Alltek Technology Corp. (上櫃: 4147) 2025Q2 法說會簡報

Company Overview

• Established: 1991
• Stock Listing:
  • OTC: March 2004
  • Listed: November 2008
• Employees: 580
• Capital: NT$ 2.35 billion
• Operating Locations: 17 locations
  • Domestic: Taipei, Hsinchu, Taichung, Kaohsiung
  • Greater China: Beijing, Jinan, Qingdao, Nanjing, Suzhou, Shanghai, Wuhan, Hangzhou, Chengdu, Chongqing, Xiamen, Shenzhen, Hong Kong
  • International: Singapore

Financial Highlights & Recent Performance

Revenue (營業收入)

• Unit: NT$ 100 million
• Annual Revenue:
  • 2019: 396
  • 2020: 419
  • 2021: 471
  • 2022: 604
  • 2023: 560
  • 2024: 459
• Half-Year Revenue:
  • 2024 1H: 223
  • 2025 1H: 238
  • Growth (YoY 1H): +6.7%

Income Statement (損益表)

• Unit: NT$ million

• Key Metrics:

  Main Items (主要科目)	2024 1H	2025 Q1	2025 Q2	2025 1H
  Operating Revenue (營業收入)	22,289	14,365	9,418	23,783
  Gross Profit (營業毛利)	1,190	633	634	1,267
  Operating Expenses (營業費用)	(552)	(386)	(277)	(664)
  Operating Income (營業淨利)	638	247	357	604
  Financial Costs (財務成本)	(181)	(40)	(27)	(67)
  Non-operating Income/Expenses (業外收支)	21	81	(461)	(380)
  Profit Before Tax (稅前淨利)	478	288	(131)	157
  Income Tax (所得稅)	(113)	(70)	(29)	(99)
  Net Profit for the Period (本期淨利)	365	219	(160)	58
  EPS (元/股)	1.33	0.95	(0.64)	0.30

Exchange Rate Impact (匯率影響)

• Unit: NT$ 100 million
• 2025 Exchange Gain/Loss:
  • Q1: Period-end Exchange Rate: 33.21; Average Exchange Rate: 32.90; Exchange Gain: 0.67
  • Q2: Period-end Exchange Rate: 29.30; Average Exchange Rate: 30.82; Exchange Loss: (4.80)
  • Accumulated Exchange Gain (Loss) (1H): (4.13)

Cash Flow (現金流量)

• Unit: NT$ 100 million

  Cash Flow (現金流量)	2024 FY	2025 Q1	2025 Q2
  Profit Before Tax (稅前利益)	10.23	2.88	(1.31)
  Cash Inflow from Operating Activities (營業活動現金流入)	5.64	26.66	17.04
  Cash Inflow from Investing Activities (投資活動現金流入)	(0.45)	0.22	0.12
  Cash Inflow from Financing Activities (融資活動現金流入)	(5.17)	(17.66)	(5.50)
  Increase in Cash (現金增加)	3.04	9.88	5.43

Financial Structure (財務結構)

• Debt Ratio (負債比率):
  • 2023: 73.8%
  • 2024: 69.5%
  • 2025 1H: 70.8%
• Current Ratio (流動比率):
  • 2023: 145.1%
  • 2024: 166.6%
  • 2025 1H: 135.6%
• Quick Ratio (速動比率):
  • 2023: 61.8%
  • 2024: 93.0%
  • 2025 1H: 135.4%

Operating Efficiency (經營效率)

• Days Sales Outstanding (收款天數):
  • 2024 1H: 31 days
  • 2024 2H: 42 days
  • 2025 1H: 56 days
• Days Inventory Outstanding (存貨天數):
  • 2024 1H: 91 days
  • 2024 2H: 74 days
  • 2025 1H: 40 days

Profitability (獲利能力)

• Return on Assets (ROA):
  • 2023: 5.17%
  • 2024: 5.48%
  • 2025 1H: 1.33%
• Return on Equity (ROE):
  • 2023: 12.34%
  • 2024: 14.61%
  • 2025 1H: 2.32%

Payout Ratio (盈餘分配比率)

• Historical Payout Ratios:
  • 2004: 74%
  • 2006: 71%
  • 2008: 82%
  • 2010: 87%
  • 2012: 86%
  • 2014: 90%
  • 2016: 89%
  • 2018: 96%
  • 2020: 80%
  • 2021: 79%
  • 2022: 75%
  • 2023: 80%
  • 2024: 83%

Future Outlook & Strategic Initiatives

Business Direction and Strategy (業務方向與策略)

• Central Focus: AI & 矽智財 (AI & Silicon IP)
• Strategic Pillars:
  • Broadband & Wireless: Driving innovation in connectivity.
  • Edge AI / Smart sensors: Expanding into IoT and intelligent sensing.
  • AI Server / Data Center: Supporting the infrastructure for AI.
  • Power management: Focusing on server power management and energy storage systems.

Broadband & Networking Initiatives

• 10G PON: Stable growth expected.
• DOCSIS 4.x: Anticipating gradual increase in shipments.
• 5G FWA (Fixed Wireless Access):
  • Technology accelerating last-mile network connections, leading to rapid market growth.
  • Market Forecast: Global FWA connections projected to grow from 160 million (end of 2024) to 350 million (end of 2030).
  • Drivers: Accelerated 5G FWA deployment by US and Indian telecom operators.
• Wi-Fi 7:
  • Features superior modulation techniques and wider frequency channels for faster connections.
  • ISP Adoption: Accelerating to meet high-speed demands.

AI Server & XPU Accelerator Initiatives

• Focus on architecture supporting AI servers, including various processor types and accelerators.

Strong QSFP/OSFP Demand

• Driven by explosion in AI demand and 400G optical modules.
• Market Drivers:
  • 1.6T market poised for growth.
  • Investments in Silicon Photonics and CPO (Co-Packaged Optics).

Contact Information

• Website: www.Alltek.com