中磊電子 (5388) 2025Q3 法說會簡報
免責聲明 (Disclaimer)
- 本文件所內含之預測性資訊,其中包括財務概況、未來擴張計畫及營運策略等內容,皆為基於當前情況之預期以及對未來事件的預測。儘管本公司對未來的展望皆建立在合理的假設條件之上,這些預測性資訊依然受未知的風險、不確定性因素及其他因素之影響。
- 本公司不負責主動公開對未來預測性資訊之更新與修正,文件中對未來之展望,皆反映本公司截至目前為止對未來的看法。實際結果可能與本文件預測性資訊存在差異。
Company Overview
公司資訊 (Company Information) (P. 3)
| 項目 | 內容 |
|---|---|
| 成立時間 (Founded) | 1992 |
| IPO | 1999 (股票代號: 5388) |
| 營運總部 (Headquarters) | 臺灣臺北 (Taipei, Taiwan) |
| 2024年營業收入 (2024 Revenue) | 新臺幣 568億元 (約美金 $1.7 BN) |
| 員工人數 (Employees) | 10,000+ |
全球營運據點 (Global Operations Footprint) (P. 4, 9)
- 營運總部 (Headquarters): 台北, 台灣
- 員工數 (Employees): 10,000+
- 研發工程師 (R&D Engineers): 2,000+
- 產線工程師 (Production Line Engineers): 600+
- 全球服務據點 (Global Service Locations): 菲律賓 (Philippines), 中國 (China), 台灣 (Taiwan), 印度 (India), 墨西哥 (Mexico).
- 營運據點 (Operating Centers): California, USA; Atlanta, USA; Tijuana, Mexico; Paris, France; Dusseldorf, Germany; Milan, Italy; London, UK; Suzhou, China; Tokyo, Japan; Taipei, Taiwan; Hsinchu, Taiwan; Calamba, Philippines; Noida, India; Chennai, India.
- 研發中心 (R&D Centers): California, USA; Atlanta, USA; Tijuana, Mexico; Paris, France; Dusseldorf, Germany; Milan, Italy; London, UK; Taipei, Taiwan; Hsinchu, Taiwan; Noida, India; Chennai, India.
- 製造中心 (Manufacturing Centers): Suzhou, China; Calamba, Philippines.
Financial Highlights
歷年營收表現 (Historical Revenue Performance) (P. 5)
- 24年年複合成長率 (24-year CAGR): 20%
- 單位: 新台幣$ 佰萬 (NT$ Million)
| 年度 | 營業收入 (NT$ Million) |
|---|---|
| 2020 | 36,096 |
| 2021 | 43,900 |
| 2022 | 64,574 |
| 2023 | 62,589 |
| 2024 | 56,791 |
Recent Performance and Results
2025前三季合併綜合損益表-年度比較 (Consolidated Statement of Comprehensive Income Q1-Q3 2025 - Year-over-Year Comparison) (P. 10)
單位: 新台幣佰萬元 (NT$ Million)
| 項目 | 2025 Q1-Q3 | 佔營收比重 (%) | 2024 Q1-Q3 | 佔營收比重 (%) | 年差異 (YoY Change) |
|---|---|---|---|---|---|
| 營業收入 (Revenue) | 38,317 | 100.0% | 43,364 | 100.0% | -11.6% |
| 營業成本 (Cost of Revenue) | 32,032 | 83.6% | 35,713 | 82.4% | -10.3% |
| 營業毛利 (Gross Profit) | 6,285 | 16.4% | 7,651 | 17.6% | -17.9% |
| 營業費用 (Operating Expenses) | 5,072 | 13.2% | 5,415 | 12.5% | -6.3% |
| 營業利益 (Operating Income) | 1,213 | 3.2% | 2,236 | 5.1% | -45.7% |
| 營業外收入及支出 (Non-operating Income/Expenses) | -26 | -0.1% | -50 | -0.1% | 46.8% |
| 稅前淨利 (Income Before Tax) | 1,187 | 3.1% | 2,186 | 5.0% | -45.7% |
| 歸屬於母公司業主之本期淨利 (Net Income Attributable to Owners of Parent) | 935 | 2.4% | 1,766 | 4.1% | -47.0% |
| 每股盈餘(元) (EPS (NT$)) | 3.15 | 6.02 | |||
| 普通股加權平均股數 (百萬股) (Weighted Avg. Shares Outstanding (M shares)) | 297 | 293 |
合併資產負債表 (Consolidated Balance Sheet) (P. 11)
單位: 新台幣佰萬元 (NT$ Million)
| 項目 | 2025年9月30日 | 佔資產/負債比重 (%) | 2024年12月31日 | 佔資產/負債比重 (%) | 2024年9月30日 | 佔資產/負債比重 (%) |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash & Equivalents) | 9,526 | 20.1% | 8,306 | 19.8% | 10,468 | 24.2% |
| 應收帳款 (Accounts Receivable) | 9,948 | 21.0% | 11,696 | 27.9% | 10,750 | 24.9% |
| 存貨 (Inventory) | 16,949 | 35.8% | 11,596 | 27.6% | 12,334 | 28.5% |
| 其他流動資產 (Other Current Assets) | 2,110 | 4.5% | 1,804 | 4.3% | 1,541 | 3.6% |
| 非流動資產 (Non-current Assets) | 8,800 | 18.6% | 8,590 | 20.4% | 8,115 | 18.8% |
| 資產總計 (Total Assets) | 47,333 | 100.0% | 41,992 | 100.0% | 43,208 | 100.0% |
| 短期借款 (Short-term Borrowings) | 4,406 | 9.3% | 1,016 | 2.4% | 2,817 | 6.5% |
| 應付票據及帳款 (Notes & Accounts Payable) | 17,504 | 37.0% | 12,466 | 29.7% | 13,407 | 31.0% |
| 一年或營業週期內到期長期負債 (Current portion of LT Debt) | 0 | 0.0% | 1,400 | 3.3% | 1,400 | 3.3% |
| 其他流動負債 (Other Current Liabilities) | 6,569 | 13.8% | 7,240 | 17.2% | 6,360 | 14.7% |
| 流動負債合計 (Total Current Liabilities) | 28,479 | 60.1% | 22,122 | 52.6% | 23,984 | 55.5% |
| 非流動負債合計 (Total Non-current Liabilities) | 3,528 | 7.5% | 3,551 | 8.5% | 3,494 | 8.1% |
| 負債總計 (Total Liabilities) | 32,007 | 67.6% | 25,673 | 61.1% | 27,478 | 63.6% |
| 權益總計 (Total Equity) | 15,326 | 32.4% | 16,319 | 38.9% | 15,730 | 36.4% |
營運週轉天數 (Working Capital Days)
| 項目 | 2025年9月30日 | 2024年12月31日 | 2024年9月30日 |
|---|---|---|---|
| 應收帳款天數 (AR Days) | 77 | 75 | 70 |
| 存貨天數 (Inventory Days) | 122 | 114 | 114 |
| 應付帳款天數 (AP Days) | 128 | 115 | 117 |
Business Segments
營收產品別比重 (Revenue Mix by Product) (P. 8)
| 產品類別 | Q1-Q3 2025 (NT$ 38.3 BN) | 2024 (NT$ 56.8 BN) |
|---|---|---|
| Broadband CPE | 59% | 71% |
| Enterprise | 23% | 18% |
| Infrastructure & IoT (Infra. & IoT) | 17% | 11% |
Products & Technologies
主要產品 (Major Products) (P. 3)
- Cable DOCSIS
- 5G FWA CPE (Fixed Wireless Access Customer Premise Equipment)
- Enterprise Products
- Fixed-Mobile Products
- FTTx/GPON (Fiber to the X / Gigabit Passive Optical Network)
- IP Surveillance
- IoT Products
- Small Cell Products
成功的市場價值定位 (Successful Market Value Positioning) (P. 7)
中磊電子提供全方位解決方案 (Providing Comprehensive Solutions)，涵蓋以下六大核心能力：
- Embedded Software (嵌入式軟體)
- Hardware Design (硬體設計)
- Product Assurance (產品保證)
- Manufacturing & Testing Technology (製造與測試技術)
- Operation Management Software (營運管理軟體)
- Artificial Intelligence (AI) (人工智慧)
生產製造中心 (Production and Manufacturing Centers) (P. 9)
全新先進制程之生產製造中心 (New Advanced Process Manufacturing Centers):
- AI智慧自動化生產線 (AI Smart Automated Production Lines)
- 專注於RF整合型產品 (Focus on RF Integrated Products)
- 環保綠色工廠 (Eco-friendly Green Factory)
- 產能規模 (Production Capacity): 月產能達 400萬台水準 (Monthly capacity reaches 4 million units).
相關認證 (Related Certifications):
- ISO 14001:2015
- ISO 9001:2015
- ISO 45001:2018
- TL 9000 (PMG Telecom Quality Management System)
- CMMI level 3
Additional Data
榮耀與肯定 (Honors and Recognition) (P. 6)
| 頒發機構/指數 | 獎項/認可 | 年份/期間 |
|---|---|---|
| FinanceAsia (亞洲金融雜誌) | 「亞洲最佳管理公司」 (Asia's Best Managed Company) | 2015 |
| FinanceAsia (亞洲金融雜誌) | 「Best Managed – Technology」 | 2025 |
| FinanceAsia (亞洲金融雜誌) | 「Most Committed to ESG」 | 2025 |
| Institutional Investor (機構投資人雜誌) | 「最受尊崇企業獎」 (Most Honored Company) | 2018, 2020, 2024 |
| Institutional Investor (機構投資人雜誌) | 「最佳執行長」(科技硬體產業) (Best CEO - Technology Hardware Sector) | 2018, 2020, 2024 |
| AsiaMoney (亞元雜誌) | 「亞洲卓越企業獎 - 最佳小型企業」 (Asia Outstanding Company Award - Best Small Cap) | 2015 |
| AsiaMoney (亞元雜誌) | 「最佳管理公司」 (Best Managed Company) | 2015 |
| MSCI (摩根士丹利資本國際) | 獲選納入 (MSCI) 全球小型股指數成分股 (Selected as a constituent of the MSCI Global Small Cap Index) | Since 2011 |