JPP-KY 經寶精密 2025 法說會內容摘要
日期: 2025 Nov 6
公司名稱: JINPAO Precision Industry Co., Ltd. (JPP-KY 經寶精密)
股票代碼: 5284 JPP-KY
公司概要與全球佈局 (Company Overview and Global Footprint)
全球布局 (Year: 2025)
公司擁有 2 個生產基地：
| 區域 | 基地名稱 | 人數 (People) | 廠房數 (Buildings) |
|---|---|---|---|
| ASIA (亞洲) | JINPAO (BANGKOK, 泰國) | 1500 | 1 |
| EUROPE (歐洲) | AGILITEAM BY JINPAO (法國) | 260 | 4 |
公司歷程及里程碑 (History & Milestones)
| 年份 | 事件/里程碑 |
|---|---|
| 1996 | JINPAO成立，專注於硬工具設計與製造 |
| 2002 | 購買首台CNC沖壓與彎曲機 |
| 2005 | BOI批准工具與精密零件項目的投資激勵 |
| 2006-07 | 獲得ISO9001:2008認證；增加噴漆、絲網印刷與焊接能力 |
| 2008-09 | 獲得ISO14001認證；SURTEC 650 Chromate AL® TCP認證 |
| 2010 | 獲取TUV TS16949（汽車）認證；AFNOR AS9100（航空）認證 |
| 2014-16 | 獲得NADCAP焊接、化學處理與無損檢測認證 |
| 2015 | 台灣上櫃上市；智慧製造 |
| 2018 | 收購ADB LUTEC（兩家法國航空公司）；獲得NADCAP點焊認證 |
| 2020-21 | 收購SPEM AERO法國公司；獲得NADCAP焊接認證 |
| 2022-23 | 獲得ISO14067與ISO13485認證 |
| 2024 | 建立新的焊接工廠；新土地收購 |
| 2025 | 收購SEGNERE法國公司，專注於航空零件製造 |
財務亮點與近期績效 (Financial Highlights and Recent Performance)
歷史營收 (Historical Revenue)
- 圖表趨勢 (2024 vs 2025 銷貨收入): 2025年1月至9月的月營收普遍高於2024年同期。
- 2025年第四季預測: 10月、11月、12月營收預計維持在250,000,000至300,000,000之間，但12月標示問號 (?).
歐洲業務銷售數據 (AGILITEAM Sales in M€)
| 年份 | 銷售額 (M€) | 備註 |
|---|---|---|
| 2018 | 6.0 | |
| 2019 | 6.5 | |
| 2020 | 7.3 | |
| 2021 | 6.2 | COVID-CRISIS |
| 2022 | 8.6 | |
| 2023 | 11.6 | |
| 2024 | 14.0 |
- 2025年市場結構 (預計): ASD (Aeronautical, Space & Defense) 佔 90%, OTHER 佔 10%.
產品、服務與技術 (Products, Services & Technology)
協作機器人應用 (Collaborative Robot Applications)
應用領域: 機器手臂協作應用 (High-Mix, Low-Volume)
- 定義: COBOT 是一種可安全地與人類在共享工作空間中操作的工業機器人。
- 應用目標: Inspection Implementation instead of human inspection (取代人工檢測，實現 100% 產品檢測要求)。
- 主要功能:
- Visual inspection (Missing part, Wrong part).
- Cosmetic inspection.
- OCR, Barcode, QR code reading.
- Dimension measurement with touch probe.
- 應用實例: 協作機器人品質檢驗 (公司自行研發), Cobot Inspection (Touch Trigger Probe), 自動鉚接系統, 協作機器人噴漆。
- 使用品牌: TECHMAN ROBOT
| 型號 (Model) | TM5S | TM12 |
|---|---|---|
| 臂展 (Reach) | 700mm | 1300mm |
| 負載 (Payload) | 5kg | 12kg |
| 重量 (Weight) | 23.9kg | 33.3kg |
利基型市場 客製化企業伺服器 (Niche Market - Customized Enterprise Servers)
應用領域: High-Performance Processing, Integrated Systems, Enterprise Security.
產品範例:
- Enterprise Prototyping
- Veloce Primo CS (使用 AMD VP1902)
- 規格: Up to 5x performance versus Veloce Strato CS.
- 目標: Getting the FW/SW right.
食品檢測分析儀器 (Food Scanning Technology)
肉品分析儀 (Meat Master Flex)
- 產品名稱: MeatMaster™ Flex (The mobile X-ray analyzer)
- 功能:
- Rapid Scanning: Complete composition analysis in under 30 seconds per sample.
- Process Optimization: Real-time data enables immediate production adjustments.
- Precision Testing: Measures fat, protein, moisture, and collagen with lab-grade accuracy.
- Quality Assurance: Ensures compliance with nutritional labeling requirements.
穀類真菌檢測分析儀 (Myco FOSS Analyzer)
- 產品名稱: MycoFoss™ (Protect your business with smarter mycotoxin management)
- 功能:
- Rapid Detection: Results delivered in minutes, enabling quick decision-making.
- Multi-Toxin Screening: Simultaneous detection of multiple mycotoxins in a single test.
- Regulatory Compliance: Meets international food safety standards including EU regulations and FDA guidelines for mycotoxin limits.
乳製品檢測分析儀 (ProScan II System)
- 產品名稱: ProcesScan™ 2 (Real-time process control for improved milk standardization)
- 技術: Next-Generation Food Scanning Technology
- 功能:
- High-Speed Processing: Analyzes up to 600 samples per hour with consistent accuracy.
- Exceptional Precision: Advanced spectroscopic technology delivers repeatability within 0.1% for critical parameters.
- Full Automation: Automated sample handling eliminates manual processes and reduces labor requirements by 60%.
葡萄酒分析儀 (IRMA Wine Analyzer)
- 功能: Brings laboratory-grade precision to wine production facilities, significantly reducing analysis time from hours to seconds.
未來展望與策略規劃 (Future Outlook and Strategic Initiatives)
2026 成長動能 (Growth Drivers)
- Data centers (資料中心)
- Rack
- Server Chassis
- Liquid-cooling racks (液冷櫃)
- Niche Market (利基型市場)
- Aero Space (航太)
資料中心市場預算
- 2025 budget: 100 Billion
- 2026 budget: 125 Billion
航太、太空、國防市場 (ASD Market Strategy)
市場預期: 5-6% 年複合成長率 (CAGR)
引述: “Next 10 years will be the best 10 years of ASD history” (GIFAS general assembly 2025)
Aero (航太): steady growth
- A320 > pre-COVID volumes (rate 75 in '27 vs 62 in '19).
- A350 ramp-up vs Boeing 777 technical issues.
- Helicopters: +15% yoy next 3 years.
Space (太空): creating synergy
- Leonardo – Airbus DS – Thales AleniaSpace merge = stronger european satellite player.
- Ariane 6 ramp-up.
Defense (國防): exponential growth
- Dassault ramp-up.
- ReArm Europe plan (800Md€).
- 5% GDP NATO countries investment in Defense.
歐洲策略與 ADE 收購 (AGILITEAM / JINPAO Europe)
戰略願景 (STRATEGIC VISION): EUROREAN FRONT OFFICE. Spear heading JINPAO's foray into ASD Markets.
- 歐洲優勢: Biggest aerospace valley, French defense business.
- ADE Acquisition (2025): Vertical integration, creates added value.
ADE (Segnere改名ADE) 發展規劃:
- ADE 簡介: 60 years expertise, Sheet metal / assy, 150 FTE, 14 M€ revenue, 15 disciplines, ~100 qualifications, Strategic ASD player (DASSAULT).
- 收購目標 (The Ideal Target):
- Answers our customers' expectations.
- Enhance our technical capabilities.
- Fits Business strategy.
- Strengthen our global footprint.
- Supports ESG commitment.
經寶的全球佈局 (Europe = JINPAO ASD 切入點):
- 歐洲能力 (Toulouse 區域): MILLING, TURNING, SHEET: ASSY, COATING.
- 歐洲優勢: One stop shopping, Short cycles, ESG friendly footprint.
- 亞洲貢獻: EVERYTHING + CAPACITY.
市場競爭地位 (Competitive Positioning)
Porter's Five Forces analysis of Agiliteam/Jinpao competitiveness:
| 競爭因素 | 評估等級 | 關鍵說明 |
|---|---|---|
| Threat of new entrants (新進入者威脅) | Low (低) | High capital intensity, Long certification (EN9100..), OEM loyal to existing suppliers. |
| Threat of Substitution (替代品威脅) | Very Low (非常低) | Complex, certified aerospace processes not easily replaceable. |
| Bargaining power of supplier (供應商議價能力) | Low (低) | Global scale secures raw material, Vertical integration reduces exposure, AVL levels playground. |
| Bargaining power of Buyers (買方議價能力) | High - moderate (高至中) | OEM purchasing power, But capacity shortage, Unique Jinpao position. |
| Rivalry among Existing Competitors (現有競爭者之間的競爭) | Moderate (中等) | Fragmented European mid-tier, Consolidation favors integrated group. |
結論: AGILITEAM: A strategic consolidator in a high-barrier growing (5-6% CAGR) market.
未來展望 (Consolidate and Accelerate)
- Bright future: ASD market +5-6% yoy, worldwide planes demand growth, Defense market booming.
- Strong competitive positioning.
- ADE acquisition integration on track.
- Sound strategy:
- From mechanical parts to solution.
- Global vertical integration, AeroExcellence qualification started.
- Jinpao Group's synergies delivering ahead of plan.
- 目標: “Be Worldwide #1 in ASD High-Mix Low-Volume Mechanical Solutions!”
管理團隊 (Management Team)
Frédéric Bourgon
- 職位: AGILITEAM (JINPAO Europe) CEO
- 背景: 58yo, French. M.B.A (USA, Texas). 25y experience in big corporations (ALSTOM, HP, BARCO). Expatriate on 3 continents (10y USA, 8y TWN). Co-invest with JINPAO in AGILITEAM in 2018.