康普材料科技股份有限公司 (CoreMax Material Technology Co., Ltd.) 2025年 第一季 法人說明會
公司概覽 (Company Overview)
公司基本資訊 (Company Basic Information)
- 公司名稱: 康普材料科技股份有限公司 (CoreMax Material Technology Co., Ltd.)
- 集團名稱: COREMAX GROUP 康普集團 (CoreMax Group)
- 成立時間: 西元1992年6月16日
- 實收資本額: 新台幣11.9億元
- 員工人數: 500个 (500+)
- 總公司: 新竹縣湖口鄉文化路11號
主要產品 (Main Products)
- 氧化觸媒產品 (Oxide Catalyst Products)
- 動力電池材料 (Power Battery Materials)
- 化學肥料 (Chemical Fertilizers)
- 特用化學材料 (Specialty Chemical Materials)
集團子公司與產品 (Group Subsidiaries and Products)
- 康普材料科技股份有限公司 (COREMAX CORPOTATION)
- 產品: 硫酸鎳 (Nickel Sulfate), PTA/PIA廠觸媒(CMB) (PTA/PIA Plant Catalyst (CMB)), 醋酸鈷 (Cobalt Acetate), 氫氧化鈷 (Cobalt Hydroxide), 氧化鈷 (Cobalt Oxide)
- 定位: 臺灣最大鋰電池正極材料上游製造廠 (Taiwan's largest upstream manufacturer of lithium battery cathode materials)
- 天弘化學股份有限公司 (URANUS CHEMICALS CO., LTD.)
- 產品: 硫酸鈷 (Cobalt Sulfate), 電池回收及鈷精煉加工 (Battery Recycling and Cobalt Refining Processing), 草酸 (Oxalic Acid), 蝕刻液 (Etching Solution), 特用化學品 (Specialty Chemicals)
- 定位: 臺灣唯一草酸供應商 (Taiwan's sole oxalic acid supplier)
- 恆誼化工股份有限公司 (HENG I CHEMICAL CO., LTD.)
- 產品: 硫酸(工業級 & 電子級) (Sulfuric Acid (Industrial Grade & Electronic Grade)), 肥料 (Fertilizers)
- 定位: 臺灣第二大民營肥料廠 (Taiwan's second-largest private fertilizer plant)
工廠分佈 (Factory Distribution)
- 中國 (China): 寧波廠 (Ningbo Plant), 漳州廠 (Zhangzhou Plant)
- 台灣 (Taiwan): 新竹一廠 (Hsinchu Plant 1), 新竹二廠 (Hsinchu Plant 2), 頭份廠 (Toufen Plant), 台中廠 (Taichung Plant)
- 越南 (Vietnam): 廣寧廠 (Quang Ninh Plant) - 在建中 (Under Construction)
- 泰國 (Thailand): 羅勇廠 (Rayong Plant)
財務亮點與關鍵指標 (Financial Highlights and Key Metrics)
- 註: 除每股盈餘金額為新台幣元外,其餘數字為新台幣仟元。
損益表 (Income Statement) - 2025Q1
| 會計科目 (Account Item) | 2025Q1 | 2024Q4 | QoQ | 2024Q1 | YoY |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 1,053,648 | 904,415 | 17% | 1,090,208 | -3% |
| 營業毛利 (Gross Profit) | 201,188 | 85,610 | 135% | 157,366 | 28% |
| 毛利率 (Gross Margin) | 19% | 9% | 10% | 14% | 5% |
| 推銷費用 (Selling Expenses) | 20,382 | 23,945 | -15% | 24,838 | -18% |
| 管理費用 (Administrative Expenses) | 71,199 | 74,841 | -5% | 60,525 | 18% |
| 研發費用 (R&D Expenses) | 4,916 | 5,384 | -9% | 4,442 | 11% |
| 營業費用 (Operating Expenses) | 96,497 | 104,170 | -7% | 89,805 | 7% |
| 營業淨利 (Operating Income) | 104,691 | (18,560) | -664% | 67,561 | 55% |
| 營業淨利率 (Operating Margin) | 10% | -2% | 12% | 6% | 4% |
| 營業外收支 (Non-operating Income/Expenses) | (167,688) | 52,907 | -417% | 23,864 | -803% |
| 稅前淨利 (Profit Before Tax) | (62,997) | 34,347 | -283% | 91,425 | -169% |
| 所得稅(費用)利益 (Income Tax (Expense)/Benefit) | (13,775) | (9,082) | 52% | (18,282) | 25% |
| 稅後淨利 (Net Income After Tax) | (76,772) | 25,265 | -404% | 73,143 | -205% |
| 純益率 (Net Profit Margin) | -7% | 3% | -10% | 7% | -14% |
| 少數股權淨利 (Net Income Attributable to Non-controlling Interests) | (49,324) | 4,802 | -1127% | 20,162 | -345% |
| 本公司淨利 (Net Income Attributable to Parent Company) | (27,448) | 20,463 | -234% | 52,981 | -152% |
| 稅後每股盈餘 (EPS After Tax) | (0.23) | 0.17 | -235% | 0.45 | -151% |
資產負債表 (Balance Sheet) - 2025Q1
| 會計項目 (Account Item) | 2025.Q1 | % | 2024.Q1 | % | YoY |
|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 2,810,344 | 26% | 2,593,330 | 27% | 8% |
| 應收帳款及票據 (Accounts and Notes Receivable) | 402,258 | 4% | 545,334 | 6% | -26% |
| 存貨 (Inventories) | 1,182,476 | 11% | 802,601 | 9% | 47% |
| 其他流動資產 (Other Current Assets) | 1,051,795 | 10% | 468,713 | 5% | 124% |
| 流動資產合計 (Total Current Assets) | 5,446,873 | 50% | 4,409,978 | 47% | 24% |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 4,507,384 | 42% | 4,754,855 | 50% | -5% |
| 其他非流動資產 (Other Non-current Assets) | 855,995 | 8% | 267,277 | 3% | 220% |
| 非流動資產合計 (Total Non-current Assets) | 5,363,379 | 50% | 5,022,132 | 53% | 7% |
| 資產合計 (Total Assets) | 10,810,252 | 100% | 9,432,110 | 100% | 15% |
| 短期借款及應付短期票券 (Short-term Borrowings and Notes Payable) | 1,426,156 | 13% | 567,372 | 6% | 151% |
| 應付帳款及票據 (Accounts and Notes Payable) | 216,803 | 2% | 78,020 | 1% | 178% |
| 其他流動負債 (Other Current Liabilities) | 1,455,666 | 13% | 1,232,554 | 13% | 18% |
| 流動負債合計 (Total Current Liabilities) | 3,098,625 | 29% | 1,877,946 | 20% | 65% |
| 長期借款及應付可轉換公司債 (Long-term Borrowings and Convertible Bonds Payable) | 860,063 | 8% | 759,169 | 8% | 13% |
| 其他非流動負債 (Other Non-current Liabilities) | 328,508 | 3% | 350,892 | 4% | -6% |
| 非流動負債合計 (Total Non-current Liabilities) | 1,188,571 | 11% | 1,110,061 | 12% | 7% |
| 負債合計 (Total Liabilities) | 4,287,196 | 40% | 2,988,007 | 32% | 43% |
| 權益合計 (Total Equity) | 6,523,056 | 60% | 6,444,103 | 68% | 1% |
現金流量表 (Cash Flow Statement) - 2025Q1
| 會計項目 (Account Item) | 2025Q1 | 2024Q1 | YoY |
|---|---|---|---|
| 營業活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Operating Activities) | (370,317) | 339,455 | -209% |
| 折舊 (Depreciation) | 81,412 | 80,481 | 1% |
| 存貨&預付貨款(增)減 (Inventories & Prepaid Accounts (Increase)/Decrease) | (425,113) | 88,819 | -579% |
| 其他 (Other) | (26,616) | 170,155 | -116% |
| 投資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Investing Activities) | (523,490) | 13,276 | -4043% |
| 取得不動產、廠房及設備 (Acquisition of Property, Plant and Equipment) | (144,046) | (28,048) | 414% |
| 存出保證金(增)減 (Increase/(Decrease) in Deposits) | 1,360 | 1,683 | -19% |
| 其他 (Other) | (380,804) | 39,641 | -1061% |
| 籌資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Financing Activities) | 796,865 | (570,503) | 240% |
| 動支(償還)銀行借款 (Increase/(Decrease) in Bank Borrowings) | 750,949 | (569,841) | 232% |
| 庫藏股轉讓取得價款 (Proceeds from Treasury Stock Transfer) | 46,540 | 0 | 0% |
| 其他 (Other) | (624) | (662) | 6% |
| 匯率變動影響數 (Effect of Exchange Rate Changes) | 1,500 | 29,997 | -95% |
| 現金及約當現金淨增加(減少)數 (Net Increase (Decrease) in Cash and Cash Equivalents) | (95,442) | (187,775) | 49% |
近期業績與成果 (Recent Performance and Results)
各類產品營收比重 (Revenue Proportion by Product Category)
單位: 新台幣仟元 (Unit: NTD thousands)
| 產品類別 (Product Category) | 2024Q1 營收比重 (%) | 2025Q1 營收 (NTD 千元) | 2025Q1 營收比重 (%) |
|---|---|---|---|
| 氧化觸媒 (Oxide Catalyst) | 16% | 184,248 | 17% |
| 動力電池 (Power Battery) | 39% | 534,922 | 51% |
| 肥料 (Fertilizers) | 13% | 125,655 | 12% |
| 特用化學 (Specialty Chemicals) | 21% | 177,393 | 17% |
| 其他 (Other) | 11% | 31,430 | 3% |
| 總營收 (Total Revenue) | 100% | 1,053,648 | 100% |
各類產品營收季對季成長 (Revenue QoQ Growth by Product Category)
- Catalyst (氧化觸媒)
- YoY: 5.15%
- QoQ: -3.24%
- 營收佔比: 2024Q1: 16%, 2024Q4: 21%, 2025Q1: 17%
- Power Battery (動力電池)
- YoY: 24.88%
- QoQ: 23.36%
- 營收佔比: 2024Q1: 39%, 2024Q4: 48%, 2025Q1: 51%
- Chemical Fertilizer (化學肥料)
- YoY: -8.31%
- QoQ: 92.61%
- 營收佔比: 2024Q1: 13%, 2024Q4: 7%, 2025Q1: 12%
- Specialty Chemicals (特用化學)
- YoY: -22.93%
- QoQ: -0.13%
- 營收佔比: 2024Q1: 21%, 2024Q4: 20%, 2025Q1: 17%
各項財務指數趨勢 (Trends in Financial Indices)
- 營業毛利/毛利率 (Gross Profit/Gross Margin)
- 2023Q1: 毛利約 NTD 20,000仟元, 毛利率約 1%
- 2024Q1: 毛利約 NTD 150,000仟元, 毛利率約 14%
- 2025Q1: 毛利約 NTD 200,000仟元, 毛利率約 19%
- 營業淨利/淨利率 (Operating Income/Operating Margin)
- 2023Q1: 營業淨利約 NTD (40,000)仟元, 營業淨利率約 -2%
- 2024Q1: 營業淨利約 NTD 60,000仟元, 營業淨利率約 6%
- 2025Q1: 營業淨利約 NTD 100,000仟元, 營業淨利率約 10%
- 稅後淨利/淨利率 (Net Income After Tax/Net Profit Margin)
- 2023Q1: 稅後淨利約 NTD (30,000)仟元, 純益率約 -3%
- 2024Q1: 稅後淨利約 NTD 70,000仟元, 純益率約 7%
- 2025Q1: 稅後淨利約 NTD (70,000)仟元, 純益率約 -7%
- 每股盈餘(EPS) (Earnings Per Share (EPS))
- 2023Q1: EPS 約 (0.52) 元
- 2024Q1: EPS 約 0.45 元
- 2025Q1: EPS 約 (0.23) 元
未來展望與指引 (Future Outlook and Guidance)
2025展望 (2025 Outlook)
公司將持續專注於以下主要產品領域：
- 氧化觸媒 (Oxide Catalyst)
- 化學肥料 (Chemical Fertilizers)
- 特用化學 (Specialty Chemicals)
- 動力電池 (Power Battery)
- 硫酸鈷 (Cobalt Sulfate)
- 硫酸鎳 (Nickel Sulfate)
重要產品名稱、術語與概念 (Important Product Names, Terms, and Concepts)
- 康普材料科技股份有限公司 (CoreMax Material Technology Co., Ltd.)
- COREMAX GROUP 康普集團 (CoreMax Group)
- 天弘化學股份有限公司 (URANUS CHEMICALS CO., LTD.)
- 恆誼化工股份有限公司 (HENG I CHEMICAL CO., LTD.)
- 氧化觸媒產品 (Oxide Catalyst Products)
- 動力電池材料 (Power Battery Materials)
- 化學肥料 (Chemical Fertilizers)
- 特用化學材料 (Specialty Chemical Materials)
- 硫酸鎳 (Nickel Sulfate)
- PTA/PIA廠觸媒(CMB) (PTA/PIA Plant Catalyst (CMB)): PTA (Purified Terephthalic Acid), PIA (Purified Isophthalic Acid)
- 醋酸鈷 (Cobalt Acetate)
- 氫氧化鈷 (Cobalt Hydroxide)
- 氧化鈷 (Cobalt Oxide)
- 硫酸鈷 (Cobalt Sulfate)
- 電池回收及鈷精煉加工 (Battery Recycling and Cobalt Refining Processing)
- 草酸 (Oxalic Acid)
- 蝕刻液 (Etching Solution)
- 硫酸(工業級 & 電子級) (Sulfuric Acid (Industrial Grade & Electronic Grade))
- 法人說明會 (Investor Conference)
- 損益表 (Income Statement)
- 資產負債表 (Balance Sheet)
- 現金流量表 (Cash Flow Statement)
- 營業收入 (Operating Revenue)
- 營業毛利 (Gross Profit)
- 毛利率 (Gross Margin)
- 推銷費用 (Selling Expenses)
- 管理費用 (Administrative Expenses)
- 研發費用 (R&D Expenses)
- 營業費用 (Operating Expenses)
- 營業淨利 (Operating Income)
- 營業淨利率 (Operating Margin)
- 營業外收支 (Non-operating Income/Expenses)
- 稅前淨利 (Profit Before Tax)
- 所得稅(費用)利益 (Income Tax (Expense)/Benefit)
- 稅後淨利 (Net Income After Tax)
- 純益率 (Net Profit Margin)
- 少數股權淨利 (Net Income Attributable to Non-controlling Interests)
- 本公司淨利 (Net Income Attributable to Parent Company)
- 稅後每股盈餘 (EPS After Tax)
- 現金及約當現金 (Cash and Cash Equivalents)
- 應收帳款及票據 (Accounts and Notes Receivable)
- 存貨 (Inventories)
- 其他流動資產 (Other Current Assets)
- 流動資產合計 (Total Current Assets)
- 不動產、廠房及設備 (Property, Plant and Equipment)
- 其他非流動資產 (Other Non-current Assets)
- 非流動資產合計 (Total Non-current Assets)
- 資產合計 (Total Assets)
- 短期借款及應付短期票券 (Short-term Borrowings and Notes Payable)
- 應付帳款及票據 (Accounts and Notes Payable)
- 其他流動負債 (Other Current Liabilities)
- 流動負債合計 (Total Current Liabilities)
- 長期借款及應付可轉換公司債 (Long-term Borrowings and Convertible Bonds Payable)
- 其他非流動負債 (Other Non-current Liabilities)
- 非流動負債合計 (Total Non-current Liabilities)
- 負債合計 (Total Liabilities)
- 權益合計 (Total Equity)
- 營業活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Operating Activities)
- 折舊 (Depreciation)
- 存貨&預付貨款(增)減 (Inventories & Prepaid Accounts (Increase)/Decrease)
- 投資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Investing Activities)
- 取得不動產、廠房及設備 (Acquisition of Property, Plant and Equipment)
- 存出保證金(增)減 (Increase/(Decrease) in Deposits)
- 籌資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Financing Activities)
- 動支(償還)銀行借款 (Increase/(Decrease) in Bank Borrowings)
- 庫藏股轉讓取得價款 (Proceeds from Treasury Stock Transfer)
- 匯率變動影響數 (Effect of Exchange Rate Changes)
- 現金及約當現金淨增加(減少)數 (Net Increase (Decrease) in Cash and Cash Equivalents)
- QoQ (Quarter-on-Quarter)
- YoY (Year-on-Year)