HannStar [time:2025Q3] 法說會簡報
Company Overview
- 會議名稱 (Conference Name): 3Q 2025 Results Investor Conference / 114年法人說明會
- 會議日期 (Date): Dec, 2025
Financial Highlights
114年第三季合併綜合損益表 (3Q 2025 Consolidated Comprehensive Income Statement)
單位: 新台幣百萬元 (除每股盈餘/虧損外)
| 項目 (Item) | 114第三季 (3Q 2025) | 114年第二季 (2Q 2025) | 增減% (QoQ Change) | 113年第三季 (3Q 2024) | 增減% (YoY Change) |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 2,763 | 3,002 | (8%) | 2,387 | 16% |
| 營業成本 (Operating Cost) | (3,224) | (3,453) | (7%) | (3,241) | (1%) |
| 營業毛損 (Operating Gross Loss) | (461) | (451) | 2% | (854) | (46%) |
| 營業費用 (Operating Expenses) | (441) | (303) | 46% | (456) | (3%) |
| 營業損失 (Operating Loss) | (902) | (754) | 20% | (1,310) | (31%) |
| 營業損失 + 折舊攤銷 (Operating Loss + D&A) | (172) | (18) | 856% | (512) | (66%) |
| 營業外收入及支出 (Non-operating Income/Expense) | 1,279 | (138) | - | (150) | - |
| 稅前淨利(損) (Profit (Loss) Before Tax) | 378 | (892) | - | (1,460) | - |
| 本期淨利(損) (Net Income (Loss) for the Period) | 328 | (905) | - | (1,470) | - |
| 歸屬母公司業主之本期淨利(損) (Net Income (Loss) Attributable to Owners of the Parent) | 328 | (905) | - | (1,468) | - |
| 基本每股盈餘(虧損) (新台幣元) (Basic EPS (Loss), NTD) | 0.11 | (0.31) | - | (0.51) | - |
| 營業毛損率 (Gross Loss Margin) | (17%) | (15%) | -1.66 pts | (36%) | 19.09 pts |
| 營業淨損率 (Operating Loss Margin) | (33%) | (25%) | -7.50 pts | (55%) | 22.30 pts |
| 營業利益 + 折舊攤銷率 (Operating Profit + D&A Margin) | (6%) | (1%) | -5.63 pts | (21%) | 15.22 pts |
| 淨利(損)率 (Net Income (Loss) Margin) | 12% | (30%) | 42.10 pts | (62%) | 73.50 pts |
註1. 計算基本每股盈餘之加權平均在外流通股數各為114第三季2,858.65百萬股; 114年第二季2,858.65百萬股; 113年第三季2,858.65百萬股。
114年第三季合併資產負債表 (3Q 2025 Consolidated Balance Sheet)
單位: 新台幣百萬元 (除比率外)
| 項目 (Item) | 114第三季 (3Q 2025) | 114年第二季 (2Q 2025) | 增減% (QoQ Change) | 113年第三季 (3Q 2024) | 增減% (YoY Change) |
|---|---|---|---|---|---|
| 現金及約當現金$^1$ (Cash & Cash Equivalents) | 5,313 | 2,703 | 97% | 4,465 | 19% |
| 存貨 (Inventory) | 996 | 877 | 14% | 1,518 | (34%) |
| 短期借款$^2$ (Short-term Borrowings) | 1,230 | 1,372 | (10%) | 1,315 | (6%) |
| 長期借款 (Long-term Borrowings) | 2,770 | 3,269 | (15%) | 3,006 | (8%) |
| 權益總額 (Total Equity) | 33,121 | 31,631 | 5% | 37,523 | (12%) |
| 資產總額 (Total Assets) | 42,699 | 41,639 | 3% | 48,585 | (12%) |
| 存貨週轉天數$^3$ (Inventory Turnover Days) | 27 | 27 | - | 40 | - |
| 負債淨值比率 (Debt to Equity Ratio) | 12% | 15% | - | 12% | - |
| 淨負債淨值比率$^4$ (Net Debt to Equity Ratio) | (4%) | 6% | - | (0%) | - |
註釋 (Footnotes):
- 註1. 現金及約當現金不含原始到期日三個月以上之定存及質押定存(114第三季為新台幣449百萬、114年第二季為新台幣1,435百萬、113年第三季為新台幣1,442百萬)。
- 註2. 短期借款係指一年內到期之附息借款。
- 註3. 以年化之季營業成本除以季平均存貨,再以365天除算而得。
- 註4. (附息之負債 - 現金及約當現金) / 股東權益。
114年第三季合併現金流量表 (3Q 2025 Consolidated Cash Flow Statement)
單位: 新台幣百萬元
| 項目 (Item) | 114第三季 (3Q 2025) | 114年第二季 (2Q 2025) | 增減% (QoQ Change) | 113年第三季 (3Q 2024) | 增減% (YoY Change) |
|---|---|---|---|---|---|
| 稅前淨利(損) (Profit (Loss) Before Tax) | 378 | (892) | - | (1,460) | - |
| 折舊及攤銷 (Depreciation & Amortization) | 730 | 736 | (1%) | 798 | (9%) |
| 股利收入 (Dividend Income) | (8) | (63) | (87%) | 0 | - |
| 處分投資利益 (Gain on Disposal of Investments) | (1,178) | 4 | - | (17) | 6,829% |
| 透過損益按公允價值衡量之金融資產 (FVTPL Financial Assets) | (135) | 91 | - | (18) | 650% |
| 營業資產及負債之變動 (Changes in Operating Assets & Liabilities) | 174 | 237 | (27%) | 114 | 53% |
| 營業活動之淨現金流入(出) (Net Cash Flow from Operating Activities) | (39) | 113 | - | (583) | (93%) |
| 取得不動產、廠房及設備 (Acquisition of P, P & E) | (142) | (243) | (42%) | (398) | (64%) |
| 處分(取得)透過其他綜合損益按公允價值衡量之金融資產 (Disposal (Acquisition) of FVTOCI Financial Assets) | (35) | (192) | (82%) | (18) | 94% |
| 處分採用權益法之投資 (Disposal of Investments Accounted for Using Equity Method) | 2,353 | 18 | 12,972% | 0 | - |
| 收取之利息及股利 (Interest and Dividends Received) | 133 | 38 | 250% | 245 | (46%) |
| 按攤銷後成本衡量之金融資產(增加)減少 (Amortized Cost Financial Assets (Increase) Decrease) | 986 | 0 | - | 1,964 | (50%) |
| 投資資產及負債之變動 (Changes in Investing Assets & Liabilities) | (2) | (13) | (85%) | (1) | 100% |
| 投資活動之淨現金流入(出) (Net Cash Flow from Investing Activities) | 3,293 | (392) | - | 1,792 | 84% |
| 短期借款增加(減少) (Increase (Decrease) in Short-term Borrowings) | (103) | (212) | (51%) | (10) | 930% |
| 舉借(償還)長期借款 (Proceeds (Repayment) of Long-term Borrowings) | (542) | (295) | 84% | (155) | 250% |
| 租賃本金償還 (Repayment of Lease Principal) | (22) | (23) | (4%) | (25) | (12%) |
| 籌資資產及負債之變動 (Changes in Financing Assets & Liabilities) | (24) | (26) | (8%) | (28) | (14%) |
| 籌資活動之淨現金流出 (Net Cash Outflow from Financing Activities) | (691) | (556) | 24% | (218) | 217% |
| 匯率影響數 (Effect of Exchange Rate Changes) | 46 | (138) | - | (29) | - |
| 現金及約當現金增加(減少)數 (Net Increase (Decrease) in Cash & Cash Equivalents) | 2,609 | (973) | - | 962 | 171% |
Key Charts, Graphs, and Data Points
出貨量及平均售價趨勢 (Shipments and Average Selling Price Trends)
| 季度 (Quarter) | 3Q '24 | 4Q '24 | 1Q '25 | 2Q '25 | 3Q '25 |
|---|---|---|---|---|---|
| Shipments (K) | 2,581 | 3,443 | 3,039 | 3,529 | 3,277 |
| ASP (US$) | 29 | 26 | 29 | 27 | 28 |
註: 中小尺寸已換算為約當19吋數量 (Small/Medium sizes have been converted to equivalent 19-inch quantities).
合併營收 - 以尺吋別區分 (Consolidated Revenue - Segmented by Size)
(Percentage breakdown of consolidated revenue)
| 季度 (Quarter) | 3Q '24 | 4Q '24 | 1Q '25 | 2Q '25 | 3Q '25 |
|---|---|---|---|---|---|
| $\ge 11"$ | 15% | 17% | 15% | 16% | 10% |
| $6.06" \sim 10.4"$ | 57% | 61% | 56% | 60% | 67% |
| $\le 6"$ | 28% | 22% | 29% | 24% | 23% |
Disclaimers
Safe Harbor Notice (安全港聲明)
Except for historical information contained herein, the statements set forth in this press release are forward-looking statements that are subject to significant risks and uncertainties that could cause actual results to differ materially, including, among others, risks associated with:
- Cyclicality and market conditions in the large-sized TFT-LCD industry.
- World wide demand for, market supply of and average selling price (ASP) for TFT-LCD desktop monitors, notebook computers and TFT-LCD televisions.
- Actual timing of completion of the various phases of our next generation fab.
- Changes in technology.
- Our ability to reduce unit manufacturing costs of our principal products.
- Changes in availability and prices of raw materials and component parts.
- Our success in implementing next generation fab technology in our production process.
- Loss of a key customer or the postponement or cancellation of orders from a key customer.
- Changes in end-users' spending patterns.
- Our customers' adjustments in their inventory.
- Natural disasters and other unexpected events which may disrupt production.
- Our ability to maintain high production yields.
- Our ability to manage our growth.
- Our ability to retain our Chairman and key management personnel.
- Intense competition.
- Our ability to manufacture our products within the acceptable range of quality.
- Our ability to introduce, develop, license or acquire advance technologies and design products utilizing those technologies.
- Our ability to obtain, preserve and defend our intellectual property rights.
- Fluctuations in foreign exchange rates.
The forward-looking statements in this press release reflect the current belief of HannStar Display Corporation as of the date of this press release, although we make no guarantees as to our future results or the events set forth herein, except as required by law, HannStar Display Corporation undertakes no obligation to update these forecasts and forward-looking statements for events or circumstances that occur subsequent to such date or otherwise.