SANFAR 三發地產股份有限公司 (9946) 2025年度 第二次法人說明會
Company Overview
- Company Name: SANFAR 三發地產股份有限公司 (SANFAR PROPERTY·JINGO MUSIC)
- Establishment Date: September 1993
- Listing Date: September 2013 (Stock Code: 9946)
- Chairman: 鍾鼎晟
- Paid-in Capital: NT$ 3.266 billion (as of 2025/03/31)
- Net Asset Value per Share: NT$ 20.36 (as of 2025/03/31)
- Revenue:
- NT$ 2.03 billion (FY 2024)
- NT$ 59 million (2025/01/01 ~ 2025/05/31)
- Market Capitalization: NT$ 6.613 billion (based on closing price of NT$ 20.25 on 2025/06/25)
- Main Business: Construction Revenue
- Company Website: www.sanfar.com.tw
Financial Highlights
Financial Statements
Consolidated Balance Sheet (NT$ Thousands):
| Item/Year | 2025.03.31 | 2024.12.31 |
|---|---|---|
| Assets | ||
| Construction Properties | 10,243,075 | 9,923,148 |
| Real Estate for Sale | 1,721,779 | 1,777,900 |
| Prepaid Land Payments | 559,348 | 47,450 |
| Land for Construction | 27,352 | 27,352 |
| Inventory | 1,079 | 501 |
| Total Inventory | 12,552,633 | 11,776,351 |
| Cash and Cash Equivalents | 1,747,085 | 2,151,518 |
| Investment Properties | 443,015 | 394,544 |
| Other | 2,041,564 | 2,184,592 |
| Total Assets | 16,784,297 | 16,507,005 |
| Liabilities | ||
| Short-term Loans and Payables | 3,909,480 | 4,641,480 |
| Contract Liabilities | 823,644 | 763,438 |
| Corporate Bonds (incl. current) | 4,785,649 | 3,795,728 |
| Other | 616,681 | 598,080 |
| Total Liabilities | 10,135,454 | 9,798,726 |
| Equity | ||
| Capital Stock | 3,265,542 | 3,265,542 |
| Capital Surplus | 35,740 | 35,740 |
| Retained Earnings | 3,169,611 | 3,195,567 |
| Other Equity | 177,950 | 211,430 |
| Total Equity | 6,648,843 | 6,708,279 |
Consolidated Income Statement (NT$ Thousands):
| Item/Year | 2025Q1 | 2024Q1 | 2024 Full Year |
|---|---|---|---|
| Revenue | 30,196 | 301,274 | 2,030,854 |
| Cost of Revenue | 13,532 | 213,832 | 1,315,779 |
| Gross Profit | 16,664 | 87,442 | 715,075 |
| Operating Expenses | 37,725 | 42,938 | 253,752 |
| Operating Income | (21,061) | 44,504 | 461,323 |
| Non-operating Income/Expenses | (3,872) | (2,664) | 11,539 |
| Pre-tax Income | (24,933) | 41,840 | 472,862 |
| Income Tax (Expense)/Benefit | (1,023) | (1,501) | (97,546) |
| Net Income | (25,956) | 40,339 | 375,316 |
| Earnings per Share (NT$) | (0.08) | 0.04 | 1.15 |
Financial Ratios (Unit: %)
| Item | 2025.03.31 | 2024.03.31 | 2024.12.31 |
|---|---|---|---|
| Current Ratio | 279.49% | 237.08% | 249.59% |
| Debt Ratio | 60.39% | 55.96% | 59.36% |
| Return on Assets | 0.13% | 0.49% | 3.33% |
| Return on Equity | (0.39)% | 0.62% | 5.69% |
| Gross Margin | 55.19% | 29.02% | 35.21% |
| Operating Margin | (69.75)% | 14.77% | 22.72% |
| Net Margin | (85.96)% | 13.39% | 18.48% |
Business Segments
Market Overview
- Economic Factors:
- Continued impact of ESG sustainability concerns with rising costs due to carbon taxes and "green inflation".
- Increasing construction costs driven by labor shortages and rising material transportation costs.
- Domestic and global economic conditions causing volatility, with a cautious outlook on housing.
Market Analysis
- Domestic housing market is experiencing slow demand due to regulations and tightening credit conditions from the central bank.
- Upcoming developments are expected to support self-use purchase demand, stabilizing the market gradually.
Products & Technologies
Current Projects
-
澄德段_三發首席大院
- Estimated Total Sales: NT$ 9.7 billion
- Location: Kaohsiung City
- Start Date: Q1 2021
- Expected Completion: Q3 2025
-
副都心一小段18地號
- Estimated Total Sales: NT$ 8.5 billion
- Location: New Taipei City
- Start Date: Q4 2024
- Expected Completion: Q3 2028
-
Additional upcoming projects with significant sales estimates targeting key urban regions.
Clients & Markets
Client Segmentation
Focus on enhancing customer trust through consistent quality and safety assurance measures corroborated by third-party verification.
ESG / Sustainability
Social Responsibility
- Established the 三發教育基金會 to promote arts education, career exploration, and scholarship support for various schools.
Environmental Commitment
- Ongoing initiatives to reduce construction waste and promote sustainable materials recycling.
Outlook & Strategy
- Future Revenue: Anticipated contributions from the completion of ongoing projects and strategic sales.
- Diversified Operations Strategy: Expanding into mixed-use developments, exploring various service opportunities.
- Governance Improvement: Commit to better corporate governance and enhanced customer satisfaction.
Additional Data
Monthly Revenue Comparison (NT$ Thousands)
| Month | 2025 | 2024 |
|---|---|---|
| January | 2,517 | 3,219 |
| February | 2,523 | 3,316 |
| March | 23,661 | 296,234 |
| April | 3,321 | 328,040 |
| May | 25,545 | 331,438 |