晟銘電子 2025年法人說明會
免責聲明
本簡報資料內容包括對公司未來營運之預測性資訊，該項預估存在未實現風險及不確定性。本公司未來實際所發生的營運結果、財務狀況以及業務展望，可能與這些預測性資訊有所差異，其原因可能來自於各種本公司所不能掌控的風險。
除法令要求外，本公司並無義務因應新資訊的產生或未來事件的發生主動更新對未來展望的表述。
簡報綱要
公司資訊
營運據點 (Operating Locations)
| 廠區名稱 | 公司名稱 | 地點 | 營運面積 | 員工人數 |
|---|
| 東莞廠 | 東莞成銘電子有限公司 | 523873 廣東省東莞市長安鎮振安中路442號 | 約 150,000 平方米 | 約 2,600 人 |
| 寧波廠 | 晟銘電子(寧波)有限公司 | 315800 浙江省寧波市保稅區東區港東大道25號 | 約 57,500 平方米 | 約 1,700 人 |
| 中壢廠 | 晟銘電子中壢廠 | 320桃園市中壢區松江北路18號 | 約 11,000 平方米 | 約 100-150 人 |
| 泰國廠 | 晟銘電子泰國廠 | Apex Green Industrial Estate | 約 111,066 平方米 | 約 180 人 |
營運成果 (Operating Results)
集團營收狀況 (NTD 億元)
| 年度 | 營收 (NTD 億元) |
|---|
| Y2021 | 53 |
| Y2022 | 65 |
| Y2023 | 65 |
| Y2024 | 94 |
| Y2025/1-9M | 75 |
產品類別營收佔比
| 產品類別 | Y2024 佔比 | Y2025/1~9M 佔比 |
|---|
| SVR | 53% | 41% |
| AI SVR | 40% | 47% |
| DT | 3% | 3% |
| Tooling | 2% | 2% |
| Gaming | 2% | - |
| 液冷 (Liquid Cooling) | - | 7% |
展望/備註：
- 2025年第四季液冷產品營收比重將增加。
- 液冷產品營收2025年第四季將逐步增加。
財務績效 (單位: NTD 仟元, EPS: 元)
| 分析項目 | 2024年1-9月 | 2025年1-9月 | YOY(%) | 2025年1-6月 |
|---|
| 營業收入 | 6,727,285 | 7,499,627 | 11% | 5,029,380 |
| 營業毛利 | 1,040,112 | 1,310,159 | 26% | 830,097 |
| 營業費用 | 486,060 | 628,529 | 29% | 401,399 |
| 營業淨利 | 554,052 | 681,630 | 23% | 428,698 |
| 稅前淨利 | 554,724 | 670,460 | 21% | 403,193 |
| 稅後淨利 | 433,590 | 501,172 | 16% | 283,907 |
| EPS | 2.17 | 2.44 | 12% | 1.38 |
重要財務比率 (%)
| 比率 | 2024年1-9月 | 2025年1-9月 | 2025年1-6月 |
|---|
| 毛利率 (Gross Margin) | 15.5 | 17.5 | 16.5 |
| 營業利益率 (Operating Margin) | 8.2 | 9.1 | 8.5 |
| 歸屬於母公司之淨利率 (Net Margin attributable to parent) | 6.4 | 6.7 | 5.6 |
產品與技術 (Products & Technologies)
產品與服務分類 (Our Products And Services)
| 類別 | 產品/服務名稱 |
|---|
| OEM/ODM Service | Rack, Server Chassis, Switch Chassis, IPC Chassis, PC Chassis |
| OTS Products | NVIDIA MGX 1U GB300, 4U RTX Pro, 2U NVL 4, NVIDIA MGX Rack, OCP/EIA Racks, Intel Edge-MHS, Power Rack |
| New Development | LC System Integration, Manifold, LC Floating Module, Anti-leakage LC System, PSU, BBU |
OEM, Server Chassis 市場資訊
應用領域： AI/HPC/Storage/ASIC
全球資料中心資本支出 (單位: 10億美元)
| 年度 | 2024 | 2025(e) | 2026(f) | 2027(f) | 2028(f) |
|---|
| 支出 | 561.5 | 640.1 | 700.8 | 753.0 | N/A |
2022-2025年四大雲端服務業者資本支出 (億美元)
| 業者 | 2022 | 2023 | 2024 | 2025(e) |
|---|
| Amazon | 487 | 573 | 554 | 700 |
| Microsoft | 352 | 322 | 525 | 850 |
| Google | 260 | 282 | 377 | 830 |
| Meta | 194 | 217 | 260 | 700 |
| 合計 | 1,293 | 1,394 | 1,716 | 3,080 |
OEM 案例
- OEM, GB200 NVL 72, US
- 配置包括：AALC x2 (Air Assisted Liquid Cooling), IT Racks, Compute Trays x10, NVSwitches x9, Compute Trays x8.
- OEM, SuperPoD, China (基於昇騰AI雲服務)
- Scale Out最大集群：單集群提供超10萬 PFLOPS 算力。
- Scale Up最強超節點：算力規模達 300PFLOPS，單卡推理吞吐 2300Tokens/s。
- CloudMatrix384 超節點。
- 資源使用最优配比，訓推一體靈活調度。
ODM, Rack 產品
ODM, Rack, OCP (Compatible with MGX rack components)
- 主要組件：POWER SHELF & SERVER ADAPTER, FRONT & REAR CROSS BRACE, 44OU/48RU RACK, MANIFOLD SUPPORT BRACKET, MANIFOLD 440U, MANIFOLD BRACKET, BUSBAR, EXTENSION FRAME, ANCHORING BRACKET, DRIP PAN, SEISMIC KIT.
ODM, Rack, EIA (48U with liquid cooling components, 42U, 52U available)
- 主要組件：48U EIA rack, Cable management bkt, EIA Stabilizer, Anchoring bkt, PDU, Extension frame, Manifold.
- 展示案例：Uneec rack in OCP Global Summit 2025 (P90001G7 LC Rack).
OTS, Chassis 產品
| 產品類別 | 型號/規格 | 備註 |
|---|
| NVIDIA GB300 | N/A | 4Q 2025 |
| Intel Edge-MHS | 1U, 2U, Multi-node | N/A |
| NVIDIA MGX | 1U, 2U, 4U | N/A |
| OCP DC-MHS | M-FLW/M-SDNO | N/A |
| General Purpose | 2U (8/12/24-bay), 4U | N/A |
OTS, Rack 產品
- EIA 19"
- EIA RDHx
- EIA 50kW AALC
- OCP 21" (ORv3)
- ORv3 HPR
- ORv3 MGX
OCP ORv3 Rack 技術規格 (48OU, 52OU available)
| 規格項目 | 內容 |
|---|
| Rack | OCP Open Rack V3 (ORv3) |
| Dimension (W x D x H) | 600 x 1068 x 2286 mm |
| OU/RU Capacity | 44OU / 47RU |
| Pay Load | 1400 kg |
| Weight | 335 kg |
| Busbar | 48V DC |
認證 (Certification):
- ISTA 3E: Temperature and Humidity 72H, Incline Impact, 1st Rotational Edge Drop, 2nd Rotational Edge Drop, Compression Test, Random Vibration 4H.
- ORv3 Test: Rolling Movement Test, Unpackaged Test, Bracket Pullout Test, Static Loading 1400kg, Dynamic Loading 1400kg.
- NEBS: GR-63-Zone 4 Core.
配件 (Accessories): 1 OU, 2 OU IT Support Bracket; 1 OU to 1 RU IT Support Bracket; 1 OU, 2 OU Air Blank; 1 OU (tool-less), 1 RU Air Blank w/ Cable Management; 1 OU Power Shelf Support Bracket; Top Rear Air Blank; Front/Rear Extension Frame; Front/Rear Door; Manifold Support Bracket; Cross Brace; Switch Tray; Liquid Cooling Kit; Tool-less Front Cable Clip.
新產品新技術 (New Development)
AI伺服器機櫃功耗預測 (單位: kW/千瓦)
| 年度 | 機櫃功耗 | 備註 |
|---|
| 2022 | 60 | |
| 2024 | 100 | |
| 2025(e) | 120 | GB200/GB300 NVL72 |
| 2026(f) | 160 | |
| 2027(f) | 600 | Rubin Ultra NVL576 Kyber機櫃 |
Rubin Ultra NVL 576 (144x GPU or 576x GPU Die) 架構：2x GPU + 2x CPU -> 18x -> 36x GPU or 144x GPU Die -> 4x -> Rubin Ultra NVL 576。
HVDC Power Sidecar (Uneec Power Rack)
| 陣營 | OCP | Nvidia |
|---|
| 極數 | 雙極 | 單極 |
| 架構 | ±400V | 0~800V |
| 電壓分布 | -400V ~ +400V | 0V ~ +800V |
| 容錯安全 | 高 | 一般 |
| 使用者 | MS, M, G | N |
| 應用 | AI、高密度運算 | N/A |
Double Width Rack
- 產品： Uneec Dongguan made double width rack in OCP Global Summit 2025 (與WiWynn合作展示)。
- 關鍵組件： 19-inch 90 kW DC-DC Power Shelf, Next-gen Scale-up Switch, Next-gen AI Compute Server (HVDC +/-400V Power, Up to 120mm x 150mm chip size, Over 3.6TB/s Scale-up Links per XPU, Fan-less Design, 3kW Coldplate Shelf).
Floating Module (液冷浮動接頭) (中華民國專利證書 新型第 M669324號)
- PTFE Washer: Reduce the sliding force.
- Spring: Provide axial preload and stroke for the plug; Allow plug to tilt within certain angle; Resume to preload state once the external force is released.
- Barb: Barb-shaped for specific hose fitting.
- C-clip: Attach Plug and Barb in axial direction.
- Mount Block.
Anti-leakage Liquid Cooling System (水冷板散熱裝置) (中華民國專利證書 新型第 M665577號)
- 系統組成：Cold plate, Manifold, Radiator, Tank, RPU (Recirculating Pump Unit), 利用 Venturi Effect (文丘里效應) 於回流管路。
Rack Manifold Manufacturing (In house Processes in Ningbo site)
- 製程流程： Tube cutting -> CNC -> Welding -> Welding Inspection -> Air Leak Test -> Dimension Inspection -> Packing -> Nitrogen Filling -> Air Leak Test -> Assembly -> Cleanliness Test -> Cleaning.
- 關鍵製程： 95% Alcohol Extraction, Drying, Particle Analysis (依據 ISO16232 標準進行清潔度檢測報告)。
Liquid Cooling System Integration
- Liquid to Air Sidecar Assembly Workshop: Assembly, Air leak test, Packing.
- In-rack CDU Assembly Line: Assembly, Air Leak Test, Electrical Test, Cleanliness Test, Packing.
Outlook & Strategy
Summary (摘要)
Manufacturing
- Well trained liquid cooling product assembly line in Taiwan plant.
- Setup cleaning room & cleaning processes for liquid cooling component manufacturing in Ningbo & Dongguan plant.
- Start rack manufacturing (double width) in Dongguan plant.
- Large production equipment in place for rack manufacturing in Taiwan plant.
- Operating Thailand plant to mitigate geopolitical risks.
New Technology and New Development
- Creating more OTS products.
- Verification of Manifold and Floating Module in progress.
- Developing Power Rack & PSU/BBU shelf with brand customers.
Manufacturing Plant Update
| MFG Plant | Status Update |
|---|
| 寧波廠 | Setup up cleanroom and cleaning processes for liquid cooling component manufacturing. More robotic welding facilities in place to increase liquid cooling component manufacturing output. Invested Computer Tomography (CT) to ensure the quality of welding components. Start rack manufacturing, 1500 rack/M. |
| 中壢廠 | Built up F building (500m², 400 rack/M) for liquid cooling rack assembly. Well trained CDU assembly line, 400+ set/M. Setup large bending machine (170T) for rack manufacturing in Taiwan. |
| 泰國廠 | ISO 9001, 14001. Production machines in place and assembly lines ready. Project trial run. |
Manufacturing Capacities
| 產品 | 項目 | 單位 | 部件數 (Parts) | 東莞 (Dongguan) | 寧波 (Ningbo) | 中壢 (Zhongli) | 泰國 (Thailand) | 總計 (Total) |
|---|
| Hard Tooling | Metal Tools | Set/Month | N/A | 350 | 220 | - | * | 570 |
| Plastic Tools | Stage/Month | N/A | 60 | 35 | - | * | 95 |
| Server Chassis | Set/Month | N/A | 200,000 | 150,000 | - | 150,000 | 500,000 |
| Employees | N/A | N/A | N/A | 2,600 | 1,700 | 100 | 180 | 4,580 |
| Soft Tooling | Server Chassis 1U | Quantity | 10~20 | 7,500 | 3,000 | 1,500 | - | 12,000 |
| Server Chassis 2U | Quantity | 30~40 | 3,000 | 1,200 | 600 | - | 4,800 |
| Server Chassis 4U | Quantity | 50~60 | 2,500 | 1,000 | 500 | - | 4,000 |
| Rack OCP, EIA, or Customized | Quantity | N/A | 1,500 | 1,500 | - | (1,000)¹ | 3,000 |
| Rack Liquid Cooling Integration | Quantity | N/A | - | - | 800 | (800)¹ | 800 |
* HT from China, tool maintenance only.
¹ 1Q 26 (Capacity available starting Q1 2026).
附件-重要財務比率
| 分析項目 | 2021年 | 2022年 | 2023年 | 2024年 | 2025年1-9月 |
|---|
| 流動比率(%) | 117.36 | 152.37 | 156.68 | 159.79 | 168.01 |
| 速動比率(%) | 73.53 | 113.41 | 121.29 | 120.80 | 131.78 |
| 應收款項週轉天數(a) | 136天 | 135天 | 132天 | 101天 | 109天 |
| 存貨週轉天數(b) | 85天 | 71天 | 56天 | 47天 | 51天 |
| 應付帳款週轉天數(c) | 115天 | 130天 | 137天 | 112天 | 116天 |
| 現金週轉天數(a+b-c) | 106天 | 76天 | 51天 | 36天 | 44天 |
| 負債占資產比率(%) | 68.92 | 57.5 | 50.05 | 48.73 | 44.74 |
| 股東權益報酬率(%) | -4.99 | 8.37 | 8.07 | 18.96 | 18.52 |