興農股份有限公司 (1712) 2026/03/12 法說會簡報
Company Overview
- 公司名稱: 興農股份有限公司 (SINON CORPORATION)
- 股票代碼: 1712
- 成立時間: 西元1955年
- 股票上市時間: 西元1989年12月
- 總部地點: 台中市大肚區
- 公司負責人: 顏子芳
- 資本額: 42億5佰萬
Financial Highlights
合併損益表 (Consolidated Income Statement)
單位: 億元, %
| 項目 (Item) | 2024 | % | 2025 | % | 成長率(%) (Growth Rate (%)) |
|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 189.3 | 100.0% | 186.1 | 100.0% | -1.7% |
| 營業毛利 (Gross Profit) | 55.7 | 29.4% | 56.7 | 30.5% | 2.0% |
| 營業利益 (Operating Income) | 12.9 | 6.8% | 13.0 | 7.0% | 0.4% |
| 稅前淨利 (Profit Before Tax) | 13.5 | 7.1% | 12.7 | 6.8% | -6.0% |
| 稅後淨利 (Net Profit After Tax) | 10.5 | 5.6% | 11.0 | 5.9% | 4.2% |
| 母公司業主淨利 (Net Profit Attributable to Owners of Parent) | 10.49 | 5.5% | 10.94 | 5.9% | 4.2% |
| 基本每股盈餘(元) (Basic EPS (NT$)) | 2.50 | 2.60 |
獲利能力 (Profitability)
- 毛利率 (Gross Profit Margin):
- 2020: 26.9%
- 2021: 28.0%
- 2022: 28.2%
- 2023: 27.2%
- 2024: 29.4%
- 2025: 30.5%
- 營業利益率 (Operating Income Margin):
- 2020: 5.6%
- 2021: 6.1%
- 2022: 8.8%
- 2023: 7.0%
- 2024: 6.8%
- 2025: 7.0%
- 稅後淨利率 (Net Profit After Tax Margin):
- 2020: 4.1%
- 2021: 5.0%
- 2022: 7.2%
- 2023: 5.5%
- 2024: 5.6%
- 2025: 5.9%
負債比 (Debt Ratio)
- 2020: 52.5%
- 2021: 53.1%
- 2022: 47.7%
- 2023: 44.3%
- 2024: 44.7%
- 2025: 43.9%
股利分派 (Dividend Distribution)
| 項目 (Item) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| 營業收入(億元) (Operating Revenue (NT$100 million)) | 174.8 | 186.5 | 230.4 | 191.1 | 189.3 | 186.1 |
| 本期淨利(億元) (Net Profit for the Period (NT$100 million)) (歸屬於本公司業主 (Attributable to Owners of Parent)) | 7.2 | 9.2 | 16.5 | 10.5 | 10.5 | 10.9 |
| 每股盈餘(元) (EPS (NT$)) | 1.70 | 2.19 | 3.92 | 2.50 | 2.50 | 2.60 |
| 每股現金股利(元) (Cash Dividend Per Share (NT$)) | 1.3 | 1.8 | 2.8 | 2.8 | 2.5 | 2.5 |
| 發放比例(%) (Payout Ratio (%)) | 76.5% | 82.2% | 71.4% | 112.0% | 100.0% | 96.2% |
| 年平均股價(元) (Average Annual Stock Price (NT$)) | 19.40 | 23.25 | 34.89 | 37.06 | 42.03 | 42.90 |
| 殖利率(%) (Yield Rate (%)) | 6.7% | 7.7% | 8.0% | 7.6% | 5.9% | 5.8% |
Business Segments
事業發展領域 (Business Development Areas)
- 化學合成 (Chemical Synthesis)
- 與世界大廠合作,精進製程開發技術 (Collaborating with major international manufacturers to refine process development technology)
- 環境永續發展 (Environmental sustainable development)
- 生物科技 (Biotechnology)
- 微生物植保產品 (Microbial plant protection products)
- 友善環境 (Environmentally friendly)
- 植物保護 (Plant Protection)
- 技術指導農友,生產安全農產品 (Providing technical guidance to farmers, producing safe agricultural products)
- 高品質植保產品 (High-quality plant protection products)
- 全球化 (Globalization)
- 食品安全 (Food Safety)
- 種子到餐桌 (From seed to table)
- 安全、健康、優質商品的提供者 (Provider of safe, healthy, and high-quality products)
營業項目佔比 (Revenue Breakdown by Business Segment)
- 2024年營收: 189.3億元
- 植物保護: 58.4%
- 超市百貨: 22.6%
- 家用團膳: 14.1%
- 其他: 4.9%
- 2025年營收: 186.1億元
- 植物保護: 56.5%
- 超市百貨: 22.6%
- 家用團膳: 15.9%
- 其他: 5.0%
地區別銷售佔比 (2025年) (Sales Breakdown by Region (2025))
- 台灣: 62%
- 中國: 10%
- 美洲: 10%
- 歐洲: 8%
- 東北亞: 6%
- 亞洲其他: 4%
Products & Technologies
興農守護食品安全與新鮮美味的承諾 (Sinon's Commitment to Food Safety and Fresh Deliciousness)
- 韌性永續智慧農業 (Resilient Sustainable Smart Agriculture)
- 安心好品質農產品 (Safe, High-Quality Agricultural Products)
- 安全衛生健康食物 (Safe, Hygienic, Healthy Food)
- 從種子到餐桌 (From Seed to Table): 專業證照技術人員及製程安全健康驗證 (Professionally Certified Technical Personnel and Process Safety and Health Verification)
植保事業群 (Plant Protection Business Group)
- 認證: ISO-9001, ISO-14001, ISO-45001
- 專業人員: 植物診療師 (Plant Pathologist), 農藥管理人員 (Pesticide Management Personnel), 農藥代噴技術人員證書 (Pesticide Application Technician Certificate), 農藥代噴技術人員證書之空中施作 (Aerial Pesticide Application Technician Certificate)
玉美生技 (Yumei Biotech)
- 認證: HACCP認證, FSSC-22000, ISO-22000, CAS優良農產品認證, 有機加工分裝、流通認證, 產銷履歷加工分裝、流通認證
- 專業人員: 營養師 (Dietitian), 食品技師 (Food Technologist), 食品衛生管理人員 (Food Hygiene Management Personnel), 食品檢驗人員 (Food Testing Personnel), 食品品保工程師 (Food Quality Assurance Engineer)
- 玉美生技食品部 (Yumei Biotech Food Department):
- 認證: HACCP認證, 產銷履歷分裝、流通認證
- 專業人員: 營養師, 食品技師, 食品衛生管理人員, 食品檢驗人員, 中餐烹飪技術士 (Chinese Cuisine Chef), 食品品保工程師
- 玉美 Yumei Farm 產品與技術:
- 安全用藥技術團隊 (Safe Pesticide Application Technology Team)
- 工廠專業截切、包裝 (Professional factory cutting and packaging)
- 自有農業技術, 自有實驗農場 (Proprietary agricultural technology, proprietary experimental farm)
- 安全農場認證: 日本JGAP認證 (Japan JGAP Certification), 台灣TGAP認證 (Taiwan TGAP Certification)
- 產品: 專業土耕有機貝比生菜、櫻桃蘿蔔 (Professional soil-grown organic baby lettuce, cherry radish) 適合各式料理搭配 (Suitable for various culinary pairings)
- 專業蔬果 (有機、履歷): 原料、精緻包裝 (Raw materials, exquisite packaging) 提供餐廳、連鎖超市各項需求 (Supplying various needs for restaurants and chain supermarkets)
- 專業殺菌釜 真空商品產品開發 (Professional sterilizer, vacuum-packed product development)
- 蔬果加工廠通過: FSSC22000, ISO22000, HACCP, CAS
- 開發各項截切、沙拉組合 (Developing various cut and salad combinations)
- 產品名稱: BABY LEAF 有機貝比生菜 (Organic Baby Leaf Lettuce), MIXED SALAD KIT 黃蘿蔓生菜沙拉 (Yellow Romaine Lettuce Salad Kit)
楓康超市 (FamiSuper)
- 認證: HACCP認證, CAS優良肉品認證
- 專業人員: 食品技師, 食品衛生管理人員, 食品衛生檢驗人員, 中餐技術士, 烘培技術士 (Baking Technician)
- 特色:
- 100%安全檢驗 (100% Safety Inspection)
- 國產蛋品專區 (Domestic Egg Product Zone)
- 楓康四日鮮蛋皆經抗生素檢驗 到店新鮮架上只賣四天 (FamiSuper's 4-day fresh eggs are all tested for antibiotics and sold fresh on shelves for only four days)
- 蔬果皆經農藥殘留檢驗把關 (All fruits and vegetables undergo pesticide residue testing and control)
- 全國唯一連鎖超市 連續20年榮獲農業部農試所評鑑極特優 (The only supermarket chain nationwide, awarded "Excellent" by the Ministry of Agriculture's Agricultural Research Institute for 20 consecutive years)
- 蔬果農藥生化快篩 極特優 (Excellent biochemical rapid screening for pesticide residues in fruits and vegetables)
- 推廣臺灣各縣市農林漁牧及在地小農優質商品 (Promoting high-quality agricultural, forestry, fishery, and livestock products from various counties and cities in Taiwan, as well as products from local small farmers)
- 南投專區 鄉鎮聯名便當 (Nantou Special Zone - Township Co-branded Bento)
米糧俱樂部 (Rice & Grain Club)
- 產品: 產銷履歷黃金蜜玉米 (Traceable Golden Sweet Corn), 真空包黃金蜜玉米 (Vacuum-packed Golden Sweet Corn)
品牌發展 (Brand Development)
- 興家安速 (Sinon Ansu):
- 日本除蟲第一品牌 (Japan's No. 1 pest control brand)
- 系列產品: 蟑螂餌劑 (Cockroach baits), 果蠅餌劑 (Fruit fly baits), 防蚊網片 (Mosquito nets) 等
- 楓康 (FamiSuper): 各類優質家用品 (Various high-quality household products)
- 一滴淨 (Yi Di Jing):
- 堅持自然・植萃 (Insisting on natural, plant extracts)
- 產品: 洗潔精 (Detergent)
- 認證: 業界第一 (Industry No. 1), 頂標級雙認證 (Top-tier dual certification) - ECOCERT 國際權威認證 (ECOCERT International Authoritative Certification), SNQ 國家品質標章 (SNQ National Quality Mark)
- 吳羽保鮮膜 (Kureha Saran Wrap): 台灣銷售額市占第一 (Taiwan's No. 1 in sales market share)
- 花公主 (Flower Princess):
- 園藝用品: 包含有機質土 (organic soil), 肥料 (fertilizers), 天然除蟲 (natural pest control) 等
- 其他品牌: Sinon 健農 (Sinon Jiannong), 興家安寵 (Sinon AnChong), 寵奇威 (Chong Qi Wei)
ESG / Sustainability
永續經營 (Sustainable Operations)
- 榮獲商業周刊2025年碳競爭力100強 (Awarded Business Weekly's 2025 Carbon Competitiveness Top 100)
- 新進榜百強-興農 推動節能減碳減廢 (Newly listed in Top 100 - Sinon: Promoting Energy Saving, Carbon Reduction, and Waste Reduction)
- 產業: 化學工業 (Chemical Industry)
- 2024年營收: (百萬元) 18,928
- 碳生產力成長率: -5%
- 碳排減少率: 1%
- 減碳作為 (Carbon Reduction Initiatives):
- 從設計階段選用最新節能技術及設備,以提升設備能源使用效率、節省燃料;強化廢水治理效率,王田廠導入即時監控與自動控制系統,使放流水排放量減少約29.3%,顯著降低環境負荷。 (Adopting the latest energy-saving technologies and equipment from the design phase to improve energy efficiency and save fuel; strengthening wastewater treatment efficiency, with the Wangtian plant implementing real-time monitoring and automatic control systems, reducing wastewater discharge by approximately 29.3%, significantly lowering environmental burden.)
- 推動製程副產物循環再利用,溶劑回收;積極強化水資源續用。 (Promoting the recycling and reuse of process by-products, solvent recovery; actively strengthening water resource conservation.)
- 在廢棄物管理與再生物料循環上,回收再利用海藻肥、豆類氨基酸肥製程中產生之濾渣下腳料,做為粒狀肥料中的有用成分,增加粒狀產品收率及田間生物效果。 (In waste management and recycled material circulation, by-products such as filter residue from seaweed fertilizer and legume amino acid fertilizer production are recycled and reused as useful components in granular fertilizers, increasing granular product yield and field biological effects.)
- 從採購、製程、供應鏈等環節推動節能減碳減廢,並回收利用製程副產物,以及研發新型植物產品應變環境變化。 (Promoting energy saving, carbon reduction, and waste reduction across procurement, manufacturing, and supply chain segments, recycling process by-products, and developing new plant products to adapt to environmental changes.)
Outlook & Strategy
公司治理 (Corporate Governance)
- 公司治理評鑑排名 (Corporate Governance Evaluation Ranking):
- 2020: 市值50~100億 非金融電子類 前5% (Market Cap 5-10 billion, Non-financial electronics, Top 5%)
- 2021: 前5% (Top 5%)
- 2022: 前5% (Top 5%)
- 2023: 6%~20%
- 2024: 市值100億元以上 非金融電子類 11%~20% (Market Cap above 10 billion, Non-financial electronics, 11%~20%)
- 2025: 市值100億元以上 非金融電子類 前10%(最佳級距) (Market Cap above 10 billion, Non-financial electronics, Top 10% (Best Tier))
獎項與榮譽 (Awards and Honors)
- 榮獲第四屆 國家農業科學獎獎項: 產業領航類傑出團隊 (Awarded the 4th National Agricultural Science Award: Outstanding Team in Industry Leadership Category)
- 榮獲第四屆 IPM永續善農獎獎項: 行銷推廣組 (Awarded the 4th IPM Sustainable Good Agriculture Award: Marketing and Promotion Group)
- 首惜廚師 (Chef of Cherished Food) 相關獎項:
- 2023第六屆臺灣學校午餐大賽 季軍 (6th Taiwan School Lunch Competition - Third Place)
- 2024第七屆臺灣學校午餐大賽 季軍、韓國國際評審獎、里仁蔬食真味獎 (7th Taiwan School Lunch Competition - Third Place, Korea International Jury Award, Leezen Vegetarian True Flavor Award)
- 2024台中市在地食材永續淨零校園蔬食午餐競賽 冠軍、季軍 (Taichung City Local Ingredients Sustainable Net-Zero Campus Vegetarian Lunch Competition - Champion, Third Place)
- 2025第八屆臺灣學校午餐大賽 學生評審獎 (8th Taiwan School Lunch Competition - Student Jury Award)
- 2025第三屆首惜廚師 惜食料理食譜組 中區決賽金獎、全國總決賽惜食達人獎 (3rd Chef of Cherished Food - Food Waste Reduction Recipe Group - Central Taiwan Finals Gold Award, National Finals Food Waste Reduction Master Award)
Additional Data
楓康超市門市 (FamiSuper Store Locations)
- 內壢店(桃園), 52店 (Neili Store (Taoyuan), Store No. 52)
- 敦富店(台中), 51店 (Dunfu Store (Taichung), Store No. 51)