復盛應用 (FUSHENG PRECISION) 2026Q1 法說會簡報
Company Overview
- 公司名稱: 復盛應用 (FUSHENG PRECISION)
- 活動名稱: 2026年第一次法人說明會
- 日期: 2026/03/12
- 版權: ©2026 FUSHENG PRECISION CO., LTD.
- 聯絡資訊:
Financial Highlights
綜合損益表 (Consolidated Income Statement)
(單位: 新台幣百萬元, 除非另有說明)
| 項目 (In NT$ millions) | 4Q 2025 | 3Q 2025 | QoQ | 1Q~4Q/2025 | 1Q~4Q/2024 | YoY |
|---|---|---|---|---|---|---|
| Net Revenue | 8,843.5 | 5,894.7 | 50.0% | 29,789.8 | 28,369.7 | 5.0% |
| Gross Profit | 2,367.4 | 1,418.9 | 66.8% | 7,580.3 | 7,563.4 | 0.2% |
| Operating Profit | 1,598.2 | 699.8 | 128.4% | 4,632.1 | 4,657.9 | -0.6% |
| Profit before Tax | 1,526.6 | 756.5 | 101.8% | 4,443.8 | 5,142.7 | -13.6% |
| Net income to Shareholders of the Parent Company | 1,099.9 | 485.8 | 126.4% | 3,121.4 | 3,795.7 | -17.8% |
| EPS | 7.90 | 3.49 | 126.4% | 22.45 | 28.17 | -20.3% |
| EBITDA | 1,851.3 | 1,015.1 | 82.4% | 5,506.2 | 6,137.4 | -10.3% |
| GM (%) | 26.8% | 24.1% | 2.7% | 25.4% | 26.7% | -1.2% |
| OPM (%) | 18.1% | 11.9% | 6.2% | 15.5% | 16.4% | -0.9% |
| PBT (%) | 17.3% | 12.8% | 4.4% | 14.9% | 18.1% | -3.2% |
| EBITDA (%) | 20.9% | 17.2% | 3.7% | 18.5% | 21.6% | -3.1% |
資產負債表 (Balance Sheet)
(單位: 新台幣百萬元, 除非另有說明)
| 項目 (In NT$ millions) | 12/31/2025 | % | 9/30/2025 | % | 12/31/2024 | % |
|---|---|---|---|---|---|---|
| 資產 (Assets) | ||||||
| Cash | 7,837 | 25.9% | 6,530 | 25.6% | 7,398 | 28.3% |
| AR | 5,993 | 19.8% | 3,822 | 15.0% | 5,378 | 20.6% |
| Inventory | 4,573 | 15.1% | 4,045 | 15.9% | 4,077 | 15.6% |
| Current Assets | 19,778 | 65.3% | 15,443 | 60.6% | 17,919 | 68.5% |
| PP&E | 7,097 | 23.4% | 6,864 | 27.0% | 5,803 | 22.2% |
| Intangible assets | 1,736 | 5.7% | 1,811 | 7.1% | 1,100 | 4.2% |
| Non-current Assets | 10,509 | 34.7% | 10,023 | 39.4% | 8,245 | 31.5% |
| Total Assets | 30,287 | 100.0% | 25,466 | 100.0% | 26,164 | 100.0% |
| 負債 (Liabilities) | ||||||
| Bank Loan | 1,920 | 6.3% | 1,542 | 6.1% | 1,188 | 4.5% |
| AP | 3,550 | 11.7% | 3,073 | 12.1% | 3,600 | 13.8% |
| Dividend Payable | - | 0.0% | - | 0.0% | - | 0.0% |
| Other Payables | 2,041 | 6.7% | 1,921 | 7.5% | 2,474 | 8.2% |
| Current Lia. | 9,312 | 30.7% | 7,761 | 30.5% | 8,695 | 28.7% |
| Bonds payables | 1,543 | 5.1% | - | 0.0% | - | 0.0% |
| Lease liabilities | 302 | 1.0% | 294 | 1.2% | 323 | 1.1% |
| Defined benefit lia. | 88 | 0.3% | 83 | 0.3% | 87 | 0.3% |
| Non-current Lia. | 2,274 | 7.5% | 1,018 | 4.0% | 772 | 2.5% |
| Total Lia. | 11,586 | 38.3% | 8,779 | 34.5% | 9,467 | 31.3% |
| 權益 (Equity) | ||||||
| Capital | 1,394 | 4.6% | 1,394 | 5.5% | 1,367 | 4.5% |
| Other equity | 17,307 | 57.1% | 15,294 | 60.1% | 15,330 | 50.6% |
| Total Equity | 18,701 | 61.7% | 16,688 | 65.5% | 16,696 | 55.1% |
| 財務比率 (Ratios) | ||||||
| ROE* | 20.0% | 26.5% | 21.8% | |||
| ROA* | 12.4% | 17.3% | 13.9% | |||
| Asset Turnover* | 1.20 | 1.37 | 1.03 | |||
| PPE Turnover* | 5.11 | 5.08 | 4.64 |
每股盈餘、現金股利與配發比例 (EPS, Cash Dividend, Payout Ratio)
(單位: 新台幣, 除非另有說明)
| 年度 | 每股盈餘 (EPS) | 現金股利 (Cash Dividend) | 配發比例 (Payout Ratio) |
|---|---|---|---|
| 2018 | $16.85 | $11.00 | 65% |
| 2019 | $16.61 | $8.00 | 48% |
| 2020 | $8.62 | $6.60 | 77% |
| 2021 | $18.03 | $12.00 | 67% |
| 2022 | $36.64 | $22.00 | 60% |
| 2023 | $18.18 | $12.50 | 68% |
| 2024 | $28.17 | $19.70 | 70% |
| 2025 | $22.45 | $16.00 | 71% |
Recent Performance and Results
營運績效 (Operating Performance)
(單位: 新台幣百萬元, 除非另有說明)
| 年度 | Sales (百萬元) | Net Profit (百萬元) | EPS | EBITDA (百萬元) | GM (%) | EBITDA (%) |
|---|---|---|---|---|---|---|
| 2018 | 16,008 | 2,006 | 16.85 | 2,784 | 17.4% | 24.6% |
| 2019 | 17,201 | 2,176 | 16.61 | 3,223 | 18.7% | 25.6% |
| 2020 | 14,230 | 1,130 | 8.62 | 2,132 | 15.0% | 22.9% |
| 2021 | 23,215 | 2,363 | 18.03 | 3,838 | 16.5% | 23.6% |
| 2022 | 33,716 | 4,801 | 36.64 | 7,272 | 25.6% | 25.6% |
| 2023 | 24,381 | 2,404 | 18.18 | 4,243 | 21.6% | 23.2% |
| 2024 | 28,370 | 3,796 | 28.17 | 6,137 | 26.1% | 21.6% |
| 2025 | 29,790 | 3,121 | 22.45 | 5,506 | 25.4% | 18.5% |
Products & Technologies
產品占比 (Product Mix)
(單位: 百萬元台幣, 除非另有說明)
| 產品類別 (Product Category) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Golf Club Heads (高爾夫球頭) | 83% | 82% | 74% | 72% | 69% | 63% | 64% | 61% |
| Graphite Shaft & Packaged Sets (碳纖維桿身及套桿) | 4% | 4% | 6% | 10% | 11% | 11% | 10% | 9% |
| Club Head Accessories (球頭配件) | 4% | 4% | 4% | 5% | 8% | 7% | 10% | 10% |
| Skates & Boots & Protective Gears (溜冰鞋、靴子及護具) | 5% | 5% | 4% | 3% | 6% | 9% | 9% | 8% |
| Aerospace & Automotive Parts (航太及車用零件) | 1% | 1% | 5% | 3% | 9% | 9% | 5% | 10% |
| Baseball & Softball bats (棒壘球棒) | 1% | 1% | 5% | 3% | 4% | 6% | 6% | 6% |
| Others (其他) | 1% | 3% | 2% | 4% | 3% | 6% | 6% | 6% |
Clients & Markets
重點訊息-高爾夫產業狀況 (Key Messages - Golf Industry Status)
- 美國高爾夫球具零售市場表現 (US Golf Equipment Retail Market Performance):
- YoY Q4'25 vs Q4'24: Dollars +6.6%
- Q4'25 vs Q3'25: -33.2%
- Q4'25 vs Q4'19: Dollars +57.3%
- YTD '25 vs '24: Dollars +8.0%
- YTD '25 vs '19: Dollars +50.0%
- 美國地區主要品牌商球具存貨金額 (Major Brand Golf Equipment Inventory Amount in US):
- YoY Q4'25 vs Q4'24: -4.3%
- Q4'25 vs Q3'25: -15.8%
- Q4'25 vs Q4'19: +35.4%
- 美國主要品牌商球具存貨金額 / 當季銷貨比值 (Major Brand Golf Equipment Inventory Amount / Quarterly Sales Ratio in US):
- 25Q4: 1.71X
- 25Q3: 1.35X
- 25Q2: 1.26X
- 25Q1: 1.84X
- 24Q4: 1.90X
- 美國高爾夫球場回合數 (US Rounds Played):
- 2026 vs. 2025:
- Jan: +18.6% (氣溫溫暖 - warm weather)
- 2025 vs. 2024:
- Jan: -11.4% (天氣寒冷 - cold weather)
- Feb: -7.9% (天氣寒冷 - cold weather)
- Mar: -2.9%
- Apr: -1.9%
- May: 0.0%
- Jun: -0.6%
- Jul: +2.6%
- Aug: +7.7%
- Sep: +1.8%
- Oct: +1.4%
- Nov: +1.2%
- Dec: +3.2%
- 2026 vs. 2025:
- 資料來源: Golf Datatech & National Golf Foundation
Outlook & Strategy
- 會議議程 (Meeting Agenda):
- 2025Q4與全年營運回顧 (2025Q4 and Full-Year Operating Review)
- Key Messages
- Q&A
Additional Data
近期重點事項摘要 (Recent Key Matters Summary)
- 2026/03/10 公告 (Announcement on 2026/03/10):
- 公告本公司董事會通過114年度合併財務報告 (Announced that the Board of Directors approved the 2025 consolidated financial report).
- 公告本公司董事會決議股利分派-配發現金股利16元 (Announced that the Board of Directors resolved on dividend distribution - cash dividend of NT$16 per share).
- 股東配發之現金(股利)總金額 2,230,191,568元 (Total cash dividend distributed to shareholders: NT$2,230,191,568).
- 本公司董事會決議召開115年股東常會相關事宜-股東會召開日期:115/05/27 (The Board of Directors resolved to convene the 2026 Annual General Meeting of Shareholders - Meeting Date: 2026/05/27).
- 詳情請參閱: 復盛應用科技(股)公司 (https://www.fusheng-precision.com/) 最新消息公告及公開資訊觀測站 (https://mops.twse.com.tw) 重大訊息公告。
免責聲明 (Disclaimer)
- 本簡報及同時發佈之相關訊息所提及之預測性資訊包括營運展望、財務狀況以及業務預測等內容，乃是建立在本公司從內部與外部來源所取得的資訊基礎。
- 本公司未來實際所可能發生的營運結果、財務狀況以及業務成果，可能與這些明示或暗示的預測性資訊有所差異。其原因可能來自於各種因素，包括但不限於價格波動、競爭情勢、國際經濟狀況、匯率波動、市場需求以及其他本公司無法掌控之風險等因素。
- 本簡報中對未來的展望，反應本公司截至目前為止對於未來的看法。對於這些看法，未來若有任何變更或調整時，本公司並不負責隨時再度提醒或更新。