EZconn (6442.TW) 2025Q2 法說會簡報
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免責聲明
本次法說會所提供之簡報內容包括對於未來狀況之預測及評估，這些關於未來狀況之陳述乃基於公司目前可得資料所做的預測，涉及風險及不確定性，並可能發生實際結果與預期狀況有重大差異的情形，提醒各位不要過度依賴這些資訊，另除非法律要求，本公司將不負責更新或公告這些預測的結果。
Company Overview
公司簡介
- Established in 1977.
- Listed on Taiwan stock market in 2015 (Stock symbol: 6442.TW).
- 1100+ employees.
- Headquarters: Taiwan (New Taipei City).
- Oversea presence: USA, the Philippines, the Czech Republic, the People Republic of China.
Global Sites
| Location | Key Activities | Certifications |
|---|---|---|
| Trutnov, Czech Republic | Research and Development, Wafer Level Packaging | ISO 9001, ISO-14001 |
| New Taipei City, Taiwan | Headquarters, Low-volume Production | ISO-9001, ISO-14001 |
| Ningbo, China | Research and Development, High-volume Production | ISO-9001, ISO-14001 |
| Lipa, Philippines | Research and Development, High-volume Production | ISO-9001, ISO-14001 |
Core Competency
- Customized Design: Customized designs of optical, mechanical, and electronic packaging.
- Precision Machinery: Maintaining micro level precision machining capabilities in mass production.
- Miniaturization: Experienced in miniaturizing modules/components in various applications.
- Quality Production: Attained quality recognition from $1^{\text{st}}$ tier customers.
- Intellectual Property: With over 180+ active issued patents and thousands of interconnect designs in its library.
Financial Highlights
經營績效-營收與獲利 (單位: 新台幣仟元; %)
| Metric | 111年度 (FY 2022) | 112年度 (FY 2023) | 113年度 (FY 2024) |
|---|---|---|---|
| 營業收入 (Revenue) | 2,940,188 | 2,617,385 | 6,410,405 |
| 稅前利益 (Profit Before Tax) | 426,376 | 247,753 | 1,422,286 |
| 毛利率 (Gross Margin) | 31.81% | 35.55% | 55.62% |
| 每股盈餘 (EPS, NTD) | 4.85 | 2.53 | 14.30 |
Recent Performance and Outlook
經營績效-114年前三季營運狀況 (單位: 新台幣仟元; %)
| Metric | 113年前三季 (Q1-Q3 2024) | 114年前三季 (Q1-Q3 2025) |
|---|---|---|
| 營業收入 (Revenue) | 3,909,414 | 7,527,529 |
| 稅前淨利 (PBT) | 868,738 | 1,433,870 |
| 毛利率 (%) (Gross Margin) | 56.57% | 57.81% |
| 營業淨利 (Operating Income) | 842,396 | 1,731,094 |
| 每股盈餘 (元) (EPS) | 8.52 | 13.87 |
經營績效-財務分析 (Projected/Forecasted)
| 項 目 | 2024.9.30 | 2024.12.31 | 2025.9.30 |
|---|---|---|---|
| 財務結構 (Financial Structure) | |||
| 負債占資產比率 (%) (Debt to Asset Ratio) | 43.11 | 47.41 | 55.10 |
| 償債能力 (Solvency) | |||
| 流動比率 (%) (Current Ratio) | 211.32 | 231.45 | 144.93 |
| 獲利能力 (Profitability) | |||
| 權益報酬率 (%) (ROE) | 32.06 | 36.81 | 35.83 |
| 每股淨值 (元) (Book Value Per Share) | 41.51 | 48.63 | 53.92 |
Strategic Initiatives and Plans
Revenue Guidance
- 2024 revenue US$ 200+ million.
- 2025 revenue expected to continue to grow.
AI Infrastructure Scale-up (Future Product)
- CPO ELS modules expected 2026.
- Focus on active silicon photonic CPO-ELS* modules to increase speed and reduce power consumption for GPU's.
- *CPO-ELS stands for "co-packaging optics with external laser source” - essential chip packaging for AI processing at server level in data centers.
Business Segments
EZconn operates across four main market sectors:
- Broadband Networks – Access (Last-Mile)
- Optical engines for “Fiber to the Home" (FTTH) for Telcos.
- RF interconnects for cable service providers.
- Wireless Communications: 5G mmWave (40 GHz~65 GHz) and Satellite communications.
- AI infrastructure – Hyperscalers (large-scale data centers)
- Scale-out: High-density fiber deployment connecting data centers' physical structures.
- Scale-up: Active silicon photonic CPO-ELS modules (expected 2026).
- Biomedical & Scientific
- Miniaturized optical units for testing and probing instruments using OCT, PCR, Raman technologies, and for quantum-computing testing.
- Aerospace & Defense
- Replacement components for fighter jets.
- High-frequency RF interconnects.
Products & Technologies
Product Portfolio Overview
| Segment | Product Categories |
|---|---|
| CATV Connector/Components | F Connector, BNC Connector, IEC Connector, Hardline Connector, Filter/Attenuator/Isolator, Surge Arrester, Cable Assembly. |
| Microwave Connector/Dipole Antenna | SMA Connector, SMB Connector, MCX Connector, Dipole Antenna, EP & Cable Assembly. |
| Automobile Connection System | HDMI-E, FAKRA-Connector. |
| Active Components (OSA) | TOSA/ROSA/TRI-DI, GPON/EPON BOSA, 10G/25G BOSA, Combo ONU/OLT BOSA, Special Application BOSA. |
| Passive Components | SC/LC/MU Series, MPO Series, MT-RJ Series, FC/ST Series, Torpedo Cable Series, Patch Panel Series. |
| MEMS/Aerospace | MEMS Scanning Module, AOC cable. |
| Transceiver | Dual Mode TRX, SFP/SFP+/XFP, XGS PON Stick, XGS-PON Triplexes, XGS-PON OLT Combo/TRX. |
| Medical | Intravenous laser module, OCT Laser Module, 3D inspection module, Skin-OCT. |
| Base Station Connector/Arrester | N Connector, 7/16 Connector, Surge Arrester, Low PIM series. |
| LAB Adaptor | 50 OHM/75 OHM Adaptor. |
Broadband Networks – Access (Last-Mile)
- FTTH Products:
- 10G BOSA (Bi-directional optical sub-assemblies)
- BOSA Combo (1G, 10G, 25G)
- Optical Transceivers
- Cable Network Products: RF connectors, amplifiers, filters, cables, etc.
- High-frequency RF Interconnects (5G mmWave 40 GHz~65 GHz):
- SMP, SMPM, 1.85mm, 2.4mm
- Miniaturized components shown with dimensions: 3.95mm, 3.15mm, 2.85mm.
AI Infrastructure
- Scale-out Products:
- High density optical fiber interconnects.
- Torpedo cable (contains up to 6912 fiber cores).
- Cassette, LC Cassette.
- Fire resistant device (EZ Path).
- Scale-up Technology (CPO ELS Modules):
- Key components include: CPO substrate, External laser sources, Switch IC, CPO optical modules, XSR AUI, XSR CZM interface, XSR DSP, TIA/DRV, Optics PKG, Fiber, Socket, Package substrate, Host PCB.
Biomedical & Scientific
- OCT (Optical Coherence Tomography): Used as light source module in OCT products examining under-skin, eyes, teeth, etc.
- OCT Module Size: 11 x 6 x 4.5 cm.
- PCR (Polymerase chain reaction): Provides optical components for PCR machines.
- Miniaturized Raman Spectrometers: Used by law enforcement to detect drugs and medicines.
- Components include: Laser Beam Path, Raman Signal Path, Focusing Lens, Image Sensor.
- Quantum-computing testing: Superconducting Nanowire Single-Photon Detector.
- Function: Photon counting in detective mode with very low dark count.
- Working Temp: 4°K (-269°C).
Aerospace & Defense
- Replacement components for fighter jets:
- High frequency jumper for aerospace (BMA SEMI-RIGID).
- RF relays for aerospace.
- Micro-D to HDMI for aerospace.
- High-frequency RF Interconnects: SMP, SMPM, 1.85mm, 2.4mm (used for 5G mmWave and Satellite communications applications).
Additional Data
Patents overview
- Total Patents: 179
- Patents Issued by Year/Period:
- 2014: 10
- 2015: 9
- 2016: 13
- 2017: 13
- 2018: 13
- 2019: 10
- 2020: 22
- 2021: 18
- 2022~2024: 51