耕興股份有限公司 (Sporton International Inc.) 2023Q3 法說會簡報
Company Overview
- Company Name: 耕興股份有限公司 (Sporton International Inc.)
- Stock Code: 股票代號: 6146
- Industry: Third-party testing and certification services for consumer electronics, mobile communications, and high-end networking.
- Management Team:
- 發言人財務協理 (Spokesperson & Financial Manager): 潘鳳雯
- 代理發言人 董事長特助 (Acting Spokesperson & Special Assistant to the Chairman): 周煒哲
Financial Highlights and Key Metrics
- Long-Term Profitability: Since its listing in 2002, Sporton has maintained long-term profitability, high gross profit margins, and high operating profit margins, significantly superior to other peer laboratories.
- Key Financial Metrics (2015-2024):
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入(億) (Revenue) | 31.57 | 28.31 | 30.30 | 29.97 | 29.85 | 35.14 | 43.21 | 50.15 | 48.32 | 45.55 |
| 歸屬於母公司業主稅後淨利(億) (Net Profit Attributable to Owners of Parent) | 7.41 | 6.88 | 7.04 | 7.00 | 6.71 | 7.41 | 10.68 | 15.38 | 14.58 | 12.90 |
| 營業毛利率(%) (Gross Profit Margin) | 48.60% | 48.92% | 47.03% | 45.37% | 45.95% | 44.80% | 50.03% | 54.99% | 53.28% | 50.21% |
| 營業淨利率(%) (Operating Profit Margin) | 29.93% | 31.46% | 28.42% | 28.44% | 27.86% | 28.89% | 33.23% | 36.49% | 36.68% | 33.44% |
| EPS | 8.50 | 7.65 | 7.71 | 7.58 | 7.27 | 8.03 | 11.01 | 15.09 | 14.32 | 12.66 |
| 現金股利 (Cash Dividend) | 6.0 | 6.1 | 6.1 | 6.2 | 6.0 | 6.5 | 9.0 | 11.0 | 10.5 | 10.1 |
| 股票股利 (Stock Dividend) | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.5 | 0.0 | 0.5 | 0.0 | 0.0 |
Business Segments
-
Global Market Leadership:
- Mobile Communication (行動通訊) 4G LTE/5G:
- 2014-2018: Continuous 5 years first
- 2019: Second
- 2020-2024: Continuous 5 years first
- High-End Networking (高階網通) Wi-Fi 5/6/6E/7/6SD:
- 2016-2024: Continuous 9 years first since 2016 for Wi-Fi 6/802.11ac
- Mobile Communication (行動通訊) 4G LTE/5G:
-
Major Clients (主要客戶群):
- 5G: Google, Meta, Amazon, Microsoft, MediaTek (G/M/A/M/M)
- Networking (網通): Cisco, Apple, Amazon, Extreme, Juniper, Arista (C/A/A/E/J/A)
Recent Performance and Results
- Market Share: Maintained long-term global market share leadership in 4G/5G and high-end networking testing.
- New Product Certification:
- Achieved the first FCC certificates globally for new products entering the US market.
- Assistance provided to clients like Broadcom and ASUS for FCC certifications of Wi-Fi 6E products.
- Operational Efficiency:
- Implemented three-shift operations in production since 2007.
- Significant improvements in testing efficiency and capacity.
- Software Testing Expansion: Expanding software testing to align with EU RED Directive 2014/53.
Future Outlook and Guidance
- Impact of US Equivalent Tariffs:
- Increased transfer orders from China due to tariffs.
- Local growth in US testing demand amid reshoring.
- AI Testing New Business Opportunities (AI NEXT):
- Focusing on emerging technologies in various sectors including Consumer, Commercial, and Medical.
Strategic Initiatives and Plans
- Technology Leadership:
- Long-term cooperation with major mobile communication and high-end networking chip manufacturers.
- Operational Excellence:
- Continuing investment in automated testing and AI to improve efficiency.
- Investment Discipline:
- Focused on high-value areas and maintaining a three-year return on investment policy.
- Cost Control: Strict cost management integrated into company culture.
Key Charts, Graphs, and Data Points
- Market Share Graphs: Visuals demonstrating leadership in global market share for 4G/5G and high-end networking Wi-Fi testing.
- Financial Performance Charts: Bar and line charts showing revenues, net profit, gross profit margins, operating profit margins, EPS, cash dividends, and stock dividends from 2015-2024.
Products, Services & Technology
- Service Offerings:
- Comprehensive testing services including RF testing, OTA testing, cybersecurity testing, software inspection, and automated testing solutions.
- Covered Product Categories:
- Mobile Devices, Laptops, Automotive Electronics, Smart Devices, and more.
AI Testing New Business Opportunities
- Key Innovations:
- 5G Smart Robot Control Platform, Intelligent Control and Visual Recognition System, and many other integrated solutions for various sectors.
Products Division R&D & Manufacturing (Patents)
- Innovations in noise-resistant inductors, electromagnetic interference designs, and other advanced technologies.