三陽工業 (2206 TT) 2025 Taiwan CEO-Week Presentation
Company Overview
- Company Name: 三陽工業 (SYM)
- Founding Year: 1961
- Stock Code: 2206 TT
- Full-time Employees: 2,300
- Core Business: Leader in Taiwan's motorcycle and automobile manufacturing, specializing in R&D, manufacturing, and sales of various motorcycles, All-Terrain Vehicles (ATVs), and automobiles.
- Operations Headquarters: 新竹 (Hsinchu)
- Manufacturing Plants:
- 新竹廠 (Hsinchu Plant): 300,000 motorcycles; 20,000 automobiles
- 廈門廠 (Xiamen Plant): 300,000 motorcycles
- 越南廠 (Vietnam Plant): 120,000 motorcycles
Financial Highlights
- 2024 Revenue: NT$ 65.6 billion
- Market Value: US$ 1.658 billion (as of 2025/04/10)
- Key Financial Ratios:
Metric (NT$ Million) 2020 2021 2022 2023 2024 營收 (Revenue) 40,775 41,617 50,851 64,461 65,625 毛利 (Gross Profit) 7,807 7,933 9,718 13,410 13,380 營業利益 (Operating Income) 1,959 2,223 3,417 6,111 5,856 稅前淨利 (Profit Before Tax) 2,494 2,341 4,050 8,075 6,476 稅後淨利 (Net Income After Tax) 2,052 1,965 3,440 6,663 5,132 每股盈餘 (NT$) (Earnings Per Share) 2.41 2.30 3.93 7.95 6.02
Business Segments
- Motorcycle Business:
- Market Share (Taiwan Domestic Motorcycle Market 2024): 40.9%
- Market Share Trend: Increased from 9% in 2014 to 46.9% in 2025
- Profit Margin Improvement: Gross profit margin increased from 12.7% in 2014 to 20.4% in 2024
- Automobile Business (Hyundai in Taiwan):
- 2024 Sales Performance: 22,682 new car sales, representing a 2.3% growth year-on-year
- Market Share: Increased to 4.95% in 2024
Products & Technologies
- Motorcycles:
- Product Offerings: Various types of motorcycles, including a "new generation touring scooter" (MMBCU)
- Design Philosophy: Focus on "more powerful, faster, cooler" designs
- R&D Efficiency: Reduced new product R&D time from 18 months to 8 months
- Automobiles (Hyundai):
- Product Offerings: Sedans, SUVs, Commercial vehicles, expanding to include SUVs, New Energy Vehicles, Heavy Commercial Vehicles
- Key Technologies: Turbo Hybrid, Electric Vehicles, Hydrogen Fuel Cell Vehicles
- Energy Strategy (Battery Technologies):
- Aluminum Battery Technology: Wide temperature range tolerance, low pollution during production, long cycle life, fast charge/discharge performance
- Lithium Ternary+ Battery: High energy density, long cycle life, fast charge/discharge performance
Clients & Markets
- Motorcycle Market:
- Taiwan Domestic Motorcycle Market Share 2024: SYM (40.9%), YAMAHA (26.7%), KYMCO (17.0%), OTHER (8.4%), gogoro (7.0%)
- Automobile Market:
- Taiwan Automobile Market Share (Hyundai): 4.95% in 2024, targeting 5.2% in 2025
ESG / Sustainability
- Environmental Compliance: First company in Taiwan with a full model lineup compliant with Stage 7 environmental regulations
- Energy Strategy: Focus on developing diverse battery technologies for various applications, including Aluminum Battery Technology and Lithium Ternary+ Battery
Outlook & Strategy
- Mid-term Goals:
- Maintain the #1 position as Taiwan's motorcycle brand in consumers' minds
- Achieve global motorcycle annual sales exceeding 750,000 units
- Ensure Hyundai automobiles enter the top 4 in Taiwan market share
- Global Market Expansion: Projected CAGR of 22% for SYM shipments outside the Taiwan market
Additional Data
- Dividend Distribution (2015-2024):
Metric (NT$ Million) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 稅後淨利 (Net Income After Tax) $3,093 $-322 $509 $1,038 $2,226 $1,938 $1,830 $3,116 $6,298 $4,770 現金股利 (Cash Dividends) $880 $880 $841 $826 $811 $1,044 $1,037 $1,435 $2,392 $2,392 - Key Charts, Graphs, and Data Points:
- Taiwan Domestic Motorcycle Market Share 2024
- 2024 SYM Group Product Mix
- SYM Motorcycle Market Share Trend (Jan-14 to Jan-25)
- Motorcycle Business Profit Margins
- SYM Cash Conversion Cycle (CCC)