建準電機 (2421.TW / 2421 TT) 2025年第三季 法說會簡報
Company Overview
Company Name: SUNON 建準電機工業股份有限公司 (SUNONwealth Electric Machine Industry Co., Ltd.) Slogan: 全球通風散熱首選 (First Choice Globally Cooling Solutions) Stock Codes: 2421.TW / 2421 TT Report Period: 2025年第三季 (2025 Q3)
Disclaimer (免責聲明) (Page 2)
- 本文件中之資訊或意見皆是建準電機工業股份有限公司(以下簡稱本公司)植基於對當前情況之預期以及對未來事件的預測,並未明示或暗示指述或保證其具有公正性、準確性、完整性或隨時更新。
- 文件中之資訊僅係發布時點反應本公司截至目前為止對未來願景之看法,未來可能有所變更或調整,因此本公司不負責隨時提醒或更新,除非法律另有規定者,不在此限。
- 本公司、附屬公司、關係企業或代表均不就本簡報資料任何內容或因該等內容所採取之行動所引發之直接或間接損害負責。
- 本文件之陳述可能會表達出本公司對未來願景之信心與期望,但這些前瞻性之陳述係奠基在與本公司營運有關之一些因素上,且會受到未知風險、不確定因素以及其他因素之影響,因此,實際結果可能與上開前瞻性陳述會有很大的差異。
- 本文件之任一部份均不可因任何目的而被直接或間接複製、再散布或傳遞予任何其他人(不論公司內或公司外)或出版(部份或全部)。
Financial Highlights
Quarterly Revenue (季營收金額) (UNIT: NTD B) (Page 3)
| Quarter | Y2021 | Y2022 | Y2023 | Y2024 | Y2025 |
|---|---|---|---|---|---|
| Q1 | 3.03 | 3.12 | 3.08 | 3.06 | 4.16 |
| Q2 | 3.33 | 3.48 | 3.28 | 3.68 | 4.66 |
| Q3 | 3.48 | 3.66 | 3.29 | 4.03 | 4.93 |
| Q4 | 3.72 | 3.79 | 3.27 | 3.86 | N/A |
Annual Revenue Performance (營收表現) (UNIT: NTD K) (Page 4)
| Year | Revenue (NTD K) | Growth Rate |
|---|---|---|
| Y2016 | 10,690,822 | 5.8% |
| Y2017 | 10,946,728 | 2.4% |
| Y2018 | 11,965,298 | 9.3% |
| Y2019 | 11,659,915 | -2.6% |
| Y2020 | 12,781,281 | 9.6% |
| Y2021 | 13,561,804 | 6.1% |
| Y2022 | 14,063,308 | 3.7% |
| Y2023 | 12,914,686 | -9.2% |
| Y2024 | 14,623,817 | 13.2% |
| 25 YTD | 13,759,838 | 27.8% |
Profitability - Quarterly Rates (獲利能力-每季獲利率) (Page 10)
| Metric | Y2021 Q3 | Y2022 Q3 | Y2023 Q3 | Y2024 Q3 | Y2025 Q3 | Y2025 YTD |
|---|---|---|---|---|---|---|
| 毛利率 (Gross Margin) | 19.5% | 28.5% | 29.0% | 24.5% | 31.4% | 30.4% |
| 營業利益率 (Operating Margin) | 9.0% | 12.3% | 11.5% | 7.4% | 15.6% | 14.5% |
| 淨利率 (Net Margin) | 9.7% | 11.7% | 8.8% | 4.6% | 14.1% | 11.2% |
Quarterly Earnings Per Share (每季盈餘) (UNIT: NTD) (Page 11)
| Quarter | Y2021 | Y2022 | Y2023 | Y2024 | Y2025 |
|---|---|---|---|---|---|
| Q1 | 0.37 | 0.61 | 1.11 | 0.30 | 1.73 |
| Q2 | 1.20 | 1.72 | 1.39 | 0.35 | 1.37 |
| Q3 | 1.42 | 1.49 | 1.28 | 1.11 | 2.55 |
Earnings Per Share (EPS) and Cash Dividend (每股盈餘與現金股利) (UNIT: NTD) (Page 12)
| Year | EPS | Cash Dividend | Payout Ratio |
|---|---|---|---|
| Y2015 | N/A | N/A | 85% |
| Y2016 | 2.28 | 2 | 88% |
| Y2017 | 2.62 | 2 | 88% |
| Y2018 | 2.71 | 2 | 83% |
| Y2019 | 2.41 | 1.71 | 74% |
| Y2020 | 4.34 | 2 | 68% |
| Y2021 | 5.16 | 2.3 | 70% |
| Y2022 | 5.46 | 2.4 | 60% |
| Y2023 | 3.39 | 1.2 | 68% |
| Y2024 | 5.65 | 2.6 | 68% |
| 25YTD | 3.7 (Chart data) | 3.5 (Chart data) | N/A |
Business Segments
Quarterly Server Revenue and Proportion (季Server營收及比重) (UNIT: NTD M) (Page 5)
| Quarter | Revenue (NTD M) | % of Sales |
|---|---|---|
| 24Q1 | 1,114 | 38.0% |
| 24Q2 | 1,615 | 44.6% |
| 24Q3 | 1,751 | 45.0% |
| 24Q4 | 1,670 | 44.5% |
| 25Q1 | 1,960 | 48.0% |
| 25Q2 | 2,115 | 46.4% |
| 25Q3 | 2,260 | 46.8% |
Quarterly AI Server Revenue and Proportion (季AI Server營收及比重) (UNIT: NTD M) (Page 6)
| Quarter | Revenue (NTD M) | % of Sales |
|---|---|---|
| 24Q1 | 473 | 16.2% |
| 24Q2 | 688 | 19.0% |
| 24Q3 | 918 | 23.6% |
| 24Q4 | 870 | 23.2% |
| 25Q1 | 1,098 | 26.9% |
| 25Q2 | 1,105 | 24.2% |
| 25Q3 | 1,135 | 23.5% |
Q3 Revenue Mix and Growth Rates (季營收比重與環比/同比增長) (Pages 7 & 8)
| Segment | 2025 Q3 Revenue Mix (%) | QoQ Growth (環比增長) | YoY Growth (同比增長) |
|---|---|---|---|
| Telecom & Server (網通及伺服器) | 57.2% | 4.2% | 32.4% |
| IT & OE (資訊及周邊) | 15.7% | 2.8% | 14.5% |
| Automobile (汽車) | 9.5% | 28.3% | 20.7% |
| Industrial Medical E. (工醫電子) | 9.5% | 10.3% | 25.8% |
| Distribution (通路) | 7.7% | -1.7% | -4.4% |
| Home Appliances (家電) | 2.7% | -3.3% | 7.0% |
YTD Revenue Mix and Yearly Growth (累計營收比重與同比增長) (Page 9)
| Segment | 2025 YTD Revenue Mix (%) | YoY Growth (同比增長) |
|---|---|---|
| Telecom & Server (網通及伺服器) | 58.0% | 42.9% |
| Industrial Medical E. (工醫電子) | 9.4% | 37.4% |
| IT & OE (資訊及周邊) | 15.4% | 10.4% |
| Distribution (通路) | 4.8% | 11.3% |
| Automobile (汽車) | 9.0% | 5.9% |
| Home Appliances (家電) | 3.0% | 5.7% |
Additional Data
Appendix II: Consolidated Income Statement (合併綜合損益表) (NT$百萬) (Page 14)
| Metric | 2025 Q3 | 2024 Q3 | 2025 YTD | 2024 YTD | 成長率 YOY(%) 2025Q3 | 成長率 YOY(%) 2025YTD |
|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 4,934 | 4,031 | 13,760 | 10,768 | 22.4% | 27.8% |
| 營業毛利 (Gross Profit) | 1,546 | 1,148 | 4,187 | 2,987 | 34.7% | 40.2% |
| 營業費用 (Operating Expenses) | 777 | 626 | 2,188 | 1,770 | 24.1% | 23.6% |
| 營業利益 (Operating Income) | 769 | 522 | 1,999 | 1,217 | 47.3% | 64.3% |
| 營業外收支 (Non-operating Income/Expense) | 130 | -70 | -4 | 204 | -285.7% | -102.0% |
| 稅前淨利 (PBT) | 899 | 452 | 1,995 | 1,420 | 98.9% | 40.5% |
| 歸屬母公司淨利 (Net Income Attributable to Parent) | 694 | 349 | 1,541 | 1,055 | 98.9% | 46.1% |
| 每股盈餘(NT$) (EPS) | 2.55 | 1.28 | 5.65 | 3.86 | N/A | N/A |
Profitability Ratios (Page 14):
| Ratio | 2025 Q3 | 2024 Q3 | 2025 YTD | 2024 YTD |
|---|---|---|---|---|
| 毛利率 (Gross Margin) | 31.4% | 28.5% | 30.4% | 27.7% |
| 營業淨利率 (Operating Margin) | 15.6% | 13.0% | 14.5% | 11.3% |
| 淨利率 (Net Margin) (註) | 14.1% | 8.8% | 11.2% | 9.8% |
| (註)淨利率 = 歸屬母公司淨利 / 營業收入 |
Appendix I: Consolidated Balance Sheet (合併資產負債表) (NT$百萬) (Page 13)
| Metric | 2025.9.30 | 2024.12.31 | 2024.9.30 | VS. 2024.12.31 (%) | VS. 2024.9.30 (%) |
|---|---|---|---|---|---|
| 資產總計 (Total Assets) | 15,414 | 14,998 | 14,113 | 2.8% | 9.2% |
| 現金 (Cash) | 3,901 | 4,678 | 3,998 | -16.6% | -2.4% |
| 應收票據及帳款 (Notes & Accounts Receivable) | 5,277 | 4,103 | 4,137 | 28.6% | 27.6% |
| 存貨 (Inventory) | 2,199 | 2,181 | 2,091 | 0.8% | 5.2% |
| 不動產、廠房及設備 (PPE) | 2,608 | 2,461 | 2,363 | 6.0% | 10.4% |
| 負債總計 (Total Liabilities) | 7,308 | 7,078 | 6,661 | 3.2% | 9.7% |
| 短期借款 (Short-term Borrowings) | 364 | 928 | 1,079 | -60.8% | -66.3% |
| 應付帳款 (Accounts Payable) | 4,320 | 3,435 | 3,171 | 25.8% | 36.2% |
| 長期借款 (Long-term Borrowings) | 386 | 478 | 506 | -19.2% | -23.7% |
| 權益總計 (Total Equity) | 8,106 | 7,920 | 7,452 | 2.3% | 8.8% |
| 平均收現日數 (Average Days Sales Outstanding) | 93 | 90 | 92 | N/A | N/A |
| 平均銷貨日數 (Average Days Inventory Outstanding) | 63 | 74 | 73 | N/A | N/A |
| 流動比率(倍) (Current Ratio (x)) | 1.84 | 1.88 | 1.87 | N/A | N/A |