全漢企業股份有限公司 (FSP Technology Inc.) 2025Q3 法說會簡報
免責聲明 (Disclaimer)
本公司並未發佈財務預測,但本簡報所作有關本公司財務上、業務上、Q&A之說明,若涉及本公司對未來公司經營與產業發展上之見解,可能與未來實際結果存有差異。此差異其造成之原因可能包括市場需求變化、價格波動、競爭行為、國際經濟狀況、匯率波動、上下游供應鏈等其他各種本公司所不能掌握之風險因素。
No representation or warranty express or implied, is or will be made in or in relation to, and no responsibility or liability is or will be accepted by the Company as to, the accuracy or completeness of the information and any liability therefore is hereby expressly disclaimed.
Company Overview (公司概況)
| 項目 (Item) | 資訊 (Information) |
|---|---|
| 公司名稱 (Company Name) | 全漢企業股份有限公司 (FSP Group / FSP Technology Inc.) |
| 創立時間 (Established) | 1993年4月 (April, 1993) |
| 上市時間 (Listing) | 西元2002年在台灣股票上市 (Listed on Taiwan Stock Exchange in 2002) |
| 產業地位 (Position) | 全球前十大交換式電源供應器廠商 (Worldwide Top 10 switching power supplier) |
| 員工人數 (Employees) | 全球約5,300名員工 (Worldwide Over 5300 persons) |
願景與使命 (Vision & Mission)
願景 (Vision) 成為全球綠色能源解決方案領導者,深入每個人的生活,為環境做出貢獻。 To be the global leading provider of green energy solutions, touch people's life, contribute to the better environment.
使命 (Mission) 以創新的服務和優質的產品,為客戶、員工與股東創造最大價值。 Providing the best value to customers, employees and shareholders by our innovative service and high quality products.
核心價值 (Core Values) Energetic | Friendly | Simple | Reliable (POWER NEVER ENDS)
Products & Technologies (產品與技術)
里程碑 FSP Product line Milestones
| 年份 (Year) | 事件 (Milestone) |
|---|---|
| 1993 | 成立FSP Technology, 開始投入PC ATX電源開發並成為Intel策略合作夥伴 (FSP Technology establish PC ATX initial and co-design with Intel) |
| 2003 | 與QQE進行策略合作, 開發工業級充電器 (Joint Venture with QQE, Phase Into Industrial Charger) |
| 2004 | 投資 3Y Power Technology, 使Redundant產品線更加齊全 (Invested in 3Y Power Technology, Comprehensive Redundant Product Lines) |
| 2007 | 併購 Protek Power, 擴大醫療電源事業 (Merge Protek Power, Enlarge Medical Power Business) |
| 2008 | 投資 Voltronic Power, 進入UPS產品線 (Joint Venture with Voltronic, Comprehensive UPS Product Lines) |
| 2012 | 成立新能源事業處, 研發能源儲存系統 ESS (Establish New Energy Solution BU, ESS (Energy Storage System)) |
| 2016 | 創新產品, 開發出全球最小的65瓦筆電適配器 (Innovation Product, Smallest 65W NB Adapter) |
| 2017 | 研發中心大樓落成 (New R&D Center) |
| 2018 | 進入5G電源市場 (Enter the 5G Power Market) |
| 2021 | 桃三廠落成 (Taiwan Manufacture Site) |
| 2023 | 越南廠 (Vietnam Manufacture Site) |
| 2024 | IATF 16949 認證 充電器產品 (IATF 16949 Certified Charger Product) |
全方位能源解決方案供應商 (Power Supply Total Solution Provider)
產品類別 (Product Categories):
- 5G PSU
- Charger
- DIN Rail
- Retail Product
- UPS
- PV Inverter
- Energy Storage System
- TV PSU
- PC PSU
- SSL
- Medical PSU
- IPC PSU
- Redundant
- Open Frame
- Adapter
Financial Highlights (財務重點)
合併綜合損益表 (Consolidated Statements of Comprehensive Income)
單位: 新台幣仟元 (Unit: NT$ thousand)
| 項目 (Item) | 2025/3rd | 2024/3rd | 2025/01/01 To 2025/09/30 | 2024/01/01 To 2024/09/30 | YoY (YTD) |
|---|---|---|---|---|---|
| 營業收入淨額 (Net Sales revenue) | 3,494,301 | 3,123,487 | 10,214,866 | 8,728,084 | 17% |
| 營業毛利 (Gross profit from operations) | 600,388 | 560,328 | 1,775,357 | 1,561,440 | 14% |
| 營業淨利(損) (Net operating income (loss)) | -6,065 | 38,165 | 154,885 | 87,171 | 78% |
| 營業外收入及支出 (Non-operating income and expenses) | 289,912 | 173,282 | 236,962 | 387,865 | -39% |
| 稅前淨利(損) (Profit (loss) from continuing operations before tax) | 283,847 | 211,447 | 391,847 | 475,036 | -18% |
| 所得稅費用 (Tax expense) | 53,203 | 21,539 | 75,408 | 74,190 | 2% |
| 淨利歸屬於母公司業主 (Profit attributable to owners of parent) | 220,846 | 178,878 | 295,911 | 375,647 | -21% |
| 基本每股盈餘 (元) (Basic earnings per share) | 1.18 | 0.96 | 1.58 | 2.01 | -21% |
合併財務比率 (Financial Ratio)
| 財務比率(%) (Financial Ratio) | 2025/3rd | 2024/3rd | 2025/01/01 To 2025/09/30 | 2024/01/01 To 2024/09/30 |
|---|---|---|---|---|
| 毛利率 (Gross margin) | 17 | 18 | 17 | 18 |
| 營業利益率 (Operation income margin) | - | 1 | 2 | 1 |
| 稅前淨利率 (Per-tax income margin) | 8 | 7 | 4 | 5 |
| 淨利率 (Profit Margin) | 7 | 6 | 3 | 4 |
合併業外收支細項 (Non-Operating Profit Breakdown)
單位: 新台幣仟元 (Unit: NT$ thousand)
| 項目 (Item) | 2025/3rd | 2024/3rd | 2025/01/01 To 2025/09/30 | 2024/01/01 To 2024/09/30 |
|---|---|---|---|---|
| 利息收入 (Interest revenue) | 11,121 | 12,852 | 39,384 | 47,374 |
| 股利收入 (Dividend revenue) | 205,584 | 171,472 | 216,221 | 174,086 |
| 政府補助款 (Government grants) | 2,119 | 804 | 8,860 | 7,068 |
| 退稅款 (Tax refund) | 2,619 | 16,789 | 12,883 | 23,111 |
| 外幣兌換(損)益淨額 (Foreign exchange (loss) gain) | 46,021 | (29,727) | (65,296) | 86,614 |
| 透過損益按公允價值衡量之金融資產利益(損失)淨額 (Net gain (loss) on financial assets at fair value through profit or loss) | 26,111 | (4,010) | 26,345 | 6,541 |
| 其他 (Others) | (3,663) | 5,102 | (1,435) | 43,071 |
| 合計 (Total) | 289,912 | 173,282 | 236,962 | 387,865 |
合併資產負債表 (Consolidated Balance Sheet)
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2025/9/30 | 2024/9/30 |
|---|---|---|
| 資產 (Assets) | ||
| 現金及約當現金 (Cash and cash equivalents) | 3,283 | 3,654 |
| 應收帳款淨額 (Accounts receivable, net) | 3,375 | 2,649 |
| 存貨 (Current inventories) | 2,277 | 1,963 |
| 流動資產合計 (Total current assets) | 11,280 | 10,562 |
| 透過其他綜合損益按公允價值衡量之金融資產-非流動 (Non-current financial assets at fair value through other comprehensive income) | 5,140 | 8,588 |
| 不動產、廠房及設備 (Property, plant and equipment) | 1,689 | 1,686 |
| 非流動資產合計 (Total non-current assets) | 8,180 | 11,187 |
| 資產總計 (Total assets) | 19,460 | 21,749 |
| 負債 (Liabilities) | ||
| 應付帳款 (Accounts payable) | 3,870 | 2,945 |
| 流動負債合計 (Total current liabilities) | 5,999 | 5,009 |
| 非流動負債合計 (Total non-current liabilities) | 611 | 290 |
| 負債總計 (Total liabilities) | 6,610 | 5,299 |
| 權益 (Equity) | ||
| 股本 (Total capital stock) | 1,873 | 1,873 |
| 保留盈餘合計 (Total retained earnings) | 5,727 | 5,610 |
| 透過其他綜合損益按公允價值衡量之金融資產未實現評價損益 (Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income) | 4,172 | 7,750 |
| 歸屬於母公司業主之權益合計 (Total equity attributable to owners of parent) | 12,438 | 16,046 |
| 權益總計 (Total equity) | 12,850 | 16,450 |
| 每股淨值(元) (Book Value Per Share) | 66.42 | 85.69 |
Business Segments
區域營收 (Revenue by region)
FY2025 Q1 to Q3 營收分佈 (註:營收比例以出貨地為計算基準):
- RoW (Rest of World): 50%
- Europe: 21%
- America: 20%
- China: 9%
FSP Revenue FY2023 - FY2025 Q1 to Q3 (億(新台幣)):
- FY2023: 131.7
- FY2024: 116.0
- FY2025 Q1 to Q3: 102.1
Revenue by Application (應用別營收)
單位: 億(新台幣)
| 應用 (Application) | 2023 (TWD$ 131.7) | 2024 (TWD$ 116.0) | 2025 Q1 to Q3 (TWD$ 102.1) |
|---|---|---|---|
| 電競 (Gaming) | 23% | 19% | 27% |
| IPC (通用型) (General IPC) | 20% | 26% | 32% |
| 網通 (Networking/Communication) | 18% | 17% | 4% |
| PC | 8% | 10% | 12% |
| 雲端及邊緣運算 (Cloud & Edge Computing) | 8% | 11% | 6% |
| 醫療照護 (Medical Care) | 5% | 5% | 2% |
| 新能源 (New Energy) | 4% | 2% | 2% |
| 其他產業 (Others) | 14% | 11% | 14% |
Additional Data
採用IFRSs後之月營業收入資訊 (Monthly Net Sales revenue information after adopting IFRSs)
單位: 新台幣仟元 (Unit: NT$ thousand)
| 月份 (Month) | 營業收入淨額 (Net Sales revenue) |
|---|---|
| Dec-24 | 1,018,577 |
| Jan-25 | 1,001,139 |
| Feb-25 | 906,992 |
| Mar-25 | 1,123,543 |
| Apr-25 | 1,232,249 |
| May-25 | 1,235,750 |
| Jun-25 | 1,220,891 |
| Jul-25 | 1,195,369 |
| Aug-25 | 1,070,941 |
| Sep-25 | 1,227,991 |
| Oct-25 | 978,260 |
| Nov-25 | 944,976 |