旭然國際股份有限公司 (Bright Sheland International Co., Ltd.) 2025Q1 法說會簡報
Company Overview
- Brand: Filtrafine® (Total Filtration Solution)
- Mission/Slogan: Better Quality, Better Life. 產業先鋒 過濾設備第一品牌- 旭然國際 (Industry pioneer, leading brand in filtration equipment - Bright Sheland International). Service. Quality. Innovation. Green the Earth.
- Core Values: Responsibility. Integrity. Cooperation. Enthusiasm.
- Founding & Listing:
- Established in 1985.
- Created own brand Filtrafine in 2002.
- Listed on emerging stock market in 2014, officially listed in 2015.
- Team & Offering: Professional management, R&D, technical, and sales teams providing cutting-edge Total Filtration Solutions to cross-industry customers worldwide.
- Capital: NT$423 million (4.23億元).
- Global Employees: 263 people (as of 2025/04).
- Industry: Industrial Filtration Equipment Industry (工業過濾設備產業).
- Industry Position/Advantages:
- First filtration industry company listed on the stock exchange in Taiwan.
- First in Taiwan to establish a cleanroom production environment for filter cartridges.
- First in Taiwan to introduce robotic automation into production.
- First in Asia to establish an automated warehouse system for filtration production lines.
- One of the few filtration companies in Asia with ASME/CE/GB certifications.
- One of the few filtration companies in Asia that self-develops a full range of filter housings, filter cartridges, filter media, and provides filtration solutions.
- Global Production Bases:
- 雲科二廠 (Yunlin Science Park Plant 2, Taiwan)
- 大陸昆山廠 (Kunshan Plant, China)
- 越南廠 (Vietnam Plant)
- Global Layout Strategy - Localized Services:
- USA: Subsidiary (since 2010), Sales office, Warehouse.
- Japan: Subsidiary (since 2018).
- Singapore: Subsidiary (since 2007).
- Vietnam: Subsidiary, Production Base (since 2020).
- China: Factory, Sales office.
- Taiwan: Factory Ⅰ, Ⅱ, Laboratory, Sales office, Warehouse.
- Global Distributor network.
Financial Highlights and Key Metrics
Condensed Income Statement (單位:新台幣仟元, %)
| Metric | 1Q25 | 1Q24 | YoY | 2024 | 2023 |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 142,236 | 162,553 | -12.50% | 699,419 | 603,591 |
| 營業成本 (Operating Cost) | 92,301 | 112,640 | -18.06% | 458,781 | 370,366 |
| 營業毛利 (Gross Operating Profit) | 49,935 | 49,913 | 0.04% | 240,638 | 233,225 |
| 毛利率 (Gross Profit Margin) | 35.11% | 30.71% | - | 34.41% | 38.64% |
| 營業費用 (Operating Expenses) | 46,936 | 47,316 | 0.80% | 199,448 | 195,027 |
| 營業淨(損)利 (Operating Net Profit (Loss)) | 2,999 | 2,597 | 15.48% | 41,190 | 38,198 |
| 營業利益率 (Operating Profit Margin) | 2.11% | 1.60% | - | 5.89% | 6.33% |
| 業外收支 (Non-operating Income/Expenses) | 435 | -2,013 | 虧轉盈 (Loss to Profit) | -12,291 | -21,843 |
| 所得稅費用 (Income Tax Expense) | 2,462 | 2,256 | 9.13% | 14,659 | 12,352 |
| 稅後淨利 (Net Profit After Tax) | 972 | -1,672 | 虧轉盈 (Loss to Profit) | 14,240 | 4,003 |
| EPS | 0.02 | -0.04 | 虧轉盈 (Loss to Profit) | 0.34 | 0.10 |
Dividend Policy (股利政策)
- Dividend payout ratio consistently over 60% for ten consecutive years (連續十年配發率超過6成水準).
| Year | 股票股利 (Stock Dividend) | 現金股利(元) (Cash Dividend (NT$)) | 每股盈餘(元) (EPS (NT$)) |
|---|---|---|---|
| 2021 | 0 | 0.35 | 0.30 |
| 2022 | 0 | 0.52 | 0.78 |
| 2023 | 0.1 | 0.25 | 0.10 |
| 2024 | 0 | 0.3 | 0.34 |
Recent Performance and Results
Sales Regions (銷售區域)
- Taiwan:
- 2025年1Q: 38%
- 2024年: 35%
- 2023年: 35%
- Asia (excluding Taiwan & China):
- 2025年1Q: 36%
- 2024年: 36%
- 2023年: 32%
- USA:
- 2025年1Q: 22%
- 2024年: 22%
- 2023年: 26%
- Europe:
- 2025年1Q: 3%
- 2024年: 3%
- 2023年: 5%
- China: Factory and Sales office, no specific percentage given.
Industry Sales Distribution (產業銷售分布)
- Semiconductor & Electronics Industry (半導體暨電子產業):
- 2025年Q1: 26%
- 2024年: 31%
- 2023年: 28%
- Food & Beverage and Chemical Industry (食品飲料及化學產業):
- 2025年Q1: 8%
- 2024年: 6%
- 2023年: 7%
- Petrochemical Industry (石油化工產業):
- 2025年Q1: 4%
- 2024年: 3%
- 2023年: 4%
- Agents/Engineering Companies (代理商/工程公司):
- 2025年Q1: Agent 18%/Engineering 19%
- 2024年: Agent 16%/Engineering 19%
- 2023年: Agent 16%/Engineering 16%
Product Structure vs. Gross Profit Margin (產品結構 v.s 毛利率)
| Category | 2023年 | 2024年 | 2025年第一季 |
|---|---|---|---|
| 濾心/濾袋 (Filter Cartridge/Bag) | 60% | 56% | 66% |
| 濾殼 (Filter Housing) | 26% | 22% | 21% |
| UV | 5% | 4% | 2% |
| 材料 (Materials) | 4% | 6% | 5% |
| 毛利率 (Gross Profit Margin) | 39% | 34% | 35% |
Future Outlook and Guidance
- Market Outlook (市場前景):
- US Market: Rapid development of semiconductors and AI data centers, policies to expand oil and gas extraction driving demand for industrial liquid filtration.
- European Market: Local semiconductor industry supply chains and strict regulations in the food and pharmaceutical industries driving upgrades of filtration equipment.
- Taiwan Market: Growth in electronics and semiconductor industries, recycled water policies driving demand for industrial liquid and wastewater treatment.
- AI Data Center Market Growth (AI資料中心市場持續成長):
- Projected growth from USD 14.3 billion in 2024 to approximately USD 157.3 billion by 2034 (CAGR: 27.10%).
- North America led the market in 2024, projected contribution of USD 56.01 billion by 2034 (CAGR: 26.4%).
- Global AI Data Center Market Size, by Type, 2025-2034 (USD Billion):
- 2025: GPU Data Center (~18.2), ASIC Data Center (~14.3), Hybrid Data Center (~23.1)
- 2034: Total ~157.3 (GPU Data Center is the largest component)
- U.S. AI Data Center Market Size (USD Bn):
- 2024: $5.38
- 2034: $56.01
Strategic Initiatives and Plans
- Competitive Advantages (競爭優勢):
- R&D (研發):
- Material R&D (材料研發)
- Advanced Laboratory (先進實驗室)
- Filter Housing/Cartridge/Bag Design (濾殼/濾心/濾袋設計)
- Customization Services (客製化服務)
- Multi-region Production Bases/Mass Production Capability (多區生產基地/量產實力):
- Customization (客製化)
- Mass Production (量產化)
- Informatization (資訊化)
- International Trade (國際貿易):
- Global Local Service Points (全球在地服務據點)
- Professional Certifications (專業認證)
- R&D (研發):
- UV TOC Machine/Systematic Filtration Equipment Strategy (UV TOC機台/系統性過濾設備):
- Actively deepening transformation towards complete systematic filtration and purification solution orders.
- Expanding engineering equipment system assembly capabilities and sales layout.
- Implementing strategies like "vertical and horizontal integration of filtration product technology" and "expansion of global regional orders" to contribute to the group's operational momentum.
Key Charts, Graphs, and Data Points
- All data from the "Condensed Income Statement" and "Dividend Policy" tables (Section 2) are key data points.
- All percentages from "Sales Regions," "Industry Sales Distribution," and "Product Structure vs. Gross Profit Margin" (Section 3) are key data points.
- All market size and CAGR figures for "AI Data Center Market Growth" (Section 4) are key data points.
All Important Product Names, Terms, and Concepts
- Filtrafine®
- Total Filtration Solution
- 熔噴布 (Melt-blown)
- PES膜 (PES film)
- PPSF 材料 (PPSF Material)
- 針刺材料 (Needle-punched Material)
- PP 線材料 (PP Thread Material)
- 濾心 (Filter Cartridge)
- 濾袋 (Filter Bag)
- UV紫外線機台 (UV Ultraviolet Machine)
- UV system
- 純水 (Pure Water)
- 超純水 (Ultrapure Water)
- TOC (Total Organic Carbon)
- 濾殼 (Filter Housing)
- 過濾材料 (Filter Media)
- 過濾解決方案 (Filtration Solutions)
- 無塵室生產線環境 (Cleanroom Production Line Environment)
- 機器手自動化生產環境 (Robotic Automation Production Environment)
- 自動化倉庫系統 (Automated Warehouse System)
- ASME/CE/GB 認證 (ASME/CE/GB Certifications)
- 水處理市場 (Water Treatment Market)
- 液體濾材市場 (Liquid Filtration Material Market)
- RO System (Reverse Osmosis System)
- UPW System (Ultrapure Water System)
- DI Water System (Deionized Water System)
- PCW System (Process Cooling Water System)
- Waste Water System
- 廠務端 (Facility Management Side)
- 生產製程端 (Production Process Side)
- 垂直水平整合 (Vertical and Horizontal Integration)
- 全球區域接單 (Global Regional Orders)
Products, Services & Technology
- Product Categories:
- Filtration Media: 熔噴布 (Melt-blown), PES膜 (PES film), PPSF 材料 (PPSF Material), 針刺材料 (Needle-punched Material), PP 線材料 (PP Thread Material).
- Filter Elements: 濾心 (Filter Cartridge), 濾袋 (Filter Bag).
- Filtration Systems/Equipment: 濾殼 (Filter Housing), UV紫外線機台 (UV Ultraviolet Machine / UV system).
- Technical Specifications/Functions:
- UV TOC機台: Provides different doses of UV irradiation to remove TOC (Total Organic Carbon).
- Service Offerings:
- Total Filtration Solution (全面的過濾解決方案).
- Customization Services (客製化服務) for filter housings, cartridges, and bags.
- Engineering equipment system assembly and sales layout (工程設備系統組裝能力及銷售布局).
- Technology Platforms/Systems:
- Cleanroom production environment for filter cartridges.
- Robotic automation in production.
- Automated warehouse system for filtration production lines.
- Industry-Specific Terminology:
- 純水 (Pure Water), 超純水 (Ultrapure Water), 廢水回收 (Wastewater Recycling).
- RO System, UPW System, DI Water System, PCW System, Waste Water System (specific water treatment systems).
- 應用於半導體、高科技電子、化妝品廠、製藥廠、醫院、石油化工、食品飲料、汽車、能源發電、水資源、商業與住宅建造、一般產業等 (Applied in semiconductor, high-tech electronics, cosmetics, pharmaceutical, hospital, petrochemical, food & beverage, automotive, energy generation, water resources, commercial & residential construction, general industries).