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매출서 삼성SDI 비중 99.9%…리스크 대응력 떨어져스태킹 장비 공동개발 탓에 고객사 확대도 제한적 필에너지 로고. [사진 필에너지][이코노미스트 마켓in 이건엄 기자] 이차전지 장비업체 필에너지가 공모주 청약에서 흥행에 성공한 가운데 과도한 삼성SDI(006400) 의존도를 해소해야 된다는 지적이 나온다. 단기적으로는 거대 고객사를 통한 안정적인 매출 창출이 가능하지만 수익 다각화가 어려운 만큼 지속가능성을 담보하기 어렵다는 평가다.7일 금융감독원 전자공시시스템에 올라온 필에너지 투자설명서에 따르면 필에너지의 전체 매출에서 삼성SDI가 차지하는 비중은 지난해 기준 99.6%에 달한다. 올해 1분기에도 99.9%를 기록하는 등 사실상 삼성SDI가 필에너지의 매출 전부를 책임지는 구조다. 삼성SDI가 흔들릴 경우 필에너지 역시 부침을 겪을 가능성이 높다는 것을 알 수 있는 대목이다. 필에너지는 올해 1분기 75억원의 영업이익과 730억원의 매출을 기록했다.지난 2020년 필옵틱스에서 물적분할한 필에너지는 이차전지 제작 공정 중 조립 공정에 적용되는 스태킹(Stacking) 장비 및 레이저 노칭(Notching) 장비 제조를 주력으로 한다. 스태킹 장비는 이차전지 제조 공정에서 양극재와 음극재 등 배터리 소재를 쌓을 때 사용한다. 노칭 장비의 경우 배터리 소재를 자르는 데 사용한다.필에너지의 매출구조가 이처럼 기형적인 것은 주력 제품인 스태킹 장비를 삼성SDI와 공동 개발한 영향이 크다. 대부분의 매출이 발생하고 있는 스태킹 장비를 삼성SDI와 공동 개발한 탓에 다른 이차전지 업체에 납품할 수 없는 것이다. 삼성SDI가 3자 배정 유상증자 형태로 필에너지의 지분 20%를 확보한 것도 이같은 이유 때문이다. 현재 삼성SDI는 필에너지의 2대 주주다.문제는 필에너지의 사업구조상 당장의 매출 다각화가 어렵다는 점이다. 스태킹 장비를 통해 고객사를 확대하지 못하는 만큼 판매 제한이 없는 노칭 장비만으로 매출 다각화를 꾀해야 하지만 대안으로는 부족하다는 평가가 지배적이다. <a 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