昆盈公司 (2365.TW) 2025Q4 法說會簡報
Company Overview
- 公司名稱: 昆盈公司 (KYE)
- 股票代號: 2365.TW
- 簡報日期: 115.3.18. Mar. 18, 2026
- 簡報人: 財會處副總高安民 (Kevin Kao / Finance VP)
- 品牌: Genius
- 品牌標語: Live with Ideas
- 公司標語: Knowledge Yield Excellence
免責聲明 (Safe Harbor and Disclaimer)
昆盈公司簡報資料可能包含某些與未來的事件或未來的財務或業績有關的前瞻性陳述,涵蓋我們的期望、策略或計畫。綜然我們相信這些預期或規劃是合理的,然由於一些風險和不確定性,實際結果可能與前瞻性展望的內容有重大差異。這些因素包括但不限於:激烈競爭的產業與市場環境;業務的週期性;與全球商業經營活動有關的風險;政治與經濟的整體概況等。本簡報中所有有關前瞻性聲明都是根據截至目前為止可獲取的資訊為基礎,本公司不承擔任何義務更新這些陳述,亦不承擔任何義務更新實際結果可能與預期內容有重大差異的原因。本簡報所論及的所有財報數據係依據IFRS編製,同時經由完成相關查核或核閱的程序後公開。
Financial Highlights
2025第四季營運面重點 (2025 Q4 Operation Highlight)
- 2025第四季合併營收: NT$2.45億 (Net Sales NT$245M)
- QOQ-1.0%
- YOY+7.9%
- 2025第四季營業利益: NT$3.4百萬 (Operating Profit NT$3.4M)
- QOQ-88.1%
- YOY-65.0%
- 2025第四季稅後淨利歸屬母公司: NT$21.5百萬 (Net Profit to Owner NT$21.5M)
- QOQ-50.4%
- YOY+3.3%
- 毛利率 (Gross Margin Rate): 39.9%
- 營業利益率 (Operating Profit Rate): 1.4%
- 稅後淨利率 (Rate of Net Profit after Tax): 8.8%
合併綜合損益 (Consolidated Comprehensive P/L)
(單位: 新台幣百萬元 in millions of NT$)
| 項目 Items | 2025Q4 | 2024Q4 | QOQ% | YOY% | 2025 | YOY% | |||
|---|---|---|---|---|---|---|---|---|---|
| 營業收入Net Sales | 245 | 100% | 227 | 100% | (1.0%) | 7.9% | 959 | 100% | (2.0%) |
| 營業成本COGS | 147 | 60.1% | 138 | 60.8% | 2.0% | 6.7% | 566 | 59.0% | (3.1%) |
| 營業毛利Gross Profit | 97 | 39.9% | 89 | 39.2% | (5.3%) | 9.7% | 393 | 41.0% | (0.3%) |
| 營業費用Operating Expense | 94 | 38.5% | 79 | 35.0% | 26.2% | 18.8% | 340 | 35.5% | 6.2% |
| 營業利益Operating Income | 3 | 1.4% | 10 | 4.3% | (88.1%) | (65.0%) | 53 | 5.5% | (28.7%) |
| 營業外收支Non-Operating | 25 | 10.1% | 15 | 6.9% | 8.2% | 59.1% | 39 | 4.1% | (63.4%) |
| 稅前淨利Income before Tax | 28 | 11.5% | 25 | 11.1% | (45.1%) | 11.7% | 92 | 9.6% | (49.1%) |
| 稅後淨利歸屬母公司Net Income | 21 | 8.8% | 21 | 9.2% | (50.4%) | 3.3% | 71 | 7.4% | (50.2%) |
| 每股淨利EPS (After-tax)* | 0.1 | 0.09 | 0.32 |
*Note: EPS are based on the weighted average shares outstanding of 221.5mn in Q4 & Q1-Q4 2025. *每股盈餘係以2025第四季及全年加權平均股本$22.15億計算
合併資產負債 (Consolidated B/S)
(單位: 新台幣百萬元 in millions of NT$)
| 項目 Items & 比較Comparison | 2025 Q4 | 2025 Q3 | 2024 Q4 | |||
|---|---|---|---|---|---|---|
| 現金/約當現金/3個月以上定存 Cash & Equiv./Time deposit | 1,403 | 39.6% | 1,323 | 38.4% | 1,537 | 42.4% |
| 金融資產-流動 Financial Assets | 49 | 1.4% | 62 | 1.8% | 47 | 1.3% |
| 應收帳款/票據 Net AR/NR | 111 | 3.1% | 121 | 3.5% | 93 | 2.6% |
| 存貨 Inventories | 111 | 3.1% | 102 | 3.0% | 131 | 3.6% |
| 非流動資產Non current Asset | 1,777 | 50.2% | 1,761 | 51.2% | 1,751 | 51.7% |
| 長短期銀行借款 Bank Loan | 214 | 6.0% | 217 | 6.3% | 226 | 6.2% |
| 應付帳款及票據 Net AP/NP | 32 | 0.9% | 41 | 1.2% | 38 | 1.0% |
| 母公司股東權益 Equity | 3,050 | 86.2% | 2,980 | 86.5% | 3,097 | 85.4% |
| 每股淨值 NAV/share | NT$13.8 | NT$13.5 | NT$14.0 | |||
| 資產總計 Total Assets | 3,540 | 100% | 3,443 | 100% | 3,626 | 100% |
財務韌性指標 (Financial Resilience Index)
- 有利產品組合及有效降低成本讓毛利率表現亮麗,維持本業獲利 (Favorite Products Mix and Cost Down Effort Lead Better Gross Margin and Operating Profit.)
- 庫存水位續降周轉率提升 (Reducing Inventories Level and higher Turnover)
- 2025Q4較去年同期降NT$19.5百萬(降15%) (Reducing NT$19.5m from Q4 2024 (-15%))
- 低負債比及強短期流動能力 (Low Debt Ratio and Solid Short-term Liquidity)
- 負債比Debt Ratio: 12.6%
- 流動比率Current Ratio: 927%
- 速動比率Quick Ratio: 848%
- 充足資金 (Adequate Cash Flows)
- 現金&三個月以上定存NT$14億 (Cash & Time Deposit NT$1.4Bn)
財務韌性指標 - 詳細比率 (Financial Resilience Index - Detailed Ratios)
| 項目 Items | Financial Ratio/Year | 22 | 23 | 24 | 25 |
|---|---|---|---|---|---|
| 資本結構Capital Structure | 負債比率Debts to Assets ratio(%) | 14.8 | 15.2 | 13.6 | 12.6 |
| 流動性分析Liquidity Analysis | 流動比率Current ratio(%) | 851.6 | 624.5 | 912.0 | 927.2 |
| 速動比率Quick ratio(%) | 708.8 | 554.5 | 838.5 | 847.8 | |
| 經營效能Operating performance | 帳款回收天數AR collection days | 31 | 34 | 33 | 39 |
| 銷貨天數Inventory Turnover days | 142 | 148 | 91 | 78 | |
| 付款天數AP Payment days | 39 | 73 | 60 | 70 | |
| 獲利能力Profitability | 資產報酬率ROA(%) | 1.67% | 2.23% | 4.14% | 2.12% |
| 股東權益報酬率ROE(%) | 1.86% | 2.44% | 4.69% | 2.31% | |
| 每股淨利EPS(nt$/share) | 0.25 | 0.33 | 0.64 | 0.32 | |
| 現金流量Cash Flows | 現金流量比率Cash Flows Ratio | 149.9% | 68.0% | 103.8% | 54.6% |
Recent Performance and Results
2025 第四季營收持平 (2025 Q4 Revenues Remain Flat)
(單位: 新台幣千元 in thousand NT$)
| 營收 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2022 | 282,811 | 262,992 | 307,283 | 167,589 |
| 2023 | 175,149 | 174,667 | 222,622 | 197,111 |
| 2024 | 223,651 | 263,528 | 264,701 | 226,936 |
| 2025 | 234,422 | 232,649 | 247,437 | 244,856 |
- 2025 Q4 Revenue: NT$244,856 thousand. YoY +7.9%.
2025第四季毛利率維持40%高檔 (GP Rate Remained High Level of 40%)
(單位: %)
| 毛利率 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2022 | 26.96% | 35.41% | 24.53% | 26.23% |
| 2023 | 39.91% | 35.05% | 41.42% | 34.14% |
| 2024 | 38.20% | 41.62% | 41.64% | 39.22% |
| 2025 | 38.84% | 43.51% | 41.69% | 39.89% |
- 2025 Q4 Gross Margin Rate: 39.89%. YQY+0.77%.
2025第四季營業利益受較高費用侵蝕而年季大減 (OP Dropped Sharply Due to Higher Expense)
(單位: 新台幣千元 in thousand NT$)
| 營業淨利 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2022 | 9,104 | 20,362 | 2,860 | (21,210) |
| 2023 | (238) | (2,343) | 19,888 | (10,675) |
| 2024 | 12,308 | 25,463 | 26,700 | 9,664 |
| 2025 | 7,496 | 13,579 | 28,420 | 3,386 |
- 2025 Q4 Operating Profit: NT$3,386 thousand. YoY -65.0%.
2025第四季稅後淨利歸屬母公司較去年持平 (2025 Q4 Net Income Turns to Profits)
(單位: 新台幣千元 in thousand NT$)
| 稅後淨利 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2022 | 7,771 | 17,334 | 38,574 | (9,271) |
| 2023 | 18,564 | 27,844 | 30,870 | (5,077) |
| 2024 | 34,783 | 39,361 | 47,718 | 20,785 |
| 2025 | 16,035 | (9,800) | 43,269 | 21,479 |
- 2025 Q4 Net Income: NT$21,479 thousand. YoY +3.3%.
產品別銷售彙總 (Sales by products 2025)
| 產品PRODUCTS | 2025 Q4 數量Units yoy | 2025 Q4 金額Revenues yoy | 2025 數量Units yoy | 2025 金額Revenues yoy |
|---|---|---|---|---|
| 滑鼠Mouse | -7.3% | -9.7% | -14.9% | -17.4% |
| 鍵盤KB | 6.8% | 2.3% | -7.1% | -12.6% |
| 喇叭Speaker | 30.1% | 29.7% | -1.1% | -1.3% |
| 耳機麥克風Headset | 61.3% | 63.5% | 20.8% | 19.1% |
| 視訊影像產品Image | 13.4% | 26.4% | 25.1% | 28.3% |
| 行車紀錄器Headset | 41.8% | 14.4% | -1.2% | 1.9% |
Business Segments
區域銷售分佈 2025 Q4 (Regional Sales Allocation 2025 Q4)
- 營收合計: 新台幣2.45億 (Total Revenue : NT$ 245MN)
- 區域銷售佔比:
- 亞洲, Asia: 46.7%
- 拉丁美洲, Latin America: 30.3%
- 歐洲, Europe: 20.8%
- 中東非, M.E.A.: 2.2%
區域銷售分佈 2025 (Regional Sales Allocation 2025 - Full Year)
- 營收合計: 新台幣9.59億 (Total Revenue : NT$ 959MN)
- 區域銷售佔比:
- 亞洲, Asia: 40.9%
- 拉丁美洲, Latin America: 34.4%
- 歐洲, Europe: 21.5%
- 中東非, M.E.A.: 3.2%
產品別銷售組合 2025 Q4 (Products Portfolio 2025 Q4)
- 產品類別佔比:
- 行車記錄器 (Dashcam): 42.3%
- 鍵盤 (Keyboard): 20.2%
- 滑鼠 (Mouse): 18.6%
- 其他 (Others): 6.5%
- 視訊影像 (Webcam/Video Image): 4.8%
- 喇叭 (Speaker): 4.4%
- 耳機 (Headset): 3.2%
產品別銷售組合 2025 (Products Portfolio 2025 - Full Year)
- 產品類別佔比:
- 行車記錄器 (Dashcam): 36.3%
- 滑鼠 (Mouse): 21.6%
- 鍵盤 (Keyboard): 21.2%
- 其他 (Others): 7.8%
- 視訊影像 (Webcam/Video Image): 5.1%
- 喇叭 (Speaker): 5.0%
- 耳機 (Headset): 3.0%
Products & Technologies
新產品佈局 (New Products Agenda)
- 核心策略: 2C1B1A (Audio, Copilot, Bluetooth, USB C)
- 產品類別:
- Audio (音訊):
- SP-915BT: 5 Watts Bluetooth Speaker, Bluetooth 5.3
- SP-HF800BT: 20-Watts Bluetooth Wood Speakers, Bluetooth 5.3 (顏色: Pine Wood, Dark Brown)
- Copilot (AI 協作):
- AI Copilot 滑鼠產品:
- 微笑設計 (Smile Design) / 雙模 (BT+2.4G) / 環保節能 (Rechargeable, USB-C Rechargeable LI-Ion battery)
- 功能: Middle button with wheel, Left button, Right button, Forward, Backward, DPI Switch, Copilot AI button (Activate AI Copilot assistant)
- 雙模 (BT+2.4G) / 人體工學 (Ergonomic) / 靜音 (Silent)
- 產品範例: Wireless Vertical Mouse (Bluetooth + 2.4GHz, 55° inclination, Silent Buttons, 2400 DPI), Ergo 9000S Pro (Wireless Bluetooth Rechargeable Mini Ergo Silent Mouse)
- 功能: Copilot AI button (Activate AI Copilot assistant on Windows 11 or above), Microphone Input button, Enable Voice typing on Windows 11 or above, Natural wrist posture
- 微笑設計 (Smile Design) / 雙模 (BT+2.4G) / 環保節能 (Rechargeable, USB-C Rechargeable LI-Ion battery)
- AI Copilot 雙模鍵盤/鍵鼠 (BT+2.4G AI Key Boards/ K+M Combo):
- 功能: FN Lock, Office Editing (Cut, Copy, Paste, SniPaste), Media Playback (play, last/next track, vol+/-, mute), Microphone, Calculator (to input 00 000 bigger number, saving time), 2.4GHz Wireless (Working distance up to 10 meters), USB receiver (USB plug and play, no setting required), Retro typewriter keycaps (部分鍵盤設計)
- HS-235U AI Copilot USB Headset
- AI Copilot 滑鼠產品:
- Bluetooth (藍牙):
- HS-810BT: Foldable Bluetooth Headset, Bluetooth 5.3
- SP-915BT: 5 Watts Bluetooth Speaker, Bluetooth 5.3
- SP-HF800BT: 20-Watts Bluetooth Wood Speakers, Bluetooth 5.3
- USB C:
- Fast Charging Cable (USB-A to USB-C, 150cm)
- USB-C Hub
- HS-M365: In-ear USB-C Earbuds
- Audio (音訊):
週邊配件 (Accessories)
- USB-C Hub
- Fast Charging Cable (USB-A to USB-C, 150cm)
- Aluminum Laptop Stand (G-Stand M250)
- Fast Charger (20W)
- Fast Car Charger (36W, PD, QC)
GX Gaming遊戲週邊 (GX Gaming Series)
- GX Gaming Mouse: Dual Mode (Bluetooth & 2.4GHz Wireless)
- GX Gaming Headset: RGB Light, Ergonomic Design, 50MM Drivers, Stereo Sound, USB Plug & Play, Comfortable Ear Pad, In-line Control
- GX Gaming Keyboard (Scorpion K12 Illuminated Mechanical): AI Copilot, 18 KEY Anti-Ghosting, 3200 DPI, RGB Backlit
- GX Gaming Combo (Scorpion KM-GXA): AI Copilot
- GX Gaming Steering Wheel: 包含踏板和排檔桿
Clients & Markets
市場及產品策略 (Markets & Products Strategy)
- 主要客戶成長 (Main Customer Growth):
- 捷克CZ
- 哥倫比亞CO
- 阿根廷AR
- 中美洲 Central America
- 新客戶開發 (New Customer Development):
- 拉丁美洲LA: 哥斯大黎加 Costa Rica、智利CL
- 亞太地區: 沙烏地阿拉伯SA、越南VN、菲律賓PH、泰國TH、斯里蘭卡LK
- 策略產品銷售 (Strategic Product Sales):
- 靜音 Silence
- 人體工學 Ergo
- 電競 Gaming
- 藍牙耳機 BT HS
- Type-C
- AI 週邊 Peripheral
Outlook & Strategy
115年營運面議題 (2026 Business Concern Topics)
- AI帶動換機潮及應用AI Driven Replacement / CoPilot Application
- 全面性的中美戰略對抗 China US Strategic Antagonism
- 地緣衝突(美伊戰爭) Geopolitical Conflicts : US-Israel War on Iran
- 升級制裁與出口管制 Upgrade Export Control & Sanction
- 中國產能過剩外溢造成惡性競爭 China Production Involution
- 中南美洲客戶訂單、當地銷售及付款能力 Latin American Customers Orders Local Sales and Payment
- 總體經濟如景氣衰退、利率、與匯率 Macro Economic Factors
- 國際物流運輸的時間、成本及航班艙位對出貨延遲的影響 Global Logistic and Transportation Problems
SWOT 分析 (SWOT Analysis)
- 優勢Strength:
- 完整齊全產品線及搭售組合 Products Profolio and Combo Mix
- 新興市場品牌知名度、客戶及綿密銷售網 Brand awareness, customer base & sales channel spread out emerging markets
- 性價比高 Better CP Value
- 健全財務結構、資產品質及資金轉換力 Solid financial & cash conversion
- 美國關稅衝擊程度低 Less US Tariff Impact
- 劣勢Weakness:
- 金磚大國及非實體通路的經營發展欠缺 Less Business from BRICS and Online
- 供應鏈與製造集中東莞廠及當地廠商 Over Concentrated Supply Chain
- 中國大陸法遵規範及生產成本持續上揚 Rising Production and Legal Compliance Costs
- 既有客戶受財務能力侷限成長 Existing Small Local Distributors Limit Growth
- 產品線多機種複雜,多數未達經濟規模 Complex Products Models Less economic scale
- 機會Oppertunity:
- AI PC帶動的週邊產品商機 AI PC Peripheral / CoPilot Application
- Window 11 帶動的升級需求 Win11 Upgrade Demands
- 威脅Threats:
- 美國關稅武器化 Tariff Weaponization
- 地緣衝突(美伊戰爭) US-Israel War on Iran
- 中南美洲客戶進口力道與付款能力 Latin American Clients Purchase and Payment
- 大陸過剩產能 China Production Involution
- 西方陣營對中國的出口管制與科技封鎖 Upgrade Export Control & Sanction