幃翔精密股份有限公司 (Plastron Precision Co., Ltd.) 2023Q1 法說會簡報
Company Overview
- Company Name: 幃翔精密股份有限公司 (Plastron Precision Co., Ltd.)
- Stock Code: 6185
- Founded: 1988年 (1988)
- Core Business: Integrates research, production, and sales of electronic connectors.
- Group Locations:
- Taiwan: Headquarters
- Shenzhen: Office
- Suzhou: Office (55畝)
- Anhui: Factory (118畝), established 2016
- Core Competitiveness:
- 精密沖壓、成型 (Stamping / Injection / Plating)
- 模具、自動機 加工與設計 (Molds, Automatic Machines, Processing and Design)
- 獨立電鍍線 (In House Electroplating Line)
- 垂直整合 (Vertical Integration)
- 完整實驗室設備 (Laboratory equipment and system certification)
- 體系認證 (System certification)
- MES物聯網智慧化生產 (MES IoT Intelligent production)
- Vertical Integration Process:
- Customer Requests drive the process.
- Design & Development: Patent Search, Product Developing, APQP (Advanced Product Quality Planning), Auto-machine Design, Mold/Die Design, Cost & Value Engineering.
- Manufacturing: Processing of Mold, Die & Fixture, Stamping, Electroplating, Injection, Assembly, Packing.
- Logistics: Shipping.
- Overarching Principles: Continuous Improvement, Process Optimizations.
Financial Highlights
Balance Sheet (Unit: NT$ Thousands)
| Metric (Year) | 2021 | 2022 | 2023 | 2024 | Mar. 31, 2025 | % of Total Assets (2025Q1) |
|---|---|---|---|---|---|---|
| 流動資產 (Current assets) | 1,498,014 | 1,628,254 | 1,753,497 | 1,737,125 | 1,745,398 | 68.4% |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 912,429 | 806,893 | 699,214 | 605,779 | 587,631 | 23.0% |
| 其他資產 (Other assets) | 124,710 | 137,201 | 133,808 | 195,375 | 220,777 | 8.6% |
| 資產總額 (Total assets) | 2,537,686 | 2,575,043 | 2,589,763 | 2,538,279 | 2,553,806 | 100% |
| 流動負債 (Current liabilities) | 164,505 | 164,709 | 205,411 | 166,416 | 156,661 | 6.1% |
| 非流動負債 (Non-current liabilities) | 315,434 | 290,223 | 258,352 | 198,622 | 199,365 | 7.8% |
| 負債總額 (Total liabilities) | 479,939 | 454,932 | 463,763 | 365,038 | 356,026 | 13.9% |
| 保留盈餘 (Retained earnings) | 615,047 | 613,952 | 634,370 | 598,104 | 602,363 | 23.6% |
| 其他權益 (Other equity interest) | (110,566) | (47,107) | (62,205) | 16,378 | 35,386 | 1.4% |
| 權益總額 (Total equity) | 2,057,747 | 2,120,111 | 2,126,000 | 2,173,241 | 2,197,780 | 86.1% |
Statement of Comprehensive Income (Unit: NT$ Thousands)
| Metric (Year) | 2021 | 2022 | 2023 | 2024 | 2025Q1 | % of Operating Revenue (2025Q1) |
|---|---|---|---|---|---|---|
| 營業收入 (Operating revenue) | 525,506 | 589,576 | 584,187 | 401,916 | 125,764 | 100% |
| 營業毛利 (Gross profit) | 113,967 | 197,558 | 183,047 | 61,255 | 33,566 | 26.7% |
| 營業淨利(損) (Net operating income (loss)) | (117,127) | (17,035) | 9,016 | (128,476) | (20,453) | -16.3% |
| 營業外收入及支出 (Non-operating income and expenses) | 17,254 | 65,533 | 118,906 | 130,127 | 24,457 | 19.4% |
| 稅前淨利(損) (Income before tax) | (99,873) | 48,498 | 127,922 | 1,651 | 4,004 | 3.2% |
| 本期淨利(損) (Net income (Loss)) | (99,928) | 43,865 | 98,350 | 8,694 | 2,673 | 2.1% |
| 本期其他綜合損益(稅後淨額) (Other comprehensive income (income after tax)) | (13,526) | 63,459 | (15,098) | 78,583 | 20,594 | 16.4% |
| 本期綜合損益總額 (Total comprehensive income) | (113,454) | 107,324 | 83,252 | 87,277 | 23,267 | 18.5% |
| 每股盈餘 (Earnings per share) | (0.67) | 0.29 | 0.66 | 0.06 | 0.02 | - |
Financial Ratios
| Metric (Year) | 2021 | 2022 | 2023 | 2024 | 2025Q1 |
|---|---|---|---|---|---|
| 負債占資產比率 (Debt Ratio) | 17.73 | 15.92 | 14.89 | 12.61 | 13.94 |
| 流動比率 (Current ratio) | 1,113.50 | 1,359.72 | 1,375.50 | 1,430.25 | 1,114.12 |
| 速動比率 (Quick ratio) | 972.53 | 1,252.13 | 1,309.38 | 1,349.71 | 1,050.26 |
| 應收款項週轉率(次) (Accounts receivable turnover (times)) | 3.04 | 3.04 | 3.10 | 2.67 | 3.33 |
| 存貨週轉率(次) (Inventory turnover (times)) | 3.89 | 3.18 | 3.83 | 3.91 | 3.96 |
| 平均銷貨日數 (Average days in sales) | 93.83 | 114.77 | 95.30 | 93.35 | 92.17 |
| 資產報酬率(%) (Return on total assets) | (3.78) | 1.71 | 3.80 | 0.33 | 0.39 |
| 權益報酬率(%) (Return on stockholders' equity) | (4.62) | 2.06 | 4.50 | 0.39 | 0.12 |
| 純益率(%) (Profit ratio) | (19.01) | 7.44 | 16.84 | 2.16 | 0.02 |
| 每股盈餘 (Earnings per share) | (0.67) | 0.29 | 0.66 | 0.06 | 0.02 |
| 現金流量比率(%) (Cash flow ratio) | 6.34 | 61.50 | 166.28 | 74.08 | 0.44 |
| 現金流量允當比率(%) (Cash flow adequacy ratio) | 77.15 | 35.98 | 69.08 | 100.91 | 122.54 |
Business Segments
Product Applications (Market Segments)
- 2025:
- 工控 Industrial: 54%
- 網通 Communication: 24%
- 其它市場 Others: 9%
- 汽車 Automative: 7%
- 消費性電子 Consumer Electronics: 6%
- 2026 (Projected):
- 工控 Industrial: 45%
- 網通 Communication: 22%
- 汽車 Automative: 15%
- 消費性電子 Consumer Electronics: 12%
- 其它市場 Others: 6%
New Product Development Roadmap
- TYPE-C Series:
- 2022: USB2.0 IPX8 16PIN
- 2023: USB3.1 IPX8 24PIN, USB3.1 IPX6 24PIN
- 2026: C-Type PLUG 12/16/24PIN
- Wire To Board & Waterproof Series:
- 2023: M8/M12 Waterproof
- 2026: WTB (1.5/2.0)
- 2027: Q Series Header
- Board To Board Series:
- 2022: 1.27 SMC
- 2023: 1.0 BTB, 0.7 Socket 54/92/100
- 2024: 0.4 BTB 10G, 0.5 BTB 5G
- 2025: 0.8 BTB 10G
- 2026: Floating Connector
- New Technology Development & Certification:
- 2023: USCAR (UNITED STATES COUNCIL FOR AUTOMOTIVE RESEARCH)
- 2025: Press-Fit, US Car Certification
- 2026: FPC/FFC
- 2027: CNAS
- Utility Model Patents:
- Product-related Patents: 52 patents related to connectors.
- Production-related Patents: 19 patents related to production processes, including:
- 沖模生產 (Die production)
- 塑模生產 (Molding production)
- 自動機生產 (Automatic machine production)
Quality Certifications
- ISO 14001:
- Standard: ISO 14001:2015
- Certificate Registr. No.: 01 104 1532478/03
- Organization: Plastron Electronic Technology (Anhui) Co., Ltd.
- Site: c/o Plastron Precision Co., Ltd. (Taiwan)
- Scope: Sale of Connectors
- Validity: Main certificate 01 104 1532478 from 2025-04-07 until 2028-04-06.
- ISO 9001:
- Standard: ISO 9001:2015
- Certificate Registr. No.: 01 100 1532478/03
- Organization: Plastron Electronic Technology (Anhui) Co., Ltd.
- Site: c/o Plastron Precision Co., Ltd. (Taiwan)
- Scope: Marketing, Sales, Purchasing and Supplier Management of Connectors
- Validity: Main certificate 01 100 1532478 from 2024-03-19 until 2027-03-18.
- IATF 16949:
- Standard: IATF 16949:2016 (1st edition, 2016-10-01)
- Certificate Registr. No.: 01 111 1532478
- IATF Certificate No.: 0506328
- Certificate Holder: Plastron Electronic Technology (Anhui) Co., Ltd.
- Scope: Design and Manufacturing of Connectors (with remote location(s) according to annex)
- Validity: From 2024-03-19 until 2027-03-18.
- ISO 14064:
- Inventory Standard: ISO 14064-1:2018
- Certificate Registr. No.: CF 31817542 2501
- Certificate Holder: PLASTRON PRECISION CO., LTD. (Taiwan)
- Validation & Verification Standard: ISO 14064-3:2019
- Base Year: 2024 (2024.01.01-2024.12.31)
- Level of Assurance: Reasonable
- Consolidation Methodology: Operational Control
- Materiality: 5%
- Type of Greenhouse Gases: CO₂, CH₄, N₂O, HFCs, PFCs, SF₆, NF₃
- Total Carbon Emission (2024): 68.093 tonnes CO₂ equivalent (tCO₂e)
- Category 1 Direct emission: 6.4099 tCO₂e
- Category 2 Indirect Imported energy emission: 50.2703 tCO₂e
- Category 4 Indirect Products used by organization: 11.4130 tCO₂e
- Validity: 2025-04-08 (Note: This certificate only reviewed emissions data of inventory year, not for management systems certification.)
Outlook & Strategy
- Continued focus on product innovation and development in key markets.
- Strengthening vertical integration to enhance production efficiency.
- Expanding presence in the automotive and industrial sectors to drive growth.