Qisda Corporation (2352) 2025 Q2 法說會簡報
Company Overview
Attendees
- Chairman: 陳其宏 Peter Chen
- President: 黃漢州 Joe Huang
- CFO: 洪秋金 Jasmin Hung
- General Manager, IT Business Group: 薛道隆 Daniel Hsueh
- General Manager, Commercial & Industrial Business Group: 林裕欽 Yuchin Lin
- General Manager, Medical Business Group: 楊宏培 Harry Yang
- General Manager, Smart Solutions Business Group: 曾文興 Joshua Tzeng
- General Manager, Network Communication Business Group: 黃文芳 April Huang
- Chief Investment Officer: 王立善 Michael Wang
Agenda
- Company Introduction (Presented by CFO Jasmin Hung)
- Q2 2025 Financial Results (Presented by CFO Jasmin Hung)
- Operations Overview and Future Outlook (Presented by Chairman Peter Chen, President Joe Huang, and General Managers of various Business Groups)
- Q&A
Disclaimer
This presentation contains forward-looking statements concerning the company's financial condition, future expansion plans, and corporate strategies. Actual future results may differ materially due to risks and uncertainties.
Qisda Group Overview
- Founding Year: 1984
- Taiwan Listing Year: 1996 (Stock Code: 2352)
- Capital (NTD): 19.3 billion
- Awards:
- 2025: 7th consecutive year, "Asia's Best Employer Award"
- 2025: 3rd consecutive year, "AREA Asia Corporate Social Responsibility Award"
- 2024: "FinanceAsia Asia's Best Company Award"
- Global Presence:
- Manufacturing Bases: Taiwan, China, Vietnam
- Sales & Services: 200+ locations worldwide
- R&D Centers: Taiwan, China
- Employee Count: 26,000
Financial Highlights
2025 Q2 Summary
- Q2 Performance: Revenue grew 7% QoQ and YoY. Gross Profit Margin maintained above 16% for nine consecutive quarters.
- Revenue:
- QoQ: All four major business groups grew; Smart Solutions and Network Communication achieved double-digit growth.
- YoY: IT, Medical, and Smart Solutions grew; Medical and Smart Solutions achieved double-digit growth; Network Communication flat.
- Net Profit: NTD 360 million, EPS NTD 0.18.
- Revenue:
Consolidated Statement of Comprehensive Income Summary (Quarterly) - Unit: NTD Million
| Item | 2025 Q2 | % | 2024 Q2 | % | YoY Amt | YoY % | 2025 Q1 | % | QoQ Amt | QoQ % |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 53,464 | 100% | 49,857 | 100% | 3,607 | 7% | 49,747 | 100% | 3,717 | 7% |
| Cost of Sales | -44,837 | -41,538 | -3,298 | -41,126 | -3,711 | |||||
| Gross Profit | 8,627 | 16.1% | 8,319 | 16.7% | 308 | 4% | 8,621 | 17.3% | 6 | 0% |
| Operating Expenses | -7,866 | -14.7% | -7,134 | -14.3% | -732 | -7,622 | -15.3% | -244 | ||
| Operating Profit | 762 | 1.4% | 1,185 | 2.4% | -424 | -36% | 999 | 2.0% | -238 | -24% |
| Non-operating Income and Expenses | -50 | 158 | -208 | -138 | 88 | |||||
| Profit Before Tax | 712 | 1.3% | 1,343 | 2.7% | -631 | -47% | 861 | 1.7% | -150 | -17% |
| Profit After Tax | 370 | 0.7% | 806 | 1.6% | -436 | -54% | 594 | 1.2% | -223 | -38% |
| Net Profit Attributable to Parent Company | 356 | 0.7% | 663 | 1.3% | -307 | -46% | 483 | 1.0% | -127 | -26% |
| Basic EPS (NT$)(a) | $0.18 | $0.34 | -$0.15 | $0.25 | -$0.07 |
Consolidated Balance Sheet Summary - Unit: NTD Million
| Item | 2025.06.30 | % | 2025.03.31 | % | QoQ Amt | QoQ % | 2024.06.30 | % | YoY Amt | YoY % |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 196,816 | 100% | 205,292 | 100% | (8,476) | -4% | 195,823 | 100% | 993 | 1% |
| Total Liabilities | 139,483 | 71% | 141,672 | 69% | (2,189) | -2% | 132,032 | 67% | 7,452 | 6% |
| Total Equity | 57,333 | 29% | 63,620 | 31% | (6,287) | -10% | 63,791 | 33% | (6,459) | -10% |
Business Segments (as of 2025 Q2)
Revenue Distribution (2025 H1)
- Asia: 52%
- Americas: 30%
- Europe: 17%
- Others: 1%
Business Layout (NTD Revenue)
- Information Technology (IT): NTD 54.8 billion (46% + 7%)
- Displays: NTD 38.6 billion (37%)
- Projectors: NTD 3.7 billion (4%)
- IT_Others: NTD 5.3 billion (5%)
- IT_High Value-added (HVA): NTD 7.2 billion (7%)
- Medical (MEDICAL): NTD 14.8 billion (14%)
- Smart Solutions (BSG): NTD 17.6 billion (17%)
- Network Communication (NCG): NTD 10.2 billion (10%)
- Others (OTHERS): NTD 5.7 billion (6%)
Revenue Analysis - Business Group (Quarterly)
- Q2'25 Revenue Mix (approximate percentages):
- Display: 36%
- Projector: 3%
- IT_Other: 5%
- IT_HVA: 14%
- Medical: 14%
- BSG: 18%
- NCG: 11%
- Materials, Others: 5%
Outlook & Strategy
2025 Q3 Outlook
- Tariff and Exchange Rate Issues Add Variables to H2 Economic Outlook:
- Tariff uncertainties may affect market outlook for IT products.
- Layout for Mid-to-Long-Term Growth Momentum:
- IT Industry: Expect QoQ and YoY growth.
- Continue focus on High Value-added Businesses.
Strategic Initiatives and Plans (2025 Business Group Strategic Directions)
- IT Business Group: Focus on high-end displays, including OLED and dvLED.
- Medical Business Group: Expand channel layout and medical services footprint.
- Network Communication Business Group: Grow in Data Center/AI Data Center markets.
- Smart Solutions Business Group: Provide end-to-end AIoT Comprehensive Solutions.
Additional Data
Financial Indicators
| Indicator | 2025.06 | 2025.03.31 | QoQ Change | 2024.06.30 | YoY Change |
|---|---|---|---|---|---|
| Accounts Receivable Turnover Days (incl. resale) | 73 | 77 | -4 | 75 | -2 |
| Inventory Turnover Days | 90 | 96 | -6 | 87 | +3 |
| Accounts Payable Turnover Days | 69 | 75 | -6 | 71 | -2 |
| Operating Working Capital Turnover Days | 94 | 98 | -4 | 91 | +3 |
| Current Ratio | 118% | 120% | -2 ppt | 124% | -6 ppt |