DFI (友通) [DFI] 2025 Q1 法說會簡報
Company Overview
Date: 2025年5月28日
Agenda
- 2025第一季財務結果及業務摘要
- 營運展望
- Q & A
Disclaimer
本次法說會提供之簡報包含前瞻性陳述, 內容包含本公司財務狀況、未來擴張計劃及公司策略等訊息。前瞻性聲明涉及風險及不確定性，實際結果可能與預期存在重大差異。
Financial Highlights
Consolidated Income Statement Summary
單位: 新台幣千元 (Unit: NT$ Thousand)
| 項目 (Item) | 2024年第四季 (2024 Q4) | 2025年第一季 (2025 Q1) | 2024年第一季 (2024 Q1) |
|---|---|---|---|
| 銷貨淨額 (Net Sales) | 2,985,126 (100.0%) | 2,598,900 (100.0%) | 1,906,186 (100.0%) |
| 營業成本 (Cost of Goods Sold) | (2,120,265) | (1,859,949) | (1,380,731) |
| 營業毛利 (Gross Profit) | 864,861 (29.0%) | 738,951 (28.4%) | 525,455 (27.6%) |
| 營業費用 (Operating Expenses) | (585,097) (-19.6%) | (539,546) (-20.8%) | (451,199) (-23.7%) |
| 營業淨利 (Operating Income) | 279,764 (9.4%) | 199,405 (7.7%) | 74,256 (3.9%) |
| 營業外收支及費用 (Non-operating Income and Expenses) | 26,496 | (19,716) | 680 |
| 稅前淨利 (Income Before Tax) | 306,260 (10.3%) | 179,689 (6.9%) | 74,936 (3.9%) |
| 本期淨利 (Net Income for the Period) | 237,389 (8.0%) | 138,713 (5.3%) | 54,831 (2.9%) |
| 本期淨利歸屬於母公司業主 (Net Income Attributable to Owners of the Parent) | 179,744 (6.0%) | 106,558 (4.1%) | 51,950 (2.7%) |
| 基本每股盈餘(NT$)(a) (Basic EPS (NT$)(a)) | $1.57 | $0.93 | $0.45 |
Revenue Composition Analysis
總營收 (Total Revenue):
- 2025年第一季: 2,599 NT$M
- 2024年第一季: 1,906 NT$M
2025 應用 (2025 Application)
- Automation: 43%
- Embedded: 38%
- Security: 19%
2025 區域 (2025 Region)
- Asia Pacific: 48%
- America: 28%
- EMEA: 24%
2025 產品 (2025 Product)
- OT Service: 43%
- Computer on Module: 26%
- AI Security: 19%
- Computer in Box: 8%
- Computer with Panel: 4%
2024 應用 (2024 Application)
- Embedded: 41%
- Automation: 37%
- Security: 22%
2024 區域 (2024 Region)
- Asia Pacific: 59%
- EMEA: 22%
- America: 19%
2024 產品 (2024 Product)
- OT Service: 37%
- Computer on Module: 26%
- AI Security: 22%
- Computer in Box: 14%
- Computer with Panel: 1%
Consolidated Balance Sheet Summary
單位: 新台幣千元 (Unit: NT$ Thousand)
| 項目 (Item) | 2025.03.31 | 2024.12.31 | 2024.03.31 |
|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 2,243,515 (19%) | 2,512,850 (21%) | 1,544,646 (17%) |
| 應收票據及帳款(含關係人) (Notes and Accounts Receivable (incl. related parties)) | 2,142,787 (18%) | 2,391,984 (19%) | 1,878,919 (22%) |
| 存貨 (Inventories) | 2,285,510 (19%) | 2,079,464 (17%) | 1,755,982 (20%) |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 2,275,844 (19%) | 2,287,843 (19%) | 2,351,456 (26%) |
| 總資產 (Total Assets) | 11,975,167 (100%) | 12,338,424 (100%) | 8,940,746 (100%) |
| 流動負債 (Current Liabilities) | 4,314,384 (36%) | 4,224,426 (34%) | 3,075,562 (34%) |
| 非流動負債 (Non-current Liabilities) | 2,077,067 (17%) | 2,276,771 (19%) | 1,171,443 (13%) |
| 權益總計 (Total Equity) | 5,583,716 (47%) | 5,837,227 (47%) | 4,693,741 (53%) |
| 每股淨值 (NT$) (Net Asset Value per Share (NT$)) | 28.52 | 30.67 | 25.24 |
Important Financial Indicators
| 項目 (Item) | 2025.03.31 | 2024.12.31 | 2024.03.31 |
|---|---|---|---|
| 應收帳款週轉天數 (Days Sales Outstanding (DSO)) | 80 | 84 | 91 |
| 存貨週轉天數 (Days Inventory Outstanding (DIO)) | 107 | 125 | 120 |
| 應付帳款週轉天數 (Days Payables Outstanding (DPO)) | 77 | 69 | 62 |
| 營運資金週轉天數 (Cash Conversion Cycle (CCC)) | 110 | 140 | 149 |
| 權益報酬率(年化)(a) (Return on Equity (Annualized)(a)) | 9.7% | 9.1% | 4.5% |
| 流動比率 (Current Ratio) | 159% | 170% | 173% |
| 金融負債比率 (b) (Financial Debt Ratio (b)) | 25% | 27% | 20% |
Footnotes:
- (a) 採年化稅後損益/平均權益總額
- (b) 金融負債包含長短期借款
Business Segments
Operational Outlook
友通邊緣 AIoT 一站式產品&服務
- 驅動專業技術×產業協作,迎向邊緣AI應用新浪潮
AI夥伴共構全方位邊緣解決方案
- Full Edge AI portfolios
- Key verticals: smart factory, defense, entertainment, medical, smart city...
- 3-in-1 solutions powered by global AI partners (HW+SW+Service)
創新研發實力
- 40+ yrs of experience for power, signal, thermal, FW/BIOS/OS customization on x86 & ARM platforms
- Value-added Technology (e.g., OOB)
全球在地化服務
- Integrated supply chain
- Local manufacturing & service
- Non-China key components
快速客製,彈性擴充
- 70% custom builds start from standard platforms
- Agile, market-tuned development
- Scalable AI via DFM & flexible form factors
公司規模與經驗
- 員工數: 1,400+ WORLD EMPLOYEES
- 全球據點: 40+ WORLDWIDE SITES
- 產業經驗:
- 20+ YEARS Networking
- 30+ YEARS Industrial Automation
- 40+ YEARS Embedded
全球佈局與能力
- AMERICA: Sacramento DFI: Sales, Technical Support, RMA, Manufacturing
- EUROPE: ROTTERDAM DFI: Sales, Technical Support, RMA, Manufacturing (CM)
- KOREA: SEOUL DFI AEWIN: Sales
- JAPAN: TOKYO DFI: R&D, Sales, Technical Support, RMA
- CHINA: Multiple locations including Suzhou, Shenzhen, Beijing, Tianjin
- INDIA: HARTANA DFI: Sales, Technical Support, RMA, Manufacturing (CM)
- VIETNAM: HA NAM Qisda: Manufacturing (BenQ)
- TAIWAN: TAIPEI (HQ) DFI: R&D, Sales, Technical Support, RMA, Logistics, Manufacturing (DFI)
DFI 邊緣 AIoT 關鍵產品線
- 混合雲架構 (Hybrid Cloud Architecture)
- Global Market CAGR% (2025~2030):
- 雲端AI (Cloud AI): 39.7%
- 邊緣AI (Edge AI): 21.7%
近邊緣運算層 (near edge)
- Hardware: Edge Server
- DFI邊緣輕型伺服器產品線
- RM645-SO630 (Processor: AMD EPYC)
- RM646-ERX810 (Processor: Intel XEON, # Dual CPUs)
遠邊緣運算層 (far edge)
- Hardware: Edge Device
- DFI邊緣AI系統產品線
- Heterogeneous Computing
- X6-ORN (Processor: NVIDIA JETSON)