亞聚公司 (APC) 2026Q1 法說會簡報
Company Overview
- 公司名稱 (Company Name): 亞聚公司 (Asia Polymer Corporation, APC)
- 報告人 (Presenters):
- 黃克名 業務處長 (Huang Ke-ming, Director of Business Department)
- 張勝川 會計部經理 (Chang Sheng-chuan, Accounting Department Manager)
- 設立日期 (Establishment Date): 民國66年元月25日 (January 25, 1977)
- 資本額 (Capital): 新台幣59.4億 (NT$ 5.94 billion)
- 員工人數 (Number of Employees): 231人 (2026.03.01)
- 公司網站 (Company Website): http://www.apc.com.tw
Financial Highlights
2025年營業額 (2025 Revenue)
- 個體 (Individual): 新台幣 56.2億元 (NT$ 5.62 billion)
- 合併 (Consolidated): 新台幣 57.4億元 (NT$ 5.74 billion)
亞聚損益表 (APC Income Statement)
單位:新台幣佰萬元 (Unit: NT$ Million)
| 2025 個體 (Individual) | 2025 合併 (Consolidated) | 增(減) (Increase/Decrease) | 2024 合併 (Consolidated) | 2023 合併 (Consolidated) | 2022 合併 (Consolidated) | 2021 合併 (Consolidated) | |
|---|---|---|---|---|---|---|---|
| 銷貨收入 (Sales Revenue) | 5,616 | 5,743 | (288) | 6,031 | 6,717 | 9,815 | 9,566 |
| 銷貨成本 (Cost of Goods Sold) | 5,381 | 5,494 | (402) | 5,896 | 5,571 | 6,582 | 5,968 |
| 銷貨毛利 (Gross Profit) | 235 | 249 | 114 | 135 | 1,146 | 3,233 | 3,598 |
| 毛利率 (Gross Margin) | 4% | 4% | 2% | 2% | 17% | 33% | 38% |
| 營業費用 (Operating Expenses) | 239 | 246 | 2 | 244 | 222 | 286 | 278 |
| 營業淨利(損) (Operating Income (Loss)) | (4) | 3 | 113 | (109) | 924 | 2,947 | 3,319 |
| 營業淨利(損)率 (Operating Margin) | 0% | 0% | 2% | -2% | 14% | 30% | 35% |
| 營業外收入(支出) (Non-operating Income (Expenses)) | (1,041) | (1,044) | (233) | (811) | (773) | (1,129) | 419 |
| 稅前淨利(損) (Income (Loss) Before Tax) | (1,045) | (1,041) | (120) | (920) | 151 | 1,818 | 3,738 |
| 所得稅費用(利益) (Income Tax Expense (Benefit)) | (1) | 4 | 174 | (170) | 35 | 370 | 637 |
| 稅後淨利(損) (Net Income (Loss) After Tax) | (1,045) | (1,045) | (294) | (751) | 116 | 1,447 | 3,101 |
| 淨利(損)率 (Net Margin) | -19% | -18% | -6% | -12% | 2% | 15% | 32% |
| 基本每股盈餘(虧損) (Basic EPS (Loss)) | (1.76) | (1.76) | (0.50) | (1.26) | 0.20 | 2.44 | 5.22 |
亞聚合併財務分析 (APC Consolidated Financial Analysis)
單位: % (Unit: %)
| 2025 年度 (Year) | 2024 年度 (Year) | 2023 年度 (Year) | 2022 年度 (Year) | 2021 年度 (Year) | |
|---|---|---|---|---|---|
| 營業利益(損失)率(%) (Operating Income (Loss) Margin (%)) | 0 | (2) | 14 | 30 | 35 |
| 純益(損)率(%) (Net Income (Loss) Margin (%)) | (18) | (12) | 2 | 15 | 32 |
| 負債占資產比率(%) (Debt-to-Asset Ratio (%)) | 13 | 16 | 11 | 13 | 19 |
| 流動比率(%) (Current Ratio (%)) | 304 | 299 | 324 | 244 | 211 |
| 速動比率(%) (Quick Ratio (%)) | 196 | 225 | 243 | 199 | 173 |
| 平均收現日數 (Average Collection Days) | 21 | 25 | 40 | 46 | 41 |
| 平均銷貨日數 (Average Inventory Days) | 43 | 38 | 39 | 31 | 27 |
亞聚每股盈餘與股利 (APC EPS and Dividend)
| 年度 | Cash dividend per share | EPS |
|---|---|---|
| 2020 | 1.20 | 1.90 |
| 2021 | 3.00 | 5.22 |
| 2022 | 1.20 | 2.44 |
| 2023 | 0.45 | 0.20 |
| 2024 | 0.25 | (1.26) |
| 2025 | 0.20 | (1.76) |
Products & Technologies
LDPE / EVA 廠 (LDPE / EVA Plant)
- 生產設備 (Production Equipment): 四套高壓釜式生產線 (Four autoclave-type production lines)
- 年產能 (Annual Production Capacity): 共計15萬噸 (Total 150,000 metric tons)
- 主要產品 (Main Products):
- 低密度聚乙烯樹脂 (LDPE Resin):
- 淋膜級 (Lamination grade)
- 射出級 (Injection molding grade)
- 薄膜級 (Film grade)
- 乙烯醋酸乙烯酯共聚合樹脂 (EVA Resin):
- 高端發泡級 (High-end foaming grade)
- 淋膜級 (Lamination grade)
- 光伏級 (Photovoltaic grade)
- 電纜線級 (Cable sheathing grade)
- 低密度聚乙烯樹脂 (LDPE Resin):
亞聚 LDPE 主要應用 (APC LDPE Main Applications)
- 主要應用於差異化/客製化高端產品市場 (Mainly applied in differentiated/customized high-end product markets)
- 高端應用 (High-end Applications):
- 半導體包裝 (Semiconductor packaging)
- low gel保護膜 (low gel protective film)
- 醫療器材 (Medical devices)
- 中端應用 (Mid-range Applications):
- 食品包裝 (Food packaging)
- 電子包裝 (Electronic packaging)
- 衛材用品 (Sanitary products)
- 化妝品包裝 (Cosmetic packaging)
亞聚 EVA 主要應用 (APC EVA Main Applications)
- EVA太陽能封裝膜 (EVA Solar Encapsulation Film)
- EVA塗覆級 (EVA Coating Grade)
- 發泡鞋材 (Foaming Shoe Materials)
- W&C (Wire & Cable)
Recent Performance and Results
乙烯/原油行情回顧 (Ethylene/Crude Oil Market Review)
- 原油 (Crude Oil): 2025年Q4 OPEC+小幅增產,未來經濟不確定性,引發市場對全球供應過剩擔憂揮之不去,原油價格一度跌破US$60/桶。(OPEC+ slightly increased production in Q4 2025. Future economic uncertainty led to persistent concerns about global oversupply, with crude oil prices briefly falling below US$60/barrel.)
- 乙烯 (Ethylene): 下游衍生物需求疲弱,與輕油利差不斷壓縮,亞洲現貨價格大體貼合遠洋貨套利窗口,9月底後乙烯價格持續小幅走跌。(Weak demand for downstream derivatives, continuous compression of naphtha-ethylene spread. Asian spot prices generally aligned with arbitrage windows for long-haul cargo. Ethylene prices continued to decline slightly after late September.)
- 資料來源 (Data Source): ICIS (for EVA), Platts (for LDPE)
LDPE營運回顧-2025年 (LDPE Operations Review - 2025)
- 年初大陸塗覆級LD主力供應商燕山石化傳將停產,在貿易商炒作下塗覆級LD行情一度漲達US$1,400/噸,其後進口料大量湧入,加上美國對等關稅議題衝擊,行情回軟,其後大致持穩在US$1,100
1,240/噸之間。(At the beginning of the year, there were rumors that Yanshan Petrochemical, a major supplier of coating-grade LDPE in mainland China, would cease production. Under speculation by traders, coating-grade LDPE prices once rose to US$1,400/ton. Subsequently, a large influx of imported materials, coupled with the impact of US reciprocal tariffs, led to a softening of prices, which then largely stabilized between US$1,1001,240/ton.) - 內銷基本銷售平穩,外銷重新耕耘LDPE 塗覆、花料、超纖..等市場,2025年LDPE銷售量增加約2,000噸。(Domestic sales were generally stable. The company re-cultivated export markets for LDPE coating, floral materials, superfine fibers, etc. In 2025, LDPE sales volume increased by approximately 2,000 tons.)
EVA 營運回顧-2025年 (EVA Operations Review - 2025)
- 2025Q1 PV需求暢旺,抵銷2~3月斯爾邦2套各20萬噸新產能衝擊,4月中旬起,受美國對等關稅影響,EVA行情轉跌,8月初大陸PV需求回溫,EVA反彈再起,Q4再有韓國、大陸新產能投產,10月起EVA行情再度陷入跌勢。(PV demand was strong in Q1 2025, offsetting the impact of two new 200,000-ton production lines from SIBUR in February-March. From mid-April, EVA prices turned downwards due to US reciprocal tariffs. In early August, mainland China's PV demand recovered, and EVA rebounded. In Q4, new production capacities in Korea and mainland China came online, and EVA prices entered a downward trend again from October.)
- 自Q2起亞洲EVA行情雖大體仍受新產能壓抑,惟多數時間仍高於開工成本,2025年除必要停工檢修外,生產線基本維持滿產,產量創歷史新高,銷售量則為歷年次高。(From Q2 onwards, Asian EVA prices were generally suppressed by new production capacities, but for most of the time, they remained above operating costs. In 2025, apart from necessary shutdowns for maintenance, production lines basically maintained full operation, achieving a historical high in production volume and the second-highest sales volume in history.)
- 發泡鞋材市場 (Foaming shoe material market): 受美國對等關稅影響,Q2需求一度暫時停滯,6月後逐漸恢復,主力品牌廠2025年需求大致持平-小幅成長。(Affected by US reciprocal tariffs, demand temporarily stagnated in Q2, gradually recovering after June. Demand from major brand manufacturers in 2025 was largely flat to slightly growing.)
- 塗覆級市場 (Coating grade market): 已是本公司外銷主力產品,2025年銷量維持高檔。(Already a key export product for the company, sales volume remained high in 2025.)
2025年營運回顧 (2025 Operations Review)
LDPE/EVA銷售量比較 (LDPE/EVA Sales Volume Comparison)
銷售量(千噸) (Sales Volume (KMT))
| 2023年 | 2024年 | 2025年 | |
|---|---|---|---|
| LDPE | 33 | 45 | 47 |
| EVA | 96 | 87 | 88 |
| 合計 (Total) | 129 | 132 | 135 |
亞聚EVA應用占比 (APC EVA Application Share)
- 2024年銷量 (2024 Sales Volume): 87,356MT
- EVA Lami.: 43%
- FOAM(H): 27%
- FOAM(L): 23%
- PV: 7%
- 2025年銷量 (2025 Sales Volume): 87,768 MT
- EVA Lami.: 43%
- FOAM(H): 21%
- FOAM(L): 21%
- PV: 15%
EVA Lami 銷售量 (EVA Lami Sales Volume)
單位:MT/Yr. (Unit: MT/Yr.)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| 12,729 | 23,747 | 25,269 | 19,681 | 21,551 | 29,951 | 37,979 | 37,994 |
EVA PV 銷售量 (EVA PV Sales Volume)
單位:MT/Yr. (Unit: MT/Yr.)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| 24,667 | 29,366 | 26,185 | 25,526 | 27,288 | 20,896 | 6,067 | 12,724 |
Outlook & Strategy
2026年第一季營運展望(一) (2026 Q1 Operations Outlook (1))
- 原油、乙烯原料 (Crude Oil, Ethylene Raw Materials):
- 受美伊戰爭影響,原油價格大幅攀升,乙烯價格隨之水漲船高,後續仍須關注中東情勢,尤其荷姆茲海峽封鎖情形與油價波動變化。(Affected by the US-Iran conflict, crude oil prices surged significantly, and ethylene prices rose accordingly. Subsequent attention is still needed on the Middle East situation, especially the Strait of Hormuz blockade and oil price fluctuations.)
- 醋酸乙烯原料方面 (Regarding Vinyl Acetate Monomer (VAM) Raw Materials):
- 大陸EVA新產能投產,自去年Q4起亞洲地區VAM供過於求狀況稍有緩解,年初美國受冰風暴影響,VAM供應受限,歐洲需求轉向亞洲市場調度,VAM價格持續小幅上揚;2月底美伊戰爭爆發,VAM價格隨原油、乙烯大漲。(New EVA production capacity in mainland China came online. Since Q4 last year, the oversupply of VAM in Asia has slightly eased. At the beginning of the year, VAM supply was restricted due to ice storms in the US, and European demand shifted to the Asian market, leading to a continuous slight increase in VAM prices; at the end of February, with the outbreak of the US-Iran conflict, VAM prices surged along with crude oil and ethylene.)
2026年第一季營運展望(二) (2026 Q1 Operations Outlook (2))
- EVA :
- 大陸宣布4/1起取消光伏出口退稅,年初PV需求明顯回溫,帶動EVA止跌反彈,2月底美伊戰事爆發,受原油、乙烯價格推升,EVA行情大漲。(Mainland China announced the cancellation of PV export tax rebates starting from April 1. PV demand significantly recovered at the beginning of the year, driving EVA to stop falling and rebound. At the end of February, with the outbreak of the US-Iran conflict, EVA prices surged due to rising crude oil and ethylene prices.)
- 2026年中國預計仍有155萬噸EVA新產能即將投產,EVA供過於求壓力恐再增加。(In 2026, China is expected to have another 1.55 million tons of new EVA production capacity coming online, which may further increase the pressure of EVA oversupply.)
- 持續調整體質,深耕鞋材市場、拓展強勢產品市占率,光伏級EVA價格相對較差,Q1幾乎未接單。(Continuously adjust product portfolio, deeply cultivate the shoe material market, expand market share for strong products. Photovoltaic grade EVA prices are relatively poor, with almost no orders in Q1.)
2026年第一季營運展望(三) (2026 Q1 Operations Outlook (3))
- LDPE:
- 國內成本高漲,部分下游客戶進口半成品加工,加上3月配額限制銷售,Q1 LDPE銷售量預估較去年同期小幅下滑。(Domestic costs are high, some downstream customers import semi-finished products for processing. Coupled with sales restrictions due to quotas in March, Q1 LDPE sales volume is estimated to slightly decline compared to the same period last year.)
- 考量EVA 供過於求壓力短期內難以緩解,持續拓展LDPE 塗覆、超纖市場,分散風險。(Considering that the oversupply pressure for EVA is difficult to alleviate in the short term, the company continues to expand into LDPE coating and superfine fiber markets to diversify risks.)
2026年第一季營運展望(四) (2026 Q1 Operations Outlook (4))
- 受中東戰事影響,亞洲多家石化廠停工/減產,本公司為避免客戶囤貨/保障忠誠客戶用料穩定,自3月初起,內銷採實績配額銷售,外銷則採分段接單,且僅以既有固定客戶為主。(Affected by the Middle East conflict, several petrochemical plants in Asia have shut down/reduced production. To prevent customers from hoarding and to ensure stable material supply for loyal customers, starting from early March, domestic sales adopt performance-based quota sales, while export sales adopt phased order taking, focusing only on existing fixed customers.)
- 隨時掌握原料供應狀況,目前生產仍維持正常,將以優先支持國內產業為原則,外銷也會以既有固定客戶優先,確保客戶用料無虞。(Continuously monitor raw material supply status. Current production remains normal. The principle is to prioritize supporting domestic industries, and exports will also prioritize existing fixed customers to ensure customers have sufficient materials.)
Additional Data
免責聲明 (Disclaimer)
- 本次座談會發表內容,僅為迄今之資訊。(The content presented at this seminar is for information as of this date only.)
- 未來如有進一步發展或調整,本公司將另依法公開訊息,但不更新或修正本簡報。(Should there be any further developments or adjustments in the future, the Company will disclose such information in accordance with legal requirements, but will not update or amend this presentation.)
- 本報告中的內容,並非投資建議。(The content in this report does not constitute investment advice.)