1 3 1
152.00 109.90 125
106.05 99.50 99.05
131.00 109.76 116.07 14.60 14.00 14.00
101 1 31 16.00
105 1 31 105 2
1
()
()
()
()
-37-
-
()
1.
(1)
(Cable Modem)
(2)
103 104 % %
6,122,613 100% 8,062,949 100%
(3)
(Broadband CPE)(Cable Router)(Cable eMTA)(Cable Modem Module) (Downstream Signal/Video Quality Monitor)(Fiber Optic Data Access Concentrator)(Digital Convergence Gateway)(MoCA)NFV(Network Functions Virtualization).
(4)()
A.4K Video Gateway B.C.(Multiple Wan Router) D.DOCSIS 3.1 Cable Gateway (2.5Gbps downstream speed and 802.11ac
wave2 support) E. F.
2.
(1)
Vodafone ONO Kabel Deutschland Ltd.LGI Ziggo Orange Telefonica
-38-
-
IEK 104 2.3 4G 104 10.5% 5.1% 103 7.6% 4.3% 101
104 5,830
104 4K/2K (Wi-Fi) Gigabits MU-MIMO (Wi-Fi)
-39-
-
MeApple HealthKit HealthBook AppleWatch Google Nest ThreadIntelOpen Interconnect ConsortiumOICQualcomm Inc.AllSeen Alliance104
/(Cloud Service)--(IOT) Internet
Internet Apple IOSGoogle Amazon
Cable
(Hybrid Fiber Coaxial HFC)
FTTX
-40-
-
3.0(Data Over Cable Service Interface Specification3.0 DOCSIS 3.0)DOCSIS 3.1 FTTx (Last Mile) FTTx
Cable CPE
MSO
Cable CPE ADSL
STB() DOCSIS Cable
4G
(2)IC
-41-
-
(3)DOCSIS 3.1 104 DOCSIS
3.1 10Gbps 1Gbps DOCSIS 1.0 DOCSIS 3.0 DOCSIS 3.1 42MHz 204 MHz 258 MHz 1218/1794 MHz
OFDM 105 DOCSIS 3.1
-42-
-
DOCSIS 3.1 32 downstsream DOCSIS 3.0 (CPE)
DOCSIS 2.0 (CPE)
Hybrid Video GatewaySMB Gateway
Cisco Arris
Cable Modem Termination SystemCMTSCPE
CMTS CiscoArris 100% CMTS CMTS
WLAN MAC Baseband
6~8
CBN
3.
(1)
Gigabit DOCSIS 3.0 (Cable IAD)
(2)
-43-
-
102 103 104 105
3
% % % %
1 0.8 2 1.47 2 1.74 2 1.69
43 32.8 49 35.76 42 36.52 45 38.14
87 66.4 86 62.77 71 61.74 71 60.17
0 0 0 0 0 0 0 0
131 100.00 137 100.00 115 100 118 100
(3)
104 105 3 31
274,802 73,086
1.DOCSSIS 3.0 24x8 Cable Wifi Gateway: CGNVM, CGNV4-2015, GVE-39321 GE Ethernet Router, CDA3 32x8 DOCSIS 3.0 Cable Modem
2.C-DOCSIS Mini-CMTS, DOCSIS Network Probe, CODA-4582 DOCSIS 3.1 Cable Modem, CMOA DOCSIS 3.1 Cable Modem Module
3.ATB-1511 Android OTT STB 4.ATB-1512 4K Android OTT STB for Hospitality
4.
(1)
A.
100%
B.
C.(2)
-44-
-
A.
B.
C.
D.
()
1.
(1)()()
103 104 % %
2,556,338 41.75 2,409,854 29.89
429,069 7.01 575,058 7.13 2,148,642 35.09 4,393,927 54.50 988,564 16.15 684,110 8.48 3,566,275 58.25 5,653,095 70.11
6,122,613 100.00 8,062,949 100.00
(2)
80
CBN
105 DOCSIS 3.1
MSO DOCSIS 3.1 105
(3)
A.
-45-
-
B.
C.DOCSIS 3.0
D.
(4)
A.
B.
C.
100% 50%
D.
E.
(5)
1
A.
CableLabs DOCSIS1.0/1.1/2.0/3.0
B.
FTTHADSL
-46-
-
C.
D.
ASIC
E./
(Home Gateway or Integrated Access Device) 40% 70%(Home Networking)(Home Server)(Home Automation)(APRUaverage revenue per user )(Home Security)(Home Automation)(Health Care)Smart Grid 4
2
A.
a. Integrated Access Device (IAD)
b.
c.
d.
B.
ASIC
a.
-47-
-
b. ICFPGA(Field Programmable Gate Array)
C.
NGO
:
a.GRI G3(Global Reporting Initiative, GRI):
b.AA 1000(Account Ability 1000):
c.EICC(Electronic Industry Citizenship Coalition):
(EICC )
d.ISO 26000 (the International Organization for Standardization):
a. 104 OHSAS 18001 SA8000
b.
-48-
-
2.
(1)
(Cable Modem )
(Multiple Line eMTA)
(Multiple Line eMTA)
(STB eCMM)
DECT (DECT eMTA)
HFC MSO Internet Access,Cable Telephony VOD
MDU (Multiple Dwelling Unit)VoIP over Cable
DECT
(2)
I C
3.
-49-
-
4.
(1)%
103 104
3,845,339 5,938,651 2,277,274 2,124,298 6,122,613 8,062,949
797,332 1,065,607 746,944 691,198 1,544,276 1,756,805
(%) 20.74% 17.94% 32.80% 32.54% 25.22% 21.79%
(%) (8.71)% (13.50)% 7.75% (0.79)% 0.84% (13.60)%
(2)
(3)
5.
(1)
103 104 105
%
%
%
1 A 408,844 8.58 A 741,409 11.61 A 301,952 15.92
2 4,354,209 91.42 5,646,801 88.39 1,594,901 84.08
4,763,053 100.00
6,388,210 100.00
1,896,853 100.00
A
-50-
-
(2):
103 104 105
%
%
%
1 R 1,005,933 16.43 R 2,351,896 29.17 R 398,171 19.48
2 - - - - S 559,770 6.94 S 258,161 12.63
3 5,116,680 83.57 5,151,283 63.89 1,387,306 67.89
6,122,613 100.00
8,062,949 100.00
2,043,638 100.00
R S 104
6. /
103 104
2,458,117 2,983,696 3,188,615 4,665,441
2,458,117 2,983,696 3,188,615 4,665,441
104 103
7. /
103 104
186,397 287,499 2,185,984 3,557,840 243,028 299,949 2,743,823 5,638,702
2,268,839 8,435 2,109,905 14,393
186,397 2,556,338 2,185,984 3,566,275 243,028 2,409,854 2,743,823 5,653,095
-51-
-
()
103 104 105 3 31
123 134 137
784 801 824
658 971 1,052
1565 1906 2,013
30 30 30
4 3 3
2 2 2
266 277 281
498 674 685
799 953 1,045
0 0 0
()
1.
2.()()
()
1.
(1)
(2)
(3)
-52-
-
94 7 1 6%
(4)
(5)
2.
()
1.()
2.
()
1.
2.
()
1.105331
()
15,300 m2 1,385
(Cable Modem) Module) (Router) (eMTA)
2.
-53-
-
() 105 3 31 /
%
()
198,741 495,054 23,224 55.30% 495,054 1,091,528
13,599 1 -
()
669,031 700,888 22,300 100% 700,888 700,888
(22,058) - -
()
641,763 665,799 - 100% 665,799 665,799
(21,687) - -
()
12,048 7,819 - 55.30% 7,819 7,819
320 2 -
()
- - 100% - -
- - -
57,473 44,593 - 100% 44,593 44,593
(371) - -
59,604 (80,496) - 100% (80,496) (80,496)
(2,185) - -
()
90,082 (121,381) 300 100% (121,381) (121,381)
13,971 - -
()
60,000 57,081 6,000 100% 57,081 57,081
(2,916) - -
1 105 2 105
-54-
-
()
() 23,224 55.3% - - 23,224 55.3%
()
22,300 100% - - 22,300 100%
()
- - - 100% - 100%
()
- - - 100% - 100%
()
- 100% - - - 100%
- - - 100% - 100%
- 100% - - - 100%
() 300 100% - - 300 100%
() 6,000 100% - - 6,000 100%
()
()
103/10/17~108/10/17 US$63,000,000
-55-
-
()1.102.01.14 1010058399 2. 500,000 3. 500,000
4.
102
102 319,028 319,028 102 180,972 180,972
500,000 500,000
()
319,028 102
319,028
(%) 100% 100%
180,972 180,972
(%)
100% 100%
500,000 500,000
(%)
100% 100%
:
()
500,000 319,028
101~104
6,351,773 5,248,267 3,698,328 5,623,802 102
103 OBM
ODM
OBM 102
Docsis 3.0 24x8 Channel Bonding
-56-
-
MSO
OBM 102 54%
104 82%104
104
103 52.06%
180,972 102
36.69% 37.82%
1,225.97% 1,502.21% 187.54%
353.22% 176.26% 329.14%
/ 101 102
(%) 36.69 37.82(%) 1,225.97 1,502.21
(%) 187.54 353.22(%) 176.26 329.14
()
1. 500,000
2.5,000
0%500,000
-57-
-
3.
105 105 500,000 500,000 500,000 500,000
500,000
1.6024% 105 4,674 8,012
()
1.
1.
2.
500,000 100
3. 0%
4. 1.2.
(1)(2)()
(3)()
(4)5.
1.
2.6.
()
7.
8.
100
-58-
-
9.
1. 100,000 10 2.226,268,351 3.2,262,683,510
10.
7,168,188 3,692,916 53,466 3,421,806 (104 12 31 )
11.
12.
1.2.
13.
1.2. 108
14.
1.2.
15.
1.2.3.
16.
1.2.
3.
17.
18.
19.20. 21.
2.
3.
4.
-59-
-
500,000 500,000 500,000
(A) 226,268 226,268 226,268
(B) 35,087 0 24,271
(C=A+B) 261,355 226,268 250,539
(%) (B/C)( 4) 13.43 9.69
()( 5) 14.18 13.52 14.79
1(105 4 6 ) 226,268 2 14.25 (20.36 ) 3 20.6 (20.36 101%) 4=1( / )
5 105 105 3 31 3,204,913 226,268 14.16 = (+) / )
()
()
()
()()
()
()
-60-
-
()
1.
(1)
105 3 18
(2)
5,000
100 0%
500,000
(3)
/
4G
500,000
104 MSO
DOCSIS 3.1 105
Cable CPE 105
500,000
2.
-61-
-
(1)
IEK(104/11) Eternet LAN SwitchWLANDSL CPECable CPEIP STB
4G
IEK 105 104 8.5% 1
1,525 4,692
4.6% 41%
IEK(104/11)
Cable CPE 105 104
584 DOCSIS 3.1
MSOMultiple System Operators
4K Ultra-HD
multi-screen video-streaming servicesIPTV
DOCSIS 3.1 10Gbps
1Gbps
latency DOCSIS 3.0
MSO
-62-
-
DOCSIS 3.1
MSO
109 DOCSIS 3.1
FTTx G.fast(
1Gbps )
G.fast
MSO
10G
DOCSIS 3.1 Channel Bonding
MSO
104
MSO
MSO
DOCSIS 3.1
MSO
(2)
%
102 103 104
5,248,267 3,698,328 5,623,802(%) (29.53) 52.06102~104
102~104 5,248,267 3,698,328
5,623,802 103
OBM ODM
OBM
102 MSO
DOCSIS 3.0 24x8 Channel Bonding
MSO
-63-
-
OBM 102 54%
104 82% 103 104
MSO
104 103
52.06%
Cable DOCSIS
24x8 Channel Bonding
105
DOCSIS 3.1 24x8
DOCSIS3.0, 8x4 Wi-Fi
(embedded Media Terminal Adapters, eMTA)
105 32x8
DOCSIS 3.1 802.11ac Wave2 MU-MIMO(
) Hotspot 2.0( Wi-Fi
Wi-Fi
)
-64-
-
(OBM)
(ODM) Module ODM
ODM OBM
Cable DOCSIS STB(set-top
box)(DOCSIS+STB, All In One)
DOCSIS Module STB
ODM
104 104
DOCSIS 2.0
Wi-Fi Hotspot()
3G/4G
105
(3)
1.6024%
105 4,674
8,012
-65-
-
DOCSIS 3.1
105
3.
(1)
500,000
105 6
105
105
500,000
(2)
500,000
1.6024%105
4,674 8,012
4.()
500,000 500,000 500,000 500,000
( 1) 1.6024% 0.8214%
8,012 4,107
( 2) 226,268 226,268 226,268 226,268
( 3) 20,467 12,135
( 4) 226,268 246,735 238,403 226,268
0.0358 0.0182
( 5) 8.30% 5.09%
1 1.6024% 0%
-66-
-
0.8214%
2 105 4 6 226,268 3 14.25(20.36
70%) 35,087 (500,00014.25) 20,467 ( 7 ) 20.36 101% 101% 20.6 24,271 12,135 ( 6 )
4
5 1-226,268/(226,268+20,467)=8.30% 105 6 1 105 6 1-226,268/(226,268+12,135)=5.09%
(
)()(105)
0.0358 0 0 0.0182
0%8.30%5.09% 0%
5.
()
()
1.()
-67-
-
2.
3.
(1) 72
105 105 105 105
(1) 1,379,022 1,030,609 527,786 400,961(2) 1,651,715 1,605,331 1,888,813 1,830,152(3) 2,251,812 2,336,436 1,834,722 1,788,486(4) 400,000 400,000 400,000 400,000+(5) 0 0 163,830 0 ( ) (7)=(1)+(2)-(3)-(4)-(5) 378,925 (100,496) 18,047 42,627
105 1,605,331 105 4 1,030,609 2,336,436 400,000 100,496 104
DOCSIS 3.1 105 30 90 60~120 105
(105 4 1 ) 105 299,504 400,000 100,496
-68-
-
105
(2)
103 104
89 74
74 66
60~120 103~104 89 74
105 105 4~12 106
30 90 103~104
105 4~12 106
105 106 105 1~3 105 106
105 106
105 106 64,707 64,000 105 DOCSIS 3.1
-69-
-
106
103 104
A 48,936 106,172 B 5,433 4,355A /(A-B) () 1.12 1.04() 32.58 35.28 3,698,328 5,623,802 148,621 223,181103~104
A.
1
103104
1.12 1.04 1
B.
103 104 32.58% 35.28%
500,000
-70-
-
0%
(3)
4.
5.
-71-
-
105
11,
379,
022
1,32
2,42
5 1,
493,
630
1,03
0,60
9 73
7,07
1 12
4,36
0 52
7,78
6 62
6,13
8 32
7,18
3 40
0,96
1 42
4,82
6 46
6,87
5 1,
379,
022
2
548,
458
646,
008
440,
007
560,
365
532,
645
512,
321
704,
329
579,
149
582,
991
631,
932
684,
332
513,
888
6,93
6,42
5
0 41
0 10
,855
0
00
00
00
00
11,2
65
0 0
00
00
022
,344
0
00
022
,344
0 0
00
00
00
00
00
0
42
122
0 0
0 0
0 0
0 0
0 0
164
4,23
5 1,
579
0 0
0 0
0 0
0 0
0 0
5,81
4
55
2,73
5 64
8,11
8 45
0,86
2 56
0,36
5 53
2,64
5 51
2,32
1 70
4,32
9 60
1,49
3 58
2,99
1 63
1,93
2 68
4,33
2 51
3,88
8 6,
976,
011
3
511,
713
709,
048
865,
234
814,
342
788,
678
524,
883
549,
082
677,
683
432,
399
568,
257
602,
473
489,
823
7,53
3,61
7
49,6
18
13,1
36
13,4
91
13,0
00
13,0
00
13,0
00
13,0
00
32,1
25
13,0
00
13,0
00
13,0
00
13,0
00
212,
369
0 0
00
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 44
,202
0
0 12
,003
0
0 8,
502
64,7
07
29,2
67
25,1
47
25,8
61
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
314,
274
0 0
0 0
45,4
00
0 0
0 25
,000
0
0 0
70,4
00
0 0
468
560
560
810
810
810
810
810
810
810
7,25
8
0 0
8,82
9 0
0 0
0 0
0 0
0 0
8,82
9
59
0,59
8 74
7,33
1 91
3,88
3 85
3,90
2 87
3,63
8 60
8,89
5 58
8,89
2 73
6,61
8 50
9,21
2 60
8,06
7 64
2,28
3 53
8,13
5 8,
211,
455
4
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
5
(3)+
(4)
990,
598
1,14
7,33
1 1,
313,
883
1,25
3,90
2 1,
273,
638
1,00
8,89
5 98
8,89
2 1,
136,
618
909,
212
1,00
8,06
7 1,
042,
283
938,
135
8,61
1,45
5
6
(1)+
(2)-
(5)
941,
159
823,
212
630,
609
337,
071
(3,9
21)
(372
,214
)24
3,22
4 91
,013
96
1 24
,826
66
,875
42
,627
(2
56,4
22)
7
0
0 0
0 0
500,
000
0 0
0 0
0 0
500,
000
(18,
735)
27
0,41
9 0
0 (2
71,7
19)
0 (1
7,08
6)0
0 0
0 0
(37,
120)
0
0 0
0 0
0 0
(160
,000
)0
0 0
0 (1
60,0
00)
0
0 0
0 0
0 0
(3,8
30)
0 0
0 0
(3,8
30)
(18,
735)
27
0,41
9 0
0 (2
71,7
19)
500,
000
(17,
086)
(163
,830
)0
0 0
0 29
9,04
9
8
(1)+
(2)-
(3)+
(7)
1,32
2,42
5 1,
493,
630
1,03
0,60
9 73
7,07
1 12
4,36
0 52
7,78
6 62
6,13
8 32
7,18
3 40
0,96
1 42
4,82
6 46
6,87
5 44
2,62
7 44
2,62
7
-72-
-
106
144
2,62
7 43
4,85
3 44
5,68
0 36
6,76
4 44
6,17
8 44
7,36
1 50
9,46
2 51
7,85
2 34
4,52
6 48
4,34
0 57
3,39
4 58
7,42
8 44
2,62
7
2
628,
131
635,
365
573,
169
678,
513
671,
573
699,
320
673,
499
794,
979
699,
589
758,
319
721,
198
616,
665
8,15
0,31
9
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
62
8,13
1 63
5,36
5 57
3,16
9 67
8,51
3 67
1,57
3 69
9,32
0 67
3,49
9 79
4,97
9 69
9,58
9 75
8,31
9 72
1,19
8 61
6,66
5 8,
150,
319
3
579,
009
554,
728
596,
275
559,
288
585,
180
581,
409
608,
213
750,
665
478,
965
629,
454
667,
355
542,
573
7,13
3,11
5
13,0
00
43,0
00
13,0
00
13,0
00
13,0
00
13,0
00
13,0
00
27,0
00
13,0
00
13,0
00
13,0
00
13,0
00
200,
000
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 0
16,0
00
0 0
16,0
00
0 0
16,0
00
0 0
16,0
00
64,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
26,0
00
312,
000
0 0
0 0
45,4
00
0 0
0 25
,000
0
0 0
70,4
00
810
810
810
810
810
810
810
810
810
810
810
810
9,72
0
0 0
0 0
0 0
0 0
0 0
0 0
0
61
8,81
9 62
4,53
8 65
2,08
5 59
9,09
8 67
0,39
0 63
7,21
9 64
8,02
3 80
4,47
555
9,77
5 66
9,26
4 70
7,16
5 59
8,38
3 7,
789,
235
4
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
400,
000
5
(3)+
(4)
1,01
8,81
9 1,
024,
538
1,05
2,08
5 99
9,09
8 1,
070,
390
1,03
7,21
9 1,
048,
023
1,20
4,47
5 95
9,77
5 1,
069,
264
1,10
7,16
5 99
8,38
3 8,
189,
235
6
(1)+
(2)-
(5)
51,9
39
45,6
80
(33,
236)
46,1
78
47,3
61
109,
462
134,
938
108,
357
84,3
40
173,
394
187,
428
205,
710
403,
711
7
0
0 0
0 0
0 0
0 0
0 0
0 0
(17,
086)
0
0 0
0 0
(17,
086)
0 0
0 0
0 (3
4,17
1)
0
0 0
0 0
0 0
(160
,000
)0
0 0
0 (1
60,0
00)
0
0 0
0 0
0 0
(3,8
30)
0 0
0 0
(3,8
30)
(17,
086)
0
0 0
0 0
(17,
086)
(163
,830
)0
0 0
0 (1
98,0
02)
8
(1)+
(2)-
(3)+
(7)
434,
853
445,
680
366,
764
446,
178
447,
361
509,
462
517,
852
344,
526
484,
340
573,
394
587,
428
605,
710
605,
710
-73-
-
()--
1.--()
1
100 101 102 103 104
105 3 31
4,446,708 5,185,747 5,712,808 5,846,013 5,846,916
822,309 835,732 992,505 925,729 899,594
33,417 25,640 59,853 53,466 54,513 441,214 553,657 334,623 342,980 411,231 5,743,648 6,600,776 7,099,789 7,168,188 7,212,254
2,573,106 2,878,226 2,238,508 3,053,091 3,228,138 2,823,095 2,913,910 2,358,782
158,628 697,226 1,379,769 639,825 383,227
2,731,734 3,575,452 3,618,277 3,692,916 3,611,365 2,981,723 3,611,136 3,738,551
2,701,527 2,676,210 3,085,681 3,090,253 3,204,913
2,115,826 2,201,934 2,405,487 2,242,826 2,262,684 479,673 501,523 548,319 522,030 529,973
305,859 138,764 232,521 300,676 391,194 55,870 103,080 112,247
(19,202) 14,618 35,894 24,721 21,062 (180,629) (180,629) (136,540) - - 310,387 349,114 395,831 385,019 395,976
3,011,914 3,025,324 3,481,512 3,475,272 3,600,889 2,761,925 2,989,640 3,361,238
1 2
-74-
-
2.--()
()
1 2
1
100 101 102 103 104 105 3 31
7,154,745 6,842,343 6,122,613 8,062,949 2,043,638
1,515,186 1,711,385 1,544,276 1,756,805 491,397
357,945 215,228 259,446 416,361 144,002
4,419 33,207 50,656 (36,661) (9,997)
362,364 248,435 310,102 379,700 134,005
268,122 146,268 234,105 289,254 101,510
- - - - -
( ) 268,122 146,268 234,105 289,254 101,510
( ) (30,674) 44,221 22,941 (12,556) (3,694)
237,448 190,489 257,046 276,698 97,816
251,076 74,612 148,621 223,181 90,517
17,046 71,656 85,484 66,073 10,993
219,959 116,715 172,942 212,406 86,859
17,489 73,774 84,104 64,292 10,957
1.39 0.35 0.64 1.01 0.40
-75-
-
3.--()
1
100 101 102 103 104
2,680,478 2,688,558 2,925,713 3,150,913
228,304 220,650 233,240 221,894
15,733 15,016 16,148 15,841 1,342,430 1,379,645 1,401,393 1,386,504 4,266,945 4,303,869 4,576,494 4,775,152
1,429,282 761,151 874,270 1,377,829 1,679,271 796,835 994,544
136,136 866,508 616,543 307,070
1,565,418 1,627,659 1,490,813 1,684,899 1,815,407 1,663,343 1,611,087
2,701,527 2,676,210 3,085,681 3,090,253
2,115,826 2,201,934 2,405,487 2,242,826 479,673 501,523 548,319 522,030
305,859 138,764 232,521 300,676 55,870 103,080 112,247
(19,202) 14,618 35,894 24,721 (180,629) (180,629) (136,540) - - - - -
2,701,527 2,676,210 3,085,681 3,090,253 2,451,538 2,640,526 2,965,407
1 2
-76-
-
4.---()
()
1 2
1
100 101 102 103 104
6,351,773 5,248,267 3,698,328 5,623,802
771,239 680,494 471,243 558,746
302,553 158,856 48,936 106,172
(9,831) (50,599) 126,891 155,367
292,722 108,257 175,827 261,539
251,076 74,612 148,621 223,181
- - - -
( ) 251,076 74,612 148,621 223,181
( ) (31,117) 42,102 24,321 (10,775)
219,959 116,714 172,942 212,406
251,076 74,612 148,621 223,181
- - - -
219,959 116,714 172,942 212,406
- - - -
1.39 0.35 0.64 1.01
-77-
-
5.-()
( 1)
100 101 102 103 104
4,096,734
67,023
880,607
-
261,915
5,306,279
3,153,651
3,333,647
-
37,543
3,191,194
3,371,190
1,669,631
393,417
251,276
71,280
-
16,363
(9,803)
(205,799)
2,115,085
1,935,089
1 2
-78-
-
6.-()
()
( 1)
100 101 102 103 104
5,927,435
1,173,505
( ) 209,271
304,792
265,604
248,459
196,949
196,949
( ) 1.24
1 2 3
-79-
-
7.-()
( 1)
100 101 102 103 104
3,277,101
629,671
518,127
-
228,037
4,652,936
2,507,375
2,687,371
-
30,476
2,537,851
2,717,847
1,669,631
393,417
251,276
71,280
-
16,363
(9,803)
(205,799)
-
2,115,085
1,935,089
1 2
-80-
-
8.-()
()
( 1)
100 101 102 103 104
5,814,556
1,037,964
( ) 275,460
234,499
272,864
237,096
196,949
196,949
( ) 1.24
1 2 3
-81-
-
()
()
1.
100
101
102
103
104
2.
()
1.-()
( 1) ( 2)
()
100 101 102 103 104 105 3 31
47.56 54.17 50.96 51.52 50.07
340.38 445.42 489.80 444.53 442.88
172.81 180.17 255.21 191.48 181.12 128.71 122.65 167.78 130.74 122.18 17.04 10.33 10.05 12.48 19.11
4.21 4.24 4.07 5.82 6.90 87 86 90 63 53 6.34 4.56 3.1 4.06 3.92 4.03 3.95 3.93 4.94 4.63 58 80 118 90 93 8.55 8.25 6.70 8.41 8.96 1.30 1.11 0.89 1.13 1.14
5.19 2.73 3.83 4.44 5.99 11.15 2.77 5.16 7.23 11.50(%) 17.13 11.28 12.89 16.93 23.69 3.75 2.14 3.82 3.59 19.87() 1.39 0.35 0.64 1.01 0.40
26.02 - 4.53 44.84 7.51 111.85 49.03 44.89 110.61 114.28 12.15 - - 27.45 5.47
5.75 8.67 6.63 5.59 4.30 1.07 1.14 1.15 1.09 1.05
-82-
-
201.2.3.4.
5. 1100 21.(1)(2) 2.(1)(2)(3)3.(1)()
()(2)365(3)(4)()
()(5)365(6)(7)4.(1) (2)(3)(4)5.(1)(2)(
)(3)()(
)6.(1)() (2) () 3
1.2.3.
4.
41.
-83-
-
2.3.4.5.
5
6
-84-
-
2.-()
( 1) ( 2)
() 100 101 102 103 104
36.69 37.82 32.58 35.28
1225.97 1502.21 1476.73 1,531.06
187.54 353.22 334.65 228.69 176.26 329.14 311.26 217.64 25.25 10.38 33.36 61.05
4.13 4.77 4.10 4.93 88 77 89 74 46.76 38.06 18.25 31.02 4.87 5.45 4.96 5.50 8 10 20 12 27.84 23.38 16.30 24.71 1.41 1.22 0.83 1.20
5.81 1.96 3.45 4.85 10.45 2.77 5.16 7.23(%) 13.83 4.92 7.31 11.66 3.95 1.42 4.02 3.97() 1.39 0.35 0.64 1.01
34.04 50.93 35.11 27.91 173.21 132.79 118.30 169.30 13.37 5.45 7.90 7.58
6.02 9.15 19.40 14.15 1.04 1.08 1.12 1.04
201.2.2.3.4.5. 1100 21.(1)(2) 2.(1)(2)(3)3.(1)()
-85-
-
()(2)365(3)(4)()
()(5)365(6)(7)4.(1) (2)(3)(4)5.(1)(2)(
)(3)()(
)6.(1)() (2) () 3
1.2.3.
4.
41.2.3.4.5.
5
6
-86-
-
3. ()
( 1) ( 2)
() 100 101 102 103 104
60.14
240.18
129.90 101.27 15.26
3.16 64.4 5.67 3.25 64.4 6.73 1.12
3.98 8.99
() 12.53
14.88
3.32() 1.24
13.16 106.58 11.27
7.83 1.09
1 100 101 21.(1)(2) 2.(1)(2)(3)3.(1)()
()(2)365(3)
-87-
-
(4)() ()
(5)365(6)(7)4.(1) (2)(3)(4)5.(1)(2)(
)(3)()(
)6.(1)() (2) () 3
1.2.3.
4.
41.2.3.4.5.
5
6
-88-
-
4. ()
( 1) ( 2)
() 100 101 102 103 104
54.55
408.22
130.70
120.08
23.8
3.31
110
26.03
7.38
14
11.22
1.25
4.26 8.99
() 16.5
15.51
3.39
() 1.24
17.26
129.57
10.40
6.03
1.04
1 100 101 21.(1)(2) 2.(1)(2)(3)3.(1)()
-89-
-
()(2)365(3)(4)()
()(5)365(6)(7)4.(1) (2)(3)(4)5.(1)(2)(
)(3)()(
)6.(1)() (2) () 3
1.2.3.
4.
41.2.3.4.5.
5
6
-90-
-
()
1.
(
)
%
103
10
4
%
%
%
2,12
1,27
6 29
.88
2,41
6,38
833
.71
295,
112
13.9
1 10
4
44
0,82
1 6.
2136
7,84
75.
13(7
2,97
4)(1
6.55
) 104
(
)
1,
087,
629
15.3
21,
444,
978
20.1
635
7,34
932
.86
104
174,
427
2.46
245,
327
3.42
70,9
0040
.65
116,
252
1.64
395,
754
5.53
279,
502
240.
43
1,
228,
898
17.3
152
4,91
77.
32(7
03,9
81)
(57.
29) 1
04
(1
36,5
40)
(1.9
2)-
-13
6,54
0(1
00.0
0)
6,12
2,61
3 10
0.00
8,06
2,94
910
0.00
1,94
0,33
631
.69
104
4,
578,
337
74.7
86,
306,
144
78.2
11,
727,
807
37.7
4 10
4
1,
544,
276
25.2
21,
756,
805
21.7
921
2,52
913
.76
(
) 25
9,44
6 4.
2441
6,36
15.
1615
6,91
560
.48
-91-
-
103
10
4
%
%
%
50,6
56
0.82
(36,
661)
(0.4
5)(8
7,31
7)(1
72.3
7)
148,
621
2.43
223,
181
2.77
74,5
6050
.17
1%
10
%
-92-
-
2.
(
)
%
103
10
4
%
%
%
452,
460
9.89
392,
113
8.21
(60,
347)
(13.
34) 1
04
456,
353
9.97
919,
238
19.2
546
2,88
510
1.43
104
--
(
)
179,
277
3.92
121,
835
2.55
(57,
442)
(32.
04) 1
04
60
5,88
0 13
.24
935,
557
19.5
932
9,67
754
.41
104
27,4
37
0.60
96,0
842.
0168
,647
250.
20
59,9
57
1.31
--
(59,
957)
(100
.00)
298,
697
6.53
75,1
541.
57(2
23,5
43)
(74.
84)
135,
956
2.97
190,
515
3.99
54,5
5940
.13
104
(136
,540
) (2
.98)
--
136,
540
(100
.00)
3,69
8,32
8 10
0.00
5,62
3,80
210
0.00
1,92
5,47
452
.06
104
3,24
2,84
4 87
.68
5,04
3,31
289
.68
1,80
0,46
855
.52
104
471,
243
12.7
455
8,74
69.
9487
,503
18.5
7
(
) 48
,936
1.
3210
6,17
21.
8957
,236
116.
96
175,
827
4.75
261,
539
4.65
85,7
1248
.75
-93-
-
103
10
4
%
%
%
(
)
148,
621
4.02
223,
181
3.97
74,5
6050
.17
(
) 14
8,62
1 4.
0222
3,18
13.
9774
,560
50.1
7
148,
621
4.02
223,
181
3.97
74,5
6050
.17
1%
10%
-94-
-
()
1.103
2.104
()
1.103
2.104
()
105
()
()
()
()
-95-
-
()
--()
103 104
%
5,712,808 5,846,013 133,205 2.33
992,505 925,729 (66,776) (6.73)
59,853 53,466 (6,387) (10.67)
334,623 342,980 8,357 2.50
7,099,789 7,168,188 68,399 0.96
2,238,508 3,053,091 814,583 36.39
1,379,769 639,825 (739,944) (53.63)
3,618,277 3,692,916 74,639 2.06
2,405,487 2,242,826 (162,661) (6.76)
548,319 522,030 (26,289) (4.79)
232,521 300,676 68,155 29.31
35,894 24,721 (11,173) (31.13)
(136,540) - 136,540 (100.00)
395,831 385,019 (10,812) (2.73)
3,481,512 3,475,272 (6,240) (0.18)
(20%)
1.
2.
3.
4.
5.
-96-
-
()
1.
103 104 %
6,122,613 8,062,949 1,940,336 31.69
4,578,337 6,306,144 1,727,807 37.74
1,544,276 1,756,805 212,529 13.76
1,290,868 1,340,444 49,576 3.84
6,038 - (6,038) (100.00)
259,446 416,361 156,915 60.48
50,656 (36,661) (87,317) (172.37)
310,102 379,700 69,598 22.44
() (75,997) (90,446) (14,449) 19.01
234,105 289,254 55,149 23.56
() 234,105 289,254 55,149 23.56
() 22,941 (12,556) (35,497) (154.73)
257,046 276,698 19,652 7.65
20%
1.
2.
3.
4.
5. 6.
-97-
-
2.105
MSO
105
()
1.()
103 104 101,467 1,368,973 1,267,506 1,249.18% (59,140) (117,145) (58,005) 98.08% 313,332 (955,065) (1,268,397) (404.81)%
(1)104 103 1,267,506 221,487 276,493 200,162
(2)104 103 58,005 103 70,616
(3)104 103 1,268,397 103 1,097,901 104 684,507
2.
-98-
-
3.()
()
1,379,022 (1,204,346) (31,098) (200,951) (57,373) 500,000
1.
2.DOCSIS 3.1
3.
4.500,000
():
()
()
-99-
-
()
102 103 104
()
()
()
()
-100-
-
()
8A
()
(B)
() (%) /
8 0 100
()
5 0 63
8 0 100
6 0 75
8 0 100
8 0 100
8 0 100
7 0 88
7 0 88
6 0 75
8 0 100
8 0 100
14 3
-101-
-
()
1.
2.
8 A
(%)/()
6 75
8 100
8 100
() ()
-102-
-
()
()
()
()
()
()
()
()
()
-103-
-
(
)
ww
w.hi
tront
ech.
com
()
ww
w.hi
tront
ech.
com
-104-
-
()
1.
1
1 2 3 4 5 6 7 8
V - V V V V V V V V V 2
- - V V V V V V V V V -
- - V V V V V V V V V -
1 2 1 2
3
4 5
6
7
8 30 3
6 5
-105-
-
2.
(1) 3
(2)103 8 12 106 6 19 4
(%)()
4 - 100
4 - 100
3 - 75
()
1(%)
2(%)
-106-
-
()()
()
ISO14000
ISO14064
ISO14001
1.ISO 14064-1
2.
-107-
-
3.
4.
-108-
-
-109-
-
()
-110-
-
-111-
-
()
()
103/8/15 104/9/30
()
104.11.05
11
104.11.05
11
104.10.13
104.12.02
104.11.20
104.11.24
104.12.22
104.12.22
104.08.06
104.11.04
104.11.04
104.11.05
11
104.11.24
104.11.24
104.10.12
104.10.13
104.12.22
-112-
-
104.12.22
104.11.20
104.11.20
104.12.22
104.12.22
105.01.18-105.01.21
104.03.10
-
104.06.12
104.12.23
104.03.31
-
104.10.16
104 11
-113-
-
115~116
() 117 ~124
125
-114-
-
-115-
-
-116-
-
-117-
-
35.F213060
36.F213080
37.F213090
38.F213100
39.F218010
40.F219010
41.F399040
42.F401010
43.F401021
44.I301010
45.I301020
46.I301030
47.I501010
48.I199990
49.1Z13010
50.JA02010
51.JE01010
52.JZ99050
53.ZZ99999
-118-
-
2.75%
()
()
()
-119-
-
(1)
(2)
-120-
-
;
(E-mail)
-121-
-
.
.
.
-122-
-
-123-
-
-124-
-
-125-
-
-1-
-
-1-
-
-1-
-
-1-
-
-2-
-
-3-
-
-4-
-
-5-
-
-6-
-
-7-
-
-8-
-
-9-
-
-10-
-
-11-
-
-12-
-
-13-
-
-14-
-
-15-
-
-16-
-
-17-
-
-18-
-
-19-
-
-1-
-
-2-
-
-3-
-
-4-
-
-1-
-
-2-
-
-3-
-
-1-
-
(O ) (O)()()()
()()
()
()
()
O()
101%()
20.6
()
1.()
()(
-2-
-
-3-
-
(1-( ) )
3. ( 1)
()
1
2
( )
4.
(1) :
( )/
(2) :
( )
-4-
-
()
( )
1. 1 1( )
2. ( )( )
3. 12 31 ( )
( )
1. 1 1( )
2. ( )( )
3. 12 31 ( )
( )
-5-
-
( ) ( O )( O )
( )(
) (
)
( ) ( O )( O )
10%(
) (
)
( )
( O )( O
) (
)
()
-6-
-
102.01%( 1%)
( )
-7-
-
( ) 105 3 18( )
100%
( )
( 1)
102 0.35 0.4242
103 0.64 0.5142
104 1.01
105 0.4
1
( ) 105 3 31
105 3 31 3,204,913
105 3 31 226,268
14.16
105
-1-
-
()
1.
102 103 104 105 3 31 5,185,747 5,712,808 5,846,013 5,846,916 - - - - 835,732 992,505 925,729 899,594 25,640 59,853 53,466 54,513 553,657 334,623 342,980 411,231 6,600,776 7,099,789 7,168,188 7,212,254
2,878,226 2,238,508 3,053,091 3,228,138 2,913,910 2,358,782
697,226 1,379,769 639,825 383,227
3,575,452 3,618,277 3,692,916 3,611,365 3,611,136 3,738,551
2,676,210 3,085,681 3,090,253
3,204,913
2,201,934 2,405,487 2,242,826 2,262,684 501,523 548,319 522,030 529,973
138,764 232,521 300,676 391,194 103,080 112,247
14,618 35,894 24,721 21,062 (180,629) (136,540) - - 349,114 395,831 385,019 395,976
3,025,324 3,481,512 3,475,272 3,600,889 2,989,640 3,361,238
-2-
-
2.
102 103 104 105 3 31 6,842,343 6,122,613 8,062,949 2,043,638 1,711,385 1,544,276 1,756,805 491,397 215,228 259,446 416,361 144,002 33,207 50,656 (36,661) (9,997) 248,435 310,102 379,700 134,005 146,268 234,105 289,254 101,510
- - - - ( ) 146,268 234,105 289,254 101,510
44,221 22,941 (12,556) (3,694)
190,489 257,046 276,698 97,816 74,612 148,621 223,181 90,517 71,656 85,484 66,073 10,993
116,715 172,942 212,406 86,859
73,774 84,104 64,292 10,957
( ) 0.35 0.64 1.01 0.4
-3-
-
0%
100%
()
101%()()
1.()
101%
2.
(1)
1
2
3
101%
(2)
-4-
-
()
1.
1053180%100%
()
()102.01%(
1%)
(1)
()()(
)
(2)10%(
)(
)
-5-
-
(3)
( )( )
( )
2.
Black-Scholes
Cox, Ross Rubinstein(1979)
3.
(1)
(2)
(3)
(4)
(5)
(Underlying Variable Values)
4.
(1) Cox, Ross Rubinstein(1979)
(Competitive Market)
-6-
-
(Price Takers)
( )
(Perfect Market)
(Preferring More Wealth to Less)
(2)
B
(u-1) (u>1) q
(d-1) (d
-
( )
(B) B
t=0 t=1 (u-1) (d-1)
0t 1t (uS )+rB
S+B (dS )+rB
r=(1+i), i=
( ) t=1
t=1
uC rBuS (a) dC rBdS (b)
=)( duS
CC du (c)
B=rdudCuC ud)(
(d)
(c) (d) t=0 ( )
t=1 ( (a) (b)
) (t=0)
C = S+B (e)
(c) (d) B (e) t=0
du CduruC
dudr
rC )()(1 (f)
du CppCr )1(1
(f )
-8-
-
p=(r-d)/(u-d), 1-p=(u-r)/(u-d)
(f) (f1) (A Single Period
Pricing Model) ( uC dC )
(u d) (X) (r) t=0
[ du CppC )1( ]
(Mispriced)
(Two-Period Option Pricing Model)
t=1 t=2 (u-1) (d-1)
(the Stationary Stochastic Process of the Stock
Price)
0t 1t 2t SuuuS 2
uS S udS dS SdddS 2
t=2
0t 1t 2t )0,m a x (2 ESuCuu
uC C )0,max( EudSCud dC
)0,m a x (2 ESdCdd
t=1 t=2 (f
-9-
-
t=1 uC dC
t=1 t=2 uS u2S udS
t=1
uduuu CppCrC )1(1
(g)
t=1 t=2 dS udS d2S
t=1
dddud CppCrC )1(1
(h)
( )
(a) (b) (c) (d)
t=1 uS
uuC rBuuS )(
udC rBudS )(
B
rdudCuC
BSduCC uuududuu
)(,
)(
( )
t=2 t=1
(g) (h) t=1 ( uC dC )
t=0
t=0 t=1 (g)
(h) t=0
-10-
-
du CppCrc )1(1
(i)
(g) (h) (i)
ddduu CpCppuCprc22
2 )1()1(21
(j)
)0,max()1(2)0,max([1 222 XudSppXSupr
)]0,max()1( 22 XSdp (j1)
(Binomial Distribution Function)
(j1)
0,max([1 222
22 XSdupr
c u
0,max()1( 1212
1XSdupp
)]0,max()1( 222
0XuSdP
(k)
1,2,1,)!(!
! 2
2
2
1
2
0
jnj
nn
j
(k)
2
0
222
2 )0,max()1(1
j
jjjj
jXSdupp
rc (l)
2
0
222 )0,max()1()!2(!
!21j
jjjj XSduppjjr
c (l1)
5.
(l) (l1)
( ) n (n 2) (m)
( (l1) 2 n)
n
j
jnjjnjn XSduppjnj
nr
c0
)0,max()1()!(!
!1 (m)
(m) XSdu jnj )0,m a x ( XSdu jnj =0
XSdu jnj )0,max( XSdu jnj = 0 XSdu jnj
(m) k
-11-
-
)/ln()/ln(
duSdXk
n
(n)
(n) (m) (m)
n
kj
jnjjnjn XSduppjnj
nr
c )()1()!(!
!1
n
kj
jnjjnjn Sduppjnj
nr
)1()!(!
!1
n
kj
jnj Xppjnj
n )1()!(!
!
n
kj
jnjjnj Sduppjnj
nS )1()!(!
! ''
n
kj
jnjn ppjnj
nrX )1(
)!(!! (o)
rdpp
rpup )1(1, '' (p)
(o)
),,(),,( ' pknBrXpknBSc n (q)
n
kj
jnj knppjnj
npknB ,)1(')!(!
!),,( '' (r)
n
kj
jnj ppjnj
npknB )1()!(!
!),,( ' (s)
0, ckn
-12-
-
()
1.
105/6/3 20.36 105/6/4
() 20.36
20.6 101%() 20.6
3 3 45.11% -(104/6/4-105/6/3)-246
1. 105/6/3 2.
3. 246
0.4643% 105/6/22 5 1053(1.733)1058( 5 ) 0.3960% 0.5721% 3 0.4643%
0.8214%
twAA+ 105/6/2 twAA+(twAA+ twAA+=(twAA-twAAA)/2+twAAA) 3 0.8214%
35.71BP 1825 1825 1.00% 1.00%
0% 0%
2. (1)
(Present Value) 0% 3
0.8214% ()100,000/(1+0.8214%)^3=97,580
-13-
-
(2)
110,710 97,580 13,130
(3)
630
(4)
(190)
(5)
(6) ()
97,580 87.79% 13,130 11.81% 630 0.57% (190) -0.17% 0 0.00% 111,150 100%
111,15010563
1.125%109,913
100,000
(109,9130.9=98,922)
-14-
-
-15-
-
-16-
-
-17-
-
-18-
-
2419
( )
38-1
(02)2298-3456
-1-
-
1
2
3
4
5
6
7
8
9
9
9 ~ 11
12~ 21
21 ~ 23
23 ~ 47
47
47
48
48
48
48 ~ 56
1. 57 ~ 61
2. 62
3. 63
4. 64
65 ~ 66
-2-
-
-3-
-
-4-
-
-5-
-
-6-
-
-7-
-
-8-
-
75 3 24
104 3 20
( ) ( )
( )
103 4 3 1030010325
104 2013 9 104
( 2013 IFRSs
/ /
1 7
99 7 1
1
100 7 1
1 102 1 1 7 - 100 7 1 7 - 102 1 1 10 102 1 1
( 1031 1 )
-9-
-
/ /
11 102 1 1 12 102 1 1 13 102 1 1
1 101 7 1 12 101 1 1 19 102 1 1 27 102 1 1 28 102 1 1 32 103 1 1
20 102 1 1 2010 100 1 1 2009-2011 102 1 1
2013 IFRSs
1. 1
2. 12
3. 13
-10-
-
( )
1. 2013 IFRSs
/ /
9 107 1 1
10 28
105 1 1
10 12 28
105 1 1
11 105 1 1
14 105 1 1
15 106 1 1
1 105 1 1
16 38
105 1 1
16 41 105 1 1
19 103 7 1
27 105 1 1
36 103 1 1
39
103 1 1
21 103 1 1
2010-2012 103 7 1
2011-2013 103 7 1
2012-2014 105 1 1
2.
-11-
-
( )
( IFRSs)
( )
1.
(1) ( )
(2)
(3)
2. (
IFRSs)
( )
1.
(1)50%
(2)
-12-
-
(3) ( )
2.
103 12 31 102 12 31
( ) ( )
100.00 100.00
( ) ( )
100.00 100.00
( ) ( )
55.30 58.30 1
( ) ( )
100.00 100.00
( ) ( )
100.00 100.00
( )( )
100.00 100.00
( ) ( )
- 100.00 2
( ) ( )
100.00 100.00
( ) ( )
100.00 100.00
1 103 ( ) 1,26170,616 44,668 55.30%
IFRSs 27
2 103 4,265
103 1 1 6 30
3.
4.
-13-
-
( )
()
( )
()
( )
1.
(1)
(2)
(3)
(4)
2.
(1)
(2)
(3)
(4)
-14-
-
( )
( )
1.
(1) ( )
(2)
(3)
2.
3.
( )
1.
2.
( )
-15-
-
( )
( )
1.
2.
3.
4.
810~51
3~10
-16-
-
( )
51
( )
3~10
( )
(1) (2)
-17-
-
( )
( )
( )
1.
94 7 1
2.
-18-
-
3.
( )
( )
1.
2.
3.
4.
( )
( )
-
-19-
-
-
( )
1.
(1)
(2)
(3)
(4)
(5)
2.
-20-
-
( )
( )
( )
( )
1.
39
-21-
-
( )
1.
2. ( )
3.
4.
5.
-22-
-
6. ( )
( )
( )
( )
103 12 31 102 12 31
$1,354 $1,338
1,947,402 1,651,602
172,520 131,600
$2,121,276 $1,784,540
1.
2.
( )
1.
103 12 31 102 12 31
$89,375 $91,599
- 24,560
$89,375 $116,159
2,344 2,618
61,033 -
$152,752 $118,777
-23-
-
2.
103 12 31 102 12 31
$194 $2,527
4,000 -
$4,194 $2,527
103 12 31 102 12 31
(1)
$24
$-
(2)
$-
$1,899
(a)
(b) 103 102
( ) 7,841 2,901
3. ( ) 103102 ( ) 4,080 8,933
4.
103 12 31
( )
/ USD 3,117/EUR 2,500 103.10.07~104.03.31
102 12 31
( )
/ USD 2,000/CAD 2,105 102.10.23~103.03.31 / USD 691/EUR 500 102.10.25~103.02.27
/ CNY 30,632/USD5,000 102.05.08~103.05.12
-24-
-
5.
103 12 31
( )
/ CNY 27,880/USD 4,500 103.09.17~104.04.13
102 12 31
( )
/ USD 6,126/EUR 4,500 102.09.23~103.04.30
/ USD 500/CAD 535 102.12.20~103.03.31
6.
7. ( )
( )
103 12 31 102 12 31
$18,462 $18,462 12,120 12,120
4,520 4,520 1,245 1,245
7,500 7,500 10,000 10,000
1,000 1,000 15,848 15,848
Codent Networks (Cayman) Ltd. ( ) 10,409 10,409 17,200 20,000
98,304 101,104 (605) (605)
- (55,149) (55,149)
$42,550 $45,350
-25-
-
( ) 103 12 31 102 12 31
$9,042 $7,721
(6) (10)
$9,036 $7,711
( ) 103 12 31 102 12 31
$1,412,259 $1,579,356
(34,041) (34,758)
$1,378,218 $1,544,598
1.103 12 31 102 12 31
30 $117,855 $30,427
31-90 75,608 5,082
91-180 408 10,219
180 77 -
$193,948 $45,728
2.
103 12 31 102 12 31
1 $18,285 $17,592
2 683,272 1,093,955
3 516,754 422,081
$1,218,311 $1,533,628
1 ( 6 )/ / 2 ( 6 ) 10 / / 3 / / /
-26-
-
3. 103 12 31 102 12 31
4.
( )
103 12 31 102 12 31
$380,984 $401,455
/ 72,070 86,807
131,152 130,898
363,278 348,574
628,483 405,548
1,575,967 1,373,282
(59,821) (16,624)
$1,516,146 $1,356,658
103 102
$4,438,143 $5,107,174
7,679 5,094
( ) 33,309 6,114
4,479,131 5,118,382
99,206 12,576
$4,578,337 $5,130,958
1.
2.
-27-
-
( )
103 1 1 $207,450 $348,573 $482,261 $232,242 $1,270,526
- (143,470) (181,947) (109,377) (434,794) $207,450 $205,103 $300,314 $122,865 $835,732
103 1 1 $207,450 $205,103 $300,314 $122,865 $835,732
- 6,171 13,794 35,512 55,477 - - (22) (155) (177)
- 196,546 7,008 15,330 218,884 - (20,457) (54,962) (51,812) (127,231)
- (199) 8,960 1,059 9,82012 31 $207,450 $387,164 $275,092 $122,799 $992,505
103 12 31 $207,450 $537,517 $518,217 $246,753 $1,509,937
- (150,353) (243,125) (123,954) (517,432) $207,450 $387,164 $275,092 $122,799 $992,505
102 1 1 $207,450 $348,573 $407,489 $275,833 $1,239,345
- (130,102) (146,337) (140,597) (417,036) $207,450 $218,471 $261,152 $135,236 $822,309
102 1 1 $207,450 $218,471 $261,152 $135,236 $822,309
- - 73,939 36,309 110,248 - - (556) (4,436) (4,992)
- - - (103) (103) - (13,368) (48,039) (48,070) (109,477)
- 13,818 3,929 17,74712 31 $207,450 $205,103 $300,314 $122,865 $835,732
102 12 31 $207,450 $348,573 $482,261 $232,242 $1,270,526
- (143,470) (181,947) (109,377) (434,794) $207,450 $205,103 $300,314 $122,865 $835,732
-28-
-
( )
103 102
1 1
$28,825 $28,825
(10,069) (8,947)
$18,756 $19,878
1 1 $18,756 $19,878
(18,569) -
(187) (1,122)
12 31 $- $18,756
12 31
$- $28,825
- (10,069)
$- $18,756
1.
103 102
$549 $3,293
$187
$1,122
2. 103 2 28
3. 102 12 31 20,392
-29-
-
( )
103 12 31 102 12 31
/ $506,391 $1,006,138
1.65%~1.78% 1.54%~2.05%
( )
1.
103 12 31 102 12 31
$1,150,000 $1,150,000
: (1,143) (17,791)
: (1,084,900) (642,900)
(4,000) -
$59,957 $489,309
2. 103 12 31 646,000
54,262 108,670
438,900 29,459 156,771
3. 104 1 18
( )
-30-
-
4.
101
6 5
101.1.18
0%
101.1.18~104.1.18
1.
2.
12.5
101 7 25 12.5 11.5
102 7 27 11.5 10.7
103 7 27 10.7 10.5
-31-
-
5.102
5
102.1.31
0%
102.1.31~105.1.31
0%
1.
2.
16.0
102 7 27 16.0 14.9
103 7 27 14.9 14.6
-32-
-
( )
103 12 31
102 718 107 718
1.3987% - $126,720
102 67 105 6 7
1.079% - 190,080
103 224 108 1
19
2.1% - 154,616
10310 17 10810 17
1.9457% - 96,115
10310 17 10810 17
1.9479% - 103,804
10310 17 10810 17
2.32% - 132,846
10310 17 10810 17
2.32% - 442,820
(18,103)
$1,228,898
-33-
-
102 12 31
102 7
18 107 718
1.44% - $119,280
102 630 105 6
30
1.11% - 29,820
$149,100
( )
1.6% 103 102
23,917 22,602
2.(1)94 7 1
2%
103 102 12 31102,098 96,622
(2)
103 12 31 102 12 31
$(150,068) $(149,549)
102,098 96,622
( ) $(47,970) $(52,927)
( ) $(47,970) $(52,927)
-34-
-
(3)
103 102
1 1 $(149,549) $(135,896)
(1,877) (1,355)
(2,982) (2,036)
1,179 12,689
3,161 -
- (22,951)
12 31 $(150,068) $(149,549)
(4)
103 102
1 1 $96,622 $92,653
1,711 1,646
( ) 572 (564)
3,193 2,887
12 31 $102,098 $96,622
(5)
103 102
$1,877 $1,355
2,982 2,036
(1,711) (1,646)
(3,161) -
$(13) $1,745
(6)
103 102
( ) $1,750 $12,125
( ) $(4,369) $(6,119)
-35-
-
(7)A.
103102 12 31
B.
(8)
103 102
1.75%~2.00% 2.00%
3.00% 3.00%
1.75% 1.75%
(9)
103 102
$(150,068) $(149,549)
102,098 96,622
( ) $(47,970) $(52,927)
$10,671 $12,689
$572 $(564)
(10) 103 12 31 2,563
-36-
-
( )
1. 97 1 28
2.
97 1 28 8,000 1,000
8,000
3.3 Black-Scholes
0.14%
44.0625%
2.3084%
6
103 102
( ) ( )
( ) ( )
163 $8.20 491 $8.20)
(113) 8.20 - -)
(50) 8.20 (328) 8.20)
- - 163 8.20)
- - 163 8.20)
( ) 1,000 - 1,000 -)
4. 22.7 12.8
5.
-37-
-
( )
103 12 31 102 12 31
$4,000,000 $4,000,000
$2,405,487 $2,192,790
- 9,144
$2,405,487 $2,201,934
1. 103 12 31 102 12 31 400,00030,000
10
2. 103 12 31
3. 103 8 9,527 95,270103 8 23
4. 98 6 16 99 2 2220,000 14.86 297,200
99 4 12
5.
(1) 103 1 1 12 31 :
103 1 1 12 31
1 1 12 31
9,527 - (9,527) -
- 8,854 - 8,854
9,527 8,854 (9,527) 8,854
(2)
-38-
-
( )
1.
2.
103 12 31 102 12 31
$457,612 $410,479
- 45,030
90,707 46,014
$548,319 $501,523
( )
1.
10%
25%
2.
(1)
(2) IFRSs 101 4 6 1010012865
-39-
-
3.
(1)
a.
b.
c.
d.
e.
(a)
(b)
(c)
(2) 103
(3) 102 101
(4) 102 101102 101
102 101
(1) $4,220) $18,890)
(2) $844) $3,780)
-40-
-
( )
103 102
$5,921,985 $6,653,028
200,628 189,315
$6,122,613 $6,842,343
( )
103 102
$37,943 $11,965
/ ( ) (5,150) 7,376
(4,284) -
( ) 7,841 2,901
/ ( )
4,080 8,933
(361) (1,732)
$40,069 $29,443
( )
103 102
$1,463,972 $1,262,700
3,015,159 3,855,682
99,019 11,454
1,063,969 1,037,113
146,174 134,148
80,912 334,018
$5,869,205 $6,635,115
-41-
-
( )
103 102
