TECO (東元) 2025 Q2 法說會簡報
Company Overview
- Tagline: together, we empower the Future
- Event: 2025年第二季法人說明會 (2025 Q2 Investor Conference)
- Date: 2025. 8. 14
Disclaimer (免責聲明)
- This material may contain forward-looking statements. Such statements are based on current expectations but are subject to known or unknown risks and uncertainties. Therefore, actual results may differ significantly from the statements.
- Except as required by law, the company has no obligation to update forward-looking statements due to the generation of new information or the occurrence of future events.
Financial Highlights and Key Metrics
3.1. Consolidated Financial Data - 2025 Q2 (合併財務資料 - 2025年第二季)
(Units: NT$ Million, unless otherwise specified)
| Item (項目) | 2025 Q2 (2025年第二季) | 2025 Q1 (2025年第一季) | QoQ Change (季度變動) | 2024 Q2 (2024年第二季) | YoY Change (年度變動) |
|---|---|---|---|---|---|
| Revenue (營業收入) | 15,604 | 13,617 | 14.6% | 14,526 | 7.4% |
| Gross Profit Margin (營業毛利率) | 23.5% | 24.2% | -0.7% | 25.2% | -1.7% |
| Operating Profit Margin (營業利益率) | 9.5% | 8.7% | 0.8% | 11.1% | -1.6% |
| Basic EPS (NT$) (基本每股盈餘) | 0.69 | 0.54 | 27.8% | 0.78 | -11.5% |
Key Points for 2025 Q2:
- Revenue increased by 7.4% YoY and 14.6% QoQ, mainly due to increased "Smart Energy" (智慧能源) engineering revenue.
- Gross Profit Margin decreased by 1.7% YoY and 0.7% QoQ, mainly due to NTD appreciation and higher revenue contribution from "Smart Energy".
- Operating Profit Margin decreased by 1.6% YoY, mainly due to lower gross profit margin; increased by 0.8% QoQ.
- EPS was NT$0.69, an increase of NT$0.15 from the previous quarter, mainly due to dividend income. However, it decreased by NT$0.09 from the same period last year, mainly due to exchange losses.
3.2. Consolidated Financial Data - 2025 H1 (合併財務資料 - 2025上半年度)
(Units: NT$ Million, unless otherwise specified)
| Item (項目) | 2025 H1 (2025上半年度) | 2024 H1 (2024上半年度) | YoY Change (年度變動) |
|---|---|---|---|
| Revenue (營業收入) | 29,221 | 28,256 | 3.4% |
| Gross Profit Margin (營業毛利率) | 23.8% | 25.6% | -1.8% |
| Operating Profit Margin (營業利益率) | 9.1% | 11.5% | -2.4% |
| Basic EPS (NT$) (基本每股盈餘) | 1.23 | 1.33 | -7.5% |
Key Points for 2025 H1:
- Revenue increased by approximately 3.4% YoY, mainly due to increased "Smart Energy" engineering revenue.
- Gross Profit Margin decreased by 1.8% YoY, mainly due to NTD appreciation in Q2 and decreased "Electromechanical Systems" revenue in North America and Europe in Q1.
- Operating Profit Margin decreased by 2.4% YoY, mainly due to lower gross profit margin and increased advertising expenses.
- EPS was NT$1.23, a decrease of NT$0.1 from the same period last year.
3.3. Consolidated Income Statement - 2025 Q2 (合併損益表 - 2025年第二季)
(Units: NT$ Million, unless otherwise specified)
| Item (項目) | 2025 Q2 (2025年第二季) | 2025 Q1 (2025年第一季) | QoQ Growth Rate (季成長率) | 2024 Q2 (2024年第二季) | YoY Growth Rate (年成長率) |
|---|---|---|---|---|---|
| Revenue (營業收入) | 15,604 | 13,617 | 14.59% | 14,526 | 7.42% |
| Gross Profit Net* (營業毛利淨額*) | 3,662 | 3,293 | 11.21% | 3,667 | -0.14% |
| Operating Profit (營業利益) | 1,478 | 1,184 | 24.83% | 1,612 | -8.31% |
| Non-operating Income and Expenses (營業外收入及支出) | 439 | 459 | -4.36% | 688 | -36.19% |
| Profit Before Tax (稅前淨利) | 1,917 | 1,643 | 16.68% | 2,300 | -16.65% |
| Income Tax Benefit (Expense) (所得稅利益(費用)) | -336 | -440 | -23.64% | -539 | -37.66% |
| Net Profit for the Period** (本期淨利**) | 1,581 | 1,203 | 31.42% | 1,761 | -10.22% |
| Basic EPS (NT$) (基本每股盈餘) | 0.69 | 0.54 | 27.78% | 0.78 | -11.54% |
*Includes unrealized/realized gains/losses from associates. **Excludes non-controlling interests.
Key Points for 2025 Q2 Income Statement:
- Revenue was NT$15.604 billion, an increase of approximately 7.42% YoY.
- Operating Profit decreased by 8.31% YoY, mainly due to increased advertising expenses.
- Non-operating income decreased by approximately 36.19% YoY due to exchange losses.
3.4. Consolidated Income Statement - 2025 H1 (合併損益表 - 2025上半年度)
(Units: NT$ Million, unless otherwise specified)
| Item (項目) | 2025 H1 (2025上半年度) | 2024 H1 (2024上半年度) | YoY Growth Rate (年成長率) |
|---|---|---|---|
| Revenue (營業收入) | 29,221 | 28,256 | 3.42% |
| Gross Profit Net* (營業毛利淨額*) | 6,955 | 7,224 | -3.73% |
| Operating Profit (營業利益) | 2,662 | 3,246 | -17.99% |
| Non-operating Income and Expenses (營業外收入及支出) | 898 | 824 | 8.99% |
| Profit Before Tax (稅前淨利) | 3,560 | 4,070 | -12.53% |
| Income Tax Expense (所得稅費用) | -776 | -1,022 | -24.04% |
| Net Profit for the Period** (本期淨利**) | 2,784 | 3,048 | -8.67% |
| Basic EPS (NT$) (基本每股盈餘) | 1.23 | 1.33 | -7.52% |
*Includes unrealized/realized gains/losses from associates. **Excludes non-controlling interests.
Key Points for 2025 H1 Income Statement:
- Revenue increased by approximately 3.42% YoY.
- Operating Profit decreased by 17.99% YoY.
- Non-operating income increased by approximately 8.99% YoY.
3.5. Consolidated Balance Sheet - June 2025 (合併資產負債表 - 2025年6月)
(Units: NT$ Thousand, unless otherwise specified)
| Item (項目) | 2025/06/30 Amount | % | 2024/12/31 Amount | % | 2024/06/30 Amount | % |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents (現金及約當現金) | 24,277,666 | 20% | 26,055,287 | 21% | 24,996,793 | 20% |
| Accounts Receivable (應收款項) | 109,109,422 | 9% | 10,262,364 | 8% | 11,851,764 | 9% |
| Inventory (存貨) | 13,691,300 | 11% | 13,482,866 | 11% | 11,679,187 | 9% |
| Total Assets (資產總額) | 122,796,610 | 100% | 124,433,435 | 100% | 127,767,352 | 100% |
| Accounts Payable (應付款項) | 10,132,634 | 8% | 10,184,817 | 8% | 9,593,307 | 8% |
| Short-term Loans (短期借款) | 1,149,891 | 1% | 1,137,121 | 1% | 1,022,211 | 1% |
| Long-term Loans (incl. current portion) (長期借款(含一年內到期長期借款)) | 7,841,139 | 6% | 10,794,576 | 9% | 6,616,451 | 5% |
| Bonds Payable (incl. current portion) (應付公司債(含一年內到期公司債)) | 0 | 0% | 0 | 0% | 2,000,000 | 2% |
| Total Liabilities (負債總額) | 47,780,709 | 39% | 42,665,631 | 34% | 44,513,321 | 35% |
| Total Equity (股東權益總額) | 75,015,901 | 61% | 81,767,804 | 66% | 83,254,031 | 65% |
Important Indicators (重要指標):
| Item (項目) | 2025/06/30 | 2024/12/31 | 2024/06/30 |
|---|---|---|---|
| Quarterly Accounts Receivable Turnover (每季應收帳款週轉率(次)) | 5.42 | 4.97 | 4.79 |
| Quarterly Inventory Turnover (每季存貨週轉率(次)) | 3.08 | 3.09 | 3.39 |
| Current Ratio (流動比率) | 1.77 | 2.01 | 1.82 |
| Quick Ratio (速動比率) | 1.14 | 1.33 | 1.26 |
| Net Debt to Equity Ratio (淨負債淨值比) | -20.38% | -17.29% | -18.45% |
Key Points for June 2025 Balance Sheet:
- Cash and cash equivalents at the end of June 2025 decreased by NT$1.778 billion.
- Total equity at the end of June 2025 decreased by NT$6.652 billion compared to the end of 2024.
Recent Performance and Results
4.1. Revenue and Gross Profit Margin Trends
(Units: NT$ Billion, %)
| Quarter | Revenue (營業收入) | Gross Profit Margin (營業毛利率) |
|---|---|---|
| 2024 Q2 | 14.5 | 25.2% |
| 2024 Q3 | 13.5 | 26.0% |
| 2024 Q4 | 13.5 | 25.3% |
| 2025 Q1 | 13.6 | 24.2% |
| 2025 Q2 | 15.6 | 23.5% |
4.2. Operating Profit and Operating Profit Margin Trends
(Units: NT$ Million, %)
| Quarter | Operating Profit (營業利益) | Operating Profit Margin (營業利益率) |
|---|---|---|
| 2024 Q2 | 1,612 | 11.1% |
| 2024 Q3 | 1,633 | 12.1% |
| 2024 Q4 | 1,352 | 10.0% |
| 2025 Q1 | 1,184 | 8.7% |
| 2025 Q2 | 1,478 | 9.5% |
4.3. Revenue Performance by Three Major Business Groups
(Units: NT$ Billion)
2025 Q2 (2025年第二季)
| Business Group (事業群) | 2024 Apr-Jun (2024年4~6月) | 2025 Apr-Jun (2025年4~6月) |
|---|---|---|
| Electromechanical Systems (機電系統) | 7.6 | 7.5 |
| Smart Energy (智慧能源) | 3.1 | 4.1 |
| Smart Living (智慧生活) | 1.9 | 2.0 |
| Others (其他) | 2.0 | 2.1 |
2025 H1 (2025上半年度)
| Business Group (事業群) | 2024 Jan-Jun (2024年1~6月) | 2025 Jan-Jun (2025年1~6月) |
|---|---|---|
| Electromechanical Systems (機電系統) | 14.9 | 14.5 |
| Smart Energy (智慧能源) | 5.7 | 6.6 |
| Smart Living (智慧生活) | 3.4 | 3.7 |
| Others (其他) | 4.3 | 4.4 |
4.4. Revenue Trends by Three Major Business Groups (營收趨勢)
(Units: NT$ Billion)
| Business Group (事業群) | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|
| Electromechanical Systems (機電系統) | 7.6 | 7.2 | 7.0 | 7.0 | 7.5 |
| Smart Energy (智慧能源) | 3.1 | 2.4 | 2.6 | 2.6 | 4.1 |
| Smart Living (智慧生活) | 1.9 | 1.7 | 1.5 | 1.7 | 2.0 |
| Others (其他) | 2.0 | 2.2 | 2.4 | 2.3 | 2.1 |
4.5. Revenue Distribution by Business Group
2025 Q2 Revenue Distribution (2025年第二季營收分佈)
- Consolidated Revenue: Increased by 14.6% QoQ, increased by 7.4% YoY.
- Electromechanical Systems (機電系統): 48.1%
- Smart Energy (智慧能源): 25.6%
- Smart Living (智慧生活): 12.8%
- Others (其他): 13.5%
2025 H1 Revenue Distribution (2025上半年度營收分佈)
- Consolidated Revenue: YoY increase of 3.4%.
- Electromechanical Systems (機電系統): 49.6%
- Smart Energy (智慧能源): 22.6%
- Smart Living (智慧生活): 12.7%
- Others (其他): 15.1%
Future Outlook and Guidance
5.1. 2025 Q3 Outlook (2025Q3展望)
- Electromechanical Systems (機電系統) Revenue Growth Rate: YoY ↑, QoQ ↑
- Smart Energy (智慧能源) Revenue Growth Rate: YoY ↑, QoQ ↓
- Smart Living (智慧生活) Revenue Growth Rate: YoY <->, QoQ ↓
- Company-wide Gross Profit Margin Estimated Level: YoY ↓, QoQ ↑
5.2. Major Market Outlook and Impact on TECO (三大主要市場概況)
-
USA (美國)
- Recent Economic Overview indicates contraction with ISM PMI at 48.0.
- TECO expected to benefit from significant factory construction demand due to tariff policies.
-
Taiwan (台灣)
- Continued client pull-in effects, but anticipated weakening in H2.
- Opportunities in energy-saving and AI industry remain robust.
-
APAC (亞太)
- Domestic market demand has not improved, leading to forecasted economic weakness.
- Business opportunities in energy-saving retrofits continue to emerge.
Strategic Initiatives and Plans (四大策略重點工作項目)
6.1. Green Energy (綠色能源)
- Initiating production capacity setup in Malaysia.
- Established a modular PCS production line in Taiwan.
6.2. Electrification (電氣化)
- Shipped first prototype of flat wire oil-cooled electric drive axle power system to Europe.
6.3. Energy Saving & Carbon Reduction (節能減碳)
- Established energy technology services businesses in Taiwan and China.
6.4. Key Regional Development (重點區域發展)
- Securing Data Center opportunities from Foxconn Group.
Products, Services & Technology
7.1. Long-Term Trend Business Opportunities (掌握三大長期趨勢商機)
- Internet Data Center (IDC) growth projected significantly.
- E-Mobility market expansion driven by battery technology innovations.
Important Events Review (重要事件回顧)
8.1. Five-time selection into S&P Sustainability Yearbook
- Date: 2025.05.22
8.2. TECO Completes Tefuyeh Ancient Trail Restoration
- Date: 2025.05.16-18
8.3. Awarded Silver Medal in 2024 National Invention and Creation Award
- Date: 2025.06.11
8.4. Secured Hyperscale Data Center Electromechanical Engineering Projects in Malaysia
- Date: 2025.07.18
8.5. TECO Electric & Machinery and Foxconn Strategic Alliance
- Date: 2025.07.30
Contact Information
- Website: TECO
- Investor Relations Email: ir@teco.com.tw