和碩聯合科技股份有限公司 PEGATRON [time:2025Q4] 法說會簡報
Company Overview
- 公司名稱: 和碩聯合科技股份有限公司 (PEGATRON)
- 簡報主題: 2025年第四季營運說明
- 簡報日期: 2026年3月11日
- 版權聲明: OWNED BY PEGATRON CORP. ALL RIGHTS RESERVED
- 議程:
- 財務報告
- 營運成果
- Safe Harbor Notice:
- Pegatron's statements of its current expectations are forward looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements.
- Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Financial Highlights
2025年暨2025年第四季合併財務報告
合併損益表 (2025 vs. 2024)
- 單位: 新台幣百萬元 (NTD Million)
| 項目 (Item) | 2025 | 2025 (%) | 2024 | 2024 (%) | 年變化 (YoY Change) |
|---|---|---|---|---|---|
| 營業收入淨額 (Net Revenue) | 1,117,160 | 100% | 1,125,349 | 100% | -0.7% |
| 營業成本 (Cost of Revenue) | 1,074,659 | 96.2% | 1,079,316 | 95.9% | -0.4% |
| 營業毛利 (Gross Profit) | 42,501 | 3.8% | 46,033 | 4.1% | -7.7% |
| 營業費用 (Operating Expenses) | 30,892 | 2.8% | 33,532 | 3.0% | -7.9% |
| 營業淨利(損失) (Operating Income (Loss)) | 11,609 | 1.0% | 12,501 | 1.1% | -7.1% |
| 淨營業外收益(損失) (Net Non-operating Income (Loss)) | 13,325 | 1.2% | 14,723 | 1.3% | -9.5% |
| 兌換收益(損失) (Foreign Exchange Gain (Loss)) | (968) | 0.1% | 579 | 0.1% | -267.1% |
| 淨利息收入 (Net Interest Income) | 3,102 | 0.3% | 4,186 | 0.4% | -25.9% |
| 其他 (Others) | 11,191 | 1.0% | 9,958 | 0.9% | 12.4% |
| 稅前淨利 (Income Before Tax) | 24,934 | 2.2% | 27,224 | 2.4% | -8.4% |
| 所得稅費用 (Income Tax Expense) | (6,824) | 0.6% | (8,070) | 0.7% | -15.4% |
| 本期淨利(淨損) (Net Income (Loss) for the Period) | 18,110 | 1.6% | 19,154 | 1.7% | -5.4% |
| 歸屬母公司之本期淨利 (Net Income Attributable to Parent Company) | 14,403 | 1.3% | 16,877 | 1.5% | -14.7% |
| 每股盈餘 (EPS) | 5.39 | 6.34 | -15.0% |
合併損益表 (季變化)
- 單位: 新台幣百萬元 (NTD Million)
| 項目 (Item) | 4Q 2025 | 4Q 2025 (%) | 4Q 2024 | 4Q 2024 (%) | 年變化 (YoY Change) | 3Q 2025 | 3Q 2025 (%) | 季變化 (QoQ Change) |
|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 (Net Revenue) | 319,528 | 100.0% | 327,004 | 100% | -2.3% | 257,863 | 100% | 23.9% |
| 營業成本 (Cost of Revenue) | 306,471 | 95.9% | 315,192 | 96.4% | -2.8% | 246,961 | 95.8% | 24.1% |
| 營業毛利 (Gross Profit) | 13,057 | 4.1% | 11,812 | 3.6% | 10.5% | 10,902 | 4.2% | 19.8% |
| 營業費用 (Operating Expenses) | 8,620 | 2.7% | 8,910 | 2.7% | -3.3% | 7,684 | 3.0% | 12.2% |
| 營業淨利(損失) (Operating Income (Loss)) | 4,437 | 1.4% | 2,902 | 0.9% | 52.9% | 3,218 | 1.2% | 37.9% |
| 淨營業外收益(損失) (Net Non-operating Income (Loss)) | 4,422 | 1.4% | 3,053 | 0.9% | 44.9% | 4,457 | 1.7% | -0.8% |
| 兌換收益(損失) (Foreign Exchange Gain (Loss)) | (66) | 0.0% | (133) | 0.0% | -50.2% | 153 | 0.1% | -143.1% |
| 淨利息收入 (Net Interest Income) | 1,039 | 0.3% | 919 | 0.3% | 13.1% | 728 | 0.3% | 42.7% |
| 其他 (Others) | 3,449 | 1.1% | 2,267 | 0.7% | 52.2% | 3,576 | 1.4% | -3.6% |
| 稅前淨利 (Income Before Tax) | 8,859 | 2.8% | 5,955 | 1.8% | 48.8% | 7,675 | 3.0% | 15.4% |
| 所得稅費用 (Income Tax Expense) | (2,474) | 0.8% | (1,772) | 0.5% | 39.6% | (2,189) | 0.8% | 13.0% |
| 本期淨利(淨損) (Net Income (Loss) for the Period) | 6,385 | 2.0% | 4,183 | 1.3% | 52.7% | 5,486 | 2.1% | 16.4% |
| 歸屬母公司之本期淨利 (Net Income Attributable to Parent Company) | 5,267 | 1.6% | 3,737 | 1.1% | 40.9% | 4,545 | 1.8% | 15.9% |
| 每股盈餘 (EPS) | 1.97 | 1.40 | 40.7% | 1.69 | 16.6% |
合併資產負債表
- 單位: 新台幣百萬元 (NTD Million)
| 項目 (Item) | 2025/12/31 | 2025/12/31 (%) | 2025/9/30 | 2025/9/30 (%) | Diff (QoQ) | 2024/12/31 | 2024/12/31 (%) | Diff (YoY) |
|---|---|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 119,380 | 19% | 117,493 | 19% | 1,887 | 121,625 | 18% | (2,245) |
| 應收票據及帳款淨額 (Net Notes and Accounts Receivable) | 221,025 | 35% | 233,732 | 38% | (12,707) | 265,171 | 39% | (44,146) |
| 存貨淨額 (Net Inventories) | 81,235 | 13% | 77,324 | 13% | 3,911 | 101,702 | 15% | (20,467) |
| 其他流動資產 (Other Current Assets) | 37,649 | 6% | 30,588 | 5% | 7,061 | 26,319 | 4% | 11,330 |
| 流動資產 (Current Assets) | 459,289 | 74% | 459,137 | 75% | 152 | 514,817 | 76% | (55,528) |
| 固定資產淨額 (Net Property, Plant and Equipment) | 84,677 | 14% | 80,785 | 13% | 3,892 | 79,017 | 12% | 5,660 |
| 非流動資產 (Non-current Assets) | 163,826 | 26% | 154,850 | 25% | 8,976 | 159,935 | 24% | 3,891 |
| 資產總計 (Total Assets) | 623,115 | 100% | 613,987 | 100% | 9,128 | 674,752 | 100% | (51,637) |
| 短期借款 (Short-term Borrowings) | 59,107 | 9% | 49,265 | 8% | 9,842 | 35,094 | 5% | 24,013 |
| 應付票據及帳款 (Notes and Accounts Payable) | 249,241 | 40% | 262,530 | 43% | (13,289) | 309,314 | 46% | (60,073) |
| 流動負債 (Current Liabilities) | 345,232 | 55% | 346,324 | 56% | (1,092) | 386,057 | 57% | (40,825) |
| 長期附息負債 (Long-term Interest-bearing Liabilities) | 14,143 | 2% | 22,803 | 4% | (8,660) | 29,418 | 4% | (15,275) |
| 負債合計 (Total Liabilities) | 376,657 | 60% | 385,833 | 63% | (9,176) | 433,053 | 64% | (56,396) |
| 歸屬母公司之權益 (Equity Attributable to Parent Company) | 207,343 | 33% | 192,763 | 31% | 14,580 | 207,093 | 31% | 250 |
| 股東權益合計 (Total Equity) | 246,458 | 40% | 228,154 | 37% | 18,304 | 241,699 | 36% | 4,759 |
| 負債及股東權益總計 (Total Liabilities and Equity) | 623,115 | 100% | 613,987 | 100% | 9,128 | 674,752 | 100% | (51,637) |
| 流動比率 (Current Ratio) | 133% | 133% | 133% | |||||
| 負債比率(負債總額/資產總額) (Debt Ratio (Total Liabilities/Total Assets)) | 60% | 63% | 64% | |||||
| 附息負債比率 (Interest-bearing Debt Ratio) | 12% | 12% | 10% |
合併現金流量表
- 單位: 新台幣百萬元 (NTD Million)
| 項目 (Item) | 2025 | 2024 |
|---|---|---|
| 營業活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Operating Activities) | 22,484 | 55,948 |
| 投資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Investing Activities) | (16,833) | (21,266) |
| 融資活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Financing Activities) | (6,009) | (20,418) |
| 匯率影響數 (Effect of Exchange Rate Changes) | (3,348) | 6,249 |
| 本期現金及約當現金增減數 (Net Increase (Decrease) in Cash and Cash Equivalents for the Period) | (3,706) | 20,513 |
| 期初現金及約當現金餘額 (Cash and Cash Equivalents at Beginning of Period) | 123,086 | 102,573 |
| 期末現金及約當現金餘額 (Cash and Cash Equivalents at End of Period) | 119,380 | 123,086 |
| 附註 (Notes) | ||
| 折舊及攤銷費用 (Depreciation and Amortization Expense) | 14,730 | 15,701 |
Recent Performance & Results
合併營收走勢 (Consolidated Revenue Trend)
- 單位: 新台幣十億元 (NTD Bn)
- 2025年第四季合併營收: 新台幣320Bn，與前一季相比成長24%。
- 主要原因: 受惠於資訊產品及消費性電子產品客戶拉貨需求增加，以及通訊產品延續旺季出貨動能。
總計營收 (Total Revenue)
- 1Q24: 250 Bn
- 2Q24: 254 Bn (+1% QoQ)
- 3Q24: 294 Bn (+16% QoQ)
- 4Q24: 327 Bn (+11% QoQ)
- 1Q25: 272 Bn (-17% QoQ)
- 2Q25: 267 Bn (-2% QoQ)
- 3Q25: 258 Bn (-4% QoQ)
- 4Q25: 320 Bn (+24% QoQ)
產品組合營收佔比 (Revenue Share by Product Segment)
| 產品類別 (Product Category) | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 |
|---|---|---|---|---|---|---|---|---|
| 資訊產品 (Information Products) | 14% | 15% | 14% | 13% | 19% | 20% | 18% | 16% |
| 消費性電子產品 (Consumer Electronics) | 7% | 7% | 13% | 9% | 6% | 7% | 8% | 7% |
| 通訊產品 (Communication Products) | 68% | 64% | 62% | 71% | 64% | 60% | 60% | 62% |
| 其他 (Others) | 11% | 14% | 11% | 7% | 11% | 13% | 14% | 15% |
銷售分析-產品別 (年成長率)
- 4Q2024 營收佔比:
- 通訊產品: 71%
- 其他: 13%
- 資訊產品: 9%
- 消費性電子產品: 7%
- 4Q2025 營收佔比:
- 通訊產品: 62%
- 其他: 16%
- 資訊產品: 15%
- 消費性電子產品: 7%
- 年對年成長率 (4Q'24 vs 4Q'25):
- 資訊產品: 營收年對年成長52%，受惠於較佳的出貨動能及新業務的出貨成長。
- 4Q'24: 約 NT$25,000 百萬元
- 4Q'25: 約 NT$40,000 百萬元
- 消費性電子產品: 營收年對年表現穩定 (0%成長)。
- 4Q'24: 約 NT$22,000 百萬元
- 4Q'25: 約 NT$22,000 百萬元
- 通訊產品: 營收年對年下滑14%，因受到不利的產品組合影響。
- 4Q'24: 約 NT$220,000 百萬元
- 4Q'25: 約 NT$190,000 百萬元
- 資訊產品: 營收年對年成長52%，受惠於較佳的出貨動能及新業務的出貨成長。
銷售分析-產品別 (季成長率)
- 3Q2025 營收佔比:
- 通訊產品: 60%
- 其他: 18%
- 資訊產品: 14%
- 消費性電子產品: 8%
- 4Q2025 營收佔比:
- 通訊產品: 62%
- 其他: 16%
- 資訊產品: 15%
- 消費性電子產品: 7%
- 季對季成長率 (3Q'25 vs 4Q'25):
- 資訊產品: 營收季對季成長28%，由於出貨需求增加。
- 3Q'25: 約 NT$30,000 百萬元
- 4Q'25: 約 NT$40,000 百萬元
- 消費性電子產品: 營收季對季成長9%，由於出貨需求增加。
- 3Q'25: 約 NT$18,000 百萬元
- 4Q'25: 約 NT$20,000 百萬元
- 通訊產品: 營收季對季成長29%，因新機發表持續拉貨。
- 3Q'25: 約 NT$150,000 百萬元
- 4Q'25: 約 NT$190,000 百萬元
- 資訊產品: 營收季對季成長28%，由於出貨需求增加。
Products & Technologies
- 產品類別:
- 資訊產品 (Information Products)
- 消費性電子產品 (Consumer Electronics)
- 通訊產品 (Communication Products)
- 其他 (Others)
Outlook & Strategy
- 2025年第四季展望:
- 資訊產品及消費性電子產品客戶拉貨需求增加。
- 通訊產品延續旺季出貨動能。
- 新機發表持續拉貨。
Additional Data
- Q & A (問答環節)