台揚科技股份有限公司 (2314.TW) 2025Q3 法說會簡報
Company Overview
公司名稱: 台揚科技股份有限公司 (Microelectronics Technology Inc. - MTI) 股票代號: (2314.TW) 活動日期: Dec. 11, 2025
公司簡介與歷史沿革 (About MTI)
| 年份 | 里程碑 (Milestone) |
|---|---|
| 1983 | MTI Inc. Established in Hsinchu Science Park, TAIWAN. (The first Microwave/RF company in Taiwan) |
| 1990/1991 | MTI Land-based Inmarsat terminal gained world recognition during Gulf War. |
| 1995 | Satellite TV LNB 1st market share in North America. |
| 2005 | 1st Ka-band Satellite Transceivers Mfgr for VSAT GEO UT. |
| 2009 | Establish MTI US and Europe R&D Centers for 4G/5G Technology. |
| 2011/2017 | ODM/JDM for 4G LTE RUs (B1, B12, B13, B14, B5, B41). |
| 2018 | LEO UT Capabilities (BUC & LNB, Phased Array UT). Open RAN RUs (B3, B20, B7, B5, B71, B28). |
| 2023 | Received IEEE Milestone Award for Inmarsat Portable Satellite Terminal. |
| 2024 | MTI is awarded by NTIA for NOFO2 (Notice of Funding Opportunity) for Open RAN radio units development. |
關鍵數據:
- 40y+ Years in ODM/JDM/OEM Microwave/RF Products.
- 500M+ RF ODUs shipped.
MTI 全球佈局 (MTI Worldwide)
| 據點類型 | 地點 | 說明 |
|---|---|---|
| Headquarter | Hsinchu, Taiwan | Established in 1983. Taiwan Stock Exchange IPO in 1990. Foxconn group strategic investment in 2012. |
| R&D Center | RadioComp, Hilleroed, Denmark | A subsidiary of MTI Group since 2010. Focus: Design and development of advanced cellular radio technology and RRH common platform for 4G/LTE & 5G applications. |
| R&D Center | MTI Lab, Los Angeles, CA USA | A subsidiary of MTI Group since 2009. Focus: Design and development of advanced cellular radio technology and RRH common platform for 4G/LTE & 5G applications. |
| Factory (Strategic manufacturing) | MTI Wuxi, Wuxi, China | Established in Aug. 2001. Located in the Wuxi Taihu International Science and Technology Park. |
Financial Highlights
Consolidated Income Statement (YTD)
| Unit: Expressed in M of NTD (Except for EPS expressed in NTD) | 2025 3Q | % of Rev. | 2024 3Q | % of Rev. |
|---|---|---|---|---|
| Revenue | 1,008 | 100 | 1,285 | 100 |
| Gross Profit | (45) | (4) | (47) | (4) |
| Operating Expense | 551 | 55 | 568 | 44 |
| R & D | 396 | 39 | 413 | 32 |
| S & M | 54 | 6 | 61 | 5 |
| G & A | 101 | 10 | 94 | 7 |
| Operating Income | (597) | (59) | (615) | (48) |
| Non-Operating Income | 106 | 10 | (24) | (2) |
| Net Income before Tax | (491) | (49) | (639) | (50) |
| Net Income | (500) | (50) | (647) | (50) |
| Basic EPS (in NT$) | (4.71) | - | (6.10) | - |
Consolidated Balance Sheet
| Unit: Expressed in M of NTD | Sep. 30, 2025 (AMT) | Sep. 30, 2025 (%) | Dec. 31, 2024 (AMT) | Dec. 31, 2024 (%) | Sep. 30, 2024 (AMT) | Sep. 30, 2024 (%) |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalent | 173 | 5 | 588 | 15 | 370 | 9 |
| Account Receivable | 352 | 10 | 219 | 6 | 533 | 12 |
| Inventory | 1,222 | 36 | 1,304 | 33 | 1,473 | 34 |
| Current Assets | 1,895 | 56 | 2,184 | 55 | 2,493 | 58 |
| Total Assets | 3,368 | 100 | 3,961 | 100 | 4,316 | 100 |
| Short-Term Loan | 857 | 25 | 1,204 | 30 | 1,377 | 32 |
| Account Payable | 796 | 25 | 497 | 16 | 397 | 9 |
| Long-Term Loan _ Current Portion | 334 | 10 | 273 | 7 | 296 | 7 |
| Current Liability | 2,456 | 73 | 2,389 | 60 | 2,488 | 57 |
| Long-Term Loan | 109 | 3 | 52 | 1 | 81 | 2 |
| Bonds Payable | 250 | 7 | 250 | 6 | - | - |
| Non-Current Liability | 682 | 20 | 759 | 19 | 552 | 13 |
| Total Liability | 3,138 | 93 | 3,148 | 79 | 3,041 | 70 |
| Total Equity | 230 | 7 | 814 | 21 | 1,275 | 30 |
Business Segments
MTI's core business is divided into two main segments: Mobile Business (Open RAN) and Satcom Business (GEO/LEO).
Products & Technologies
1. Mobile Business: Open RAN Radio Units (O-RU)
MTI is a key provider of Open RAN Radio Units (O-RU), with accumulated RRH > 200K and O-RU > 30K shipments since launching its first O-RAN RU in 2018.
5G 開放式大基站 Open-RAN Macro Radio Portfolio
| 產品名稱 | 規格 (Bands/Power) | 體積 (Volume) | 重量 (Weight) |
|---|---|---|---|
| MicroCell 4T4R | 4x5W FDD B3, B1, B7; 4x5W TDD B41, n77, n78 | 8L | 8Kg |
| New Gen 4T4R/2T4R | 4x40W TDD B41, n77, n78; 4x40W FDD B3, B1, B7; 2x40W FDD B28 | 15L | 15Kg |
| New Gen 8T8R/(Multi-Band) | 8x40W TDD n77, n78; 4x80W FDD B1+B3; 4x80W FDD B1+B7; 4x80W FDD B28+20+8 | 25L | 25Kg |
| New Gen 8T8R/(Multi-Band) | 8x40W n48+n77; 4x80W B66+B70; 4x80W B71+B26+B29 | 30L | 30Kg |
MTI O-RAN RU 產品線 (O-RAN RU SKUs) MTI offers a wide range of O-RU SKUs supporting various bands and configurations (2x20W, 2x40W, 4x40W, 4x80W, 8x40W) across Sub-6 GHz and Millimeter Wave frequencies.
MTI O-RAN 技術優勢 (Technical Advantages)
| 優勢類別 | 說明 |
|---|---|
| 節能與輕量化設計 | 採用高能效 GaN 放大器, 支援 Micro-DTX 與 EPE 管理, 降低營運能源成本。 |
| 資安強化 | 整合 TLS 1.3、IEEE 802.1x、TPM 與 MACsec, 加強從製造到部署全流程的安全性。 |
| 高互通性 | 支援多供應商部署, 縮短網路建置時程。 |
O-RAN 產品部署實績 (Deployment Examples)
- US Deployment: MTI Single Band n71 2x40W; MTI Dual Band n66+n70 4x80W; MTI Triple Band n71+n26+n29 4x90W.
- Germany Deployment: MTI Dual Band B1+B7 4x80W. (Other radio types in network: n78 32T32R and 64T64R mMIMO; B20 800MHz 2x40W (to be deployed)).
- Australia Deployment: MTI Dual Band B1 and B3 4x40W.
2. Satcom Business: GEO/LEO Products (ODM/JDM/OEM)
GEO 高軌衛星 – 主要產品 (OEM)
- 固定 衛星寬頻 家戶及小型企業 用戶終端設備: 提供衛星寬頻網路，服務偏遠、鄉村、或傳統有線/光纖網路難以覆蓋的地區。
- 飛航 寬頻 (in flight WiFi 終端設備): 透過機上安裝的「航空使用者終端 (Airborne User Terminal)」連接衛星。
- 海上 寬頻 (Marine Broadband 終端設備): 透過衛星提供船上遊艇、商船、漁船等網路連線的技術與服務。
- 衛星 基地台前端 RF 模組 設備: 衛星地面站之 RF 前 端關鍵模組, 包括 HPA/BUC (功率放大器) 及 LNA/LNB (低噪放大器)。
LEO 低軌道衛星產品 (ODM/JDM/OEM)
LEO Ku & Ka 頻段低軌道衛星收發機 BUC & LNB
- 2020: MTI 自行研發設計的 LEO 低軌道 Ku 頻段 衛星 收發機 (BUC) 已成功獲得 O公司 低軌 衛星系統認證，並自 2021 年開始供貨給 O公司指定之 系統 整合 商及天線供應商。
- 2024: MTI 成功設計、開發並完成首批 LEO 低軌道 Ka 頻段戶外收發器的量產與交付，支援 加拿大頂尖衛星通訊公司T公司。
LEO Ku & Ka 頻段相控陣列天線用戶終端設備 (User Terminal)
- 自 2018 年起, MTI 即與多 家 LEO 相控 陣列天線用戶終端設備 (User 系統整合 商合作。
- 累積建立了 LEO 用戶終端設備關鍵 生產製造 技術 (包括提供 Design for Mfg 設計優化服務、樣品試製、模組代工等)。
- 透過產發署 (IDA) 的科專計畫 MTI 也 開發 Ku 頻段 LEO 相控陣列天線射頻前 端, 同時創新 天線快速量測技術。
Clients & Markets
Mobile Business Market Outlook (Open RAN)
Global Open RAN Market Size & Forecast 2025 ~ 2034
- 2024 Market Size: USD 2,957 Million.
- 2034 Market Size: USD 79,379 Million.
- CAGR (2025-2034): 38.9%.
| Year | Market Size (USD Million) |
|---|---|
| 2024 | 2,957 |
| 2025 | 4,109 |
| 2026 | 5,709 |
| 2027 | 7,934 |
| 2028 | 11,025 |
| 2029 | 15,320 |
| 2030 | 21,289 |
| 2031 | 29,583 |
| 2032 | 41,108 |
| 2033 | 57,124 |
| 2034 | 79,379 |
O-RAN 國際客戶與經驗 (O-RAN Maturity/Experience)
- 核心策略: Same O-RU hardware and software for all partners; SW releases for any bug fix as needed.
- 客戶群: MTI O-RU(s) are deployed across multiple customers (M, R, J, C, G, S, S, A) in countries including US, US/Japan, France, Taiwan, Singapore, Ireland.
- NOFO Partner Status: MTI is a NOFO Partner in the US (IMS/Core/CU/DU) and in Taiwan (DoD Applications, Cell Site on foot).
Satcom Business Market Outlook
2024 Global Satellite Industry Revenues
- Global Space Economy: $415B
- Satellite Industry Total: $293B
- Satellite Services: $108.3B
- Ground Equipment: $155.3B (Consumer: $18.6B; GNSS Equipment: $118.9B; Network Equipment: $17.7B)
- Satellite Manufacturing: $20B
- Launch Industry: $9.3B
Global Satellite Communication Terminal Forecast 2025~2033
- 2024 Market Size: USD 7,953.31 Million.
- 2033 Market Size: USD 20,510.41 Million.
- CAGR (2024-2033): 11.1%.
Top 5 Countries with the Most Satellites in Space (2025)
- US: 8,530
- Russia: 1,559
- China: 906
- UK: 763
- India: 136
LEO Operators Status Update
| LEO Operators | No. of Satellites (Potential) | Frequency Band | Business Model | TTL Launched up to Date |
|---|---|---|---|---|
| Eutelsat OneWeb | 648 (Long term: 2,000) | Ku | B2B | 654 |
| Starlink | 11,943 (Long term: 42,000) | Ka, Ku, V | B2C | More than 10,000 (10,290 as of 11/11) |
| Amazon Project Kuiper | 3,236 | Ka, Ku | B2C | 155 (as of 10/14) |
| Telesat | 198 | Ka | B2B | 2 LEO demonstration satellites |
| SpaceSail (垣信卫星) (China) | 1,296 by 2027/E (Long term: 15,000) | Ku, Ka | B2B, B2G, B2C | 108 as of 11/12 |
| CSCN (中国星网) (China) | 5,868 by 2030/E (Long term: 12,992) | Ka, Ku, Q, V | B2B, B2G, B2M | 104 as of 11/12 |
ESG / Sustainability
Key Focus of ESG Sustainability Initiative (ESG永續推動重點)
- 實踐社會關懷, 助學助民: 投入社會公益, 為偏遠學校/社會團體/警界等單位捐贈體育器材、辦公設備、民生用品等物資。
- 榮獲永續專利創新獎 (Sustainability Patent Innovation Award) 及產業先鋒獎。
品質實踐與成就 (Certifications) 台揚科技致力於企業永續經營與創新研發, 獲得國際 ISO、TL、AS、IATF 認證肯定:
- ISO 9001/TL9000 品質管理系統
- IATF 16949 汽車品質管理系統
- AS 9100 航太品質管理系統
- ISO 27001 資安管理系統
- ISO 14001 環境管理系統
- ISO 45001 職業安全管理系統
- ISO/IEC 17025 實驗室品質管理系統
Outlook & Strategy
Mobile Business (Open RAN) Strategy
NTIA NOFO2 補助與國際合作
- MTI 為首家獲得美國 NTIA NOFO2 計畫資助的非美籍供應商, 獲得約 3,500 萬美元資金 (總金額 $34,962,845)。
- 項目名稱: Development of Five Open RAN Macro Radios for Operation with Four Worldwide MNOs.
- 合作夥伴: 攜手多家國際MNO展開合作, 包括美國公司、日本R公司、台灣C公司與蒙古M公司, 加速高效能 5G Open RAN 解決方案落地。
經驗優勢與市場接軌力
- 擁有從元件模組開發到整機系統設計的垂直整合能力, 同時具備 CPRI-RAN 與 Open RAN 架構產品之開發與量產經驗, 為全球少數具備雙重實績的廠商。
- Open RAN O-RU 出貨逾 3 萬台, 涵蓋 600MHz 至 3.8GHz, 支援 2T2R 至 4T4R。
- 已完成國際電信商驗證, 具備實戰級市場接軌力, 合作實績涵蓋美日主流 5G 開放網路業者, 具有大量客戶資源。
美國政策支持 (Geopolitical Situation)
- Rip and Replace Funding: Senate passed Defense Bill with $3 Billion in Rip and Replace Funding (Dec. 18, 2024).
- NDAA Report Language: Encourages the Department of Defense to continue and expand pilots for secure 5G Open Radio Access Network technology.
Satcom Business (Multi-Orbit Strategy)
Major Satellite Operators are Racing to Expand Global Connectivity through Strategic Multi-Orbit Initiatives:
| Operator | Muti-Orbit Strategy Announcement | Date |
|---|---|---|
| Eutelsat | Delivers first commercial services to multi-orbit terminals via Kymeta | February/March 2024 |
| Intelsat | Announced potential plan to build 18 satellite MEO constellation | September 2023 |
| SES | Launch of mPOWER 3 and 4 – part of planned 11-satellite MEO constellation | February 2023 |
| Telesat | Announced completion of funding for Lightspeed LEO constellation and placed launch contracts with SpaceX | August/September 2023 |
| Viasat | Announcement of proliferated LEO (PLEO) contract with U.S. Department of Defence | September 2023 |
| Omnispace | Partners with Ligado Networks to develop multi-band, multi-orbit satellite service | February 2023 |
Additional Data
2025 Highlights of Recent Events
- IEEE Milestone Award Ceremony: MTI Portable Satellite Communication Terminals Recognized (Dec. 6, 2023).
- APSCC 2025 (Nov 4-6, Taipei Marriott): MTI Senior Engineering Vice President Hwai-Shen Huang participated in the panel "Advancing the Space Economy."
- 2025 5G Summit: MTI participated in the panel "Policy-Backed Deployments to Drive Commercialization."
Disclaimer
This presentation is delivered for the sole purpose of assisting the recipient in understanding Microelectronics Technology Inc. (MTI). It is not intended to be the basis for a decision to purchase securities or make any other investment decisions, and it does not constitute an offer, invitation, or recommendation for the sale or purchase of securities. MTI does not guarantee the accuracy or completeness of the information. This presentation is private and confidential. MTI assumes no obligation to provide access to additional information or to update or correct any inaccuracies.