中磊電子 (Sercomm) 2025 Q2 法人說明會
Company Overview
- Company Name: 中磊電子 (Sercomm)
- Event: 2025 Q2 法人說明會 (2025 Q2 Investor Conference)
- Date: July 31th, 2025
- Website: WWW.SERCOMM.COM
Disclaimer
本文件所內含之預測性資訊, 其中包括財務概況、未來擴張計畫及營運策略等內容, 皆為基於當前情況之預期以及對未來事件的預測。儘管本公司對未來的展望皆建立在合理的假設條件之上, 這些預測性資訊依然受未知的風險、不確定性因素及其他因素之影響。本公司不負責主動公開對未來預測性資訊之更新與修正, 文件中對未來之展望, 皆反應本公司截至目前為止對未來的看法。實際結果可能與本文件預測性資訊存在差異。
Financial Highlights and Recent Performance
2Q 2025 Income Statement – QoQ Comparison
Unit: NT$ Million
| Metric | 2Q 2025 | % | 1Q 2025 | % | QoQ Change % |
|---|---|---|---|---|---|
| Net Sales | 12,215 | 100.0% | 11,354 | 100.0% | 7.6% |
| Cost of Goods Sold | 10,190 | 83.4% | 9,190 | 80.9% | 10.9% |
| Gross Profit | 2,025 | 16.6% | 2,164 | 19.1% | -6.4% |
| Operating Expenses | 1,647 | 13.5% | 1,805 | 15.9% | -8.8% |
| Operating Profit | 378 | 3.1% | 359 | 3.2% | 5.4% |
| Non-operating Income & Expenses | 35 | 0.3% | 23 | 0.2% | 52.2% |
| Income Before Tax | 413 | 3.4% | 382 | 3.4% | 8.2% |
| Net Income Attributable to Owners of Parent | 334 | 2.7% | 305 | 2.7% | 9.6% |
| EPS After Tax (NT$1) | 1.13 | 1.02 | |||
| Weighted Average Shares (MN) | 297 | 299 |
1H 2025 Income Statement - YoY Comparison
Unit: NT$ Million
| Metric | 1H 2025 | % | 1H 2024 | % | YoY Change % |
|---|---|---|---|---|---|
| Net Sales | 23,569 | 100.0% | 29,904 | 100.0% | -21.2% |
| Cost of Goods Sold | 19,380 | 82.2% | 24,675 | 82.5% | -21.5% |
| Gross Profit | 4,189 | 17.8% | 5,229 | 17.5% | -19.9% |
| Operating Expenses | 3,451 | 14.7% | 3,695 | 12.4% | -6.6% |
| Operating Profit | 738 | 3.1% | 1,534 | 5.1% | -51.9% |
| Non-operating Income & Expenses | 57 | 0.3% | -36 | -0.1% | 260.1% |
| Income Before Tax | 795 | 3.4% | 1,498 | 5.0% | -46.9% |
| Net Income Attributable to Owners of Parent | 639 | 2.7% | 1,219 | 4.1% | -47.6% |
| EPS After Tax (NT$1) | 2.15 | 4.19 | |||
| Weighted Average Shares (MN) | 298 | 291 |
Balance Sheet
Unit: NT$ Million
| Metric | Jun 30, 2025 | % | Dec 31, 2024 | % | Jun 30, 2024 | % |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & Cash Equivalents | 11,398 | 24.7% | 8,306 | 19.8% | 10,297 | 23.3% |
| A/R | 8,670 | 18.8% | 11,696 | 27.9% | 11,432 | 25.9% |
| Inventory | 15,827 | 34.4% | 11,596 | 27.6% | 12,953 | 29.3% |
| Other Current Assets | 1,694 | 3.7% | 1,804 | 4.3% | 1,466 | 3.3% |
| Non-current Assets | 8,457 | 18.4% | 8,590 | 20.5% | 7,998 | 18.1% |
| Total Assets | 46,046 | 100.0% | 41,992 | 100.0% | 44,146 | 100.0% |
| Liabilities | ||||||
| Short-term Borrowings | 3,826 | 8.3% | 1,016 | 2.4% | 670 | 1.5% |
| A/P | 15,693 | 34.1% | 12,466 | 29.7% | 13,696 | 31.0% |
| Long-term Liabilities, Current Portion | 1,400 | 3.1% | 1,400 | 3.3% | 2,300 | 5.2% |
| Other Current Liabilities | 7,036 | 15.2% | 7,240 | 17.2% | 7,622 | 17.3% |
| Total Current Liabilities | 27,955 | 60.7% | 22,122 | 52.6% | 24,288 | 55.0% |
| Non-current Liabilities | 3,462 | 7.5% | 3,551 | 8.5% | 4,862 | 11.0% |
| Total Liabilities | 31,417 | 68.2% | 25,673 | 61.1% | 29,150 | 66.0% |
| Equity | ||||||
| Total Equity | 14,629 | 31.8% | 16,319 | 38.9% | 14,996 | 34.0% |
| Turnover Days | ||||||
| A/R Turnover Days | 79 | 75 | 70 | |||
| Inventory Turnover Days | 129 | 114 | 113 | |||
| A/P Turnover Days | 133 | 115 | 114 |
Consolidated Cash Flow
Unit: NT$ Million
| Metric | Jan 1~ Jun 30, 2025 | Jan 1~ Jun 30, 2024 |
|---|---|---|
| Profit before Tax | 795 | 1,498 |
| Depreciation & Amortization | 517 | 476 |
| Other Op Sources/(Uses) | 1,979 | 107 |
| From Operation | 3,291 | 2,081 |
| Fixed Investment | (710) | (605) |
| Intangible Assets | (18) | (43) |
| Other Investing Sources/(Uses) | 132 | 1,145 |
| From Investment | (596) | 498 |
| S-T Liabilities | 2,809 | 240 |
| Treasury Stock/Option | 0 | 204 |
| Other Financing Sources/(Uses) | (2,101) | (1,716) |
| From Financing | 708 | (1,272) |
| Cash Equivalents at end of period | 11,398 | 10,297 |
Revenue Breakdown by Product
1H 2025
Total Revenue: NT$ 23.6 BN
- Broadband CPE: 63%
- Enterprise: 23%
- Infrastructure & IoT: 14%
2024
Total Revenue: NT$ 56.8 BN
- Broadband CPE: 71%
- Enterprise: 18%
- Infrastructure & IoT: 11%
Products, Services & Technology
The presentation categorizes revenue into the following product segments:
- Broadband CPE (Customer Premises Equipment)
- Enterprise
- Infrastructure & IoT (Internet of Things)