威宏控股股份有限公司 (8442 TT) 2025年12月 法說會簡報
Company Overview
公司名稱 (Company Name): 威宏控股股份有限公司 (WW Holding) 股票代號 (Stock Code): 8442 TT 簡報日期 (Presentation Date): 2025年12月
威宏重點摘要 (WW Highlights) (截至 11M2025)
| 項目 (Item) | 數據 (Data) | 備註 (Notes) |
|---|---|---|
| 生產經驗 (Production Experience) | 20Y↑ | |
| 11M2025 營收 (11M2025 Revenue) | 74億↑ (NT$ 7.4 Billion, implied) | |
| 全球員工人數 (Global Headcount) | 11,144↑ 人 | |
| 跨國生產線 (Cross-border Production Lines) | 222↑ 條 | |
| 跨國生產基地 (Cross-border Production Bases) | 7 | |
| 全球知名品牌客戶 (Global Renowned Brand Clients) | 80↑ | |
| 台灣證券交易所上市 (Listed on TWSE) | 8442 |
歷史沿革 (History)
| 年份 (Year) | 事件 (Event) | 說明 (Description) |
|---|---|---|
| 1998 | 公司成立 | 東莞宏盛成立,開始精品包袋生產。 |
| 2003 | 加速業務擴張 | 陸續引進主力客戶 NIKE, TUMI, KIPLING, DECATHLON。 |
| 2015 | 生產基地調整 | 逐步將生產基地由大陸地區調整至東南亞。 |
| 2016 | 公司上市 | 台灣證券交易所第一上市成功。 |
| 2022 | 創新突破 | 建立AI輔助系統,強化生產效率,擴展客戶夥伴,奠基永續成長。 |
集團架構圖 (Group Structure Chart)
控股公司: WW Holding Inc.
兩大事業體 (Two Major Business Units):
-
運動裝備事業體 (Sports Equipment Business Unit)
- 主要控股公司: 越南德御 (Virtue King International Limited), 威保 (Wellpower Commerce Holding Co., Ltd.)
- 主要子公司/孫公司: Virtue King Vietnam Company Limited, GRENLAND INVESTMENT AND DEVELOPMENT (CAMBODIA) CO., LTD., 東莞威保運動器材有限公司, 威保(江西)運動器材有限公司, WP SPORTS (CAMBODIA) CO., LTD.
-
精品包袋事業體 (Fine Bags/Luggage Business Unit)
- 主要控股公司: 宏盛 (WILSON GROUP HOLDINGS LIMITED), 廣泰 TWT (GLOBAL WORTH INVESTMENT HOLDING LTD.)
- 主要子公司/孫公司: WILSON GROUP HOLDINGS LIMITED (SAMOA), WILSON GROUP HOLDINGS LIMITED, WILSON HOLDINGS (HK) LIMITED, 宏盛皮具(東莞)有限公司, 江蘇宏盛皮具有限公司, Wilson Leather (Cambodia) Co., Ltd., 江蘇省耐盛皮具有限公司, 廣東安吉雅貿易有限公司, TWT Manufacturing Co., Ltd., TWT LEATHER (CAMBODIA) CO.,LTD.
生產基地 (Production Bases)
全球總計: 7個生產基地，11,144 人員工，222 條跨區生產線。
| 基地名稱 (Base Name) | 地區 (Region) | 產線 (Lines) | 員工 (Headcount) | 備註 (Notes) |
|---|---|---|---|---|
| 台北 | 台灣 | N/A | N/A | 台北總部, 苑里技轉中心 |
| 金邊 | 柬埔寨 (Cambodia) | 75 條 | 4,025 人 | |
| 木牌 (WELLPOWER CAMBODIA) | 柬埔寨 (Cambodia) | 54 條 | 1,439 人 | |
| 平陽 | 越南 (Vietnam) | 45 條 | 1,998 人 | |
| 泰國 | 泰國 (Thailand) | 13 條 | 1,731 人 | |
| 江西 | 大陸 (China) | 27 條 | 594 人 | |
| 東莞 | 大陸 (China) | 8 條 | 1,331 人 |
生產基地營業額比重 (Revenue Weighting by Production Base)
| 地區 (Region) | 9M25 占比 (%) | 2024 占比 (%) |
|---|---|---|
| 大陸 (Mainland China) | 23.94% | 37.69% |
| 柬埔寨 (Cambodia) | 35.70% | 24.12% |
| 泰國 (Thailand) | 14.70% | 12.99% |
| 越南 (Vietnam) | 25.66% | 25.21% |
| 合計 (Southeast Asia Total) | 76.06% | 62.32% |
Products & Technologies
主要產品介紹 (Main Products Introduction)
運動裝備 (Sports Equipment):
- 運動護具 (Sports Protective Gear)
- 運動手套 (Sports Gloves)
- 運動周邊商品 (Sports Peripherals/Accessories)
- 運動包袋 (Sports Bags)
- 高爾夫球袋 (Golf Bags)
精品包袋 (Fine Bags/Luggage):
- 尼龍精品包袋 (Nylon Fine Bags/Luggage)
- 真皮精品包袋 (Leather Fine Bags/Luggage)
- 旅行箱 (Travel Luggage)
- 商務包 (Business Bags)
產品組成營收占比 9M25 (Revenue Breakdown by Product 9M25)
| 產品類別 (Product Category) | 9M25 占比 (%) | YOY (%) |
|---|---|---|
| 尼龍包款及配件 (Nylon Bags & Accessories) | 30% | 8% |
| 運動包袋及高爾夫球袋 (Sports Bags & Golf Bags) | 23% | 12% |
| 旅行箱及商務包 (Travel Luggage & Business Bags) | 15% | 7% |
| 真皮包款及配件 (Leather Bags & Accessories) | 14% | -43% |
| 運動護具 (Sports Protective Gear) | 10% | -13% |
| 運動手套及束套 (Sports Gloves & Straps) | 4% | -33% |
| 運動周邊商品 (Sports Peripherals/Accessories) | 4% | 24% |
Clients & Markets
主要客戶及品牌 (Key Clients and Brands)
運動品牌 (Sports Brands): NIKE, UNDER ARMOUR, PUMA, new balance, PING, DECATHLON, adidas, ENDURA, BROOKS, W Wilson, DAKINE, cobra, KOMPERDELL, JAKO, lotto, DECATHLON, TROUBADOUR, PRO TOUCH, WARRIOR, DONJOY, RACEFACE, DICK'S SPORTING GOODS, DAIWA, BODYWRAP, erima, DIADORA, racer, TaylorMade, JR 286, SELECT PRO GAME, Reebok A.
時尚/旅行/商務品牌 (Fashion/Travel/Business Brands): TUMI, LONGCHAMP, Kipling, BOSS (HUGO BOSS), ARMANI (EMPORIO ARMANI), AWAY, franklin, THE BROWN BUFFALO, Herschel, Timberland, amazon.
Financial Highlights
月營收表現 (Monthly Revenue Performance)
單位: 新台幣千元 (NT$ Thousand)
| 期間 (Period) | 總計 (Total) | YoY (%) |
|---|---|---|
| 11M2025 | 7,392,402 | -4.65% |
| 2024 (11M) | 8,344,426 | +5.03% |
| 2023 (11M) | 7,945,033 | -7.27% |
2025 年月營收 (NT$ Thousand):
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 678,477 | 613,856 | 691,117 | 677,205 | 649,589 | 651,227 | 756,723 | 595,119 | 585,472 | 771,311 | 722,306 | — |
綜合損益表 (Comprehensive Income Statement) (NT$m)
| 項目 (Item) | 2022 | 2023 | 2024 | 9M2024 | 9M2025 | YoY % (9M2025 vs 9M2024) |
|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 8,539 | 7,921 | 8,337 | 6,311 | 5,891 | (6.7) |
| 營業成本 (COGS) | 6,752 | 6,313 | 6,586 | 4,974 | 4,720 | (5.1) |
| 營業毛利 (Gross Profit) | 1,786 | 1,608 | 1,751 | 1,337 | 1,171 | (12.4) |
| 營業費用 (Operating Expenses) | (1,094) | (931) | (1,056) | (759) | (769) | 1.3 |
| 營業利益 (Operating Income) | 692 | 677 | 695 | 578 | 402 | (30.4) |
| 稅前淨利 (PBT) | 704 | 630 | 808 | 608 | 284 | (53.3) |
| 淨利歸屬於母公司業主 (Net Income to Parent) | 636 | 617 | 744 | 566 | 236 | (58.3) |
| 每股盈餘 (EPS) (NT$) | 10.61 | 10.07 | 11.12 | 8.47 | 3.46 | (59.1) |
重要財務比率 (Key Financial Ratios)
| 項目 (Item) | 2022 | 2023 | 2024 | 9M2024 | 9M2025 |
|---|---|---|---|---|---|
| 毛利率 (Gross Margin) | 20.9% | 20.3% | 21.0% | 21.2% | 19.9% |
| 營業費用率 (Operating Expense Ratio) | 12.8% | 11.8% | 12.7% | 12.0% | 13.1% |
| 營業利益率 (Operating Margin) | 8.1% | 8.5% | 8.3% | 9.2% | 6.8% |
| 淨利率 (Net Margin) | 7.5% | 7.8% | 8.9% | 9.0% | 4.0% |
季毛利率與季純益率趨勢 (Quarterly Gross Margin and Net Margin Trend)
| 季度 (Quarter) | 1Q25 | 2Q25 | 3Q25 |
|---|---|---|---|
| 季毛利率 (Gross Margin) | 21.32 | 19.11 | 19.15 |
| 季純益率 (Net Margin) | 8.24 | 0.12 | 3.86 |
資產負債表 (Balance Sheet) (NT$m) (截至 2025.9.30)
| 項目 (Item) | 2024.9.30 | 2025.9.30 | YoY % (2025.9.30) |
|---|---|---|---|
| 資產總額 (Total Assets) | 6,771 | 7,049 | 4.1 |
| 現金 (Cash) | 1,172 | 868 | (25.9) |
| 應收帳款&應收票據 (A/R & N/R) | 2,001 | 2,330 | 16.4 |
| 存貨 (Inventory) | 1,110 | 1,361 | 22.6 |
| 負債總額 (Total Liabilities) | 3,178 | 3,486 | 9.7 |
| 權益總計 (Total Equity) | 3,594 | 3,564 | (0.8) |
營運效率比率 (Operational Efficiency Ratios)
| 項目 (Item) | 2024 | 2024.9.30 | 2025.9.30 |
|---|---|---|---|
| 應收帳款天數 (DSO) | 86.0 | 83.4 | 100.6 |
| 存貨週轉天數 (DIO) | 58.9 | 57.2 | 71.6 |
| 應付帳款周轉天數 (DPO) | 45.0 | 47.4 | 57.1 |
| 現金循環週期 (CCC) | 99.9 | 93.2 | 115.1 |
| ROE (%) | 21.3 | 24.0 | 8.8 |
| ROA (%) | 12.1 | 12.4 | 5.3 |
| 淨負債(現金)/股權 % (Net Debt (Cash)/Equity %) | (5.8) | (19.3) | 9.8 |
股利發放和資本支出 (Dividend Payout and Capital Expenditure) (NT$m)
| 項目 (Item) | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| 淨利 (Net Income) | 75 | 636 | 617 | 744 |
| 現金股利 (Cash Dividend) | 60 | 301 | 352 | 438 |
| 稀釋後每股現金股利(NT$) (Diluted Cash Dividend per Share) | 1 | 5 | 5.3 | 6.5 |
| 現金股利發放率 (Cash Dividend Payout Ratio) | 80% | 47% | 57% | 59% |
| 現金股利殖利率 (Cash Dividend Yield) | 1.7% | 6.06% | 4.6% | 8.64% |
| 資本支出 (Capital Expenditure) | 114 | 179 | 188 | 275 |
| 資本支出/營收 (CapEx/Revenue) | 2.11% | 2.1% | 2.4% | 3.3% |
Outlook & Strategy
2026 營運展望 (2026 Operational Outlook)
1. 兩大事業體 雙引擎成長 (Two Major Business Units, Dual Engine Growth):
- 體育賽事紅利 (Sports event dividends/benefits).
- 旅遊零售同步復甦 (Travel retail simultaneously recovers).
- 強化集團戰略協同 (Strengthen group strategic synergy).
2. 持續擴廠擴線 加強生產效率提升 (Continuous expansion of factories and lines, strengthening production efficiency):
- 搭配訂單需求 (Matching order demand).
- 分散地緣政治風險 (Diversifying geopolitical risks).
- 優化成本結構 (Optimizing cost structure).
3. 智能生產線佈局 (Smart Production Line Layout):
- 優化3D建模技術 縮短產品開發週期 (Optimizing 3D modeling technology, shortening product development cycle).
- 導入AI輔助排單 優化生產線佈局 (Introducing AI-assisted scheduling, optimizing production line layout).
- 開發自動化設備 提高良率改善生產效率 (Developing automated equipment, improving yield rate and production efficiency).
Additional Data
Disclaimer
The Presentation contains confidential information prepared by WW Holding (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment.
Liability Disclaimer: Neither the Company nor its shareholders, directors, officers, agents, employees or advisers gives any representations or warranties (express or implied) as to the accuracy, reliability or completeness of the information. Liability is expressly disclaimed.
Forward-Looking Statements: This Presentation includes certain statements that may be deemed “forward-looking statements.” Such statements are not guarantees of future performance and actual results or developments may differ materially due to factors including market prices, continued availability of capital and financing, general economic, market or business conditions and other unforeseen events. Prospective Investors are cautioned that actual results or developments may differ materially from those projected.