南寶樹脂 NanPao Resins Chemical Group [4766 TT] 2025/8 法說會簡報
Company Overview
- Company Name: 南寶樹脂 NanPao Resins Chemical Group
- Stock Code: 4766 TT
- Report Date: 2025/8
Key Highlights:
- Leading manufacturer of adhesives for sports shoes.
- Strong focus on innovation and sustainable solutions.
- Goals to increase green product sales contribution to over 80% in five years.
Financial Highlights
Q2 2025 Income Statement (NTD Millions)
| Item | 2Q25 | 1Q25 | 2Q24 | QoQ | YoY |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 5,805 | 5,554 | 5,783 | 5% | 0% |
| 營業毛利 (Gross Profit) | 2,003 | 1,912 | 1,814 | 5% | 10% |
| 毛利率 (Gross Margin) | 34.5% | 34.4% | 31.4% | ||
| 營業費用 (Operating Expenses) | 1,018 | 1,002 | 963 | 2% | 6% |
| 營業收益 (Operating Income) | 985 | 910 | 851 | 8% | 16% |
| 淨利 (Net Profit) | 554 | 729 | 672 | -24% | -18% |
| 每股盈餘 (EPS, NTD) | 4.59 | 6.05 | 5.58 | -24% | -18% |
H1 2025 Income Statement (NTD Millions)
| Item | 1H25 | 1H24 | YoY |
|---|---|---|---|
| 營業收入 (Revenue) | 11,360 | 10,773 | 5% |
| 營業毛利 (Gross Profit) | 3,914 | 3,468 | 13% |
| 營業利益率 (Operating Margin) | 16.7% | 15.0% | |
| 淨利 (Net Profit) | 1,282 | 1,379 | -7% |
| 每股盈餘 (EPS, NTD) | 10.64 | 11.43 | -7% |
Q2 2025 Balance Sheet (NTD Millions)
| Item | 2025/6/30 | % | 2025/3/31 | % | 2024/6/30 | % |
|---|---|---|---|---|---|---|
| 資產總額 (Total Assets) | 26,562 | 100% | 28,539 | 100% | 26,351 | 100% |
| 現金 (Cash) | 7,513 | 28% | 8,235 | 29% | 6,609 | 25% |
| 應收帳款 (Accounts Receivable) | 5,019 | 19% | 5,279 | 19% | 5,355 | 20% |
| 存貨 (Inventory) | 2,843 | 11% | 3,206 | 11% | 2,851 | 11% |
| 負債總額 (Total Liabilities) | 13,376 | 50% | 14,135 | 50% | 11,649 | 44% |
| 權益總額 (Total Equity) | 13,186 | 50% | 14,404 | 50% | 14,702 | 56% |
Historical Financial Performance (2020-2024)
| Year | Revenue (NTD Millions) | Net Profit (NTD Millions) | EPS (NTD) | ROE (%) |
|---|---|---|---|---|
| 2020 | 15,551 | 1,220 | 10.12 | 12.2 |
| 2021 | 17,980 | 876 | 7.26 | 6.9 |
| 2022 | 22,004 | 1,741 | 14.44 | 11.7 |
| 2023 | 20,581 | 2,428 | 20.14 | 17.5 |
| 2024 | 22,983 | 2,684 | 22.26 | 19.4 |
Business Segments
Revenue Structure - Q2 2025
- 接著劑 (Adhesives): 70%
- 塗料與建材 (Coatings and Building Materials): 25%
- 其他 (Others): 5%
Revenue Growth Rate by Segment
| Segment | YoY | QoQ |
|---|---|---|
| 營業收入 (Total Revenue) | 0% | 5% |
| 接著劑 (Adhesives) | -5% | 3% |
| 塗料與建材 (Coatings) | 11% | 5% |
Products & Technologies
- 接著劑 (Adhesives)
- Sports shoes, industrial, and consumer applications.
- Developed bio-based and recyclable materials.
- 塗料與建材 (Coatings and Building Materials)
- Focus on sustainable materials and high-efficiency solutions.
Clients & Markets
- Major clients include global sports brands and industries in electronics, construction, and consumer products.
- Targeting Asia-Pacific for growth with a focus on localized solutions.
ESG / Sustainability
2024 ESG Ratings
- Company Governance: Top 5% in governance ranking.
- FTSE Russell ESG Score: 3.7/5
- S&P Global ESG Score: 75/100 (top 2% in chemicals)
Sustainability Goals
- Achieve carbon neutrality by 2050.
- Reduce greenhouse gas emissions by 10% by 2025 compared to 2023.
Outlook & Strategy
- Maintain revenue growth target while enhancing operating margins.
- Focus on semiconductor adhesives and other electronics as key growth drivers.
- Drive innovation and strategic acquisitions to strengthen core business.
Additional Data
-
Historical R&D Investment:
Year R&D Investment (NTD Millions) 2015 295 2016 329 2017 387 2018 420 2019 446 2020 500 2021 485 2022 514 2023 519 2024 543 -
R&D Expense as % of Revenue: Consistently around 2.0%-3.2% from 2015 to 2024.
THANK YOU
Website: www.nanpao.com