上詮光纖通信股份有限公司 (FOCI) [time:2025Q3] 法說會簡報
Company Overview
- 公司名稱: 上詮光纖通信股份有限公司 (FOCI)
- 成立時間: 1995年6月
- 資本額: 新台幣 $10.36億
- 員工數: >600人
- 專利 (自2022年起):
- 已取得: 27件
- 審查中: 33件
- 全球佈局與業務據點:
- 台灣新竹:
- 運營中心
- 研發中心
- 製造生產 (高階產品): Patch cord, Optical com, SiPh/CPO packaging- ReLFACon™
- 上海:
- 業務行銷
- 客戶及技術服務
- 製造生產: Patch cord, Optical com
- 中山:
- 業務行銷
- 客戶及技術服務
- 製造生產: Patch cord, Optical com
- USA North CA:
- 業務行銷
- 客戶及技術服務
- Thailand:
- 製造生產 (1st stage): Patch cord, Optical com
- 台灣新竹:
Financial Highlights
綜合損益表 (Consolidated Income Statement)
(單位: NT$ M)
| NT$ M | Q3/25 | Q2/25 | QoQ | Q3/24 | YoY | Q1-Q3 2025 | Q1-Q3 2024 | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 | 508 | 582 | (13%) | 383 | 33% | 1,501 | 1,004 | 50% |
| 營業成本 | 387 | 467 | (17%) | 329 | 18% | 1,195 | 858 | 39% |
| 營業毛利 | 121 | 115 | 5% | 54 | 124% | 306 | 146 | 110% |
| 營業毛利率 | 24% | 20% | 4% | 14% | 10% | 21% | 14% | 8% |
| 營業費用 | 110 | 83 | 33% | 71 | 55% | 270 | 199 | 36% |
| 營業費用率 | 22% | 14% | 8% | 18% | 4% | 18% | 20% | (2%) |
| 營業利益(損失) | 11 | 32 | (66%) | (17) | 虧轉盈 | 36 | (53) | 虧轉盈 |
| 營業利益率 | 2% | 5% | (3%) | (4%) | 7% | 3% | (6%) | 10% |
| 營業外收入(支出) | 11 | (19) | (158%) | (4) | (375%) | 1 | 28 | (96%) |
| 稅前淨利(損) | 22 | 13 | 69% | (21) | 虧轉盈 | 37 | (25) | 虧轉盈 |
| 所得稅費用 | 1 | (4) | (125%) | (6) | (117%) | (2) | (8) | (75%) |
| 本期淨利(損) | 21 | 17 | 24% | (15) | 虧轉盈 | 39 | (17) | 虧轉盈 |
| EPS(NT$) | 0.20 | 0.16 | 25% | (0.14) | 虧轉盈 | 0.37 | (0.17) | 虧轉盈 |
資產負債表 (Balance Sheet)
(單位: NT$ M)
| 資產負債表項目 | 2025/9/30 AMT | 2025/9/30 % | 2025/6/30 AMT | 2025/6/30 % | 2024/9/30 AMT | 2024/9/30 % |
|---|---|---|---|---|---|---|
| 現金及有價金融商品投資 | 1,482 | 44% | 1,451 | 45% | 1,566 | 52% |
| 應收帳款 | 430 | 13% | 434 | 13% | 288 | 10% |
| 存貨 | 488 | 14% | 421 | 13% | 254 | 8% |
| 其他流動資產 | 99 | 3% | 76 | 2% | 40 | 1% |
| 不動產、廠房及設備 | 583 | 17% | 548 | 17% | 484 | 16% |
| 其他非流動資產 | 295 | 9% | 290 | 9% | 373 | 12% |
| 資產總計 | 3,377 | 100% | 3,220 | 100% | 3,005 | 100% |
| 流動負債 | 731 | 22% | 619 | 19% | 312 | 10% |
| 非流動負債 | 84 | 2% | 78 | 2% | 87 | 3% |
| 負債總計 | 815 | 24% | 697 | 22% | 399 | 13% |
| 股東權益總計 | 2,562 | 76% | 2,523 | 78% | 2,606 | 87% |
現金流量表 (Cash Flow Statement)
(單位: NT$ M)
| NT$ M | Q3/25 | Q2/25 | 3Q/24 |
|---|---|---|---|
| 期初現金 | 1,470 | 1,470 | 913 |
| 營運活動之現金流入 | (108) | (61) | 77 |
| 資本支出* | (182) | (132) | (136) |
| 現金股利 | - | - | (49) |
| 現金增資 | - | - | 522 |
| 短期借款 | 256 | 135 | - |
| 投資 | 43 | 37 | 169 |
| 其他 | (15) | (15) | 17 |
| 期末現金 | 1,464 | 1,433 | 1,512 |
| 自由現金流量** | (290) | (193) | (59) |
*資本支出含無形資產 (Capital expenditure includes intangible assets) **自由現金流量 = 營運活動之現金流入-資本支出 (Free cash flow = Cash inflow from operating activities - Capital expenditure)
Recent Performance and Results
營收分析-產品別 (Revenue Analysis - By Product)
(單位: NT$M)
| 產品別 (NT$M) | 2024 | 3Q/24 | 2Q/25 | 3Q/25 |
|---|---|---|---|---|
| Patch cord | 1,364 | 383 | 582 | 508 |
| Optical Com | 14% | 16% | 26% | 20% |
| SiPh/CPO packaging | 7% | 8% | 13% | 8% |
| Others | 1% | 2% | 5% | 4% |
| 總計 | 77% | 74% | 56% | 68% |
| Products | QoQ | YoY |
|---|---|---|
| Patch cord | 5% | 22% |
| Optical Com | -72% | -31% |
| SiPh/CPO packaging | -16% | -32% |
| Others | 30% | 1150% |
| Total | -13% | 33% |
營收分析-區域別 (Revenue Analysis - By Region)
(單位: NT$M)
| 區域別 (NT$M) | 2024 | 3Q/24 | 2Q/25 | 3Q/25 |
|---|---|---|---|---|
| America | 1,364 | 383 | 582 | 503 |
| Asia | 18% | 21% | 7% | 11% |
| China | 3% | 3% | 11% | 3% |
| Euro | 2% | 2% | 2% | 4% |
| 總計 | 78% | 74% | 80% | 82% |
| Area | QoQ | YoY |
|---|---|---|
| America | -10% | 48% |
| Asia | 38% | -33% |
| China | -79% | 18% |
| Euro | 83% | 214% |
| Total | -13% | 33% |
Products & Technologies
Key Milestones
- 2021:
- CPO FAU開發及轉型 (CPO FAU Development & Transformation)
- IP ReLFACon™: Reflowable + Lens + Fiber Array + Connectors
- 2022-23:
- Awards: ESG Gold Medal Winner (ChungHwa Telecom)
- Technologies & Products:
- 8-64ch SM/PM FA
- CPO ELS interconnect
- ReLFACon™ in DesignCon & OFC
- Automatic production line: SC cable assembly
- 2024:
- Awards:
- Sustainable Supply Chain - Gold Supplier Certification (ChungHwa Telecom)
- Top Photonics solution (Semiconductor Review APAC)
- Technologies & Products:
- ReLFACon™ FAU
- 2D ReLFACon™ FAU
- MMC Cable certificate
- Automatic production line:
- MPO assembly
- LPO trial production
- Awards:
- 2025:
- Awards:
- A+ Innovation Program of AI/HPC optical interconnect (MOEA)
- Best Fiber Optical Component Manufacturing of Y2025 APAC (Telecom Business Review)
- Technologies & Products (in progress):
- Detachable CPO
- Next Generation ReLFACon™
- Automatic production line (in progress):
- Expansion of the clean room facilities & capacity (in progress)
- 1.6T CPO from 4Q/25-4Q/26
- Awards:
Fiber Optic & Jumper Cables in DC (Scale-out & Scale-up)
- 光纖跳接線及光通元件(Current) (Fiber Optic Patch Cords & Optical Components (Current)):
- 主幹枝葉型結構 (spine-leaf architecture)
- 光纖跳接線需求增加 (Increased demand for fiber optic patch cords)
- DC佈線密度需求增加:採用特定光纖跳接線(高芯數) (Increased DC cabling density: adoption of specific high-fiber-count patch cords)
- 光通元件需求增加 (Increased demand for optical components)
- 先進技術發展 (Advanced Technology Development): LPO-CPO, CPO Assembling, Fiber Jump in System
SiPh Roadmap
- 2025:
- 1.6Tbps OE on substrate: Pluggable (OSFP)
- Components: FAU, SiPh EIC, PIC, Substrate
- 2026:
- CPO Switch (Scale Out): 6.4 Tbps OE on Substrate
- Components: SiPh EIC, Switch
- 2026 beyond:
- CPO XPU (Scale Up): 12.8 Tbps OE on Interposer
- Components: HBM, XPU, SiPh EIC
- Related Technologies: Pluggable Transceiver Optics, Co-Packaging Optics, Top view and cross-section of E/O interface (Interposer, Organic pckg, PCB).
- Sourcing: @2024 TSMC Ltd, ASE, The New Frontier: How Artificial Intelligence is transforming data centers | Webinar | www.yolegroup.com | ©2023
先進技術進展 (Advanced Technology Progress)
- LPO (Lightwave Pluggable Optics):
- ReLFACon™ FAU LPO(1.6T):
- 試產線 (Pilot production line): 4Q/24~
- 量產-系統驗證 (Mass production - System validation): 4Q/25~
- ReLFACon™ FAU LPO(1.6T):
- FAU & CPO Assembly:
- ReLFACon™ FAU CPO(1.6T):
- 試產線 (Pilot production line): 4Q/24~ (FAU & Assembling)
- 量產線 (Mass production line): 4Q/25-4Q/26
- 量產-系統驗證 (Mass production - System validation): 3Q/26~
- ReLFACon™ FAU CPO(>3.2T):
- 產品驗證中 (Product validation in progress)
- 2D ReLFACon™ FAU (>6.4T):
- 設計驗證中 (Design validation in progress)
- ReLFACon™ FAU CPO(1.6T):
- RMT-MMC Cable:
- MMC (Multi-fiber Micro Connector): a very small form factor (VSFF) multi-fiber optical connector designed for high-density fiber optic cabling.
- MMC Cable已完成出貨驗證 (MMC Cable has completed shipping validation).
- 適用於ReLFACon™ FAU (Applicable to ReLFACon™ FAU).
FOCI Technologies & Products Deployment
- FAU (高密度高精度光學元件,矽光子中重要連接器): 標準及客製 (High-density, high-precision optical components, key connectors in silicon photonics): Standard and customized.
- 光學封裝 (FAU精準封裝PIC之技術): Optical packaging (FAU precision packaging PIC technology).
- Fiber Jump in System (機內FAU to Front Panel光纖): In-system FAU to Front Panel fiber.
- Patchcord (機外光纖 自動化提升品質降低成本): External fiber patchcord, automated quality improvement, cost reduction.
Si Photonic Eco-system
- IC設計 (IC Design): NVIDIA, Broadcom, AMD
- EDA: Ansys, Cadence, Siemens, Synopsys
- 晶圓代工 (Foundry): TSMC, Intel, GlobalFoundries, Tower, AMF
- 雷射 (Laser): Broadcom, Lumentum, Coherent
- 記憶體 (Memory): SK hynix, Samsung, Micron
- 光纖陣列單元 (Fiber Array Unit): FOCI, TFC, Sumitomo, Senko
- 光纖陣列單元組裝 (Fiber Array Unit Assembly): Foxconn, Fabrinet, FOCI
- E/O 測試 (E/O Test): Keysight, Formfactor, Ficontec, Exfo, Teradyne
- 封測 (Packaging & Testing): Amkor, ASE, Spil
- 系統組裝 (System Assembly): Foxconn, Wistron, Gigabyte, Quanta, Inventec, Mitac
- Mission Statement: Our mission is to provide photonic connection solutions that evolve with the ever-growing demands of high-speed communication. We innovate, design and deliver solutions that meet customer's need.
- 資料來源: TechNews 科技新報
MCM CPO
- Product Name: MCM CPO (Multi-Chip Module Co-Packaged Optics)
- Components: ReLFACon, HBM (High Bandwidth Memory), XPU (Processor Unit)
Outlook & Strategy
Key Messages
- 2025/11/6 董事會決議 (Board Resolution):
- 通過2026新增預算新台幣3.86億元，加計2025年度資本支出預算尚待執行餘額新台幣13.64億元，2026資本支出預算總額共計新台幣17.5億元。
- 主要用於矽光自動化產線、研發設備及資訊設備購置。
- 通過現金增資發行新股案，預定發行股數上限為10,000仟股，預計募集金額新台幣25億元。
- 主要用於購置CPO量產線機器設備及充實營運資金。
Additional Data
Disclaimer
- 本公司對其現況的期待及預測是屬於前瞻性陳述的範疇, 本身具有重大風險及不確定性, 而致實際結果可能與前瞻性陳述內容有明顯差異。
- 本公司對於前瞻性陳述不作任何聲明或保證, 除非法令另有要求外, 本公司亦不因新資訊、未來事件或其他情事變更事由, 負有主動更新前瞻性陳述的義務。