SUNON (2421.TW / 2421 TT) 2024Q4 法說會簡報
Company Overview
- Company Name: SUNON. 建準電機 (SUNON. Sunonwealth Electric Machine Industry Co., Ltd.)
- Slogan: 全球通風散熱首選 (First Choice Globally Cooling Solutions)
- Stock Codes: 2421.TW / 2421 TT
Financial Highlights
1. Quarterly Revenue
| Quarter | Y2020 (B. NT) | Y2021 (B. NT) | Y2022 (B. NT) | Y2023 (B. NT) | Y2024 (B. NT) |
|---|---|---|---|---|---|
| Q1 | 2.25 | 3.03 | 3.08 | 3.12 | 3.06 |
| Q2 | 3.60 | 3.33 | 3.28 | 3.48 | 3.68 |
| Q3 | 3.54 | 3.48 | 3.66 | 3.29 | 4.03 |
| Q4 | 3.72 | 3.79 | 3.40 | 3.27 | 3.86 |
2. Annual Revenue Performance
| Year | Revenue (NT千元) | Growth Rate (%) |
|---|---|---|
| Y2016 | 10,690,822 | 5.8% |
| Y2017 | 10,946,728 | 2.4% |
| Y2018 | 11,965,298 | 9.3% |
| Y2019 | 11,659,915 | -2.6% |
| Y2020 | 12,781,281 | 9.6% |
| Y2021 | 13,561,804 | 6.1% |
| Y2022 | 14,063,308 | 3.7% |
| Y2023 | 12,914,686 | -9.2% |
| Y2024 | 14,623,817 | 13.2% |
3. Profitability - Quarterly Profit Margins
| Metric | Quarter | Y2020 (%) | Y2021 (%) | Y2022 (%) | Y2023 (%) | Y2024 (%) |
|---|---|---|---|---|---|---|
| Gross Profit Margin | Q1 | 18.6 | 18.9 | 21.4 | 25.0 | 26.1 |
| Q2 | 22.6 | 25.7 | 28.1 | 26.5 | 28.3 | |
| Q3 | 24.0 | 21.0 | 29.0 | 24.5 | 28.5 | |
| Q4 | 17.5 | 23.5 | 27.9 | 30.3 | 28.4 | |
| Operating Profit Margin | Q1 | 1.1 | 2.0 | 3.8 | 8.5 | 9.0 |
| Q2 | 6.0 | 5.9 | 12.4 | 10.6 | 11.5 | |
| Q3 | 8.4 | 9.0 | 11.9 | 9.7 | 13.0 | |
| Q4 | 3.4 | 8.7 | 11.4 | 11.9 | 11.3 | |
| Net Profit Margin | Q1 | 2.2 | 2.5 | 3.1 | 4.3 | 4.9 |
| Q2 | 6.6 | 8.6 | 10.3 | 9.7 | 10.7 | |
| Q3 | 4.6 | 4.5 | 11.7 | 8.8 | 10.4 | |
| Q4 | 3.2 | 7.3 | 7.4 | 10.3 | 11.3 |
4. Profitability - Quarterly Earnings
| Quarter | Y2020 (NTD) | Y2021 (NTD) | Y2022 (NTD) | Y2023 (NTD) | Y2024 (NTD) |
|---|---|---|---|---|---|
| Q1 | 0.39 | 0.37 | 0.61 | 1.11 | 1.19 |
| Q2 | 1.20 | 0.30 | 1.72 | 1.39 | 1.47 |
| Q3 | 0.93 | 0.35 | 1.42 | 1.49 | 1.28 |
| Q4 | 0.60 | 0.69 | 0.84 | 1.11 | 1.60 |
5. Earnings Per Share (EPS) and Cash Dividend
| Year | EPS (NTD) | Cash Dividend (NTD) | Payout Ratio (%) |
|---|---|---|---|
| Y2015 | 1.77 | 1.5 | 85 |
| Y2016 | 2.28 | 2.0 | 88 |
| Y2017 | 2.41 | 2.0 | 88 |
| Y2018 | 2.62 | 2.3 | 83 |
| Y2019 | 3.39 | 2.4 | 74 |
| Y2020 | 5.16 | 2.0 | 68 |
| Y2021 | 5.46 | 2.6 | 70 |
| Y2022 | 4.34 | 3.5 | 60 |
| Y2023 | 5.16 | 3.7 | 68 |
| Y2024 | 5.46 | N/A | 68 |
6. Consolidated Balance Sheet
| Item | 2021.12.31 | 2022.12.31 | 2023.12.31 | 2024.12.31 | Change 2022 (%) | Change 2023 (%) | Change 2024 (%) |
|---|---|---|---|---|---|---|---|
| Total Assets | 11,517 | 12,192 | 12,615 | 14,998 | 5.9 | 3.5 | 18.9 |
| Cash | 1,912 | 2,457 | 4,031 | 4,678 | 28.5 | 64.1 | 16.1 |
| Notes & Accounts | 3,459 | 3,414 | 3,079 | 4,103 | -1.3 | -9.8 | 33.3 |
| Inventory | 2,508 | 2,651 | 2,052 | 2,181 | 5.7 | -22.6 | 6.3 |
| Property, Plant & Equipment | 2,059 | 2,273 | 2,171 | 2,461 | 10.4 | -4.5 | 13.4 |
| Total Liabilities | 7,150 | 6,989 | 5,396 | 7,078 | -2.3 | -22.8 | 31.2 |
| Short-term Borrowings | 1,950 | 1,288 | 458 | 928 | -33.9 | -64.4 | 102.6 |
| Accounts Payable | 2,926 | 3,179 | 2,737 | 3,435 | 8.6 | -13.9 | 25.5 |
| Long-term Borrowings | 524 | 287 | 213 | 478 | -45.2 | -25.8 | 124.4 |
| Total Equity | 4,367 | 5,203 | 7,219 | 7,920 | 19.1 | 38.7 | 9.7 |
7. Consolidated Statement of Comprehensive Income
| Item | 2021 | 2022 | 2023 | 2024 | Growth Rate YOY 2022 (%) | Growth Rate YOY 2023 (%) | Growth Rate YOY 2024 (%) |
|---|---|---|---|---|---|---|---|
| Operating Revenue | 13,562 | 14,063 | 12,915 | 14,624 | 3.7 | -8.2 | 13.2 |
| Gross Profit | 2,536 | 3,171 | 3,601 | 4,157 | 25.0 | 13.6 | 15.4 |
| Operating Expenses | 2,072 | 2,049 | 2,071 | 2,480 | -1.1 | 1.1 | 19.7 |
| Operating Income | 464 | 1,122 | 1,530 | 1,677 | 141.8 | 36.4 | 9.6 |
| Non-operating Income/Expenses | 121 | 304 | 221 | 305 | 151.2 | -27.3 | 38.0 |
| Profit Before Tax | 585 | 1,426 | 1,751 | 1,982 | 143.8 | 22.8 | 13.2 |
| Net Income Attributable to Parent | 429 | 1,089 | 1,334 | 1,492 | 153.8 | 22.5 | 11.8 |
| EPS (NT$) | 1.71 | 4.34 | 5.16 | 5.46 | |||
| Gross Profit Margin | 18.7% | 22.5% | 27.9% | 28.4% | |||
| Operating Profit Margin | 3.4% | 8.0% | 11.8% | 11.5% | |||
| Net Profit Margin | 3.2% | 7.7% | 10.3% | 10.2% |
Recent Performance and Results
1. Quarterly Server Revenue & Proportion
| Quarter | Revenue (NTD (M)) | % of Sales (%) |
|---|---|---|
| 23Q1 | 615 | 21.3 |
| 23Q2 | 958 | 30.4 |
| 23Q3 | 1,075 | 33.9 |
| 23Q4 | 1,159 | 37.2 |
| 24Q1 | 1,114 | 38.0 |
| 24Q2 | 1,615 | 44.6 |
| 24Q3 | 1,751 | 45.0 |
| 24Q4 | 1,670 | 44.5 |
2. Quarterly AI Server Revenue & Proportion
| Quarter | Revenue (NTD (M)) | % of Sales (%) |
|---|---|---|
| 23Q1 | 92 | 3.2 |
| 23Q2 | 345 | 11.0 |
| 23Q3 | 438 | 13.8 |
| 23Q4 | 437 | 14.1 |
| 24Q1 | 473 | 16.2 |
| 24Q2 | 688 | 19.0 |
| 24Q3 | 918 | 23.6 |
| 24Q4 | 870 | 23.2 |
3. Quarterly Revenue Proportion and QoQ Growth
| Segment | 2020 (%) | 2021 (%) | 2022 (%) | 2023 (%) | 2024Q4 (%) | 2024Q4 QoQ Growth (%) |
|---|---|---|---|---|---|---|
| Automobile | 5.2 | 8.0 | 9.5 | 11.1 | ~8-9 | 8.7 |
| Distribution | 7.2 | 7.4 | 7.7 | 8.3 | 4.9 | -25.5 |
| Home Appliances | 5.8 | 7.7 | 9.0 | 11.3 | 3.4 | 2.7 |
| Industrial Medical E. | 14.6 | 14.3 | 14.6 | 12.6 | 9.2 | -5.4 |
| Telecom & Server | 28.2 | 28.3 | 31.7 | 41.9 | 55.1 | -1.0 |
| IT & OE | 36.0 | 34.7 | 24.5 | 22.2 | 16.1 | -8.8 |
4. Quarterly Revenue Proportion and YoY Growth
| Segment | 2020 (%) | 2021 (%) | 2022 (%) | 2023 (%) | 2024Q4 (%) | 2024Q4 YoY Growth (%) |
|---|---|---|---|---|---|---|
| Automobile | 5.2 | 8.0 | 9.5 | 11.1 | ~8-9 | 9.6 |
| Distribution | 7.2 | 7.4 | 7.7 | 8.3 | 4.9 | 4.0 |
| Home Appliances | 5.8 | 7.7 | 9.0 | 11.3 | 3.4 | -14.8 |
| Industrial Medical E. | 14.6 | 14.3 | 14.6 | 12.6 | 9.2 | 6.5 |
| Telecom & Server | 28.2 | 28.3 | 31.7 | 41.9 | 55.1 | 44.3 |
| IT & OE | 36.0 | 34.7 | 24.5 | 22.2 | 16.1 | -5.4 |
5. Annual Revenue Proportion and YoY Growth
| Segment | 2020 (%) | 2021 (%) | 2022 (%) | 2023 (%) | 2024 (%) | 2024 YoY Growth (%) |
|---|---|---|---|---|---|---|
| Automobile | 5.2 | 8.0 | 9.5 | 11.0 | ~8-9 | 33.6 |
| Distribution | 7.2 | 7.4 | 7.7 | 8.3 | 5.3 | -25.8 |
| Home Appliances | 5.8 | 7.7 | 9.0 | 11.3 | 3.5 | -29.1 |
| Industrial Medical E. | 14.6 | 14.3 | 14.6 | 12.6 | 8.9 | -9.3 |
| Telecom & Server | 28.2 | 28.3 | 31.7 | 41.9 | 53.1 | 45.8 |
| IT & OE | 36.0 | 34.7 | 24.5 | 22.2 | 17.5 | -9.2 |
Products, Services & Technology
- Core Business: 通風散熱 (Ventilation and Heat Dissipation / Cooling Solutions)
- Key Industry Segments:
- Automobile (汽車)
- Distribution (通路)
- Home Appliances (家電)
- Industrial Medical E. (工醫) - Industrial & Medical Equipment
- Telecom & Server (網通伺服器) - Telecommunications & Server
- IT & OE (資訊及事務設備) - Information Technology & Office Equipment
- Server (伺服器) - Specific focus within Telecom & Server
- AI Server (AI伺服器) - Specific focus within Server segment, indicating advanced cooling solutions for AI applications.