弘塑集團 (3131) 2025Q3 法說會簡報
Company Overview
弘塑集團 (Honsu Group) 2025Q3 Business Update
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集團成員 (Group Member):
- 弘塑科技股份有限公司 (Grand Process Technology Corporation - GPTC)
- 成立年份: Y1993
- 上市年份: Y2011 (股票代號: 3131)
- 員工人數: 230
- 主要產品: 濕製程設備 (蝕刻 /光阻剝離 /清洗)、化學品供應系統 (Wet Process Equipment (Etch /PR Strip/ Cleaner)、Chemical Deliver System)
- 添鴻科技股份有限公司 (Chemleader Corporation - CLC)
- 併購年份: Y2013
- 成立年份: Y2002
- 員工人數: 100
- 主要產品: 濕製程化學品 (蝕刻液、光阻剝離液、電鍍添加劑) (Wet Process Chemistry (Etchant、PR Stripper、Plating Additive))
- 佳霖科技股份有限公司 (Challentech International Corporation - CIC)
- 併購年份: Y2019
- 成立年份: Y1987
- 員工人數: 120
- 主要產品: 代理量測設備 (X-Ray、CSAM、EPD)、檢測、晶圓傳送、機械手、泵浦維修 (Agent Metrology(X-Ray、CSAM、EPD)、Inspection、Wafer Transfer、Robot、pump Overhaul)
- 太引資訊系統股份有限公司 (TYNE Systems Corporation - TYNE)
- 併購年份: Y2018
- 成立年份: Y2002
- 員工人數: 30
- 主要產品: 軟體系統設計 (EDA、SPC、FDC、大數據) 服務 (Software System Design(EDA、SPC、FDC、Big data) Service)
Products & Technologies
先進封裝品質保證解決方案 (Quality Assurance Solutions to Advanced Packaging): 弘塑集團提供從製程工具、化學品、監控到整體解決方案的全面服務，涵蓋先進封裝的各個環節。
- 製程工具 (Process Tool) - GPTC 弘塑科技:
- 蝕刻機 (Etcher)
- 清洗機 (Cleaner)
- 去鍵合機 (De-bonder)
- 剝離機 (Stripper)
- 電鍍機 (Plater)
- 化學品 (Chemistry) - CLC 添鴻科技:
- 光阻剝離液 (Photoresist Strippers)
- (111) 奈米雙晶銅電鍍化學品 ((111) Nanotwin Cu Plating Chemical)
- 銅/鈦蝕刻液 (Cu/Ti Etchants)
- 監控 (Monitoring) - CIC 佳霖科技:
- 表面元素分析、故障隔離 (Surface elemental analysis, fault isolation): AttoMap microXRF, XADA, Apex XRM, QuantumLeap XAS, Apex Hybrid
- 300mm 晶圓三維 X 射線顯微鏡 (3D x-ray microscope for 300mm substrate)
- 缺陷檢測系統 (i-DetEXion Defect Review System)
- TSV OCD 檢測 (TSV OCD Inspection)
- 化學狀態 (氧化態、鍵長等) (Chemical state (oxidation state, bond lengths, etc))
- 亞微米 X 射線顯微鏡 (300nm 空間解析度) (Submicron x-ray microscope (300nm spatial resolution))
- 溶液監測器 (KURABO Solution Monitor)
- 終點檢測器 (LAYTEC End Point Detector)
- 整體解決方案 (Total Solution) - TYNE 太引資訊:
- SPC 線上與離線 (SPC Online & Offline)
- 良率管理系統 (YMS Yield Management System)
- 故障檢測分類 (FDC Fault Detection Classification)
- AI 預測 (AI Predict)
- 即時數據分析 (Real Time Data Analysis)
- 地圖審查與分析 (Map Review & Analysis)
- AI 模型 (AI Model)
- DPAT, GDBN, INK
- 大數據與 AI 解決方案 (Big Data & AI Solutions)
- 先進封裝技術 (Advanced Packaging Technologies):
- WLCSP 扇出型 (WLCSP Fan-out)
- RDL (重新佈線層)
- 凸塊 (Bump)
- 2.5D IC
- 3D IC
製程應用機會 (Process Application Opp.):
- 2D 到 3D 結構 (2D to 3D Structure):
- Fan-In / WL-CSP
- Fan-Out / WLP/PLP
- Package on package
- 2.5D (-Fan-In/Out, -CoWoS)
- SoIC / Hybrid Bond
- 廣泛晶圓尺寸 (Wide Range Wafer Size):
- 75mm, 100mm, 125mm, 150mm, 200mm, 300mm
- 310*310 mm, 510*515 mm, 600*600 mm
- 多應用 (Multi-Application):
- 先進封裝 (Advanced Package): 覆晶凸塊 (Flip Chip Bumping)、扇出型封裝 (Fan Out Packaging)、2.5D CoWoS、3D SoIC、CPO
- 化合物半導體 (Compounded): SiC (碳化矽)、GaAs/GaN (砷化鎵/氮化鎵)、InP (磷化銦)
- 汽車電子 (Automotive): 二極體 (Diode)、CIS (CMOS 影像感測器)、Micro LED
- 其他 (Others): 生物晶片 (Bio Chip)、晶體元件 (Crystal element)、IC 基板 (IC Substrate)
Financial Highlights
季度損益表 (Income Statement - By Quarter) (單位: 百萬新台幣 MNTD)
| Quarter / account | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 898 | 962 | 992 | 1,222 | 1,241 | 1,630 | 1,494 | -8.4% | 50.6% |
| Gross Profit | 388 | 417 | 477 | 562 | 506 | 662 | 608 | -8.0% | 27.5% |
| OP Expense | 215 | 216 | 228 | 280 | 230 | 255 | 291 | 14.3% | 27.6% |
| OP Net Profit | 174 | 201 | 249 | 282 | 277 | 407 | 317 | -22.0% | 27.5% |
| Non-OP Revenue | 45 | 45 | 22 | 45 | 41 | (114) | 62 | 154.0% | 176.1% |
| Income before Tax | 218 | 246 | 271 | 327 | 318 | 293 | 379 | 29.5% | 39.7% |
| Net Profit | 172 | 205 | 217 | 251 | 255 | 205 | 303 | 47.9% | 39.8% |
| EPS(NTD) | 5.99 | 7.04 | 7.42 | 8.61 | 8.74 | 7.05 | 10.40 | 47.5% | 40.2% |
| Gross Margin | 43.2% | 43.4% | 48.1% | 46.0% | 40.8% | 40.6% | 40.7% | 0.2% | -7.4% |
| OP Margin | 19.3% | 20.9% | 25.1% | 23.1% | 22.3% | 25.0% | 21.2% | -3.7% | -3.9% |
| Margin before Tax | 24.3% | 25.5% | 27.4% | 26.8% | 25.6% | 18.0% | 25.4% | 7.4% | -2.0% |
年度損益表 (Income Statement - Yearly & YTD) (單位: 百萬新台幣 MNTD)
| Year / account | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 1Q~3Q | 2025 1Q~3Q | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,488 | 3,658 | 3,723 | 3,544 | 4,073 | 2,852 | 4,365 | 53.1% |
| Gross Profit | 1,126 | 1,563 | 1,618 | 1,488 | 1,845 | 1,283 | 1,776 | 38.5% |
| OP Expense | 593 | 739 | 859 | 793 | 939 | 659 | 776 | 17.6% |
| OP Net Profit | 533 | 824 | 759 | 695 | 906 | 624 | 1,001 | 60.5% |
| Non-OP Revenue | (23) | 10 | 175 | 54 | 141 | 112 | (11) | -110.2% |
| Income before Tax | 510 | 835 | 934 | 749 | 1,047 | 735 | 990 | 34.6% |
| Net Profit | 397 | 670 | 722 | 616 | 846 | 594 | 763 | 28.5% |
| EPS(NTD) | 13.92 | 23.47 | 25.32 | 21.56 | 29.07 | 20 | 26 | 28.1% |
| Gross Margin | 45.3% | 42.7% | 43.5% | 42.0% | 45.3% | 45.0% | 40.7% | -4.3% |
| OP Margin | 21.4% | 22.5% | 20.4% | 19.6% | 22.2% | 21.9% | 22.9% | 1.1% |
| Margin before Tax | 20.5% | 22.8% | 25.1% | 21.1% | 25.7% | 25.8% | 22.7% | -3.1% |
Outlook & Strategy
新廠計畫 - GPTC (New Factory Plan - GPTC):
- GPTC 二期廠房 (GPTC Phase2 Factory)
- 時程: 預計 2026 年第一季投產 (Planned 2026/Q1 Ready for production)
- 製造佔地面積: 約與一期相同 (~ same as Phase1)
Additional Data
研發費用投入 (R&D Expense Investment):
- 弘塑科技研發費用及營收佔比 (Group) (Honsu Group R&D Expense and Revenue Percentage (Group))
| 年度 (Year) | 占比 (%) | 研發費用 (KNTD) |
|---|---|---|
| 2013 | 4.22% | 96,157 |
| 2014 | 9.30% | 149,689 |
| 2015 | 9.85% | 196,894 |
| 2016 | 8.01% | 173,334 |
| 2017 | 9.23% | 195,616 |
| 2018 | 11.78% | 174,876 |
| 2019 | 8.50% | 175,148 |
| 2020 | 7.82% | 194,497 |
| 2021 | 7.34% | 268,481 |
| 2022 | 7.87% | 292,966 |
| 2023 | 7.54% | 267,088 |
| 2024 | 7.95% | 323,851 |
歷年EPS趨勢 (EPS History):
| 年度 (Year) | EPS (NTD) |
|---|---|
| 2011 | 8.82 |
| 2012 | 12.46 |
| 2013 | 20.30 |
| 2014 | 11.90 |
| 2015 | 16.41 |
| 2016 | 15.90 |
| 2017 | 15.22 |
| 2018 | 11.29 |
| 2019 | 11.11 |
| 2020 | 13.92 |
| 2021 | 23.47 |
| 2022 | 25.32 |
| 2023 | 21.56 |
| 2024 | 29.07 |
歷年股利配發率趨勢 (Dividend History):
| 年度 (Year) | 股利配發率 (%) |
|---|---|
| 2011 | 79.64% |
| 2012 | 90.07% |
| 2013 | 59.31% |
| 2014 | 63.04% |
| 2015 | 73.13% |
| 2016 | 62.88% |
| 2017 | 65.71% |
| 2018 | 83.87% |
| 2019 | 75.40% |
| 2020 | 80.98% |
| 2021 | 74.18% |
| 2022 | 72.83% |
| 2023 | 75.84% |
| 2024 | 75.68% |