復盛應用 (FUSHENG PRECISION) [time:2025Q3] 法說會簡報
Company Overview
- 公司名稱 (Company Name): 復盛應用 (FUSHENG PRECISION)
- 活動 (Event): 2025年第三季法人說明會 (2025 Q3 Investor Conference)
- 日期 (Date): 2025/12/03
- 會議議程 (Agenda):
- 2025年第三季營運成果 (Q3 2025 Operating Results)
- Key Messages
- Q&A
Financial Highlights (綜合損益表 - Consolidated Income Statement)
(單位: NT$ millions / 新台幣百萬元)
| 指標 (Metric) | 3Q 2025 | 2Q 2025 | QoQ (季對季) | 1Q-3Q 2025 | 1Q-3Q 2024 | YoY (年對年) |
|---|---|---|---|---|---|---|
| Net Revenue (淨營收) | 5,894.7 | 6,572.0 | -10.3% | 20,946.2 | 19,536.7 | 7.2% |
| Gross Profit (毛利) | 1,418.9 | 1,583.0 | -10.4% | 5,213.0 | 5,106.6 | 2.1% |
| Operating Profit (營業利益) | 699.8 | 861.8 | -18.8% | 3,033.9 | 3,123.8 | -2.9% |
| Profit before Tax (稅前淨利) | 756.5 | 514.7 | 47.0% | 2,917.1 | 3,361.1 | -13.2% |
| Net income to Shareholders of the Parent Company (歸屬母公司業主淨利) | 485.8 | 316.2 | 53.6% | 2,021.5 | 2,502.0 | -19.2% |
| EPS (每股盈餘) | 3.49 | 2.27 | 53.7% | 14.55 | 18.66 | -22.0% |
| EBITDA | 1,015.1 | 754.5 | 34.5% | 3,655.0 | 3,814.8 | -4.2% |
| GM (%) (毛利率) | 24.1% | 24.1% | 0.0% | 24.9% | 26.1% | -1.3% |
| OPM (%) (營益率) | 11.9% | 13.1% | -1.2% | 14.5% | 16.0% | -1.5% |
| PBT (%) (稅前淨利率) | 12.8% | 7.8% | 5.0% | 13.9% | 17.2% | -3.3% |
| EBITDA (%) | 17.2% | 11.5% | 5.7% | 17.4% | 19.5% | -2.1% |
資產負債表 (Balance Sheet)
(單位: NT$ millions / 新台幣百萬元)
| 項目 (Item) | 9/30/2025 | % | 6/30/2025 | % | 9/30/2024 | % |
|---|---|---|---|---|---|---|
| Cash (現金) | 6,530 | 25.6% | 8,384 | 31.6% | 6,086 | 25.8% |
| AR (應收帳款) | 3,822 | 15.0% | 3,999 | 15.1% | 4,647 | 19.7% |
| Inventory (存貨) | 4,045 | 15.9% | 2,917 | 11.0% | 3,517 | 14.9% |
| Current Assets (流動資產) | 15,443 | 60.6% | 16,569 | 62.5% | 15,383 | 65.2% |
| PP&E (不動產、廠房及設備) | 6,864 | 27.0% | 6,884 | 26.0% | 5,730 | 24.3% |
| Intangible assets (無形資產) | 1,811 | 7.1% | 1,811 | 6.8% | 1,107 | 4.7% |
| Non-current Assets (非流動資產) | 10,023 | 39.4% | 9,952 | 37.5% | 8,220 | 34.8% |
| Total Assets (資產總計) | 25,466 | 100.0% | 26,520 | 100.0% | 23,604 | 100.0% |
| Bank Loan (銀行借款) | 1,542 | 6.1% | 1,228 | 4.6% | 1,360 | 5.8% |
| AP (應付帳款) | 3,073 | 12.1% | 2,427 | 9.2% | 3,179 | 13.5% |
| Dividend Payable (應付股利) | - | 0.0% | 3,201 | 12.1% | - | 0.0% |
| Current Lia. (流動負債) | 7,761 | 30.5% | 9,784 | 36.9% | 8,106 | 31.8% |
| Total Lia. (負債總計) | 8,779 | 34.5% | 10,688 | 40.3% | 8,905 | 35.0% |
| Total Equity (權益總計) | 16,688 | 65.5% | 15,832 | 59.7% | 14,698 | 57.7% |
關鍵財務比率 (Key Financial Ratios)
| 比率 (Ratio) | 9/30/2025 | 6/30/2025 | 9/30/2024 |
|---|---|---|---|
| ROE* | 26.5% | 30.9% | 19.4% |
| ROA* | 17.3% | 18.5% | 12.1% |
| Asset Turnover* (資產週轉率) | 1.37 | 1.26 | 1.05 |
| PPE Turnover* (固定資產週轉率) | 5.08 | 4.86 | 6.53 |
Recent Performance and Results
每股盈餘、現金股利及配發比例 (EPS, Cash Dividend, and Payout Ratio)
(單位: 新台幣 / NT$)
| 年度 (Year) | 每股盈餘 (EPS) | 現金股利 (Cash Dividend) | 配發比例 (Payout Ratio) |
|---|---|---|---|
| 2017 | $11.68 | $9.00 | 77% |
| 2018 | $16.85 | $11.00 | 65% |
| 2019 | $16.61 | $8.00 | 48% |
| 2020 | $8.62 | $6.60 | 77% |
| 2021 | $18.03 | $12.00 | 67% |
| 2022 | $36.64 | $22.00 | 60% |
| 2023 | $18.18 | $12.50 | 68% |
| 2024 | $28.17 | $19.65 | 70% |
Products, Services & Technology
產品占比 (Product Mix)
(單位: 百萬元台幣 / NT$ millions)
| 產品類別 (Product Category) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 1Q-3Q |
|---|---|---|---|---|---|---|---|---|
| Golf Club Heads (高爾夫球頭) | 83% | 82% | 74% | 72% | 69% | 63% | 64% | 63% |
| Graphite Shaft & Packaged Sets (碳纖維桿身及套桿) | 4% | 4% | 4% | 10% | 10% | 11% | 10% | 10% |
| Club Head Accessories (球頭配件) | 4% | 4% | 6% | 5% | 8% | 9% | 7% | 7% |
| Skates & Boots & Protective Gears (溜冰鞋、靴子及護具) | 5% | 5% | 4% | 10% | 6% | 9% | 10% | 10% |
| Aerospace & Automotive Parts (航太及汽車零件) | 1% | 1% | - | 3% | 9% | 6% | 5% | 6% |
| Baseball & Softball bats (棒壘球棒) | - | - | - | - | 4% | 4% | 4% | 4% |
| Others (其他) | 3% | 4% | 4% | - | 4% | 4% | 5% | 5% |
| 總營收 (Total Revenue) | 16,008 | 17,201 | 14,228 | 23,215 | 33,716 | 24,381 | 28,370 | 20,946 |
Clients & Markets
重點訊息-高爾夫產業狀況 (Key Messages - Golf Industry Status)
美國高爾夫球具零售市場表現 (US Golf Retail Market Performance):
- YoY Q3'25 vs Q3'24: Dollars +10.7%
- Q3'25 vs Q2'25: -18.0%
- Q3'25 vs Q3'19: Dollars +58.1%
- YTD '25 vs '24: Dollars +8.3%
- YTD '25 vs '19: Dollars +48.0%
美國地區主要品牌商球具存貨金額 (Major Brand Inventory Value in the US):
- YoY Q3'25 vs Q3'24: -0.6%
- Q3'25 vs Q2'25: -11.9%
- Q3'25 vs Q3'19: +40.6%
美國主要品牌商球具存貨金額/當季銷貨比值 (Major Brand Inventory Value / Quarterly Sales Ratio in the US):
- 25Q3: 1.35X
- 25Q2: 1.26X
- 25Q1: 1.84X
- 24Q4: 1.90X
- 24Q3: 1.51X (Source: Golf Datatech)
US Rounds Played – 2025 vs. 2024 (YTD comparison):
- Q3 2025 performance showed significant recovery in September (+7.7%).
- March 2025 was heavily impacted by 天氣濕冷 (Wet and cold weather), resulting in -11.4%.
Outlook & Strategy
近期重點事項摘要 (Summary of Recent Key Matters)
公告 (Announcements):
- 本公司董事會通過114年第三季合併財務報表... (2025/11/13公告) (The Company's Board of Directors approved the consolidated financial statements for the third quarter of 2025.)
- 本公司申請延長國內第二次無擔保轉換公司債之募集期間三個月,業經金管會准予備查... (2025/10/09公告) (The Company applied for a three-month extension of the offering period for the second domestic unsecured convertible corporate bonds, approved by the Financial Supervisory Commission.)
ESG / Sustainability
ESG:
- 復盛應用科技為花蓮堰塞湖災後重建盡一份力,捐款並為花蓮送上溫暖力量 (Fusheng Precision Technology contributed to the post-disaster reconstruction efforts following the Hualien landslide/damming disaster, making donations and sending warmth to Hualien.)
- 復盛應用科技持續支持小球芽,暖心行動不間斷- 捐贈球具和邀請新竹縣大同國小棒球隊一同進場看球 (Fusheng Precision Technology continues to support "Little Sprouts" (youth baseball), donating equipment and inviting the baseball team from Datong Elementary School in Hsinchu County to watch a game together.)
Additional Data
免責聲明 (Disclaimer)
- 本簡報及同時發佈之相關訊息所提及之預測性資訊包括營運展望、財務狀況以及業務預測等內容,乃是建立在本公司從內部與外部來源所取得的資訊基礎。
- 本公司未來實際所可能發生的營運結果、財務狀況以及業務成果,可能與這些明示或暗示的預測性資訊有所差異。其原因可能來自於各種因素,包括但不限於價格波動、競爭情勢、國際經濟狀況、匯率波動、市場需求以及其他本公司無法掌控之風險等因素。
- 本簡報中對未來的展望,反應本公司截至目前為止對於未來的看法。對於這些看法,未來若有任何變更或調整時,本公司並不負責隨時再度提醒或更新。