ASRock Inc. (華擎科技) (3515) 2024Q1 法說會簡報
Company Overview
- Company Name: 華擎科技 ASRock Inc.
- Founding Date: May 2002 (2002年05月)
- 2024 Paid-in Capital: NT$ 1,216,357 thousand (新臺幣1,216,357千元)
- Chairman (董事長): 童旭田 (Tong, Hsu-Tien)
- General Manager (總經理): 許隆倫 (Hsu, Lung-Lun)
- Main Products (主要產品):
- 主機板 (Motherboards)
- 伺服器 (Servers) (under 永擎電子 - ASRock Rack)
- 工業電腦 (Industrial PCs) (under 東擎科技 - ASRock Industrial)
- 迷你電腦 (Mini PCs)
- 顯示卡 (Graphics Cards)
- 電競顯示器 (Gaming Monitors)
Milestones
- 2002: Company established (公司設立)
- 2005: Industry's first motherboard manufacturer compliant with EU RoHS environmental regulations (業界第一個符合歐盟環保法規 (RoHS) 的主機板製造商)
- 2007: IPO
- 2010: World's first motherboard supporting front USB 3.0 (全球首款支援前置USB 3.0主機板)
- 2013: ASRock Rack established (永擎成立)
- 2014: M8 Series, product design award
- 2016: ASRock Industrial established (東擎成立), Fatal1ty Z170 Gaming K4, Tom's Hardware Editor Recommended award
- 2018: X299E-ITX/ac, BC Best Choice Award
- 2019: Hardware Editors' Choice 2019, World's first AMD liquid-cooled motherboard (全球首款AMD水冷主機板)
- 2020: World's first native integrated Razer Chroma RGB lighting effect motherboard X570 AQUA (全球首款原生整合Razer Chroma RGB燈效主機板 X570 AQUA)
- 2021: Z690 Taichi, HKEPC Editor's Choice
- 2022: X570 TAICHI RAZER EDITION, World's first motherboard with built-in eDP connector (全球首款內建eDP接頭主機板)
- 2023: Z790 Taichi, OC Dream OCinside.de
- 2024: B760I Lightning WiFi, Recommended Award
Products & Technologies
- 迷你電腦 (Mini PCs): Series (系列)
- 主機板 (Motherboards): Series (系列) (e.g., Z690)
- 顯示卡 (Graphics Cards): Series (系列)
- 伺服器/工作站 (Servers/Workstations): Series (系列)
- 工業電腦 (Industrial PCs): Series (系列)
- 電競顯示器 (Gaming Monitors): Series (系列) (e.g., PHANTOM GAMING)
Financial Highlights
Consolidated Income Statement
| Metric | 2023 Q1 | 2024 Q1 | YoY (%) |
|---|---|---|---|
| Operating Revenue (營業收入) | 4,395 | 4,953 | 13% |
| Operating Costs (營業成本) | (3,665) | (3,941) | 8% |
| Gross Profit (營業毛利) | 730 | 1,012 | 39% |
| Operating Expenses (營業費用) | (579) | (712) | 23% |
| Operating Income (營業利益) | 151 | 300 | 99% |
| Non-operating Income & Expenses (營業外收入及支出) | 7 | 126 | 1668% |
| Profit Before Tax (稅前淨利) | 158 | 427 | 170% |
| Net Profit for the Period (本期淨利) | 108 | 346 | 221% |
| Net Profit Attributable to Owners of Parent (淨利歸屬母公司業主) | 125 | 308 | 146% |
| EPS (NT$) (每股盈餘(元)) | 1.03 | 2.53 | 146% |
| Gross Margin (毛利率) | 17% | 20% | |
| Operating Margin (營業利益率) | 3% | 6% | |
| Net Margin (淨利率) | 2% | 7% | |
| ROE | 2% | 4% |
Consolidated Balance Sheet
| Metric | 2023/3/31 | % | 2024/3/31 | % |
|---|---|---|---|---|
| Current Assets (流動資產) | ||||
| Cash and Cash Equivalents (現金及約當現金) | 2,555 | 18% | 2,679 | 18% |
| Accounts Receivable (incl. related parties) (應收帳款(含關係人)) | 1,648 | 12% | 2,053 | 14% |
| Inventories (存貨) | 7,522 | 54% | 6,815 | 45% |
| Total Current Assets (流動資產合計) | 12,994 | 94% | 14,343 | 95% |
| Non-current Assets (非流動資產) | 832 | 6% | 823 | 5% |
| Total Assets (資產總計) | 13,827 | 100% | 15,167 | 100% |
| Current Liabilities (流動負債) | ||||
| Short-term Borrowings (短期借款) | 400 | 3% | ||
| Accounts Payable (incl. related parties) (應付帳款(含關係人)) | 2,464 | 18% | 3,375 | 22% |
| Dividends Payable (應付股利) | 976 | 7% | 842 | 6% |
| Total Current Liabilities (流動負債合計) | 5,713 | 41% | 6,506 | 43% |
| Total Liabilities (負債總計) | 5,821 | 42% | 6,599 | 44% |
| Share Capital (股本) | 1,220 | 9% | 1,216 | 8% |
| Total Retained Earnings (保留盈餘合計) | 3,086 | 22% | 3,354 | 22% |
| Total Equity (權益總計) | 8,005 | 58% | 8,568 | 56% |
| Total Liabilities & Equity (負債及權益總計) | 13,827 | 15,167 | ||
| Book Value Per Share (NT$) (每股淨值(元)) | 60.01 | 63.90 |
Consolidated Cash Flow Statement
| Metric | 2023 Q1 | 2024 Q1 |
|---|---|---|
| Cash Flows from Operating Activities (營業活動之現金流量) | ||
| Profit Before Tax for the Period (本期稅前淨利) | 158 | 427 |
| Increase (Decrease) in Accounts Receivable (incl. related parties) (應收帳款含關係人(增加)減少) | (14) | (108) |
| Increase (Decrease) in Inventories (存貨(增加)減少) | 489 | (439) |
| Increase (Decrease) in Accounts Payable (incl. related parties) (應付帳款含關係人增加(減少)) | (539) | 160 |
| Net Cash Inflow (Outflow) from Operating Activities (營業活動之淨現金流入) | (114) | (47) |
| Cash Flows from Investing Activities (投資活動之現金流量) | ||
| Acquisition (Disposal) of financial assets measured at amortized cost ((取得)處分按攤銷後成本衡量之金融資產) | (665) | (486) |
| Interest Received (收取之利息) | 26 | 37 |
| Net Cash Inflow (Outflow) from Investing Activities (投資活動之淨現金(流出)流入) | (644) | (473) |
| Cash Flows from Financing Activities (籌資活動之現金流量) | ||
| Decrease in Short-term Borrowings (短期借款減少) | (225) | |
| Repayment of Lease Principal (租賃本金償還) | (14) | (16) |
| Net Cash Inflow (Outflow) from Financing Activities (籌資活動之淨現金(流出)流入) | (241) | (16) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents (匯率變動對現金及約當現金之影響) | (34) | 169 |
| Net Increase (Decrease) in Cash and Cash Equivalents for the Period (本期現金及約當現金增加(減少)數) | (1,033) | (368) |
| Cash and Cash Equivalents at Beginning of Period (期初現金及約當現金餘額) | 3,588 | 3,046 |
| Cash and Cash Equivalents at End of Period (期末現金及約當現金餘額) | 2,555 | 2,679 |
Recent Performance and Results
Revenue Trend
| Quarter | Revenue (NT$ millions) | YoY (%) |
|---|---|---|
| 2019Q1 | ~2,500 | 7.1% |
| 2019Q2 | ~3,000 | 20.5% |
| 2019Q3 | ~4,000 | 59.0% |
| 2019Q4 | ~3,500 | 40.5% |
| 2020Q1 | ~3,500 | 27.4% |
| 2020Q2 | ~4,500 | 34.4% |
| 2020Q3 | ~5,000 | 64.9% |
| 2020Q4 | ~5,200 | 30.0% |
| 2021Q1 | ~4,300 | 13.9% |
| 2021Q2 | ~5,300 | 14.0% |
| 2021Q3 | ~5,700 | 28.2% |
| 2021Q4 | ~4,000 | 7.7% |
| 2022Q1 | ~3,500 | -32.7% |
| 2022Q2 | ~3,500 | -12.4% |
| 2022Q3 | ~4,800 | -13.1% |
| 2022Q4 | ~4,300 | -12.8% |
| 2023Q1 | 4,395 | 13.0% |
| 2023Q2 | ~4,900 | 37.5% |
| 2023Q3 | ~5,500 | 14.4% |
| 2023Q4 | ~5,000 | 12.7% |
| 2024Q1 | 4,953 | 13% |
Sales Analysis by Product
- MB (Motherboard): Generally the largest segment, ranging from ~42% to ~58% over the period.
- IPC (Industrial PC): Typically in the range of ~8% to ~15%.
- Server: Typically in the range of ~8% to ~18%.
- Others: Ranging from ~15% to ~32%.
Profitability Trend
| Quarter | Gross Margin (毛利率) | Operating Margin (營業利益率) | Net Margin (淨利率) |
|---|---|---|---|
| 2019Q1 | 17% | 4% | 4% |
| 2019Q2 | 19% | 4% | 4% |
| 2019Q3 | 18% | 7% | 7% |
| 2019Q4 | 18% | 6% | 6% |
| 2020Q1 | 18% | 5% | 5% |
| 2020Q2 | 21% | 10% | 10% |
| 2020Q3 | 23% | 11% | 10% |
| 2020Q4 | 23% | 8% | 8% |
| 2021Q1 | 30% | 19% | 14% |
| 2021Q2 | 32% | 15% | 11% |
| 2021Q3 | 28% | 15% | 11% |
| 2021Q4 | 29% | 14% | 10% |
| 2022Q1 | 27% | 13% | 10% |
| 2022Q2 | 23% | 6% | 6% |
| 2022Q3 | 18% | 1% | 1% |
| 2022Q4 | 17% | 3% | 2% |
| 2023Q1 | 17% | 3% | 2% |
| 2023Q2 | 17% | 4% | 4% |
| 2023Q3 | 20% | 7% | 7% |
| 2023Q4 | 20% | 6% | 7% |
| 2024Q1 | 20% | 6% | 7% |
Disclaimer
- The presentation contains forward-looking statements subject to risks and uncertainties.
- Actual results may differ significantly from stated content.
- Uncertainties include: impact of competitive products and pricing, timely customer acceptance of designs, timely adoption of new technologies, ability to mass-produce new products, shifts in supply and demand for electronic products, market oversupply, available manufacturing capacity, financial stability of end markets, and other risks.
- Readers of financial reports are reminded to pay special attention.