Ablerex (盈正豫順電子股份有限公司) [3628] 2Q 2025 法說會簡報
Date: August 13, 2025
Website: ablerex.com.tw
Slogan: Experts in Power Conversion
Disclaimer Statement (重要聲明)
- The financial numbers hereby are based on International Financial Reporting Standards (IFRS).
- Cumulative consolidated numbers were reviewed by CPA and announced on the Market Observation Post System.
- Ablerex's statements of its current expectations are forward-looking statements subject to significant risks and uncertainties, and actual results may differ materially from those contained in the forward-looking statements.
Company Overview (公司介紹)
Ablerex manufactures and sells uninterruptible power supply systems (UPS), power quality devices (Active Power Filters, APF), solar energy equipment (PV Inverter), and serves as an agent for large capacity UPS through construction project distribution and services.
Global Presence
- Taiwan Headquarters: Marketing, Manufacturing, Engineering, R&D
- China (Suzhou): Manufacturing
- China (Beijing), Singapore, USA, Italy, Japan, Thailand, Latin America, and the Caribbean: Service & Marketing Support
Production Bases
- Suzhou Plant
- Ping-Tung Plant
Milestones
- 1998: Set up Ablerex company (豫順電子股份有限公司成立), initially focused on developing, manufacturing, and selling small uninterruptible power supply systems.
- 1999: ISO 9001 certified.
- 2001: Started to set up a production facility in Suzhou, China (設立「豫順電子(蘇州)有限公司」).
- 2002: Merged with UIS Ablerex Electronics, renamed as Ablerex (盈正豫順電子股份有限公司). Awarded Small and Medium Enterprise Innovation & Research Award for APF (主動式電力濾波器(APF)榮獲經濟部中小企業創新研究獎).
- 2008: Set up Singapore office, expanding Southeast Asia, Middle East, and South America markets and developing own brand sales. IPO on May 19. Photovoltaic inverter GS Certification obtained in May.
- 2021: Golden Energy Award for High Quality PV Products - Three-phase 75KW PV Inverter.
- 2023: Established 3MW energy storage system and obtained safety certification.
Products, Services & Technology
Product and Industry Overview
- Energy Storage System (儲能系統): Models: EN1 Series 3K
5K, EN3 Series 10K80K, ESS-20 & ESS-40 MW. - Photo Voltaic Device (太陽能產品): Grid-Connected Single Phase, Grid-Connected Three Phase, Stand-Alone System.
- Uninterruptible Power Supply (UPS) (不斷電系統): MSII on-line double conversion UPS. Types: Three Phase UPS, Single Phase On-Line UPS, Line-interactive, Socomec.
- Active Power Filter (APF) (主動式電力濾波器): Enersine series providing harmonic suppression. Types: Modular APF, Standalone, Wall Mount APF.
- Automatic Transfer Switch (ATS) (電源自動轉換開關): Provides temporary electric power if utility source fails.
- Monitoring & Management System (電源監測系統): Battery Monitoring System.
UPS Product Details
-
Line Interactive UPS
- VT / VT Pro
- Capacity: 500/650/1K/1.5K
- Voltage: 120V/230V
- GR 2
- Capacity: 600/800, 1K/1.5K/2K
- Voltage: 230V
- GRS (New!)
- Capacity: 750/1K/1.5K/2K
- Voltage: 230V
- VT / VT Pro
-
On-Line UPS 1~3KVA
- Ares Plus (Lithium Solution)
- AE2 (New!)
- AP2 (Lithium Solution, New!)
-
3 Phase UPS
- Taurus UPS
- Kronos Plus UPS
- ZEN CPSS (Lithium Solution)
Active Power Filter (APF) Product Details
- Modular Type (New!)
- Wall Mount Type (New!)
Critical Load Solutions (重要負載解決方案)
- Hybrid UPS with ESS function for normal power supply and during outages.
ESS Case Studies
- Case (1) Ablerex Pingtung Plant
- Case (6) Hsinchu Science Park - National Energy Storage System Center
New Research
- SiC Single Phase UPS
- 100KW Modular Three-phase On-Line UPS
Business Segment Information (業務部門別資訊)
- Sales Dept.1 (第一事業部): Domestic sales of consigned and self-manufactured products.
- Sales Dept.2 (第二事業部): International sales and market promotion of self-manufactured products.
- Technical Services Dept. (技術服務部): Installation, testing, warranty, and spare parts.
- Energy Business Dept. (能源事業部): Domestic sales of self-manufactured energy-related products.
Financial Highlights and Key Metrics
2Q 2025 Financial Results (2025年第2季單季結算數字)
| Metric | 2Q25 | 1Q25 | 2Q24 | Q/Q Change | Y/Y Change |
|---|---|---|---|---|---|
| Sales Revenue (銷貨收入) | 809.3 | 698.1 | 710.4 | 15.9% | 13.9% |
| Gross Margin (銷貨毛利率) | 32.4% | 26.1% | 26.4% | +6.3ppts | +6.0ppts |
| Operating Expenses (營業費用) | 181.1 | 174.0 | 176.1 | 4.1% | 2.8% |
| Operating Margin (營業淨利率) | 10.1% | 1.2% | 1.6% | +8.9ppts | +8.5ppts |
| Non-operating Items (業外損益) | -34.8 | 6.2 | 2.6 | -660.9% | -1436.5% |
| Net Income (稅後淨利) | 29.7 | 8.5 | 6.0 | 247.8% | 398.6% |
| Net Profit Margin (稅後淨利率) | 3.7% | 1.2% | 0.8% | +2.5ppts | +2.9ppts |
| EPS (每股盈餘) | 0.67 | 0.19 | 0.12 | 252.6% | 458.3% |
| ROE (股東權益報酬率) | 1.83% | 0.51% | 0.36% | +1.32ppts | +1.47ppts |
| Outstanding Shares (流通在外股數) | 45 | 45 | 45 | - | - |
Half-year Financial Results (2025年上半年累計結算數字)
| Metric | YT1H25 | YT1H24 | Y/Y Change |
|---|---|---|---|
| Sales Revenue (銷貨收入) | 1,507.5 | 1,310.6 | 15.0% |
| Gross Margin (銷貨毛利率) | 29.5% | 26.0% | +3.5ppts |
| Operating Expenses (營業費用) | 355.1 | 332.2 | 6.89% |
| Operating Margin (營業淨利率) | 6.0% | 0.6% | +5.4ppts |
| Net Income (稅後淨利) | 38.2 | 11.0 | 248.4% |
| Net Profit Margin (稅後淨利率) | 2.5% | 0.8% | +1.7ppts |
| EPS (每股盈餘) | 0.86 | 0.24 | 258.3% |
| ROE (股東權益報酬率) | 2.36% | 0.67% | +1.69ppts |
EPS and Cash Dividend (Unit: NT$)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| EPS (每股盈餘) | 0.93 | 1.6 | 2.55 | 1.95 | 2.15 |
| Cash Dividend (現金股利) | 1.00 | 1.25 | 2.00 | 2.00 | 2.00 |