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達興材料 2026Q1 法人說明會
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達興材料 2026Q1 法說會簡報重點與營運摘要

達興材料 (5234) 2026Q1 法說會簡報

Company Overview

  • 公司名稱 (Company Name): 達興材料 (DAXIN)
  • 創立日期 (Founding Date): 2006年7月12日 (友達光電及長興材料合資成立)
  • 資本額 (Capital): 新臺幣10.27億
  • 員工人數 (Number of Employees): 截至2026年1月之員工人數為439人
    • 研發人員 >50%
  • 上市日期 (Listing Date): 2012年7月16日 (股票代號: 5234)
  • 合併營收 (Consolidated Revenue): 2025年: 46.30億

Financial Highlights

合併綜合損益表 (Consolidated Income Statement)

季度數據 (Unit: NTD M)

項目 (Item)2025 Q42025 Q3QoQ2024 Q4YoY
營業收入 (Operating Revenue)1,186.4 (100.0%)1,186.2 (100.0%)0.0%1,067.4 (100.0%)11.1%
營業成本 (Operating Cost)696.8 (58.7%)715.6 (60.3%)(2.6%)664.6 (62.3%)4.9%
營業毛利 (Gross Profit)489.6 (41.3%)470.6 (39.7%)4.0%402.9 (37.7%)21.5%
銷售費用 (Selling Expenses)56.2 (4.7%)56.1 (4.7%)0.2%49.5 (4.6%)13.5%
管理費用 (Administrative Expenses)68.9 (5.8%)63.9 (5.4%)7.8%55.8 (5.2%)23.3%
研發費用 (R&D Expenses)148.3 (12.5%)141.4 (11.9%)4.9%130.6 (12.2%)13.6%
營業費用 (Operating Expenses)273.3 (23.0%)261.3 (22.0%)4.6%235.9 (22.1%)15.9%
營業淨利 (Operating Income)216.3 (18.2%)209.4 (17.6%)3.3%166.9 (15.6%)29.6%
營業外收(支) (Non-operating Income (Expenses))26.7 (2.3%)19.6 (1.7%)36.5%38.7 (3.6%)(30.9%)
稅前淨利 (Profit Before Tax)243.0 (20.5%)229.0 (19.3%)6.1%205.6 (19.3%)18.2%
所得稅費用 (Income Tax Expense)34.0 (2.9%)33.2 (2.8%)2.5%25.9 (2.4%)31.4%
本期淨利 (Net Income)209.0 (17.6%)195.8 (16.5%)6.8%179.7 (16.8%)16.3%
綜合損益總額 (Total Comprehensive Income)209.0 (17.6%)195.8 (16.5%)6.8%179.7 (16.8%)16.3%
基本每股盈餘 (NTD) (Basic EPS)2.041.901.75

年度數據 (Unit: NTD M)

項目 (Item)2025年 (2025)2024年 (2024)年成長 (YoY Growth)
營業收入 (Operating Revenue)4,629.8 (100.0%)4,117.8 (100.0%)12.4%
營業成本 (Operating Cost)2,750.3 (59.4%)2,600.0 (63.1%)5.8%
營業毛利 (Gross Profit)1,879.5 (40.6%)1,517.8 (36.9%)23.8%
銷售費用 (Selling Expenses)217.8 (4.7%)196.2 (4.8%)11.0%
管理費用 (Administrative Expenses)249.3 (5.4%)216.5 (5.3%)15.2%
研發費用 (R&D Expenses)559.6 (12.1%)498.0 (12.1%)12.4%
營業費用 (Operating Expenses)1,026.7 (22.2%)910.7 (22.1%)12.7%
營業淨利 (Operating Income)852.8 (18.4%)607.2 (14.7%)40.5%
營業外收(支) (Non-operating Income (Expenses))30.8 (0.7%)51.4 (1.2%)(40.2%)
稅前淨利 (Profit Before Tax)883.5 (19.1%)658.6 (16.0%)34.2%
所得稅費用 (Income Tax Expense)126.6 (2.7%)88.0 (2.1%)43.9%
本期淨利 (Net Income)757.0 (16.3%)570.6 (13.9%)32.7%
綜合損益總額 (Total Comprehensive Income)757.0 (16.3%)570.6 (13.9%)32.7%
基本每股盈餘 (NTD) (Basic EPS)7.375.56

合併資產負債表摘要 (Consolidated Balance Sheet Summary)

Unit: NTD M

項目 (Item)2025/12/312024/12/31年成長 (YoY Growth)年成長 % (YoY Growth %)
現金及約當現金 (Cash and Cash Equivalents)247 (4.8%)195 (3.9%)5226.9%
按攤銷後成本衡量之金融資產 - 流動 (Financial assets measured at amortized cost - current)1,378 (26.9%)1,424 (28.8%)(46)(3.2%)
應收帳款 (Accounts Receivable)1,174 (23.0%)1,133 (22.9%)413.6%
存貨 (Inventory)416 (8.1%)380 (7.7%)369.5%
不動產、廠房及設備 (Property, Plant and Equipment)1,494 (29.2%)1,480 (29.9%)140.9%
使用權資產 (Right-of-use Assets)146 (2.9%)155 (3.1%)(9)(5.7%)
資產總計 (Total Assets)5,113 (100.0%)4,949 (100.0%)1643.3%
流動負債 (Current Liabilities)1,360 (26.6%)1,266 (25.6%)947.4%
非流動負債 (Non-current Liabilities)226 (4.4%)399 (8.1%)(173)(43.4%)
負債總計 (Total Liabilities)1,586 (31.0%)1,665 (33.6%)(79)(4.8%)
權益總計 (Total Equity)3,527 (69.0%)3,284 (66.4%)2427.4%

重要財務指標 (Key Financial Ratios)

項目 (Item)2025/12/312024/12/31
流動比率% (Current Ratio %)252%257%
存貨週轉天數 (Inventory Turnover Days)5350

合併現金流量表摘要 (Consolidated Cash Flow Statement Summary)

Unit: NTD M

項目 (Item)2025年 (2025)2024年 (2024)
本期稅前淨利 (Profit Before Tax for the Period)884659
折舊及攤銷 (Depreciation and Amortization)272271
營運資金變動 (Changes in Working Capital)(85)27
營業活動之淨現金流入 (Net Cash Inflow from Operating Activities)981865
取得不動產、廠房及設備 (Acquisition of Property, Plant and Equipment)(267)(190)
按攤銷後成本衡量之金融資產減少(增加) (Decrease (Increase) in Financial Assets Measured at Amortized Cost)46(280)
投資活動之淨現金流出 (Net Cash Outflow from Investing Activities)(212)(518)
銀行借款淨變動 (Net Change in Bank Loans)(194)34
發放現金股利 (Cash Dividends Paid)(514)(421)
籌資活動之淨現金流出 (Net Cash Outflow from Financing Activities)(716)(396)
本期現金及約當現金增加(減少) (Increase (Decrease) in Cash and Cash Equivalents for the Period)52(49)
  • 註 (Note): 2025/12/31 及2024/12/31期末現金及約當現金加計超過三個月以上定存餘額分別為1,624M及1,617M。 (As of 2025/12/31 and 2024/12/31, cash and cash equivalents including time deposits over three months were NTD 1,624M and NTD 1,617M, respectively.)

股利政策 (Dividend Policy)

  • 維持高配息政策。(Maintain high dividend payout policy.)
年度 (Year)EPS現金股利 (Cash Dividend)股票股利 (Stock Dividend)股利發放比率 (Dividend Payout Ratio)
20257.376.50.088%
20245.565.00.090%
20235.104.10.080%
20224.153.30.080%
20216.625.30.080%
20206.155.00.081%

Business Segments

主要營業項目 (Main Business Items)

  • 半導體材料 (Semiconductor Materials)
  • 顯示器材料 (Display Materials)
  • 關鍵原材料 (Key Raw Materials)
  • 其他特用精細化學材料 (Other Specialty Fine Chemical Materials)

產業別營收 (Revenue by Industry Segment)

Unit: NTD M

項目 (Item)2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4
關鍵原材料及其他 (Key Raw Materials & Others)19.322.627.725.726.728.426.124.9
佔比 (%)2.0%2.2%2.6%2.4%2.4%2.5%2.2%2.1%
半導體材料 (Semiconductor Materials)63.576.4101.1130.5147.5185.7225.8214.3
佔比 (%)6.7%7.4%9.4%12.2%13.3%16.1%19.0%18.1%
顯示器材料 (Display Materials)866.0929.2944.7911.2931.9937.0934.3947.2
TOTAL948.81,028.21,073.51,067.41,106.11,151.11,186.21,186.4

Products & Technologies

主要產品 (Main Products)

  • 半導體材料 (Semiconductor Materials)
    • 晶圓製程材料 (Wafer Process Materials)
      • (先進製程, 成熟製程) (Advanced Process, Mature Process)
    • 先進封裝材料 (Advanced Packaging Materials)
      • (Fan-out, 2.5D, 3DIC)
  • 顯示器材料 (Display Materials)
    • LCD材料 (LCD Materials)
      • (Color Filter, Cell, Array)
    • MicroLED材料 (MicroLED Materials)
    • EPD材料 (EPD Materials)
  • 關鍵原材料 (Key Raw Materials)
    • 高機能單體 (High-performance Monomers)
      • (電子材料, 顯示器, 生醫) (Electronic Materials, Displays, Biomedical)
    • 高純度高分子 (High-purity Polymers)
      • (電子材料, 半導體, 電池) (Electronic Materials, Semiconductors, Batteries)

半導體營運成果與計畫 (Semiconductor Business Achievements and Plans)

營運三大主軸 (Three Major Operational Pillars)

  1. 先進封裝 (Advanced Packaging Integration)
    • 自主開發 (Self-developed):
      • 雷射離型層 (Laser Release Layer)
      • 高選擇比銅蝕刻液 (High Selectivity Copper Etchant)
      • 轉貼製程離型層 (Transfer Process Release Layer)
      • 感光介電絕緣層 (Photosensitive Dielectric Insulating Layer)
      • 暫時接著膠 (Temporary Bonding Adhesive)
    • 與半導體大廠合作開發 (Co-developed with Major Semiconductor Manufacturers):
      • 晶邊保護膠 (Edge Protection Adhesive)
    • 與半導體化學品大廠合作開發 (Co-developed with Major Semiconductor Chemical Manufacturers):
      • 光阻剝離液 A (Photoresist Stripper A)
      • 厚膜光阻剝離液 (Thick Film Photoresist Stripper)
  2. 成熟製程 (BEOL Interconnections)
    • 自主開發 (Self-developed):
      • 底部抗反射塗層剝離液 (Bottom Anti-Reflective Coating Stripper)
      • 光阻頂部塗層 (Photoresist Top Coat)
      • 光阻頂部抗反射塗層 (Photoresist Top Anti-Reflective Coating)
      • 光阻潤濕液 (Photoresist Wetting Agent)
    • 與半導體大廠合作開發 (Co-developed with Major Semiconductor Manufacturers):
      • 低介電層表面處理液 (Low-k Dielectric Surface Treatment Liquid)
      • 金屬表面保護層 A (Metal Surface Protection Layer A)
      • 金屬表面保護層 B (Metal Surface Protection Layer B)
      • 新世代研磨材料 (Next-generation Polishing Materials)
      • 特用硬遮罩材料 (Special Hard Mask Materials)
      • 硬遮罩材料去除液 (Hard Mask Removal Liquid)
    • 與半導體化學品大廠合作開發 (Co-developed with Major Semiconductor Chemical Manufacturers):
      • 高純度高分子 A (High Purity Polymer A)
      • 高純度高分子 B (High Purity Polymer B)
      • 高純度高分子 C (High Purity Polymer C)
  3. 先進製程 (FEOL Transistor)
    • 自主開發 (Self-developed):
      • 高純度溶劑 (High Purity Solvent)
      • 高選擇比銅蝕刻液 (High Selectivity Copper Etchant)
      • 乾蝕刻後清洗液 A (Post-dry Etch Cleaning Liquid A)
      • 乾蝕刻後清洗液 B (Post-dry Etch Cleaning Liquid B)
      • 乾蝕刻後清洗液 C (Post-dry Etch Cleaning Liquid C)
      • 特用蝕刻液 (Special Etchant)
    • 與半導體化學品大廠合作開發 (Co-developed with Major Semiconductor Chemical Manufacturers):
      • 光阻剝離液 B (Photoresist Stripper B)
      • 特用清洗液 (Special Cleaning Liquid)

產品狀態 (Product Status): 量產中 (Mass Production), 測試驗證中 (Under Test & Validation), 評估中 (Under Evaluation)

半導體業務關鍵成果與計畫 (Key Semiconductor Business Achievements and Plans)

  • 半導體相關產品共25項: 2025新增3項產品量產, 目前共12項產品量產, 13項產品驗證。
  • 與半導體化學品大廠合作開發: 擴大合作項目及模式。
  • 2026年目標新增導入3~5項產品。

顯示器材料營運成果與計畫 (Display Materials Business Achievements and Plans)

  • 導入製程去瓶頸化的材料設計 (Material design for debottlenecking processes):
    • 高感度PS、高塗速PS、Mura-free PSA PI, 協助客戶提升產能與良率。
  • 強化可持續的成本競爭壁壘 (Strengthening sustainable cost competitiveness barriers):
    • 優化生產製程、提高原料自製比例, 保持PS & Cu蝕刻液優勢、提升市場佔有率。
  • 營收動能-液晶配向膜 PI (Revenue driver - Liquid Crystal Alignment Film PI):
    • 擴大液晶配向膜 PSA PI導入新量產廠區。
  • 擴展新規新產品與應用領域 (Expanding into new products and application areas):
    • 低溫製程材料 (ESG)、Cu Stripper、FFS液晶配向膜PI、膽固醇液晶配向膜。
    • FFS: Fringe-field switching
    • PSA: Polymer Stabilized Alignment

Outlook & Strategy

2026年營運展望 (2026 Operating Outlook)

  • 展望2026年,營運維持穩健擴張,成長動能有望加速。 (Outlook for 2026: operations are expected to maintain steady expansion, with growth momentum accelerating.)

半導體及關鍵原材料方面 (Semiconductor and Key Raw Materials)

  • 多元經營模式並進,縮短新產品導入時程,提升成長動能。
    • (1. 自主研發; 2. 與國際材料大廠合作; 3. 與國際半導體大廠共同開發)
  • 深化與國際大廠策略合作,擴大營收規模。
  • 佈局電子產業關鍵原材料,切入高附加價值應用,注入新動能。

顯示器材料方面 (Display Materials)

  • 重點產品 液晶配向膜出貨量增,市佔率維持穩定向上。

  • 以品質穩定與成本優化的雙重優勢,鞏固市場領先地位。

  • 佈局高規/低溫/低碳排 ESG永續新材料,維持長期競爭力。

  • 免責聲明 (Disclaimer): 以上為本公司依目前業務展望之預測,具體仍會根據實際市場供需條件而有所變動。(The above is the company's forecast based on current business outlook, and actual conditions may still change based on market supply and demand.)

Additional Data

營收及毛利趨勢 (Revenue & Gross Profit Trend)

NTD 億

項目 (Item)2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4
營業收入 (Operating Revenue)9.4910.2810.7310.6711.0611.5111.8611.86
毛利率 (Gross Profit Margin)35.2%37.2%37.1%37.7%40.9%40.5%39.7%41.3%

半導體材料營收 (Semiconductor Materials Revenue)

Unit: NTD M

項目 (Item)2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4
半導體材料 (Semiconductor Materials)63.576.4101.1130.5147.5185.7225.8214.3
半導體材料佔比 (%)6.7%7.4%9.4%12.2%13.3%16.1%19.0%18.1%
  • 2025半導體全年營收7.73億, 全年占比16.7%, 較2024年同期3.72億成長107.8%。

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