翔名科技股份有限公司 (Feedback Technology Corp.) 2025Q1 法說會簡報
Company Overview
- Company Name: 翔名科技股份有限公司 (Feedback Technology Corp.)
- Event: 法人說明會 (Investor Conference)
- Date: 2025.05.28
- Chairman: 吳宗豐 (Wu Tsung-Feng)
- Slogan: Challenge Infinity
- Established Date: December 27, 1991
- Capital: NT$ 528 million
- Employee Count: 402 (Group: 457)
- Main Business Scope: 半導體、光電、航太、醫療 (Semiconductor, Optoelectronics, Aerospace, Medical)
- Operating Locations: Hsinchu, Taichung, Tainan, Nanjing, Shanghai
- Production Locations: Hsinchu, Nanjing, Japan
- Main Products: 半導體設備關鍵零組件 (Key components for semiconductor equipment)
Financial Highlights
2.1 Consolidated Income Statement (新台幣仟元 - NT$ Thousands)
| Metric | 1Q25 | 4Q24 | 1Q24 | QoQ | YoY |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 472,163 | 486,850 | 482,447 | (3%) | (2%) |
| 營業毛利 (Gross Profit) | 152,540 | 153,664 | 170,898 | (1%) | (11%) |
| 營業毛利率 (Gross Margin) | 32.3% | 31.6% | 35.4% | 0.7ppts | -3.1ppts |
| 營業費用 (Operating Expenses) | 88,122 | 93,959 | 79,168 | (6%) | 11% |
| 營業利益 (Operating Income) | 64,418 | 59,705 | 91,730 | 8% | (30%) |
| 營業利益率 (Operating Margin) | 13.6% | 12.3% | 19.0% | 1.3ppts | -5.4ppts |
| 營業外收入及支出 (Non-operating Income/Expenses) | 20,849 | 42,941 | 30,493 | (51%) | (32%) |
| 所得稅費用 (Income Tax Expense) | 22,471 | 14,338 | 18,087 | 57% | 24% |
| 本期淨利 (Net Income) | 62,796 | 88,308 | 104,136 | (29%) | (40%) |
| 淨利率 (Net Profit Margin) | 13.3% | 18.1% | 18.0% | -4.8ppts | -4.7ppts |
| 基本每股盈餘 (Basic EPS) | 1.20 | 1.66 | 2.17 | -28% | -45% |
2.2 Consolidated Balance Sheet (新台幣仟元 - NT$ Thousands)
| Item | 1Q25 Amount | 1Q25 % | 4Q24 Amount | 4Q24 % | 1Q24 Amount | 1Q24 % |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash & Cash Equivalents) | 2,211,007 | 42% | 2,127,159 | 41% | 1,138,170 | 26% |
| 透過損益按公允價值衡量之金融資產 - 流動 (FVTPL Financial Assets - Current) | 0 | 0% | 0 | 0% | 91,313 | 2% |
| 應收票據及應收帳款 (Notes & Accounts Receivable) | 357,205 | 7% | 360,915 | 7% | 350,698 | 8% |
| 存貨 (Inventories) | 599,398 | 11% | 581,779 | 11% | 576,975 | 13% |
| 流動資產 (Current Assets) | 3,205,366 | 61% | 3,116,858 | 60% | 2,387,978 | 54% |
| 不動產、廠房及設備 (Property, Plant & Equipment) | 1,790,630 | 34% | 1,794,919 | 35% | 1,759,803 | 40% |
| 資產總計 (Total Assets) | 5,256,643 | 100% | 5,163,748 | 100% | 4,394,596 | 100% |
| 一年內到期之長期借款 (Current Portion of Long-term Borrowings) | 94,684 | 2% | 94,684 | 2% | 259,229 | 6% |
| 應付帳款 (Accounts Payable) | 171,104 | 3% | 185,424 | 4% | 192,059 | 4% |
| 流動負債 (Current Liabilities) | 1,010,374 | 19% | 550,429 | 11% | 989,155 | 23% |
| 應付公司債 (Bonds Payable) | 523,494 | 10% | 520,781 | 10% | - | - |
| 長期借款 (Long-term Borrowings) | 208,435 | 4% | 231,713 | 4% | 429,254 | 10% |
| 權益總計 (Total Equity) | 3,499,549 | 67% | 3,845,240 | 74% | 2,963,963 | 67% |
2.3 Sales Analysis by Industry (銷售分析-產業別)
| Year/Quarter | Semi-MFG | Service | LED&LCD |
|---|---|---|---|
| 2020 | 71% | 20% | 9% |
| 2021 | 69% | 23% | 9% |
| 2022 | 74% | 20% | 6% |
| 2023 | 73% | 22% | 4% |
| 2024 | 72% | 23% | 5% |
| 2025Q1 | 73% | 19% | 8% |
2.4 Net Profit Margin & EPS Trend (淨利率與EPS趨勢)
| Year/Quarter | EPS | 淨利率 (Net Profit Margin) |
|---|---|---|
| 2020 | 4.00 | 13% |
| 2021 | 5.92 | 16% |
| 2022 | 9.83 | 22% |
| 2023 | 5.98 | 16% |
| 2024 | 7.50 | 19% |
| 2025Q1 | 1.20 | 13% |
2.5 Recent Dividends (近年股利)
| Year | 現金股利 (Cash Dividend) | 股利配發率 (Dividend Payout Ratio) |
|---|---|---|
| 2020 | 2.58 | 65% |
| 2021 | 3.91 | 66% |
| 2022 | 7.00 | 71% |
| 2023 | 6.00 | 100% |
| 2024 | 8.00 | 107% |
Business Segments
1.5 Business Segments & Capabilities
-
代理 (Agency):
- Establishment of cooperative relationships with semiconductor clients.
- Entered the supply chain for key semiconductor consumables - ion implanters.
- Sales and after-sales service for international brand turbo pumps.
- Agency for other semiconductor equipment accessories such as graphite products.
-
製造 (Manufacturing):
- Established independent production lines.
- Established product traceability and quality management systems.
- Obtained certifications from five international semiconductor equipment manufacturers.
- Achieved various international management system certifications (ISO 9001, ISO 45001, ISO 14001, AS9100, ISO 13485).
-
研發 (R&D):
- Development of key special processing technologies.
- Taiwan's first electroless nickel production line certified by OEM.
- Continuous investment in R&D and patented technologies.
-
擴展 (Expansion):
- Conducted upstream and downstream integration and strategic alliances.
- Expanded technology applications to non-semiconductor fields such as server cooling systems.
Products & Technologies
5.1 Manufacturing Technology & Production Lines
- Products & Services:
- 精密加工 (Precision Machining)
- 光學鍍膜 (Optical Coating)
- 陽極 (Anodizing)
- 無電解鎳 (Electroless Nickel)
- 自動清洗 (Automated Cleaning)
- 設備組裝 (Equipment Assembly)
- 抗微粒處理 (Anti-particle Treatment)
- 雷射融覆 (Laser Cladding)
- 電子束焊接 (Electron Beam Welding)
- 特殊焊接 (Special Welding)
5.5 New Revenue Drivers - Custom Equipment (新的營收動力-客製化設備)
- Current Status: Currently, self-designed and developed equipment is mainly for internal factory use.
- Equipment Under Development:
- Automated equipment for non-semiconductor applications.
- Special ceramic component cleaning equipment for semiconductor fabs.
Clients & Markets
1.6 Recent Awards
- 2019: 第五屆潛力中堅企業 (5th Potential Taiwan Mittelstand Award) - Awarded by Ministry of Economic Affairs.
- 2023: 第20屆國家品牌玉山獎 傑出企業類-全國首獎 (20th National Brand Yushan Award - Outstanding Enterprise Category - National First Prize).
Outlook & Strategy
4.1 Industry Overview & Outlook
- SEMI Forecast: 18 new fab constructions expected in 2025.
- Global Semiconductor Capacity Outlook: Taiwan's fab capacity share projected to increase.
4.3 Future Industry & Market Layout
- Global Semiconductor Market Forecast: Expected to grow by 15% in 2025, with AI as a key driver.
- Feedback Technology's Industry Layout: Focus on advanced semiconductor process R&D and diversification.
Additional Data
1.5 Development Milestones
- 1991: 創立 (Founded)
- 2004: 上櫃 (Listed on OTC)
- 2025: 嘉義馬稠後擴廠計畫啟動 (Chiayi Machouhou expansion project initiated)
3.1 Overview
- 1Q25 vs 4Q24 (QoQ): Revenue decreased by 3%, Gross Profit decreased by 1%, Net Income decreased by 29%.
- 1Q25 vs 1Q24 (YoY): Revenue decreased by 2%, Gross Profit decreased by 11%, Net Income decreased by 40%.