均華精密 (6640) 2026Q1 法說會簡報
Company Overview
- 公司名稱: 均華精密 (Gallant Micro Machining Co., Ltd.)
- 股票代號: GMM 6640
- 活動名稱: 2026年元大第一季投資論壇 (Investor's meeting 20260303)
- 核心主題: 先進封裝製程設備技術合作團隊 (Advanced Packaging Process Equipment Technology Cooperation Team)
- 日期: 2026年3月3日
Disclaimer
This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "plan", "forecast", "project", "predict", "potential", "continue", "may", "should", "will", and "would" or similar words.
You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements.
The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance.
The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.
This presentation and the information contained herein are the property of Gallant Micro. Machining Co., Ltd.
Financial Highlights
營運成果 (Operating Results) - 年度數據 (Unit: NT$ thousand)
| Year | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Revenue-Consolidated | 2,690,692 | 2,441,879 | 1,187,852 | 1,482,663 | 1,482,315 | 877,331 |
| COGS | 1,639,131 | 1,518,370 | 776,443 | 886,296 | 978,554 | 616,444 |
| COGS % | 60.9% | 62.2% | 65.4% | 59.8% | 66.0% | 70.3% |
| Gross Margin | 1,051,551 | 923,509 | 411,409 | 596,367 | 503,761 | 200,927 |
| Gross Margin % | 39.1% | 37.8% | 34.6% | 40.2% | 34.0% | 20.7% |
| Operating Expense | 647,372 | 481,719 | 292,573 | 350,316 | 342,765 | 376,682 |
| Operating Expense % | 24.1% | 19.7% | 24.6% | 23.6% | 23.1% | 31.5% |
| Operating Income | 404,189 | 441,799 | 118,836 | 246,051 | 160,996 | -15,755 |
| Operating Income % | 15.0% | 18.1% | 10.0% | 16.6% | 10.9% | -1.8% |
| Net Income before tax | 417,281 | 520,335 | 118,350 | 298,745 | 200,128 | 58,433 |
| Net Income before tax % | 15.5% | 21.3% | 10.0% | 20.1% | 13.5% | 6.7% |
| Net Income after tax | 357,904 | 412,772 | 100,857 | 229,720 | 157,506 | 44,522 |
| Net Income after tax % | 13.3% | 16.9% | 8.5% | 15.5% | 10.6% | 5.1% |
| ROE | 17.33% | 27.31% | 8.06% | 20.81% | 16.06% | 4.76% |
| EPS (NT$/after tax) | $12.75 | $14.62 | $3.57 | $8.33 | $5.84 | $1.57 |
| 負債比 Debt Ratio | 52.46% | 55.42% | 61.26% | 54.09% | 59.36% | 51.09% |
營運成果 (Operating Results) - 季度與年度比較 (Unit: NT$ thousand)
2025Q4 vs 2024Q4
| Year | 2025Q4 | 2024Q4 | YoY |
|---|---|---|---|
| Revenue-Consolidated | 674,520 | 426,383 | 58% |
| Gross Margin | 258,589 | 149,649 | 73% |
| Gross Margin % | 30.47% | 35.10% | -5% |
| Operating Expense | 164,146 | 51,696 | 218% |
| Operating Expense % | 19.34% | 12.12% | 7% |
| Operating Income | 94,443 | 97,953 | -4% |
| Operating Income % | 11.13% | 22.97% | -12% |
| Net Income before tax | 112,500 | 109,488 | 3% |
| Net Income after tax | 94,687 | 87,426 | 8% |
| Net Income after tax % | 11.16% | 20.50% | -9% |
| EPS (NT$/after tax) | 3.35 | 3.12 | 7% |
2025 vs 2024
| Year | 2025 | 2024 | YoY |
|---|---|---|---|
| Revenue-Consolidated | 2,690,692 | 2,441,879 | 10% |
| Gross Margin | 1,051,561 | 923,560 | 14% |
| Gross Margin % | 39.08% | 37.82% | 1% |
| Operating Expense | 647,372 | 481,719 | 34% |
| Operating Expense % | 24.06% | 19.73% | 4% |
| Operating Income | 404,189 | 441,790 | -9% |
| Operating Income % | 15.02% | 18.09% | -3% |
| Net Income before tax | 417,281 | 520,335 | -20% |
| Net Income after tax | 357,904 | 412,772 | -13% |
| Net Income after tax % | 13.30% | 16.90% | -4% |
| EPS (NT$/after tax) | 12.75 | 14.62 | -13% |
Recent Performance and Results
- 2025 2次月營收創新高 (2025 February Revenue Reaches New High)
- 2025年2月營收: NT$ 394,121 thousand
- 2025年1月營收: NT$ 339,669 thousand
- 營運成果 (Operating Results) - 月度與累計數據 (Unit: NT$ thousand)
- 中華民國114年 (2025年) | 年月 | 當月營收 | 去年同月營收 | 去年同月增減(%) | 當月累計營收 | 去年累計營收 | 前期比較增減(%) | | :--- | :------- | :----------- | :-------------- | :----------- | :----------- | :-------------- | | 114 12 | 314,084 | 231,531 | 35.66% | 2,690,692 | 2,441,879 | 10.19% | | 114 11 | 210,244 | 302,487 | -30.49% | 2,376,608 | 2,210,347 | 7.52% | | 114 10 | 150,192 | 315,452 | -52.39% | 2,166,364 | 1,907,860 | 13.55% | | 114 9 | 266,377 | 136,660 | 94.92% | 2,016,172 | 1,592,428 | 26.61% | | 114 8 | 394,121 | 169,096 | 133.08% | 1,749,795 | 1,455,768 | 20.20% | | 114 7 | 188,229 | 168,288 | 11.85% | 1,355,674 | 1,286,672 | 5.36% | | 114 6 | 339,669 | 122,274 | 177.79% | 1,167,445 | 1,118,384 | 4.39% | | 114 5 | 259,899 | 140,302 | 85.24% | 827,776 | 996,110 | -16.90% | | 114 4 | 137,661 | 160,492 | -14.23% | 567,881 | 855,808 | -33.64% | | 114 3 | 85,566 | 224,805 | -61.94% | 430,220 | 695,516 | -38.13% | | 114 2 | 197,396 | 138,920 | 42.09% | 344,654 | 470,511 | -26.75% | | 114 1 | 147,258 | 331,591 | -55.59% | 147,258 | 331,591 | -55.59% |
Business Segments
核心轉型: 先進封裝營收佔比 (Core Transformation: Advanced Packaging Revenue Share)
- 先進封裝製程設備營收占比持續創高 (Advanced packaging process equipment revenue share continues to reach new highs)
- 2020年: 45%
- 2021年: 51%
- 2022年: 57%
- 2023年: 59%
- 2024年: 75%
- 2025年: 90%
歷年Bonder營收占比成長 (Annual Bonder Revenue Share Growth)
- 2022: 6%
- 2023: 9%
- 2024: 14%
- 2025: 22%
Products & Technologies
核心技術整合 (Core Technology Integration)
- 核心能力:
- 關聯製程設備與模組 (Associated process equipment and modules)
- 超過25年的取放技術傳承 (Over 25 years of pick-and-place technology heritage)
- 仍有廣大的未開發市場待開發 (Still a vast undeveloped market to be explored)
- 主要產品/技術領域:
- Bonder
- Sorter
- AOI Empowering
- Chip Sorter
- AOI EFEM AI
- Die Bonder
AI 分選機: 篩選良率晶粒 (AI Sorter: Screening Good Yield Dies)
- 主要功能: 多重分類功能 (Multiple Classification Function)
- 製程流程:
- Wafer Input (晶圓輸入)
- AI 檢測 (AI Inspection)
- 分類至不同 Bin (Bin A, Bin B, Bin C, Bin D)
- 輸出為不同配置的 HBM (High Bandwidth Memory) 堆疊與 I/O 晶粒。
- 關鍵元件/術語: Wafer, AI Inspection, Bin A, Bin B, Bin C, Bin D, HBM, I/O.
Advanced Packaging 發展主軸 (Advanced Packaging Development Main Axis)
- 兩大主軸: Multi Bin, Multi Die Size
- Google TPU 預期示意圖 (Google TPU Expected Diagram):
- 產品世代: v5e, v6e "Trillium", v8ax "Zebrafish", v5p, v7x "honwood", v8x "Sunfish", v8ax "Zebrafish" CoWoS-S, v9ax "Humufish"
- 關鍵元件: TPU, HBMx (HBM3, HBM3x, HBM4, HBM4e, HBM2x, HBM1e, HBM10), I/O, Compute Die (N3P), Memory I/O, I/O Die.
- 封裝技術: CoWoS-S, TSMC SoIC, CoWoS-L, Intel Foveros, EMIB.
- 晶片來源: Google in-house, MediaTek.
- Rubin/Rubin Ultra 設計預期 (Rubin/Rubin Ultra Design Expectation):
- 產品系列: Rubin, Rubin Ultra
- 關鍵元件: HBM4, HBM4e, Rubin, I/O, A10, XCD.
Outlook & Strategy
台積電 CoWoS 擴產預估 (TSMC CoWoS Expansion Forecast)
- 按年度擴產預估 (Annual Expansion Forecast): (單位: 千片/每月)
- 2023: 129 (Growth rate: 132.6%)
- 2024: 300 (Growth rate: 132.6%)
- 2025: 675 (Growth rate: 125.0%)
- 2026: 1,170 (Growth rate: 73.3%)
- 2027: 1,860 (Growth rate: 59.0%)
- 按季度擴產預估 (Quarterly Expansion Forecast): (單位: 千片/每月)
- 從 2023年第一季的 10 千片/每月 穩步增長至 2027年第四季的 170 千片/每月。
- 季度數據點: 10, 10, 11, 12, 15, 20, 30, 35, 45, 50, 60, 70, 80, 90, 100, 120, 140, 150, 160, 170。
- 資料來源: 富邦研究 (Fubon Research)
戰略基地: 台積電 CoWoS 擴產計畫地圖 (Strategic Bases: TSMC CoWoS Expansion Plan Map)
- 現有及規劃中的CoWoS相關設施:
- AP1: Hsinchu (新竹), R&D (研發)
- AP3: Taoyuan (桃園), CoW/InFO
- AP5: Taichung (台中), InFO_OS/CoWoS
- AP6: Miaoli (苗栗), for CoWoS/SoIC
- AP2: Tainan (台南), Bumping
- AP8: Tainan (台南), CoWoS/SoIC/CPO/FoPLP; 2026/2027 expansion
- (New) Chiayi (嘉義): WMCM/CoWoS/SoIC/CoPoS; 2027/2028 expansion
- (New) Arizona (美國亞利桑那州): SoIC/CoPoS; 2028 or later expansion
- 關鍵術語: CoWoS, InFO, SoIC, CoPoS, CPO, FoPLP, WMCM, Bumping, R&D.
晶圓廠與封裝廠先進封裝製程發展加速 (Wafer Fab and Packaging Plant Advanced Packaging Process Development Acceleration)
- CoWoS Supply Capacity Breakdown (By Year End): (單位: kwpm - 千片/每月)
- | Year | TSMC | Non-TSMC (Amkor/UMC/ASE) | Total | | :---- | :--- | :----------------------- | :---- | | 2022 | 10 | 2 | 12 | | 2023 | 13 | 5 | 18 | | 2024 | 32 | 6 | 38 | | 2025 | 70 | 23 | 93 | | 2026e | 125 | 50 | 175 |
- CoWoS Capacity detailed breakdown by suppliers: (單位: kwpm - 千片/每月)
- | Year | TSMC CoWoS-S | TSMC CoWoS-L | TSMC CoWoS-R | Non-TSMC CoWoS-S | Non-TSMC CoWoS-L | Non-TSMC CoWoS-R | | :---- | :----------- | :----------- | :----------- | :--------------- | :--------------- | :--------------- | | 2023 | ~5 | 5 | 10 | 0 | 0 | 0 | | 2024 | 6 | 6 | 23 | 0 | 0 | 0 | | 2025 | 9 | 14 | 40 | 10 | 0 | 20 | | 2026e | 25 | 5 | 80 | 20 | 0 | 20 |
- 資料來源: Morgan Stanley Research (e) estimates