台驊控股 (T3EX Global Holdings) 2025年法說會簡報
Company Overview
- Company Name: 台驊控股 (T3EX Global Holdings)
- Slogan/Motto: 承載信賴 傳遞未來 (CARRYING TRUST, DELIVERING THE FUTURE)
Financial Highlights and Key Metrics
- Unit: 新台幣千元 (NT$ Thousand) for financial figures, NT Dollar for EPS, and percentages for margins.
- Operation Result (2025H1 vs. 24H1, 25Q2 vs. 25Q1)
| Metric (新台幣千元-NT$ Thousand) | 25Q2 | 25Q1 | QoQ | 25H1 | 24H1 | YoY |
|---|---|---|---|---|---|---|
| 營收-Revenue | 5,672,467 | 5,570,927 | 1.82% | 11,243,394 | 11,492,589 | -2.17% |
| 毛利-Gross Profit | 880,777 | 919,863 | -4.25% | 1,800,640 | 1,801,934 | -0.07% |
| 營業費用-Operating Expense | 686,234 | 658,797 | 4.16% | 1,345,031 | 1,275,359 | 5.46% |
| 營業利益-Operating Profit | 194,543 | 261,066 | -25.48% | 455,609 | 526,575 | -13.48% |
| 淨利-Net Profit | 343,009 | 283,161 | 21.14% | 626,170 | 698,929 | -10.41% |
| EPS (NT Dollar) | 2.52 | 2.02 | 25.28% | 4.54 | 4.72 | -3.87% |
| 毛利率-Gross Margin | 15.53% | 16.51% | -5.96% | 16.02% | 15.68% | 2.14% |
| 營業利益率-Operating Profit Margin | 3.43% | 4.69% | -26.82% | 4.05% | 4.58% | -11.56% |
| 淨利率-Net Profit Margin | 6.05% | 5.08% | 18.97% | 5.57% | 6.08% | -8.42% |
Recent Performance and Results
Performance Review (營業績效)
- Trends (2019Q1 - 2025Q2):
- Gross Margin: Peaked around 25.68% (2021Q3-2021Q4), then generally declined, reaching 15.53% in 2025Q2.
- Operating Profit Margin: Peaked around 22.02% (2021Q3), then declined, reaching 3.43% in 2025Q2.
- Net Profit Margin: Peaked around 23.17% (2021Q3), then declined, reaching 6.05% in 2025Q2.
Revenue by Business Division (業務別營收) - Unit: NTD thousands
- 2025H1:
- 海運 Sea Freight: 7,267,201 (64.64%)
- 空運 Air Freight: 2,723,111 (24.22%)
- 其他 Others: 1,253,082 (11.15%)
- 2024H1:
- 海運 Sea Freight: 7,210,221 (62.74%)
- 空運 Air Freight: 2,623,330 (22.83%)
- 其他 Others: 1,659,038 (14.44%)
Revenue by Region (地區別營收) - Unit: NTD thousands
- 2025H1:
- 香港及中國 Hong Kong & China: 7,309,057 (65.01%)
- 台灣 Taiwan: 2,539,708 (22.59%)
- 東亞及其他 Eastern Asia & Others: 1,090,571 (9.70%)
- 美國 U.S.A.: 304,058 (2.70%)
- 2024H1:
- 香港及中國 Hong Kong & China: 8,514,737 (74.09%)
- 台灣 Taiwan: 1,913,363 (16.65%)
- 東亞及其他 Eastern Asia & Others: 896,901 (7.80%)
- 美國 U.S.A.: 167,588 (1.46%)
Business Segment Performance and Status (Q2)
Ocean Freight Market Status and Q2 Growth (海運市場現況與Q2成長狀況)
- Q2 Review (Q2回顧):
- Tariff policies are volatile, affecting the market, with a wait-and-see attitude for China-US shipping.
- Reduced supply on European routes, relatively stable freight rates.
- Growth in Southeast Asian market shipping.
- Company Achievements (公司成果):
- Stable capacity on North American routes, increased cargo volume in Southeast Asia.
- Actively promoting multimodal transport, enhancing service competitiveness.
- Q2 Revenue Growth (Q2營收成長):
- 2025 Q2 ocean freight forwarding revenue was NT$3.627 billion.
- Approximately 16% decrease compared to 2024 Q2.
- Market competition and freight rate fluctuations bring pressure.
Air Freight Market Status and Q2 Growth (空運市場現況與Q2成長狀況)
- Market Dynamics (市場動態):
- Uncertain tariff policies lead to regional supply chain adjustments, continuously affecting the market.
- Air freight demand is steadily rising, with freight rates supported.
- European market is stable, Taiwan actively expanding European routes.
- Southeast Asia growing 12-15% annually, triangular trade formed.
- Company Strategy (公司策略):
- Promoting North American charter flights.
- Expanding e-commerce agency cargo volume.
- Q3 plan to continue expanding cooperation with airlines for belly cargo supply.
- Q2 Revenue Growth (Q2營收成長):
- 2025 Q2 air freight division revenue was approximately NT$1.446 billion.
- Approximately 11.7% decrease compared to 2024 Q2.
Domestic Logistics Market Status and Q2 Growth (內貿物流現況與Q2成長狀況)
- Q2 Operations (Q2營運):
- Core business is stable; East China and South China warehousing facing capacity pressure.
- Promoting direct delivery and warehouse integration, improving operational efficiency.
- New OEM supply chain clients' trial operations are effective.
- Costs and Technology (成本與技術):
- Rising warehousing rental and dispatch costs.
- Transportation and warehousing turnover efficiency need simultaneous improvement.
- Focusing on energy-efficient distribution and low-loss services.
- Q2 Revenue Growth (Q2營收成長):
- 2025 Q2 logistics and other divisions revenue was approximately NT$0.6 billion.
- Approximately 32% decrease compared to 2024 Q2.
Rail Transport Market Status and Q2 Status (鐵路運輸現況與Q2狀況)
- China-Europe Railway (中歐鐵路):
- Affected by the Russia-Ukraine war and EU sanctions, cargo volume decreased by approximately 30% compared to the same period last year.
- Extended transit times, more complex customs clearance procedures.
- Although sanctions persist in the European market, there is still basic demand momentum.
- Central Asia Railway (中亞鐵路):
- Decreased cargo volume, intensified competition.
- Infrastructure and policy risks persist.
- Central Asian market has potential value.
- Countermeasures (因應措施):
- Stabilizing core clients and key routes.
- Strengthening European sea freight alternative solutions and Southeast Asian expansion.
- Promoting product differentiation and real-time services.
Future Outlook and Guidance
2025 Q3 Market Outlook (2025年第三季(Q3)市場展望)
- Ocean Freight (海運):
- North American demand may slow down, strengthen capacity allocation flexibility.
- Increased pressure on Southeast Asian port dispatch.
- China export warehousing and scheduling need to be more flexible.
- Air Freight (空運):
- Demand continues, freight rates remain high.
- Expanding European transit and emerging South American markets.
- Domestic Logistics (內貿物流):
- Warehousing capacity reaching limits, need to improve turnover efficiency.
- Controlling warehousing rental costs, promoting green logistics differentiation.