麗正國際科技股份有限公司 (2302.TW) [time:2025Q4] 法說會簡報
Company Overview
關於麗正 About Rectron
- 成立 Established: 1976.1.23
- 資本額 Capital: NT$ 16億元 (NT$ 1.6billion)
- 董事長 Chairmen: 林文騰 WT.Lin
- 總部 Headquarter: 台北市士林區承德路4段192-2號 (No. 192-2, Sec. 4, Chengde Rd., Shilin Dist., Taipei City, Taiwan (R.O.C.))
- 工廠 Factory Locations:
- (1) Tu-Cheng, Taipei, Taiwan 台灣 土城廠
- (2) JiaShan, ZjheJiang, China 大陸 浙江廠
- 主營業項目 Main Business: Rectifier/Transistor(MOSFET)/SiC manufacture &sale (整流器/電晶體/碳化矽等生產製造及買賣)
麗正全球據點 Global Sales and Factory location
- 台灣總部: Taipei, Taiwan Headquarters
- 土城工廠: New Taipei, Taiwan
- 浙江組裝配一廠: Zhe Jiang 1st. Assembly Line
- 浙江組裝配二廠: Zhe Jiang 2rd. Assembly Line
- 美國公司: Rectron USA
- 歐洲: Icarus代理
- 韓國 Korea: GL代理
- 日本: Toki & Furtutaka
- 香港: Willas HK
- 台灣: Arrow
- 新加坡: Rectronix
- 印度辦事處 Rectron India:
-
- New Delhi
-
- Bangalore
-
- Pune
-
Financial Highlights
資產負債項目 Assets and Liabilities Items
Unit: NT$ thousand
| 項目 | 2024.9.30 Amount (%) | 2024.12.31 Amount (%) | 2025.9.30 Amount (%) |
|---|---|---|---|
| 現金及約當現金 Cash and Cash Equivalents | 631,770 (24) | 564,394 (21) | 405,527 (16) |
| 透過損益按公允價值衡量之金融資產 Financial assets measured at fair value through profit or loss | 16,186 (1) | 132,575 (5) | 222,272 (9) |
| 應收款項 Accounts Receivable | 134,366 (5) | 141,003 (5) | 168,763 (7) |
| 存貨 Inventories | 125,534 (5) | 126,046 (5) | 143,857 (6) |
| 流動資產 Current Assets | 988,167 (38) | 979,725 (37) | 977,723 (38) |
| 資產總計 Total Assets | 2,600,754 (100) | 2,645,783 (100) | 2,577,633 (100) |
| 流動負債 Current Liabilities | 723,382 (28) | 735,239 (28) | 689,699 (27) |
| 非流動負債 Non-Current Liabilities | 74,146 (3) | 76,508 (3) | 74,719 (3) |
| 負債總計 Total Liabilities | 797,528 (31) | 811,747 (31) | 764,418 (30) |
| 權益總計 Total Equity | 1,803,226 (69) | 1,834,036 (69) | 1,793,215 (70) |
重要財務指標 Key Financial Indicators
| 指標 | 2024.9.30 | 2024.12.31 | 2025.9.30 |
|---|---|---|---|
| 平均收現日數 Days Sales Outstanding | 67 | 66 | 72 |
| 平均銷貨日數 Days Inventory Outstanding | 96 | 97 | 98 |
簡明合併綜合損益表 Statements of Comprehensive Income
單位:新台幣千元 /unit: NT$ thousand
| 項目 | 2023 金額 Amount (%) | 2024 金額 Amount (%) | 2024Q3 YTD 金額 Amount (%) | 2025Q3 YTD 金額 Amount (%) | Y-O-Y |
|---|---|---|---|---|---|
| 營業收入 Operating Revenue | 716,545 (100) | 757,457 (100) | 552,477 (100) | 634,424 (100) | 15% |
| 營業毛利 Operating Gross Profit | 257,404 (36) | 276,044 (36) | 198,414 (36) | 233,630 (37) | 18% |
| 毛利率 Gross Margin | 36% | 36% | 36% | 37% | 3% |
| 營業費用 Operating Expenses | 186,106 (26) | 199,273 (26) | 138,802 (22) | 139,809 (22) | 1% |
| 營業純益 Operating Income | 71,298 (10) | 76,771 (10) | 59,612 (9) | 93,821 (15) | 57% |
| 營業外收支 Non-Operating Income (Expenses) | 35,157 (5) | 78,834 (10) | 20,022 (3) | (5,949) (-1) | -130% |
| 稅前純益 Income Before Tax | 106,455 (15) | 155,605 (21) | 79,634 (13) | 87,872 (14) | 10% |
| 稅後淨利 Net Income After Tax | 86,869 (12) | 125,531 (17) | 63,484 (10) | 66,076 (10) | 4% |
| 每股盈餘(元) Earnings Per Share (EPS)/in NT dollars | 0.52 | 0.75 | 0.38 | 0.40 | 5% |
季度營收表現 Quarterly Sales
Unit: NT$ thousand
| 年度 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 167,606 | 214,546 | 190,889 | 198,343 |
| 2024 | 145,937 | 204,743 | 201,392 | 273,683 |
| 2025 | 193,509 | 216,525 | 224,421 | (N/A) |
Business Segments
2025年前三季分區營收情況 Marketing Analysis | By Territory (Revenue)
- USA: 43%
- China: 13%
- Europe: 1%
- HK: 1%
- India: 20%
- Japan: 0.25%
- Korea: 19%
- Southeast Asia: 2%
- Taiwan: 0.75%
2025年前三季分區銷售數量情況 Marketing Analysis | By Territory (Sales Quantity)
- USA: 52%
- China: 12%
- Europe: 1%
- HK: 1%
- India: 10%
- Japan: 0.3%
- Korea: 22%
- Southeast Asia: 2%
- Taiwan: 0.7%
2025年前三季產品別數量比例 Product Analysis | q' ty By Type
- SMD: 81%
- MOSFET: 9%
- AXIAL: 4%
- DIODES: 3%
- BRIDGE: 2.8%
- TO220/247: 0.1%
- OTHER: 0.1%
2025年前三季產品別營收比例 Product Analysis | Revenue By Type
- SMD: 66%
- MOSFET: 19%
- BRIDGE: 9%
- DIODES: 3%
- AXIAL: 2%
- TO220/247: 0.5%
- OTHER: 0.4%
- SiC: 0.1%
2025Y 應用分析 Product Analysis | By Application
- 商規 CONSUMER: 43%
- 車規 AUTOMOTIVE: 29%
- 工控 INDUSTRIAL: 26%
- 其他 OTHER: 2%
Products & Technologies
A Discrete Semiconductor Manufacturer
- Bridge Rectifiers
- ESD Diodes
- High Voltage
- Recovery Rectifiers
- Schottky Diodes
- Signal-switching Diodes
- Silicon Carbide Schottky
- Transistors
- TVS Diodes
- Diodes
- MOSFET
新產品開發進度 Road Map (RD ROAD MAP 2025)
- ESD TSS
- DFN1006/DFN0603 ESD Low CJ (0.1pf)
- Snapback ESD
- TSS series SMB/SOD123/SMA
- LOW VF
- SOD323/DFN1610/DFN1006 0.5-2A LOW VF SKY
- 8-35A LOW VF bridge rectifiers
- Super LOW VF bridge
- MOS package
- GaN MOSFET DFN8X8 120/180 m.ohm/650V
- LFPACK56
- LFPACK33
- QDPACK 1200V 30mΩ 70A
- NEW package
- ULBF
- SMAHE
- RSBF 25A bridge
- PLP ESD LOW VF BRIDGE
- Other Products
- SCR TRIAC TO220/TO263 TO253/SOT223
- DFN Alternative Leadframe Product Plan
- Miniaturization high performance
Clients & Markets
市場方向 Direction- 汽車應用 Automovite
麗正近年車用市場營收概況 (The Revenue of Automotive market Rectron in several years)
Unit: NT$ 10billion
| 年度 | 年營收 Year Revenue | 車用營收 Revenue of Automotive | % |
|---|---|---|---|
| 2021Y | 7.45 | 1.34 | 18% |
| 2022Y | 8.77 | 2.19 | 25% |
| 2023Y | 7.16 | 1.86 | 26% |
| 2024Y | 7.57 | 1.97 | 26% |
| 2025Y Jan-Oct | 7.1 | 2.06 | 29% |
Development (Automotive Market)
- EV Car (ECU/BMS/Motor)
- BCM (Body control module)
- Smart cockpit
- Oil system
- Intelligence
Outlook & Strategy
經營策略 Management Strategy
客戶關係 Customer relationship
- 爭取長期產能 Securing long-term capacity:
- 核心客戶簽訂長期合約,換取訂單能見度和產能穩定。
- 提供增值服務 Provide value-added services:
- 設計支援,共同開發和整合測試等服務加深客戶黏著度。
技術發展與創新 Technology Development and Innovation
- 高性能 High-efficiency:
- 提升MOSFET的功率密度、開關頻率,並向集成化發展。
- 佈局全產業鏈能力 Build end-to-end capabilities:
- 向IDM(整合器件製造)模式轉型或加強合作,提升對核心技術的掌控。
風險管理 Risk Management
- 產能與產地保障 Production and Sourcing Security:
- 產能供需無虞,確保供應鏈穩定。
- 中美貿易戰潛在風險 U.S.-China Trade War Risks:
- 持續關注對貿易衝擊與產地管制,前期做好海外產地評估與備選。
市場與應用拓展 Go-to-Market and Application Scaling
- 深耕新能源 Strategic Focus on New Energy:
- 擴大在新能源汽車、光伏逆變器、儲能系統三大領域的市場份額。
- AI基礎設施 AI Facilities:
- 關注AI算力資本開支增長帶動的數據中心HVDC供電、儲能溫控等配套電源市場。