愛普科技股份有限公司 (AP Memory) (6531) 2024Q4 法說會簡報
公司概覽 (Company Overview)
- 公司名稱：愛普科技股份有限公司 (AP Memory)
- 專注領域：提供全球客戶客製化記憶體設計及解決方案之 IC 設計公司
- 總部：位於台灣新竹台元科技園區
- 研發與營運：美/中/台三地合作研發；台灣營運
- 集團人數：233 (2024 年底)
- 上市資訊：2016 年於台灣證交所上市 (股票代碼: 6531)
- 已發行且流通在外股數：1.62 億股 (每股面額 5 元)
歷年里程碑 (Milestones)
- 2011：AP Memory Founded (PSRAM targeting feature phone market)
- 2016：Listed on TWSE (6531)
- 2017：Acquired Zentel Electronics
- 2018：Started VHM 3D integration pilot project
- 2020：Exited specialty DRAM business
- 2021：
- VHM enters production
- 1-to-2 Stock split
- 2022：Issuance of GDR for US$190M
- 2023：Kick-off on AI main-stream POC project
- 2024：S-SiCap Interposer enters production
產品、服務與技術 (Products, Services & Technology)
- 產品線說明：IoT + AI = IoTRAM + S-SiCap + VHM
- IoTRAM：Best memory for IoT, Second to none.
- S-SiCap：
- Discrete S-SiCap (“IPD”) and interposers with embedded S-SiCap (“IPC”)
- VHM (Including VHMStack)：Best memory solutions for AI/HPC
財務報告 (Financial Highlights & Recent Performance)
2024Q4 合併損益表 (2024Q4 Consolidated Income Statement)
| 項目 (Item) | 4Q24 | % | 3Q24 | % | 4Q23 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,225,378 | 100% | 1,274,298 | 100% | 1,162,962 | 100% | (4%) | 5% |
| 營業毛利 (Gross Profit) | 652,331 | 53% | 663,455 | 52% | 509,036 | 44% | (2%) | 28% |
| 推銷費用 (Selling Expenses) | 25,611 | 2% | 23,754 | 2% | 33,123 | 3% | 8% | (23%) |
| 管理費用 (Administrative Expenses) | 49,379 | 4% | 53,582 | 4% | 42,670 | 4% | (8%) | 16% |
| 研究發展費用 (R&D Expenses) | 228,741 | 19% | 205,329 | 16% | 180,426 | 16% | 11% | 27% |
| 預期信用減損損失(迴轉利益) (Expected Credit Loss (Reversal)) | 340 | - | (239) | - | (30,716) | (3%) | (242%) | 101% |
| 營業費用 (Operating Expenses) | 304,071 | 25% | 282,426 | 22% | 225,503 | 20% | 8% | 35% |
| 營業利益 (Operating Income) | 348,260 | 28% | 381,029 | 30% | 283,533 | 24% | (9%) | 23% |
| 營業外收入 (Non-Operating Income) | 366,094 | 30% | 26,014 | 2% | 99,189 | 9% | 1,307% | 269% |
| 稅前淨利 (Income Before Tax) | 714,354 | 58% | 407,043 | 32% | 382,722 | 33% | 75% | 87% |
| 所得稅費用 (Income Tax Expense) | 211,906 | 17% | 70,110 | 6% | 12,602 | 1% | 202% | 1,582% |
| 本期淨利 (Net Income) | 502,448 | 41% | 336,933 | 26% | 370,120 | 32% | 49% | 36% |
| 基本每股盈餘(NT$) (EPS) | $3.10 | $2.08 | $2.29 | 49% | 35% | |||
| 加權平均股數(仟股) (Weighted Avg. Shares (K)) | 162,288 | 162,225 | 161,936 | 0.04% | 0.22% |
2024Q4 合併損益表 - 擬制資訊 (2024Q4 Consolidated Income Statement - Pro Forma)
| 項目 (Item) | 4Q24 | % | 3Q24 | % | 4Q23 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,225,378 | 100% | 1,274,298 | 100% | 1,162,962 | 100% | (4%) | 5% |
| 營業毛利 (Gross Profit) | 652,331 | 53% | 663,455 | 52% | 509,036 | 44% | (2%) | 28% |
| 推銷費用 (Selling Expenses) | 25,611 | 2% | 23,754 | 2% | 33,123 | 3% | 8% | (23%) |
| 管理費用 (Administrative Expenses) | 49,379 | 4% | 53,582 | 4% | 42,670 | 4% | (8%) | 16% |
| 研究發展費用 (R&D Expenses) | 228,741 | 19% | 205,329 | 16% | 180,426 | 16% | 11% | 27% |
| 預期信用減損損失(迴轉利益) (Expected Credit Loss (Reversal)) | 340 | - | (239) | - | (30,716) | (3%) | (242%) | 101% |
| 營業費用 (Operating Expenses) | 304,071 | 25% | 282,426 | 22% | 225,503 | 20% | 8% | 35% |
| 營業利益 (Operating Income) | 348,260 | 28% | 381,029 | 30% | 283,533 | 24% | (9%) | 23% |
| 營業外收入* (Non-Operating Income*) | 159,635 | 13% | 171,776 | 13% | 386,839 | 34% | (7%) | (59%) |
| 稅前淨利* (Income Before Tax*) | 507,895 | 41% | 552,805 | 43% | 670,372 | 58% | (8%) | (24%) |
| 所得稅費用* (Income Tax Expense*) | 170,614 | 13% | 99,262 | 7% | 70,132 | 6% | 72% | 143% |
| 本期淨利* (Net Income*) | 337,281 | 28% | 453,543 | 36% | 600,240 | 52% | (26%) | (44%) |
| 基本每股盈餘(NT$)* (EPS*) | $2.08 | $2.80 | $3.71 | (26%) | (44%) | |||
| 加權平均股數(仟股) (Weighted Avg. Shares (K)) | 162,288 | 162,225 | 161,936 | 0.04% | 0.22% |
2024 年度合併損益表 (2024 Annual Consolidated Income Statement)
| 項目 (Item) | 2024 | % | 2023 | % | YoY |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 4,192,378 | 100% | 4,226,907 | 100% | (1%) |
| 營業毛利 (Gross Profit) | 2,145,573 | 51% | 1,755,006 | 42% | 22% |
| 推銷費用 (Selling Expenses) | 107,947 | 2% | 124,811 | 3% | (14%) |
| 管理費用 (Administrative Expenses) | 193,319 | 5% | 164,854 | 4% | 17% |
| 研究發展費用 (R&D Expenses) | 780,593 | 19% | 583,627 | 14% | 34% |
| 預期信用減損損失 (Expected Credit Loss) | 624 | - | 28,933 | 1% | (98%) |
| 營業費用 (Operating Expenses) | 1,082,483 | 26% | 902,225 | 22% | 20% |
| 營業利益 (Operating Income) | 1,063,090 | 25% | 852,781 | 20% | 25% |
| 營業外收入 (Non-Operating Income) | 969,785 | 24% | 766,200 | 18% | 27% |
| 稅前淨利 (Income Before Tax) | 2,032,875 | 49% | 1,618,981 | 38% | 26% |
| 所得稅費用 (Income Tax Expense) | 454,643 | 11% | 174,011 | 4% | 161% |
| 本期淨利 (Net Income) | 1,578,232 | 38% | 1,444,970 | 34% | 9% |
| 基本每股盈餘(NT$) (EPS) | $9.73 | $8.93 | 9% | ||
| 加權平均股數(仟股) (Weighted Avg. Shares (K)) | 162,214 | 161,847 | 0.23% |
2024 年度合併損益表 - 擬制資訊 (2024 Annual Consolidated Income Statement - Pro Forma)
| 項目 (Item) | 2024 | % | 2023 | % | YoY |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 4,192,378 | 100% | 4,226,907 | 100% | (1%) |
| 營業毛利 (Gross Profit) | 2,145,573 | 51% | 1,755,006 | 42% | 22% |
| 推銷費用 (Selling Expenses) | 107,947 | 2% | 124,811 | 3% | (14%) |
| 管理費用 (Administrative Expenses) | 193,319 | 5% | 164,854 | 4% | 17% |
| 研究發展費用 (R&D Expenses) | 780,593 | 19% | 583,627 | 14% | 34% |
| 預期信用減損損失 (Expected Credit Loss) | 624 | - | 28,933 | 1% | (98%) |
| 營業費用 (Operating Expenses) | 1,082,483 | 26% | 902,225 | 22% | 20% |
| 營業利益 (Operating Income) | 1,063,090 | 25% | 852,781 | 20% | 25% |
| 營業外收入* (Non-Operating Income*) | 589,561 | 14% | 766,155 | 18% | (23%) |
| 稅前淨利* (Income Before Tax*) | 1,652,651 | 39% | 1,618,936 | 38% | 2% |
| 所得稅費用* (Income Tax Expense*) | 378,598 | 9% | 174,002 | 4% | 118% |
| 本期淨利* (Net Income*) | 1,274,053 | 30% | 1,444,934 | 34% | (12%) |
| 基本每股盈餘(NT$)* (EPS*) | $7.85 | $8.93 | (12%) | ||
| 加權平均股數(仟股) (Weighted Avg. Shares (K)) | 162,214 | 161,847 | 0.23% |
關鍵圖表與數據點 (Key Charts, Graphs, and Data Points)
- 季度營收及毛利率趨勢 (Quarterly Revenue & Gross Margin Trend)
- 4Q24：營收 NT$1,225M (IoT: NT$909M, AI: NT$316M), 毛利率 53%
- 3Q24：營收 NT$1,274M (IoT: NT$922M, AI: NT$352M), 毛利率 52%
- 4Q23：營收 NT$1,163M (IoT: NT$1,132M, AI: NT$31M), 毛利率 46%
- 1Q22：營收 NT$1,329M (IoT: NT$1,329M, AI: NT$216M), 毛利率 47%
- 毛利率趨勢：47% (1Q22) -> 41% (2Q22) -> 44% (3Q22) -> 43% (4Q22) -> 40% (1Q23) -> 40% (2Q23) -> 41% (3Q23) -> 46% (4Q23) -> 51% (1Q24) -> 52% (2Q24) -> 52% (3Q24) -> 53% (4Q24)
未來展望與策略 (Future Outlook & Strategic Initiatives)
- IoTRAM：Driving Growth
- ApSRAM enables a new class of ultra-low-power devices.
- VHM/VHMStack：Adoption ongoing
- AI/HPC product design-ins, in addition to POC (Proof of Concept).
- S-SiCap：Revenue Ramp in 2025
- S-SiCap embedded Interposer (“IPC”)
- Ramping in 2025, moderated by geopolitical uncertainties.
- Discrete & Embedded in Package Substrate (“IPD”)
- Multiple customers and substrate vendors.
- S-SiCap embedded Interposer (“IPC”)
- New Business
- Entering UHF RFID tag IC market. The ultimate IoT. MP (Mass Production) expected in 2025.
聯絡資訊 (Contact Information)
- IR mail：ir@apmemory.com
- IR Tel：+886-3-5601651
版權資訊 (Copyright Information)
- COPYRIGHT 2025 AP MEMORY. All rights reserved.
- Present date: 2025/3/4