皇龍開發股份有限公司 (Huang Long Development Co.,Ltd.) (3512) 2024Q4 法說會簡報
Company Overview
- Company Name: 皇龍開發股份有限公司 (Huang Long Development Co.,Ltd.)
- Establishment Date: 1992年
- Listing Date: 2007年7月 (Stock Code: 3512)
- Capital: 新台幣970,723,720元 (NTD 970,723,720)
- Chairman: 陳文宏 (Chen Wen-Hung)
- General Manager: 魏文珍 (Wei Wen-Chen)
- Main Business:
- 土地開發 (Land development)
- 住宅及大樓之興建與銷售 (Construction and sales of residential and high-rise buildings)
- 電子零組件生產及銷售 (Production and sales of electronic components)
- Group Employees: 80人
- Company Address: 台北市信義區松德路171號16樓之2 (16F-2, No. 171, Songde Rd., Xinyi Dist., Taipei City)
- Company Website: www.hldc.com.tw
Financial Highlights
Financial Information (Unit: NTD thousands)
| Item / Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 Q3 | 2024 Q3 |
|---|---|---|---|---|---|---|---|
| Operating Revenue (營業收入) | 1,320,842 | 2,411,725 | 2,212,558 | 2,241,593 | 2,956,598 | 2,404,131 | 630,739 |
| Gross Profit (營業毛利) | 156,321 | 406,108 | 572,221 | 588,370 | 616,040 | 464,261 | 159,841 |
| Operating Income (營業利益) | 18,795 | 203,100 | 357,953 | 379,650 | 382,358 | 295,874 | 56,036 |
| Net Income for the Period (本期淨利) | 22,570 | 202,826 | 317,945 | 326,056 | 458,338 | 174,018 | 23,234 |
| EPS (每股盈餘) | 0.32 | 2.63 | 3.79 | 3.88 | 5.45 | 2.07 | 0.25 |
| Annual Revenue Growth Rate (%) (年營收成長率(%)) | 22.36% | 82.59% | -8.26% | 1.31% | 31.90% | 10.25% | -73.76% |
| Gross Profit Margin (%) (毛利率(%)) | 11.83% | 16.84% | 25.86% | 26.25% | 20.84% | 19.31% | 25.34% |
| Net Profit Margin (%) (淨利率(%)) | 1.71% | 8.41% | 14.37% | 14.55% | 15.50% | 7.24% | 3.68% |
| Debt Ratio (%) (負債比(%)) | 75.77% | 65.15% | 67.27% | 70.68% | 60.06% | 65.87% | 58.06% |
| Paid-in Capital (實收資本額) | 710,000 | 840,000 | 840,000 | 840,000 | 856,255 | 840,030 | 970,724 |
Dividend Policy (Unit: NTD)
| Item / Year | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| EPS (每股盈餘) | 0.32 | 2.63 | 3.79 | 3.88 | 5.45 |
| Cash Dividend (NTD/share) (現金股利(元/股)) | - | 2 | 3 | 3 | 3.2057 |
| Payout Ratio (%) (配息率(%)) | - | 76% | 79% | 77% | 59% |
| Annual Weighted Average Price (年度加權平均價) | 29.69 | 28.77 | 35.38 | 32.57 | 33.36 |
| Cash Yield (%) (現金殖利率(%)) | - | 7% | 8% | 9% | 10% |
Business Segments
- Construction Business - Sales Performance (Completed Projects):
- Total Completed Projects: 8 projects, 1008 units, total sales NTD 83.7 billion.
- Project Name | Location | Base Area (坪) | Start Date | Completion Date | Product Type | Units | Total Sales (NTD Billion) | Sales Rate
- 峰時代 (Feng Shi Dai) | Rende Dist., Tainan City | 392 | 106.03 | 107.10 | 12F/B3 | 76 | 4.5 | 100%
- 天慕 (Tian Mu) | Annan Dist., Tainan City | 855 | 106.11 | 109.01 | 14F/B3 | 146 | 9.6 | 100%
- 山見晴 (Shan Jian Qing) | Yongkang Dist., Tainan City | 1,358 | 107.05 | 109.09 | 14F/B2 | 160 | 10.6 | 100%
- 皇龍雲鼎 (Huang Long Yun Ding) | West Central Dist., Tainan City | 567 | 107.03 | 110.01 | 20F/B4 | 69 | 15.5 | 100%
- 天席 (Tian Xi) | Annan Dist., Tainan City | 869 | 108.03 | 111.01 | 15F/B3 | 142 | 10.7 | 100%
- 天慕Ⅱ (Tian Mu II) | Annan Dist., Tainan City | 814 | 108.12 | 111.12 | 14F/B3 | 130 | 10.1 | 100%
- 天澍 (Tian Shu) | Rende Dist., Tainan City | 912 | 108.09 | 112.04 | 23F/B4 | 187 | 16.7 | 99%
- 皇龍捷士悅 (Huang Long Jie Shi Yue) | Guanmiao Dist., Tainan City | 838 | 111.01 | 112.11 | 10F/B1 | 98 | 6 | 100%
- Construction Business - Projects Under Construction:
- Total Projects Under Construction: 7 projects, 800 units, potential sales NTD 113.3 billion.
- Project Name | Location | Base Area (坪) | Start Date | Est. Completion Date | Product Type | Units | Potential Sales (NTD Billion) | Sales Rate
- 皇龍大砌 (Huang Long Da Qi) | Guanmiao Dist., Tainan City | 1,025 | 111.03 | 113.09 | 14F/B2 | 142 | 9.6 | 100%
- 皇龍六璽 (Huang Long Liu Xi) | Yongkang Dist., Tainan City | 204 | 113.03 | 114.Q1 | Townhouse 4.5F | 6 | 2.3 | 17%
- 東門CASA (Dongmen CASA) | Rende Dist., Tainan City | 489 | 111.12 | 114.Q2 | 15F/B3 | 96 | 13.2 | 51%
- 白崙段6地號 (Bailun Section 6 Di Hao) | Rende Dist., Tainan City | 472 | 113.02 | 115.Q2 | 15F/B3 | 84 | 12.2 | Not yet sold
- 天韻 (Tian Yun) | Annan Dist., Tainan City | 1,286 | 112.05 | 116.Q1 | 24F/B3 | 207 | 32.2 | Not yet sold
- 天龍品居 (Tian Long Pin Ju) | West Central Dist., Tainan City | 642 | 112.11 | 116.Q1 | 17F/B4 | 121 | 25.2 | Not yet sold
- 海興段 (Haixing Section) | Anping Dist., Tainan City | 991 | 113.05 | 116.Q1 | 16F/B3 | 144 | 18.6 | Not yet sold
Products & Technologies
Architectural Features: ASBD Seismic Isolation System
- System Name: ASBD隔震系統 (Axial System of Bending type Damper)
- 8 Major Advantages:
- High Safety: Comparable to nuclear power plants' earthquake resistance, eliminating the need to predict earthquakes for safe living.
- Comfortable Living: Effectively controls earthquake damage transmission, ensuring a stable and comfortable living environment.
- Crack Prevention: Prevents cracks and water leakage in beams, columns, and walls during strong earthquakes.
- Permanent Maintenance-Free: The seismic isolation system is maintenance-free, with a lifespan exceeding that of the building.
- National Certification: Possesses Taiwan national certification and a national invention creation gold medal award.
- Superior Performance: Proven superior function after testing by the "National Earthquake Center".
- World Patent: Patented in the USA, Japan, Italy, Taiwan, and China.
- Smart Monitoring: Real-Time monitoring of seismic isolation effect year-round, ensuring peace of mind.
- ASBD Structure System Components: Auxiliary Beam (輔助樑), High-Performance Damper (高性能消能器), High-Load Low-Friction Bearing Pad (高承載低摩阻支承墊), Lateral Force Support Base (側力支撐座), Basement Exterior Wall (地下室外牆).
- High-Load Low-Friction Bearing Pad Features:
- High load capacity, over 5000 Tons.
- Low friction, withstood approximately 1600 Kobe earthquake cycles in wear tests.
- Gravity-based restoring force, eliminates structural torsion.
- High-Performance Damper Features:
- Displacement capacity over 80cm (suitable for fault zones).
- Highest durability, can continuously dissipate energy from over 15 Kobe earthquake cycles.
- Passive restoring force, can be flexibly configured according to the building's center of mass, reducing structural torsion.
Architectural Features: Green Building
- Concept: "A breathing building, a masterpiece of refined craftsmanship" (Green Life).
- Green Building Label (綠建築標章) Indicators:
- Requirement (必要)
- Ecology (生態): Biodiversity index (生物多樣性指標), Greening volume index (綠化量指標), Site water retention index (基地保水指標).
- Energy Saving (節能): Daily energy saving index (日常節能指標).
- Waste Reduction (減廢): CO2 reduction index (二氧化碳減量指標), Waste reduction index (廢棄物減量指標).
- Health (健康): Wastewater and waste improvement index (污水垃圾改善指標), Water resources index (水資源指標), Indoor environment index (室內環境指標).
- Innovation (創新)
- Partner Brands (for building materials/components): LIXIL (Japan), Rinnai (Japan), Honeywell (U.S.A), SHIGERU (Japan), SANEI (Japan), WAFERLOCK (TAIWAN), blum (Österreich), TOTO (Japan), Panasonic (Japan).
Outlook & Strategy
- Construction Business (營建事業):
- Actively engage in land development in potential areas.
- Grasp real estate trends and launch projects and services that meet consumer needs, focusing on small units, low total prices, and first-time homebuyers.
- Electronic Business (電子事業):
- Continue to cooperate with chip companies to develop key liquid cooling components.
- Expected to complete product certification by 2025 Q2 and promote to end-customers of liquid cooling systems.
Additional Data
- Company History (Milestones):
- 1992: Company established.
- 2003: Passed ISO9001: 2000 international quality certification.
- 2005: Awarded 5th Golden Torch Award 'Top 10 Potential Enterprises'.
- 2006: Completed public offering and OTC listing preparation; Passed ISO14001: 2004 international quality certification.
- 2007: Listed on OTC market.
- 2018: Nengti Precision Industry renamed Huang Long Development; Construction started for "皇龍雲鼎 (Huang Long Yun Ding)", "山見晴 (Shan Jian Qing)", "天慕 (Tian Mu)"; "峰時代 (Feng Shi Dai)" completed and delivered.
- 2019: Construction started for "天席 (Tian Xi)", "天慕2 (Tian Mu II)", "天澍 (Tian Shu)".
- 2020: Established subsidiary Mandela Global; Completed capital increase, capital reached NTD 840 million; "山見晴 (Shan Jian Qing)" and "天慕 (Tian Mu)" completed and delivered.
- 2021: Acquired land in Zhongxiao Section, Guanmiao District, Tainan City; Nanmen Section, West Central District; Haixing Section, Anping District; Completed domestic secured convertible bond CB1: NTD 400 million.
- 2022: Completed domestic secured bond SB1: NTD 600 million; Construction started for "皇龍捷士悅 (Huang Long Jie Shi Yue)", "皇龍大砌 (Huang Long Da Qi)".
- 2023: "天慕II (Tian Mu II)" and "天澍 (Tian Shu)" completed and delivered; Acquired land in Yongren Section, Tainan City; Bailun Section; Construction started for "東門CASA (Dongmen CASA)", "天韻 (Tian Yun)", "天龍品居 (Tian Long Pin Ju)".
- 2024: Construction started for "皇龍六璽 (Huang Long Liu Xi)", "白崙6地號 (Bailun 6 Di Hao)", "海興段 (Haixing Section)"; "皇龍捷士悅 (Huang Long Jie Shi Yue)" completed and delivered; "皇龍大砌 (Huang Long Da Qi)" completed.