盛群半導體 (Holtek) 2025Q4 法說會簡報
Company Overview
- 公司名稱: 盛群半導體股份有限公司 (HOLTEK SEMICONDUCTOR INC.)
- 日期: 2026/02/10
- 活動: 114年第四季法人說明會
- 公司定位: Professional MCU IC Provider
- 公司願景: Holtek is a sincere and trustworthy partner that you can rely upon for your long term investment.
Financial Highlights
年度營運成績 (單位: 新台幣百萬元)
| 年度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 2018 | 4,863 | 1,064 | 49.2% |
| 2019 | 4,584 | 915 | 49.2% |
| 2020 | 5,615 | 1,031 | 46.2% |
| 2021 | 7,128 | 2,044 | 51.1% |
| 2022 | 6,016 | 1,106 | 50.6% |
| 2023 | 2,596 | 112 | 50.4% |
| 2024 | 2,502 | (150) | 40.3% |
| 2025 | 3,058 | 173 | 38.9% |
營運績效及財務結構
| 項目\年度 | 109年 (2020) | 110年 (2021) | 111年 (2022) | 112年 (2023) | 113年 (2024) | 114年 (2025) |
|---|---|---|---|---|---|---|
| 普通股股數(K) | 226,168 | 226,168 | 226,168 | 226,168 | 226,168 | 230,388 |
| 稅後每股盈餘(NT$) | 4.56 | 9.04 | 4.89 | 0.49 | -0.66 | 0.76 |
| 現金股利(NT$) | 4.56 | 8.12 | 4.00 | 0.45 | - | N/A |
| 股票股利(NT$) | - | - | - | - | - | N/A |
| 股東權益報酬率(%) | 24% | 40% | 21% | 3% | -4% | 5% |
| 每股帳面價值(NT$) | 19.64 | 25.01 | 20.69 | 17.86 | 15.91 | 17.01 |
| 每股現金(NT$) | 12.41 | 20.20 | 10.62 | 10.38 | 12.42 | 13.27 |
合併綜合損益表 (114年/第4季 vs. 113年/第4季 vs. 114年/第3季) (單位: 新台幣千元)
| 綜合損益項目 | 114年/第4季 金額 (%) | 113年/第4季 金額 (%) | 114年/第3季 金額 (%) | YOY (%) | QOQ (%) |
|---|---|---|---|---|---|
| 營業收入 | 682,601 (100) | 692,221 (100) | 754,143 (100) | -1 | -9 |
| 營業毛利 | 277,485 (41) | 260,152 (38) | 284,289 (38) | 7 | -2 |
| 未實現營業毛利 | 6,203 (1) | 9,754 (1) | -2,601 (--) | 36 | 338 |
| 已實現營業毛利 | 283,688 (42) | 269,906 (39) | 281,688 (38) | 5 | 1 |
| 營業費用 | 264,958 (39) | 309,352 (45) | 280,618 (37) | -14 | -6 |
| 營業淨利 | 18,730 (3) | -39,447 (-6) | 1,070 (1) | 147 | 1,650 |
| 營業外收入及支出 | 13,179 (2) | 887 (--) | 38,269 (5) | 1,386 | -66 |
| 稅前淨利 | 31,909 (5) | -38,560 (-6) | 39,339 (6) | 183 | -19 |
| 歸屬於母公司本期淨利 | 33,427 (5) | 2,587 (--) | 27,138 (4) | 1,192 | 23 |
| EPS (NT$) | 0.14 | 0.01 | 0.12 |
合併綜合損益表 (114年 vs. 113年) (單位: 新台幣千元)
| 綜合損益項目 | 114年 金額 (%) | 113年 金額 (%) | YOY (%) |
|---|---|---|---|
| 營業收入 | 3,057,722 (100) | 2,501,630 (100) | 22 |
| 營業毛利 | 1,177,791 (39) | 962,844 (38) | 22 |
| 未實現營業毛利 | 12,215 (--) | 45,165 (2) | -73 |
| 已實現營業毛利 | 1,190,006 (39) | 1,008,009 (40) | 18 |
| 營業費用 | 1,083,058 (35) | 1,244,796 (50) | -13 |
| 營業淨利 | 106,948 (4) | -236,787 (-10) | 145 |
| 營業外收入及支出 | 52,697 (1) | 46,073 (2) | 14 |
| 稅前淨利 | 159,645 (5) | -190,714 (-8) | 184 |
| 歸屬於母公司本期淨利 | 173,324 (6) | -149,555 (-6) | 216 |
| EPS (NT$) | 0.76 | -0.66 |
合併資產負債表 (單位: 新台幣千元)
| 資產負債項目表 | 2025.12.31 Amount (%) | 2024.12.31 Amount (%) |
|---|---|---|
| 資產 | ||
| 現金及有價金融商品投資 | 3,056,341 (55) | 2,809,886 (50) |
| 應收帳款 | 395,807 (7) | 418,555 (8) |
| 存貨 | 1,036,127 (19) | 1,192,861 (21) |
| 長期投資 | 492,517 (9) | 500,751 (9) |
| 不動產、廠房、設備及使用權資產 | 422,303 (8) | 470,729 (7) |
| 其他 | 160,560 (3) | 224,928 (5) |
| 資產總計 | 5,563,655 (100) | 5,617,710 (100) |
| 負債 | ||
| 流動負債 | 1,230,842 (22) | 1,578,998 (28) |
| 非流動負債 | 344,789 (6) | 382,130 (7) |
| 負債總計 | 1,575,631 (28) | 1,961,128 (35) |
| 權益總計 | 3,988,024 (72) | 3,656,582 (65) |
| 負債及權益總計 | 5,563,655 (100) | 5,617,710 (100) |
重要財務指標
| 指標 | 2025.12.31 | 2024.12.31 |
|---|---|---|
| 平均收現日數 | 49 | 54 |
| 平均銷貨日數 | 216 | 330 |
| 流動比率(倍) | 3.7 | 2.8 |
- Note: Total Outstanding shares were 230.4 million units at 12/31/2025.
Recent Performance and Results
季營運成績 (單位: 新台幣百萬元)
| 季度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 22Q1 | 1,918 | 512 | 51.5% |
| 22Q2 | 1,665 | 355 | 52.8% |
| 22Q3 | 1,347 | 224 | 49.1% |
| 22Q4 | 1,085 | 15 | 47.5% |
| 23Q1 | 761 | 37 | 52.1% |
| 23Q2 | 716 | 56 | 54.3% |
| 23Q3 | 631 | 37 | 51.9% |
| 23Q4 | 488 | -18 | 40.2% |
| 24Q1 | 444 | -45 | 44.7% |
| 24Q2 | 683 | -34 | 41.2% |
| 24Q3 | 683 | -73 | 37.8% |
| 24Q4 | 692 | 3 | 39.0% |
| 25Q1 | 761 | 90 | 38.3% |
| 25Q2 | 754 | 22 | 38.7% |
| 25Q3 | 860 | 27 | 37.4% |
| 25Q4 | 683 | 33 | 41.6% |
Products & Technologies
MCU營業額及比重 (單位: 新台幣百萬元)
- 25Q4: YOY -2% ; QOQ -11%
- 年度MCU銷售額:
- 2022 MCU sales: NT$4,842million (佔總銷售額80%) (YOY -14%)
- 2023 MCU sales: NT$2,056million (佔總銷售額79%) (YOY -58%)
- 2024 MCU sales: NT$1,881million (佔總銷售額75%) (YOY -9%)
- 2025 MCU sales: NT$2,333million (佔總銷售額76%) (YOY +24%)
MCU 出貨量 (單位: K pcs)
- 25Q4: YOY -2% ; QOQ -11%
- 年度MCU出貨量:
- 2022 MCU shipments: 632 KKpcs (YOY -28%)
- 2023 MCU shipments: 298 KKpcs (YOY -53%)
- 2024 MCU shipments: 342 KKpcs (YOY +15%)
- 2025 MCU shipments: 402KKpcs (YOY +17%)
Touch MCU 出貨量 (單位: K pcs)
- 25Q4: YOY -1% ; QOQ -11%
- 年度Touch MCU出貨量:
- 2022 Touch MCU shipments: 124KK (佔總出貨量20%) (YOY -37%)
- 2023 Touch MCU shipments: 43KK (佔總出貨量14%) (YOY -65%)
- 2024 Touch MCU shipments: 62KK (佔總出貨量18%) (YOY +44%)
- 2025 Touch MCU shipments: 58KK (佔總出貨量14%) (YOY -7%)
安全防護市場
- NB-IoT Smoke Detector Solution is ready
- 產品:
- CO Detectors (一氧化碳偵測器)
- Smoke Detectors (煙霧偵測器)
- GAS Detectors (氣體偵測器)
- PIR Detectors (被動紅外線偵測器)
- Evacuation Indicators (疏散指示器)
- 解決方案:
- 獨立式偵測器 (Standalone Detectors)
- 網路型可定址煙霧偵測器 (Networking Type Addressable Smoke Detectors)
安全防護產品出貨量 (單位: K pcs)
- 25Q4: YOY +75% ; QOQ 11%
- 年度安全防護產品出貨量:
- 2022 Safety Care shipments: 52KK pcs (YOY +36%)
- 2023 Safety Care shipments: 31KK pcs (YOY -40%)
- 2024 Safety Care shipments: 20KK pcs (YOY -35%)
- 2025 Safety Care shipments: 53KK pcs (YOY +160%)
健康保健市場
- 全面的健康保健方案
- 積極部署邊緣人工智慧(Edge AI)應用的研究與開發
- 產品/應用:
- 額溫計/耳溫計 (Forehead/Ear Thermometer)
- 溫度計 (Thermometer)
- 血壓計 (Blood Pressure Monitor)
- 血氧儀 (Pulse Oximeter)
- 健康照護量測 MCU (Healthcare Measurement MCU)
- 高精度血糖儀(BGM) (High Precision Blood Glucose Meter (BGM))
- 連續血糖儀(CGM) (Continuous Glucose Monitor (CGM))
- 體脂秤/體成分分析儀 (Body Fat Scale / Body Composition Analyzer)
健康保健產品出貨量 (單位: K pcs)
- 25Q4: YOY -39% ; QOQ -39%
- 年度健康保健產品出貨量:
- 2022 Healthcare shipments: 54KK pcs (YOY -23%)
- 2023 Healthcare shipments: 37KK pcs (YOY -31%)
- 2024 Healthcare shipments: 45KK pcs (YOY +22%)
- 2025 Healthcare shipments: 45KK pcs (YOY +0%)
直流無刷馬達應用產品
- 產品:
- Electric Tools (電動工具)
- Garden Tools (園藝工具)
- Sewing Machines (縫紉機)
- Electric Hand Push Lawn Mower (電動手推式割草機)
- Massage Guns (按摩槍)
- Air Purifiers (空氣清淨機)
- Electric Fans (電風扇)
- Vacuum Cleaners (吸塵器)
- Ceiling Fans (吊扇)
馬達控制產品出貨量 (單位: K pcs)
- 25Q4: YOY +31% ; QOQ -10%
- 年度馬達控制產品出貨量:
- 2022 Motor Control shipments: 23KK pcs (YOY +7%)
- 2023 Motor Control shipments: 5KK pcs (YOY -78%)
- 2024 Motor Control shipments: 6KK pcs (YOY +29%)
- 2025 Motor Control shipments: 14KK pcs (YOY +120%)
智慧物聯網(AIoT)
- Big Data
- Data Processing (數據處理):
- Low power (低功耗)
- AFE integrated (類比前端整合)
- Smart algorism (智能演算法)
- Adjust sensor (調整感測器)
- Data Transmission (數據傳輸):
- Wifi, Bluetooth
- NB-IoT
- Sub-1GHz RF
- 技術平台: NB-IoT, Bluetooth™, Wifi, NFC FORUM
- Data Storage (數據儲存):
- Cloud (雲端)
- Data Sensing (數據感測):
- High precision sensor (高精度感測器)
- Small size sensor (小型感測器)
- 應用: App + Mobile Phone
射頻(RF)產品出貨量 (單位: K pcs)
- 25Q4: YOY -22% ; QOQ -42%
- 年度射頻產品出貨量:
- 2022 RF Application shipments: 10KK pcs (YOY -39%)
- 2023 RF Application shipments: 8KK pcs (YOY -20%)
- 2024 RF Application shipments: 8KK pcs (YOY +3%)
- 2025 RF Application shipments: 11KK pcs (YOY +31%)
兩輪/三輪電動車應用產品
- 產品:
- E-Scooter (電動滑板車)
- E-bike (電動自行車)
- Electric Scooter (電動機車)
- Electric Three-Wheeler (電動三輪車)
- Tuk-Tuk (嘟嘟車)
Electric Bicycle 產品出貨量 (單位: K pcs)
- 25Q4: YOY +30% ; QOQ -29%
- 年度電動自行車產品出貨量:
- 2022 Electric Bicycle Application shipments: 18KK pcs (YOY -29%)
- 2023 Electric Bicycle Application shipments: 10KK pcs (YOY -44%)
- 2024 Electric Bicycle Application shipments: 6KK pcs (YOY -40%)
- 2025 Electric Bicycle Application shipments: 8KK pcs (YOY +28%)
Additional Data
114年應用別營收比重比較 (單位: 新台幣百萬元)
- 2025年總銷售額: NT$ 3,057million (YOY +22%)
- Health Care (健康保健): 13%
- Display Driver (顯示驅動): 9%
- BLDC (直流無刷馬達): 3%
- Safety (安全防護): 17%
- RF (射頻): 1%
- Others (其他): 19%
- Power management (電源管理): 7%
- PC Peripheral (電腦周邊): 7%
- Industrial Control (工業控制): 7%
- Home Appliance (家電): 17%
- 2024年總銷售額: NT$ 2,501 million
- Health Care (健康保健): 15%
- Display Driver (顯示驅動): 10%
- BLDC (直流無刷馬達): 2%
- Safety (安全防護): 6%
- RF (射頻): 1%
- Others (其他): 22%
- Power management (電源管理): 7%
- PC Peripheral (電腦周邊): 6%
- Industrial Control (工業控制): 9%
- Home Appliance (家電): 22%
114年第四季應用別營收比重比較 (單位: 新台幣百萬元)
- 2025/Q4總銷售額: NT$ 683 million (QOQ -9%)
- Health Care (健康保健): 11%
- Display Driver (顯示驅動): 8%
- BLDC (直流無刷馬達): 3%
- Safety (安全防護): 18%
- RF (射頻): 1%
- Others (其他): 21%
- Power management (電源管理): 7%
- PC Peripheral (電腦周邊): 7%
- Industrial Control (工業控制): 7%
- Home Appliance (家電): 17%
- 2025/Q3總銷售額: NT$ 754 million
- Health Care (健康保健): 16%
- Display Driver (顯示驅動): 10%
- BLDC (直流無刷馬達): 3%
- Safety (安全防護): 15%
- RF (射頻): 2%
- Others (其他): 18%
- Power management (電源管理): 7%
- PC Peripheral (電腦周邊): 6%
- Industrial Control (工業控制): 7%
- Home Appliance (家電): 16%