上緯國際投資控股股份有限公司 (Swancor International Holdings Co., Ltd.) [3708] 2025年上半年 財報暨經營績效法人說明會
Company Overview
1.1. 公司簡介 基本資料 (Company Profile Basic Information)
- 創立時間 (Founding Date): 1992年2月25日
- 資本額 (Capital): 新台幣 11.03 億元
- 董事長 (Chairman): 蔡朝陽先生
- 全球員工人數 (Global Employee Count): 243人 (臺灣); 377人 (海外)
- 股票上市時間 (Stock Listing Time): 2009年於證券櫃檯買賣中心股票上櫃、2010年上櫃轉上市，在2016年換股以上緯投控上市 (代號3708)
- 主要產品 (Main Products):
- 環保耐蝕材料 (Environmental Corrosion-Resistant Materials)
- 環保綠能材料 (Environmental Green Energy Materials)
- 碳纖複合材料 (Carbon Fiber Composite Materials)
- 循環經濟材料 (Circular Economy Materials)
1.2. 全球佈局 (Global Layout)
- 新材料 (New Materials):
- 大陸 江蘇廠 (Mainland China, Jiangsu Plant)
- 大陸 天津廠 (Mainland China, Tianjin Plant)
- 大陸 上海廠 (Mainland China, Shanghai Plant)
- 臺灣 南投廠 (Taiwan, Nantou Plant)
- 臺灣 旺來 (Taiwan, Wanglai)
- 荷蘭 公司 (Netherlands Company)
- 馬來廠 (Malaysia Plant)
- 歐洲廠 202X (Europe Plant 202X) - two locations indicated
- 碳纖複材 (Carbon Fiber Composites):
- 江蘇 碳纖廠 (Jiangsu Carbon Fiber Plant)
- 臺灣 碳纖廠 (Taiwan Carbon Fiber Plant)
- 綠金能 (Green Energy):
- 山東 龍能 (Shandong Longneng)
- 江蘇 再生廠 (Jiangsu Regeneration Plant)
- 研發中心 (R&D Center):
- 荷蘭 (Netherlands)
- 大陸 (Mainland China)
- 臺灣 (Taiwan)
1.3. 競爭優勢 (Competitive Advantages)
- EzCiclo永續循環材料之減碳效果高達42% (EzCiclo sustainable circular materials achieve up to 42% carbon reduction)
- EzCiclo已在風電產業商品化 (EzCiclo has been commercialized in the wind power industry)
- 不需要改變現有製作工藝及設備 (No need to change existing manufacturing processes and equipment)
- EzCiclo製成的複合材料回收率 ≥95% (Composite materials made with EzCiclo have a recycling rate of ≥95%)
- 全球首張GRS認證100%再生碳纖維 (World's first GRS certified 100% recycled carbon fiber)
- 回收後的寡聚物可應用於熱固樹脂 (Recycled oligomers can be applied to thermosetting resins)
- 再生材料碳足跡低 (Low carbon footprint for recycled materials)
- 上緯破解90年來FRP無法回收的「必要之惡」 (Swancor solves the "necessary evil" of FRP being unrecyclable for 90 years)
1.4. 永續發展 (Sustainable Development)
- EzCiclo風電產業應用之減碳已超過 12,000噸 (Carbon reduction from EzCiclo's wind power applications has exceeded 12,000 tons)
- 榮獲臺灣證券交易所公司治理評鑑2024年(第11屆) (1)上市公司排名前5%(第一級距),及(2)市值50億元以上至100億元類之前5% (Awarded by Taiwan Stock Exchange Corporate Governance Evaluation 2024 (11th edition): (1) Top 5% among all listed companies (Tier 1), and (2) Top 5% among companies with market capitalization between NT$5 billion and NT$10 billion)
- 榮獲2024年《TCSA台灣企業永續獎》企業永續報告類-傳統製造業-第1類金獎 (Awarded 2024 "TCSA Taiwan Corporate Sustainability Awards" - Corporate Sustainability Report Category - Traditional Manufacturing Industry - Gold Award, Tier 1)
- 榮獲行政院國家永續發展委員會頒發「113年國家永續發展獎」 (Awarded "113 National Sustainable Development Award" by the Executive Yuan's National Council for Sustainable Development)
- EzCiclo取得ISO 14021:2016永續循環材料認證 (EzCiclo obtained ISO 14021:2016 certification for sustainable circular materials)
- 於2015 年起連續舉辦8年「上緯盃」,提供複合材料相關在校學生施展才華的舞台 (Has continuously held the "Swancor Cup" for 8 years since 2015, providing a platform for students to showcase their talents in composite materials)
- 2025年5月份在上緯創新園藝文空間主辦以在地藝術家創作之書法、水墨與雕刻作品為主的「藝境拾光」展覽。 (In May 2025, hosted the "Artistic Realm of Light" exhibition at Swancor Innovation Garden Arts & Culture Space, featuring calligraphy, ink wash painting, and sculpture by local artists.)
Financial Highlights
2.1. 綜合損益表 (Consolidated Income Statement)
- 單位 (Unit): 新台幣百萬 (NT$ Million)
年度比較 (Annual Comparison)
| 項目 (Item) | 2024 | 2023 | YoY% |
|---|---|---|---|
| 營業收入 (Revenue) | 7,872 | 7,295 | 7.9% |
| 營業毛利 (Gross Profit) | 1,769 | 1,335 | 32.6% |
| 營業費用 (Operating Expenses) | 1,374 | 1,104 | 24.4% |
| 營業淨利 (Operating Income) | 396 | 230 | 72.0% |
| 營業外收入及支出 (Non-operating Income & Expenses) | 106 | 1,218 | -91.3% |
| 本期淨利 (Net Income) | 371 | 1,282 | -71.0% |
| 母公司業主淨利 (Net Income attributable to owners of the parent) | 284 | 1,256 | -77.4% |
| 每股盈餘 (新台幣) (EPS (NT$)) | 2.71 | 12.88 | -79.0% |
| 營業毛利率 (Gross Profit Margin) | 22.5% | 18.3% | +4.2% (p.p.) |
| 營業淨利率 (Operating Income Margin) | 5.0% | 3.2% | +1.9% (p.p.) |
| 本期淨利率 (Net Income Margin) | 4.7% | 17.6% | -12.9% (p.p.) |
季度比較 (Quarterly Comparison)
| 項目 (Item) | 1Q25 | 4Q24 | 1Q24 | QoQ% | YoY% |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,961 | 2,103 | 1,735 | -6.7% | 13.0% |
| 營業毛利 (Gross Profit) | 412 | 484 | 366 | -14.9% | 12.6% |
| 營業費用 (Operating Expenses) | 357 | 355 | 312 | 0.6% | 14.5% |
| 營業淨利 (Operating Income) | 55 | 129 | 54 | -57.5% | 1.6% |
| 營業外收入及支出 (Non-operating Income & Expenses) | 30 | (0) | 77 | -10738.3% | -61.1% |
| 本期淨利 (Net Income) | 70 | 115 | 89 | -39.4% | -21.6% |
| 母公司業主淨利 (Net Income attributable to owners of the parent) | 52 | 80 | 76 | -35.2% | -31.2% |
| 每股盈餘 (新台幣) (EPS (NT$)) | 0.48 | 0.73 | 0.77 | -34.2% | -37.7% |
| 營業毛利率 (Gross Profit Margin) | 21.0% | 23.0% | 21.1% | -2.0% (p.p.) | -0.1% (p.p.) |
| 營業淨利率 (Operating Income Margin) | 2.8% | 6.1% | 3.1% | -3.3% (p.p.) | -0.3% (p.p.) |
| 本期淨利率 (Net Income Margin) | 3.6% | 5.5% | 5.1% | -1.9% (p.p.) | -1.6% (p.p.) |
2.2. 產品別營收佔比 (Revenue Breakdown by Product)
- Categories:
- 環保耐蝕材料 (Environmental Corrosion-Resistant Materials)
- 環保綠能材料 (Environmental Green Energy Materials)
- 碳纖複合材料 (Carbon Fiber Composite Materials)
- 循環經濟材料 (Circular Economy Materials)
- 其他 (Others)
- Key Trends (Quarterly, 2022Q1 - 2025Q1):
- 環保耐蝕材料: 37.2% (2025Q1)
- 環保綠能材料: 29.4% (2025Q1)
- 碳纖複合材料: 13.6% (2025Q1)
- 循環經濟材料: 9.7% (2025Q1)
- 其他: 一般在 8.5% 到 12.3%之間。
2.3. 地區別營收佔比 (Revenue Breakdown by Region)
- Categories:
- 台灣 (Taiwan)
- 大陸 (Mainland China)
- 國際 (International)
- Key Trends (Quarterly, 1Q22 - 1Q25):
- 台灣: 11% (1Q25)
- 大陸: 43% (1Q25)
- 國際: 45% (1Q25)
- 2024年美國銷售佔比約1% (US sales accounted for approximately 1% in 2024)
2.4. 銷售分析-銷售量/值 (Sales Analysis - Volume/Value)
- 環保耐蝕材料 (Environmental Corrosion-Resistant Materials):
- 2025Q1 約10,000噸
- 環保綠能材料 (Environmental Green Energy Materials):
- 2025Q1 約6,000噸
- 碳纖複合材料 (Carbon Fiber Composite Materials):
- 2025Q1 約500,000米
- 循環經濟材料 (Circular Economy Materials):
- 2025Q1 約NT$200百萬
2.5. 地區別銷售金額分析 (Regional Sales Value Analysis)
- 環保耐蝕材料 (Environmental Corrosion-Resistant Materials):
- 1Q2025: 台灣 6%, 大陸 59%, 國際 34%
- 環保綠能材料 (Environmental Green Energy Materials):
- 1Q2025: 台灣 5%, 大陸 59%, 國際 37%
- 碳纖複合材料 (Carbon Fiber Composite Materials):
- 1Q2025: 台灣 30%, 大陸 30%, 國際 69%
- 循環經濟材料 (Circular Economy Materials):
- 1Q2025: 台灣 3%, 大陸 95%, 國際 3%
2.6. 資產負債表及重要財務指標 (Consolidated Balance Sheet and Key Financial Ratios)
- 單位 (Unit): 新台幣百萬 (NT$ Million)
| 資產負債表項目 (Balance Sheet Item) | 2025/3/31 | % | 2024/12/31 | % | 2024/3/31 | % |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and cash equivalents) | 1,451 | 10% | 2,061 | 14% | 2,237 | 15% |
| 應收票據 (Notes receivable) | 1,483 | 10% | 1,591 | 11% | 1,042 | 7% |
| 應收帳款 (Accounts receivable) | 2,078 | 14% | 2,211 | 15% | 2,288 | 15% |
| 存貨 (Inventory) | 1,136 | 8% | 1,052 | 7% | 778 | 5% |
| 長期投資 (Long-term investments) | 866 | 6% | 862 | 6% | 911 | 6% |
| 不動產、廠房及設備 (Property, plant and equipment) | 4,326 | 29% | 4,156 | 28% | 3,991 | 27% |
| 資產總計 (Total Assets) | 15,107 | 100% | 14,774 | 100% | 14,789 | 100% |
| 流動負債 (Current liabilities) | 4,556 | 30% | 4,431 | 30% | 5,062 | 34% |
| 應付公司債 (Bonds payable) | 404 | 3% | 404 | 3% | 1,229 | 8% |
| 長期借款 (Long-term borrowings) | 332 | 2% | 339 | 2% | 345 | 2% |
| 負債總計 (Total Liabilities) | 5,488 | 36% | 5,299 | 36% | 5,555 | 38% |
| 股東權益總計 (Total Equity) | 9,619 | 64% | 9,476 | 64% | 9,234 | 62% |
重要財務指標 (Key Financial Ratios)
| 指標 (Indicator) | 2025/3/31 | 2024/12/31 | 2024/3/31 |
|---|---|---|---|
| 平均收現日數 (Average collection days) | 171 | 159 | 169 |
| 平均銷貨日數 (Average inventory days) | 64 | 53 | 50 |
| 流動比率(倍) (Current ratio (x)) | 1.91 | 1.95 | 1.74 |
Outlook & Strategy
3.1. 美國對等關稅影響 (Impact of US Reciprocal Tariffs)
- 2024年直接銷售美國1%，影響有限；間接影響需持續觀察。
- 善用多地產能配置，靈活調度訂單。
- 積極評估歐洲及美洲的生產據點。
3.2. 全球風電葉片碳纖維需求量 (Global Carbon Fiber Demand for Wind Blades)
-
全球风电叶片碳纤维需求-趋势(吨) (Global Carbon fiber demand in Wind blade-Trend (MT)):
- 2023年需求量約為 44,000 噸。
- 預計2030年需求量將達到約 159,299 噸。
-
2024年全球前十大风电整机制造商 (Top Ten Global Wind Turbine Manufacturers in 2024) (Gigawatts):
- Goldwind: 19.3 (Onshore 18.2, Offshore 1.1)
- Envision: 14.5 (Onshore 14.3, Offshore 0.1)
- Windey: 12.5 (Onshore 12.2, Offshore 0.3)
- Mingyang: 12.2 (Onshore 10.4, Offshore 1.8)
- Vestas: 10.2 (Onshore 8.8, Offshore 1.4)
- Sany: 9.4 (Onshore 9.4)
- Dongfang Electric: 8.4 (Onshore 7.4, Offshore 0.9)
- Siemens Gamesa: 8.0 (Onshore 4.0, Offshore 4.0)
- Nordex: 7.8 (Onshore 7.8)
- GE Vernova: 5.3 (Onshore 5.2, Offshore 0.1)
3.3. 2025年全年展望 (2025 Full Year Outlook)
| 產品類別 (Product Category) | YOY 展望 (YOY Outlook) |
|---|---|
| 環保耐蝕材料 (Environmental Corrosion-Resistant Materials) | 穩定成長 (Stable Growth) |
| 環保綠能材料 (Environmental Green Energy Materials) | 樂觀 (Optimistic) |
| 碳纖複合材料 (Carbon Fiber Composite Materials) | 略減 (Slight Decrease) |
| 循環經濟材料 (Circular Economy Materials) | 成長 (Growth) |
Products & Technologies
-
EzCiclo (易可收):
- Recyclable Thermosetting Resin (易可收 熱固樹脂)
- 永續循環材料 (Sustainable Circular Materials)
- 已在風電產業商品化 (Commercialized in wind power industry)
- 減碳效果高達42% (Up to 42% carbon reduction)
- 製成的複合材料回收率 ≥95% (Composite material recycling rate ≥95%)
- 全球首張GRS認證100%再生碳纖維 (World's first GRS certified 100% recycled carbon fiber)
- 回收後的寡聚物可應用於熱固樹脂 (Recycled oligomers can be applied to thermosetting resins)
- 再生材料碳足跡低 (Low carbon footprint for recycled materials)
- 無需改變現有製作工藝及設備 (No need to change existing manufacturing processes and equipment)
- 取得ISO 14021:2016永續循環材料認證 (Obtained ISO 14021:2016 certification for sustainable circular materials)
-
CleaVER (可立解):
- Used in the recycling process of FRP (Fiber Reinforced Polymer) with EzCiclo.
-
主要產品類別 (Main Product Categories):
- 環保耐蝕材料 (Environmental Corrosion-Resistant Materials)
- 環保綠能材料 (Environmental Green Energy Materials)
- 碳纖複合材料 (Carbon Fiber Composite Materials)
- 循環經濟材料 (Circular Economy Materials)
-
核心發展 (Core Development): 致力碳中和，創生新材料 (Devoted to Carbon Neutrality And New Materials Innovation)