復盛應用科技 (FUSHENG PRECISION) 2024第三季法人說明會
公司概覽
復盛應用科技是一家領先的高爾夫球具製造商，同時也涉足其他領域，如航太、汽車零件、棒壘球棒等。
財務亮點
綜合損益表 (In NT$ millions)
| 項目 | 3Q 2024 | 2Q 2024 | QoQ | 1Q~3Q/2024 | 1Q~3Q/2023 | YoY |
|---|---|---|---|---|---|---|
| Net Revenue | 7,024.7 | 6,142.4 | 14.4% | 19,536.7 | 17,369.1 | 12.5% |
| Gross Margin | 1,875.5 | 1,564.2 | 19.9% | 5,106.6 | 3,793.2 | 34.6% |
| Operating Margin | 1,160.5 | 920.1 | 26.1% | 3,123.8 | 1,909.2 | 63.6% |
| Profit before Tax | 1,071.6 | 1,051.5 | 1.9% | 3,361.1 | 2,349.7 | 43.0% |
| Net income to Shareholders | 827.1 | 744.6 | 11.1% | 2,502.0 | 1,704.0 | 46.8% |
| EPS | 6.09 | 5.57 | 9.3% | 18.66 | 12.90 | 44.7% |
| EBITDA | 1,304.9 | 1,279.2 | 2.0% | 4,049.1 | 3,050.2 | 32.8% |
| GM (%) | 26.7% | 25.5% | 1.2% | 26.1% | 21.8% | 4.3% |
| OM (%) | 16.5% | 15.0% | 1.5% | 16.0% | 11.0% | 5.0% |
| PBT (%) | 15.3% | 17.1% | -1.9% | 17.2% | 13.5% | 3.7% |
| EBITDA (%) | 18.6% | 20.8% | -2.3% | 20.7% | 17.6% | 3.2% |
資產負債表 (In NT$ millions)
| 項目 | 9/30/2024 | % | 6/30/2024 | % | 9/30/2023 | % |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash | 6,086 | 25.9% | 7,277 | 33.5% | 4,683 | 25.3% |
| Account Receivables | 4,647 | 19.8% | 3,844 | 17.7% | 3,174 | 17.1% |
| Inventories | 3,549 | 15.1% | 2,835 | 13.1% | 2,859 | 15.4% |
| Current Assets | 15,415 | 65.5% | 14,774 | 68.0% | 11,488 | 62.0% |
| PPE | 5,716 | 24.3% | 5,101 | 23.5% | 5,164 | 27.9% |
| Intangible Assets | 1,062 | 4.5% | 635 | 2.9% | 661 | 3.6% |
| Non-current Assets | 8,111 | 34.5% | 6,938 | 32.0% | 7,044 | 38.0% |
| Total Assets | 23,527 | 100.0% | 21,713 | 100.0% | 18,532 | 100.0% |
| Liabilities | ||||||
| Bank Loan | 1,360 | 5.8% | 770 | 3.5% | 663 | 3.6% |
| Account Payables | 3,179 | 13.5% | 2,452 | 11.3% | 2,471 | 13.3% |
| Dividend Payable | - | 0.0% | 1,755 | 8.1% | - | 0.0% |
| Other Payables | 2,340 | 9.9% | 1,482 | 6.8% | 1,368 | 7.4% |
| Current Liabilities | 8,139 | 34.6% | 7,869 | 36.2% | 5,054 | 27.3% |
| Bonds payables | - | 0.0% | - | 0.0% | 1,170 | 6.3% |
| Lease Liabilities | 303 | 1.3% | 233 | 1.1% | 258 | 1.4% |
| Defined benefit Liabilities | 69 | 0.3% | 61 | 0.3% | 59 | 0.3% |
| Non-current Liabilities | 758 | 3.2% | 789 | 3.6% | 1,610 | 8.7% |
| Total Liabilities | 8,897 | 37.8% | 8,658 | 39.9% | 6,664 | 36.0% |
| Equity | ||||||
| Capital | 1,348 | 5.7% | 1,348 | 6.2% | 1,326 | 7.2% |
| Other equity | 13,282 | 56.5% | 11,706 | 53.9% | 10,542 | 56.9% |
| Total Equity | 14,630 | 62.2% | 13,055 | 60.1% | 11,868 | 64.0% |
業務概況
營運績效 (2018 - 1Q~3Q 2024)
- 淨營收 (Sales, 百萬新台幣):
- 2018: 16,008
- 2019: 17,201
- 2020: 14,230
- 2021: 23,215
- 2022: 33,716
- 2023: 24,381
- 1Q~3Q 2024: 19,537
- 歸屬母公司業主淨利 (Net Profit, 百萬新台幣):
- 2018: 2,006
- 2019: 2,176
- 2020: 1,130
- 2021: 2,363
- 2022: 4,801
- 2023: 2,404
- 1Q~3Q 2024: 2,502
- 每股盈餘 (EPS, 新台幣):
- 2018: 15.31
- 2019: 16.61
- 2020: 8.62
- 2021: 18.03
- 2022: 36.64
- 2023: 18.18
- 1Q~3Q 2024: 18.66
- EBITDA (百萬新台幣):
- 2018: 2,784
- 2019: 3,223
- 2020: 2,132
- 2021: 3,838
- 2022: 7,272
- 2023: 4,243
- 1Q~3Q 2024: 4,049
- 毛利率 (GM %):
- 2018: 24.6%
- 2019: 25.6%
- 2020: 15.0%
- 2021: 21.6%
- 2022: 25.6%
- 2023: 23.2%
- 1Q~3Q 2024: 26.1%
- EBITDA %:
- 2018: 17.4%
- 2019: 18.7%
- 2020: 16.5%
- 2021: 22.9%
- 2022: 23.6%
- 2023: 17.4%
- 1Q~3Q 2024: 20.7%
產品與服務
產品占比 (Revenue by Product Segment, 百萬新台幣)
| 產品類別 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 1Q~3Q 2024 |
|---|---|---|---|---|---|---|---|
| Golf Club Heads | 83% | 83% | 82% | 74% | 72% | 69% | 68% |
| Graphite Shaft & Packaged Sets | 4% | 4% | 4% | 6% | 10% | 8% | 8% |
| Club Head Accessories | 4% | 4% | 1% | 4% | 5% | 9% | 7% |
| Skates & Boots & Protective Gears | 5% | 5% | 5% | 4% | 10% | 6% | 8% |
| Aerospace & Automotive Parts | - | - | - | 10% | 3% | 4% | 5% |
| Baseball & Softball bats | - | - | - | - | - | 4% | - |
| Others | - | - | - | - | - | - | - |
| 總營收 | 16,008 | 17,201 | 14,228 | 23,215 | 33,716 | 24,381 | 19,537 |
策略與展望
近期重點事項摘要
- CB轉換普通股之發行新股增資: 增資後實收資本額為13.66E (增資前為13.48E)。(2024/11/12)
- 美國PT 清算作業: 已於2024/10開始進行清算程序，董事會通過代為清償之銀行借款。(2024/11/12)
- 子公司民盛釋股案: 釋股作業時程皆依公告如期完成 (詳細可參閱2024/10/8之公告)。