This paper presents a log-transformed model-based performance analysis system for analyzing and improving manufacturing performance of the smart factory in the display business. Two years of data related to traditional manufacturing performance such as Cycle-time, WIP(Work-In-Process), and Throughput were investigated from the smart factory that producing the display for this research. We assessed manufacturing competitiveness based on how the operational level of automation affects improvements in manufacturing performances. We analyzed functional relationships between the indicators were derived using logtransformed regression analysis how the manufacturing performance indicators change according to the operational level of smart factory automation. As a result, we knew that the 170K production, which was planned capacity in the line design phase, achieved by running an automation level of only 59%. Based on this research, we suggest building an autopoietic optimize performance model to improving manufacturing competitiveness of smart manufacturing.