愛爾達科技 (ELTA Technology) [8487] 2025Q2 法說會簡報
Company Overview
- Company Name: 愛爾達科技 (ELTA Technology)
- Stock Code: 8487
- Speaker: 許牧羣 財務長 (Xu Muqun, CFO)
- Date of Briefing: 2025.08.13
- Slogan/Tagline: 愛爾達-創上市-數位雲端 (ELTA - Innovation Listing - Digital Cloud)
1.1. Company Introduction
- Establishment Date: 2000年3月28日 (March 28, 2000)
- Responsible Person: 陳怡君 (Chen Yi-chun)
- Paid-in Capital: 2.6535億元 (NT$ 265.35 million)
- Number of Employees: 約200人 (approx. 200 people)
- Listing Date: 2024年3月26日 (March 26, 2024)
- Company Address: 台北市中正區中華路一段41號4樓 (4F, No. 41, Sec. 1, Zhonghua Rd., Zhongzheng Dist., Taipei City)
- Overall Slogan: 台灣原創數位新媒體,攜手中華電信打造台灣No.1運動轉播大平台 (Taiwan's original digital new media, partnering with Chunghwa Telecom to build Taiwan's No.1 sports broadcasting platform)
1.2. Main Business Segments
- Digital Video Channel Operation and Agency
- Digital video content production and agency.
- Digital video streaming services and subscriptions.
- Sub-licensing Digital Video Content and Related Businesses.
- New Media Video Advertising Placement.
- AI and Sports Technology Video Integration Development Projects.
1.3. Key Operations Content
- ELTA愛爾達 (ELTA):
- 16 self-operated channels: 體育家族頻道 (Sports family channels), 影劇台 (drama channels), 綜合台 (general channels), MAX1-8, 娛樂台 (entertainment channels), 日韓台 (Japanese/Korean channels).
- 10 international agency channels.
- Leading sports broadcasting brand on MOD and Hami Video dual platforms.
1.4. Innovative Multi-screen Services
- DELTA.TV (ELTA.TV):
- Accessible on 電腦 (Computer), 平板 (Tablet), 手機 (Mobile), 聯網電視 (Smart TV).
- Sports-focused cloud streaming video service (OTT).
- Aims to create a multi-screen viewing experience, allowing users to watch anywhere.
1.5. Important Development Milestones
- 2000: Internet Multimedia Technology Company.
- 2001: Content Integrator with Taiwan’s first video portal hichannel.
- 2008: Venturing into TV Channel Operations; first Olympic new media broadcasting license.
- 2010-2012: 3D broadcasting of the South Africa World Cup, Olympic master agency.
- 2015-2018: Pioneered digital video cloud storage management system.
- 2020-2024: Embracing 5G and AI; significant OTT subscription growth.
1.6. Industry Structure Map
- Upstream (Content Production)
- 16 self-operated channels and 10 agency channels.
- Digital advertising production & commission.
- Midstream (System Integration)
- System Development/Design, Platform Construction/Operation.
- Downstream (Distribution Platform)
- MOD IPTV, Hami Video OTT, ELTA.tv OTT, and other platforms.
1.7. ELTA TV Viewing Channels
- 中華電信 MOD: Multiple channels via set-top box.
- Hami Video: Subscription for ELTA sports live broadcasting.
- ELTA.tv OTT: Subscription to ELTA live channels and on-demand content.
1.8. Innovative Business Model
- Taiwan's first new media centered on "sports broadcasting."
- Integrated MOD and OTT dual-platform model.
- Multi-screen, one-cloud diverse viewing channels enabled via digital cloud.
1.9. Important Achievements
- Partnered with Chunghwa Telecom; broadcasted 9 Olympic Games.
- Over 3 million digital fan base.
Financial Highlights and Key Metrics
2.1. 2020~2024 Revenue Structure Trends (單位:新台幣千元)
| Year | MOD分潤 | Hami Video | ELTA.tv | 其他平台分潤 | 轉授權暨代購 | 廣告 | 其他 | 營收合計 |
|---|---|---|---|---|---|---|---|---|
| 2020年 | 237,920 | 7,177 | 4,583 | 7,929 | 110,879 | 17,556 | 9,836 | 395,882 |
| 2021年 | 267,870 | 32,608 | 26,791 | 10,818 | 549,367 | 35,273 | 11,266 | 933,993 |
| 2022年 | 305,779 | 66,188 | 42,203 | 12,404 | 438,902 | 93,772 | 21,883 | 981,131 |
| 2023年 | 358,983 | 104,521 | 70,437 | 11,207 | 338,127 | 66,679 | 18,457 | 968,412 |
| 2024年 | 429,687 | 144,021 | 92,439 | 12,751 | 659,233 | 128,942 | 21,449 | 1,488,521 |
| CAGR | 12.55% | 82.18% | 82.36% | 9.97% | 42.84% | 49.00% | 16.87% | 30.33% |
2.2. 2020~2024 Revenue Compound Annual Growth Rate
| 年度 | 營業收入 (含大型賽事) | CAGR | 年度 | 營業收入 (例行性賽事) | CAGR |
|---|---|---|---|---|---|
| 2020年 | 395,881 | 2020年 | 395,881 | ||
| 2021年 | 933,993 | 2021年 | 513,886 | ||
| 2022年 | 981,131 | 30.33% | 2022年 | 623,603 | 16.93% |
| 2023年 | 968,411 | 2023年 | 761,757 | ||
| 2024年 | 1,488,522 | 2024年 | 865,403 |
2.3. Balance Sheet and Key Financial Indicators (單位:新台幣千元)
| 項目 (Item) | 2022年度 | 2023年度 | 2024年度 | 2025年第二季 |
|---|---|---|---|---|
| 總資產 (Total Assets) | 680,204 | 832,483 | 1,034,302 | 986,412 |
| 現金 (Cash) | 215,085 | 282,674 | 335,422 | 328,662 |
| 財務資產 (Financial Assets) | 6,444 | 121,879 | 230,894 | 180,000 |
| 應收帳款 (Accounts Receivable) | 247,224 | 196,425 | 257,602 | 153,579 |
| 待播節目 (Programs to be broadcast) | 70,347 | 72,090 | 82,026 | 79,856 |
| 預付款項 (Prepayments) | 56,417 | 66,982 | 44,457 | 100,164 |
| 總負債 (Total Liabilities) | 361,282 | 297,067 | 333,017 | 369,666 |
| 短期借款 (Short-term borrowings) | 0 | 0 | 0 | 100,000 |
| 合約負債 (Contract Liabilities) | 93,965 | 13,332 | 24,013 | 55,391 |
| 應付帳款及票據 (Accounts Payable and Notes Payable) | 99,106 | 34,352 | 43,603 | 63,253 |
| 股東權益 (Shareholders' Equity) | 318,922 | 535,416 | 701,285 | 616,746 |
Key Financial Indicators
| 指標 (Indicator) | 2022 | 2023 | 2024 | 2025年二季 |
|---|---|---|---|---|
| 每股淨值 (Book Value Per Share) | 14.47 | 21.39 | 26.43 | 23.24 |
| 負債比 (Debt Ratio) | 53.11% | 35.68% | 32.20% | 37.48% |
| 流動比 (Current Ratio) | 186.84% | 283.51% | 303.42% | 241.21% |
| 資產報酬率 ROA | 8.16% | 18.12% | 19.38% | 10.61% |
| 權益報酬率 ROE | 20.39% | 31.88% | 29.01% | 16.22% |
2.4. Income Statement and Key Financial Indicators (單位:新台幣千元; %)
| 項目 (Item) | 2022年 | 2023年 | 2024年 | 2025年第二季 |
|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 981,131 | 968,411 | 1,488,522 | 537,452 |
| 營業成本 (Operating Cost) | 791,156 | 625,544 | 1,098,296 | 412,661 |
| 營業毛利 (Gross Profit) | 189,975 | 342,867 | 390,226 | 124,791 |
| 毛利率 (Gross Margin %) | 19.36% | 35.41% | 26.22% | 23.22% |
| 營業利益 (Operating Income) | 76,404 | 170,659 | 222,351 | 60,271 |
| 稅前淨利 (Pre-tax Income) | 74,934 | 172,311 | 225,785 | 66,333 |
| 稅後淨利 (Net Income) | 61,140 | 136,163 | 179,399 | 53,443 |
| 每股盈餘 (EPS) | 2.81 | 5.98 | 6.85 | 2.01 |
2.5. Dividend Policy
- Policy: Residual dividend policy, allocating over 20% of distributable earnings as dividends.
- Distribution Table:
| 所屬年度 | 發放年度 | 股票股利 | 現金股利 | EPS | 配息率 |
|---|---|---|---|---|---|
| 2024 | 2025 | 0 | 5.2 | 6.85 | 75.91% |
| 2023 | 2024 | 0 | 4.5 | 5.98 | 75.25% |
| 2022 | 2023 | 0 | 2.17 | 2.81 | 77.22% |
| 2021 | 2022 | 0.5 | 1.1 | 2.08 | 76.92% |
| 2020 | 2021 | 0 | 0.4 | -0.37 | N/A |
| 2019 | 2020 | 0 | 0.507 | 0.56 | 90.54% |
Recent Performance and Results
3.1. 2025 Q2 Operating Results
- Overall Revenue Growth: Revenue grew by over 25% YoY.
- Advertising Performance: Revenue grew by 41.64% YoY due to broadcasting of WBC qualifiers.
- Streaming Growth: Annual paid user count grew by 58.66% YoY.
3.2. 2025 Q2 Revenue Sources (YoY Revenue Growth %)
| 項目 (Item) | YoY 營收成長% |
|---|---|
| 1. 中華電信平台: MOD | 5.33% ↑ |
| 2. 中華電信平台: Hami Video OTT | 76.76% ↑ |
| 3. 愛爾達通路: ELTA.tv OTT | 93.67% ↑ |
| 4. 其他平台 | 20.75% ↑ |
| 5. 轉授權暨代購業務 | 22.34% ↑ |
| 6. 廣告業務專案 | 41.64% ↑ |
| 7. 其他專案業務 | (51.01%) ↓ |
3.3. 2025 Q2 Comprehensive Income Statement Summary (單位:新台幣千元; %)
| 綜合損益表項目 | Q2 25 | Q2 24 | H1 25 | H1 24 | Q2 YoY | H1 YoY |
|---|---|---|---|---|---|---|
| 營業收入淨額 | 293,425 | 229,744 | 537,452 | 430,570 | 27.72% | 24.82% |
| 營業毛利 | 63,700 | 61,035 | 124,791 | 118,998 | 4.37% | 4.87% |
| 營業毛利率 | 21.71% | 26.57% | 23.22% | 27.64% | -18.29% | -15.99% |
| 營業費用 | 37,498 | 33,534 | 64,520 | 60,695 | 11.82% | 6.30% |
| 營業淨利 | 26,202 | 27,501 | 60,271 | 58,303 | -4.72% | 3.38% |
| 營業淨利率 | 8.93% | 11.97% | 11.21% | 13.54% | -25.40% | -17.21% |
| 營業外收入及支出 | 6,670 | (2,276) | 6,062 | 866 | -393.06% | 600.00% |
| 本期淨利 | 26,674 | 19,914 | 53,443 | 47,060 | 33.95% | 13.56% |
| 純益率 | 9.09% | 8.67% | 9.94% | 10.93% | 4.88% | -9.02% |
| 每股盈餘 | $1.01 | $0.77 | $2.01 | $1.82 | 31.17% | 10.44% |
Future Outlook and Guidance
4.1. 2025 H2 Outlook
- Routine Revenue: Continues to rise with events scheduled.
4.2. 2025 H2 Revenue Targets (Routine)
| 項目_例行性 (Item_Routine) | 2025年下半年營收目標 (2025 H2 Revenue Target) |
|---|---|
| 1. 中華電信平台: MOD | 成長 (Growth) |
| 2. 中華電信平台: Hami Video OTT | 成長 (Growth) |
| 3. 愛爾達通路: ELTA.tv OTT | 成長 (Growth) |
| 4. 其他平台 | 持平 (Flat) |
| 5. 轉授權暨代購業務 | 成長 (Growth) |
| 6. 廣告業務專案 | 持平 (Flat) |
| 7. 其他專案業務 | 成長 (Growth) |
4.3. Long-term Outlook
- Sports Industry: Key growth area with unlimited opportunities.
- AI Integration: Enhancing operational efficiency and viewing experience.
- OTT Growth: Continued trend in digital content consumption.
- Ecosystem Development: Integrating content and e-commerce opportunities.
Strategic Initiatives and Plans
5.1. 2026 Major Sports Broadcasting Year
- Brand x Profit x Investment Value Strategy.
- Key events include the 2026 WBC and FIFA World Cup.
5.2. Future Vision
- ELTA aims to lead Taiwan's sports broadcasting streaming platform.
Key Charts, Graphs, and Data Points
- Annual Revenue Structure Trends & Monthly Revenue Trends: Bar chart and line graph demonstrating various revenue breakdowns over the years.
Products, Services & Technology
7.1. Products & Services
- ABYSS: Digital video cloud storage tailored for sports broadcasting.
- ELTA Channels: 16 self-operated and 10 agency channels.
- DELTA.TV (ELTA.TV): Cloud streaming service focused on sports.
- MOD IPTV & Hami Video OTT: Platforms for ELTA channels.
7.2. Technology Platforms & Concepts
- Digital Cloud: Enables multi-screen viewing.
- AI Application: Enhances operational efficiency in sports broadcasting.
- OTT Services: A core part of ELTA's business model.
7.3. Industry-Specific Terminology
- Key terms include Channel Operation, Streaming Services, Sub-licensing, and Digital Convergence.
Disclaimer: This briefing contains forward-looking statements based on internal data and external economic development. These statements involve risks and uncertainties. Actual outcomes may differ. The company is not obligated to update such information.