松上電子 (SONG SHANG) 6156 2025 Q1 法說會簡報
- 時間： 2025年7月23日
Disclaimer
本次簡報所提供之資訊若有包含預測、預估或其他資訊之前瞻性說明,可能具有風險及不確定因素,而導致實際結果與聲明有所差異。
Agenda
- 2025年第一季營運概況
- Key Messages
- Q&A
Financial Highlights
2025 Q1 合併損益 (Consolidated Income Statement)
單位: 新台幣百萬元 (NT$ Millions)
| 項目 (Item) | 25Q1 | % | 24Q4 | % | QoQ | % | 24Q1 | % | YoY |
|---|---|---|---|---|---|---|---|---|---|
| 營收淨額 (Revenue Net) | 1,377 | 100% | 1,388 | 100% | -1% | (0) | 745 | 100% | 85% |
| 營收毛利 (Gross Profit) | 278 | 20% | 269 | 19% | 3% | 1 | 106 | 15% | 162% |
| 營業淨利 (Operating Profit) | 95 | 7% | 73 | 5% | 30% | 2 | 13 | 4% | 631% |
| 業外收支 (Non-operating Income/Expenses) | 34 | 2% | 59 | 4% | -42% | -1 | 35 | 3% | -3% |
| 稅前淨利 (Profit Before Tax) | 129 | 9% | 132 | 10% | -2% | (1) | 48 | 7% | 169% |
| 所得稅 (Income Tax) | 27 | 2% | 22 | 2% | - | - | 4 | 1% | - |
| 本期淨利 (Net Profit for the Period) | 102 | 7% | 110 | 8% | -7% | (1) | 44 | 6% | 132% |
| 母公司業主 (Attributable to Owners of the Parent) | 60 | 4% | 93 | 7% | -35% | 41 | 5% | 46% | |
| 非控制權益 (Non-controlling Interests) | 42 | 3% | 17 | 1% | 3 | 1% | |||
| 基本每股盈餘 (Basic EPS) | 0.55 | 0.92 | 0.44 |
資產負債表及重要財務比率 (Balance Sheet and Key Financial Ratios)
單位: 新台幣百萬元 (NT$ Millions)
| 項目 (Item) | 2025.3.31 | % | 2024.12.31 | % | 2024.3.31 | % |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 1,564 | 23.1% | 1,952 | 28.7% | 907 | 19.5% |
| 應收票據及帳款淨額 (Notes and Accounts Receivable, Net) | 1,990 | 29.4% | 1,856 | 27.3% | 1,249 | 26.8% |
| 存貨 (Inventories) | 587 | 8.7% | 670 | 9.8% | 367 | 7.9% |
| 不動產廠房及設備 (Property, Plant and Equipment) | 917 | 13.6% | 892 | 13.1% | 452 | 9.7% |
| 資產總計 (Total Assets) | 6,759 | 100.0% | 6,804 | 100.0% | 4,663 | 100.0% |
| 應付帳款及其他應付款 (Accounts Payable and Other Payables) | 1,839 | 27.2% | 2,025 | 35.2% | 1,202 | 25.8% |
| 銀行借款 (Bank Borrowings) | 1,063 | 15.7% | 1,065 | 8.8% | 371 | 8.0% |
| 應付公司債 (Bonds Payable) | 0 | 0.0% | 32 | 6.4% | 234 | 5.0% |
| 負債總計 (Total Liabilities) | 3,357 | 49.7% | 3,578 | 60.3% | 2,190 | 47.0% |
| 權益總計 (Total Equity) | 3,402 | 50.3% | 3,226 | 39.7% | 2,473 | 53.0% |
| 應收帳款週轉天數 (Accounts Receivable Turnover Days) | 130 | 137 | 161 | |||
| 存貨週轉天數 (Inventory Turnover Days) | 59 | 57 | 56 | |||
| 應付帳款週轉天數 (Accounts Payable Turnover Days) | 111 | 114 | 123 | |||
| 現金週轉天數 (Cash Conversion Cycle Days) | 78 | 80 | 94 | |||
| 負債比 (Debt Ratio) | 50% | 53% | 47% |
Recent Performance and Results
營運成果 (Operating Results)
單位: 新台幣百萬元 (NT$ Millions)
-
營收趨勢 (Revenue Trend):
- 2Q23: ~700
- 3Q23: ~900
- 4Q23: ~900
- 1Q24: $745
- 2Q24: ~1000
- 3Q24: ~1100
- 4Q24: $1,388
- 1Q25: $1,377
-
毛利率趨勢 (Gross Profit Margin Trend):
- 2Q23: ~14%
- 3Q23: ~16%
- 4Q23: ~15%
- 1Q24: 15%
- 2Q24: ~16%
- 3Q24: ~16%
- 4Q24: 19%
- 1Q25: 20%
-
營業淨利率趨勢 (Operating Profit Margin Trend):
- 2Q23: ~2%
- 3Q23: ~6%
- 4Q23: ~5%
- 1Q24: 4%
- 2Q24: ~3%
- 3Q24: ~2%
- 4Q24: 5%
- 1Q25: 7%
Products, Services & Technology
銷售分析-產品別 (Sales Analysis - By Product)
2025 Q1 產品營收佔比 (2025 Q1 Product Revenue Share)
- 運動用品&其他 (Sports Goods & Others): 34%
- 印刷電路板 (Printed Circuit Boards): 35%
- 磁性元件 (Magnetic Components): 31%
產品別每季營收 (Quarterly Revenue by Product)
單位: NT$
| 季度 (Quarter) | 印刷電路板 (Printed Circuit Boards) | 磁性元件 (Magnetic Components) | 運動用品&其他 (Sports Goods & Others) | 總計 (Total) |
|---|---|---|---|---|
| 23Q2 | ~415 | ~315 | ~0 | ~730 |
| 23Q3 | ~545 | ~345 | ~0 | ~890 |
| 23Q4 | ~511 | ~384 | ~0 | ~895 |
| 24Q1 | ~449 | ~296 | ~0 | ~745 |
| 24Q2 | ~594 | ~403 | ~132 | ~1129 |
| 24Q3 | ~576 | ~468 | ~316 | ~1360 |
| 24Q4 | ~573 | ~492 | ~461 | ~1526 |
| 25Q1 | ~486 | ~429 | ~461 | ~1376 |
Strategic Initiatives and Plans
近期重要事項摘要 (Summary of Recent Important Matters)
-
運動科技生態 (Sports Technology Ecosystem):
研發運動護具,朝AI智能化發展以具備完整運動科技生態。 -
生物科技 (Biotechnology):
關聯公司松陽生技 (Songyang Biotech) 已獲農業部防檢署核准,進入動物用藥及田間臨床實驗。 -
越南子公司投資 (Vietnam Subsidiary Investment):
擴大對越南的子公司投資,該子公司已由設廠學習期進入穩定獲利模式。
Contact Information
- Email: Investors@song-shang.com
- Website: https://www.song-shang.com.tw