勝一化工股份有限公司 (Sheng-Yi Chemical Co., Ltd.) 2025上半年營運說明會
日期: 2025/8/20
管理團隊:
- 總經理: 孫啟發
- 副總經理: 黃有慶
1. 公司概況 (Company Overview)
1.1 勝一概述 (Sheng-Yi Overview)
- 董事長: 孫靜源
- 成立年份: 1979年
- 上市年份: 2009年
- 資本額: 新台幣 30億元
- 員工數: 640人 (集團)
- 廠區數量: 五個廠區
1.2 合併營收 (Consolidated Revenue)
- 2025上半年: 新台幣 56億元
- 2024年: 新台幣 111億元
- 2023年: 新台幣 99億元
1.3 主要產品及應用 (Main Products & Applications)
工業級 (Industrial Grade):
- 塗料 (Paints)
- 樹脂 (Resins)
- 油墨 (Inks)
電子級 (Electronic Grade):
- 半導體製造 (Semiconductor Manufacturing)
- 半導體封裝 (Semiconductor Packaging)
- 面板 (Panels)
2. 財務資訊 (Financial Information)
2.1 2025上半年合併損益表 (2025 H1 Consolidated Income Statement)
單位: 新台幣仟元
| 項目 (Item) | 2025上半年 Q1 | 2025上半年 Q2 | 2025上半年 H1 | H1 % | 2024上半年 金額 (Amount) | 2024上半年 % | 同期增減 % (YoY Change %) |
|---|---|---|---|---|---|---|---|
| 營業收入淨額 (Net Operating Revenue) | 2,753,204 | 2,849,905 | 5,603,109 | 100.0 | 5,285,797 | 100.0 | 6.0 |
| 營業成本 (Operating Cost) | (1,831,341) | (1,898,007) | (3,729,348) | -66.6 | (3,526,596) | -66.7 | 5.7 |
| 營業毛利 (Gross Operating Profit) | 921,863 | 951,898 | 1,873,761 | 33.4 | 1,759,201 | 33.3 | 6.5 |
| 營業費用 (Operating Expenses) | (355,837) | (387,599) | (743,436) | -13.3 | (741,072) | -14.0 | 0.3 |
| 營業利潤 (Operating Profit) | 566,026 | 564,299 | 1,130,325 | 20.2 | 1,018,129 | 19.3 | 11.0 |
| 營業外收支 (Non-Operating Income/Expenses) | 8,877 | 28,336 | 37,213 | 0.7 | 47,045 | 0.9 | -20.9 |
| 稅前淨利 (Profit Before Tax) | 574,903 | 592,635 | 1,167,538 | 20.8 | 1,065,174 | 20.2 | 9.6 |
| 本期淨利 (Net Profit for the Period) | 475,230 | 477,821 | 953,051 | 17.0 | 862,486 | 16.3 | 10.5 |
| 每股盈餘(元) (EPS (NT$)) | 1.58 | 1.59 | 3.18 | 2.87 | |||
| 毛利率(%) (Gross Profit Margin (%)) | 33.5 | 33.4 | 33.4 | 33.3 | |||
| 營業利潤率(%) (Operating Profit Margin (%)) | 20.6 | 19.8 | 20.2 | 19.3 | |||
| 淨利率(%) (Net Profit Margin (%)) | 17.3 | 16.8 | 17.0 | 16.3 |
2.2 各季合併獲利率變化 (Quarterly Consolidated Profitability Change)
- 毛利率(%) (Gross Profit Margin (%)):
- Q3'23: 30.1
- Q4'23: 33.9
- Q1'24: 33.3
- Q2'24: 33.3
- Q3'24: 31.9
- Q4'24: 31.9
- Q1'25: 33.5
- Q2'25: 33.4
- 營業利潤率(%) (Operating Profit Margin (%)):
- Q3'23: 17.5
- Q4'23: 19.6
- Q1'24: 17.7
- Q2'24: 20.8
- Q3'24: 19.8
- Q4'24: 18.2
- Q1'25: 20.6
- Q2'25: 19.8
- 淨利率(%) (Net Profit Margin (%)):
- Q3'23: 15.4
- Q4'23: 16.1
- Q1'24: 15.1
- Q2'24: 17.5
- Q3'24: 16.6
- Q4'24: 16.0
- Q1'25: 17.3
- Q2'25: 16.8
2.3 各季產品營收比重(個體) (Quarterly Product Revenue Mix (Individual))
單位: %
| 產品類別 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| 電子級溶劑 (Electronic Grade Solvents) | 60.3 | 57.4 | 61.2 | 64.9 | 65.9 | 64.8 | 69.8 | 72.5 |
| 工業級溶劑 (Industrial Grade Solvents) | ||||||||
| 原料 (Raw Materials) | ||||||||
| 其他 (Others) |
2.4 各季製成品銷量變化(個體) (Quarterly Finished Product Sales Volume Change (Individual))
單位: 仟噸 (Thousand Tons)
| 產品類別 | Q3'23 | Q4'23 | Q1'24 | Q2'24 | Q3'24 | Q4'24 | Q1'25 | Q2'25 |
|---|---|---|---|---|---|---|---|---|
| 合計 (Total) | 31.1 | 28.5 | 31.2 | 31.5 | 33.3 | 32.9 | 32.0 | 32.9 |
| 工業級溶劑 (Industrial Grade Solvents) | 14.0 | 12.4 | 13.3 | 12.7 | 12.5 | 12.6 | 11.2 | 11.1 |
| 電子級溶劑 面板及其他 (Electronic Grade Solvents - Panels & Others) | 5.5 | 5.1 | 6.2 | 6.3 | 6.8 | 7.0 | 6.6 | 6.8 |
| 電子級溶劑 半導體 (Electronic Grade Solvents - Semiconductors) | 11.6 | 10.9 | 11.8 | 12.6 | 14.0 | 13.2 | 14.0 | 15.0 |
2.5 合併資產負債表 (Consolidated Balance Sheet)
單位: 新台幣仟元
| 項目 (Item) | 2025年6月底 (End of June 2025) | 2024年底 (End of 2024) | 增減 (Increase/Decrease) |
|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 403,868 | 373,079 | 30,789 |
| 存貨 (Inventory) | 1,557,699 | 1,695,346 | (137,647) |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 9,738,093 | 9,325,105 | 412,988 |
| 短期借款 (Short-term Borrowings) | 1,045,097 | 1,285,383 | (240,286) |
| 長期借款 (Long-term Borrowings) | 2,091,333 | 2,131,140 | (39,807) |
| 資產總額 (Total Assets) | 15,951,996 | 15,592,113 | 359,883 |
| 負債總額 (Total Liabilities) | 5,954,329 | 5,819,147 | 135,182 |
| 權益總額 (Total Equity) | 9,997,667 | 9,772,966 | 224,701 |
| 淨負債比率(%) (Net Debt Ratio (%)) | 27.3 | 31.1 | -3.8 |
| 負債比率(%) (Debt Ratio (%)) | 37.3 | 37.3 | 0.0 |
| 股東權益報酬率(%) (Return on Equity (%)) | 19.1 | 18.5 | 0.6 |
說明 (Notes):
- 截至2025年6月底,借款額度145.7億元,已動用31.4億元,動支22%。
- 淨負債比率(%)=(短借+長借-現金及約當現金)/權益總額。
2.6 合併現金流量表 (Consolidated Cash Flow Statement)
單位: 新台幣仟元
| 項目 (Item) | 2025上半年 Q1 | 2025上半年 Q2 | 2025上半年 H1 | 2024上半年 (Amount) | 同期增減 % (YoY Change %) |
|---|---|---|---|---|---|
| 期初現金 (Beginning Cash Balance) | 373,079 | 258,925 | 373,079 | 278,614 | |
| 營運活動之現金流入 (Cash Inflow from Operating Activities) | 695,819 | 424,706 | 1,120,525 | 1,160,645 | -3.5 |
| 資本支出 (Capital Expenditure) | (293,051) | (483,165) | (776,216) | (942,784) | -17.7 |
| 銀行借款 (Bank Borrowings) | (511,266) | 231,173 | (280,093) | (143,988) | 94.5 |
| 其他 (Others) | (5,656) | (27,771) | (33,427) | (44,530) | -24.9 |
| 期末現金 (Ending Cash Balance) | 258,925 | 403,868 | 403,868 | 307,957 | |
| 自由現金流量 (Free Cash Flow) | 402,768 | (58,459) | 344,309 | 217,861 |
說明 (Note): 自由現金流量=營運活動支現金流入-資本支出。
2.7 歷年股利分派 (Historical Dividend Distribution)
- 盈餘分配率(%) (Earnings Payout Ratio (%)):
- 2014: 74.3
- 2015: 73.5
- 2016: 76.5
- 2017: 78.5
- 2018: 80.6
- 2019: 71.2
- 2020: 70.6
- 2021: 68.0
- 2022: 49.3
- 2023: 50.7
- 2024: 62.4
- 股票股利(元) (Stock Dividend (NT$)):
- 2019: 2.0
- 2020: 1.1
- 2021: 2.5
- 2024: 2.0
- 現金股利(元) (Cash Dividend (NT$)):
- 2014: 2.6
- 2015: 3.0
- 2016: 4.0
- 2017: 4.6
- 2018: 5.0
- 2019: 2.2
- 2020: 3.5
- 2021: 3.0
- 2022: 3.6
- 2023: 3.2
- 2024: 2.5
2.8 財務比例分析 (Financial Ratio Analysis)
| 項目 (Item) | 2025年6月底 (End of June 2025) | 2024年底 (End of 2024) | 說明 (Explanation) |
|---|---|---|---|
| 應收帳款週轉天數(天) (Accounts Receivable Turnover Days (Days)) | 48 | 47 | 無重大變動 (No significant change) |
| 存貨週轉天數(天) (Inventory Turnover Days (Days)) | 80 | 85 | 無重大變動 (No significant change) |
| 應付帳款週轉天數(天) (Accounts Payable Turnover Days (Days)) | 20 | 20 | |
| 流動比率(%) (Current Ratio (%)) | 109 | 114 | 應付現金股利6.25億元,列入流動負債 (Cash dividends payable NT$ 625 million, classified as current liabilities) |
| 負債比率(%) (Debt Ratio (%)) | 37 | 37 | 財務結構良好且維持穩定 (Financial structure is good and stable) |
| 權益比率(%) (Equity Ratio (%)) | 63 | 63 | |
| 基本每股盈餘(元) (Basic EPS (NT$)) | 3.18 | 6.01 | |
| 每股淨值(元) (Book Value Per Share (NT$)) | 33.33 | 39.09 | 股本由25億元增為30億元 (Capital increased from NT$ 2.5 billion to NT$ 3 billion) |
3. 未來展望與策略 (Future Outlook & Strategy)
- [無相關資訊提供於此簡報]
4. 問答環節 (Q&A)
- 總經理: 孫啟發
- 副總經理: 黃有慶