中保科技 (9917) 2026Q1 法說會簡報
Company Overview
- Company Name: 中保科技集團 (TAIWAN SECOM GROUP)
- Company Code: 9917
- Event: 法人說明會 (Investor Conference)
- Date: 2026.03.18
- Speaker: 中保科技董事長林建涵 (Chairman Lin Jian-Han of TAIWAN SECOM GROUP)
Financial Highlights
- 穩健體質×穩定現金流×穩定股東報酬 (Stable Constitution × Stable Cash Flow × Stable Shareholder Returns)
- 中保科營收連續8年創新高 (TAIWAN SECOM Group revenue hit new highs for 8 consecutive years)
- 獲利連續8年成長 (Profit grew for 8 consecutive years)
- 近8年股利發放率約80%~92% (Dividend payout ratio of approximately 80%~92% in recent 8 years)
- 連續35年配息 (Distributed dividends for 35 consecutive years)
- 近9年ROE長期站穩19%~22% (ROE consistently stable at 19%~22% in recent 9 years)
- 轉型後近5年營收年複合成長率從1%成長至6%優於市場同業 (After transformation, 5-year revenue CAGR grew from 1% to 6%, outperforming market peers)
損益表 (Income Statement)
單位:新台幣百萬
| Metric | 2025年度 | 2024年度 | YoY |
|---|---|---|---|
| 合併營收 | 18,982 | 17,859 | +6.29% |
| 營業毛利 | 6,179 | 5,816 | +6.25% |
| 營業毛利率% | 32.55% | 32.56% | -0.01% |
| 營業費用合計 | 3,130 | 2,950 | +6.12% |
| 營業費用率% | 16.49% | 16.52% | -0.03% |
| 營業利益 | 3,049 | 2,866 | +6.38% |
| 營業利益率% | 16.06% | 16.05% | +0.01% |
| 本期淨利 | 3,059 | 2,893 | +5.75% |
| 淨利率% | 16.12% | 16.20% | -0.08% |
| 每股盈餘EPS | 6.77 | 6.42 | +5.45% |
資產負債表 (Balance Sheet)
單位:新台幣百萬
| Metric | 2025.12.31 | % | 2024.12.31 | % | YoY |
|---|---|---|---|---|---|
| 現金及約當現金 | 5,847 | 19% | 5,460 | 19% | +7% |
| 應收帳款(含關係人) | 1,302 | 4% | 1,353 | 5% | -4% |
| 預付款項 | 1,053 | 3% | 941 | 3% | +12% |
| 採用權益法之投資 | 5,238 | 17% | 4,942 | 17% | +6% |
| 不動產、廠房及設備 | 10,613 | 34% | 9,889 | 35% | +7% |
| 使用權資產 | 1,604 | 5% | 1,077 | 4% | +49% |
| 資產總計 | 30,862 | 100% | 28,265 | 100% | +9% |
| 流動負債 | 8,833 | 29% | 7,847 | 28% | +13% |
| 非流動負債 | 7,830 | 25% | 6,932 | 25% | +13% |
| 負債總計 | 16,663 | 54% | 14,778 | 52% | +13% |
| 股本 | 4,512 | 15% | 4,512 | 16% | +0% |
| 權益總計 | 14,199 | 46% | 13,486 | 48% | +5% |
EPS and Dividends
- 睽違12年再次啟動配股 EPS持續季成長 (Stock dividend reactivated after 12 years, EPS continues to grow quarterly)
| 股利所屬年度 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| 現金(元) | 4.0 | 4.0 | 4.0 | 5.0 | 5.0 | 5.0 | 5.2 | 5.2 | 5.7 |
| 股票(元) | 0.5 | ||||||||
| 殖利率(%) | 4.5 | 4.5 | 4.6 | 5.8 | 5.3 | 4.9 | 4.7 | 4.2 | 9.9(註) |
| 現金配發率(%) | 80.0 | 86.2 | 82.5 | 92.3 | 87.3 | 85.5 | 88.9 | 81.0 | 84.2 |
* 註:現金殖利率為5% (Note: Cash dividend yield is 5%)
-
每股盈餘EPS (Annual)
- 2018: 4.64
- 2019: 4.85
- 2020: 5.42
- 2021: 5.73
- 2022: 5.85
- 2023: 5.85
- 2024: 6.42
- 2025: 6.77
-
每股盈餘EPS (Quarterly)
- 2024 Q1: 1.59(元)
- 2024 Q2: 1.67(元)
- 2024 Q3: 1.73(元)
- 2024 Q4: 1.78(元)
- YoY: +5%
- QoQ: +3%~5%
Business Segments
三大亮點事業群營運績效 (Performance of Three Key Business Groups)
單位:新台幣百萬
| 事業群 | 2025年度 | % | 2024年度 | % | YoY |
|---|---|---|---|---|---|
| 中保無限+ | 6,586 | 35% | 6,297 | 35% | +5% |
| 運鈔服務 | 1,670 | 9% | 1,437 | 8% | +16% |
| 立保保全 | |||||
| 立保科技 | |||||
| 智慧城市 | |||||
| 智慧停車場 | 2,049 | 11% | 1,965 | 11% | +4% |
| 防災控制機電+系統 | 2,073 | 11% | 1,866 | 10% | +11% |
| 照顧 | 376 | 8% | 349 | 8% | +8% |
Business Ecosystem Map
- 食 (Food): 復興空廚、復興食品、棧直火廚房
- 住 (Living): 立電子家庭、中保健康家、中保保險經紀人、國雍營造、睿信建設、中保無限+、中保好生活、史時科技、保創科技、RAIXIN 齊信三輪、中保防災科技、國宇建材、台北港埠通商、SECOMVIEW、保華資安、LUTRON、DDEID、國的保全、國產建材實業、立捷國際、接管、國雲保全、國興保全
- 行 (Mobility): 中保物流、國雲停車、立保保全、泊車趣、立保科技、Parc! Here、國雲科技、ioN 博訊科技、Miniaond 車機群組定位管理系統
- 育樂 (Entertainment): 林燈文教公益基金會、中保信社會福利基金會、中興保全文教基金會、樂到家、文化有戲娛樂
- ESG
Products & Technologies
中保無限+ (TAIWAN SECOM+)
-
AI防災可同步減少災損及營損 (AI disaster prevention can simultaneously reduce disaster losses and operational losses)
- 114年1-12月建築物火災類別 (Jan-Dec 2025 Building Fire Categories):
- 獨立住宅 (Independent Housing): 1,854
- 集合住宅 (Collective Housing): 1,568
- 辦公建築 (Office Buildings): 78
- 商業建築 (Commercial Buildings): 214
- 複合建築 (Mixed-use Buildings): 112
- 工廠 (Factories): 386
- 倉庫 (Warehouses): 295
- 寺廟 (Temples): 54
- 其他 (Others): 286
- 災害損失案例 (Disaster Loss Cases):
- 2025/2月 台中某商場氣爆案 (Taichung shopping mall gas explosion)
- 2025/7月 高雄某電池廠火災 (Kaohsiung battery factory fire)
- 2025/8月 新北某食品廠火災 (New Taipei food factory fire)
- Impact: 總經濟價值減損 (Total economic value reduction), 人員傷亡、場所復原、訂單流失 財損+營損=損失難以估計 (Casualties, site restoration, lost orders. Property damage + operational loss = inestimable loss).
- 114年1-12月建築物火災類別 (Jan-Dec 2025 Building Fire Categories):
-
主推第三方消防監控預警系統防火智慧+ (Promoting third-party fire monitoring and early warning systems, Fire Safety Smart+)
- System Components & Flow:
- 火警受信總機 (Fire alarm receiving panel)
- 廣播設備 (Broadcasting equipment)
- 排煙設備 (Smoke exhaust equipment)
- 自動撒水設備 (Automatic sprinkler system)
- 異常監控主機 (Anomaly monitoring host)
- AI管制服務台面 (AI control service platform)
- App 推播 (App push notifications)
- 通報管理人 (Notify manager)
- 通報代理通報業者/消防局 (Notify authorized reporting agencies/fire department)
- 電話(優先)/簡訊通知 (Phone (priority)/SMS notification)
- 異常即時監看影像確認通知 (Anomaly real-time monitoring video confirmation notification)
- 管理報表提供 (Management report provision)
- 異常狀態確認 (Anomaly status confirmation)
- System Components & Flow:
-
隱私護盾AI巡守 讓安全從看見走向預見 (Privacy Shield AI Patrol: From seeing to foreseeing safety)
- Product/Service: 「安心眼」服務流程 ("Peace of Mind Eye" service process)
- Key Features:
- 1 隱私區域24H主動偵測 (24H active detection in private areas)
- 2 異常訊號觸發管制即時通知客戶端 (Anomaly signal triggers immediate notification to client)
- 3 現場處理 (On-site handling): 客戶可自行處理或提出服務支援等需求 (Client can handle themselves or request service support), ※必要時,管制通報110 (If necessary, control center notifies 110).
- 4 客戶自行查詢報表遠端系統自動更新 (Client self-queries reports, remote system auto-updates).
- Benefits:
- 24h 24小時智慧偵測 AI管制中心連線 (24-hour smart detection, AI control center connection)
- 符合法定規範自動留存紀錄 (Complies with legal regulations, automatic record keeping)
- 全程無人值守省時省錢不費力 (Fully unattended, time-saving, cost-effective, effortless)
- 異常即時通報全面預警防範 (Immediate anomaly notification, comprehensive early warning prevention)
- Product Name: 安心場所 (Peace of Mind Place), 反偷拍偵測中 (Anti-peeping detection in progress).
智慧城市 (Smart City)
-
AI智慧語音影像管理適用各場景 精準鎖定關鍵影像與時點 (AI Smart Voice and Video Management applicable to various scenarios, precisely locking in key images and timestamps)
- Functionality: Search interface with filters for time, channel, event type, and accessories.
- Accessories list: 背包 (backpack), 眼鏡 (glasses), 外套 (jacket), 毛衣 (sweater), 棍子 (stick/rod), 鞋子 (shoes), 帽子 (hat), 背心 (vest), 口罩 (mask), 長袖衣服 (long-sleeved clothes), 圖巾 (scarf), 購物袋 (shopping bag), 夾克 (jacket), 雨傘 (umbrella), 手套 (gloves), 行李箱 (luggage), 襯衫 (shirt), 短袖衣服 (short-sleeved clothes).
-
中保無限飛 AI無人機解決方案 (TAIWAN SECOM Drone AI Drone Solutions)
- Product Name: 中保無限飛 (TAIWAN SECOM Drone), avilon (drone brand/model).
- Tasks by Scenario:
- 大型 (Large):
- 物品搬運投遞 (Goods transport and delivery): 1.A點至B點物資投放 (Material delivery from point A to B), 2.掛載醫療物資 (Carrying medical supplies), 3.偏鄉配送 (Rural area delivery).
- 中型 (Medium):
- 影像記錄航拍 (Video recording aerial photography): 1.海/陸/空 資訊收集 (Sea/Land/Air information collection), 2.車流、動線航拍 (Traffic flow, movement path aerial photography), 3.建物航拍 (Building aerial photography), 4.工程區域航拍 (Engineering area aerial photography), 5.工廠自主巡檢 (Factory autonomous inspection).
- 小型 (Small):
- 定時自主巡檢 (Scheduled autonomous inspection): 1.開/閉店自主巡檢 (Opening/closing autonomous inspection), 2.體育館巡檢 (Stadium inspection), 3.物流倉儲作業盤點巡檢 (Logistics warehouse inventory inspection).
- 資料收集AI分析 (Data collection AI analysis).
- 大型 (Large):
-
全流程無縫監控 打造智慧工安防線 (Seamless monitoring throughout the entire process, building a smart industrial safety defense line)
- Technologies/Systems:
- AI無人機工程區域巡檢 (AI Drone engineering area inspection)
- 車牌辨識管制系統 (License plate recognition control system)
- 施工塔吊智能監測系統 (Construction tower crane smart monitoring system)
- 工地環境監測設備 (Construction site environmental monitoring equipment)
- AI工裝服儀辨識系統 (AI Workwear and uniform recognition system)
- 高空作業車辨識系統 (High-altitude work vehicle recognition system)
- AI智慧圍籬警示系統 (AI Smart fence warning system)
- 施工架監測系統 (Scaffolding monitoring system)
- 電梯井吊口警示系統 (Elevator shaft opening warning system)
- 休息區 高壓氣瓶自動噴霧系統 (Rest area high-pressure cylinder automatic spray system)
- 圍籬自動灑水系統 (Fence automatic sprinkler system)
- 雲端監控連動/水霧泡機 (Cloud monitoring linkage/water mist foam machine)
- 洗車台IoT控制 (Car wash station IoT control)
- 工務所管理介面 (Construction office management interface)
- 企業戰情遠端管理 (Enterprise war room remote management)
- Technologies/Systems:
智慧照顧 (Smart Care)
- 長照補助再升級 新增全租賃智慧科技輔具項目 (Long-term care subsidies upgraded, new full-rental smart tech assistive device items added)
- Policy: 長照3.0科技輔具每3年6萬額度(年補助2萬元) (Long-term care 3.0 tech assistive devices: NTD 60,000 quota every 3 years (NTD 20,000 annual subsidy)).
- Products/Services:
- 智慧感應器 (Smart Sensor): 置於活動區域,可感知人員活動狀態 (Placed in activity areas, can sense human activity status).
- 隨身求救按鈕 (Portable Emergency Button): 可隨身攜帶,於緊急時刻按壓,一鍵求救 (Portable, press in emergencies for one-touch rescue).
- 智慧照顧主機 (Smart Care Host): 4G無線傳輸,24小時連線不間斷守護家人即時求救與追蹤警訊 (4G wireless transmission, 24-hour continuous connection to protect family, real-time emergency calls and tracking alerts).
- 血壓計 (Blood Pressure Monitor).
- 跌倒偵測器 (Fall Detector): 可偵測跌倒與久坐不起等異常狀況 (Can detect falls and abnormal situations like prolonged sitting).
- 4G定位求救手錶 (4G GPS Emergency Watch): 外出隨身求救電子圍籬定位 (Portable outdoor emergency call, electronic fence positioning).
- Services: 24小時緊急救援 (24-hour emergency rescue), 跌倒偵測 (Fall detection), 異常追蹤 (Anomaly tracking), 戶外求救定位 (Outdoor emergency GPS positioning), 生活服務諮詢 (Life service consultation), 居家訪視 (Home visits).
ESG / Sustainability
AI與ESG雙軸驅動透過科技力量實踐永續經營 (AI and ESG dual-axis drive, practicing sustainable operations through technological power)
- 社會關懷 (Social Care):
- 佈建AED-New Life 200+ (Deploying AED-New Life 200+)
- 緊急通報救援服務榮獲2025+大高齡友善科技產品與服務 (Emergency notification and rescue services awarded 2025+ Senior-Friendly Technology Products and Services)
- 透過基金會推動教育、文化與社會公益 (Promoting education, culture, and social welfare through foundations)
- 低碳創新 (Low-Carbon Innovation):
- 低碳通信系統G.Talk獲得CES 2026創新獎 (Low-carbon communication system G.Talk won CES 2026 Innovation Award)
- 智慧樓管及智慧停車落實節能減碳 (Smart building management and smart parking implement energy saving and carbon reduction)
- 無人機巡檢降低碳足跡 (Drone inspection reduces carbon footprint)
- 經營管理 (Operational Management):
- 2025營收及獲利雙雙創下歷史新高 (2025 revenue and profit both hit historical highs)
- 入選2025外資精選台灣100強 (Selected for 2025 Foreign Investor's Top 100 Taiwan Companies)
- 榮獲第21屆國家品牌玉山獎傑出企業類 (Awarded 21st National Brand Yushan Award, Outstanding Enterprise Category)
Outlook & Strategy
2026年重點展望1: 中保無限+ (TAIWAN SECOM+)
- 聚焦防災升級重新定義智慧安全 (Focus on disaster prevention upgrade, redefining smart safety)
- Market Opportunity: 全台30年以上老舊建築554萬棟需求動能增加 (Demand for 5.54 million old buildings (30+ years) nationwide increasing).
- Policy Opportunity: 內政部國土安全韌性措施補助標準「防救災緊急維生設備」部分 (Ministry of Interior National Land Security Resilience Measures Subsidy Standards "Disaster Relief Emergency Life Support Equipment" section):
- 三六八鄉鎮(區)防災協作中心 每處最高可獲110萬元補助 (368 townships/districts disaster prevention collaboration centers, up to NTD 1.1 million subsidy per location).
- 七七四八處村里 每處最高可獲15萬元補助 (7,748 villages/neighborhoods, up to NTD 150,000 subsidy per location).
2026年重點展望2: 智慧城市 (Smart City)
- 從全域聯網到全場景整合 (From full-domain networking to full-scenario integration)
- 2026智慧城市展暨淨零城市展 展覽六大亮點 (Six Major Exhibition Highlights at 2026 Smart City & Net Zero City Exhibition):
- AI場域安全防護系統 (AI Area Safety Protection System)
- AI智慧停車解決方案 (AI Smart Parking Solutions)
- 首款-AI智慧陪伴機器人Omni+baby (First-ever AI Smart Companion Robot Omni+baby)
- 中保無限飛-無人機自主巡檢 (TAIWAN SECOM Drone - Autonomous Drone Inspection)
- 全台第一款-自主巡航AI虛擬警衛 (Taiwan's first Autonomous Patrol AI Virtual Guard)
- 全台第一套-智慧防火搭配AI智慧樓管 (Taiwan's first Smart Fire Prevention paired with AI Smart Building Management)
- 2026智慧城市展暨淨零城市展 展覽六大亮點 (Six Major Exhibition Highlights at 2026 Smart City & Net Zero City Exhibition):
2026年重點展望3: 智慧照顧 (Smart Care)
- 超高齡時代 長者獨居需求增 (Super-aged society: increasing demand for elderly living alone)
- Market Opportunity: 全台緊急救援裝置安裝率低 市場仍具發展潛力 (Low installation rate of emergency rescue devices nationwide, market still has development potential).
- 全台推估實際獨居長者至少70萬人 (Estimated actual elderly living alone nationwide: at least 700,000 people).
- 列冊獨居長者6萬5574人 (Registered elderly living alone: 65,574 people).
- 獲補助安裝緊急救援裝置獨居長者1萬7070人 (Elderly living alone who received subsidies for emergency rescue device installation: 17,070 people).
- Government Support: 衛福部擴大獨居老人關懷服務 (Ministry of Health and Welfare expands care services for elderly living alone)
- 全台獨老普查與分級 (Nationwide census and classification of elderly living alone)
- 擴大安裝緊急救援裝置 (Expand installation of emergency rescue devices) -> 提升安裝率 (Increase installation rate)
- 加強送餐與社區支援 (Strengthen meal delivery and community support)
- 弱勢加發生活補助 (Additional living subsidies for vulnerable groups)
- Market Opportunity: 全台緊急救援裝置安裝率低 市場仍具發展潛力 (Low installation rate of emergency rescue devices nationwide, market still has development potential).
2026年重點展望4: 永續發展ESG (Sustainable Development ESG)
- AI與ESG雙軸驅動透過科技力量實踐永續經營 (AI and ESG dual-axis drive, practicing sustainable operations through technological power) (Details listed under ESG / Sustainability)
Additional Data
台灣人口老化重要時點 (Key milestones in Taiwan's population aging)
- 2025年數據: 台灣2025年65歲以上人口達467萬3155人,占整體20.06%,達20%符合WHO超高齡社會定義 (In 2025, Taiwan's population aged 65+ reached 4,673,155, accounting for 20.06% of the total, meeting WHO's definition of a super-aged society).
- 各縣市老年人口占比 (Elderly population percentage by county/city):
- 台北市占比最高 24.18%
- 新竹縣占比最低 15.08%
- Aging Trend: Shows a trend line reaching 20.06% in 2025, moving from 高齡化社會 (Aging Society) to 高齡社會 (Aged Society) and then 超高齡社會 (Super-aged Society).
- 資料來源 (Source): 內政部 (Ministry of Interior), 主計總處 (Directorate-General of Budget, Accounting and Statistics).
Disclaimer
- 本簡報內容係依據會計師核閱之財報編製,財務報表依照IFRS編製,完整內容及數據需依據財報為準。 (The content of this presentation is prepared based on financial reports reviewed by accountants, and financial statements are prepared in accordance with IFRS. The complete content and data should be based on the financial reports.)
- 本公司未來實際所可能產生的營運結果、財務狀況與業務成果,可能與預測性資訊有所差異。其原因可能來自各種已知或未知風險或不確定的影響。 (The company's future actual operating results, financial condition, and business performance may differ from forward-looking information. The reasons may come from various known or unknown risks or uncertain impacts.)
- 除法令要求外,公司並無義務因應新資訊的產生或未來事件的發生,主動更新對未來展望的表述。 (Except as required by law, the company has no obligation to proactively update its statements on future outlook in response to the generation of new information or the occurrence of future events.)