PCL Technologies Inc. (眾達科技) (4977.TT) 2025Q4 法說會簡報
Additional Data
投資安全聲明 DISCLAIMER (Page 2)
本簡報所提供之資訊包含預測、預估或其他資訊之前瞻性聲明，因此具有風險及不確定因素，可能導致實際結果與前瞻性聲明中所表達的有重大差異。
This material has been prepared by PCL Technologies, Inc. (“PCL”). Statements made in this material include forward-looking statements, which include, without limitation, statements about the issues, plans and expectations of PCL. Forward-looking statements reflect, among other things, management plans and objectives for future operations, current views with respect to future events and future economic performances and projections of various financial items. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those implied by such forward-looking statements.
Company Overview
基本資訊 (Page 3)
| 項目 | 資訊 |
|---|---|
| 公司名稱 | 眾達科技股份有限公司 (PCL Technologies Inc.) |
| 股票代號 | (4977.TT) |
| 簡報日期 | 2025.12.09 |
| 成立日期 | 2007.10.16 |
| 上市日期 | 2013.11.20 |
| 資本額 | 新台幣 8.02 億元 |
生產基地 (Page 3, 4)
- 台北 (總部)
- 中國蘇州廠: 眾達光通科技(蘇州)有限公司
- 馬來西亞檳城廠: PCL International Technologies (Penang) Sdn Bhd.
主要產品 (Page 3)
- 高速光收發模組 (High-speed optical transceiver modules)
- 光發射/接收次模組 (Optical transmitter/receiver sub-modules)
- 雷射及檢光器元件封裝 (Laser and photodetector component packaging)
產品組成元件示意:
- 雷射二極體 (LD)
- 光發射組件 (TOSA)
- 光接收組件 (ROSA)
- 檢光器 (PD)
- 光模塊
Clients & Markets
資料中心市場 (Data Center Market) (Page 5)
DATA CENTER MARKET (2025-2031)
- 市場規模 (Market size): 估計到 2031 年達到 $605 billion。
- 年複合成長率 (CAGR): 2025-2031 年間為 10.3%。
- Source: IndustryARC, 2025
市場區隔 (Segmentation):
| BY INFRASTRUCTURE | BY OPERATOR | BY ARCHITECTURE |
|---|---|---|
| IT Infrastructure | Enterprise Data Centers | Hyperscale Data Centers |
| Electrical Infrastructure | Colocation Providers | Edge Data Centers |
| General Construction | Cloud Service Providers (CSPs) | Micro Data Centers |
| Support Infrastructure | Modular/Container Data Centers |
KEY COMPANIES PROFILED: Microsoft, Google, AWS, EQUINIX, CyrusOne.
超大型資料中心成長 (Hyperscale Data Centers Growth) (Page 6)
- Data Center Growth (Q4 2024): 營運中的大型資料中心數量增加至 1,136 個，在過去五年內翻倍。
- 成長速度: 總容量翻倍所需時間少於 4 年 (< 4 years)。
- Source: Synergy Research Group
Data Center Capacity - Q4 2024 (全球容量佔比):
| 區域 | 佔比 |
|---|---|
| United States | 54% |
| China | 16% |
| Europe | 15% |
| Rest of APAC | 10% |
| Rest of World | 5% |
超大型資料中心市場成長動能 (Page 7)
Hyperscale Data Centers Global Market Report 2025
- CAGR: 18.4%
- 市場規模 (Market Size in USD billion):
- 2024: $105.85 billion
- 2025: $120.92 billion
- 2029: $237.82 billion
- Source: The Business Research Company, 2025
成長動能 (Growth Drivers):
| 過去 (Past) | 未來 (Future) |
|---|---|
| Cloud computing growth | Edge computing |
| Internet services | Cloud services |
| Data explosion | AI and machine learning |
| Energy efficiency |
Products & Technologies
CPO 解決方案 (Co-Packaged Optics Solution) (Page 8)
核心目標: Shorter Electrical Path / Higher Bandwidth / Lower Power Consumption
Key Trend of Optical Transceiver Packaging in High-End Data Center:
| 世代/年份 | 傳輸速率 | 封裝類型 | 功耗 (Energy Efficiency) |
|---|---|---|---|
| 2014 | 100G/400G | Pluggable optics (可插拔光學元件) | > 10 pJ/b |
| 2025 | 800G/1.6T | On board optics (板載光學元件) | 1 ~ 10 pJ/b |
| 2026 & beyond | 3.2T & beyond | Co-packaged optics (共同封裝光學元件) - Gen. 1 & Gen. 2 | < 1 pJ/b |
CPO – Co-Packaged Optics (共同結構光學) (Page 9)
CPO 設計定義: 將IC元件及光學元件集成在單一封裝基板 (Integrating IC components and optical components onto a single package substrate).
技術演進 (TODAY vs. FUTURE):
| 項目 | TODAY (Transceiver Module) | FUTURE (Switch CPO) |
|---|---|---|
| 結構 | Optics + DSP + PCB (Transceiver Module) -> Retimer + ASIC -> Switch Motherboard | Optics + ASIC + Substrate + PCB -> Switch Motherboard |
| 挑戰 | 訊號損失 (Signal Loss) 發生在 Transceiver Module 到 Switch Motherboard 之間。 | 訊號損失大幅減少。 |
Broadcom CPO 方案發展時程 (Timeline):
| 日期 | 事件 |
|---|---|
| Jan '21 | Global CPO Announcement (CES) |
| Mar '22 | World's First 25.6 CPO Demo (OFC) |
| Aug '22 | CPO Partnership (Tencent, Ruijie) |
| Oct '22 | 25.6 CPO Product Demo (OCP Global Summit) |
| Mar '23 | 51.2T CPO Demo (OFC) |
| Jun '23 | 51.2T CPO Sampling |
| Oct '23 | 51.2T CPO Prototype Demo (OCP Global Summit) |
| Mar 2024 | 51.2T CPO Product Demo |
| Mar 2024 | 6.4T XPU Optical Attached Prototype Demo |
51.2T CPO Switch: TH5-Bailly (Second Generation System) (Page 10)
Broadcom 領先業界推出 51.2T 全光交換機
Product Features:
- 51.2T Ethernet Switch
- All Optical CPO connectivity
- Eight 6.4T optical engines (64x100Gbps FR4 connectivity)
- Optical engine is a PIC bonded to a CMOS EIC
- Each optical engine has ~ 1000 optical components
技術規格 (Technology Stack):
- AI scaling with 2.5D multi-die packaging
- CoWoS Package with Si Interposer, O/E chiplets and HBM (High Bandwidth Memory)
- CPO with 6.4Tbps I/O BW per optical Engine
TH5-Bailly CPO Performance (Page 13, 14)
功耗 (Power Consumption per 800G (W)) (Page 13)
| 模組類型 | 功耗 (W) (約略值) | 節省比例 |
|---|---|---|
| Retimed Pluggable | ~16 | - |
| CPO | ~5.4 | - |
CPO Power Savings:
- CPO power savings vs. retimed optics: 65%
- CPO power savings vs. LPO (Linear Pluggable Optics) for 100G/lane: 35%
年鏈路故障率 (ALFR: Annual Link Failure Rate) (Page 13)
- CPO serviceable failures improvement over pluggables: 5X
可靠性驗證 (FEC & HTOL Stress) (Page 14)
- FEC (Forward Error Correction) Statistics: No Link Flaps observed in first 1M CPO device hours.
- HTOL Stress (Heat, Temperature, Operating Life):
- Rack Unit systems (27 QTY): 52,721 hrs
- Mezz Card systems (43 QTY): 76,204 hrs
- Total HTOL Stress (70 QTY): 128,925 hrs (as of Sept 29, 2025)
- Equivalent Stress Hours: 8.5M 800G Equivalent devices hours of HTOL stress.
CPO ELSFP (External Laser Small Form Factor Pluggable) (Page 15)
Objective: Ensure a safe method to field replace lasers in the event of failure. Flexibility has been added to the form factor to enable a range of applications from massive scale data center switches to special purpose optically enabled ASICs.
核心設計優勢 (Core Design Advantages):
- 熱管理 (Thermal management)
- 可維護性 (Maintainability)
- 安全性 (Safety)
- 靈活性 (Flexibility)
Source: OIF, External Laser Small Form Factor Pluggable (ELSFP) Implementation Agreement
Financial Highlights
稅後淨利 (新台幣仟元) 及每股獲利 (新台幣元) (Page 16)
| 項目 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY25 1Q-3Q |
|---|---|---|---|---|---|---|
| Net Income (稅後淨利, NT$仟元) | 550,748 | 266,021 | 424,231 | 340,815 | 263,331 | 278,745 |
| EPS (每股獲利, NT$) | 8.02 | 3.88 | 6.20 | 4.26 | 3.28 | 3.53 |