Formosa Plastics Corporation (台灣塑膠工業股份有限公司) 2025Q1 法說會簡報

Company Overview

• Report Title: 2025年第1季 營運績效摘要 (2025 Q1 Operating Performance Summary)
• Report Date: 2025年3月31日

Financial Highlights & Key Metrics

• Consolidated Net Sales (IFRSs):
  • 2024 Q1: NT$48 billion (NT$48,108 million)
  • 2024 Q2: NT$51,109 million
  • 2024 Q3: NT$50,492 million
  • 2024 Q4: NT$50,331 million
  • 2025 Q1: NT$47 billion (NT$47,202 million)
• Pre-tax Income (NT$million):
  • 2024 Q1: NT$361 million
  • 2024 Q2: NT$1,343 million
  • 2024 Q3: NT$-3,245 million
  • 2024 Q4: NT$-873 million
  • 2025 Q1: NT$111 million

Recent Performance & Results

• Revenue Performance:
  • Revenue in 2025 Q1 fell 1.9% from 2024 Q1.
  • Revenue in 2025 Q1 fell 6.2% from 2024 Q4 mainly due to decreasing sales volume of all products except for Caustic Soda, EVA, NBA, MTBE, MMA and decreasing ASP of PVC, MMA.
• Product-wise Revenue Contribution (IFRSs consolidated):
  • 2025 Q1 Net Sales (NT$47 billion):
    • PVC: 20%
    • PP: 13%
    • Caustic Soda: 11%
    • Acrylic Esters: 8%
    • EVA: 8%
    • LLDPE: 6%
    • HDPE: 4%
    • AN: 5%
    • SAP: 4%
    • NBA: 3%
    • MMA: 2%
    • MTBE: 2%
    • Others: 14%
  • 2024 Q1 Net Sales (NT$48 billion):
    • PVC: 22%
    • PP: 13%
    • Caustic Soda: 10%
    • Acrylic Esters: 9%
    • EVA: 8%
    • LLDPE: 7%
    • HDPE: 5%
    • AN: 5%
    • SAP: 4%
    • NBA: 2%
    • MMA: 2%
    • MTBE: 1%
    • Others: 12%
  • Key Contributions:
    • PVC accounted for 20% and 22% of revenue in 2025 Q1 and 2024 Q1 respectively.
    • PE (HDPE/EVA/LLDPE) accounted for 18% and 20% of revenue in 2025 Q1 and 2024 Q1 respectively.
    • Specialty Chemicals (AN/MMA/MTBE) accounted for 9% and 8% of revenue in 2025 Q1 and 2024 Q1 respectively.
• Operating Profits by Product (2025 Q1, NT$Million):
  • Main Sources of Profit:
    • Caustic Soda: Highest positive profit.
    • Specialty Chemicals: Positive profit.
    • Acrylic Acid & Esters: Positive profit.
    • EVA: Positive profit.
  • Products with Operating Losses:
    • SAP
    • PP
    • Carbon Fiber
    • PVC
    • PE: Largest loss.
• Operating Margins Trends (2024 Q1 to 2025 Q1):
  • Caustic Soda: Strong positive trend, highest margin in 2025 Q1 (approx. 20%).
  • Specialty Chemicals: Positive trend, second highest margin in 2025 Q1 (approx. 5-10%).
  • Acrylic Acid & Esters: Fluctuating, positive in 2025 Q1 (approx. 0-5%).
  • EVA: Fluctuating, positive in 2025 Q1 (approx. 0-5%).
  • SAP, PP, Carbon Fiber, PVC, PE: All negative margins but generally improving trend towards 2025 Q1. PE consistently has the lowest (most negative) margin.
• Pre-tax Income Performance:
  • Pre-tax income improved in 2025 Q1 from 2024 Q4 mainly due to:
    • (1) Increasing operating income
    • (2) Increasing investment income from FPCC and FPC-USA.

Strategic Initiatives & Plans

• Capacity Expansion Plan (產能擴充計畫):

Products, Services & Technology

• Product Names & Abbreviations:
  • PVC: Polyvinyl Chloride
  • PP: Polypropylene
  • Caustic Soda: Sodium Hydroxide
  • Acrylic Esters (AE): Esters of Acrylic Acid
  • EVA: Ethylene-vinyl acetate
  • LLDPE: Linear Low-Density Polyethylene
  • HDPE: High-Density Polyethylene
  • AN: Acrylonitrile
  • SAP: Super Absorbent Polymer
  • NBA: N-Butyl Acrylate
  • MMA: Methyl Methacrylate
  • MTBE: Methyl tert-butyl ether
  • PE: Polyethylene (encompasses HDPE, EVA, LLDPE in context)
  • 1-Hexene: An alpha-olefin used as a comonomer in polyethylene production.
  • Carbon Fiber: A high-strength, lightweight material.
• Industry-specific Terminology & Concepts:
  • IFRSs consolidated: International Financial Reporting Standards, consolidated.
  • ASP: Average Selling Price.
  • KMT: Kilo Metric Tons (1,000 metric tons).
  • MT: Metric Tons.
  • FPCC: Formosa Petrochemical Corporation.
  • FPC-USA: Formosa Plastics Corporation, U.S.A.
  • Operating Income: Income from the company's primary business activities.
  • Investment Income: Income derived from investments in other companies.