達方電子股份有限公司 2025年第4季法人說明會
Company Overview
公司名稱: 達方電子股份有限公司 (DARFON) 法人說明會日期: 2026年03月04日 官方網站: www.darfon.com 投資人聯絡方式: Investor@darfon.com
Financial Highlights
2025年第4季合併損益表
單位: 新台幣佰萬元 (基本每股盈餘單位: 新台幣元)
| 項目 | 4Q25 | 3Q25 | QoQ% | 4Q24 | YoY% | 2025 | 2024 | YoY% |
|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 | 6,185 | 6,503 | -4.9% | 6,040 | 2.4% | 25,074 | 21,700 | 15.5% |
| 營業毛利 | 968 | 920 | 5.3% | 1,070 | -9.6% | 3,978 | 3,986 | -0.2% |
| 營業費用 | (939) | (1,178) | 20.2% | (1,045) | 10.1% | (4,048) | (3,412) | -18.6% |
| 營業淨利 | 29 | (258) | 111.1% | 25 | 14.6% | (70) | 573 | -112.2% |
| 營業外淨損益 | 16 | 80 | -79.8% | 61 | -73.6% | 23 | 168 | -86.4% |
| 稅前淨利 | 45 | (178) | 125.2% | 86 | -48.0% | (47) | 742 | -106.4% |
| 歸屬予: 母公司股東 | 13 | 8 | 62.7% | 113 | -88.3% | 142 | 619 | -77.1% |
| 基本每股盈餘 | 0.05 | 0.03 | 0.40 | 0.51 | 2.22 |
說明:
- 季度營收表現穩健,毛利率與營業利益率均呈現回升態勢。
- 年度營收年增15.5%;儘管受一次性費用影響,歸屬母公司淨利仍維持獲利。
營收與獲利率
季度營收 (新台幣 百萬):
- 1Q24: 5,111
- 2Q24: 5,198
- 3Q24: 5,351
- 4Q24: 6,040
- 1Q25: 5,483
- 2Q25: 6,903
- 3Q25: 6,503
- 4Q25: 6,185
營收年增率 (Rev. YoY%):
- 1Q24: 4.1%
- 2Q24: 3.7%
- 3Q24: 2.8%
- 4Q24: 0.4%
- 1Q25: 0.6%
- 2Q25: 1.8%
- 3Q25: -4.0%
- 4Q25: 0.5%
獲利率%:
- 毛利率 (Gross margin):
- 1Q24: 19.1%
- 2Q24: 18.6%
- 3Q24: 18.2%
- 4Q24: 17.7%
- 1Q25: 17.8%
- 2Q25: 16.1%
- 3Q25: 14.1%
- 4Q25: 15.7%
- 營業利益率 (Operating margin):
- 1Q24: 4.1%
- 2Q24: 3.7%
- 3Q24: 2.8%
- 4Q24: 0.4%
- 1Q25: 0.6%
- 2Q25: 1.8%
- 3Q25: -4.0%
- 4Q25: 0.5%
2025年第4季合併資產負債表
單位: 新台幣佰萬元
| 資產負債表重要項目 | 4Q25 | 3Q25 | 4Q24 |
|---|---|---|---|
| 現金及有價證券 | 6,468 | 6,654 | 6,418 |
| 應收帳款 | 6,297 | 6,388 | 6,718 |
| 存貨 | 6,037 | 5,883 | 6,321 |
| 流動資產 | 20,634 | 20,749 | 20,895 |
| 固定資產淨額 | 8,430 | 8,222 | 8,745 |
| 資產總計 | 33,086 | 33,349 | 34,235 |
| 短期借款 | 5,613 | 5,330 | 4,951 |
| 應付票據及帳款 | 5,130 | 5,391 | 4,785 |
| 流動負債合計 | 15,022 | 15,242 | 14,929 |
| 長期借款 | 4,887 | 4,790 | 4,224 |
| 負債合計 | 20,360 | 20,526 | 19,771 |
| 股東權益合計 | 12,727 | 12,823 | 14,464 |
| 每股淨值(NT$) | 36.1 | 36.3 | 40.8 |
說明:
- 現金部位穩健,具備充裕的財務流動性,並維持嚴謹的資本運用紀律。
- 積極控管營運資金,存貨水位較去年同期已獲優化。
2025年合併現金流量表
單位: 新台幣佰萬元
| 現金流量表重要項目 | 2025 | 2024 | Change |
|---|---|---|---|
| 營業活動之現金流量 | 1,000 | 2,589 | (1,590) |
| 合併稅後淨利 | (148) | 518 | (666) |
| 折舊費用&各項攤提 | 1,298 | 1,304 | (5) |
| 營業資產及負債之淨變動 | 899 | 1,553 | (654) |
| 投資活動之現金流量 | (733) | (735) | 2 |
| 資本支出 | (981) | (903) | (78) |
| 融資活動之現金流量 | 533 | (2,159) | 2,692 |
| 借款淨變動數 | 1,336 | (445) | 1,781 |
| 發放現金股利 | (637) | (1,385) | 748 |
| 本期現金及約當現金增加(減少)數 | 717 | 17 | 700 |
| 自由現金流量 | 19 | 1,687 | (1,668) |
註: 自由現金流量= 營運活動之現金流入– 資本支出
說明:
- 現金淨額增加,反映本期有效的流動性管理。
- 紀律性的資本支出策略,確保了自由現金流量維持在健全水位。
重要財務指標
| 項目 | 4Q25 | 3Q25 | QoQ | 4Q24 | YoY | 2025 | 2024 | YoY |
|---|---|---|---|---|---|---|---|---|
| 負債比率 | 62% | 62% | (0.0) bps | 58% | 3.8 bps | 62% | 58% | 3.8 bps |
| *負債比率 | 52% | 52% | 0.2 bps | 48% | 4.2 bps | 52% | 48% | 4.2 bps |
| 淨金融負債/股東權益 | 32% | 27% | 4.7 bps | 19% | 12.6 bps | 32% | 19% | 12.6 bps |
| 流動比率 | 137.4 | 136.1 | 1.2 bps | 140.0 | (2.6) bps | 137.4 | 140.0 | (2.6) bps |
| 現金轉換週期 (days) | 106 | 107 | (1) days | 126 | (20) days | 116 | 155 | (39) days |
| ROA | 0.2% | -0.9% | 1.4% | 0.2% | 2.1% | |||
| ROE | -1.3% | -4.3% | 1.6% | -1.1% | 3.4% |
說明:
- 控管負債比率,以有效規避財務風險。
- 保持優異的流動比率,強化資金韌性。
- 持續提升現金週轉週期(CCC)的管理表現。
註:
- *負債比率=(總負債- 現金及有價證券)/(總資產- 現金及有價證券)
- 淨金融負債對股東權益比率=(短期借款 + 長期借款 - 現金及有價證券)/股東權益
Business Segments
產品組合
季度產品組合 (1Q24 - 4Q25):
- IT PERIPHERALS: 52% (1Q24), 59% (2Q24), 64% (3Q24), 55% (4Q24), 51% (1Q25), 47% (2Q25), 50% (3Q25), 51% (4Q25)
- GREEN ENERGY: 35% (1Q24), 27% (2Q24), 23% (3Q24), 35% (4Q24), 36% (1Q25), 42% (2Q25), 38% (3Q25), 38% (4Q25)
- INTEGRATED COMPONENTS: 13% (1Q24), 14% (2Q24), 10% (3Q24), 10% (4Q24), 13% (1Q25), 11% (2Q25), 12% (3Q25), 11% (4Q25)
年度產品組合 (2023 - 2025):
- IT PERIPHERALS: 46% (2023), 58% (2024), 50% (2025)
- GREEN ENERGY: 43% (2023), 30% (2024), 39% (2025)
- INTEGRATED COMPONENTS: 11% (2023), 12% (2024), 11% (2025)
Products & Technologies
- IT PERIPHERALS (IT週邊產品): 筆記型 & 桌上型電腦鍵盤、可攜式鍵盤、IT週邊產品、電競相關產品等
- GREEN ENERGY (綠能產品): 電源模組、電池模組、Bike/E-Bike車架、Bike/E-Bike組裝、混和型逆變器及儲能系統等
- INTEGRATED COMPONENTS (整合元件): 積層陶瓷電容器(MLCC)、線圈式電感(Coil Inductor)、天線元件/模組、壓電陶瓷元件與保護元件等
Outlook & Strategy
業績展望
(此簡報僅提供標題，無具體內容)
Additional Data
Safe Harbor Notice
We have made forward-looking statements in the presentation. Our forward-looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties, and assumptions about us.
We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.