匯鑽科技股份有限公司 (Superior Plating Technology Co., Ltd.) 2025年8月 法人說明會
Company Overview
- Slogan: Bridge to the Brilliant Future
- Market Value: NT$1.9+ billion
- Number of Employees: 900+ people
- Revenue: NT$1 billion in 2024
- Main Business: Surface Treatment Services
- Production Bases:
- China: 3 facilities
- Dingqun Technology - 100% owned
- Huizuan Industry - 100% owned
- Dongguan Guanjie - 10% owned
- Thailand: 1 facility
- Huizuan Thailand - 58% owned
- China: 3 facilities
- Headquarters: Taipei Headquarters
- Board of Directors:
- Chairman: Mr. Hua Lei-Zhe
Financial Highlights
Key Financial Observations
- Revenue was affected by exchange rates. In local currency, the main market in China grew YoY +16.2%, while Thailand declined YoY -18.4%.
- Gross profit margin decreased due to increased labor costs from the introduction of new processes and products.
- Accumulated unpaid bonus expenses were recognized as a one-time expense in 2Q25.
Financial Performance Table (項目/百萬台幣 - Item/NT$ Million)
| 項目/百萬台幣 | 24Q2 | % | 25Q1 | % | 25Q2 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營收 (Revenue) | 248.7 | 100% | 235.3 | 100% | 245.0 | 100% | 4.1% | -1.5% |
| 毛利 (Gross Profit) | 62.2 | 25% | 36.4 | 15% | 40.2 | 16% | 10.3% | -35.7% |
| 營業費用 (Operating Expenses) | 44.2 | 18% | 50.0 | 21% | 51.4 | 21% | 2.7% | 15.4% |
| 營業利益 (Operating Income) | 18.0 | 7% | (13.6) | -6% | (11.2) | -4% | 17.8% | 盈轉虧 |
| 稅前淨利 (Profit Before Tax) | 23.3 | 9% | (18.2) | -8% | (13.0) | -5% | 19.2% | 盈轉虧 |
| 本期淨利 (Net Profit) | 17.4 | 7% | (19.1) | -8% | (13.0) | -5% | 32.2% | 盈轉虧 |
| EPS(元) (EPS (NT$)) | 0.4 | (0.4) | (0.3) |
Other Financial Data (Balance Sheet Items - NT$)
Key Observations
- Cash and cash equivalents were significantly affected by the company's share buyback executed on 4/11.
- No significant difference in the debt ratio.
| Item | 114/6/30 (Current Period) | 113/6/30 (Previous Year) | Difference from Previous Year | Difference % |
|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 144,000 | 239,710 | (95,710) | -40% |
| 應收帳款 (Accounts Receivable) | 346,238 | 306,436 | 39,802 | 13% |
| 應收帳款-關係人 (Accounts Receivable - Related Parties) | 1,030 | 1,402 | (372) | -27% |
| 其他應收款 (Other Receivables) | 3,576 | 23 | 3,553 | 15448% |
| 其他應收款-關係人 (Other Receivables - Related Parties) | 0 | 57 | (57) | -100% |
| 本期所得稅資產 (Current Income Tax Assets) | 7,836 | 14,292 | (6,456) | -45% |
| 存貨 (Inventory) | 73,049 | 65,588 | 7,461 | 11% |
| 預付款項 (Prepayments) | 24,506 | 16,282 | 8,224 | 51% |
| 其他流動資產 (Other Current Assets) | 428 | 1,979 | (1,551) | -78% |
| 流動資產總額 (Total Current Assets) | 616,736 | 701,177 | (84,441) | -12% |
| 非流動資產總額 (Total Non-Current Assets) | 809,333 | 794,299 | 15,034 | 2% |
| 負債總額 (Total Liabilities) | 455,574 | 434,803 | 20,771 | 5% |
Footnote for Financial Data: 註:財務資料經會計師核閱。(Note: Financial data reviewed by accountants.)
Recent Performance and Results
Revenue Performance
- Revenue maintained positive YoY growth of +3.71% despite exchange rate pressure.
Revenue Breakdown
- 2025Q2 Revenue: NT$258,725
- 2025Q1 Revenue: NT$235,393
- QoQ Growth (2025Q2 vs 2025Q1): 9.91%
- 2024Q2 Revenue: NT$249,462
- YoY Growth (2025Q2 vs 2024Q2): 3.71%
Major Customers/End Products (% of Revenue)
- 2025年第二季 (2Q 2025):
- Apple/3C: 66%
- Seagate/HDD: 20%
- Others: 14%
- 2025年第一季 (1Q 2025):
- Apple/3C: 65%
- Seagate/HDD: 21%
- Others: 14%
- 2024年第二季 (2Q 2024):
- Apple/3C: 65%
- Seagate/HDD: 27%
- Others: 8%
Production Base Revenue Mix (% of Revenue)
- 2025年第一季 (1Q 2025):
- 中國廠區 (China Plant): 86%
- 泰國廠區 (Thailand Plant): 14%
- 2024年第四季 (4Q 2024):
- 中國廠區 (China Plant): 85%
- 泰國廠區 (Thailand Plant): 15%
- 2024年第一季 (1Q 2024):
- 中國廠區 (China Plant): 82%
- 泰國廠區 (Thailand Plant): 18%
Future Outlook and Guidance
Global Foldable Phones Market Outlook
- Expected to enter a high growth period in 2027.
Global Foldable Phone Shipments and YoY Growth Trend (Units in Thousands)
| Year | Shipment | YoY Growth |
|---|---|---|
| 2021 | 910 | |
| 2022 | 1,310 | 44% |
| 2023(f) | 1,860 | 42% |
| 2024(f) | 3,570 | 92% |
| 2025(f) | 5,470 | 53% |
| 2026(f) | 7,860 | 44% |
| 2027(f) | 10,150 | 29% |
| Data Source: Counterpoint Research |
Strategic Initiatives and Plans
Superior Plating's Four Core Value Propositions for Surface Treatment
- High Barrier: Policy and environmental driven, establishing unique differentiated advantages.
- Diversification: Multiple bases, diverse products covering high-end foldable phones, optical communication modules, AI liquid cooling heat dissipation products.
- Technological Advantage: Assisting clients in achieving industry's highest specifications, demonstrating a leading position.
- Automation: Improving production capacity and delivery stability, possessing millions of units of capacity.
Mid-to-Long Term Planning
- 中國事業部 (China Business Unit) - Next Six Months:
- Expand carbon fiber applications, increase automation.
- Enter high-end foldable phone supply chain for US clients.
- Introduce carbon fiber phone supply chain for European clients.
- 泰國廠擴線 (Thailand Plant Expansion) - One-Year Plan:
- New plant completion expected in 2Q26, develop new processes and new orders.
- Expand market to AI server module supply chain.
- 越南發展 (Vietnam Development) - Long-Term Development:
- Establish local partnerships or pursue M&A to meet Vietnam's metal surface treatment demand.
Key Milestones for 2H25
中國事業群 (China Business Group)
- Integration transition period: Huizuan Dingqun production line integration for lean production and reduced labor costs.
碳纖維應用 (Carbon Fiber Applications)
- Mass production of high-end foldable phone new model and expanding applications to tablets.
泰國事業部 (Thailand Business Unit)
- New plant expansion officially commenced.
- Production capacity transferred from China HDD to Thailand, increasing utilization.
Integration of Dingqun and Huizuan
- Advantages:
- Increase flexibility in personnel deployment.
- Reduce wastewater discharge costs.
- Meet customer demands, cumulative performance improvement.
- Activate existing assets (Huizuan Industry).
Thailand Plant Expansion
- New plant will develop new processes and expand to new customers.
- Expected to commence construction in 3Q25.
Synergies from Thailand Plant
- Centralized resource allocation for maximum activation.
- New processes enhancing competitiveness.
- Expansion to new customers and applications like AI server modules.
Key Charts, Graphs, and Data Points
- Revenue Trend Chart: Monthly revenue from October to July.
- Customer/Product Mix Pie Charts for 2Q25, 1Q25, and 2Q24.
- Production Base Revenue Mix for 1Q25, 4Q24, and 1Q24.
- Global Foldable Phone Shipments and YoY Growth Trend Chart.
- Jiangbi Industrial Park Map.
Important Product Names, Terms, and Concepts
Company Names
- 匯鑽科技股份有限公司 (Superior Plating Technology Co., Ltd.)
- 頂群科技 (Dingqun Technology)
- 匯鑽實業 (Huizuan Industry)
- 東莞冠杰 (Dongguan Guanjie)
- 匯鑽泰國 (Huizuan Thailand)
Business Segments/Units
- 中國事業部 (China Business Unit)
- 泰國廠擴線 (Thailand Plant Expansion)
- 越南發展 (Vietnam Development)
- 中國事業群 (China Business Group)
- 泰國事業部 (Thailand Business Unit)
Key Products/Applications
- 表面處理服務 (Surface Treatment Services)
- 高階摺疊手機 (High-end foldable phones)
- 光通訊模組 (Optical communication modules)
- AI水冷散熱產品 (AI liquid cooling heat dissipation products)
- 碳纖維應用 (Carbon fiber applications)
- 平板 (Tablets)
- AI伺服器模組 (AI server modules)
- HDD (Hard Disk Drives)
Technology/Materials
- 碳纖維 (Carbon fiber)
- 金屬 (Metal)
Operational Concepts
- 高門檻 (High Barrier)
- 多角化 (Diversification)
- 技術優勢 (Technological Advantage)
- 自動化 (Automation)
- 精實生產 (Lean production)
Geographical Locations
- 中國 (China)
- 泰國 (Thailand)
- 越南 (Vietnam)
- 臺北 (Taipei)
- 東莞 (Dongguan)
- 江碧園區 (Jiangbi Industrial Park)
Specific Product Examples
- HONOR Magic V5 (榮耀Magic V5) - Foldable flagship phone.
- LEX (brand associated with carbon fiber backplate).
Products, Services & Technology
Service Offerings
- 表面處理服務 (Surface Treatment Services)
Key Technologies/Materials
-
Carbon Fiber Applications:
- Used in high-end foldable phones, to replace metal.
- Applications expanding to tablets.
- Specific feature: 內屏增強碳纖維襯板 (Inner screen reinforced carbon fiber backplate).
- Technical specifications: 380GPa 抗變形能力 (anti-deformation capability), 380GPa 碳纖維強度 (carbon fiber strength).
-
Optical Communication Modules: Covered by diversification strategy.
-
AI Liquid Cooling Heat Dissipation Products: New application market targeted for expansion.
-
New Processes: Continuous development for competitiveness.
Manufacturing Capabilities
- Automated production lines.
- Lean production to reduce labor costs.
- Millions of units of capacity.
- Ability to meet industry's highest specifications.