雙鴻科技 2025 法說會 / Presentation
Company Overview
公司基本資訊
- 成立: 1999
- 上櫃: 2005
- 股本: NT$9.20 億元
- 定位: 全方位散熱解決供應商
產品與解決方案 (Air Cooling & Liquid Cooling)
- 氣冷 (Air Cooling): HP/VC/3DVC...散熱模組 (Thermal Modules)
- 液冷 (Liquid Cooling): 水冷板、分岐管、水冷分配裝置、快接頭...Rack System (Cold Plates, Manifolds, CDUs, Quick Disconnects...Rack System)
產品發展歷程 (Product Development History)
- 主題: 穩固現在的商業機會，未來的技術
- 時間軸與主要產品線:
- 1999: NB (筆記型電腦)
- 2005: VGA & Gaming (顯示卡與遊戲)
- 2015: Smart Phone (智慧型手機)
- 2019: Server & HPC (伺服器與高效能運算)
- 2022: Automotive (ADAS) (汽車電子)
- 2023: Liquid Cooling Rack System (液冷機架系統)
- 2025: Heat Spreader (Lid) (均熱片/蓋板)
全球廠區布局 (Global Factory Layout)
- Taiwan (臺灣)
- Thailand (泰國)
- China (中國):
- Chongqing (重慶)
- Guangzhou (廣州)
- Kunshan (昆山)
- Hefei (合肥)
季度產品組合 (Quarterly Product Mix)
| 產品類別 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 |
|---|---|---|---|---|---|---|
| Server (伺服器) | 46% | 42% | 39% | 44% | 45% | 60% |
| PC (個人電腦) | 34% | 39% | 40% | 35% | 31% | 27% |
| VGA (顯示卡) | 15% | 14% | 16% | 17% | 21% | 11% |
| Others (其他) | 5% | 5% | 5% | 4% | 3% | 2% |
Products, Services & Technology
液冷解決方案 (Liquid Cooling Solutions)
- Rack Manifold (機架歧管)
- Rack (機架)
- AI Manifold (AI 歧管)
- Dimm Cold Plate (記憶體水冷板)
- In-Row CDU (列間冷卻分配單元)
- Sidecar (側櫃式 CDU)
- Building Manifold (樓宇歧管)
- Cold Plate (水冷板)
- RPU (Rack Power Unit, 機架電源單元)
- L-to-L CDU (液體對液體冷卻分配單元)
- L-to-A CDU (液體對空氣冷卻分配單元)
- Internal Manifold (內部歧管)
- Quick Disconnect (快接頭)
- 450kW Power shelf (DC48V/DC400V) (450kW 電源架)
Financial Information
季度簡易損益表 (Quarterly Simple Income Statement)
單位: NT$ 千元
| 項目 | 3Q25 | 2Q25 | QoQ | 3Q24 | YoY |
|---|---|---|---|---|---|
| 營業淨額 (Revenue) | 5,957,567 | 5,306,304 | 12.3% | 4,219,312 | 41.2% |
| 營業成本 (Cost of Revenue) | (4,184,246) | (3,919,565) | 6.8% | (3,108,024) | 34.6% |
| 營業毛利 (Gross Profit) | 1,773,321 | 1,386,739 | 27.9% | 1,111,288 | 59.6% |
| 營業費用 (Operating Expenses) | (780,827) | (753,001) | 3.7% | (568,149) | 37.4% |
| 營業利益 (Operating Income) | 992,494 | 633,738 | 56.6% | 543,139 | 82.7% |
| 營業外收入及支出 (Non-Op Income/Exp) | 212,304 | (422,939) | 150.2% | (29,479) | 820.2% |
| 淨利 (Net Income) | 1,029,859 | 163,657 | 529.3% | 411,000 | 150.6% |
| 每股盈餘 (EPS, 元) | 10.66 | 1.75 | N/A | 4.43 | N/A |
| 毛利率 (Gross Margin) | 29.8% | 26.1% | N/A | 26.3% | N/A |
| 營業費用率 (Op Exp Ratio) | (13.1%) | (14.2%) | N/A | (13.5%) | N/A |
| 營業利益率 (Op Income Margin) | 16.7% | 11.9% | N/A | 12.9% | N/A |
1Q-3Q 累計簡易損益表 (1Q-3Q Cumulative Simple Income Statement)
單位: NT$ 千元
| 項目 | 2025 1Q-3Q | 2024 1Q-3Q | YoY | 2023 1Q-3Q |
|---|---|---|---|---|
| 營業淨額 (Revenue) | 15,678,955 | 11,653,759 | 34.5% | 9,368,272 |
| 營業成本 (Cost of Revenue) | (11,310,738) | (8,555,523) | 32.2% | (7,173,423) |
| 營業毛利 (Gross Profit) | 4,368,217 | 3,098,236 | 41.0% | 2,194,849 |
| 營業費用 (Operating Expenses) | (2,178,543) | (1,539,113) | 41.5% | (1,202,592) |
| 營業利益 (Operating Income) | 2,189,674 | 1,559,123 | 40.4% | 992,257 |
| 營業外收入及支出 (Non-Op Income/Exp) | 2,081,929 | 233,995 | 789.7% | 258,736 |
| 淨利 (Net Income) | 1,722,923 | 1,448,994 | 18.9% | 1,015,873 |
| 每股盈餘 (EPS, 元) | 18.13 | 16.05 | N/A | 11.71 |
| 毛利率 (Gross Margin) | 27.9% | 26.6% | N/A | 23.4% |
| 營業費用率 (Op Exp Ratio) | (13.9%) | (13.2%) | N/A | (12.8%) |
| 營業利益率 (Op Income Margin) | 14.0% | 13.4% | N/A | 10.6% |
Future Outlook and Guidance
2026 展望：產品組合預測 (2026 Outlook: Product Mix Projection)
- 預期伺服器 (Server) 業務佔比將持續大幅成長。
| 產品類別 | 2022 | 2023 | 2024 | 2025 (E) | 2026 (E) |
|---|---|---|---|---|---|
| Server (伺服器) | 23% | 23% | 39% | 58% | 72% |
| PC (個人電腦) | 44% | 46% | 39% | 27% | 18% |
| VGA (顯示卡) | 29% | 26% | 17% | 13% | 9% |
| Others (其他) | 4% | 5% | 5% | 2% | 1% |
結語
- Q&A
- 感謝!