利機企業股份有限公司 (NICHING INDUSTRIAL CORPORATION) 2025年 法人說明會 (2025 Investor Conference)
Company Overview
- 創立 (Established): 1993年
- 資本額 (Capital): 4.5億 (NT$450 million)
- 上櫃時間 (Listed on OTC): 2008年
- 營業據點 (Operating Locations):
- 台中總公司 (Taichung Head Office)
- 新竹分公司 (Hsinchu Branch)
- 高雄分公司 (Kaohsiung Branch)
- 蘇州分公司 (Suzhou Branch)
Financial Highlights
投資安全聲明 (Investment Safety Statement)
本內容可能包含「前瞻性陳述」(forward-looking statements)，包括(但不限於)未來展望、預測及估算等預期性之陳述。這些前瞻性陳述乃基於本公司經營的信念及對於未來的目前看法。這些看法可能受到內外在風險及不確定性因素影響，造成實際結果與陳述內容顯著不符之可能。
營運報告 (Operational Report) (2025 Q1)
綜合損益表 (Consolidated Income Statement)
- 單位 (Unit): NT$仟元 (NT$ Thousand)
- 2025年 Q1 表現 (2025 Q1 Performance): 創近12年同期單季新高 (Record high for the same quarter in nearly 12 years)
| 項目 (Item) | 2021 | 2022 | 2023 | 2024 | Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 1,218,919 | 1,060,398 | 976,397 | 1,153,486 | 301,151 | -3% | 26% |
| 營業毛利 (Gross Profit) | 310,457 | 310,949 | 255,756 | 284,926 | 72,596 | 5% | 15% |
| 毛利率 (Gross Margin) | 26% | 29% | 26% | 25% | 24% | 8% | -9% |
| 營業淨利 (Operating Income) | 150,568 | 124,057 | 75,279 | 78,293 | 22,457 | 51% | 70% |
| 營業外收(支) (Non-operating Income/Expenses) | 15,294 | 110,067 | 36,565 | 65,185 | 19,679 | -29% | -17% |
| 稅前淨利 (Profit Before Tax) | 165,862 | 234,124 | 111,844 | 143,478 | 42,136 | -1% | 14% |
| 本期淨利 (Net Profit for the Period) | 134,428 | 195,976 | 93,545 | 107,452 | 35,650 | -1% | 15% |
| 淨利率 (Net Margin) | 11% | 18% | 10% | 9% | 12% | ||
| EPS (NT$) 註 | 3.36 | 4.90 | 2.12 | 2.39 | 0.79 | -2% | 15% |
資產負債表 (Balance Sheet)
- 單位 (Unit): NT$仟元 (NT$ Thousand)
| 項目 (Item) | 2022 | 2023 | 2024 | Q1 2025 |
|---|---|---|---|---|
| 資產 (Assets) | ||||
| 現金及約當現金 (Cash and cash equivalents) | 327,431 | 398,797 | 333,159 | 244,289 |
| 應收帳款 (Accounts receivable) | 532,247 | 443,432 | 550,367 | 597,751 |
| 存貨 (Inventory) | 60,048 | 67,008 | 60,611 | 54,235 |
| 轉投資相關 (Investments in associates and joint ventures) | 257,247 | 263,434 | 252,910 | 264,746 |
| 不動產、廠房及設備 (Property, plant and equipment) | 226,154 | 223,341 | 286,419 | 288,953 |
| 其他資產 (Other assets) | 26,539 | 34,288 | 29,040 | 44,017 |
| 資產總計 (Total Assets) | 1,429,666 | 1,430,300 | 1,512,506 | 1,493,991 |
| 負債 (Liabilities) | ||||
| 短期借款 (Short-term borrowings) | 150,000 | - | - | - |
| 應付帳款 (Accounts payable) | 227,968 | 233,559 | 315,611 | 254,850 |
| 其他負債 (Other liabilities) | 131,435 | 110,272 | 122,610 | 217,684 |
| 負債總計 (Total Liabilities) | 509,403 | 343,831 | 438,221 | 472,534 |
| 權益總計 (Total Equity) | 920,263 | 1,086,469 | 1,074,285 | 1,021,457 |
| 淨值 (NT$元/股) (Net Asset Value (NT$/share)) | 23.53 | 24.63 | 23.87 | 22.70 |
歷年營收/接單金額 (Historical Revenue/Order Amount)
- 單位 (Unit): 仟元 (NT$ Thousand)
- CAGR (複合成長率):
- 營收 (Revenue): 3.3%
- 接單金額 (Order Amount): 8.4%
| 年度 (Year) | 營收 (Revenue) | 接單金額 (Order Amount) |
|---|---|---|
| 2020 | 964,457 | 6,910,236 |
| 2021 | 1,218,919 | 7,413,152 |
| 2022 | 1,060,398 | 7,343,413 |
| 2023 | 976,397 | 5,434,813 |
| 2024 | 1,153,486 | 6,084,744 |
| 2025(1~5M) | 523,357 | 2,549,625 |
產品別營收佔比 (Revenue Share by Product)
| 產品類別 (Product Category) | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 |
|---|---|---|---|---|---|
| 封測相關 (Assembly & Test Related) | 48% | 45% | 50% | 59% | 54% |
| 驅動IC相關 (Driver IC Related) | 34% | 40% | 35% | 31% | 35% |
| 半導體載板 (Semiconductor Substrates) | 10% | 10% | 11% | 6% | 7% |
| 其他 (Others) | 7% | 5% | 4% | 4% | 4% |
主力產品別季度營收 (Quarterly Revenue by Main Product)
- 封測相關 (Assembly & Test Related): YoY 40%, QoQ -12% (1Q25 vs 1Q24 and 4Q24)
- 驅動IC (Driver IC): YoY 30%, QoQ 11% (1Q25 vs 1Q24 and 4Q24)
- 半導體載板 (Semiconductor Substrates): YoY -7%, QoQ 14% (1Q25 vs 1Q24 and 4Q24)
歷年配息率 (Historical Dividend Payout Ratio)
| 年度 (Year) | EPS | 配息Dividends (Dividends per share) | 配息率 (Payout Ratio) |
|---|---|---|---|
| 2016 | 1.13 | 1.00 | 88% |
| 2017 | 1.19 | 1.00 | 84% |
| 2018 | 1.49 | 1.00 | 67% |
| 2019 | 2.62 | 1.80 | 69% |
| 2020 | 2.66 | 1.80 | 68% |
| 2021 | 3.36 | 2.30 | 68% |
| 2022 | 4.90 | 3.80 | 78% |
| 2023 | 2.12 | 2.50 | 118% |
| 2024 | 2.39 | 2.00 | 84% |
Business Segments
營業項目 (Business Items)
- 通路代理 (Channel Agency):
- 半導體 (Semiconductor)
- FPD (Flat Panel Display)
- LED相關材料 (LED-related materials)
- 零件與設備 (Components and equipment)
- 自有研發與製造 (In-house R&D and Manufacturing):
- 低溫燒結銀膠 (Low-temperature sintering silver paste)
- 高導熱銀膠 (High thermal conductivity silver paste)
- 網印銀漿 (Screen printing silver paste)
- 客製化銀漿 (Customized silver paste)
Outlook & Strategy
營運展望 (Operational Outlook)
策略一: 整合材料解決方案 (Strategy One: Integrated Material Solutions)
-
載板成長策略 (Substrate Growth Strategy):
- 垂直整合服務 (Vertical Integration Services)
- Team STN: 強化銷售能力與技術能力 (Strengthen Sales Capability and Technical Capability)
- 關鍵行動 (Key Actions):
- 強化與Simmtech關係 (Strengthen relationship with Simmtech)
- 擴大邏輯IC載板市場 (Expand logic IC substrate market)
-
均熱片成長策略 (Heat Sink Growth Strategy):
- 垂直整合技術 (Vertical Integration Technology)
- 併購 or 聯盟 (M&A or Alliance): 掌握製造三大製造技術 (Master three major manufacturing technologies)
- 關鍵行動 (Key Actions):
- 延伸產品線至高階市場 (Extend product line to high-end market)
- 成為CoWoS供應鏈成員 (Become a member of the CoWoS supply chain)
-
IC散熱解決方案 (IC Thermal Solutions):
- 背景 (Context): 因應AI新應用、高階封裝需求帶動散熱相關市場的成長。
- 主要產品 (Key Products): 銀漿 (Silver Paste), 均熱片 (Heat Sink)。
- 應用 (Application): Flip Chip Package (Heatsink, TIM2, Heat Sink, TIM1, Die, Substrate).
均熱片歷年營收 (Historical Heat Sink Revenue)
- 產品 (Product): Heat Sink
- 單位 (Unit): 仟元 (NT$ Thousand)
- CAGR: 432.9%
- 2025年展望 (2025 Outlook): YoY > 50%
- 2025 1-5月累計 (Jan-May cumulative):
- YoY 165%
- 已達去年全年65% (Already reached 65% of last year's full-year total)
| 年度 (Year) | 營收 (Revenue) |
|---|---|
| 2017 | 1 |
| 2018 | 1,696 |
| 2019 | 17,258 |
| 2020 | 42,241 |
| 2021 | 92,094 |
| 2022 | 113,136 |
| 2023 | 111,059 |
| 2024 | 122,090 |
策略二: 發展自有先進材料 (Strategy Two: Develop Proprietary Advanced Materials)
自有銀漿研發 (In-house Silver Paste R&D)
-
客製化銀漿 (Customized Silver Paste):
- 應用 (Applications): IOT, 車用電子 (Automotive Electronics)
- 特色 (Features):
- 快速固化 (Fast curing)
- 高導電性 (High conductivity)
- 低功率損耗 (Low power loss)
- 高附著強度 (High adhesion strength)
- 高信賴性 (High reliability)
-
燒結銀膠 (Sintering Silver Paste):
- 應用 (Applications): IGBT / GaN / SIC, 高功率LED (High Power LED)
- 特色 (Features):
- 適用大尺寸 (>8X8 MM)晶片 (Suitable for large size (>8x8 MM) chips)
- 超高散熱性 (>200W/MK) (Ultra-high thermal conductivity (>200W/MK))
- 高信賴性 (High reliability)
- 175°C燒結銀 (175°C sintering silver)
-
高導熱銀膠 (High Thermal Conductivity Silver Paste):
- 應用 (Applications): MOSFET
- 特色 (Features):
- 高導熱性 (High thermal conductivity)
- 高韌性 (High toughness)
- 高信賴性 (High reliability)
燒結銀成長策略 (Sintering Silver Growth Strategy)
-
聚焦、突破、成長三部曲 (Focus, Breakthrough, Growth Trilogy):
- 選擇重點客戶、集中資源深耕具有成長潛力的市場。
- 聚焦優勢技術(固化技術)，發現下一個價值型產品。
-
成長路徑 (Growth Path): 選擇重點客戶 (Select Key Customers) -> 建立全球市場知名度 (Establish Global Market Recognition) -> 聚焦70%客戶使用市場 (Focus on 70% Customer Usage Market) -> 加速成長 (Accelerate Growth)。
-
目標 (Goals):
- 短期 (Short-term): 客戶應用以光學類為主。
- 中期 (Mid-term): 針對國際重點客戶提供客製化服務。
- 長期 (Long-term): 跨入車用及超高功率元件。
產品別發展概況 (Product Development Overview)
-
封測相關 (Assembly & Test Related):
- 概況 (Overview): AI與先進封裝需求續強，持續挹注營收與毛利。
- 產品 (Products): 均熱片 (Heat Sink), 導線架 (Lead Frame), 銲針 (Bonding Wire), 封裝零組件 (Packaging Components)。
-
驅動IC (Driver IC):
- 概況 (Overview): 終端市場尚未明顯復甦，短期以去庫存為主。
- 產品 (Products): Reel, Emboss, Chip Tray。
-
載板 (Substrate):
- 概況 (Overview): 訂單爆單。
- 產品 (Products): 記憶體IC (Memory IC), 邏輯IC (Logic IC)。
-
銀漿 (Silver Paste):
- 概況 (Overview): 跨入台灣Tier1 車用模組散熱材料。
- 產品 (Products): 網印銀漿 (Screen Printing Silver Paste), 客製化銀漿 (Customized Silver Paste), 燒結銀漿 (Sintering Silver Paste), 導熱銀漿 (Thermal Conductive Silver Paste)。
-
其他 (Others):
- 概況 (Overview): 持續拓展高潛力代理項目。
- 產品 (Products): 真空閥門 (Vacuum Valve), 切割刀具 (Cutting Tools), 機台設備與維修 (Machine Equipment and Maintenance), O-LED。
Additional Data
總結 (Conclusion)
- 一. 2025年Q1: 營收創12年同期單季新高。
- 二. 後續展望 (Future Outlook): Q2整體營運動能延續Q1成長態勢。
- 三. 全球貿易局勢雖持續變動，利機亦持續主動應變。
聯絡資訊 (Contact Information):
- 發言人 (Spokesperson): 盧修滿協理 (Associate Manager Lu Hsiu-Man) / claire@niching.com.tw
- 代理發言人 (Acting Spokesperson): 邱智芳協理 (Associate Manager Chiu Chih-Fang) / chris@niching.com.tw
- 股務聯絡人 (Shareholder Services Contact): 陳玲芝課長 (Section Chief Chen Ling-Chih) / cherry@niching.com.tw