天瀚科技 2025Q3 法說會簡報
免責聲明 Disclaimer
天瀚科技股份有限公司並未發布財務預測,簡報中有關公司的財務、業務或Q&A之說明,可能與未來實際結果存有差異。此差異原因可能包括市場需求變化、出廠價格與原物料價格波動、同業競爭行為、國際經濟局勢、匯率波動、上下游供應鏈等其他各種本公司所不能掌控之風險因素。
AIPTEK International Inc. has not released financial forecasts. The financial, business or Q&A descriptions of the company in the briefing report may differ from the actual results in the future. Reasons for this difference may include changes in market demand, fluctuations in ex-factory prices and raw material prices, horizontal competition, international economic situation, exchange rate fluctuations, upstream and downstream supply chains, and other risk factors beyond our control.
本簡報與同時發布之相關訊息,係從各項來源所取得之資訊及對未來的展望,簡報資料中所提供之資訊並未明示或暗示的表達或保證其具有正確性及完整性,亦不代表天瀚科技股份有限公司(本公司)對產業狀況或後續重大發展的完整論述。未來若有變更或調整時,請以公開資訊觀測站公告資訊為主要依據。
The information released at the same time as this presentation is the information obtained from various sources and expectations for the future. The information provided in the presentation does not express or imply express or guarantee its correctness and completeness, nor does it represent the company's complete discussion of the state of the industry or major future developments. If there are changes or adjustments in the future, please use the public information observatory announcement information as the main basis.
此簡報內容未經天瀚科技股份有限公司書面許可,任何第三者皆不得任意取用。
This presentation contents are not allowed to be accessed by any third party without the written permission of AIPTEK International Inc.
Company Overview
關於天瀚 About
- 成立時間: 1997年
- 專利累積: 累積超過100項專利
- 掛牌上市: 2004年 (IPO / Listed: 2004)
核心競爭力與技術整合
核心競爭力專注於數位影像運用產品的開發與銷售,建立在跨領域的技術整合之上,並持續深耕產品技術、品牌形象與通路布建。
Our core competitiveness lies in the development and sales of products leveraging digital imaging, built upon cross-domain technology integration. We continuously strengthen product technologies, brand image, and channel deployment.
跨領域整合五大核心技術 (Through cross-domain integration of five core technologies)
- 多媒體 (multimedia)
- 通訊 (communications)
- 光電 (optoelectronics)
- 資料傳輸 (data transmission)
- 手寫輸入 (Handwriting input)
Products, Services & Technology
產品介紹 Products_Recorder
天瀚科技深度整合數位影像產品 (Deep integration of digital imaging products)，主要產品線包括：
| 產品類別 (Product Category) | 關鍵技術/功能 (Key Features/Capabilities) | 核心零組件 (Core Components) |
|---|---|---|
| 汽車行車紀錄器 (Car Driving Recorder) | 電子後視鏡記錄影像 (Electronic rearview mirror with recording capability) | 鏡頭模組 (Camera module), 固定支架 (Fixed mount), 感測器 (Sensor), 核心處理 (Core processing) |
| 機車行車紀錄器 (Motorcycle Driving Recorder) | 強調防水、抗震、前後雙錄 (Waterproof, shockproof, and front-and-rear recording capabilities) | 鏡頭模組 (Camera module), 感測器 (Sensor), 核心處理 (Core processing) |
| 導航機 (Navigation Devices) / GPS導航 | 提供精準定位 (provides precise location tracking) | GPS 天線 (GPS Antenna), 顯示螢幕 (Display screen), 核心處理 (Core processing) |
商業模式：與資料處理結合 (Combined with data processing and analytics)
- 單機紀錄硬體銷售 (Standalone hardware sales (data logging))
- 產品：汽車/機車行車紀錄器、GPS導航機 (Car and Motorcycle Driving Recorder & GPS Navigation Devices)
- 高附加價值解決方案 (High Value-Added Solutions)
- 服務：提供企業專屬網路,提供高頻寬、低延遲、高可靠性的客製化服務 (Provide enterprise-dedicated networks, delivering customized services with high bandwidth, low latency, and high reliability.)
Financial Highlights
單位: 新台幣千元 (Unit: Thousands of TWD)
合併資產負債表 Balance sheet (截至 2025/9/30)
| 項目/季 (Item/Quarterly) | 2022/12/31 | 2023/12/31 | 2024/12/31 | 2024/9/30 | 2025/9/30 |
|---|---|---|---|---|---|
| 現金 (Cash) | 78,613 | 52,384 | 41,715 | 36,752 | 29,803 |
| 應收款項 (Accounts receivable) | 10,928 | 14,454 | 14,780 | 18,389 | 25,755 |
| 流動資產 (Current assets) | 96,795 | 102,556 | 117,290 | 98,007 | 84,064 |
| 資產總額 (Total assets) | 97,414 | 105,232 | 130,548 | 102,327 | 97,968 |
| 負債總額 (Total liabilities) | 10,839 | 9,935 | 41,073 | 18,213 | 14,509 |
| 權益總額 (Total equity) | 86,575 | 95,297 | 130,548 | 84,114 | 83,459 |
| 待彌補虧損 (Unappropriated retained earnings) | -186,725 | -178,003 | -183,845 | -179,186 | -189,127 |
最近三年度財務結構 Debt ratio/Current ratio
| 項目 | 2022 years | 2023 years | 2024 years | 2025Q3 |
|---|---|---|---|---|
| 負債比率 (Debt ratio) | 11% | 9% | 31% | 15% |
| 流動比率 (Current ratio) | 1246% | 1522% | 292% | 651% |
財報數字概況 Financial report (Q1-Q3 比較)
| 項目/季 (Item/Quarterly) | 2022 years | 2023 years | 2024 years | 2024Q3 (Q1-Q3) | 2025Q3 (Q1-Q3) | YoY (%) |
|---|---|---|---|---|---|---|
| 營業收入淨額 (Revenue) | 34,175 | 53,544 | 54,263 | 39,782 | 32,158 | -19% |
| 營業成本 (Cost) | 27,126 | 43,679 | 43,926 | 31,738 | 19,699 | -38% |
| 毛利 (Gross profit) | 7,049 | 9,865 | 10,337 | 8,044 | 12,459 | 55% |
| 營業費用 (Operating expenses) | 9,814 | 9,479 | 11,577 | 8,011 | 17,297 | 116% |
| 營業利益(損失) (Operating income (loss)) | -3,125 | 386 | -1,240 | 33 | -4,838 | -14761% |
| 稅後淨利 (Net income (loss)) | -3,945 | 8,722 | -1,890 | -1,183 | -5,282 | 346% |
| 每股盈餘(元) (EPS) | -0.20 | 0.31 | -0.07 | -0.04 | -0.19 | 375% |
| 毛利率 (Gross margin) | 21% | 18% | 19% | 20% | 39% | 95% |
| 營益率 (Operating profit ratio) | -9% | 1% | -2% | 0% | -15% | - |
| 稅後淨利率 (Net interest rate) | -12% | 17% | -3% | -4% | -17% | -325% |
營收數字 Revenue (月營收金額表)
| 月份/營收 (Month/Revenue) | 1月month | 2月month | 3月month | 4月month | 5月month | 6月month | 7月month | 8月month | 9月month | 10月month | 小計 (Subtotal) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023年營收金額 | 2,113 | 1,498 | 4,044 | 3,604 | 4,048 | 4,351 | 3,019 | 2,020 | 5,361 | 3,675 | 33,733 |
| 2024年營收金額 | 5,078 | 1,835 | 6,852 | 3,690 | 2,134 | 3,614 | 5,083 | 5,358 | 6,138 | 3,754 | 43,536 |
| 2025年營收金額 | 2,144 | 3,138 | 4,041 | 7,160 | 2,169 | 1,607 | 1,293 | 1,352 | 9,254 | 3,453 | 35,611 |
Recent Performance and Results
營運概況 Operation Overview (2025Q3 單季與 Q1-Q3 比較)
| 項目 (Thousands of TWD) | 2025Q3 | 2025Q2 | 2025Q3/2025Q2 季差異 (QoQ) | 2024Q3 | 2025/2024 Q3 YoY | 2025 Q1-Q3 | 2024 Q1-Q3 | 2025/2024 Q1-Q3 YoY |
|---|---|---|---|---|---|---|---|---|
| 合併營收 (revenue) | 11,899 | 10,936 | 8.81% | 16,578 | -28.22% | 32,158 | 39,782 | -19.16% |
| 稅後淨利 (Net profit after tax) | -3,039 | 1,851 | -264.18% | -2,230 | 36.28% | -5,282 | -1,183 | -346.49% |
| 每股盈餘(元) (EPS) | -0.11 | 0.07 | -257.14% | -0.08 | 37.50% | -0.19 | -0.04 | -375% |
| 合併毛利率 (gross margin) | 54% | 39% | 38.46% | 19% | 184.21% | 39% | 20% | 95% |
| 合併營業利益率 (Operating profit ratio) | -10% | -11% | 9.09% | 3% | -457.14% | -15% | 0% | -1975% |
2025Q3 單季財務重點 (Financial Highlights for Q3 2025):
- 營業收入 (Revenue): 11,899 (千元)
- 稅後淨利 (Net income): -3,039 (千元)
- 營業毛利率 (Gross margin): 54% (相較於 2025Q2 的 39% 及 2024Q3 的 19%，有顯著提升)
Outlook & Strategy
經營與展望 Future prospect
總體策略: 透過產品、通路、客戶、市場四路並進,深化服務拓展市場。 (Advance on four strategic fronts—products, channels, customers, and markets—to deepen service capabilities and expand market presence.)
四大戰略方向:
- 產品多樣化 (Product Diversification)
- 通路拓展 (Channel Expansion)
- 海外布局 (Overseas Deployment)
- 目標市場包括：日本 (Japan)、東南亞 (Southeast Asia)
- 用戶累積 (User Accumulation)