如興股份有限公司 (4414) 民國114年法說會簡報
Company Overview
公司名稱 (Company Name): 如興股份有限公司 (代碼: 4414) 活動名稱 (Event): 民國114年法說會 (Minguo 114 Investor Conference) 核心業務 (Core Business): 全球前三牛仔成衣廠 (Top three denim garment manufacturers globally).
集團營運治理 (Group Operations and Governance) 公司營運治理逐步落實「四個正常」 (Company operations and governance gradually implementing the "Four Normals"):
| 階段 (Phase) | 時間 (Time) | 關鍵事件 (Key Event) | 落實之「正常」 (Implemented "Normal") |
|---|---|---|---|
| 重新起航 (Restart) | 111年9月29日 | 第17屆董事會和經營團隊 (17th Board and Management Team) | - |
| 交易限制 | 111年7-8月 | 股票交易方式改為全額交割 & 股票停止買賣 (Stock trading changed to full cash settlement & trading halted) | - |
| 恢復交易/減損提列 | 112年6月 | 股票恢復交易。111年財報請會計師及估值機構全面檢視資產品質、商譽及客戶關係並提列減損 (Stock trading resumed; 111 financial report reviewed assets, goodwill, and customer relationships, resulting in impairment). | 財務報表 穩健正常 (Financial statements stable and normal) |
| 減資 | 114年7月 | 減資換發股票上市 (Capital reduction and re-issuance of listed shares) | 股票交易 機制正常 (Stock trading mechanism normal) |
| 恢復正常交易 | 114年9月 | 股票恢復正常交易、恢復融資融券業務 (Stock trading restored to normal, margin trading and short selling resumed) | 檢視經營策略 & 穩定品牌客戶 & 落實 (Reviewing strategy & stabilizing brand clients & implementation) |
| 115年目標 (Target 2026) | 115年 | 發放現金股利 & 融資活動功能正常 (Distribute cash dividends & financing activities function normally) | 經營實績 回報正常 (Operating performance returns to normal)；融資活動 多元正常 (Financing activities diversified and normal) |
Financial Highlights
單位 (Unit): 新台幣仟元 (NT$ Thousand)
集團營運概況 (Group Operating Overview)
| 項目 (Item) | 2024年全年 (Full Year) | 2025年前三季 (Q1-Q3) | 備註 (Notes) |
|---|---|---|---|
| 銷量 (Sales Volume) | 60,913 仟件 | 42,932 仟件 | - |
| 營業額 (Revenue) | NT$149 億 | NT$104 億 | - |
| 營業毛利率 (Gross Margin) | - | 20% (去年同期 16%) | 營業成本、費用控制得宜 (Effective cost control) |
| 營業利益率 (Operating Income Margin) | - | 3% (去年同期 1%) | 營業效率有效改善 (Effective improvement in operating efficiency) |
| 本期稅後淨利 (Net Profit After Tax) | - | NT$4,556 仟元 | 由虧轉盈 (Turned loss into profit) |
營收表現穩健 (Revenue Performance Stability):
- 2025年前三季營收小幅下降 4.4%，主要係由關稅衝擊(讓價)和匯率差異所致 (Slight 4.4% revenue decline in 2025 Q1-Q3, mainly due to tariff impact (price concessions) and exchange rate differences).
- 2024年11月至2025年9月本公司的營業收入約為新台幣 133 億元，較前一年同期成長 6.6 億元 (Revenue projection for 2024/11 to 2025/09 is NT$13.3 billion, a YoY growth of NT$660 million).
經營結果與財務績效 (Operating Results and Financial Performance)
| 項目 (Item) | 2025 前三季 (Q1-Q3) | 佔比 (%) | 2024 前三季 (Q1-Q3) | 佔比 (%) | 變動說明 (Notes on Change) |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 10,367,896 | 100% | 10,840,440 | 100% | 小幅下降 4.4% |
| 營業成本 (Operating Cost) | 8,340,104 | 80% | 9,068,447 | 84% | - |
| 營業毛利 (Gross Profit) | 2,027,792 | 20% | 1,771,993 | 16% | - |
| 營業費用 (Operating Expenses) | 1,668,641 | 17% | 1,620,680 | 15% | - |
| 營業淨利(損) (Operating Income/Loss) | 359,151 | 3% | 151,313 | 1% | 營業淨利由 1.5 億元增至 3.6 億元 (Operating income increased from 150M to 360M) |
| 業外收支 (Non-Operating Income/Expense) | (181,850) | -2% | (346,539) | -3% | - |
| 匯兌損益 (Exchange Gain/Loss) | (30,344) | -2% | (111,447) | 0.5% | 上半年因美元貶值產生損失 123,209 仟元，第三季因美元升值產生利益 92,865 仟元 (H1 loss due to USD depreciation, Q3 gain due to USD appreciation) |
| 財務成本 (Financial Cost) | (186,815) | -2% | (231,124) | -3% | 下降 44,309 仟元 (Due to lower loan balance and currency mix adjustment) |
| 稅前淨利(損) (PBT) | 177,301 | 1% | (195,226) | -2% | - |
| 所得稅費用 (Income Tax Expense) | (172,542) | -1% | (28,390) | -0.3% | - |
| 本期淨利(損) (Net Profit/Loss) | 4,759 | 0.05% | (223,616) | -4% | 轉虧為盈 (Turned profitable) |
| 每股盈餘 (EPS) | 0.02 | -- | (1.73) | -- | - |
所得稅費用說明 (Income Tax Expense Note):
- 2025年所得稅費用 1.7 億台幣，主係美國新任會計師估列 NJ USA 前期所得稅 451 萬美元及當期所得稅 115 萬美元 (Mainly due to US accountant estimating NJ USA prior period income tax of US$4.51 million and current period tax of US$1.15 million).
- 所提列之金額將視未來美國稅局實際核定金額進行調整 (The amount provisioned will be adjusted based on the actual determination by the US tax authority).
商譽及客戶關係變動 (Goodwill and Customer Relationship Changes)
單位 (Unit): 新台幣仟元 (NT$ Thousand)
| 項目 (Item) | 收購溢價分配 (Acquisition Premium Allocation) | 累計攤銷 (Accumulated Amortization) | 累計減損 (Accumulated Impairment) | 114年9月季末餘額 (Q3 114 Ending Balance) | 佔原值% (As % of Original Value) |
|---|---|---|---|---|---|
| 合計 (Total) | 8,582,580 | (1,509,683) | (4,468,460) | 2,227,832 | 30% |
| 玖地製造有限公司及Tooku Holdings Limited (商譽) | 4,687,666 | - | (3,579,565) | 1,108,101 | 24% |
| Nanjing USA, Inc. (商譽) | 511,708 | - | - | 511,708 | 100% |
| 3Y Universal Company Limited (商譽) | 175,102 | - | - | 175,102 | 100% |
被收購公司損益明細 (P&L Details of Acquired Companies) (114年前三季):
- 玖地製造有限公司及Tooku Holdings Limited: 176,524 仟元 (Profit)
- Nanjing USA, Inc.: (12,602) 仟元 (Loss)
- 3Y Universal Company Limited: (388) 仟元 (Loss)
註 (Footnote):
- 114年前三季雖虧損 12,602 仟元 (Nanjing USA, Inc. loss of 12,602 仟元), 若不考慮前述一次性所得稅費用影響 (Excluding the one-time income tax expense), 本年度前三季營運表現良好, 獲利 117,377 仟元 (Operating performance was good, resulting in a profit of 117,377 仟元).
Clients & Markets
客戶發展策略 (Customer Development Strategy):
- 致力於服務大型服裝品牌 (Focus on serving large apparel brands).
- 鞏固現有品牌客戶關係 (Consolidate existing brand client relationships).
- 拓展歐洲品牌市場 (Expand the European brand market).
前五大客戶營收占比 (Top Five Clients Revenue Share):
- 2025年1-9月: 94%
- 2024年1-9月: 93%
| 客戶 (Client) | 2025年1-9月占比 (%) | 2024年1-9月占比 (%) |
|---|---|---|
| WalMart | 33% | 32% |
| LEVI'S | 27% | 24% |
| GAP | 19% | 19% |
| GU | 12% | 13% |
| TCP | 3% | 5% |
| 其他 (Other) | 6% | 7% |
| 總銷量 (Total Shipments) | 42,932 仟件 | 45,863 仟件 |
Outlook & Strategy
集團中長期營運佈局 (Group Medium-to-Long-Term Operational Layout)
全球布局策略 (Global Layout Strategy):
- 研發中心 (R&D Center): 中國 (China)
- 接單主體 (Order-Taking Entities): 美國 (US), 香港 (Hong Kong), 日本 (Japan)
- 生產重心 (Production Hubs): 東南亞 (Southeast Asia) 及 東非 (East Africa)
| 地區 (Region) | 角色 (Role) |
|---|---|
| 美國 (US) | LDP業務主體 (LDP business entity), 銷售據點 (Sales office), 倉庫 (Warehouse) |
| 中國 (China) | 研發總部 (R&D HQ), 服裝廠 (Garment factory) |
| 日本 (Japan) | 銷售據點 (Sales office) |
| 台北 (Taipei) | 上市總部 (Listed company HQ) |
| 香港 (Hong Kong) | 營運總部 (Operations HQ) |
| 柬埔寨 (Cambodia) | 研發中心 (R&D center), 服裝廠 (Garment factory), 水洗廠 (Laundry) |
| 坦尚尼亞 (Tanzania) | 服裝廠 (Garment factory), 水洗廠 (Laundry) |
2026年產能規劃 (2026 Capacity Planning)
目標: 產能重心轉向東非，把握關稅優勢 (Shift capacity focus to East Africa to leverage tariff advantages).
| 地區 (Region) | 2024 產能分布 (Capacity Distribution) | 2026 規劃產能分布 (Planned Capacity Distribution) |
|---|---|---|
| 柬埔寨 (Cambodia) | 71% | <70% |
| 坦尚尼亞 (Tanzania) | 23% | >30% |
| 緬甸 (Myanmar) | <3% | <2% |
| 中國 (China) | <3% | <2% |
坦尚尼亞投資計畫 (Tanzania Investment Plan)
2026年坦尚尼亞投資計畫 (2026 Tanzania Investment Plan):
- 興建新產能 (Build new capacity): 提升產能競爭力與全球供應韌性 (Enhance competitiveness and global supply chain resilience).
- 興建新宿舍 (Build new dormitories): 增進員工向心力及客戶、當地社區、政府認同度 (Increase employee loyalty, client/community/government recognition).
- 建置太陽能發電系統 (Install solar power system): 以再生能源驅動永續製造, 展現 ESG 承諾 (Sustainable manufacturing driven by renewable energy, demonstrating ESG commitment).
柬埔寨廠區升級發展規劃 (Cambodia Factory Upgrade and Development Plan)
2026年目標: 於柬埔寨打造先進製造國際品牌園區 (Create an advanced manufacturing international brand park in Cambodia).
- 物流優勢 (Logistics Advantage): 依托水路航空交通優勢, 大幅縮短運輸時程及提升物流效率 (Leverage water/air transport advantages to significantly shorten transit times and improve logistics efficiency).
- 勞動基礎 (Labor Foundation): 充足且穩定的勞動人口, 建立長期營運基礎 (Sufficient and stable labor force, establishing a long-term operational foundation).
- 產業園區 (Industrial Park): 設立新產業園區, 引進上游合作廠商, 打造下一階段成長引擎 (Establish a new industrial park, introduce upstream partners, creating the next phase growth engine).
柬埔寨先進製造國際品牌園區配置 (Cambodia Park Configuration) - 垂直整合 (Vertical Integration)
| 角色 (Role) | 內容 (Content) |
|---|---|
| 進駐主要廠商 (Key Tenants) | 如興全資子公司 (Ru-Hing wholly-owned subsidiary): 購置自用土地廠房，增進營運規劃彈性，強化營運自主 (Purchase land/factory for own use, enhance operational flexibility and autonomy). 節省土地廠房租金支出，每年至少減少美金 125 萬 (未稅) 支出 (Save at least US$1.25 million/year (pre-tax) in rent). 建置示範工廠，滿足品牌發展規劃 (Build demonstration factory to meet brand development plans). 上游知名布廠 A, B (Upstream well-known fabric manufacturers A, B). |
| 園區管理公司 (Park Management Company) | 角色: 園區管理發展 (Park management development), 基礎設施建設 (Infrastructure construction). 股權: 如興和上游知名布廠 A, B 合資持股 (各 1/3) (Jointly owned by Ru-Hing and upstream fabric manufacturers A & B, 1/3 stake each). |
| 園區設施 (Park Facilities) | 自來水廠 (Water plant), 天然氣儲存槽 (Natural gas storage), 曝氣池 (Aeration pond), 汙水處理廠 (Wastewater treatment plant), 商業區 (Commercial zone), 生活機能區 (Living facilities zone), 如興新建示範工廠 (Ru-Hing new demonstration factory), 如興現有廠房 (Ru-Hing existing factory). |
ESG / Sustainability
- 坦尚尼亞太陽能發電系統 (Tanzania Solar Power System): 建置太陽能發電系統，以再生能源驅動永續製造, 展現 ESG 承諾 (Install solar power system to drive sustainable manufacturing with renewable energy, demonstrating ESG commitment).
Additional Data
坦尚員工人數和出貨量變化 (Tanzania Employee Count and Shipment Volume Changes)
(Chart Data Trend: 2024 Q1 to 2025 Q3)
- 出貨量(件) (Shipment Volume (pieces)) and 員工人數 (Employee Count) show a general upward trend, with a significant projected increase in shipments for 2025 Q3.
總結目標 (Conclusion Goal)
實現永續獲利, 提升長期股東價值 (Achieve sustainable profitability, enhance long-term shareholder value).