佳世達科技 (2352) 2025年第四季營運簡報
Company Overview
與會人員 (Attendees)
- 董事長 (Chairman): 陳其宏 Peter Chen
- 總經理 (President): 柯淑芬 Cally Ko
- 財務長 (CFO): 洪秋金 Jasmin Hung
- 資訊科技事業群總經理 (General Manager, IT Business Group): 薛道隆 Daniel Hsueh
- 醫療事業群總經理 (General Manager, Medical Business Group): 楊宏培 Harry Yang
- 智能方案事業群總經理 (General Manager, Smart Solutions Business Group): 曾文興 Joshua Tzeng
- 網路通訊事業群總經理 (General Manager, Network Communications Business Group): 黃文芳 April Huang
- 投資長 (Chief Investment Officer): 王立善 Michael Wang
佳世達集團 (Qisda Group)
為一橫跨資訊產業、醫療事業、智能解決方案及網路通訊事業之全球科技集團 (A global technology group spanning IT, medical, smart solutions, and network communications industries).
- 成立年份 (Founding Year): 1984
- 台灣上市年份 (Taiwan Listing Year): 1996 (股票代號 2352)
- 資本額 (NTD) (Capital): 158億
- 註: 本公司於2025年8月29日完成實收資本額變更, 資本額由192.7億變更為158.0億, 並於10月7日完成新股換發。 (Note: The company completed a change in paid-in capital on August 29, 2025, from NTD 19.27 billion to NTD 15.80 billion, with new share issuance completed on October 7.)
- 員工人數 (Employee Count): 26,000
全球佈局 (Global Presence)
- 製造基地 (Manufacturing Bases): 台灣、中國、越南 (Taiwan, China, Vietnam)
- 銷售服務 (Sales & Services): 全球200+個據點 (200+ locations worldwide)
- 研發據點 (R&D Locations): 台灣、中國 (Taiwan, China)
獎項 (Awards)
- 2025 榮獲三屆「AREA亞洲企業社會責任獎」 (Awarded "AREA Asia Corporate Social Responsibility Award" for the third time in 2025)
- 2025 蟬聯七屆「亞洲最佳企業雇主獎」 (Awarded "Asia's Best Employer Brand Awards" for the seventh consecutive time in 2025)
- 2025 榮獲六項「亞太暨台灣永續行動獎」 (Awarded six "Asia-Pacific and Taiwan Sustainability Action Awards" in 2025)
- 2025 榮獲「HR ASIA 科技賦能獎」 (Awarded "HR ASIA Tech Empowerment Award" in 2025)
- 2025 榮獲五項「台灣企業永續獎」 (Awarded five "Taiwan Corporate Sustainability Awards" in 2025)
免責聲明 (Disclaimer)
本次法說會提供之簡報包含前瞻性陳述,內容包含本公司財務狀況、未來擴張計劃及公司策略等訊息。此前瞻性陳述係基於本公司目前可得資訊對未來事件的期望和預測,儘管本公司認為該期望和預測具合理性,但此類前瞻性聲明仍涉及風險及不確定性。
鑑於這些風險、不確定性及假設,前瞻性事件可能不會發生,且本公司實際結果可能與這些前瞻性聲明中的預期存在重大差異。若因未來實際結果與預期狀況有重大差異,須公開更新或修改任何前瞻性陳述,本公司將不承擔此責任。
Financial Highlights
2025年 第四季 摘要 (2025 Q4 Summary)
- 第四季 YoY: 營收522億 (-19億, -4%), 營業淨利 6.1億 (-5.5億), 歸母淨利 0.5億 (-1.4億), EPS 0.03元 (-0.07元)。
- 資訊事業營收: 260億 (-31億, -11%)
- IT_原有事業: 營收 -11%, 毛利率及營業淨利率上升, 營業淨利金額較去年同期小幅下降。
- 高附加價值營收: 270億 (+14億, +6%)
- 醫療事業: 營收 +6%, 毛利率小幅上升, 營業淨利率及營業淨利金額較去年同期下降。
- 智能方案: 營收 +5%, 毛利率小幅上升, 營業淨利率及營業淨利金額較去年同期下降。
- 網通事業: 營收 +14%, 毛利率、營業淨利率及營業淨利金額均較去年同期上升。
- 資訊事業營收: 260億 (-31億, -11%)
- 全年 YoY: 營收2,079億 (+62億, +3%), 營業淨利 32億 (-13.3億), 歸母淨利 11.4億 (-10.2億), EPS 0.64元 (-0.47元)。
- 資訊事業營收: 1,079億 (-26億, -2%), 毛利率小幅上升, 營業淨利率及營業淨利金額較去年同期下降。
- 高附加價值營收: 1,031億 (+100億, +11%), 毛利率持平, 營業淨利率及營業淨利金額均較去年同期下降。
- 醫療事業營收: 首度突破300億規模, 智能解決方案營收創歷史新高。
- 董事會於1月22日通過以約新台幣32億元, 間接取得東科控股股份有限公司約35%股權, 拓展聲學與高階影音市場。 (The board of directors approved on January 22 to indirectly acquire approximately 35% equity in Tymphany Holdings Co., Ltd. for approximately NTD 3.2 billion, expanding into the acoustics and high-end audio-visual market.)
- 現金股利每股配發1元, 股利發放率約為156%。 (Cash dividend of NTD 1 per share, with a payout ratio of approximately 156%.)
合併綜合損益表摘要 (季度) (Consolidated Statement of Comprehensive Income Summary (Quarterly))
單位:新台幣百萬元 (Unit: NTD Million)
| 項目 (Item) | 2025年第四季 (2025 Q4) | 2024年第四季 (2024 Q4) | YoY amt | YoY g% | 2025年第三季 (2025 Q3) | QoQ amt | QoQ g% |
|---|---|---|---|---|---|---|---|
| 銷貨淨額 (Net Sales) | 52,161 (100%) | 54,101 (100%) | (1,939) | -4% | 52,532 (100%) | (371) | -1% |
| 營業成本 (Cost of Goods Sold) | (43,264) | (45,260) | 1,996 | (43,657) | 393 | ||
| 營業毛利 (Gross Profit) | 8,897 (17.1%) | 8,840 (16.3%) | 57 | 1% | 8,875 (16.9%) | 22 | 0% |
| 營業費用 (Operating Expenses) | (8,285) (-15.9%) | (7,678) (-14.2%) | (607) | (8,057) (-15.3%) | (228) | ||
| 營業淨利 (Operating Profit) | 612 (1.2%) | 1,163 (2.1%) | (550) | -47% | 818 (1.6%) | (206) | -25% |
| 營業外收入及支出 (Non-operating Income & Expenses) | (164) | (104) | (60) | (12) | (152) | ||
| 稅前純益 (Profit Before Tax) | 448 (0.9%) | 1,058 (2.0%) | (610) | -58% | 806 (1.5%) | (358) | -44% |
| 稅後純益 (Profit After Tax) | 43 (0.1%) | 417 (0.8%) | (373) | -90% | 385 (0.7%) | (341) | -89% |
| 歸屬於母公司本期淨利(損) (Net Profit (Loss) Attributable to Parent) | 52 (0.1%) | 191 (0.4%) | (139) | -73% | 251 (0.5%) | (199) | -79% |
| 基本每股盈餘 (NT$)(a) (Basic EPS (NT$)(a)) | $0.03 | $0.10 | -$0.07 | $0.15 | -$0.12 |
(a) 基本每股盈餘以加權平均流通在外股數計算 (25’Q4: 1,580百萬股, 25’Q3: 1,697百萬股, 24’Q4: 1,927百萬股) (Basic EPS is calculated based on the weighted average number of outstanding shares (25’Q4: 1,580 million shares, 25’Q3: 1,697 million shares, 24’Q4: 1,927 million shares))
合併綜合損益表摘要 (年度) (Consolidated Statement of Comprehensive Income Summary (Annual))
單位:新台幣百萬元 (Unit: NTD Million)
| 項目 (Item) | 2025 | 2024 | YTD YoY amt | YTD YoY g% |
|---|---|---|---|---|
| 銷貨淨額 (Net Sales) | 207,905 (100%) | 201,666 (100%) | 6,238 | 3% |
| 營業成本 (Cost of Goods Sold) | (172,884) | (168,485) | (4,399) | |
| 營業毛利 (Gross Profit) | 35,021 (16.8%) | 33,181 (16.5%) | 1,839 | 6% |
| 營業費用 (Operating Expenses) | (31,830) (-15.3%) | (28,662) (-14.2%) | (3,169) | |
| 營業淨利 (Operating Profit) | 3,191 (1.5%) | 4,520 (2.2%) | (1,329) | -29% |
| 營業外收入及支出 (Non-operating Income & Expenses) | (363) | 129 | (491) | |
| 稅前純益 (Profit Before Tax) | 2,828 (1.4%) | 4,648 (2.3%) | (1,821) | -39% |
| 稅後純益 (Profit After Tax) | 1,392 (0.7%) | 2,814 (1.4%) | (1,422) | -51% |
| 歸屬於母公司本期淨利(損) (Net Profit (Loss) Attributable to Parent) | 1,143 (0.5%) | 2,164 (1.1%) | (1,021) | -47% |
| 基本每股盈餘 (NT$)(a) (Basic EPS (NT$)(a)) | $0.64 | $1.11 | -$0.47 |
(a) 基本每股盈餘以加權平均流通在外股數計算 (2025年: 1,782百萬股, 2024年: 1,955百萬股) (Basic EPS is calculated based on the weighted average number of outstanding shares (2025: 1,782 million shares, 2024: 1,955 million shares))
合併資產負債表摘要 (Consolidated Balance Sheet Summary)
單位:新台幣百萬元 (Unit: NTD Million)
| 項目 (Item) | 2025.12.31 | 2025.09.30 | QoQ amt | QoQ g% | 2024.12.31 | YoY amt | YoY g% |
|---|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash & Cash Equivalents) | 26,578 (13%) | 24,162 (12%) | 2,416 | 10% | 26,154 (13%) | 424 | 2% |
| 其他金融資產-流動 (Other Financial Assets - Current) | 3,958 (2%) | 2,677 (1%) | 1,281 | 48% | 3,264 (2%) | 695 | 21% |
| 應收帳款 (Accounts Receivable) | 37,302 (18%) | 37,946 (19%) | (645) | -2% | 42,350 (21%) | (5,049) | -12% |
| 存貨 (Inventories) | 44,865 (22%) | 43,139 (22%) | 1,726 | 4% | 42,072 (20%) | 2,794 | 7% |
| 採用權益法之投資 (Investments Accounted for Using Equity Method) | 7,085 (3%) | 6,974 (4%) | 111 | 2% | 7,384 (4%) | (299) | -4% |
| 透過其他綜合損益按公允價值衡量之金融資產-非流動 (Financial Assets at FVTOCI - Non-current) | 8,175 (4%) | 9,142 (5%) | (967) | -11% | 10,055 (5%) | (1,880) | -19% |
| 不動產、廠房及設備 (Property, Plant & Equipment) | 43,612 (21%) | 42,478 (21%) | 1,134 | 3% | 44,048 (21%) | (436) | -1% |
| 無形資產 (Intangible Assets) | 12,836 (6%) | 12,956 (7%) | (120) | -1% | 13,301 (6%) | (466) | -4% |
| 資產總計 (Total Assets) | 205,190 (100%) | 198,998 (100%) | 6,192 | 3% | 206,405 (100%) | (1,214) | -1% |
| 金融負債 (Financial Liabilities) | 80,491 (39%) | 77,559 (39%) | 2,932 | 4% | 75,643 (37%) | 4,848 | 6% |
| 應付帳款 (Accounts Payable) | 33,795 (16%) | 32,473 (16%) | 1,322 | 4% | 33,918 (16%) | (123) | 0% |
| 其他負債 (Other Liabilities) | 30,473 (15%) | 32,062 (16%) | (1,589) | -5% | 30,483 (15%) | (10) | 0% |
| 負債總計 (Total Liabilities) | 144,759 (71%) | 142,095 (71%) | 2,664 | 2% | 140,044 (68%) | 4,715 | 3% |
| 權益總計 (Total Equity) | 60,431 (29%) | 56,904 (29%) | 3,527 | 6% | 66,361 (32%) | (5,930) | -9% |
財務指標 (Financial Ratios)
| 項目 (Item) | 2025.12.31 | 2025.09.30 | QoQ | 2024.12.31 | YoY |
|---|---|---|---|---|---|
| 應收帳款週轉天數(含轉售) (Receivable Turnover Days (incl. factoring)) | 72 | 73 | -1 | 74 | -2 |
| 存貨週轉天數 (Inventory Turnover Days) | 92 | 90 | +2 | 87 | +5 |
| 應付帳款週轉天數 (Payable Turnover Days) | 71 | 70 | +1 | 70 | +1 |
| 營運資金週轉天數 (Operating Cycle Days) | 93 | 93 | +0 | 91 | +2 |
| 流動比率 (Current Ratio) | 117% | 116% | +1 ppt | 126% | -9 ppt |
財務趨勢 - Quarterly Trend (Financial Trends - Quarterly Trend)
- 營收522億 (QoQ -4億, -1%), 毛利率 17.1% (QoQ +0.2 ppt)。 (Revenue NTD 52.2 billion (QoQ -NTD 0.4 billion, -1%), Gross Margin 17.1% (QoQ +0.2 ppt).)
營業收入 (Revenue) (NT$億)
| Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|
| 541 | 497 | 535 | 525 | 522 |
| 7% | -8% | 7% | -2% | -1% |
營業淨利金額 (Operating Profit) (NT$億)
| Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|
| 11.6 | 10.0 | 7.6 | 8.2 | 6.1 |
| -7% | -14% | -24% | 7% | -25% |
營業毛利率 & 營業淨利率 (季) (Gross Margin & Operating Profit Margin (Quarterly)) (%)
| Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|
| GM% | 16.3 | 17.3 | 16.1 | 16.9 |
| OI% | 2.15 | 2.01 | 1.42 | 1.56 |
營業毛利率 & 營業淨利率 (年) (Gross Margin & Operating Profit Margin (Annual)) (%)
| 年度 (Year) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| GM% | 14.4 | 14.4 | 16.2 | 16.5 | 16.8 |
| OI% | 3.26 | 2.44 | 2.46 | 2.24 | 1.53 |
財務趨勢 - Q4 同期 (Financial Trends - Q4 YoY)
- 營收522億 (YoY -19億, -4%), 毛利率 17.1% (YoY +0.7 ppt)。 (Revenue NTD 52.2 billion (YoY -NTD 1.9 billion, -4%), Gross Margin 17.1% (YoY +0.7 ppt).)
營業收入 (Revenue) (NT$億)
| Q4'21 | Q4'22 | Q4'23 | Q4'24 | Q4'25 |
|---|---|---|---|---|
| 619 | 561 | 507 | 541 | 522 |
| 8% | -9% | -10% | 7% | -4% |
營業淨利金額 (Operating Profit) (NT$億)
| Q4'21 | Q4'22 | Q4'23 | Q4'24 | Q4'25 |
|---|---|---|---|---|
| 17.5 | 14.8 | 8.7 | 11.6 | 6.1 |
| -16% | -16% | -41% | 34% | -47% |
營業毛利率 & 營業淨利率 (季) (Gross Margin & Operating Profit Margin (Quarterly)) (%)
| Q4'21 | Q4'22 | Q4'23 | Q4'24 | Q4'25 |
|---|---|---|---|---|
| GM% | 13.7 | 15.6 | 16.2 | 16.3 |
| OI% | 2.84 | 2.63 | 1.71 | 2.15 |
營業毛利率 & 營業淨利率 (YTD) (Gross Margin & Operating Profit Margin (YTD)) (%)
| 年度 (Year) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| GM% | 14.4 | 14.4 | 16.2 | 16.5 | 16.8 |
| OI% | 3.26 | 2.44 | 2.46 | 2.24 | 1.53 |
Business Segments
事業佈局 (Business Layout) (till 2025 Q4)
NTD 營收 (NTD Revenue)
- 資訊 (IT) (45% + 7%) - 1079億
- 顯示器 (Display) 757億 (36%)
- 電競顯示器 (Gaming Monitors)
- 高段顯示器 (High-end Monitors)
- 一般顯示器 (General Monitors)
- 投影機 (Projector) 80億 (4%)
- IT_其他 (IT_Others) 98億 (5%)
- IT_高附加價值 (IT_High Value-added) 144億 (7%) 紫色框:表「高附加價值事業」。
- 專業顯示模組 (Professional Display Modules)
- 互聯系統方案 (Interconnected System Solutions)
- 顯示器 (Display) 757億 (36%)
- 醫療 (MEDICAL) (15%) - 303億
- 醫療服務 (Medical Services)
- 明基醫院 (BenQ Hospital)
- 醫療健康通路 (Medical Health Channels)
- 醫療管理顧問 (Medical Management Consulting)
- 設備耗材 (Equipment & Consumables)
- 手術檯、手術照明 (Operating Tables, Surgical Lights)
- 超音波、助聽器 (Ultrasound, Hearing Aids)
- 免針輸液醫材 (Needle-free Infusion Medical Devices)
- 數位口腔設備耗材 (Digital Oral Equipment & Consumables)
- 健康防護衛材 (Health Protective Materials)
- 血液透析 (Hemodialysis)
- 透析耗材、設備 (Dialysis Consumables, Equipment)
- 血液透析中心 (Hemodialysis Centers)
- 醫療服務 (Medical Services)
- 智能方案 (BSG) (17%) - 360億
- 企業 IT智能化 (Enterprise IT Intelligence)
- AI 運算 (AI Computing)
- 資安/網安 (Cybersecurity/Network Security)
- 雲地整合 (Cloud-Edge Integration)
- 數位轉型 (Digital Transformation)
- 企業 OT智能化 (Enterprise OT Intelligence)
- 綠能 (Green Energy)
- 自動化 (Automation)
- 工業電腦 (Industrial PCs)
- OMO 線上線下整合服務 (OMO Online-Merge-Offline Integrated Services)
- 企業 IT智能化 (Enterprise IT Intelligence)
- 網路通訊 (NCG) (11%) - 225億
- 區域都會網路 (Regional Metropolitan Networks)
- 資訊中心交換器 (Data Center Switches)
- 無線寬頻網路 (Wireless Broadband Networks)
- 微型基地台 (Small Cells)
- 無線路由器 (Wireless Routers)
- 數位多媒體網路 (Digital Multimedia Networks)
- 網路監控攝影機 (Network Surveillance Cameras)
- 毫米波雷達 (Millimeter Wave Radar)
- 專業系統整合 (Professional System Integration)
- 網路系統服務 (Network System Services)
- 數位媒體系統服務 (Digital Media System Services)
- 區域都會網路 (Regional Metropolitan Networks)
- 其他 (OTHERS) (5%) - 112億
- 材料 (Materials)
- 機能膜產品、電池材料 (Functional Film Products, Battery Materials)
- 其他產品 (Other Products)
- 材料 (Materials)
主要轉投資 (Major Equity Investments)
- 權益法 (Equity Method)
- 達方 (Darfon)
- 鐳洋 (Raydium)
- 勝品 (Wincomm)
- FVOCI (Fair Value Through Other Comprehensive Income)
- 友達 (AUO)
事業群營收趨勢 - Quarterly Trend (Business Group Revenue Trends - Quarterly Trend)
NT$億 (NTD Billion)
High value-added (HVA) (加總= Medical + BSG+ NCG + IT_HVA)
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| 12% | 6% | 256 | 232 | 267 | 262 | 270 |
| -9% | 15% | -2% | 3% |
Medical
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| 16% | 6% | 75 | 72 | 77 | 75 | 80 |
| -5% | 7% | -3% | 7% |
BSG
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| 15% | 5% | 88 | 81 | 95 | 92 | 92 |
| -8% | 18% | -3% | -1% |
NCG
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| 14% | 14% | 56 | 45 | 57 | 58 | 64 |
| -20% | 26% | 3% | 10% |
IT_HVA
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| -1% | -7% | 37 | 35 | 38 | 37 | 35 |
| -6% | 8% | -3% | -5% |
IT_Original (加總= 顯示器 + 投影機 + IT_其他)
| QoQ g% | YoY g% | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 |
|---|---|---|---|---|---|---|
| 1% | -11% | 254 | 235 | 240 | 235 | 225 |
| -7% | 2% | -2% | -4% |
事業群財務摘要 - Q4 (Business Group Financial Summary - Q4)
NTD 億 (NTD Billion)
| 事業群 (Business Group) | 2025年第四季 (2025 Q4) | YoY | QoQ |
|---|---|---|---|
| 營收佔比 (Revenue Share) | 營收金額 (Revenue Amt) | 毛利率區間% (GM Range %) | |
| Medical | 15% | 80 | 20 ~ 25 |
| BSG | 18% | 92 | 20 ~ 25 |
| NCG | 12% | 64 | 15 ~ 20 |
| IT_HVA | 7% | 35 | 20 ~ 25 |
| IT_Original | 43% | 225 | 10 ~ 15 |
| Others | 5% | 26 | 0 ~ 5 |
營收分析 - 事業群 (Quarterly) (Revenue Analysis - Business Group (Quarterly))
Stacked bar chart showing revenue breakdown by sub-segment for Q2'24 to Q4'25.
Legend:
- 材料,其他 (Materials, Others)
- NCG
- BSG
- Medical
- IT_HVA
- IT_Other
- Projector
- Display
Definitions:
- BSG: 智能解決方案 (Smart Solutions)
- IT: 資訊產品 (IT Products)
- NCG: 網路通訊 (Network Communications)
- Medical (醫療): 醫療服務、設備耗材、血液透析、醫療管理顧問 (Medical Services, Equipment & Consumables, Hemodialysis, Medical Management Consulting)
- IT_Display: 顯示器 (Display)
- IT_HVA (資訊高附加價值產品): 專業顯示模組、互聯系統方案等 (勝品已由合併子公司轉為權益法認列) (IT High Value-added Products: Professional Display Modules, Interconnected System Solutions, etc. (Wincomm has been reclassified from consolidated subsidiary to equity method investment))
- IT_Other: 其他資訊產品 (Other IT Products)
- 材料及其他: 明基材料(非醫材)、其他產品 (Materials & Others: BenQ Materials (non-medical), Other Products)
- IT_Projector: 投影機 (Projector)
Revenue Share by Segment (Q4'25):
- Display: 35%
- Projector: 4%
- IT_Other: 4%
- IT_HVA: 7%
- Medical: 15%
- BSG: 18%
- NCG: 12%
- Materials, Others: 5%
佳世達集團 上市/櫃/興櫃財務績效 (YoY) (Qisda Group Listed/OTC/Emerging Market Financial Performance (YoY))
單位:百萬 (Unit: Million)
| 事業群 (Business Group) | 公司別 (Company) | 控制力持股比 (Control % Held) | 綜合持股比 (Consolidated % Held) | 2025 營收 (Revenue) (百萬) | 2025 淨利* (Net Profit*) (百萬) | 2025 EPS (元) | 2024 營收 (Revenue) (百萬) | 2024 淨利* (Net Profit*) (百萬) | 2024 EPS (元) | YoY 差異數 (Difference) 營收 (Revenue) (百萬) | YoY 差異數 (Difference) 營收 YOY% | YoY 差異數 (Difference) 淨利* (Net Profit*) (百萬) | YoY 差異數 (Difference) 淨利* YoY% | YoY 差異數 (Difference) EPS (元) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 資訊 (IT) | 眾福 (上市) (Zhongfu (Listed)) | 41.5% | 41.5% | 3,434 | 200 | 2.61 | 3,418 | 223 | 2.93 | 16 | 0% | -23 | -10% | -0.32 |
| 矽瑪 (上櫃) (Sima (OTC)) | 51.1% | 51.1% | 1,752 | -94 | -1.18 | 1,769 | -101 | -1.26 | -16 | -1% | 7 | 7% | +0.08 | |
| 醫療 (Medical) | 明基醫 (上櫃) (BenQ Medical (OTC)) | 55.0% | 55.0% | 5,254 | 78 | 1.75 | 4,767 | 105 | 2.35 | 487 | 10% | -27 | -25% | -0.60 |
| 康科特 (興櫃) (Concord (Emerging)) | 40.0% | 22.0% | 964 | 67 | 2.02 | 890 | 50 | 1.49 | 75 | 8% | 18 | 36% | +0.53 (歷史新高) (Historical High) | |
| 鈺緯 (上櫃) (Evershine (OTC)) | 35.6% | 14.7% | 869 | 91 | 1.54 | 862 | 94 | 1.60 | 7 | 1% | -3 | -3% | -0.06 | |
| 諾貝兒 (上櫃) (Nobel (OTC)) | 40.7% | 40.7% | 3,446 | 88 | 2.35 | 3,400 | 112 | 3.00 | 46 | 1% | -24 | -21% | -0.65 | |
| 智能方案 (Smart Solutions) | 友通 (上市) (Advantech (Listed)) | 55.1% | 55.1% | 10,876 | 285 | 2.49 | 9,584 | 397 | 3.46 | 1,292 | 13% | -111 | -28% | -0.97 |
| 其陽 (上櫃) (Qiyang (OTC)) | 51.4% | 28.3% | 2,497 | 38 | 0.65 | 2,285 | 53 | 0.89 | 212 | 9% | -15 | -27% | -0.24 | |
| 羅昇 (上市) (Luo Sheng (Listed)) | 46.7% | 25.7% | 4,442 | -62 | -0.55 | 3,678 | 67 | 0.60 | 764 | 21% | -129 | -192% | -1.15 | |
| 拍檔 (興櫃) (Paidan (Emerging)) | 68.2% | 68.2% | 3,251 | 56 | 0.74 | 2,914 | 120 | 1.60 | 337 | 12% | -64 | -53% | -0.86 | |
| 邁達特 (上市) (Meta (Listed)) | 51.4% | 51.4% | 21,839 | 343 | 1.82 | 18,377 | 114 | 0.60 | 3,462 | 19% | 229 | 202% | +1.22 (近二年新高) (Near 2-year High) | |
| 德鴻 (上櫃) (Dehong (OTC)) | 36.1% | 19.1% | 385 | 53 | 1.74 | 258 | 42 | 1.57 | 127 | 49% | 11 | 26% | +0.17 (近三年新高) (Near 3-year High) | |
| 網路通訊 (Network Communications) | 明泰 (上市) (Alpha Networks (Listed)) | 60.0% | 60.0% | 22,462 | -194 | -0.36 | 21,444 | 219 | 0.40 | 1,018 | 5% | -412 | -189% | -0.76 |
| 仲琦 (上市) (Comtrend (Listed)) | 62.2% | 37.3% | 8,880 | -117 | -0.36 | 9,088 | -52 | -0.16 | -208 | -2% | -64 | -124% | -0.20 | |
| 互動 (上櫃) (Interactive (OTC)) | 37.9% | 15.3% | 2,686 | 294 | 5.78 | 2,531 | 287 | 5.87 | 155 | 6% | 7 | 3% | -0.09 | |
| 智通聯網 (興櫃) (Zhitong Lianwang (Emerging)) | 36.1% | 19.1% | 334 | -33 | -1.46 | 469 | 79 | 3.52 | -135 | -29% | -112 | -142% | -4.98 | |
| 材料 (Materials) | 明基材 (上市) (BenQ Materials (Listed)) | 43.6% | 43.6% | 17,846 | -364 | -1.14 | 18,589 | 199 | 0.62 | -743 | -4% | -564 | -283% | -1.76 |
Outlook & Strategy
2026年 第一季 展望 (2026 Q1 Outlook)
全球景氣穩中有變 (Global Economic Stability with Changes)
- 2026年首季景氣持穩,戰爭與地緣政治增添變數。 (The economy is stable in Q1 2026, with wars and geopolitical issues adding variables.)
- 記憶體缺貨,影響資通訊產業需求; 醫療產業穩健成長; 邊緣運算需求強勁; 網通市場回溫。 (Memory shortages affect demand in the ICT industry; medical industry shows steady growth; strong demand for edge computing; network communications market is recovering.)
佈局中長期成長動能 (Layout for Mid-to-Long-Term Growth Momentum)
- IT事業 (IT Business): 因受企業IT設備資本支出仍優先配置於伺服器與PC, 商用顯示器需求保守,家用市場需求持平,整體銷量可望持平。 (Due to enterprise IT capital expenditure prioritizing servers and PCs, commercial display demand is conservative, and household market demand is flat, overall sales are expected to remain flat.)
- 高附加價值事業 (High Value-added Business):
- 醫療事業 (Medical Business): 明基醫院強化專科實力,南京院區建置頂尖腫瘤中心; 蘇州院區擴增500床婦幼中心,預計2028年初營運。 (BenQ Hospital strengthens its specialized capabilities, with a top-tier oncology center established in Nanjing; Suzhou campus expands to 500 beds for women and children, expected to operate in early 2028.)
- 智能方案 (Smart Solutions): 聚焦算力, 軟體與服務以及智動化核心事業發展,持續投入AI Server與散熱技術。 (Focus on computing power, software and services, and the development of intelligent automation core businesses, continuously investing in AI servers and cooling technology.)
- 網通事業 (Network Communications): 1.6T水冷式交換器將於Q1正式送樣,最快下半年貢獻營收。 (1.6T liquid-cooled switches will be officially sampled in Q1, contributing revenue as early as H2.)
2026年 事業群策略方向 (2026 Business Group Strategic Directions)
IT事業群 (IT Business Group)
- 憑藉於高階顯示器領域技術領先及多地生產領先優勢,全面提升市場銷售市占率 (Leverage technological leadership in high-end displays and multi-location production advantages to comprehensively increase market share.)
- 推動利基型工業顯示器系統之發展 (Promote the development of niche industrial display systems.)
- 發展先進顯示新事業(dvLED、車用照明) (Develop new advanced display businesses (dvLED, automotive lighting).)
- 佈局AI應用新事業 (AI Surveillance、機器視覺) (Layout new AI application businesses (AI Surveillance, Machine Vision).)
醫療事業群 (Medical Business Group)
- 擴大醫療零售通路業務 (Expand medical retail channel business.)
- 提升血液透析市佔 (Increase market share in hemodialysis.)
- 擴展醫療服務業務 (Expand medical service business.)
- 發展AI與創新產品,開拓國際市場 (Develop AI and innovative products, explore international markets.)
網通事業群 (Network Communications Business Group)
- 持續開發 Data Center/ AI Data Center 市場 (Continuously develop Data Center/AI Data Center markets.)
- 新興市場成長 (Growth in emerging markets.)
- 擴大自有品牌電信市場 (Expand own-brand telecom market.)
- 交換器水冷系統設計發展 (Develop liquid-cooled switch system designs.)
智能方案事業群 (Smart Solutions Business Group)
- Device/Solution/Service AIoT全面解決方案,提供End-to-End 新智能服務 (Provide end-to-end new smart services with comprehensive Device/Solution/Service AIoT solutions.)
- 提升高算力產品比例 (Increase the proportion of high-computing power products.)
- 開拓美日等大市場 (Expand into major markets like the US and Japan.)
- 區域子公司事業整合 (Integrate regional subsidiary businesses.)
- 整合大艦隊公司線上線下行銷 (Integrate online and offline marketing for the "Grand Fleet" companies.)
Additional Data
2025年營收 (2025 Revenue)
NTD$ 2,079億 (USD$ 6.7B)
2024年營收 (2024 Revenue)
NTD$ 2,017億 (USD$ 6.3B)
地區別營收分布 (2025年): (Regional Revenue Distribution (2025):)
- 亞洲 (Asia) 52%
- 美洲 (Americas) 30%
- 歐洲 (Europe) 17%
- 其他 (Other) 1%
Q&A
(This section is for questions and answers during the presentation.)