崇友實業股份有限公司 (GFC) [4506] 法說會簡報
Company Overview
- 成立日期 (Establishment Date): May 30, 1974
- 董事長 (Chairman): 唐伯龍
- 總經理 (General Manager): 游本立
- 員工人數 (Number of Employees): 1,475人
- 資本額 (Capital): NT$ 1.77 billion
- 生產基地 (Production Bases):
- Yangmei Plant, Taiwan
- Jiading Plant, Shanghai
- 電梯年產量 (Annual Elevator Production): 3,000 units
Brands and Market Positioning
- 自有品牌 (Own Brand): GENESIS (堅尼西斯)
- 定位: High demand for mid-to-high-end customization.
- 電梯運行速度 (Elevator Operating Speed): 150-360 meters/minute.
- 自有品牌 (Own Brand): GFC
- 定位: Elevators for mid-to-low-end market.
- 電梯運行速度 (Elevator Operating Speed): Below 120 meters/minute.
- 代理 (Agency): TOSHIBA
- 定位: High demand for mid-to-high-end customization.
- 電梯運行速度 (Elevator Operating Speed): 105-240 meters/minute.
Organizational Structure and Professional Workforce
- 主要部門 (Key Departments):
- 銷工處 (Sales & Engineering Department)
- 維保處 (Maintenance Department)
- 產品開發處 (Product Development Department)
- 生產處 (Production Department)
- 行政處 (Administration Department)
- 品質保證處 (Quality Assurance Department)
- 其他 (Other)
- 專業人力證照 (Professional Human Resources Certifications):
等級 (Level) 人數 (Number of People) 百分比 (Percentage) 升降機裝修乙級 (Elevator Repair Class B) 534 59% 升降機裝修丙級 (Elevator Repair Class C) 377 41% 總計 (Total) 911
Financial Highlights
Recent Three-Year Income Statement
- 單位 (Unit): 新台幣仟元 (NT$ Thousand)
| 項目 (Item) | 1Q/25 | 1Q/24 | YoY | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 1,593,104 | 1,223,823 | 30.17% | 5,486,423 | 5,268,255 | 4,739,507 |
| 營業毛利 (Gross Operating Profit) | 532,017 | 434,705 | 22.39% | 1,724,153 | 1,530,270 | 1,405,425 |
| 毛利率 (Gross Profit Margin) | 33.40% | 35.52% | — | 31.43% | 29.05% | 29.65% |
| 營業費用 (Operating Expenses) | 169,573 | 159,182 | 6.53% | 617,647 | 561,913 | 547,970 |
| 營業淨利(損) (Operating Income (Loss)) | 362,444 | 275,523 | 31.55% | 1,106,506 | 968,357 | 857,455 |
| 營業利益率 (Operating Profit Margin) | 22.75% | 22.51% | — | 20.17% | 18.38% | 18.09% |
| 營業外收入及支出 (Non-operating Income & Expenses) | 13,361 | 33,119 | (59.66%) | 118,019 | 143,018 | 175,552 |
| 稅前淨利 (Profit Before Tax) | 375,805 | 308,642 | 21.76% | 1,224,525 | 1,111,375 | 1,033,007 |
| 稅前淨利率 (Pre-tax Profit Margin) | 23.59% | 25.22% | — | 22.32% | 21.10% | 21.80% |
| 本期淨利 (Net Income) | 296,812 | 245,739 | 20.78% | 988,500 | 895,062 | 847,811 |
| EPS(元) (EPS (NT$)) | 1.68 | 1.39 | 20.86% | 5.58 | 5.06 | 4.79 |
Product Mix and Gross Profit Margin
- 單位 (Unit): 新台幣仟元 (NT$ Thousand)
| 項目 (Item) | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 1Q/25 |
|---|---|---|---|---|---|---|
| 勞務收入 (Service Revenue) | 1,888,931 | 1,968,641 | 2,058,019 | 2,239,758 | 2,384,159 | 680,646 |
| 電梯收入 (Elevator Revenue) | 2,310,438 | 2,403,360 | 2,534,054 | 2,773,808 | 2,833,700 | 867,597 |
Revenue VS Large Projects
- 單位 (Unit): 新台幣仟元 (NT$ Thousand)
| Period | 營收 (Revenue) | 大型建案 (Large Projects > NT$10M) |
|---|---|---|
| 2Q22 | 964,317 | 129,901 |
| 3Q22 | 1,001,297 | 224,781 |
| 4Q22 | 1,011,777 | 308,923 |
| 1Q23 | 1,076,924 | 136,992 |
| 2Q23 | 1,201,509 | 194,091 |
| 3Q23 | 1,149,419 | 155,206 |
| 4Q23 | 1,173,514 | 74,404 |
| 1Q24 | 1,145,085 | 249,438 |
| 2Q24 | 1,222,073 | 360,052 |
| 3Q24 | 1,344,902 | 248,202 |
| 4Q24 | (N/A) | 248,202 |
| 1Q25 | (N/A) | 248,202 |
New Elevator Shipments VS Real Estate Market Conditions
- 資料來源 (Data Source): 內政部國土管理署-2025/03
| Year | 新梯銷售(台) (New Elevator Sales (units)) | 房市建案完工件數 (Number of Completed Real Estate Projects) |
|---|---|---|
| 2010 | 1,142 | 22,293 |
| 2011 | 1,418 | 26,250 |
| 2012 | 1,772 | 26,903 |
| 2013 | 1,850 | 28,014 |
| 2014 | 1,930 | 28,806 |
| 2015 | 1,828 | 28,837 |
| 2016 | 2,118 | 23,552 |
| 2017 | 2,150 | 22,506 |
| 2018 | 2,055 | 22,860 |
| 2019 | 2,301 | 22,026 |
| 2020 | 2,193 | 22,370 |
| 2021 | 2,324 | 22,486 |
| 2022 | 2,185 | 21,146 |
| 2023 | 2,566 | 20,280 |
| 2024 | 2,573 | 19,255 |
| 1Q/25 | 701 | 4,476 |
Growth Momentum — Project Source Optimization
- 單位 (Unit): 台數 (Units)
- 說明 (Explanation): Benefiting from the recent booming real estate market, the recognition of residential project sources has increased in the past three years.
| 項目 (Item) | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 1Q/25 |
|---|---|---|---|---|---|---|
| 集合/個人住宅 (Residential/Individual Housing) | 76.56% | 79.22% | 81.69% | 84.53% | 87.37% | 90.44% |
| 辦公大樓/百貨/飯店 (Office Buildings/Department Stores/Hotels) | 8.08% | 8.82% | 5.67% | 7.05% | 4.70% | 2.43% |
| 醫療機構/文教機構 (Medical/Educational Institutions) | 8.71% | 5.63% | 3.21% | 3.00% | 2.80% | 2.57% |
| 廠辦 (Factory/Office) | 5.20% | 4.39% | 4.99% | 3.04% | 3.65% | 2.28% |
| 其他 (Other) | 1.46% | 1.94% | 4.44% | 2.38% | 1.48% | 2.28% |
Growth Momentum — Replacement
- 單位 (Unit): 新台幣仟元 (NT$ Thousand)
- 說明 (Explanation): Benefiting from increased elevator safety awareness, GFC's elevator replacement units maintain good momentum.
| 項目 (Item) | 2015年 | 2016年 | 2017年 | 2018年 | 2019年 | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 1Q/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 營建新梯(台) (New Construction Elevators (units)) | 1602 | 1801 | 1793 | 1622 | 1893 | 1749 | 1854 | 1716 | 2005 | 2187 | 632 |
| 汰舊換新(台) (Replacement Elevators (units)) | 226 | 317 | 357 | 433 | 408 | 444 | 470 | 469 | 561 | 386 | 69 |
| 汰舊換新銷售 (Replacement Sales) | 144,359 | 261,417 | 396,688 | 404,801 | 433,914 | 579,164 | 567,864 | 580,552 | 672,247 | 489,357 | 90,120 |
Growth Momentum — Maintenance Business
- 單位 (Unit): 新台幣仟元 (NT$ Thousand)
- 說明 (Explanation): Excellent technical capabilities and 24-hour nationwide service help effectively convert maintenance orders.
| 項目 (Item) | 2020年 | 2021年 | 2022年 | 2023年 | 2024年 | 1Q/25 |
|---|---|---|---|---|---|---|
| 新梯銷售(台) (New Elevator Sales (units)) | 2,193 | 2,324 | 2,185 | 2,566 | 2,573 | 701 |
| 維修保養(台) (Maintenance Units (units)) | 37,164 | 38,854 | 40,347 | 41,946 | 43,610 | 44,005 |
| 維修保養收入 (Maintenance Revenue) | 1,888,931 | 1,968,641 | 2,058,019 | 2,239,758 | 2,384,159 | 680,646 |
Outlook & Strategy
Revenue and Profit Outlook
- 維保收入 (Maintenance Revenue): Optimistic due to stricter government regulations on elevator safety.
- 汰舊換新 (Replacement): 11,100 elevators due for replacement; double-digit growth in this segment.
- 新梯銷售 (New Elevator Sales): Increased demand for high-rise buildings boosts market share for GENESIS.
Newly Emerging Market — Replacement
- 資料來源 (Data Source): GFC Company
- 說明 (Explanation): Nearly 50% of Taiwan's elevators require replacement, with 11,100 units from GFC brands.
| 電梯使用年限 (Elevator Age) | 台數 (Units) | 累計台數 (Cumulative Units) |
|---|---|---|
| 30年(含以上) (30+ years) | 1,083 | 1,083 |
| 25~29年 (25-29 years) | 4,378 | 5,461 |
| 20~24年 (20-24 years) | 5,639 | 11,100 |
Brand Structure Continues to Optimize
- 資料來源 (Data Source): 內政部國土管理署-202503
- 說明 (Explanation): Increased high-rise buildings drive GENESIS's market share.
| 項目 (Item) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 1Q/25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 21層樓以上 (21+ floors) | 221 | 205 | 295 | 212 | 240 | 178 | 182 | 180 | 156 | 268 | 208 | 80 |
| 6層樓以上 (6+ floors) | 2,204 | 2,168 | 2,138 | 2,031 | 2,342 | 1,760 | 1,897 | 1,778 | 2,176 | 2,261 | 2,945 | 602 |
| 21層樓以上占比 (Percentage of 21+ floors) | 10.03% | 9.46% | 13.80% | 10.44% | 10.25% | 10.11% | 9.59% | 10.12% | 7.17% | 11.85% | 7.06% | 13.29% |
GFC's High Dividend Payout Ratio and Sustained Profitability Improvement
- 說明 (Explanation): GFC distributes over 70% of earnings. Cash dividend of NT$4.5 per share in 2024.
| 項目 (Item) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| 現金股利(元) (Cash Dividend (NT$)) | 3.1 | 2.6 | 2.7 | 3 | 3.2 | 3.4 | 4 | 4.5 |
| 每股盈餘(元) (EPS (NT$)) | 4.4 | 3.63 | 3.84 | 4.1 | 4.39 | 4.79 | 5.06 | 5.58 |
| ROE | 21.69 | 16.12 | 16.39 | 16.67 | 16.93 | 17.52 | 17.61 | 18.41 |
| ROA | 13.56% | 9.81% | 9.55% | 9.75% | 9.66% | 9.73% | 9.75% | 10.07% |
Strategic Initiatives and Plans
From Big Data to AI, Continuously Promoting Elevator Intelligence
- AI人臉辨識技術-提升搭乘便利性: Enhanced user experience with facial recognition technology for elevator dispatch.
- 群眾密度感知系統-有效提升電梯運載效率: System that monitors crowd density to optimize elevator dispatch for high-traffic areas.
Leading Maintenance Monitoring System
- 雲端電梯監控系統: Real-time monitoring and repair tracking through cloud-based systems.
ESG Corporate Sustainability Management
- 總體承諾 (Overall Commitment): GFC prioritizes ESG issues and has received multiple accolades for governance and community engagement.
Products, Services & Technology
Green Energy-Saving Smart Elevators
- 產品名稱 (Product Name): GF系列智慧電梯產品 (GF Series Smart Elevator Products)
- 榮譽 (Awards): 台灣精品獎 (Taiwan Excellence Award) - 2020, 2024
- 核心技術 (Core Technologies):
- IoT
- AI Intelligence
- Energy-saving technologies
- Facial Recognition
- Big Data Application
- 技術優勢 (Technological Advantages):
- Significantly enhances user experience.
- Greatly improves elevator operating efficiency.
- 環保認證 (Environmental Certification):
- 第二類環保標章使用證書 (Certificate for the Use of Type II Green Mark) - Certificate No.: 0498 (Expired)