SIWARD [time:2025Q3] 法說會簡報
Company Overview
主題 (Title) 希華法人說明會 SIWARD Company Presentation 2025
標語 (Slogan) 智慧創新! 趨動未來! (Wisdom Innovation! Driving the Future!)
主講人 (Speaker) 業務副總 張佑安
議程 (Agenda)
- 2025 營運報告 (Operational Report)
- Q&A
主要生產據點 (Major Production Bases)
| Location | Function/Focus | Details |
|---|---|---|
| HQs - Taichung (台中) | Headquarters & Manufacturing | RD center, Major manufacturing site, Sales office |
| Photolithography - Zhunan (竹南) | Advanced Manufacturing | Photolithography process wafer design center, Manufacturing site (Photolithography wafer for 32.768 kHz, small size & high freq. crystal and OSC) |
| Quartz Bar - Tainan (台南) | Raw Material Production | Synthetic quartz bar growing, Manufacturing site (KHz) |
Products & Technologies
產品組合 (Product Portfolio) - 原料到終端產品兼備 (Combining Raw Materials to End Products)
| Segment | Product Category | Specific Products/Technology |
|---|---|---|
| Quartz & Wafer | Raw Materials & Processing | Synthetic Quartz, Tuning Fork Wafer (3" MEMS Wafer Processing) |
| Crystal | Crystal Units | Seam Seal, Tuning Fork (32.768 KHz), Thermistor (TSX) |
| Oscillator | Clock Devices | OSC, VCXO, TCXO, (VC)TCXO |
Business Segments
產品應用 (Product Applications)
| Application Segment | Specific Devices/Areas |
|---|---|
| Networking | Wi-Fi router, Switch, Gateway, FWA, Smart Home devices |
| IoT & Wearable | IoT, wearables, BT, TWS, GPS/GNSS, Modules |
| Mobile | 4G LTE, 5G mobile phone |
| PC & Consumers | NB, retail, gaming, server, consumer electronics |
| Automotive | EV, TPMS, Infotainment |
2025 產業營收占比 (Global Sales by Application)
| Application | Percentage |
|---|---|
| Networking | 40% |
| IOT/Wearable | 21% |
| PC/Consumers | 20% |
| Mobile | 15% |
| Automotive | 4% |
2025 產業營收占比 (Global Sales by Region)
| Region | Percentage |
|---|---|
| Taiwan | 34% |
| EU | 20% |
| China | 16% |
| US | 11% |
| Global EMS | 10% |
| JP + KR | 8% |
Financial Highlights
綜合損益表 (Comprehensive Income Statement)
單位: 新台幣仟元 (Unit: NTD Thousand)
| Metric | 2024.1.1 ~ 2024.9.30 | 2025.1.1 ~ 2025.9.30 | 成長率(%) | 2023 (Full Year) | 2024 (Full Year) | 成長率(%) |
|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,657,388 | 1,850,761 | 11.7% | 2,355,394 | 2,189,460 | -7.0% |
| 營業毛利 (Gross Profit) | 332,485 | 299,987 | -9.8% | 646,361 | 428,925 | -33.6% |
| 營業利益 (Operating Income) | 77,963 | 44,058 | -43.5% | 279,148 | 86,697 | -68.9% |
| 稅前淨利 (PBT) | 134,804 | 47,973 | -64.4% | 343,357 | 195,672 | -43.0% |
| 稅後淨利 (Net Income) | 110,555 | 42,146 | -61.9% | 260,742 | 157,637 | -39.5% |
| 毛利率 (%) (Gross Margin) | 20.1% | 16.2% | -19.2% | 27.4% | 19.6% | -28.6% |
| 營業利率 (%) (Operating Margin) | 4.7% | 2.4% | -49.4% | 11.9% | 4.0% | -66.6% |
| 淨利率 (%) (Net Margin) | 6.7% | 2.3% | -65.9% | 11.1% | 7.2% | -35.0% |
| 權益報酬率 (ROE) | 2.8% | 1.1% | -59.9% | 6.4% | 4.0% | -36.5% |
| 每股盈餘 (EPS) | 0.69 | 0.26 | -62.3% | 1.64 | 0.99 | -39.6% |
資產負債表 (Balance Sheet)
單位: 新台幣仟元 (Unit: NTD Thousand)
| Metric | 2024.9.30 | 2024.12.31 | 2025.9.30 |
|---|---|---|---|
| 流動資產 (Current Assets) | 2,253,349 | 2,300,353 | 2,216,749 |
| 資產總額 (Total Assets) | 4,519,567 | 4,474,489 | 4,551,815 |
| 流動負債 (Current Liabilities) | 600,889 | 591,684 | 503,000 |
| 負債總額 (Total Liabilities) | 794,888 | 759,867 | 836,990 |
| 權益總額 (Total Equity) | 3,724,679 | 3,714,622 | 3,714,825 |
| 負債比率 (Debt Ratio) | 18% | 17% | 18% |
| 流動比率 (Current Ratio) | 375% | 389% | 441% |
| 速動比率 (Quick Ratio) | 219% | 226% | 249% |
| 每股淨值 (Book Value Per Share) | 23.32 | 23.26 | 23.27 |
Recent Performance and Results
每季財務績效 - 營業收入 (Quarterly Financial Performance - Revenue)
Unit: NTD Million
| Quarter | Q1-23 | Q2-23 | Q3-23 | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (NTD Million) | 616 | 581 | 589 | 569 | 522 | 518 | 617 | 532 | 598 | 649 | 603 |
| Revenue (QoQ) | -8.7% | -5.7% | 1.4% | -3.4% | -8.3% | -0.8% | 19.1% | -13.8% | 12.4% | 8.5% | -7.1% |
| Revenue (YoY) | -25.4% | -36.7% | -30.3% | -15.7% | -15.3% | -10.8% | 4.8% | -6.5% | 14.6% | 25.3% | -2.3% |
每季財務績效 - 營業毛利 (Quarterly Financial Performance - Gross Profit)
Unit: NTD Million
| Quarter | Q1-23 | Q2-23 | Q3-23 | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Profit (NTD Million) | 199 | 159 | 152 | 136 | 90 | 113 | 129 | 97 | 109 | 110 | 81 |
| Gross Profit Rate (%) | 32.3% | 27.4% | 25.8% | 23.9% | 17.2% | 21.8% | 20.9% | 18.2% | 18.2% | 16.9% | 13.4% |
| Gross Profit (QoQ) | -22.6% | -20.1% | -4.4% | -10.5% | -33.8% | 25.6% | 14.2% | -24.8% | 12.4% | 0.9% | -26.4% |
| Gross Profit (YoY) | -30.9% | -55.3% | -56.6% | -47.1% | -54.8% | -28.9% | -15.1% | -28.7% | 21.1% | -2.7% | -37.2% |
每季財務績效 - 稅後利益 (Quarterly Financial Performance - Net Profit)
Unit: NTD Million
| Quarter | Q1-23 | Q2-23 | Q3-23 | Q4-23 | Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | Q3-25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Profit (NTD Million) | 87 | 70 | 119 | -15 | 39 | 43 | 29 | 47 | 38 | -18 | 22 |
| Net Profit Rate (%) | 14.1% | 12.0% | 20.2% | --- | 7.5% | 8.3% | 4.7% | 8.8% | 6.4% | -2.8% | 3.6% |
| Net Profit (QoQ) | -3.3% | -19.5% | 70.0% | -112.6% | 360.0% | 10.3% | -32.6% | 62.1% | -19.1% | -147.4% | 222.2% |
| Net Profit (YoY) | -47.3% | -70.8% | -56.4% | -116.7% | -55.2% | -38.6% | -75.6% | 413.3% | -2.6% | -141.9% | -24.1% |