達方電子股份有限公司 2025年第3季法人說明會
I. Company Overview & Event Details
| Detail | Content |
|---|---|
| 公司名稱 (Company Name) | 達方電子股份有限公司 (DARFON) |
| 活動 (Event) | 2025年第3季法人說明會 (2025 Q3 Investor Conference) |
| 日期 (Date) | 2025年11月07日 |
| 網站 (Website) | www.darfon.com |
| 投資人聯絡 (Investor Contact) | Investor@darfon.com |
| 會議議程 (Agenda) | 2025年第3季營運成果 (2025 Q3 Operating Results), 業績展望 (Outlook), 問與答 (Q&A) |
II. Financial Highlights and Key Metrics
重要財務指標 (Key Financial Indicators)
| Metric | 3Q25 | 2Q25 | QoQ | 3Q24 | YoY | 1~3Q25 | 1~3Q24 | YoY |
|---|---|---|---|---|---|---|---|---|
| 負債比率 (Debt Ratio) | 62% | 62% | (0.2) bps | 55% | 6.8 bps | 62% | 55% | 6.8 bps |
| *負債比率 (Adjusted Debt Ratio) | 52% | 53% | (1.3) bps | 46% | 6.3 bps | 52% | 46% | 6.3 bps |
| 淨金融負債/股東權益 (Net Financial Debt/Equity) | 27% | 33% | (5.8) bps | 22% | 4.8 bps | 27% | 22% | 4.8 bps |
| 流動比率 (Current Ratio) | 136.1 | 135.0 | 1.1 bps | 139.1 | (2.9) bps | 136.1 | 139.1 | (2.9) bps |
| 現金轉換週期 (Cash Conversion Cycle, CCC) | 107 days | 111 days | (32) days | 145 days | (39) days | 99 days | 134 days | (35) days |
| ROA | -0.9% | 0.9% | 2.1% | 0.2% | 2.3% | |||
| ROE | -4.3% | 0.6% | 3.8% | -1.0% | 4.1% |
註釋 (Footnotes):
- *負債比率 = (總負債 - 現金及有價證券) / (總資產 - 現金及有價證券)
- 淨金融負債對股東權益比率 = (短期借款 + 長期借款 - 現金及有價證券) / 股東權益
III. Recent Performance and Results
A. 2025年第3季合併損益表 (Consolidated Income Statement for 3Q 2025)
單位: 新台幣佰萬元 (Unit: NT$ Millions)
| 項目 (Item) | 3Q25 | % | 2Q25 | % | QoQ% | 3Q24 | % | YoY% | 1~3Q25 | % | 1~3Q24 | % | YoY% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 (Net Revenue) | 6,503 | 100.0% | 6,903 | 100.0% | -5.8% | 5,351 | 100.0% | 21.5% | 18,889 | 100.0% | 15,660 | 100.0% | 20.6% |
| 營業毛利 (Gross Profit) | 920 | 14.1% | 1,111 | 16.1% | -17.3% | 971 | 18.2% | -5.3% | 3,010 | 15.9% | 2,915 | 18.6% | 3.2% |
| 營業費用 (Operating Expenses) | (1,178) | -18.1% | (985) | -14.3% | -19.6% | (822) | -15.4% | -43.2% | (3,108) | -16.5% | (2,367) | -15.1% | -31.3% |
| 營業淨利 (Operating Income) | (258) | -4.0% | 127 | 1.8% | -303.7% | 149 | 2.8% | -273.2% | (99) | -0.5% | 548 | 3.5% | -118.0% |
| 營業外淨損益 (Non-Operating Net Income/Loss) | 80 | 1.2% | (76) | -1.1% | 206.2% | 82 | 1.5% | -2.5% | 7 | 0.0% | 107 | 0.7% | -93.7% |
| 稅前淨利 (Income Before Tax) | (178) | -2.7% | 51 | 0.7% | -447.9% | 231 | 4.3% | -176.9% | (92) | -0.5% | 656 | 4.2% | -114.0% |
| 合併總淨利益 (Consolidated Net Income) | (134) | -2.1% | 20 | 0.3% | -780.7% | 138 | 2.6% | -197.2% | (106) | -0.6% | 462 | 2.9% | -123.1% |
| 歸屬予: 母公司股東 (Attributable to Shareholders) | 8 | 0.1% | 61 | 0.9% | -86.6% | 189 | 3.5% | -95.7% | 128 | 0.7% | 505 | 3.2% | -74.6% |
| 基本每股盈餘 (EPS, NT$) | 0.03 | 0.22 | 0.68 | 0.46 | 1.82 |
營運說明 (Operational Notes):
- 營收維持高檔,反映穩定市場需求 (Revenue remains high, reflecting stable market demand).
- 一次性存貨與提列調整影響本季毛利及費用 (One-time inventory and provision adjustments affected gross margin and expenses this quarter).
B. 產品組合 (Product Mix)
| Segment | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 2023 YTD | 2024 YTD | 2025 YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|
| IT PERIPHERALS | 52% | 52% | 59% | 64% | 55% | 51% | 47% | 50% | 46% | 58% | 49% |
| GREEN ENERGY | 36% | 35% | 27% | 23% | 35% | 36% | 42% | 38% | 43% | 30% | 39% |
| INTEGRATED COMPONENTS | 11% | 13% | 14% | 13% | 10% | 13% | 11% | 12% | 11% | 12% | 12% |
C. 營收與獲利率趨勢 (Revenue and Profitability Trends)
季度營收 (Quarterly Revenues, NT$ Millions):
| 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
|---|---|---|---|---|---|---|---|
| 6,059 | 5,111 | 5,198 | 5,351 | 6,040 | 5,483 | 6,903 | 6,503 |
獲利率 (Profitability %): | Metric | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gross margin | 18.6% | 19.1% | 18.6% | 18.2% | 17.7% | 17.8% | 16.1% | 14.1% | | Operating margin | 4.9% | 4.1% | 3.7% | 2.8% | 0.4% | 0.6% | 1.8% | -4.0% |
D. 2025年第3季合併資產負債表 (Consolidated Balance Sheet for 3Q 2025)
單位: 新台幣佰萬元 (Unit: NT$ Millions)
| 項目 (Item) | 3Q25 | % | 2Q25 | % | 3Q24 | % |
|---|---|---|---|---|---|---|
| 現金及有價證券 (Cash & Equivalents) | 6,654 | 20.0% | 5,844 | 18.2% | 5,341 | 16.7% |
| 應收帳款 (Accounts Receivable) | 6,388 | 19.2% | 6,477 | 20.1% | 6,563 | 20.5% |
| 存貨 (Inventory) | 5,883 | 17.6% | 5,762 | 17.9% | 5,216 | 16.3% |
| 流動資產 (Current Assets) | 20,749 | 62.2% | 19,866 | 61.7% | 18,571 | 58.0% |
| 固定資產淨額 (Net Fixed Assets) | 8,222 | 24.7% | 8,047 | 25.0% | 8,619 | 26.9% |
| 資產總計 (Total Assets) | 33,349 | 100.0% | 32,199 | 100.0% | 32,034 | 100.0% |
| 短期借款 (Short-term Loans) | 5,330 | 16.0% | 5,233 | 16.3% | 4,827 | 15.1% |
| 應付票據及帳款 (Notes & Accounts Payable) | 5,391 | 16.2% | 4,258 | 13.2% | 3,994 | 12.5% |
| 流動負債合計 (Total Current Liabilities) | 15,242 | 45.7% | 14,711 | 45.7% | 13,356 | 41.7% |
| 長期借款 (Long-term Loans) | 4,790 | 14.4% | 4,650 | 14.4% | 3,738 | 11.7% |
| 負債合計 (Total Liabilities) | 20,526 | 61.5% | 19,888 | 61.8% | 17,531 | 54.7% |
| 股東權益合計 (Total Equity) | 12,823 | 38.5% | 12,311 | 38.2% | 14,503 | 45.3% |
| 每股淨值 (NT$) (BPS) | 36.3 | 34.1 | 40.5 |
資產負債表說明 (Balance Sheet Notes):
- 資產結構穩健,流動性提升並維持嚴謹的資本運用紀律 (Asset structure is stable, liquidity improved, maintaining strict capital discipline).
- 積極維持良好營運資金控管 (Actively maintaining good working capital management).
E. 2025年前三季合併現金流量表 (Consolidated Cash Flow Statement for 1~3Q 2025)
單位: 新台幣佰萬元 (Unit: NT$ Millions)
| 項目 (Item) | 1~3Q25 | 1~3Q24 | Change |
|---|---|---|---|
| 營業活動之現金流量 (Cash Flow from Operating Activities) | 1,297 | 2,403 | (1,106) |
| 合併稅後淨利 (Consolidated Net Income After Tax) | (106) | 462 | (568) |
| 折舊費用 & 各項攤提 (Depreciation & Amortization) | 971 | 971 | (1) |
| 營業資產及負債之淨變動 (Net Change in Operating Assets & Liabilities) | 1,224 | 1,491 | (268) |
| 投資活動之現金流量 (Cash Flow from Investing Activities) | (162) | (1,480) | 1,319 |
| 資本支出 (Capital Expenditure) | (654) | (690) | 36 |
| 融資活動之現金流量 (Cash Flow from Financing Activities) | 243 | (2,593) | 2,836 |
| 借款淨變動數 (Net Change in Borrowings) | 1,010 | (1,003) | 2,013 |
| 發放現金股利 (Cash Dividends Paid) | (637) | (1,385) | 748 |
| 本期現金及約當現金增加(減少)數 (Increase (Decrease) in Cash & Equivalents) | 780 | (1,600) | 2,381 |
| 自由現金流量 (Free Cash Flow) | 643 | 1,714 | (1,070) |
註: 自由現金流量 = 營運活動之現金流入 - 資本支出 (FCF = Operating Cash Inflow - CapEx)
現金流量說明 (Cash Flow Notes):
- 現金淨額增加,反映本期有效的流動性管理 (Net cash increased, reflecting effective liquidity management this period).
- 紀律性的資本支出策略,維持健康自由現金流 (Disciplined CapEx strategy maintains healthy free cash flow).
IV. Future Outlook and Guidance
- 業績展望 (Outlook) - Section header provided, but no specific forward-looking numerical guidance was detailed in the slides.
V. Strategic Initiatives and Plans
- 資本結構 (Capital Structure): 負債比率維持良好控管,確保資本結構平衡且具可持續性 (Debt ratio maintains good control, ensuring balanced and sustainable capital structure).
- 流動性管理 (Liquidity Management): 流動比率持續展現穩健且穩定的流動性狀態 (Current ratio continues to show a robust and stable liquidity status).
- 營運效率 (Operational Efficiency): 現金週轉週期持續改善,顯示營運效率與營運資金運用能力提升 (CCC continues to improve, indicating enhanced operational efficiency and working capital management capability).
- 資金控管 (Capital Control): 積極維持良好營運資金控管 (Actively maintaining good working capital management).
- 資本支出策略 (CapEx Strategy): 紀律性的資本支出策略,維持健康自由現金流 (Disciplined CapEx strategy maintains healthy free cash flow).
VI. Products, Services & Technology
產品分類 (Product Segmentation)
-
IT PERIPHERALS (IT週邊產品):
- 筆記型 & 桌上型電腦鍵盤 (Notebook & desktop computer keyboards)
- 可攜式鍵盤 (Portable keyboards)
- IT週邊產品 (IT peripherals)
- 電競相關產品等 (Gaming-related products, etc.)
-
GREEN ENERGY (綠能產品):
- 電源模組 (Power modules)
- 電池模組 (Battery modules)
- Bike/E-Bike車架 (Bike/E-Bike frames)
- Bike/E-Bike組裝 (Bike/E-Bike assembly)
- 混和型逆變器及儲能系統等 (Hybrid inverters and energy storage systems, etc.)
-
INTEGRATED COMPONENTS (整合元件):
- 積層陶瓷電容器 (MLCC) (Multilayer Ceramic Capacitors)
- 線圈式電感 (Coil Inductor)
- 天線元件/模組 (Antenna components/modules)
- 壓電陶瓷元件與保護元件等 (Piezoelectric ceramic components and protection components, etc.)
VII. Disclaimers
Safe Harbor Notice
We have made forward-looking statements in the presentation. Our forward-looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties, and assumptions about us.
We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.