力成科技股份有限公司 (6239.TW) 2025Q4 法說會簡報
Company Overview
公司名稱: 力成科技股份有限公司 (Powertech Technology Inc.) 股票代號: 6239.TW 法說會日期: Jan. 27, 2026 網址: www.pti.com.tw
議程:
| NO | 內容 | 報告者 | 職稱 |
|---|---|---|---|
| 1 | 4Q25 財務狀況 | 沈俊宏 | 財務長 |
| 2 | 4Q25 營運狀況 | 謝永達 | 執行長 |
| 3 | 1Q26 營運展望 | ||
| 4 | FOPLP技術開發、業務和產能擴充進展 | 蔡篤恭 | 董事長 |
| 5 | Q&A | 蔡篤恭/謝永達/呂肇祥/沈俊宏 | 董事長/執行長/總經理/財務長 |
Safe Harbor Statement: This following presentation may include predictions, estimates or other information that might be considered forward-looking. These forward-looking statements are based on information available to PTI as of the date of this conference and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements and please keep in mind that except as required by law, we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements.
Financial Highlights
2025年第四季合併綜合損益表 與前一季比較 (NTD M)
| Account | 4Q25 | % | 3Q25 | % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 21,407 | 100% | 19,968 | 100% | 7.2% |
| Gross Profit | 3,991 | 18.6% | 3,222 | 16.1% | +2.5ppts |
| Operating Expenses | 1,295 | 6.0% | 1,170 | 5.9% | 10.7% |
| Operating Income | 2,696 | 12.6% | 2,052 | 10.3% | +2.3ppts |
| Non-Operating Income (Expenses), net | 354 | 1.7% | 318 | 1.6% | 11.3% |
| Income Before Income Tax | 3,050 | 14.2% | 2,370 | 11.9% | +2.3ppts |
| Income Tax Expense | 718 | 3.4% | 335 | 1.7% | 114.3% |
| Net Income | 2,332 | 10.9% | 2,035 | 10.2% | 14.6% |
| Shareholders of the Parent | 1,864 | 8.7% | 1,538 | 7.7% | 21.2% |
| Non-Controlling Interests | 468 | 2.2% | 497 | 2.5% | -5.8% |
| 註: 2025年財務報表尚未經會計師查核. |
2025年第四季合併綜合損益表 與去年同期比較 (NTD M)
| Account | 4Q25 | % | 4Q24 | % | YoY % |
|---|---|---|---|---|---|
| Revenue | 21,407 | 100% | 17,097 | 100% | 25.2% |
| Gross Profit | 3,991 | 18.6% | 3,135 | 18.3% | +0.3ppts |
| Operating Expenses | 1,295 | 6.0% | 1,141 | 6.7% | 13.5% |
| Operating Income | 2,696 | 12.6% | 1,994 | 11.7% | +0.9ppts |
| Non-Operating Income (Expenses), net | 354 | 1.7% | 335 | 2.0% | 5.7% |
| Income Before Income Tax | 3,050 | 14.2% | 2,329 | 13.6% | +0.6ppts |
| Income Tax Expense | 718 | 3.4% | 402 | 2.4% | 78.6% |
| Net Income | 2,332 | 10.9% | 1,927 | 11.3% | 21.0% |
| Shareholders of the Parent | 1,864 | 8.7% | 1,524 | 8.9% | 22.3% |
| Non-Controlling Interests | 468 | 2.2% | 403 | 2.4% | 16.1% |
| EPS (NT$) | 2.52 | 2.04 | 23.5% | ||
| 註: 2025年財務報表尚未經會計師查核. |
2025年合併綜合損益表 與去年同期比較 (NTD M)
| Account | 2025 | % | 2024 | % | YoY % | 2024 (Excluded Xi'an) | % | YoY % (Excluded Xi'an) |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74,929 | 100% | 73,315 | 100% | 2.2% | 69,951 | 100% | 7.1% |
| Gross Profit | 12,729 | 17.0% | 13,991 | 19.1% | -2.1ppts | 13,612 | 19.5% | -2.5ppts |
| Operating Expenses | 4,597 | 6.1% | 4,609 | 6.3% | -0.3% | 4,580 | 6.5% | 0.4% |
| Operating Income | 8,132 | 10.9% | 9,382 | 12.8% | -1.9ppts | 9,032 | 12.9% | -2.0ppts |
| Non-Operating Income (Expenses), net | 660 | 0.9% | 1,295 | 1.8% | -49.0% | 1,269 | 1.8% | -48.0% |
| Income Before Income Tax | 8,792 | 11.7% | 10,677 | 14.6% | -2.9ppts | 10,301 | 14.7% | -3.0ppts |
| Income Tax Expense | 1,571 | 2.1% | 2,178 | 3.0% | -27.9% | 2,122 | 3.0% | -26.0% |
| Net Income | 7,221 | 9.6% | 8,499 | 11.6% | -15.0% | 8,179 | 11.7% | -11.7% |
| Shareholders of the Parent | 5,536 | 7.4% | 6,789 | 9.3% | -18.5% | 6,469 | 9.2% | -14.4% |
| Non-Controlling Interests | 1,685 | 2.2% | 1,710 | 2.3% | -1.5% | 1,710 | 2.4% | -1.5% |
| EPS (NT$) | 7.48 | 9.09 | -17.7% | 8.62 | -13.2% | |||
| *Revenue (USD M) | 2,419 | 2,287 | 5.8% | 2,185 | 10.7% | |||
| 註: 2025年財務報表尚未經會計師查核. |
合併資產負債表 12/31/2025 (NTD M)
| Account | Amount | % |
|---|---|---|
| Current Assets | 46,352 | 37.6% |
| - Cash and Cash Equivalents | 16,344 | 13.3% |
| Non-Current Assets | 76,799 | 62.4% |
| Total Assets | 123,151 | 100% |
| Current Liabilities | 23,764 | 19.3% |
| Non-Current Liabilities | 28,112 | 22.8% |
| Total Liabilities | 51,876 | 42.1% |
| Equity Attributable to Shareholders of the Parent | 56,291 | 45.7% |
| Non-Controlling Interests | 14,984 | 12.2% |
| Total Equity | 71,275 | 57.9% |
| Total Liabilities and Equity | 123,151 | 100% |
| 註1.於2025年12月31日之每股淨值為 NT$ 74.15(自結). | ||
| 註2. 2025年財務報表尚未經會計師查核. |
Recent Performance and Results
4Q25 第四季營運結果
- Revenue: $21B (NTD M), QoQ +7.2%
- 4Q24: 17,097
- 3Q25: 19,968
- 4Q25: 21,407
- Gross Margin %: 18.6%, QoQ +2.5 ppts
- 4Q24: 18.3%
- 3Q25: 16.1%
- 4Q25: 18.6%
- EPS: $2.52 (NT$), QoQ +21.2%
- 4Q24: 2.04
- 3Q25: 2.08
- 4Q25: 2.52
- 註: 2025年第四季營收創下自2022年第四季以來的歷史新高.
2025年合併營運結果
- Revenue: $74.9B (NTD M), YoY +2.2%
- 2023: 70,441
- 2024: 73,315 (64,116 Excluded Xi'an)
- 2025: 74,929 (69,951 Excluded Xi'an)
- Gross Margin %: 17.0%, YoY -2.1 ppts
- 2023: 17.9%
- 2024: 19.1%
- 2025: 17.0%
- EPS: $7.48 (NT$), YoY -17.7%
- 2023: 10.72 (9.96 Excluded Xi'an)
- 2024: 9.09 (8.62 Excluded Xi'an)
- 2025: 7.48
4Q25(季)及2025年合併營業額比率—依服務類別 (NTD M)
4Q25 (Total Revenue: 21,407)
- Packaging: 65%
- SiP/Module: 13%
- Testing: 22%
3Q25 (Total Revenue: 19,968)
- Packaging: 67%
- SiP/Module: 11%
- Testing: 22%
4Q24 (Total Revenue: 17,097)
- Packaging: 67%
- SiP/Module: 10%
- Testing: 23%
2025 (Total Revenue: 74,929)
- Packaging: 67%
- SiP/Module: 11%
- Testing: 22%
2024 (Total Revenue: 73,315)
- Packaging: 68%
- SiP/Module: 10%
- Testing: 22%
2023 (Total Revenue: 70,441)
- Packaging: 69%
- SiP/Module: 8%
- Testing: 23%
4Q25(季)及2025年合併營業額比率—依產品類別 (NTD M)
4Q25 (Total Revenue: 21,407)
- Logic: 39%
- SiP/Module: 13%
- NAND: 27%
- DRAM: 21%
3Q25 (Total Revenue: 19,968)
- Logic: 40%
- SiP/Module: 11%
- NAND: 25%
- DRAM: 24%
4Q24 (Total Revenue: 17,097)
- Logic: 42%
- SiP/Module: 11%
- NAND: 28%
- DRAM: 19%
2025 (Total Revenue: 74,929)
- Logic: 42%
- SiP/Module: 11%
- NAND: 25%
- DRAM: 22%
2024 (Total Revenue: 73,315)
- Logic: 40%
- SiP/Module: 10%
- NAND: 28%
- DRAM: 22%
2023 (Total Revenue: 70,441)
- Logic: 38%
- SiP/Module: 8%
- NAND: 29%
- DRAM: 25%
2025年 合併營業額比率—依應用類別
4Q2025 應用類別分佈:
- consumer: 23%
- Industry: 2%
- AI: 10%
- automotive: 13%
- communication: 28%
- computing: 24%
應用類別季度趨勢 (1Q25, 2Q25, 3Q25, 4Q25):
- Automotive: 15%, 12%, 14%, 13%
- Communication: 23%, 25%, 26%, 28%
- Computing: 22%, 25%, 23%, 24%
- Consumer: 28%, 29%, 26%, 23%
- Industry: 3%, 2%, 3%, 2%
- AI: 7%, 8%, 10%, 10%
2025年第四季營運成果 (第四季季營收NT$21.4B, 毛利率18.6%.)
- DRAM:
- 受惠需求強勁,季營收QoQ增高個位數、YoY 續揚雙位數。
- Benefiting from strong demands, quarterly revenue QoQ increased in high single-digit, YoY continued to rise by double digits.
- Mobile市場需求略為向下、季營收QoQ略減、YoY 續增雙位數。
- Mobile driven by market demand, quarterly revenue QoQ in slight decrease, and YoY continued to grow by double digits.
- 車用記憶體(Automotive):客戶出貨需求正面,季營收QoQ持平、YoY 續揚雙位數。
- Customer shipment demand is positive, quarterly revenue QoQ kept flat and YoY growth in double digits.
- NAND:
- 隨著AI server等 eSSD 需求上揚,營收續增。
- Revenue continued to grow as demand for eSSDs such as AI servers increased.
- eSSD 需求及出貨暢旺,季營收 QoQ、YoY 續增雙位數。
- Enterprise SSD demand strong with quarterly revenue QoQ / YoY increasing by double digits.
- LOGIC:
- 出貨續增,營收QoQ季增高個位數、YoY年增雙位數。
- Shipments increased, quarterly revenue QoQ increased in high single-digit, YoY continued to rise by double digits.
- 超豐:受客戶需求推動,GTK營收年增,實現高個位數成長。
- GTK revenue increase in high single digits growth in YoY for customers demand.
- Tera Probe / Terapower:因應客戶需求,續投CAPEX,營收QoQ、YoY續增雙位數。
- Tera Probe / Terapower: Based on customers need high invested in CAPEX, revenue in QoQ / YoY continued to boost by double digits.
Outlook & Strategy
2026年第一季及營運展望
Industry:
- 01 受惠記憶體循環週期及AI需求暢旺,整體產能趨緊下,營收有望持續上揚。
- Benefiting from the memory super cycle and strong AI demand, revenue is expected to continue to rise as overall production capacity tightens.
- 02 持續精進AI相關先進封測技術,認證通過後,出貨續增將為新成長動能。
- Refine advanced AI-related packaging and testing technologies once certificated, shipments increase will be another growth driver.
PTI Group-PTI - DRAM:
- 01 資料中心展望持續上修,對DRAM需求高於預期,惟須注意資料中心與其它應用之產能配置。
- The outlook for data centers continues to be revised upwards, leading to higher-than-expected demand for DRAM. However, attention must be paid to capacity allocation for data centers and other applications.
- 02 AI需求帶動儲存多樣化,擴大導入LPDRAM及GDDR7於server架構中,將有助於訂單需求。
- AI demand is driving storage diversification, and expanding the adoption of LPDRAM and GDDR7 in server architectures will help meet order demand.
- 03 車用市場庫存處於低檔,若需求出現或供應鏈出現擾動,將有機會啟動庫存回補循環。
- The automotive market has low inventory levels, and if demand emerges or the supply chain is disrupted, there will be an opportunity to initiate an inventory replenishment cycle.
PTI Group-PTI (continue) - NAND & SSD:
- 01 第一季 NAND 封測訂單在資料中心與企業級 SSD 需求持續成長帶動下,動能不減。淡季不淡,表現優於往年;第二季動能有望進一步加溫。
- In first quarter, NAND backend demand remained resilient, supported by continued growth in data center and enterprise SSD demand. The first quarter is expected to be a milder-than-usual off-season, with momentum improving further into second quarter.
PTI Group-PTI (continue) - Logic:
- 01 展望第一季,邏輯封測業務受惠高階封裝FC_BGA需求持續成長,加上整體產能利用率維持高檔水位,在產品組合優化下,預期對邏輯封裝業務的毛利將有顯著的貢獻。
- Looking ahead to the first quarter, the logic packaging and testing business will benefit from the continued growth in demand for high-end FC_BGA packaging, coupled with the overall capacity utilization rate remaining at a high level. With the optimization of the product mix, it is expected to make a significant contribution to the gross profit of the logic packaging business.
- 02 先進封測FOPLP, 除持續深化客戶端合作及加速樣品驗證外,更同步與主要材料及設備供應商展開密切合作,以確保整體供應鏈能穩定運作,期望如期於2027順利交付量產。
- In addition to continuing to deepen cooperation with clients and accelerate sample verification, FOPLP is also working closely with major material and equipment suppliers to ensure the stable operation of the overall supply chain, with the expectation of successfully delivering mass production in 2027 as scheduled.
- 03 在客戶訂單能見度提升下,新購入之P12廠區(購自友達)將同步擴建新產能,以確保產能供給與交付彈性,支持未來營運的成長動能。
- With improved visibility of customer orders, the newly acquired P12 plant (acquired from AUO) will be expanded to include new production capacity to ensure supply and delivery flexibility and support future operational growth.
PTI Group-Tera Probe / TeraPower:
- 01 預計第一季營收將維持穩定成長,主要得益於ADAS、伺服器及機器學習/人工智慧應用領域的的強勁需求。
- Q1 revenue is expected to maintain steady growth, supported by strong demand for ADAS as well as steady demand in server and ML/AI applications.
- 02 消費性DRAM和消費性邏輯產品相關需求呈現溫和增加。
- Demand for consumer DRAM and consumer Logic products showed a moderate increase.
- 03 車用產品:日本仍維持持平,TPW 車用輔助系統(ADAS)則有顯著成長。
- In the automotive sector, TPJ remained flat, while TPW see significant growth in advanced driver assistance systems (ADAS).
Products & Technologies
FOPLP Technology: Enabling Next-Gen AI & CPO
World-class 510mm x 515mm panel-level packaging solution
- Products in developing and qualification (Focus on High-Performance Computing):
- AI Chips: CPU, ASIC PU
- Optical Engine (Bump-based)
- AI Chips integrated with CPO
- Process Technology Readiness (Status: Verified):
- Panel Dimension: 510mm x 515mm (V)
- Wafer/Panel supporting system (V)
- Bottom RDL & Big pillar bump on glass panel. (V)
- Active dies / Bridge dies - TSV wafer via reveal & Dies attachment on panel (V)
- Chip middle - 1st Molding, Top RDL on panel. (V)
- Top dies (SOC, HBM) attachment, underfill and 2nd molding on panel. (V)
- AI chips package on ABF substrate
- Package size:
- < 3.0 reticle - ready.
- 5x reticles - machines will be available in March and start qualification.
- 14 reticles - co-development with suppliers
- Customer qualification progress:
- PTI is one of a few companies in the world could provide FOPLP AI chips assembly with full turnkey solution.
- Target to complete customers qualification by end of this year and start mass production in 1H 2027.
Strategic Capacity Expansion: Assembly & Test
Infrastructure Readiness in P11, P12 and Terepower
- P11 Plant:
- Clean room expansion will be completed by 1H. 2026
- Total capacity will be 6K panels/month. By considering long purchase lead time of machines, the machines installation will be in 2 phases:
- Phase1: 3K ready before end of 2026
- Phase2: additional 3k by 1H 2027 for customer qualification.
- P12 Plant (Newly acquired):
- 2 fabs
- Clean room is ready
- 3F - Equipment for AI chip package on ABF substrate will be installed on 1H 2026.
- 1F - Reserve for FOPLP further expansion and new advanced technology
- CP and FT Testing capacity (Subsidiary: Terapower):
- New Facility: Acquiring new plant in Feb 2026.
- Equipment Expansion: Installing 400-500 additional testers over the next 2 years.
ESG / Sustainability
ESG永續成果
- 榮獲2025 全球企業永續獎(GCSA):
- Sustainability Reporting – Bronze Class
- Best Practices - Excellent Class
- 榮獲2025 台灣企業永續獎(TCSA):
- 永續報告-電子資訊製造業-第一類白金級
- 永續綜合績效-台灣百大永續典範企業
- 永續單項績效-人才發展領袖獎
- 永續單項績效-人權實踐與發展領袖獎
- 永續單項績效-創新成長領袖獎
- 永續單項績效-職場福祉領袖獎
- 3C廠通過 經濟部產發署 清潔生產評估系統評定:
- 茲證明 力成科技股份有限公司廠 透過「綠色工廠標章之清潔生產評估系統評定」
- 有效期限: 114年12月15日至117年12月14日 (Dec. 15, 2025 to Dec. 14, 2028)
- 永續發展與風險並重, 提升治理韌性:
- 風險管理委員會 更名為 永續發展暨風險管理委員會
- 力聚未來, 永續共好~ 攜手供應商共創永續未來:
- 《2025 永續供應鏈宣導》
- 共148家廠商參與, 參與率86%
- 供應商行為準則
- 誠信經營與反賄賂
- 供應鏈資安承諾
- 供應鏈碳管理
Additional Data
聯絡資訊
- Powertech Technology Inc.
- www.pti.com.tw
- TEL: (886)3 5980300
- Greatek Electronics Inc.
- www.greatek.com.tw
- TEL: (886)37 638568
- Tera Probe, Inc.
- www.teraprobe.com
- TEL: (81)45 4761011
- TeraPower Technology Inc.
- www.terapower.com.tw
- TEL: (886)3 5982828