大展證券 (6020 股票代號) 2025 Q4 法說會簡報

Company Overview

• 公司名稱 (Company Name): 大展證券股份有限公司 (Dachan Securities Co., Ltd.)
• 股票代號 (Stock Code): 6020
• 成立日期 (Establishment Date): 77.6.17 (1988.6.17)
• 董事長 (Chairman): 李玉萍 (Li Yu-Ping)
• 總經理 (President): 李俊龍 (Li Chun-Lung)
• 實收資本額 (Paid-in Capital): 新台幣 25.24 億元 (NTD 2.524 billion)
• 母公司淨值 (Parent Company Net Worth): 新台幣 51 億元 (截至114.12.31) (NTD 5.1 billion as of 2025.12.31)
• 員工人數 (Number of Employees): 93人 (截至114.12.31) (93 people as of 2025.12.31)

Disclaimers

• 本報告中除財務摘要之數據外,其他內容並未經會計師或獨立專家審核或審閱,本公司不保證其允當性、完整性及正確性。 (Except for the data in the financial summary, other content in this report has not been audited or reviewed by accountants or independent experts, and the company does not guarantee its fairness, completeness, and accuracy.)
• 本報告可能包含前瞻性陳述,包括但不限於所有本公司對未來可能發生的業務活動、事件或發展的陳述。該等陳述係基於本公司對未來營運之假設,及種種本公司無法控制之政治、經濟、市場等因素,故實際營運結果可能與該等陳述有重大差異。 (This report may contain forward-looking statements, including but not limited to all statements by the company regarding future business activities, events, or developments. Such statements are based on the company's assumptions about future operations and various political, economic, market, and other factors beyond the company's control, so actual operating results may differ materially from these statements.)
• 本報告不得視為買賣有價證券或其他金融商品之要約或要約之誘引。 (This report should not be regarded as an offer or solicitation to buy or sell securities or other financial products.)
• 本報告之著作權為本公司所有,未經本公司書面同意,不得重製、傳送或為其他未書面授權之使用。 (The copyright of this report belongs to the company. No reproduction, transmission, or other unauthorized use is permitted without the company's written consent.)
• 財務資料說明: 最近三年度,均經會計師查核簽證或核閱;114年第四季財務資料,未經會計師查核。 (Financial Data Note: The financial data for the past three years have been audited or reviewed by CPAs; Q4 2025 financial data has not been audited by CPAs.)

Business Segments

主要業務 (Main Businesses)

• 經紀 (Brokerage)
• 自營 (Proprietary Trading)
• 承銷 (Underwriting)
• 債券 (Bonds)
• 投顧 (Investment Consulting)
• 創投 (Venture Capital)

核心業務內容 (Core Business Content)

• 投顧 (Investment Consulting):
  • 提供研究分析意見或建議 (Providing research analysis and recommendations)
  • 舉辦有關證券投資之講習 (Organizing seminars on securities investments)
  • 發行有關證券投資之出版品 (Issuing publications related to securities investments)
• 創投 (Venture Capital):
  • 一般投資業 (General investment business)
  • 創業投資業 (Venture capital business)
• 自營 (Proprietary Trading):
  • 自行買賣有價證券 (Proprietary trading of securities)
  • 衍生性金融商品操作 (Operations of derivative financial products)
• 經紀 (Brokerage):
  • 受託買賣國內外有價證券 (Entrusted trading of domestic and foreign securities)
  • 融資融券及借貸業務 (Margin trading and securities lending business)
  • 申購、競價拍賣及有價證券借貸等業務 (Subscription, auction, and securities lending businesses)
  • 期貨交易輔助人業務 (Futures trading assistant business)
• 債券 (Bonds):
  • 資產交換業務 (Asset swap business)
  • 債券業務 (Bond business)
• 承銷 (Underwriting):
  • 公開發行作業規劃及諮詢、上市上櫃輔導與規劃 (Planning and consulting for public offerings, guidance for listing and OTC trading)
  • 資金募集規劃與評估、公司理財策略規劃 (Fundraising planning and evaluation, corporate financial strategy planning)
  • 興櫃股票投資買賣 (Trading of emerging stock market shares)

轉投資業務 (Investment Businesses / Subsidiaries)

• 大展證券投資顧問股份有限公司 (Dachan Securities Investment Consulting Co., Ltd.)
  • 持股比例 (Ownership): 99.69%
  • 實收資本額 (Paid-in Capital): 147,988,200元
  • 服務內容 (Services):
    1. 接受委任對證券投資有關事項提供研究分析意見或建議。
    2. 舉辦有關證券投資之講習。
    3. 發行有關證券投資之出版品。
    4. 受理全權委託。
    5. 其他經證期會核准之有關證券投資顧問業務。
• 大展一號創業投資股份有限公司 (Dachan No. 1 Venture Capital Co., Ltd.)
  • 持股比例 (Ownership): 100%
  • 實收資本額 (Paid-in Capital): 400,000,000元
  • 服務內容 (Services):
    1. 一般投資業。
    2. 創業投資業。
    3. 除許可業務外,得經營法令非禁止或限制之業務。
• 大展創業投資管理顧問股份有限公司 (Dachan Venture Capital Management Consulting Co., Ltd.)
  • 持股比例 (Ownership): 100%
  • 實收資本額 (Paid-in Capital): 10,000,000元
  • 服務內容 (Services):
    1. 投資顧問業。
    2. 管理顧問業。
    3. 除許可業務外,得經營法令非禁止或限制之業務。

Financial Highlights

簡明綜合損益表 (Condensed Consolidated Income Statement)

(單位: 千元, 個體財務自結資料截至114年12月31日)

簡明資產負債表 (Condensed Balance Sheet)

(單位: 千元, 個體財務自結資料截至114年12月31日)

Recent Performance and Results

2025年第四季整體表現 (Overall Performance Q4 2025)

• 累計稅後淨利 (Accumulated Net Profit After Tax): 9,893 萬元 (NTD 98.93 million)
• 累計EPS (Accumulated EPS): 0.39元 (NTD 0.39)

各業務表現 (Performance by Business Segment)

• 承銷案件 (Underwriting Cases):
  • 累計第四季止主協辦案件合計13件 (Total 13 lead/co-lead underwriting cases as of Q4)
• 創投績效 (Venture Capital Performance):
  • 截至第四季止,累計投資收益4,782萬元 (Accumulated investment income NTD 47.82 million as of Q4)
• 投顧業務 (Investment Consulting Business):
  • 全權委託業務於109.1.17開辦 (Discretionary accounts business started on 2020.1.17)
  • 截至12月底止委託金額為4千萬元 (Entrusted amount NTD 40 million as of end of December)
  • 全年目標5億元 (Annual target NTD 500 million)
• 經紀業務 (Brokerage Business):
  • 累計至第四季止,市占率為萬分之5.34 (Market share 0.0534% as of Q4)
  • 融資均額為5.94億元 (Average margin financing NTD 594 million)

Key Metrics & Data Points

風險管理 (Risk Management)

• BIS(%):
  • 2020: 520%
  • 2021: 741%
  • 2022: 700%
  • 2023: 559%
  • 2024: 589%
  • 2025Q4: 504%
• 法令規定 (Legal Requirement): 150%

獲利能力 (Profitability)

• ROE(%):
  • 2020: 6.37%
  • 2021: 18.87%
  • 2022: -6%
  • 2023: 7.5%
  • 2024: 3.89%
  • 2025Q4: 1.93%
• EPS(元) (NTD):
  • 2020: 1.03
  • 2021: 3.4
  • 2022: -1.07
  • 2023: 1.29
  • 2024: 0.72
  • 2025Q4: 0.39
• 現金股利(元) (Cash Dividend (NTD)):
  • 2020: 0.72
  • 2021: 2.38
  • 2022: 0
  • 2023: 0.90
  • 2024: 0.51
  • 2025Q4: 0

市占率與交易量 (Market Share & Trading Volume)

• 市佔率(%%) (Market Share (%)):
  • 2020: 8.52%
  • 2021: 7.38%
  • 2022: 6.16%
  • 2023: 5.88%
  • 2024: 5.22%
  • 2025Q4: 5.34%
• 日均量(億元) (Daily Average Volume (NTD billions)):
  • 2020: 2,535
  • 2021: 4,778
  • 2022: 3,051
  • 2023: 3,590
  • 2024: 5,247
  • 2025Q4: 5,325
• 交易量第四季累計YOY (Trading Volume Q4 Accumulated YOY):
  • 2024Q4: 1,325 億元
  • 2025Q4: 1,382 億元
  • YOY Change: +4.3%
• 市佔率第四季累計YOY (Market Share Q4 Accumulated YOY):
  • 2024Q4: 5.22%%
  • 2025Q4: 5.34%%
  • YOY Change: +2.3%

融資均額 (Average Margin Financing)

• 融資均額 (單位: 億元):
  • 2023Q4: 4.83
  • 2024Q1: 5.85
  • 2024Q2: 6.42
  • 2024Q3: 6.62
  • 2024Q4: 6.83
  • 2025Q1: 7.16
  • 2025Q2: 5.9
  • 2025Q3: 5.6
  • 2025Q4: 5.94
• 融資均額第四季累計YOY (Average Margin Financing Q4 Accumulated YOY):
  • 2024Q4: 6.83 億元
  • 2025Q4: 5.94 億元
  • YOY Change: -13%

承銷與創投 (Underwriting & Venture Capital)

• 承銷參與率 (Underwriting Participation Rate):
  • 市場總件數 (Total Market Cases):
    • 2021: 244
    • 2022: 230
    • 2023: 236
    • 2024: 327
    • 2025Q4: 91
  • 承銷參與率(%) (Underwriting Participation Rate (%)):
    • 2021: 6.56%
    • 2022: 8.26%
    • 2023: 3.8%
    • 2024: 3.98%
    • 2025Q4: 3.3%
• 承銷收入第四季累計YOY (Underwriting Revenue Q4 Accumulated YOY):
  • 2024Q4: 7 百萬元
  • 2025Q4: 30 百萬元
  • YOY Change: +329%
• 創投收入第四季累計YOY (Venture Capital Revenue Q4 Accumulated YOY):
  • 2024Q4: 16 百萬元
  • 2025Q4: 4 百萬元
  • YOY Change: -75%

各業務收入第四季累計YOY (Various Business Revenues Q4 Accumulated YOY)

(單位: 百萬元)

合併業務收入趨勢 (Consolidated Business Revenue Trend)

(單位: 百萬元)

• 2024Q4: 287
• 2025Q4: 187
• YOY Change: -35%
• 說明 (Note): 母公司收益YOY減少 33%, 加計子公司收益YOY減少 50%; 使集團收益YOY減少 35%。 (Parent company revenue YOY decreased by 33%, adding subsidiary revenue YOY decreased by 50%; resulting in group revenue YOY decreased by 35%.)

Outlook & Strategy

策略焦點 - 建立大展財富三腳 (Strategic Focus - Establish Dachan Wealth Tripod)

• 核心要素 (Core Elements): 堅強的研究資源 (Strong Research Resources) + AI資訊 (AI Information)
• 三大支柱 (Three Pillars):
  • 自營 (Proprietary Trading)
  • 經紀 全委 (Brokerage, Discretionary Accounts)
  • 承銷 債券 創投 (Underwriting, Bonds, Venture Capital)
  • These three pillars are interconnected and supported by strong research resources and AI information.

ESG / Sustainability

聯合國永續發展目標(SDGs) (UN Sustainable Development Goals (SDGs))

1. 終結貧窮 (No Poverty)
2. 消除飢餓 (Zero Hunger)
3. 健康與福祉 (Good Health and Well-being)
4. 優質教育 (Quality Education)
5. 性別平權 (Gender Equality)
6. 淨水與衛生 (Clean Water and Sanitation)
7. 可負擔的潔淨能源 (Affordable and Clean Energy)
8. 合適的工作及經濟成長 (Decent Work and Economic Growth)
9. 工業化、創新及基礎建設 (Industry, Innovation, and Infrastructure)
10. 減少不平等 (Reduced Inequalities)
11. 永續城鄉 (Sustainable Cities and Communities)
12. 責任消費及生產 (Responsible Consumption and Production)
13. 氣候行動 (Climate Action)
14. 保育海洋生態 (Life Below Water)
15. 保育陸域生態 (Life on Land)
16. 和平、正義與健全制度 (Peace, Justice, and Strong Institutions)
17. 多元夥伴關係 (Partnerships for the Goals)