旭隼科技股份有限公司 (Voltronic Power) (6409) 2024Q1 法說會簡報
Company Overview
- 成立時間 (Establishment Date): 2008年5月 (May 2008)
- 實收資本額 (Paid-in Capital): 新台幣8.77億 (NT$ 877 million)
- 董事長暨總經理 (Chairman & General Manager): 謝卓明先生 (Mr. Hsieh Cho-Ming)
- 經營理念 (Business Philosophy):
- 成為全球首屈一指的DMS (Design & Manufacturing Service) 不斷電系統製造商。
- 持續發展創新與高品質的產品。
- 不作自有品牌、不與客戶競爭。
- 以客戶為導向,與客戶發展互信與長期的合作關係。
- 環境保護,和諧共生。
- 營運據點 (Operating Locations):
- 營運總部 (Operations Headquarters): 台北總部 (Taipei Headquarters) - 180名員工。
- 地址: 台北市內湖區新湖一路406號 (No. 406, Xinhu 1st Rd., Neihu Dist., Taipei City).
- 生產基地 (Production Bases): 合計約4,500名員工。
- 深圳總廠 (Shenzhen Main Factory) - China
- 中山廠 (Zhongshan Factory) - China
- 中國內銷廠 (China Domestic Sales Factory)
- 越南廠 (Vietnam Factory)
- 越南二廠 (Vietnam Second Factory) (established 2020)
- 台北汐止廠 (Taipei Xizhi Factory) (established 2022)
- 營運總部 (Operations Headquarters): 台北總部 (Taipei Headquarters) - 180名員工。
- 公司治理 (Corporate Governance):
- 2016~2019及2021年台灣證券交易所公司治理評鑑排名前5% (Ranked in the top 5% of Corporate Governance Evaluation by Taiwan Stock Exchange in 2016-2019 and 2021).
Financial Highlights
4.1. 損益表 (Income Statement) - (新台幣百萬; NT$ Million)
| 項目 (Item) | 24/Q1 | 23/Q4 | 23/Q1 | QOQ | YOY |
|---|---|---|---|---|---|
| 營收(Net Sales) | 4,599 | 4,594 | 4,695 | 0.1% | -2.0% |
| 毛利率(GM Ratio) | 31.1% | 29.7% | 32.1% | 1.4ppt. | -1.0ppt. |
| 營業費用(OP Expense) | 437 | 427 | 469 | 2.3% | -6.8% |
| 營業費用率(OP Expense Ratio) | 9.5% | 9.3% | 10.0% | 0.2ppt. | -0.5ppt. |
| 營業利益(OP Income) | 991 | 939 | 1,040 | 5.5% | -4.7% |
| 營業利益率(OP Margin) | 21.5% | 20.4% | 22.2% | 1.1ppt. | -0.7ppt. |
| 業外收(支)(Other Income/Expense) | (114) | 86 | (89) | -232.6% | -28.1% |
| 稅前淨利(Income Before Tax) | 877 | 1,025 | 951 | -14.4% | -7.8% |
| 所得稅(Income Tax) | 163 | 100 | 205 | 63.0% | -20.5% |
| 稅後淨利(Net Income) | 714 | 925 | 746 | -22.8% | -4.3% |
| 稅後淨利率(Net Income Margin) | 15.5% | 20.1% | 15.9% | -4.6ppt. | -0.4ppt. |
| 每股盈餘(EPS) | 8.17 | 10.60 | 8.55 | -2.43 | -0.38 |
| 年化權益報酬率(Annualized ROE) | 32.0% | 46.1% | 34.0% | -14.1ppt. | -1.9ppt. |
4.2. 合併損益表 (Consolidated Income Statement) - Annual (新台幣百萬; NT$ Million)
| 項目 (Item) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 12,936 (100%) | 13,653 (100%) | 16,957 (100%) | 22,725 (100%) | 18,951 (100%) |
| 營業成本 (Operating Costs) | 9,151 (71%) | 9,634 (71%) | 12,646 (75%) | 15,588 (69%) | 12,982 (68%) |
| 營業毛利 (Gross Operating Profit) | 3,785 (29%) | 4,019 (29%) | 4,311 (25%) | 7,137 (31%) | 5,969 (32%) |
| 營業費用 (Operating Expenses) | 1,228 (9%) | 1,288 (9%) | 1,386 (8%) | 1,849 (8%) | 1,831 (10%) |
| 營業利益 (Operating Profit) | 2,557 (20%) | 2,731 (20%) | 2,925 (17%) | 5,288 (23%) | 4,138 (22%) |
| 營業外收(支) (Non-Operating Income/Expenses) | 59 (0%) | (81) (-1%) | (34) (0%) | 115 (1%) | 245 (1%) |
| 稅前純益 (Profit Before Tax) | 2,616 (20%) | 2,650 (19%) | 2,891 (17%) | 5,403 (24%) | 4,383 (23%) |
| 所得稅費用 (Income Tax Expense) | 485 (4%) | 452 (3%) | 531 (3%) | 970 (4%) | 760 (4%) |
| 稅後淨利 (Net Income) | 2,131 (16%) | 2,198 (16%) | 2,360 (14%) | 4,433 (20%) | 3,623 (19%) |
| EPS (每股淨利) | NTD 25.87 | NTD 25.31 | NTD 27.13 | NTD 50.90 | NTD 41.52 |
4.3. 合併資產負債表 (Consolidated Balance Sheet) - Annual (新台幣百萬; NT$ Million)
| 項目 (Item) | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 4,003 (39%) | 4,886 (41%) | 5,155 (39%) | 5,353 (33%) | 5,045 (34%) |
| 應收票據及帳款 (Notes and Accounts Receivable) | 2,278 (22%) | 2,346 (20%) | 2,837 (21%) | 3,117 (19%) | 2,949 (20%) |
| 存貨 (Inventories) | 1,030 (10%) | 1,294 (11%) | 1,787 (13%) | 2,018 (13%) | 1,412 (10%) |
| 其他流動資產 (Other Current Assets) | 251 (2%) | 272 (2%) | 262 (2%) | 328 (2%) | 252 (1%) |
| 固定資產及無形資產 (Property, Plant and Equipment and Intangible Assets) | 2,577 (25%) | 2,943 (25%) | 3,150 (24%) | 4,962 (31%) | 4,807 (33%) |
| 金融資產FVTPL-非流動 (Financial Assets at FVTPL - Non-current) | - (0%) | - (0%) | - (0%) | - (0%) | 42 (0%) |
| 其他資產 (Other Assets) | 201 (2%) | 180 (2%) | 193 (1%) | 307 (2%) | 249 (2%) |
| 總資產 (Total Assets) | 10,340 (100%) | 11,921 (100%) | 13,384 (100%) | 16,085 (100%) | 14,756 (100%) |
| 短期借款 (Short-term Borrowings) | 1,091 (11%) | 1,768 (15%) | 2,380 (18%) | - (0%) | - (0%) |
| 應付票據及帳款 (Notes and Accounts Payable) | 3,003 (29%) | 3,322 (28%) | 3,615 (27%) | 4,173 (26%) | 3,687 (25%) |
| 其他流動負債 (Other Current Liabilities) | 1,173 (11%) | 1,234 (10%) | 1,500 (11%) | 2,454 (15%) | 1,797 (12%) |
| 長期負債及其他負債 (Long-term Liabilities and Other Liabilities) | 193 (2%) | 258 (2%) | 181 (1%) | 1,115 (7%) | 914 (6%) |
| 股東權益 (Shareholders' Equity) | 4,880 (47%) | 5,339 (45%) | 5,708 (43%) | 8,343 (52%) | 8,358 (57%) |
| 負債及股東權益 (Total Liabilities and Shareholders' Equity) | 10,340 (100%) | 11,921 (100%) | 13,384 (100%) | 16,085 (100%) | 14,756 (100%) |
Business Segments
- 主要產品 (Main Products):
- 不斷電系統 (UPS, Uninterruptible Power System)
- 太陽能逆變器 (PV Inverter)
- 電源轉換器 (Inverter)
- 充電器 (Charger)
- 零件及備品 (Parts & Spares)
- 產品分類與應用 (Product Categories & Applications):
- 不斷電系統 UPS (Uninterruptible Power System UPS)
- 營收占比 (Revenue Share): 約62.4%
- 應用領域 (Application Areas): 電腦 (Computers), 伺服器 (Servers), 機房 (Data Centers), 醫療設備 (Medical Equipment), 通訊設備 (Communication Equipment).
- 產品類型: 400VA小型UPS ~ 300KVA大型三相UPS.
- 逆變器及太陽能逆變器 (Inverters & Solar Inverters)
- 營收佔比 (Revenue Share): 約28.1%
- 應用領域 (Application Areas): 太陽能發電系統 (Solar Power Generation Systems), 須長期備源之設備 (Equipment requiring long-term backup power).
- 產品類型: 1KVA單相Inverter ~ 30KVA三相Inverter.
- 零件及備品 (Parts & Spares)
- 營收佔比 (Revenue Share): 約9.5%
- 不斷電系統 UPS (Uninterruptible Power System UPS)
Products & Technologies
- UPS基本簡介 (UPS Basic Introduction):
- 定義: 電源發生不正常中斷或是電流不穩定時,不斷電系統 (UPS, Uninterruptible Power System)便擔負起暫時緊急供應電源的功能,使電腦不會因停電而被迫流失資料,或者造成系統的毀損。
- 供電原理: 當市電供應正常時,機器會將市電的交流電(AC)轉換為直流電(DC),並對電池充電。一旦UPS偵測到市電電壓出現異常或是斷電時,再將儲存於電池中的直流電轉換為交流電,供給負載繼續使用,以達到不斷電的功能。
- 功能分類:
- 離線式不斷電系統 (Off-line UPS): 備援性質,市電停電時介入供電,有極短時間落差。主要應用於電腦的電力備援。
- 工作流程: Main (AC) -> Charger -> Battery (DC) -> Inverter (DC to AC) -> Transfer Switch -> Load. (Also includes Stabilizer in some configurations).
- 在線式不斷電系統 (Online UPS): 市電供電正常時,市電經過UPS同時供電給設備並充電電池。市電停電時電池直接供電,無時間落差。主要應用於伺服器、雲端設備、電信設備、大型工業生產設備等的緊急供應電源。
- 工作流程: Main (AC) -> Charger -> Battery (DC) -> Inverter (DC to AC) -> Transfer Switch -> Load. Includes a Bypass path.
- 離線式不斷電系統 (Off-line UPS): 備援性質,市電停電時介入供電,有極短時間落差。主要應用於電腦的電力備援。
- 產品規格: 小至400VA,大至200KVA以上。旭隼科技產品線自400VA至210kVA,銷售則以400VA至20KVA為主.
- Inverter基本簡介 (Inverter Basic Introduction):
- 獨立型太陽能逆變器 (Off-grid Inverter): 獨立於市電電網運作,通常搭配電池儲能。
- 併網型太陽能逆變器 (On-grid Inverter): 連接至市電電網,可將多餘電力賣回電網。
- 儲能型太陽能逆變器 (Hybrid Inverter): 結合離網和併網功能,可儲存電力並與電網互動.
Clients & Markets
- 地區別營收 - 2024Q1 (Revenue by Region – 2024Q1):
- 亞洲 (Asia): 52.04%
- 美洲 North & South Americas: 25.33%
- 歐洲 (Europe): 18.12%
- 非洲及其他 (Africa & Others): 2.45%
ESG / Sustainability
- 環境保護 (Environmental Protection): 環境保護,和諧共生.
Outlook & Strategy
- 未來成長動能 (Future Growth Drivers):
- 市場潛力: 佔全球產值比重仍低,未來成長可期。
- DMS/ODM模式優勢: 專注DMS/ODM模式,不與客戶爭奪品牌市場。隨著客戶逐步釋出代工訂單,旭隼科技可望受惠持續成長。
- 市場需求成長: 伺服器及雲端需求持續成長,增加未來不斷電系統之需求.
Additional Data
- R&D EXP. Ratio (2014-2023):
- R&D Expense (NT$ million) has shown a general upward trend, reaching approximately NT$900 million in 2023.
- R&D Exp. Ratio (percentage of revenue) has fluctuated, reaching 4.9% in 2023.
- Revenue and GM% Trends (2014-2023 Annual):
- Revenue (Net Sales) has grown significantly from NT$6,723 million in 2014 to NT$18,951 million in 2023, with a peak of NT$22,725 million in 2022.
- Gross Margin (GM%) has varied, ranging from 25.4% (2021) to 31.5% (2023), with a peak of 31.4% in 2022.
- Operating Expense & Ratio (2014-2023 Annual):
- Operating Expense has increased over the years, reaching around NT$1,800 million in 2022 and 2023.
- Operating Expense Ratio has generally been in the 8-10% range, with 9.7% in 2023.
- Net Income & EPS Trend (2014-2023 Annual):
- Net Income has shown strong growth, from NT$995 million in 2014 to NT$3,623 million in 2023, peaking at NT$4,433 million in 2022.
- EPS has followed a similar trend, from NT$14.33 in 2014 to NT$41.52 in 2023, peaking at NT$50.90 in 2022.
- Quarterly Revenue & GM% Trends (19Q1-24Q1):
- Revenue shows quarterly fluctuations, with 24Q1 at NT$4,599 million.
- GM% in 24Q1 was 31.1%, consistent with 23Q4.
- Quarterly Operating Profit & OP% (19Q1-24Q1):
- Operating Profit in 24Q1 was NT$991 million.
- Operating Profit Margin (OP%) in 24Q1 was 21.5%.
- Quarterly Net Income & Net Income% Trends (19Q1-24Q1):
- Net Income in 24Q1 was NT$714 million.
- Net Income Margin in 24Q1 was 15.5%.
Contact: investor@voltronic.com.tw