QST International Corporation (8349.TWO) 2023Q3 法說會簡報
Company Overview
Company Name: QST International Corporation (Boltun Group)
Ticker: 8349.TWO
Contact Information:
- Tel.: +886-6-208-1997#11688
- Fax: +886-208-2072
- Email: investor_r@qst.com.tw
- Website: www.qst.com.tw
Business Description:
QST International Corporation is a Full Service Provider (F.S.P.) for automotive and electric vehicle (EV) metal products. The company is transitioning from an exporter to a Full Service Provider (F.S.P.), focusing on accelerating growth in Electric Vehicles (EV) and key transformations within the automotive industry.
Company Development History (Milestones):
- 1990: First Suzhou Plant established
- 1995: Tainan Plant established
- 1998: Revenue exceeded NTD 1 billion
- 2005: Expanded Xiamen presence
- 2008: Revenue exceeded NTD 3 billion
- 2010: Listed on OTC, stock code #8349
- 2015: Initiated global M&A
- 2016: Revenue exceeded NTD 10 billion
- 2024: Revenue reached NTD 13.1 billion
Global Holding Structure:
- boltun GROUP - Parent company
- boltun Vietnam: 70% owned
- YESWIN Suzhou: 100% owned
- boltun Xiamen: 100% owned
- ESKA Germany: 85.71% owned
- QST Taiwan US Thailand: 100% owned
Financial Highlights and Key Metrics
Unit: NT$ million (unless otherwise specified)
Quarterly Financial Performance (3Q-2023 to 2Q-2025):
| Account Item | 3Q-2023 | 4Q-2023 | 1Q-2024 | 2Q-2024 | 3Q-2024 | 4Q-2024 | 1Q-2025 | 2Q-2025 | QoQ% |
|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue (營業收入) | 3,122 | 3,425 | 3,188 | 3,210 | 3,300 | 3,429 | 2,801 | 2,830 | 1% |
| Gross Operating Profit (營業毛利) | 547 | 701 | 692 | 675 | 706 | 692 | 590 | 590 | 0% |
| Gross Operating Profit Margin (營業毛利率) | 17.5% | 20.5% | 21.7% | 21.0% | 21.4% | 20.2% | 21.1% | 20.8% | -23bp |
| Operating Expenses (營業費用) | 407 | 335 | 418 | 446 | 456 | 466 | 448 | 386 | -14% |
| Operating Income (營業利益) | 139 | 366 | 275 | 229 | 250 | 226 | 143 | 204 | 43% |
| Operating Profit Margin (營業利潤率) | 4.5% | 10.7% | 8.6% | 7.1% | 7.6% | 6.6% | 5.1% | 7.2% | 213bp |
| Net Financial Costs (財務成本淨額) | 58 | 62 | 53 | 55 | 54 | 51 | 51 | 45 | -11% |
| Share of Profit/Loss of Associates and Joint Ventures (權益法認列之關聯企業及合資損益之份額淨額) | 20 | (1) | 30 | 18 | 13 | 29 | 26 | (11) | -144% |
| Net Foreign Exchange Gain/Loss (匯兌損益淨額) | 67 | (29) | 49 | 30 | (8) | 24 | 31 | (132) | -529% |
| Other Gains and Losses, Net (其他利益及損失淨額) | 18 | 31 | 46 | 30 | 7 | 37 | 21 | 2 | -92% |
| Total Non-Operating Income and Expenses (營業外收入及支出合計) | 46 | (60) | 73 | 23 | (43) | 38 | 27 | (187) | -803% |
| Profit (Loss) Before Tax (稅前淨利(淨損)) | 186 | 305 | 347 | 252 | 207 | 264 | 169 | 18 | -90% |
| Total Income Tax Expense (Benefit) (所得稅費用(利益) 合計) | 55 | 105 | 141 | 65 | 59 | 99 | 45 | 25 | -44% |
| Net Profit (Loss) for the Period (本期淨利(淨損)) | 131 | 200 | 206 | 187 | 148 | 165 | 124 | (8) | -106% |
| Net Profit Margin for the Period (本期淨利率) | 4.2% | 5.8% | 6.5% | 5.8% | 4.5% | 4.8% | 4.4% | -0.3% | -470bp |
| Net Profit (Loss) Attributable to Owners of the Parent (淨利 (損) 歸屬於母公司業主淨利) | 128 | 208 | 203 | 191 | 157 | 187 | 135 | 3 | -97% |
| Basic Earnings Per Share (基本每股盈餘) | 0.85 | 1.38 | 1.21 | 1.24 | 0.93 | 1.10 | 0.66 | 0.02 | -97% |
Annual Financial Performance (2018Y to 2024Y, 2025/1-6):
| Account Item | 2018Y | 2019Y | 2020Y | 2021Y | 2022Y | 2023Y | 2024Y | 2025/1-6 | YoY% |
|---|---|---|---|---|---|---|---|---|---|
| Operating Revenue (營業收入) | 10,840 | 9,925 | 8,824 | 10,193 | 11,476 | 12,238 | 13,137 | 5,631 | -12% |
| Gross Operating Profit (營業毛利) | 2,404 | 1,834 | 1,697 | 1,934 | 2,179 | 2,165 | 2,765 | 1,180 | -14% |
| Gross Operating Profit Margin (營業毛利率) | 22.2% | 18.5% | 19.2% | 19.0% | 19.0% | 17.7% | 21.1% | 21.0% | -41bp |
| Operating Expenses (營業費用) | 1,583 | 1,459 | 1,353 | 1,486 | 1,578 | 1,458 | 1,786 | 834 | -3% |
| Operating Income (營業利益) | 821 | 375 | 344 | 447 | 601 | 707 | 979 | 347 | -31% |
| Operating Profit Margin (營業利潤率) | 7.6% | 3.8% | 3.9% | 4.4% | 5.2% | 5.8% | 7.5% | 6.2% | -172bp |
| Net Financial Costs (財務成本淨額) | 118 | 118 | 99 | 77 | 126 | 224 | 213 | 96 | -11% |
| Share of Profit/Loss of Associates and Joint Ventures (權益法認列之關聯企業及合資損益之份額淨額) | 66 | 56 | 16 | 42 | 73 | 48 | 89 | 14 | -70% |
| Net Foreign Exchange Gain/Loss (匯兌損益淨額) | 25 | 0 | 3 | (43) | 87 | 61 | 96 | (101) | -227% |
| Other Gains and Losses, Net (其他利益及損失淨額) | 152 | 24 | 135 | 109 | 108 | 88 | 120 | 23 | -70% |
| Total Non-Operating Income and Expenses (營業外收入及支出合計) | 124 | (38) | 54 | 31 | 143 | (27) | 91 | (160) | -267% |
| Profit (Loss) Before Tax (稅前淨利(淨損)) | 945 | 337 | 398 | 479 | 744 | 680 | 1,071 | 187 | -69% |
| Total Income Tax Expense (Benefit) (所得稅費用(利益) 合計) | 206 | 98 | 111 | 114 | 172 | 218 | 364 | 71 | -66% |
| Net Profit (Loss) for the Period (本期淨利(淨損)) | 740 | 239 | 287 | 365 | 572 | 461 | 706 | 116 | -71% |
| Net Profit Margin for the Period (本期淨利率) | 6.8% | 2.4% | 3.3% | 3.6% | 5.0% | 3.8% | 5.4% | 2.1% | -409bp |
| Net Profit (Loss) Attributable to Owners of the Parent (淨利 (損) 歸屬於母公司業主淨利) | 627 | 251 | 293 | 376 | 589 | 474 | 739 | 139 | -65% |
| Basic Earnings Per Share (基本每股盈餘) | 5.43 | 2.16 | 2.52 | 3.03 | 4.30 | 3.03 | 4.27 | 0.65 | -73% |
CAPEX & Depreciation (NT$ million):
- 2024Y: CAPEX: 2,827; Depreciation: 759
- 2Q'25: CAPEX: 406; Depreciation: 208
EBITDA & Cash flow from operating activities (NT$ million):
- 2024Y: EBITDA: 1,625; Cash flow from operating activities: 1,356
- 2Q'25: EBITDA: 526; Cash flow from operating activities: 270
Recent Performance and Results
Monthly Revenue by Business Unit (Unit: million):
| BU | 2022Y Total | 2023Y Total | 2024Y Total | 2025Y (Jan-Aug) |
|---|---|---|---|---|
| QST | NT$4,286 | NT$4,341 | NT$4,770 | NT$2,364 |
| Suzhou | ¥325 | ¥313 | ¥362 | ¥194 |
| Xiamen | ¥1,035 | ¥1,148 | ¥1,189 | ¥561 |
| ESKA | €80.9 | €85.2 | €81.4 | €46.1 |
| Consolidated | NT$11,476 | NT$12,238 | NT$13,137 | NT$6,507 |
YoY% for 2025Y (Jan-Aug) Consolidated: -13.1%
QoQ% for 2025Y: 1Q: -18.5%, 2Q: 1.4%
Business Unit Definitions
- QST: Export from Taiwan
- Suzhou: China Non-automotive
- Xiamen: China Automotive
- ESKA: Germany, EU
Future Outlook and Guidance
The presentation does not provide explicit numerical guidance for future periods beyond the financial data presented up to 2Q-2025. However, the inclusion of "2025年第2季" in the financial highlights suggests a forward-looking perspective.
Strategic Initiatives and Plans
Core Competencies:
- Full Service Provider (F.S.P.) in Metal Craftsmanship
- Processes: Stamping, Heat Treatment, Forging, CNC, Coating, Electroplating.
- Support: Mold Center, Wire Drawing, Automated Warehouse, Logistics, Customer Inventory Management (J.I.T.), Services.
- Process Vertical Integration
- Mass Production Manufacturing
- Collaborative Design / Design In
- Global Manufacturing Layout
Strong Collaborative Design Capability:
- Application Consulting
- Design Concept
- Initial Drawings
- Application Testing
- Prototypes and Samples
- Launch and Application Support
Global Manufacturing Layout:
- Manufacturing @ VN (Vietnam): Capacity 50 kilo-tons, Output Value 7.0 Billion NTD.
- Manufacturing @ DE (Germany): Capacity 15 kilo-tons, Output Value 3.0 Billion NTD.
- Manufacturing @ XM.SU (China): Capacity 40 kilo-tons, Output Value 6.0 Billion NTD.
- R & D Center Manufacturing @ TW (Taiwan): Capacity 25 kilo-tons, Output Value 3.0 Billion NTD.
Market Expansion and Integration:
The market outlook is described as the "most complex ever," driven by redefining and reinventing the car, multi-faceted competition, and adjustments in business models.
Key Players in the Evolving Market:
- Traditional Automotive Industry:
- Automotive System Suppliers: ZF-TRW, Bosch, Denso, Magna, Continental.
- Automotive Manufacturers: VW, Toyota, Nissan-Renault, GM, Ford, Hyundai-Kai, Honda, FCA.
- New Entrants:
- New EV Manufacturers: Tesla, Nio, Li Auto, XPeng.
- Mobility Service Providers: Uber, Didi (ride-hailing); Zipcar (car sharing).
- Tech Giants: Apple (Consumer Electronics), Google (Software).
Key Charts, Graphs, and Data Points
- Quarterly and Annual Financial Figures Tables
- Monthly Revenue by Business Unit Table
- Company Development History Timeline
- CAPEX & Depreciation Charts
- EBITDA & Cash flow from operating activities Charts
- Global Manufacturing Layout Map
Important Product Names, Terms, and Concepts
- F.S.P. (Full Service Provider): Comprehensive solution provider.
- J.I.T. (Just In Time): Customer Inventory Management.
- Design In: Collaborative design process.
- Metal Craftsmanship: Includes non-metal processes.
- Automotive & EV metal products: Core product category.
- Forward-looking statements: Disclaimer term.
Products, Services & Technology
Products:
- Automotive & EV metal products: The core business.
- Product Mix Images: A wide range of metal fasteners and components, from small screws to large bolts.
Services:
- Full Service Provider (F.S.P.): Comprehensive support throughout the product lifecycle.
- Customer Inventory Management (J.I.T.)
- Collaborative Design (Design In)
Technology & Processes:
- Manufacturing Processes: Stamping, Heat Treatment, Forging, CNC, Coating, Electroplating, Wire Drawing.
- Manufacturing Facilities: Mold Center, Automated Warehouse.
- Smart Manufacturing Green Energy New Plant: Refers to the Tainan Guiren New Plant.
New Plants:
- Tainan Guiren New Plant:
- Total area: 176,556 square meters.
- Location: Near Guiren Interchange on Provincial Highway 86, near Tainan HSR Station.
- New Boltun Plant in Quang Ninh, Vietnam:
- Total area: 352,700 square meters.
- Location: Near Ha Long City.