群光電子股份有限公司 2026Q1 法說會簡報
Company Overview
- 公司名稱: 群光電子股份有限公司 (Chicony)
- 活動名稱: 4Q25財報會議
- 日期: 2026年3月10日
- 認證/會員: CLIMATE GROUP RE100
Financial Highlights
免責聲明 (Disclaimer)
- Chicony's statement of its current expectations are forward-looking statements which are subject to significant risks and uncertainties.
- Actual results may differ materially from those contained in any forward-looking statements.
2025年第四季合併損益表 (Consolidated Income Statement - 4Q 2025)
| NT$ Million | 4Q25 (Reported) | % (Reported) | 4Q25 (One-time capacity consolidation expense excluded) | % (One-time capacity consolidation expense excluded) | 3Q 2025 | % (3Q 2025) | QoQ % | QoQ % (One-time capacity consolidation expense excluded) | 4Q 2024 | % (4Q 2024) | YoY % | YoY % (One-time capacity consolidation expense excluded) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 23,077 | 100.0 | 23,077 | 100.0 | 24,808 | 100.0 | -7.0 | -7.0 | 26,237 | 100.0 | -12.0 | -12.0 |
| COGS | (19,210) | (83.2) | (19,210) | (83.2) | (20,081) | (80.9) | (21,117) | (80.5) | ||||
| Gross Profit | 3,867 | 16.8 | 3,867 | 16.8 | 4,727 | 19.1 | -18.2 | -18.2 | 5,120 | 19.5 | -24.5 | -24.5 |
| Operating Expense | (2,316) | (10.0) | (1,919) | (8.3) | (2,369) | (9.6) | (2,625) | (10.0) | ||||
| Operating Profit | 1,551 | 6.7 | 1,948 | 8.4 | 2,358 | 9.5 | -34.2 | -17.4 | 2,495 | 9.5 | -37.8 | -21.9 |
| Non-Operating Income¹ | (380) | (1.6) | (336) | (1.5) | 426 | 1.7 | -178.8 | 1,061 | 4.0 | -135.8 | -131.7 | |
| Profit Before Tax | 1,172 | 5.1 | 1,613 | 7.0 | 2,784 | 11.2 | -57.9 | -42.1 | 3,555 | 13.6 | -67.0 | -54.6 |
| Tax | (177) | (0.8) | (288) | (1.2) | (286) | (1.2) | (700) | (2.7) | ||||
| Net Income | 754 | 3.3 | 1,085 | 4.7 | 2,086 | 8.4 | -63.9 | -48.0 | 2,416 | 9.2 | -68.8 | -55.1 |
| After Tax EPS | 1.04 | 1.50 | 2.87 | -63.8 | -47.9 | 3.32 | -68.7 | -54.9 |
Profit Margins
| 4Q25 (Reported) | 4Q25 (One-time capacity consolidation expense excluded) | 3Q 2025 | 4Q 2024 | YoY% (Reported) | YoY% (One-time capacity consolidation expense excluded) | |
|---|---|---|---|---|---|---|
| GPM | 16.8% | 16.8% | 19.1% | 19.5% | -2.7ppt | -2.7ppt |
| OPM | 6.7% | 8.4% | 9.5% | 9.5% | -2.8ppt | -1.1ppt |
| NPM | 3.3% | 4.7% | 8.4% | 9.2% | -5.9ppt | -4.5ppt |
- Note 1: 東莞產能整併產生一次性費用,包含管理費用397M與44M減損損失 (One-time expense for Dongguan capacity consolidation, including management expenses of 397M and impairment loss of 44M).
2025年合併損益表 (Consolidated Income Statement - 2025)
| NT$ Million | 2025 (Reported) | % (Reported) | 2025 (One-time capacity consolidation expense excluded) | % (One-time capacity consolidation expense excluded) | 2024 | % (2024) | YoY % | YoY % (One-time capacity consolidation expense excluded) |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 95,661 | 100.0 | 95,661 | 100.0 | 101,478 | 100.0 | -5.7 | -5.7 |
| COGS | (78,416) | (82.0) | (78,416) | (82.0) | (81,009) | (79.8) | ||
| Gross Profit | 17,244 | 18.0 | 17,244 | 18.0 | 20,470 | 20.2 | -15.8 | -15.8 |
| Operating Expense | (9,273) | (9.7) | (8,876) | (9.3) | (10,157) | (10.0) | ||
| Operating Profit | 7,971 | 8.3 | 8,368 | 8.7 | 10,313 | 10.2 | -22.7 | -18.9 |
| Non-Operating Income¹ | 1,154 | 1.2 | 1,198 | 1.3 | 2,983 | 2.9 | -61.3 | -59.8 |
| Profit Before Tax | 9,125 | 9.5 | 9,566 | 10.0 | 13,296 | 13.1 | -31.4 | -28.1 |
| Tax | (1,470) | (1.5) | (1,580) | (1.7) | (2,592) | (2.6) | ||
| Net Income | 6,585 | 6.9 | 6,916 | 7.2 | 9,045 | 8.9 | -27.2 | -23.5 |
| After Tax EPS | 9.05 | 9.50 | 12.43 | -27.2 | -23.5 |
Profit Margins
| 2025 (Reported) | 2025 (One-time capacity consolidation expense excluded) | 2024 | |
|---|---|---|---|
| GPM | 18.0% | 18.0% | 20.2% |
| OPM | 8.3% | 8.7% | 10.2% |
| NPM | 6.9% | 7.2% | 8.9% |
2025年第四季合併資產負債表 (Consolidated Balance Sheet - 4Q 2025)
- 摘要: 2025年第四季資產負債表維持穩健,淨現金達NT$124億;負債比率維持在48% (4Q 2025 balance sheet remains stable, net cash reached NT$12.4 billion; debt ratio maintained at 48%).
| NT$ Million | 4Q25 | % (4Q25) | 3Q25 | % (3Q25) | 4Q24 | % (4Q24) |
|---|---|---|---|---|---|---|
| Cash & Equivalent | 21,360 | 21.1 | 18,657 | 18.7 | 26,185 | 24.9 |
| Accounts Receivable | 22,128 | 21.9 | 24,390 | 24.4 | 24,574 | 23.3 |
| Inventories | 16,465 | 16.3 | 16,662 | 16.7 | 16,562 | 15.7 |
| Current Assets | 73,394 | 72.7 | 73,122 | 73.1 | 78,817 | 74.8 |
| Total Assets | 100,995 | 100.0 | 100,020 | 100.0 | 105,370 | 100.0 |
| Short Term Debt | 8,702 | 8.6 | 9,270 | 9.3 | 6,251 | 5.9 |
| Current Portion of long-term liabilities | 67 | 0.1 | 64 | 0.1 | 31 | 0.0 |
| Accounts Payable | 21,818 | 21.6 | 23,761 | 23.8 | 23,828 | 22.6 |
| Current Liabilities | 48,019 | 47.5 | 50,561 | 50.6 | 50,293 | 47.7 |
| Long Term Debt | 151 | 0.1 | 159 | 0.2 | 134 | 0.1 |
| Total Liability | 48,709 | 48.2 | 51,362 | 51.4 | 51,160 | 48.6 |
| Equities | 52,286 | 51.8 | 48,657 | 48.6 | 54,210 | 51.4 |
Key Ratios
| 4Q25 | 3Q25 | 4Q24 | |
|---|---|---|---|
| Book Value Per Share | 60.92 | 56.72 | 63.45 |
| Net Cash | 12,439 | 9,165 | 19,769 |
| Current ratio (X) | 1.53 | 1.45 | 1.57 |
| Debt Ratio | 48% | 51% | 49% |
Clients & Markets
- Secure resources for global top tier customers, with a balanced and diversified product portfolio.
ESG / Sustainability
積極推動ESG (Actively Promoting ESG)
永續目標與ESG成果 (Sustainability Goals and ESG Achievements)
-
2030年科學基礎減量目標倡議(SBTi)
- 2022年9月 SBTi 審核通過。
- 目標範疇一、二碳密集度下降56.8%。
- 溫室氣體排放碳密集度由2020年的1.48降低至2025年的1.48,總共下降65%,遠超出原訂目標。
- 目標範疇三碳密集度下降44.2%。
- 溫室氣體排放於2020年至2025年間降低51%。
-
加入RE100
- 我們承諾2030年達到100%使用再生能源。
- 群光2025年使用再生能源已達58%。
-
2050年淨零排放
- 目標於2050年達到溫室氣體淨零排放。
-
上市櫃公司治理評鑑
- 2024年於上市櫃公司治理評鑑中位居前6-20%。
-
職場多元化及平等
- 2025年我們的全球女性員工比例達到59.16%。
- 2025年女性管理人員比例為15.98%。
-
水資源保育
- 總取水量密集度由2021年0.0257下降至2025年的0.019,一共減少26%。
Outlook & Strategy
營運展望 (Operating Outlook)
- 二月份合併營收: 64億 (NT$6.4 billion)。
- 今年累積合併營收: 141億 (NT$14.1 billion)。
2025年獲利維持現金股利發放率80% (2025 Profitability Maintained Cash Dividend Payout Ratio at 80%)
- 股利發放率 (Dividend Payout %):
- 2016: 81%
- 2017: 75%
- 2018: 73%
- 2019: 70%
- 2020: 71%
- 2021: 70%
- 2022: 73%
- 2023: 75%
- 2024: 80%
- 2025: 80%
Additional Data
營收成長趨勢 (Revenue Growth Trend)
- CAGR: +2.4% (2016-2025)
- 年度營收 (NT$ mn):
- 2016: 77,018
- 2017: 78,156
- 2018: 87,260
- 2019: 92,552
- 2020: 95,082
- 2021: 107,474
- 2022: 115,748
- 2023: 98,323
- 2024: 101,478
- 2025: 95,661
- 備註: *Organic Growth
月度合併營收 (Monthly Consolidated Revenue)
| 月份 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 7,518 | 7,291 | 8,473 | 8,025 | 8,124 | 8,346 | 8,041 | 8,483 | 8,284 | 7,432 | 7,735 | 7,910 |
| 2026 | 7,695 | 6,373 |
每股盈餘與股利 (Earnings Per Share & Dividend Per Share)
| 年份 | Earnings Per Share | Dividend Per Share |
|---|---|---|
| 2016 | 5.24 | 4.25 |
| 2017 | 5.92 | 4.45 |
| 2018 | 5.22 | 3.80 |
| 2019 | 8.45 | 5.90 |
| 2020 | 7.80 | 5.50 |
| 2021 | 8.71 | 6.10 |
| 2022 | 10.26 | 7.50 |
| 2023 | 10.35 | 7.80 |
| 2024 | 12.43 | 10.00 |
| 2025 | 9.05 | 7.20 |
結語 (Conclusion)
- Provide Customer Satisfaction | Ensure Welfare of Employees | Create Company Development | Shape Good Human Relations.