Formosa Plastics Corporation 2025年第3季 法說會簡報
Company Overview
公司名稱 (Company Name): Formosa Plastics Corporation (台灣塑膠工業股份有限公司) 報告期間 (Reporting Period): 2025年第3季 (2025 Q3) 報告日期 (Date): 2025年9月30日 文件類型 (Document Type): 營運績效摘要 (Operating Performance Summary)
Financial Highlights
合併營業額趨勢 (Consolidated Revenue Trend - IFRSs)
| 期間 (Period) | 合併營業額 (NT$ million) |
|---|---|
| 2024 Q1 | 48,108 |
| 2024 Q2 | 51,109 |
| 2024 Q3 | 50,492 |
| 2024 Q4 | 50,331 |
| 2025 Q1 | 47,202 |
| 2025 Q2 | 45,387 |
| 2025 Q3 | 41,718 |
2025 Q3 營收變動說明 (Revenue Change Explanation):
- QoQ (2025 Q3 vs 2025 Q2): Revenue in 2025 Q3 fell 8.1% from 2025 Q2, mainly due to:
- decreasing sales volume of all products except for Caustic Soda, HDPE, PP.
- decreasing ASP of all products.
- YoY (2025 Q3 vs 2024 Q3): Revenue in 2025 Q3 fell 17.4% from 2024 Q3, mainly due to:
- decreasing ASP of all products.
- decreasing sales volume of PVC, AE (Acrylic Esters), EVA, LLDPE, NBA, MTBE and PP.
稅前利益 (Pre-tax Income)
| 期間 (Period) | 稅前利益 (NT$ million) |
|---|---|
| 2024 Q1 | 361 |
| 2024 Q2 | 1,343 |
| 2024 Q3 | -3,245 |
| 2024 Q4 | -873 |
| 2025 Q1 | 111 |
| 2025 Q2 | -6,871 |
| 2025 Q3 | -571 |
2025 Q3 稅前利益改善說明 (Pre-tax Income Improvement Explanation):
Pre-tax income improved in 2025 Q3 from 2025 Q2 mainly due to:
- increasing investment income from FPCC (Formosa Petrochemical Corporation).
- increasing cash dividends income.
- increasing foreign exchange gain.
營業利益-產品別 (Operating Profits - By Product, 2025 Q3)
主要獲利來源 (Main Source of Profit): 高吸水性樹脂 (SAP) 為主要獲利來源。
| 產品 (Product) | 2025 Q3 Operating Profits (NT$Million) |
|---|---|
| SAP | Positive (Highest positive bar) |
| PVC | Negative |
| PE | Negative |
| EVA | Negative |
| Carbon Fiber | Negative |
| PP | Near Zero / Slightly Positive |
| Acrylic Acid & Esters | Near Zero / Slightly Positive |
| Specialty Chemicals | Near Zero / Slightly Positive |
| Caustic Soda | Near Zero / Slightly Positive |
Note: Specialty Chemicals include AN, MMA and MTBE.
Products & Technologies
營業收入-產品別構成 (Net Sales - Product Mix, IFRSs consolidated)
| 產品 (Product) | 2025 Q3 營收佔比 (Revenue Share) | 2024 Q3 營收佔比 (Revenue Share) |
|---|---|---|
| PVC | 21% | 22% |
| PE (HDPE/EVA/LLDPE) | 21% | 19% |
| PP | 15% | 14% |
| Acrylic Esters | 7% | 10% |
| Caustic Soda | 10% | 8% |
| LLDPE | 7% | 8% |
| HDPE | 7% | 5% |
| EVA | 7% | 6% |
| SAP | 4% | 4% |
| Specialty Chemicals (AN/MMA/MTBE) | 8% | 9% |
| Others | 12% | 12% |
產品類別定義與佔比 (Product Category Definitions and Shares):
- PVC: Accounted for 21% and 22% of revenue in 2025 Q3 and 2024 Q3 respectively.
- PE (HDPE/EVA/LLDPE): Accounted for 21% and 19% of revenue in 2025 Q3 and 2024 Q3 respectively.
- Specialty Chemicals (AN/MMA/MTBE): Accounted for 8% and 9% of revenue in 2025 Q3 and 2024 Q3 respectively.
關鍵產品名稱與縮寫 (Key Product Names and Acronyms):
- PVC: Polyvinyl Chloride
- PE: Polyethylene (includes HDPE, LLDPE, EVA)
- HDPE: High-Density Polyethylene
- EVA: Ethylene-Vinyl Acetate
- LLDPE: Linear Low-Density Polyethylene
- PP: Polypropylene
- SAP: Super Absorbent Polymer (高吸水性樹脂)
- AN: Acrylonitrile
- MMA: Methyl Methacrylate
- MTBE: Methyl tert-butyl ether
- Acrylic Esters (AE)
- Caustic Soda
- NBA: N-Butanol
- Carbon Fiber
Outlook & Strategy
產能擴充計畫 (Capacity Expansion Plan)
| Location | Products | Current Company Capacity (p.a.) | Expansion (p.a.) | Completion Date | Investment (US$ mn) |
|---|---|---|---|---|---|
| Renwu, Taiwan | PVC | 1,338KMT | 10KMT | 2027Q2 | 4 |
| Linyuan, Taiwan | PVC | 1,373KMT | 15KMT | 2028Q1 | 3 |
| Mailiao, Taiwan | PVC | 1,383KMT | 35KMT | 2029Q4 | 10 |
| Texas, USA | 1-Hexene | - | 100KMT | 2026Q2 | 318 |
| Renwu, Taiwan | Carbon Fiber | 7,650MT | 1,600MT | 2026Q1 | 116 |