奇鋐科技股份有限公司 (ASIA VITAL COMPONENTS CO.,LTD. - AVC) 2025年第一季法人說明會 (2025 Q1 Investor Conference)
Company Overview
- 公司名稱: 奇鋐科技股份有限公司 (ASIA VITAL COMPONENTS CO.,LTD.)
- 公司簡稱: AVC
- 官方網站: www.avc.co
產品類別營收組合 (Q1'25 Revenue Mix by Product Category):
- 散熱產品 (Thermal Products): 59.1%
- 機箱產品 (Chassis Products): 15.6%
- 系統及周邊產品 (System Assembly and Peripheral Products): 15.7%
- 富世達(轉軸) Fositek(Hinge): 9.7%
主營業務 (散熱/機箱) 產業組合 (Q1'25 Industry Mix for Thermal & Mechanical Revenue):
- Server & Networking: 60.9%
- 3C: 20.4%
- Telecom: 14.3%
- Others: 4.3%
註: 主營業務(散熱/機箱)的營收佔總營收74.7%。
Financial Highlights and Key Metrics
- 幣別: 新台幣百萬元 (NTD Million), 除非另有註明。
- 財務數據說明: 上述財務數據均經會計師查核/核閱簽證。
關鍵成長率 (2018-2024):
- 營收複合成長率 (Revenue Compound Annual Growth Rate): 16.26%
- EPS複合成長率 (EPS Compound Annual Growth Rate): 48.10%
主要財務比率 (截至 2025.03.31):
- 流動比率 (Current Ratio): 122.48%
- 速動比率 (Quick Ratio): 64.97%
- 負債比率 (Debt Ratio): 70.17%
- 應收帳款周轉天數 (Days Sales Outstanding): 25 天
- 存貨週轉天數 (Inventory Turnover Days): 194 天
Recent Performance and Results
綜合損益表摘要 (NTD Million):
| 會計科目 (Account Item) | 2025.Q1 | 2024.Q4 | QoQ (變動額) | QoQ (變動率) | 2024.Q1 | YoY (變動額) | YoY (變動率) |
|---|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 23,333 | 20,904 | 2,429 | 11.62% | 15,309 | 8,024 | 52.41% |
| 營業毛利 (Gross Profit) | 6,028 | 5,224 | 804 | 15.39% | 3,372 | 2,656 | 78.77% |
| 營業毛利率 (Gross Profit Margin) | 25.83% | 24.99% | 0.84% | 3.36% | 22.03% | 3.80% | 17.25% |
| 營業費用 (Operating Expenses) | 1,667 | 1,871 | (204) | -10.90% | 1,437 | 230 | 16.01% |
| 營業費用率 (Operating Expense Ratio) | 7.14% | 8.95% | -1.81% | -20.22% | 9.39% | -2.25% | -23.96% |
| 營業淨利 (Operating Income) | 4,361 | 3,353 | 1,008 | 30.06% | 1,935 | 2,426 | 125.37% |
| 營業淨利率 (Operating Income Margin) | 18.69% | 16.04% | 2.65% | 16.52% | 12.64% | 6.05% | 47.86% |
| 營業外收支淨額 (Non-operating Income & Expenses, Net) | 259 | 306 | (47) | -15.36% | 395 | (136) | -34.43% |
| 稅前淨利 (Profit Before Tax) | 4,620 | 3,659 | 961 | 26.26% | 2,330 | 2,290 | 98.28% |
| 所得稅 (Income Tax Expense) | 1,110 | 978 | 132 | 13.50% | 579 | 531 | 91.71% |
| 母公司稅後淨利 (Net Income Attributable to Parent Company) | 3,214 | 2,338 | 876 | 37.47% | 1,564 | 1,650 | 105.50% |
| 淨利率 (Net Profit Margin) | 13.77% | 11.18% | 2.59% | 23.17% | 10.22% | 3.55% | 34.74% |
| 每股盈餘(台幣元) (EPS (NTD)) | 8.28 | 6.03 | 2.25 | 37.31% | 4.08 | 4.20 | 102.94% |
營業外收入及支出 (NTD Million):
| 會計科目 (Account Item) | 2025.Q1 | 2024.Q4 | QoQ (變動額) | QoQ (變動率) | 2024.Q1 | YoY (變動額) | YoY (變動率) |
|---|---|---|---|---|---|---|---|
| 淨利息收入(支出) (Net Interest Income (Expense)) | (31) | 53 | (84) | -158.49% | (6) | (25) | 416.67% |
| 投資收益(損失) (Investment Income (Loss)) | (44) | 2 | (46) | -2300.00% | 26 | (70) | -269.23% |
| 處分固定資產收益(損失) (Gain (Loss) on Disposal of Fixed Assets) | (32) | (149) | 117 | -78.52% | (16) | (16) | 100.00% |
| 匯兌收益(損失) (Foreign Exchange Gain (Loss)) | 70 | 122 | (52) | -42.62% | 121 | (51) | -42.15% |
| 資產減損 (Asset Impairment) | (13) | (97) | 84 | -86.60% | - | (13) | - |
| 其他 (Others) | 309 | 375 | (66) | -17.60% | 270 | 39 | 14.44% |
| 合計 (Total) | 259 | 306 | (47) | -15.36% | 395 | (136) | -34.43% |
簡明資產負債表摘要 (NTD Million, 截至 2025.03.31):
| 會計科目 (Account Item) | 2025.03.31 | 2024.12.31 | QoQ (變動額) | QoQ (變動率) | 2024.03.31 | YoY (變動額) | YoY (變動率) |
|---|---|---|---|---|---|---|---|
| 資產總額 (Total Assets) | 111,825 | 99,906 | 11,919 | 11.93% | 74,786 | 37,039 | 49.53% |
| 流動資產 (Current Assets) | 86,217 | 76,093 | 10,124 | 13.30% | 57,093 | 29,124 | 51.01% |
| 不動產,廠房及設備淨額 (Property, Plant and Equipment, Net) | 14,708 | 13,805 | 903 | 6.54% | 11,716 | 2,992 | 25.54% |
| 負債總額 (Total Liabilities) | 78,472 | 66,433 | 12,039 | 18.12% | 49,559 | 28,913 | 58.34% |
| 股東權益合計 (Total Equity) | 33,353 | 33,473 | (120) | -0.36% | 25,227 | 8,126 | 32.21% |
| 每股淨值(台幣元) (Book Value Per Share (NTD)) | 74.32 | 74.47 | (0.15) | -0.20% | 56.08 | 18.24 | 32.52% |
現金流量表摘要 (NTD Million):
| 會計科目 (Account Item) | 2025.Q1 | 2024.Q1 | YoY (變動額) | YoY (變動率) |
|---|---|---|---|---|
| 折舊與攤銷 (Depreciation and Amortization) | 761 | 558 | 203 | 36.38% |
| 營業活動之淨現金流(出)入 (A) (Net Cash Flow from Operating Activities (A)) | 5,705 | 3,827 | 1,878 | 49.07% |
| 資本支出(B) (Capital Expenditure (B)) | (1,359) | (622) | (737) | 118.49% |
| 投資活動之淨現金流(出)入 (Net Cash Flow from Investing Activities) | (2,213) | (1,154) | (1,059) | 91.77% |
| 籌資活動之淨現金流(出)入 (Net Cash Flow from Financing Activities) | 473 | (1,175) | 1,648 | -140.26% |
| 期末現金餘額 (Cash Balance at End of Period) | 34,492 | 28,838 | 5,654 | 19.61% |
| 自由現金流量 (A)-(B) (Free Cash Flow (A)-(B)) | 4,346 | 3,205 | 1,141 | 35.60% |
Future Outlook and Guidance
- 本次簡報未提供明確的未來展望或財務指引。
Strategic Initiatives and Plans
- 本次簡報未提及具體的策略性計畫或倡議。
Key Charts, Graphs, and Data Points
營收趨勢 (NT$ 億):
- 2018: 291
- 2019: 365 (YoY 25.69%)
- 2020: 397 (YoY 8.57%)
- 2021: 473 (YoY 19.33%)
- 2022: 560 (YoY 18.35%)
- 2023: 592 (YoY 5.67%)
- 2024: 718 (YoY 21.23%)
EPS趨勢 (NT$):
- 2018: 2.01
- 2019: 2.71 (YoY 34.83%)
- 2020: 5.42 (YoY 100.00%)
- 2021: 8.21 (YoY 51.48%)
- 2022: 11.78 (YoY 43.48%)
- 2023: 14.11 (YoY 19.78%)
- 2024: 21.21 (YoY 50.32%)
季度營收按產品類別 (NTD Million):
- 散熱產品 (Thermal):
- Q1'24: 7,874
- Q2'24: 9,071
- Q3'24: 11,054
- Q4'24: 10,842
- Q1'25: 13,789
- 機箱產品 (Chassis):
- Q1'24: 1,970
- Q2'24: 2,123
- Q3'24: 2,309
- Q4'24: 3,205
- Q1'25: 3,629
- 系統及周邊產品 (SIG - System Integration Products):
- Q1'24: 3,754
- Q2'24: 3,571
- Q3'24: 3,714
- Q4'24: 4,087
- Q1'25: 3,663
- 富世達(轉軸) Fositek(HG):
- Q1'24: 1,711
- Q2'24: 1,719
- Q3'24: 1,988
- Q4'24: 2,770
- Q1'25: 2,252
季度散熱與機箱產品營收按產業別 (NTD Million):
- Server & Networking:
- Q1'24: 4,718
- Q2'24: 5,483
- Q3'24: 7,007
- Q4'24: 8,406
- Q1'25: 10,613
- Telecom:
- Q1'24: 2,072
- Q2'24: 2,161
- Q3'24: 2,572
- Q4'24: 1,939
- Q1'25: 2,496
- 3C:
- Q1'24: 2,608
- Q2'24: 3,033
- Q3'24: 3,024
- Q4'24: 3,043
- Q1'25: 3,558
- Other:
- Q1'24: 446
- Q2'24: 517
- Q3'24: 760
- Q4'24: 659
- Q1'25: 751
Important Product Names, Terms, and Concepts
- 公司名稱: 奇鋐科技股份有限公司 (ASIA VITAL COMPONENTS CO.,LTD.)
- 縮寫: AVC
- 產品類別:
- 散熱產品 (Thermal Products)
- 機箱產品 (Chassis Products)
- 系統及周邊產品 (System Assembly and Peripheral Products)
- 富世達(轉軸) Fositek(Hinge)
- 產業區塊 (針對散熱與機箱產品):
- Server & Networking (伺服器與網路)
- Telecom (電信)
- 3C (電腦、通訊、消費性電子)
- Others (其他)
- 財務術語:
- 綜合損益表 (Consolidated Income Statement)
- 營業收入 (Operating Revenue)
- 營業毛利 (Gross Profit)
- 營業毛利率 (Gross Profit Margin)
- 營業費用 (Operating Expenses)
- 營業費用率 (Operating Expense Ratio)
- 營業淨利 (Operating Income)
- 營業淨利率 (Operating Income Margin)
- 營業外收支淨額 (Non-operating Income & Expenses, Net)
- 稅前淨利 (Profit Before Tax)
- 所得稅 (Income Tax Expense)
- 母公司稅後淨利 (Net Income Attributable to Parent Company)
- 淨利率 (Net Profit Margin)
- 每股盈餘 (EPS - Earnings Per Share)
- 簡明資產負債表 (Condensed Balance Sheet)
- 現金及銀行存款 (Cash and Bank Deposits)
- 應收票據/帳款 (Notes/Accounts Receivable)
- 存貨 (Inventory)
- 流動資產 (Current Assets)
- 不動產,廠房及設備淨額 (Property, Plant and Equipment, Net)
- 非流動資產 (Non-current Assets)
- 資產總額 (Total Assets)
- 短期銀行借款 (Short-term Bank Loans)
- 應付票據/帳款 (Notes/Accounts Payable)
- 流動負債 (Current Liabilities)
- 應付公司債 (Bonds Payable)
- 長期銀行借款 (Long-term Bank Loans)
- 非流動負債 (Non-current Liabilities)
- 負債總額 (Total Liabilities)
- 歸屬於母公司業主之權益 (Equity Attributable to Owners of Parent)
- 股東權益合計 (Total Equity)
- 每股淨值 (Book Value Per Share)
- 流動比率 (Current Ratio)
- 速動比率 (Quick Ratio)
- 負債比率 (Debt Ratio)
- 應收帳款周轉天數 (Days Sales Outstanding)
- 存貨週轉天數 (Inventory Turnover Days)
- 現金流量表 (Cash Flow Statement)
- 折舊與攤銷 (Depreciation and Amortization)
- 營業活動之淨現金流(出)入 (Net Cash Flow from Operating Activities)
- 資本支出 (Capital Expenditure)
- 投資活動之淨現金流(出)入 (Net Cash Flow from Investing Activities)
- 籌資活動之淨現金流(出)入 (Net Cash Flow from Financing Activities)
- 期末現金餘額 (Cash Balance at End of Period)
- 自由現金流量 (Free Cash Flow)
- 成長指標:
- 營收複合成長率 (Revenue Compound Annual Growth Rate)
- EPS複合成長率 (EPS Compound Annual Growth Rate)
- QoQ (Quarter-over-Quarter)
- YoY (Year-over-Year)
Products, Services & Technology
- 產品名稱:
- 散熱產品 (Thermal Products): 泛指散熱解決方案，未提供具體產品型號或技術規格。
- 機箱產品 (Chassis Products): 泛指電腦或伺服器機殼/機箱，未提供具體產品型號或技術規格。
- 系統及周邊產品 (System Assembly and Peripheral Products): 泛指系統組裝及周邊配件，未提供具體產品型號或技術規格。
- 富世達(轉軸) Fositek(Hinge): 指富世達品牌或相關實體提供的轉軸產品。未提供具體轉軸型號或技術規格。
- 技術平台、軟體名稱、系統名稱: 本次簡報未明確提及。
- 服務項目與解決方案名稱: 本次簡報未明確提及。
- 產業特定術語與技術概念:
- Thermal (散熱): 指熱管理解決方案。
- Chassis (機箱): 指電腦或伺服器外殼。
- System Integration (系統整合): 暗示組裝和提供周邊組件。
- Hinge (轉軸): 機械部件，可能用於可折疊設備或筆記型電腦。
- Server & Networking: 指用於伺服器和網路基礎設施的產品。
- 3C: 指電腦、通訊和消費性電子產品。