SUNONwealth Electric Machine Industry Co., Ltd. (建準電機) 2025 Q2 法說會簡報
Company Overview
- Company Name: SUNON。建準電機 (SUNON. Sunonwealth Electric Machine Industry Co., Ltd.)
- Slogan/Mission: 全球通風散熱首選 (First Choice Globally Cooling Solutions)
- Stock Codes: 2421.TW / 2421 TT
- Report Title: 2025年第二季營運報告 (2025 Q2 Operating Report)
- Website: www.sunon.com
Disclaimer
- The information and opinions contained in this document are based on the Company's current expectations and forecasts regarding future events.
- They are not guaranteed to be fair, accurate, complete, or up-to-date and may be subject to change.
- The Company and its representatives are not liable for any damages arising from the content.
- Forward-looking statements may reflect uncertainties and risks, resulting in actual results differing significantly.
- No part of this document may be copied, redistributed, or transmitted without permission.
Financial Highlights and Key Metrics
Profitability - Quarterly Profit Margins
| Metric | Y2021 | Y2022 | Y2023 | Y2024 | Y2025 |
|---|---|---|---|---|---|
| Gross Margin | |||||
| Q1 | 17.5% | 18.6% | 22.6% | 24.0% | 29.3% |
| Q2 | 26.5% | 26.1% | 28.1% | 28.3% | 30.5% |
| Q3 | 18.9% | 18.7% | 29.0% | 28.5% | |
| Q4 | 19.5% | 24.5% | 30.3% | 27.9% | |
| Y (Annual) | 27.9% | 28.4% | 29.9% | ||
| Operating Margin | |||||
| Q1 | 4.1% | 2.0% | 9.0% | 8.5% | 12.4% |
| Q2 | 9.7% | 11.4% | 11.9% | 11.5% | 15.3% |
| Q3 | 11.3% | 12.3% | 12.4% | 13.0% | |
| Q4 | 5.9% | 7.3% | 7.4% | 4.6% | |
| Y (Annual) | 11.3% | 11.9% | 13.9% | ||
| Net Margin | |||||
| Q1 | 2.2% | 3.4% | 2.5% | 3.2% | 4.9% |
| Q2 | 8.6% | 10.7% | 10.4% | 8.0% | 8.0% |
| Q3 | 9.0% | 11.7% | 8.8% | 9.7% | |
| Q4 | 3.4% | 4.6% | 10.2% | 7.7% | |
| Y (Annual) | 7.7% | 10.3% | 9.6% |
Profitability - Quarterly Earnings (In NTD)
| Quarter | Y2021 | Y2022 | Y2023 | Y2024 | Y2025 |
|---|---|---|---|---|---|
| Q1 | 0.37 | 0.61 | 1.11 | 1.19 | 1.73 |
| Q2 | 0.30 | 1.20 | 1.72 | 1.39 | 1.37 |
| Q3 | 0.35 | 1.42 | 1.49 | 1.28 | |
| Q4 | 0.69 | 0.84 | 1.11 | 1.60 |
Earnings Per Share (EPS) and Cash Dividend (In NTD)
| Year | Y2015 | Y2016 | Y2017 | Y2018 | Y2019 | Y2020 | Y2021 | Y2022 | Y2023 | Y2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS | 1.77 | 2.28 | 2.41 | 2.62 | 3.39 | 2.71 | 4.34 | 5.16 | 5.46 | 3.5 |
| Cash Dividend | 1.5 | 2.0 | 1.71 | 2.0 | 2.0 | 2.3 | 2.4 | 2.0 | 1.2 | 2.6 |
| Payout Ratio | 85% | 88% | 88% | 83% | 74% | 68% | 70% | 60% | 68% | 68% |
Consolidated Balance Sheet (NT$ Millions)
| Item | 2025.6.30 | 2024.12.31 | 2024.6.30 | vs. 2024.12.31 (%) | vs. 2024.6.30 (%) |
|---|---|---|---|---|---|
| Assets | |||||
| 資產總計 (Total Assets) | 15,648 | 14,998 | 14,706 | 4.3% | 6.4% |
| 現金 (Cash) | 5,253 | 4,678 | 4,926 | 12.3% | 6.6% |
| 應收票據及帳款 (Notes & Accounts Receivable) | 4,562 | 4,103 | 3,757 | 11.2% | 21.4% |
| 存貨 (Inventory) | 2,166 | 2,181 | 2,168 | -0.7% | -0.1% |
| 不動產、廠房及設備 (Property, Plant & Equipment) | 2,401 | 2,461 | 2,321 | -2.4% | 3.4% |
| Liabilities & Equity | |||||
| 負債總計 (Total Liabilities) | 8,374 | 7,078 | 7,604 | 18.3% | 10.1% |
| 短期借款 (Short-term Borrowings) | 1,137 | 928 | 769 | 22.5% | 47.9% |
| 應付帳款 (Accounts Payable) | 3,758 | 3,435 | 3,166 | 9.4% | 18.7% |
| 長期借款 (Long-term Borrowings) | 430 | 478 | 553 | -10.0% | -22.2% |
| 權益總計 (Total Equity) | 7,274 | 7,920 | 7,102 | -8.2% | 2.4% |
| Financial Ratios | |||||
| 平均收現日數 (Average Days of Collection) | 90 | 90 | 93 | ||
| 平均銷貨日數 (Average Days of Inventory) | 64 | 74 | 77 | ||
| 流動比率(倍) (Current Ratio (times)) | 1.62 | 1.88 | 1.72 |
Consolidated Income Statement (NT$ Millions)
| Metric | 2025 Q2 | 2024 Q2 | 2025 YTD | 2024 YTD | Growth Rate YOY (%) 2025 Q2 | Growth Rate YOY (%) 2025 YTD |
|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 4,663 | 3,677 | 8,825 | 6,737 | 26.8% | 31.0% |
| 營業毛利 (Gross Profit) | 1,424 | 1,039 | 2,641 | 1,839 | 37.1% | 43.6% |
| 營業費用 (Operating Expenses) | 709 | 619 | 1,411 | 1,144 | 14.5% | 23.3% |
| 營業利益 (Operating Income) | 715 | 420 | 1,230 | 695 | 70.2% | 77.0% |
| 營業外收支 (Non-operating Income/Expenses) | -198 | 134 | -133 | 274 | -247.8% | -148.5% |
| 稅前淨利 (Profit Before Tax) | 517 | 554 | 1,097 | 969 | -6.7% | 13.2% |
| 歸屬母公司淨利 (Net Profit Attributable to Parent Company) | 374 | 379 | 846 | 706 | -1.3% | 19.8% |
| 每股盈餘(NT$) (EPS (NT$)) | 1.37 | 1.39 | 3.10 | 2.58 | ||
| 毛利率 (Gross Profit Margin) | 30.5% | 28.3% | 29.9% | 27.3% | ||
| 營業淨利率 (Operating Profit Margin) | 15.3% | 11.5% | 13.9% | 10.3% | ||
| 淨利率(註) (Net Profit Margin (Note)) | 8.0% | 10.4% | 9.6% | 10.5% |
Recent Performance and Results
Quarterly Revenue Amount (In B. NT)
| Quarter | Y2021 | Y2022 | Y2023 | Y2024 | Y2025 |
|---|---|---|---|---|---|
| Q1 | 3.03 | 3.12 | 3.08 | 3.06 | 4.16 |
| Q2 | 3.33 | 3.28 | 3.48 | 3.68 | 4.66 |
| Q3 | 3.48 | 3.29 | 3.66 | 4.03 | |
| Q4 | 3.72 | 3.27 | 3.79 | 3.86 |
Annual Revenue Performance (NT Thousand Dollars)
| Year | Revenue | Growth Rate |
|---|---|---|
| Y2016 | 10,690,822 | 5.8% |
| Y2017 | 10,946,728 | 2.4% |
| Y2018 | 11,965,298 | 9.3% |
| Y2019 | 11,659,915 | -2.6% |
| Y2020 | 12,781,281 | 9.6% |
| Y2021 | 13,561,804 | 6.1% |
| Y2022 | 14,063,308 | 3.7% |
| Y2023 | 12,914,686 | -9.2% |
| Y2024 | 14,623,817 | 13.2% |
| Y2025 | 8,825,430 | 31.0% |
Quarterly Server Revenue & Proportion (UNIT: NTD (M))
| Quarter | Revenue | % of Sales |
|---|---|---|
| 23Q1 | 615 | 21.3% |
| 23Q2 | 958 | 30.4% |
| 23Q3 | 1,075 | 33.9% |
| 23Q4 | 1,159 | 37.2% |
| 24Q1 | 1,114 | 38.0% |
| 24Q2 | 1,615 | 44.6% |
| 24Q3 | 1,751 | 45.0% |
| 24Q4 | 1,670 | 44.5% |
| 25Q1 | 1,960 | 48.0% |
| 25Q2 | 2,115 | 46.4% |
Quarterly AI Server Revenue & Proportion (UNIT: NTD (M))
| Quarter | Revenue | % of Sales |
|---|---|---|
| 23Q1 | 92 | 3.2% |
| 23Q2 | 345 | 11.0% |
| 23Q3 | 438 | 13.8% |
| 23Q4 | 437 | 14.1% |
| 24Q1 | 473 | 16.2% |
| 24Q2 | 688 | 19.0% |
| 24Q3 | 918 | 23.6% |
| 24Q4 | 870 | 23.2% |
| 25Q1 | 1,098 | 26.9% |
| 25Q2 | 1,105 | 24.2% |
Quarterly Revenue Proportion & QoQ Growth
| Segment | 2025Q2 Proportion | QoQ Growth | Historical Proportions (2021-2024) |
|---|---|---|---|
| Automobile | 5.8% | -9.5% | 11.3%, 12.6%, 11.0%, 7.9% |
| Distribution | 8.9% | 42.3% | 8.0%, 8.3%, 5.2%, 9.5% |
| Home Appliances | 3.5% | 5.2% | 7.4%, 7.7%, 5.2%, 3.0% |
| Industrial Medical E. | 9.0% | 7.9% | 14.3%, 14.6%, 9.1%, 9.0% |
| Telecom & Server | 58.1% | 10.6% | 31.7%, 28.3%, 41.9%, 53.1% |
| IT & OE | 17.5% | 26.5% | 34.7%, 24.5%, 22.2%, 16.2% |
Quarterly Revenue Proportion & YoY Growth
| Segment | 2025Q2 Proportion | YoY Growth | Historical Proportions (2021-2024) |
|---|---|---|---|
| Automobile | 5.8% | -13.5% | 11.3%, 12.6%, 11.0%, 7.9% |
| Distribution | 8.9% | 19.0% | 8.0%, 8.3%, 5.2%, 9.5% |
| Home Appliances | 3.5% | 6.6% | 7.4%, 7.7%, 5.2%, 3.0% |
| Industrial Medical E. | 9.0% | 46.1% | 14.3%, 14.6%, 9.1%, 9.0% |
| Telecom & Server | 58.1% | 36.3% | 31.7%, 28.3%, 41.9%, 53.1% |
| IT & OE | 17.5% | 18.5% | 34.7%, 24.5%, 22.2%, 16.2% |
Cumulative Revenue Proportion & YoY Growth (2025H1)
| Segment | 2025H1 Proportion | YoY Growth | Historical Proportions (2021-2024) |
|---|---|---|---|
| Automobile | 5.8% | -1.5% | 11.3%, 12.6%, 11.0%, 8.7% |
| Distribution | 8.9% | 23.0% | 8.0%, 8.3%, 5.2%, 9.5% |
| Home Appliances | 3.5% | 5.0% | 7.4%, 7.7%, 5.2%, 3.1% |
| Industrial Medical E. | 9.0% | 45.0% | 14.3%, 14.6%, 9.1%, 9.3% |
| Telecom & Server | 58.4% | 49.3% | 31.7%, 28.3%, 41.9%, 53.1% |
| IT & OE | 17.5% | 8.2% | 34.7%, 24.5%, 22.2%, 15.3% |
Future Outlook and Guidance
- The presentation is a Q2 2025 operating report and does not contain explicit forward-looking guidance or forecasts for future periods beyond the reported results.
Strategic Initiatives and Plans
- This financial report does not detail specific strategic initiatives or plans. The focus is on financial performance and segment breakdown.
Key Charts, Graphs, and Data Points
- Significant revenue increases in Q1 and Q2 2025 compared to previous years.
- Consistent annual revenue growth with a rebound and strong growth in 2024 and 2025 (YTD).
- Strong upward trend in both server revenue and its proportion of total sales.
- Rapid increase in AI server revenue, indicating a key growth driver.
- Segment Performance: Largest and fastest-growing segment is Telecom & Server.
- Profit Margins: Indicate a generally healthy profitability, with Gross Margin reaching 30.5% in Q2 2025.
- EPS: Strong performance in 2025 Q1 and Q2.
- Balance Sheet: Growth in total assets and equity while liabilities have also increased.
Important Product Names, Terms, and Concepts
- SUNON (建準電機): Global provider of cooling solutions.
- Cooling Solutions: Core business focus.
- Server & AI Server: Key growth segments for the company.
- Automobile, Distribution, Home Appliances, Industrial Medical Electronics, Telecom & Server, IT & OE: Various segments catered by SUNON.
- Gross Margin, Operating Margin, Net Margin: Key profitability metrics.
- EPS, Cash Dividend, Payout Ratio: Indicators of financial health.
- Consolidated Balance Sheet, Consolidated Income Statement: Financial statements detailing assets, liabilities, revenues, and expenses.
Products, Services & Technology
- General Cooling Solutions: Specializes in ventilation and heat dissipation.
- Core products: Various types of cooling fans and heat sinks.
- Axial fans
- Blower fans
- Heat sinks
- Technology Platforms/Services: Specialized cooling technologies imply tailored solutions for diverse applications, focusing on "AI Server" suggests advanced cooling management for high-performance computing environments.