Airtac (亞德客) (1590) 2023Q4 法說會簡報
Company Overview
Airtac (亞德客) is a company that specializes in the production of pneumatic components and automation equipment. The company was established in Taiwan in 1988 and has since expanded its operations to mainland China, Europe, and other parts of the world.
Financial Highlights
The company's revenue has been steadily increasing over the years, with a growth rate of 6% in 2024 Q1 compared to the same period in 2023. The net income after tax has also been increasing, with a growth rate of 15% in 2024 Q1 compared to the same period in 2023.
Business Segments
The company's business segments include:
- Actuators (執行元件)
- Control Components (控制元件)
- Air Preparation Units (氣源處理元件)
- Linear Guides (線性滑軌)
Products & Technologies
The company's products are mainly applied in various industrial automation equipment, including:
- Environmental Protection Machinery (環保處理機械)
- Construction Machinery (建築機械)
- Automated Assembly Lines (自動化裝配線) in the electronics industry
- Automated Robotic Arms (自動機械手臂)
- Automobile Manufacturing (汽車製造)
Clients & Markets
The company's customer sales by industry are:
| Industry | 2023 Full Year | 2024 Q1 |
|---|---|---|
| Electronic Equipment (電子設備) | 22% | 27% |
| Energy & Lighting Equipment (能源與照明設備) | 14% | 9% |
| Battery Industry (電池行業) | 14% | 9% |
| Packaging Machinery (包裝機械) | 8% | 8% |
| Automobile Manufacturing (汽車製造) | 6% | 7% |
| General Machinery (通用機械) | 6% | 6% |
| Machine Tool Equipment (機床設備) | 5% | 6% |
| Textile & Apparel Machinery (紡織及服裝機械) | 4% | 5% |
| Others (其它) | 21% | 23% |
ESG / Sustainability
The company is committed to social responsibility and undertakes various initiatives to reduce its environmental impact.
Outlook & Strategy
The company's future development goals and plans include:
- Expansion of product lines (產品線的擴增)
- Expansion of sales channels (擴展銷售通路)
- Expansion of export markets (拓展外銷市場)
- Enter the global top three (進入全球前三強)
Additional Data
The company's financial data is as follows:
Revenue and Net Income After Tax
| Year/Period | Revenue | Net Income After Tax | Revenue Growth (YoY/QoQ) | Net Income Growth (YoY/QoQ) |
|---|---|---|---|---|
| 2016 | 2,195 | 418 | - | - |
| 2017 | 3,045 | 733 | - | - |
| 2018 | 3,418 | 621 | - | - |
| 2019 | 3,558 | 610 | - | - |
| 2020 | 4,465 | 1,132 | - | - |
| 2021 | 5,853 | 1,484 | - | - |
| 2022 | 5,896 | 1,360 | - | - |
| 2023 | 6,788 | 1,585 | - | - |
| 1Q23 | 1,585 | 365 | - | - |
| 1Q24 | 1,650 | 419 | 6% | 15% |
Profitability Trend
| Year/Period | Gross Margin (毛利率) | Operating Profit Margin (營業利益率) | Net Profit Margin (淨利率) |
|---|---|---|---|
| 2015 | 51.60% | 23.60% | 15.70% |
| 2016 | 51.20% | 25.60% | 19.10% |
| 2017 | 52.00% | 30.20% | 24.10% |
| 2018 | 48.30% | 26.60% | 18.20% |
| 2019 | 46.70% | 25.30% | 17.20% |
| 2020 | 49.50% | 31.24% | 25.36% |
| 2021 | 48.57% | 32.34% | 25.36% |
| 2022 | 45.61% | 28.93% | 23.06% |
| 2023 | 46.12% | 29.67% | 23.35% |
| 1Q24 | 47.12% | 30.01% | 25.39% |
Balance Sheet
| Metric | 2021 (RMB M) | 2021 (%) | 2022 (RMB M) | 2022 (%) | 2023 (RMB M) | 2023 (%) | 2024 Q1 (RMB M) | 2024 Q1 (%) |
|---|---|---|---|---|---|---|---|---|
| Assets (資產) | ||||||||
| Cash (現金) | $1,432 | 13% | $1,499 | 12% | $2,326 | 17% | $1,948 | 15% |
| Accounts Receivable (應收款項) | 1,723 | 16% | 2,053 | 17% | 2,285 | 17% | 2,458 | 18% |
| Inventory (存貨) | 1,221 | 11% | 1,645 | 13% | 1,509 | 11% | 1,517 | 11% |
| Other Current Assets (其他流動資產) | 71 | 1% | 78 | 1% | 77 | 1% | 78 | 1% |
| Fixed Assets & Other Assets (固定資產及其他資產) | 6,529 | 59% | 7,111 | 57% | 7,218 | 54% | 7,216 | 55% |
| Total Assets (總資產) | $10,976 | 100% | $12,386 | 100% | $13,415 | 100% | $13,217 | 100% |
| Liabilities (負債) | ||||||||
| Bank Loans (銀行借款) | $1,857 | 17% | $2,560 | 21% | $2,631 | 20% | $2,109 | 16% |
| Other Current Liabilities (其他流動負債) | 911 | 8% | 828 | 6% | 795 | 6% | 1,504 | 12% |
| Other Long-term Liabilities (其他長期負債) | 116 | 1% | 166 | 2% | 145 | 1% | 171 | 1% |
| Total Liabilities (總負債) | $2,884 | 26% | $3,554 | 29% | $3,571 | 27% | $3,784 | 29% |
| Shareholders' Equity (股東權益) | $8,092 | 74% | $8,832 | 71% | $9,844 | 73% | $9,433 | 71% |
| Total Liabilities & Shareholders' Equity (負債&股東權益) | $10,976 | 100% | $12,386 | 100% | $13,415 | 100% | $13,217 | 100% |