REALTEK (瑞昱半導體) 2025年第四季 法說會簡報
Company Overview
公司名稱: REALTEK (瑞昱半導體) 簡報主題: Realtek AI: Changing the Future (Realtek AI: 改變未來)
Financial Highlights
2025年第四季 (4Q25) 財務重點
- 淨銷售額 (Net Sales): 26,278 百萬新台幣 (NT$ mn)
- 季環比 (QoQ): -10.9%
- 年同比 (YoY): -0.3%
- 毛利率 (Gross Margin): 48.1%
- 季環比 (QoQ): -1.6 個百分點 (ppt)
- 年同比 (YoY): -0.3 個百分點 (ppt)
- 營業費用 (Operating Expenses): 10,301 百萬新台幣 (NT$ mn)
- 季環比 (QoQ): -10.7%
- 年同比 (YoY): +4.5%
- 營業利益 (Operating Income): 2,335 百萬新台幣 (NT$ mn)
- 營業利益率 (Operating Margin): 8.9%
- 季環比 (QoQ): -1.7 個百分點 (ppt)
- 年同比 (YoY): -2.0 個百分點 (ppt)
- 本期淨利 (Net Income): 2,654 百萬新台幣 (NT$ mn)
- 淨利率 (Net Profit Margin): 10.1%
- 季環比 (QoQ): -1.5 個百分點 (ppt)
- 年同比 (YoY): -2.8 個百分點 (ppt)
- 每股盈餘 (EPS): 5.17 新台幣 (NT$)
- 季環比 (QoQ): -$1.52
- 年同比 (YoY): -$1.46
2025年全年 (Full Year 2025) 財務重點
- 淨銷售額 (Net Sales): 122,706 百萬新台幣 (NT$ mn)
- 年同比 (YoY): +8.2%
- 毛利率 (Gross Margin): 50.0%
- 年同比 (YoY): -0.4 個百分點 (ppt)
- 營業費用 (Operating Expenses): 47,014 百萬新台幣 (NT$ mn)
- 年同比 (YoY): +7.7%
- 營業利益 (Operating Income): 14,360 百萬新台幣 (NT$ mn)
- 營業利益率 (Operating Margin): 11.7%
- 年同比 (YoY): -0.2 個百分點 (ppt)
- 本期淨利 (Net Income): 14,753 百萬新台幣 (NT$ mn)
- 淨利率 (Net Profit Margin): 12.0%
- 年同比 (YoY): -1.5 個百分點 (ppt)
- 每股盈餘 (EPS): 28.77 新台幣 (NT$)
- 年同比 (YoY): -$1.05
Products & Technologies
- Realtek AI: Changing the Future (Realtek AI: 改變未來) - 提及AI為公司未來發展方向。
Recent Performance and Results
4Q25 合併損益表 (查核數) (Consolidated Income Statement, Audited)
(單位: 新台幣百萬元, NT$ Millions)
| 項目 (Item) | 4Q25 金額 (Amount) | 4Q25 % | 3Q25 金額 (Amount) | 3Q25 % | QoQ % | 4Q24 金額 (Amount) | 4Q24 % | YoY % |
|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 (Net Sales) | 26,278 | 100% | 29,491 | 100% | (10.9%) | 26,345 | 100% | (0.3%) |
| 營業毛利 (Gross Profit) | 12,635 | 48.1% | 14,652 | 49.7% | (13.8%) | 12,737 | 48.3% | (0.8%) |
| 推銷費用 (Selling Expenses) | (1,233) | (4.7%) | (1,435) | (4.9%) | (14.0%) | (977) | (3.7%) | 26.2% |
| 管理及總務費用 (Administration Expenses) | (1,373) | (5.2%) | (1,460) | (4.9%) | (5.9%) | (1,419) | (5.4%) | (3.3%) |
| 研究發展費用 (R&D Expenses) | (7,694) | (29.3%) | (8,644) | (29.3%) | (11.0%) | (7,461) | (28.3%) | 3.1% |
| 營業費用合計 (Operating Expenses) | (10,301) | (39.2%) | (11,538) | (39.1%) | (10.7%) | (9,858) | (37.4%) | 4.5% |
| 營業利益 (Operating Income) | 2,335 | 8.9% | 3,113 | 10.6% | (25.0%) | 2,879 | 10.9% | (18.9%) |
| 營業外收入及支出 (Net Non-Operating Income) | 651 | 2.5% | 932 | 3.2% | (30.1%) | 762 | 2.9% | (14.6%) |
| 本期淨利 (Net Income) | 2,654 | 10.1% | 3,429 | 11.6% | (22.6%) | 3,400 | 12.9% | (22.0%) |
| 每股盈餘 (元) (EPS (NT$)) | $ 5.17 | $ 6.69 | $ 6.63 | |||||
| 註: 數字加總不等,因四捨五入造成 (Note: Sums may not equal totals due to rounding.) |
2025年合併損益表 (查核數) (Consolidated Income Statement, Audited)
(單位: 新台幣百萬元, NT$ Millions)
| 項目 (Item) | 2025 金額 (Amount) | 2025 % | 2024 金額 (Amount) | 2024 % | YoY % |
|---|---|---|---|---|---|
| 營業收入淨額 (Net Sales) | 122,706 | 100% | 113,394 | 100% | 8.2% |
| 營業毛利 (Gross Profit) | 61,374 | 50.0% | 57,162 | 50.4% | 7.4% |
| 推銷費用 (Selling Expenses) | (5,984) | (4.9%) | (4,793) | (4.2%) | 24.8% |
| 管理及總務費用 (Administration Expenses) | (5,905) | (4.8%) | (5,324) | (4.7%) | 10.9% |
| 研究發展費用 (R&D Expenses) | (35,125) | (28.6%) | (33,544) | (29.6%) | 4.7% |
| 營業費用合計 (Operating Expenses) | (47,014) | (38.3%) | (43,660) | (38.5%) | 7.7% |
| 營業利益 (Operating Income) | 14,360 | 11.7% | 13,502 | 11.9% | 6.4% |
| 營業外收入及支出 (Net Non-Operating Income) | 2,901 | 2.4% | 2,840 | 2.5% | 2.1% |
| 本期淨利 (Net Income) | 14,753 | 12.0% | 15,292 | 13.5% | (3.5%) |
| 每股盈餘 (元) (EPS (NT$)) | $ 28.77 | $ 29.82 | |||
| 註: 數字加總不等,因四捨五入造成 (Note: Sums may not equal totals due to rounding.) |
4Q25 合併資產負債表 (查核數) (Consolidated Balance Sheet, Audited)
(單位: 新台幣百萬元, NT$ Millions)
| 項目 (Item) | 4Q25 金額 (Amount) | 3Q25 金額 (Amount) | 4Q24 金額 (Amount) |
|---|---|---|---|
| 現金及金融資產-流動 (Cash and financial Assets-current) | 61,376 | 61,702 | 55,099 |
| 應收帳款淨額 (Accounts Receivable) | 15,011 | 18,322 | 14,946 |
| 存貨淨額 (Inventories) | 19,561 | 16,871 | 13,506 |
| 其他流動資產 (Other Current Assets) | 1,409 | 1,513 | 1,106 |
| 基金與投資 (Funds and Investments) | 14,175 | 13,484 | 12,529 |
| 固定資產 (Fixed assets) | 10,632 | 10,101 | 9,641 |
| 無形資產 (Intangible assets) | 3,475 | 3,754 | 2,659 |
| 其他非流動資產 (Other non-current assets) | 4,264 | 4,153 | 4,409 |
| 資產總計 (Total Assets) | 129,903 | 129,901 | 113,897 |
| 短期借款 (Short-term borrowings) | 10,090 | 0 | 4,500 |
| 應付帳款 (Accounts payable) | 11,738 | 11,977 | 9,584 |
| 其他流動負債 (Other current liabilities) | 52,928 | 67,661 | 43,877 |
| 非流動負債 (Non-current liabilities) | 2,935 | 2,811 | 2,978 |
| 股東權益 (Total Equities) | 52,212 | 47,451 | 52,957 |
| 負債及股東權益總計 (Total Liabilities and Equity) | 129,903 | 129,901 | 113,897 |
| 註: 數字加總不等,因四捨五入造成 (Note: Sums may not equal totals due to rounding.) |
4Q25 合併現金流量表 (查核數) (Consolidated Cash Flow Statement, Audited)
(單位: 新台幣百萬元, NT$ Millions)
| 項目 (Item) | 4Q25 金額 (Amount) | 3Q25 金額 (Amount) | 4Q24 金額 (Amount) |
|---|---|---|---|
| 營業活動之淨現金流入(出) (Cash flows from operating activities) | 1,972 | 6,951 | 6,316 |
| 投資活動之淨現金流入(出) (Cash flows from investing activities) | (2,397) | 2,283 | 571 |
| 籌資活動之淨現金流入(出) (Cash flows from financing activities) | (3,021) | (2,962) | (11,865) |
| 當期淨現金流入(出) (Net increase (decrease) in cash) | (3,446) | 6,271 | (4,978) |
| 註: 數字加總不等,因四捨五入造成 (Note: Sums may not equal totals due to rounding.) |
Strategic Initiatives
- Realtek AI: Changing the Future (Realtek AI: 改變未來) - 這是公司在簡報封面和結尾頁強調的戰略方向，表明公司將AI視為未來發展的核心。