Taiwan Surface Mounting Technology (6278.TW) 2025/Nov 法說會簡報
Company Overview
Taiwan Surface Mounting Technology (TSMT)
| Attribute | Details |
|---|---|
| Founded | 1990 |
| HQ | No.437, Taoying Rd., Taoyuan City, Taiwan |
| Capital | $USD 100M |
| Revenue (2025/Q3) | $USD 1.21B |
| Revenue (2024) | $USD 1.41B |
| Services | OEM (SMT modules) / JDM / ODM |
| Stock code @ Twex | 6278 |
| Capacity | 240 SMT lines, 14 Factories (Taiwan, China, India, Mexico & Vietnam) |
| Web-Site | http://www.tsmt.com |
Business Segments
EMS Business Model: To Provide professional TQMDC
TSMT operates an Electronics Manufacturing Services (EMS) model centered around the SMT Process.
Advantages of SMT Outsourcing:
- Focus on core competence
- Lower procurement costs
- Economies of scale & cost benefit
Materials: PCB, IC, LED, FPC
Service Models:
- Turnkey: Self-procured materials
- Consignment: Materials provided by clients
Finished Products: (LCD Control Board)
Products & Technologies
Breakdown of product revenue (By Main Category)
| Revenue | 2025 3Q | 2024年 | 2023年 | 2022年 |
|---|---|---|---|---|
| TFT-LCD | 46% | 50% | 48% | 43% |
| Mini Led | 12% | 11% | 20% | 32% |
| Other | 42% | 39% | 32% | 25% |
| TOTAL | 100% | 100% | 100% | 100% |
Breakdown of product revenue (TFT-LCD Sub-categories)
| TFT-LCD | 2025 3Q | 2024年 | 2023年 | 2022年 |
|---|---|---|---|---|
| Control Board | 76% | 76% | 75% | 74% |
| Light Bar | 15% | 18% | 19% | 19% |
| TOUCH | 9% | 6% | 6% | 7% |
| TOTAL | 100% | 100% | 100% | 100% |
Breakdown of product revenue (Other Sub-categories)
| Other | 2025 3Q | 2024年 | 2023年 | 2022年 |
|---|---|---|---|---|
| DDR | 33% | 18% | 16% | 28% |
| Touch Pad | 10% | 13% | 12% | 12% |
| Cable | 21% | 28% | 28% | 24% |
| Automotive | 24% | 31% | 25% | 16% |
| Other | 12% | 10% | 19% | 20% |
| TOTAL | 100% | 100% | 100% | 100% |
Financial Highlights
Financial Highlights - 2024 Annual Results
(NTD'000)
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Revenue | 45,287,887 | 46,496,015 | -2.60% |
| Gross profit | 6,051,597 | 5,276,416 | 14.69% |
| Operating profit | 3,009,403 | 2,489,252 | 20.90% |
| Net profit | 2,906,467 | 2,507,016 | 15.93% |
| Gross profit margin | 13.36% | 11.35% | 2.01pp |
| Operating profit margin | 6.65% | 5.35% | 1.30pp |
| Net profit margin | 6.42% | 5.39% | 1.03pp |
| Basic EPS (NTD) | 9.94 | 8.57 | 15.99% |
Financial Highlights - 2025 3Q Results
(NTD'000)
| Metric | 2025 3Q | 2024 3Q | Change |
|---|---|---|---|
| Revenue | 37,790,010 | 33,440,265 | 13.01% |
| Gross profit | 4,807,106 | 4,318,345 | 11.32% |
| Operating profit | 2,722,212 | 2,048,469 | 32.89% |
| Net profit | 2,017,735 | 2,202,681 | -8.40% |
| Gross profit margin | 12.72% | 12.91% | -0.19pp |
| Operating profit margin | 7.20% | 6.13% | +1.07pp |
| Net profit margin | 5.34% | 6.59% | -1.25pp |
| Basic EPS (NTD) | 6.90 | 7.53 | -8.37% |
Financial Position
(NTD'000)
| Metric | As at 30 Sep 2025 (reviewed) | As at 31 Dec 2024 (audited) | As at 30 Sep 2024 (reviewed) | Change |
|---|---|---|---|---|
| Total assets | 52,287,996 | 52,196,295 | 49,211,523 | 6.25% |
| Net assets | 21,371,415 | 22,585,554 | 21,270,420 | 0.47% |
| Total borrowings | 8,502,948 | 7,292,356 | 7,416,665 | 14.65% |
| Cash and bank balances | 16,396,643 | 17,225,940 | 16,785,511 | -2.32% |
| Total equity | 21,371,415 | 22,585,554 | 21,270,420 | 0.47% |
| Gearing Ratio* | 39.79% | 32.29% | 34.87% | - |
| Inventory turnover days | 33 days | 37 days | 28 days | + 5 days |
| A/R turnover days | 119 days | 126 days | 122 days | - 3 days |
| A/P turnover days | 126 days | 135 days | 130 days | - 4 days |
*Gearing Ration=Total Borrowings (other than payables in ordinary course of business) over total equity
Clients & Markets
Breakdown of customer revenue
| Customer | 2025 3Q | 2024年 | 2023年 | 2022年 |
|---|---|---|---|---|
| TW panel Maker | 15% | 19% | 20% | 17% |
| China panel Maker | 16% | 19% | 19% | 17% |
| Korea panel Maker | 1% | 2% | 2% | 2% |
| NY | 34% | 31% | 37% | 45% |
| Other | 34% | 29% | 22% | 19% |
| Total | 100% | 100% | 100% | 100% |
Additional Data
TSMT Group Structure
The parent company is 台表科 (6278.TW).
Key Subsidiaries (Holding Companies):
- TSMT(HK) (99.99% owned)
- TSMT(BVI) (100% owned)
- TSMT(SG) (100% owned)
Overseas Manufacturing/Operations Subsidiaries:
- TSMT (Mexico)
- TSMT (INDIA)
- TSMT (Vietnam)
100% Owned Chinese Subsidiaries (via RML(HK) or TSMT(BVI) structure):
- 峻凌電子 (東莞)
- 峻凌電子 (蘇州)
- 台表科技 (蘇州)
- 峻凌電子 (廈門)
- 峻凌電子 (合肥)
- 峻凌電子 (寧波)
- 寧波永富 貿易公司
- 峻凌電子 (重慶)
- 峻凌電子 (咸陽)
- 峻凌電子 (成都)
Manufacturing Sites
Total of 14 Production Sites Worldwide:
| Region | Location | Count | Founding Date | Notes |
|---|---|---|---|---|
| Taiwan | Taoyuan 桃園 (Corp. HQ) | x2 | 1990.3.24 | |
| China | Suzhou 蘇州 (Ops HQ) | x8 | 1999.10.1 | |
| Dongguan 東莞 | 1997.7.1 | |||
| Ningbo 寧波 | 2006.1.19 | |||
| Xiamen 廈門 | 2006.5.10 | |||
| Hefei 合肥 | 2010.1.1 | |||
| Chongqing 重慶 | 2010.7.13 | |||
| Xianyang 咸陽 | 2018.5.1 | |||
| Chengdu 成都 | (leased out) | |||
| India | Chennai, Tamil Nadu | x2 | 2017.10.1 | |
| Sanand, Gujarat | 2026Q4 (Planned) | |||
| Vietnam | Ninh Binh 寧平省 (HaNam Province) | x1 | 2024.1.3 | [Original name: 河南省] |
| Mexico | Monterrey, MX | x1 | 2024.8.1 |
Production Capacity & Capability (SMT Lines)
Economies of scale further strengthen competitiveness of TSMT
| 生產基地 (Location) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 東莞DG | 18 | 19 | 19 | 18 | 17 |
| 蘇州SZ | 72 | 75 | 76 | 76 | 89 |
| 寧波NB | 14 | 14 | 14 | 10 | 0 |
| 廈門XM | 11 | 10 | 10 | 15 | 17 |
| 台灣TW | 26 | 27 | 28 | 22 | 26 |
| 合肥HF | 18 | 22 | 24 | 26 | 26 |
| 重慶CQ | 29 | 29 | 26 | 28 | 25 |
| 咸陽XY | 12 | 14 | 14 | 14 | 14 |
| India | 10 | 10 | 11 | 11 | 12 |
| Mexico | - | - | - | 3 | 3 |
| Vietnam | - | - | - | 7 | 11 |
| 總數 (TOTAL) | 210 | 220 | 222 | 230 | 240 |
Turnover & Margin Analysis (Quarterly)
| Quarter | Turnover USDm | GMP % |
|---|---|---|
| 1Q2023 | 302 | 9.41% |
| 2Q2023 | 391 | 11.33% |
| 3Q2023 | 409 | 13.09% |
| 4Q2023 | 390 | 11.05% |
| 1Q2024 | 340 | 11.84% |
| 2Q2024 | 358 | 13.91% |
| 3Q2024 | 343 | 12.93% |
| 4Q2024 | 369 | 14.63% |
| 1Q2025 | 398 | 13.36% |
| 2Q2025 | 403 | 12.14% |
| 3Q2025 | 410 | 12.67% |