J&V ENERGY TECHNOLOGY (雲豹能源) [6869] 2025法說會簡報
Company Overview
Company Name: 雲豹能源 (J&V ENERGY TECHNOLOGY)
1.1. Business Scope (營運範疇)
J&V Energy operates across 6 major areas of green energy and environmental protection:
- 太陽能 (Solar PV): Operating revenue, investment income. Invests in or holds solar PV projects.
- 儲能系統 (Energy Storage Systems): Operating revenue, investment income. Invests in or holds energy storage projects.
- 水處理 (Water Treatment): Operating revenue, investment income.
- 環保塑料 (Environmental Plastics): Strategic investment.
- 售電平台 (Electricity Sales Platform): Operating revenue.
- 風力發電 (Wind Power): Investment income.
1.2. Footprint and Layout (足跡與佈局)
J&V Energy is expanding into Asian regional markets with a presence in:
- 台灣 (Taiwan)
- 日本 (Japan)
- 越南 (Vietnam)
- 菲律賓 (Philippines)
- 泰國 (Thailand)
- 印尼 (Indonesia)
1.3. Company Milestones (公司里程碑)
Foundation Building (2016-2020)
- 2016: Establishment; completed grid connection for 6.6MW solar PV project.
- 2017: Legislative rooftop project in Taipei; Su-ao Port and Kaohsiung Shipyard projects.
- 2018: Sold solar PV projects to BlackRock; won Taiwan's largest floating solar project.
- 2019: Invested in Tienli Offshore Wind Technology; collaborated with Google on renewable energy purchases.
- 2020: Invested in various companies including RECHARGE POWER.
Expanding Various New Businesses (2021-2023)
- 2021: Listed on Emerging Stock Market; launched multiple significant projects.
- 2022: Construction began on Taiwan's largest fishery-solar hybrid project.
- 2023: Listed on Innovation Board; significant investments in green projects.
Entering Asia (2024-2025)
- 2024: Reclassified to Main Board; significant overseas expansion.
- 2025: Launched Asset Management Services; subsidiary Greenet listed on Emerging Stock Market.
1.4. Board of Directors and Management Team (管理團隊)
Co-founders & Key Executives:
- 趙書閔 (Chao, Shu-Min): Co-founder & General Manager.
- 譚宇軒 (Tan, Yu-Hsuan): Co-founder & Vice General Manager.
- 張建偉 (Chang, Chien-Wei): Co-founder & Chief Sustainability Officer.
Other Key Management:
- 唐亞聖 (Tang, Ya-Sheng): Greenet General Manager.
- 陳隽杰 (Chen, Chun-Chieh): Head of Overseas Business Investment.
Financial Highlights
2.1. Operating and Financial Summary (2024 Full Year)
- Market Cap (2025/08/15): NT$18.1 billion
- 2024 Full-Year Revenue: NT$3.79 billion
- 2024 EPS: NT$8.89
- 2024 ROE: 22.1%
2.2. Return on Equity (ROE) Trend
| Year | J&V Energy | Peers |
|---|---|---|
| 2020 | 20.3% | 12.0% |
| 2021 | 14.0% | 12.8% |
| 2022 | 18.6% | 13.0% |
| 2023 | 30.9% | 12.0% |
| 2024 | 22.1% | 9.4% |
2.3. 2Q25 Income Statement (NT$ Million)
| Metric | 2Q25 | 1Q25 | 2Q24 | QoQ | YoY |
|---|---|---|---|---|---|
| Operating Revenue (營業收入) | 2,589 | 996 | 1,013 | 160% | 156% |
| Gross Profit (營業毛利) | 224 | 118 | 179 | 90% | 25% |
| Gross Margin (毛利率) | 8.6% | 11.8% | 17.6% | ||
| Operating Income/Loss (營業損益) | 58 | -21 | 18 | - | 222% |
| Net Profit Attributable to Parent | 522 | -241 | 134 | - | 290% |
| EPS (NT$) | 3.83 | -1.77 | 1.11 | - | 245% |
2.4. 1H25 Income Statement (NT$ Million)
| Metric | 1H25 | 1H24 | YoY |
|---|---|---|---|
| Operating Revenue | 3,585 | 2,015 | 78% |
| Net Profit Attributable to Parent | 281 | 132 | 113% |
2.5. 2Q25 Balance Sheet (NT$ Million)
| Metric | 2025/06/30 | 2025/03/31 | 2024/06/30 |
|---|---|---|---|
| Total Assets (資產總額) | 15,404 | 13,717 | 10,577 |
| Total Liabilities (負債總額) | 8,852 | 7,213 | 5,226 |
| Total Equity (權益總額) | 6,552 | 6,504 | 5,351 |
2.6. Five-Year Income Statement (NT$ Million)
| Year | Operating Revenue | Net Profit |
|---|---|---|
| 2020 | 211 | 185 |
| 2021 | 2,155 | 226 |
| 2022 | 6,301 | 454 |
| 2023 | 6,784 | 1,014 |
| 2024 | 3,793 | 1,133 |
Recent Performance and Results
3.1. 2Q25 Operating Results
- Profit Reaches Second Highest in History: Significant operating profit growth.
- Consolidated Revenue: NT$ 2.589 billion
- Net Profit Attributable to Parent Company: NT$ 0.522 billion
- EPS: NT$ 3.83
3.2. 2Q25 Revenue Composition
- Engineering - Solar PV: 54%
- Engineering - Water Treatment: 27%
- Engineering - Energy Storage: 10%
- Electricity Sales: 4%
- Operations & Maintenance (O&M): 3%
3.3. Diversified Revenue Results
| Segment | 2021 | 2022 | 2023 | 2024 | 1H25 | 1H25 YoY |
|---|---|---|---|---|---|---|
| Total Revenue | 2,155 | 6,301 | 6,784 | 3,793 | 3,585 | 78% |
| Engineering - Solar PV & Green Energy | 65% | 75% | 62% | 12% | 3% | |
| Electricity Sales | 7% | 5% | 5% | 29% | 31% | +95% |
3.4. Electricity Sales Platform Performance
- Greenet (天能綠電): Leads in green electricity trading volume.
Future Outlook and Guidance
4.1. 2025 Operating Outlook
- Targeting record-high revenue; growth in core business areas.
4.2. 2026 Operating Outlook
- Expected to surpass revenue records, strong contributions from overseas projects.
4.3. 2025-2026 Operating Progress Summary
- Solar PV Projects: 153 MW expected commencement in Taiwan.
- Energy Storage Projects: 60MW installation progress underway.
Strategic Initiatives and Plans
5.1. Core Strategy
- Focus on long-term growth via solar PV, energy storage, and green electricity trading.
5.2. Overseas Market Expansion
- Adaptable and quick decision-making helps penetrate Asian markets effectively.
5.3. EV Charging Market Layout
- Target to establish 50 charging stations in 2025.
Sustainable Development (永續發展)
8.1. Sustainable Performance Highlights (2024)
- Various certifications and positive social metrics.
8.2. Awards and Honors
- Recognized for corporate sustainability and governance achievements.
8.3. ESG Initiatives
- Implemented sustainability-focused social initiatives and community programs.