兆聯實業股份有限公司 (6944) [time:2026Q1] 法說會簡報

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• 本簡報所提供之資訊,包括但不限於一些前瞻性陳述或預測性資訊,係本公司基於內部資料及外部整體經濟發展現況所預測之資訊,具有風險及不確定性,投資人應審慎評估。所有資訊內容不代表任何形式之推介、要約、承諾、勸誘或保證,亦不應被解讀為投資建議。本公司聲明對於投資人依本簡報所提供資訊進行任何投資行為所產生之風險與盈虧,不負任何責任。
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• 本簡報所提供之資訊,係反應本公司截至目前為止對於未來的看法,並未明示或暗示地表達或保證其具有正確性、即時性、完整性或可靠性。對於這些看法,未來若有變更或調整時,本公司並不負有更新或修正之責任。
• This presentation may contain forward-looking statements based on current assumptions and economic conditions. Such information involves risks and uncertainties, and does not constitute investment advice or any form of solicitation.
• Actual future results may differ due to factors beyond the Company's control, including market demand, price fluctuations, global developments, competition, policy or regulatory changes, and economic conditions.
• The information reflects the Company's views as of today. No guarantee is given as to its accuracy, completeness, or reliability, and the Company undertakes no obligation to update such information.

公司概覽 Company Overview

• 公司名稱: 兆聯實業股份有限公司 (MEGA UNION TECHNOLOGY INC.)
• 法人說明會日期: March 18, 2026
• 報告人: 財務長CFO, 金保華 Chin Pao-Hua

基本資料 About MU (截至 Dec. 31, 2025)

• 設立日期: December 29, 2004
• 董事長 (Chairman and CEO): 林國清 (Lin Kuo Ching)
• 總經理 (GM): 曹逸昌 (Tsao, I-Chang)
• 實收資本額 (Capital): 766,879,120
• 公司地址 (Headquarters): 桃園市桃園區桃鶯路439-3號 (No. 439-3, Taoying Rd., Taoyuan Dist., Taoyuan City)
• 主要營業項目 (Main business): 高科技廠房純水、廢水回收系統工程及維運 (Engineering and Operation of Ultra-Pure Water and Wastewater Reclamation Systems)
• 集團員工人數 (Number of Group Employees): 1,278
• 上市時間 (Listing Date): May 28, 2025

主要營業地區 Major Operating Regions

• 台灣 Taiwan (2004 set up)
  • 桃園總公司
  • 兆聯技術服務有限公司
  • 工廠: 桃園、新竹、台中、台南、高雄(建置中)
  • 辦事處/廠區: 桃園總部 (行政中心、研發中心、資源回收再生廠、倉儲中心)、新竹辦事處 (資源回收再生廠、倉儲中心)、台中辦事處 (資源回收再生廠、預製廠、倉儲中心)、台南辦事處 (資源回收再生廠、預製廠、倉儲中心)
• 中國 China (2008 set up)
  • 上海兆聯環保科技有限公司
  • 兆聯環保科技(南京)有限公司
  • 深圳兆聯辦公室
• 新加坡 Singapore (2018 set up)
  • Mega Union Technology Global PTE. LTD.
• 美國 USA (2024 set up)
  • MUAQUA ENGINEERING INC.

財務亮點 Financial Highlights

2025年第四季財務概況 2025 Q4 Financials

綜合損益表 Statements of Comprehensive Income (Unit: NT thousand 新台幣/千元)

營業類別 Sales Breakdown (Unit: NT thousand 新台幣/千元)

在手訂單餘額 Outstanding Orders (Unit: NT thousand 新台幣/千元)

• 2022: 8,359,791
• 2023: 7,897,071
• 2024: 14,986,495
• 2025: 21,260,800

毛利率與營業利益 GP Margin and OP Margin

• 毛利率 (GP Margin)
  • Construction GP% (工程類毛利率):
    • 2022: 5.41%
    • 2023: 16.24%
    • 2024: 20.24%
    • 2025: 20.95%
  • Other operating GP% (其他類毛利率):
    • 2022: 26.22%
    • 2023: 28.92%
    • 2024: 29.73%
    • 2025: 29.01%
• 營業利益與營利率 (Operating Profit and Margin) (Unit: NT thousand 新台幣/千元)
  • Operating Profit (營業淨利):
    • 2022: 621,198
    • 2023: 1,421,571
    • 2024: 1,926,080
    • 2025: 3,115,127
  • Operating Margin (營利率):
    • 2022: 6.21%
    • 2023: 15.77%
    • 2024: 18.70%
    • 2025: 18.42%

營業淨利與每股盈餘 Net Profit Margin & EPS

• 純益率 (Net profit margin):
  • 2022: 4.09%
  • 2023: 11.87%
  • 2024: 14.68%
  • 2025: 14.02%
• 每股盈餘 (EPS) (Unit: NTD 新台幣元):
  • 2022: 7.44
  • 2023: 15.97
  • 2024: 22.33
  • 2025: 32.29

產品與技術 Products & Technologies

工業用水系統工程 Industrial Water System Engineering

• 最佳解決方案 (Best Solution): 純水/廢水處理/回收統包工程 (Turnkey Engineering for Pure Water / Wastewater Treatment / Reclamation)
• 服務流程: 企劃 (Plan) -> 設計 (Design) -> 工程施工 (Construction) -> 竣工 (As-built) -> 試車 (Testing) -> 驗收 (Acceptance)
• 主要工程服務:
  • 純水系統工程 (Ultra-Pure Water System Engineering)
  • 廢水回收系統工程 (Wastewater Reclamation Systems)
    • 酸鹼廢水回收 (Acid-Alkali Wastewater Reuse)
    • 有機廢水回收 (Organic Wastewater Reuse)
    • 金屬離子廢水回收 (Metal Ion Wastewater Reuse)
    • 氟離子廢水回收 (Fluoride Wastewater Reuse)
  • 廢液回收系統工程 (Waste Liquid Recovery Systems)
  • 廢水處理系統工程 (Wastewater Treatment Systems)

水系統服務與產品 Water System Services and Products

• 廠務服務 (Facility Services)
  • 水系統維運 (System Management): 超純水、廢水處理與回收等系統人力代操作,系統緊急搶修、小型系統更改、維護。 (Proxy Operation; Reclaim System Maintain and Repairs.)
  • 實驗室服務 (Laboratory Services): 實驗室認證項目、水質檢測、離子交換樹脂檢測。 (Including water quality testing, impurity analysis, etc.)
• 再生服務 (Regeneration Services)
  • 薄膜清洗服務 (Membrane Cleaning): 逆滲透RO薄膜、脫氣MD膜、生物MBR膜。 (RO, UF, NF, and MF membrane cleaning)
  • 樹脂再生服務 (Resin Regeneration): 離子交換樹脂再生清洗、離子交換樹脂分離清洗、離子交換樹脂轉型。 (Customized cleaning chemicals and ultrapure water rinse & storage for different contaminants)
• 藥品服務 (Chemical Services)
  • 化學品應用銷售 (Chemical Product Sales): 雙氧水去除劑、非氧化性殺菌劑、RO膜抑垢劑、重金屬捕集劑、淤泥調理劑、高分子凝集劑、粉體絮凝劑、生物營養劑、微生物調理劑、非矽型消泡劑及各式消泡劑、防蝕阻垢劑。 (RO cleaning agents, acid/alkali neutralize. -, oxidizers, defoamers, antiscalants, ion-exchange resins, filters, etc.)
• 耗材販售 (Consumables Sales)
  • 元件耗材販售更換 (Replacement Parts Sales): 濾材、濾心、膜類、儀表、設備。 (Filters, resins, membranes, etc.)

客戶與市場 Clients & Markets

國內實績 Domestic Achievements

• 半導體晶圓廠 Semiconductor Fabs: TSMC, UMC, PSMC, vadatech (台勝科), WAFER WORKS (合晶科), win SEMICONDUCTORS
• 記憶體晶片廠 Memory Fabs: winbond, NANYA, Micron
• 半導體設備/先進封裝廠 Semiconductor Equipment Advanced Packaging Plants: ASML, Xintec (精材科), Entegris, VISEra (采鈺科)
• ABF載板廠 ABF Substrate Plants: Unimicron (欣興電子), 南亞電路板 (NAN YA PCB), 臻鼎科技集團 (Zhen Ding Tech. Group), 景碩科技 (Kinsus Teck)
• 其他(光電、大陽能、儲能等) Others(Optoelectronics, Solar Energy, Energy Storage, etc.): INNOLUX, AUO, Lextar, UNIFLEX, Qualcomm, Career, SHOWA DENKO (昭和電工), TSEC CORPORATION (TSEC), BASF, CCP, FDAC (台塑大金), SAN FU

產業現況與展望 Industry Overview & Outlook

半導體產業 SEMI

• 台積電 (TSMC)
  • 董事會正式核准約520-560億美元資本預算,資金部署聚焦三大方向,顯示產業對中長期需求前景高度樂觀。
  • A leading Semiconductor company approved approximately USD 52~56 billion in capital expenditure in its board meeting to expand advanced process, advanced packaging, and specialty technology capacity.
• 南亞科技 (Nanya Tech)
  • 2025年第4季資本支出為新台幣22億元;2025年資本支出為新台幣134億元。
  • 2026年資本支出以不超過新台幣520億元為上限;其中生產設備資本支出約占三成。
  • Q4' 25 CAPEX was NT$2.2B; Y2025 CAPEX was NT$13.4B.
  • Y2026 CAPEX up to NT$52B (Note), WFE CAPEX to account ~30%.
• 美光科技 (Micron)
  • 2026財年資本支出調高至200億美元,持續擴充DRAM與HBM產能。
  • Driven by strong AI-related memory demand, increased FY2026 capital expenditure to USD 20 billion, continuing expansion of DRAM and HBM capacity.
• 聯電 (UMC)
  • 2026年晶圓製造資本資出計畫,預估投入15億美元,90%在12吋晶圓廠,8吋廠佔比10%。
  • 2026 capital expenditure plan for wafer manufacturing is estimated at 1.5 billion USD, with 90% allocated to 12-inch wafer plants and 10% to 8-inch plants.
• Source: Compiled by the Company from publicly available information.

ABF載板與面板 ABF & Panel

• 欣興電子 (Unimicron)
  • 資本支出提高至新台幣340億,擴充泰國PCB廠及台灣光復廠設備投資。
  • Increased capital expenditure to NTD 34 billion, expanding its Thailand PCB facility and Taiwan Guangfu plant infrastructure and equipment.
• 友達、群創:謹慎觀望中的機會
  • 友達、群創等主要面板廠整體呈現保守趨勢,大型擴產計畫暫緩;然而小型專案需求仍持續釋出,後續資本支出走向有待進一步觀察,不排除隨終端需求回溫而調整策略。
  • Panel makers such as AUO and Innolux remain relatively conservative, though small-scale project demand continues to emerge. Market developments will continue to be closely monitored.
• Source: Compiled by the Company from publicly available information.

展望 Outlook

• AI驅動的新一波擴張期 AI-Driven Expansion Cycle
  • 根據IDC (國際數據資訊)研究顯示,人工智慧(AI)AI基礎建設浪潮與邊緣運算升級持續推進,2026年全球半導體市場年成長率預估達11%,產業進入新一輪景氣擴張週期。
  • According to research by IDC, the continued wave of AI infrastructure development and edge computing upgrades is accelerating industry growth. The global semiconductor market is projected to grow by 11% in 2026, signaling the beginning of a new expansion cycle for the semiconductor industry.
• 大成長支柱驅動雙位數擴張 Three Major Growth Pillars Driving Double-Digit Expansion
  • AI調動的投資週期將有效抵銷部分總體經濟不確定性,三大核心引擎同步發力。
  • The AI-driven investment cycle is expected to offset part of the macroeconomic uncertainties, with three core growth engines working in parallel to support industry expansion.
• AI基礎建設 AI Infrastructure
  • 資料中心晶片營收大幅攀升,超大規模雲端業者持續加碼GPU與客製化AI加速器採購,帶動先進製程需求居高不下。
  • Data center chip revenues are rising significantly, as hyperscale cloud providers continue to increase procurement of GPUs and customized AI accelerators, sustaining strong demand for advanced process technologies.
• 換機潮加速 Accelerating Device Upgrade Cycle
  • 企業為整合AI功能而升級硬體,Client端裝置市場穩健復甦,AI PC與AI手機滲透率快速提升,換機週期縮短。
  • Enterprises are upgrading hardware to integrate AI capabilities, leading to a steady recovery in the client device market. The penetration of AI PCs and AI smartphones is increasing rapidly, shortening device replacement cycles.
• 記憶體需求爆發 Surging Memory Demand
  • HBM強勁需求推升高階記憶體價值,DRAM / NAND Flash供需持續吃緊,記憶體市場成為推升整體半導體產值的關鍵引擎。
  • Strong demand for HBM is driving the value of high-end memory products, while DRAM and NAND Flash supply remains tight. The memory segment has become a key engine supporting overall growth in the semiconductor industry.
• 資料來源:IDC:2026年全球半導體市場十大趨勢預測(Dec. 2025)

策略與計畫 Strategy & Plans

資本支出規劃 Capital Expenditure Plan

兆聯美國 新建廠辦規劃 MUAqua - New Facility Development Plan

• 投資金額 (Investment Amount): NT$1.95 billion (Phase I) / 19.5億NTD (第一期)
• 目的 (Purpose): 提供客戶建廠/維護/化學品/資源循環等全面性服務。 (To provide comprehensive services for clients, including fab construction, maintenance, chemical supply, and resource recycling solutions.)
• 新建項目 (New Facilities): 預製廠、膜再生廠、倉儲中心、設計中心、辦公室。 (Prefabrication Plant, Membrane Regeneration Plant, Logistics & Warehouse Center, Design Center, and Office Building)
• 建設時程 (Construction Schedule): 2026-2028
• 土地面積 (Land Area): 10英畝 (約12,241 坪), 包含第二期擴充用地。 (10 acres (approx. 12,241 ping), including land reserved for Phase II expansion)
• 廠辦建坪 (Total Floor Area): 184,400 sq. ft. (約4,300 坪)。 (18.44萬平方呎 (4,300坪))
  • 第一期 (Phase I): 152,400 sq. ft. (15.24萬平方呎)
  • 第二期 (Phase II): 32,000 sq. ft. (3.2萬平方呎)
• 地點: TSMC Arizona Corporation 附近, East Alameda Rd.

附加資料 Additional Data

人力資源 Human Resources

• 總人數 (Total Employees): 749人
  • 直接 (Direct): 30.9%
  • 間接 (Indirect): 69.1%
• 職級別人數分析 (Employee Count by Rank):
  • 經理人 (Managers)
  • 主管 (Supervisors)
  • 員工 (Staff)
  • 外籍技術員 (Foreign Technicians)
  • 年齡分佈: 25歲以下 (3.74%), 25-30歲 (27.90%), 30-35歲 (25.37%), 35-40歲 (17.49%), 40-45歲 (14.69%), 45-50歲 (5.07%), 50-55歲 (2.94%), 55-60歲 (2.00%), 60歲以上 (0.80%)
• 學歷結構 (Education Level):
  • 博士 (Ph.D.): 0.00%
  • 碩士 (Master's): 12.15%
  • 大學 (Bachelor's): 67.29%
  • 專科 (Associate's): 5.21%
  • 高中 (High School): 12.82%
  • 國中 (Junior High): 2.14%
  • 國小 (Elementary School): 0.40%
• 薪酬數據各項指標-近五年營收&人均趨勢 (Compensation Data - Revenue & Per Capita Trends over Five Years) (單位:新台幣/千元)

• 註:比較本公司各年度台灣地區薪資福利制度,故使用個體報表數據加以衡量。 (Note: Compared with the Company's annual salary and welfare system in Taiwan, individual financial statement data is used for measurement.)