順德公司 (2351:TT) 法說會簡報
Company Overview
公司名稱: 順德公司 (SDI corporation) 股票代號: 2351:TT SDI 公司願景/價值觀: Sincerity. Stability. Challenge. Innovation (誠信、穩健、挑戰、創新) 版權: Copyright © SDI corporation. All rights reserved.
公司沿革 (Company History)
- 1953: 陳水錦先生創立順德製造所，製造手牌鉛筆刀。
- 1967: 公司改組為順德工業股份有限公司。
- 1983: 成立電子事業部門，生產半導體導線架及IC插座等。
- 1996: 電子類股掛牌上市 (2351:TT)。
- 1998: 順德工業(江蘇)有限公司成立。
- 2001: 跨入IDM市場，陸續新增IDM客戶。
- 2010: 與三菱合作成立異形材(DG)加工廠。
- 2016: 通過CSR認證。
- 2017: 獲Infineon 2017年最佳供應商。
- 2021: 出版永續報告書。
- 2023: 南投H棟擴充完成。
- 2024: 通過TIPS(A級)智財管理驗證。
- 2025: 提交SBTi承諾書，承諾設立以科學為基礎的減碳目標。
全球據點 (Global Locations)
工廠:
- Jiangsu, 順德江蘇廠: (電子/文具製造)
- 南投, 台灣 順德, 德輝, 朝新: (蝕刻製造, 鋼鐵材加工)
- 彰化, 台灣 順德總部: (R&D、電子/文具製造)
銷售辦事處:
- Virginia, USA 順德(美國銷售辦事處)
- Osaka, Japan 順德文具: (日本銷售辦事處)
- Osaka, Japan 順德電子: (日本銷售辦事處)
ESG及國際認證 (ESG & International Certifications)
- ISO/IEC 27001:2022 Certified 2026
- ISO/IEC 17025:2017 Certified 2025
- TIPS Certified 2024
- ISO 14064-1:2018 Certified 2025
- 2024 Sustainability Report
- IECQ HSPM QC 080000:2017 Certified 2024
- IATF16949:2016 Certified 2024
- ISO 45001:2018 Certified 2025
- CNS 45001:2018 Certified 2023
- ISO 9001:2015 Certified 2024
- ISO14001:2015 Certified 2025
- ISO 50001:2018 Certified 2025
- AEO Certified 2013
Financial Highlights
合併綜合損益表 (Consolidated Income Statement)
| 項目 (新台幣千元) | 2025 | 2024 | 225 over 2024 |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 10,247,269 | 10,814,709 | -5.2% |
| 營業毛利 (Gross Profit) | 1,365,039 | 1,720,854 | -20.7% |
| 營業毛利率 (Gross Profit Margin) | 13.3% | 15.9% | -2.6% |
| 營業費用 (Operating Expenses) | 866,298 | 892,169 | -2.9% |
| 營業淨利 (Operating Income) | 498,741 | 828,685 | -39.8% |
| 營業淨利率 (Operating Income Margin) | 4.9% | 7.7% | -2.8% |
| 營業外收支 (Non-operating Income/Expenses) | (59,372) | 67,867 | -187.5% |
| 歸屬於母公司業主之本期淨利 (Net Income Attributable to Owners of the Parent) | 303,194 | 675,097 | -55.1% |
| 純益率 (Net Profit Margin) | 3.4% | 6.7% | -3.3% |
| 每股盈餘 (EPS) (新台幣元) | 1.66 | 3.71 | -55.3% |
合併資產負債表 (Consolidated Balance Sheet)
| 項目 (新台幣千元) | 2025.12.31 金額 | 2025.12.31 % | 2024.12.31 金額 | 2024.12.31 % |
|---|---|---|---|---|
| 現金及金融資產 (Cash and Financial Assets) | 1,026,336 | 8 | 1,072,607 | 9 |
| 應收帳款 (Accounts Receivable) | 1,872,283 | 15 | 2,021,108 | 16 |
| 存貨 (Inventory) | 3,807,430 | 30 | 3,654,207 | 28 |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 5,232,221 | 42 | 5,061,730 | 42 |
| 資產總計 (Total Assets) | 12,736,429 | 100 | 12,535,297 | 100 |
| 流動負債 (Current Liabilities) | 3,268,823 | 24 | 3,004,199 | 25 |
| 非流動負債 (Non-current Liabilities) | 2,190,130 | 18 | 2,112,616 | 17 |
| 負債總計 (Total Liabilities) | 5,458,953 | 43 | 5,116,815 | 41 |
| 股東權益總計 (Total Equity) | 7,277,476 | 57 | 7,418,482 | 59 |
Business Segments
產品組合 (Product Mix)
營收比重 (Revenue Share)
| 年度 | Electronics | Stationery |
|---|---|---|
| 2019 | 82% | 18% |
| 2020 | 83% | 17% |
| 2021 | 85% | 15% |
| 2022 | 86% | 14% |
| 2023 | 87% | 13% |
| 2024 | 86% | 14% |
| 2025 | 87% | 13% |
電子產品終端應用 (End-use Application of Electronic Products)
| 年度 | Automotive | Industrial | Consumer | Others |
|---|---|---|---|---|
| 2019 | 34% | 29% | 31% | 6% |
| 2020 | 30% | 34% | 30% | 6% |
| 2021 | 40% | 28% | 29% | 3% |
| 2022 | 47% | 26% | 24% | 3% |
| 2023 | 50% | 24% | 24% | 2% |
| 2024 | 48% | 23% | 27% | 2% |
| 2025 | 49% | 21% | 28% | 2% |
市佔率 (Market Share)
全球市場市佔率 (導線架 - Lead Frame)
- 總市場規模: US$ 3,174M
- SDI 排名: No.4
- 主要競爭者及市佔率:
- Others: 34.8%
- MHT: 10.8%
- CWT: 9.5%
- Shinko: 8.3%
- SDI: 7.4%
- ASM Pacific: 7.4%
- 來源: SEMI Industry Research and Statistics, April 2020
功率導線架全球市佔率 (Global Market Share for Power Lead Frame)
- 總市場規模: US$ 733M
- SDI 排名: No.1
- 主要競爭者及市佔率:
- Others: 38%
- SDI: 16.9%
- Jihlin: 13%
- CWT: 10.4%
- TSP: 9.5%
- Enomoto: 8.2%
- 來源: SEMI Industry Research and Statistics, April 2020
五金文具市佔率 (Hardware Stationery Market Share)
- SDI 排名: No.1 Taiwan
Products & Technologies
電子產品類型 (Electronic Product Types)
-
Power module (高功率元件)
- Renewable energy (再生能源)
- EV/HEV power management (電動車/油電混合車電源管理)
- Power grid (電網)
- Powertrain (動力總成)
- Industry motor drives (工業馬達驅動)
-
DSC/IPM (轉換器與逆變器)
- Traction inverter (牽引逆變器)
- DC-DC converter (直流-直流轉換器)
- Motor drives (馬達驅動)
- EV/HEV inverter (電動車/油電混合車逆變器)
-
Discrete/Sensor (功率管理)
- Humanoid (人形機器人)
- Computer & server (電腦與伺服器)
- ADAS (先進駕駛輔助系統)
- AI server (AI伺服器)
- PSU (Power supply unit) (電源供應器)
- 範例產品: Infineon SOT223
-
Etching (消費性電子/智慧型手機)
- VCM Spring (音圈馬達彈簧)
- Power Stage (功率級)
- AI Power Management (AI電源管理)
- 技術特點: 0.025mm 精細蝕刻
-
Heat Spreader (散熱片)
- AI server (AI伺服器)
- CPO SWITCH (共同封裝光學交換器)
- Automotive (汽車)
電子產品應用 (Electronic Product Applications)
-
車用 (Automotive):
- ICE Powertrain (內燃機動力總成)
- xEV e-Power train (電動車動力總成)
- ADAS Application (先進駕駛輔助系統應用)
- Parking Brake (停車制動)
- DSC-Inverter (數位訊號控制器-逆變器)
- Charging Station (充電站)
- Microcontroller Unit Protector (微控制器保護單元)
- Battery Management System (電池管理系統)
- Power Control Unit (電源控制單元)
- Engine Control Unit (引擎控制單元)
- Air Bag Control Module (安全氣囊控制模組)
-
工業 (Industrial):
- Motor control units (馬達控制單元)
- Home applications: Air conditioners, washing machines, Micro wave (家電應用: 空調、洗衣機、微波爐)
- Traction: High speed train, subway power Unit (牽引: 高速列車、地鐵動力單元)
- 5G base station (5G基地台)
- Smart Grid (智慧電網)
- Solar power (太陽能)
-
消費性電子 (Consumer Electronics):
- Computing (運算)
- Mobile device (行動裝置)
- Power charger (電源充電器)
- Security: smart card (安全: 智慧卡)
- VCM Spring (音圈馬達彈簧)
- AI Power Management (AI電源管理)
新產品趨勢 (New Product Trends)
Leading performance high density AI Server for accelerated compute – Infineon BOM per AI server rack up to between $12k and $15k
- Top of rack switches: X1, ~$200-215
- PSU (Power Supply Unit): x24, ~$120
- Compute Tray: x10
- Switch Tray: x9
- Compute Tray: x8
- PSU (Power Supply Unit): x24, ~$70 (Either or)
- BBU (Battery Back-up Unit): ~$120
- GPU Board (2 GPU + 1 CPU): x36, ~$130 (2nd stage)
- Power Delivery Board: x18
- 48V Bus Converter: x18, ~$70-$150 (1st stage)
- Smart Network Interface Cards: x108, ~$8
- Protection (Hot-swaps, eFuses): x >300, ~$3
- Power System Reliability Modeling possible on every controller
- 來源: Infineon Technologies
文具產品 (Stationery Products)
-
省力型訂書機 (Power-saving Stapler)
- 獨創省力滑臂專利，省力高達50%。
- 創新強擊平針專利，節省紙張30%厚度。
- 獎項: Golden PIN, GOOD DESIGN
-
I-PUSH滾輪修正帶 (I-PUSH Roller Correction Tape)
- 專利按鍵機構，伸縮自如，收納方便。
- 透明外殼修正帶，用量清晰可見。
- 滾輪帶頭設計，出帶平滑又順暢，每次換帶都是全新滾輪。
-
極致型工藝刀 (Ultimate Craft Knife)
- 折片器。
- 刀身安全包覆。
- 專利穩定機構，大幅度降低刀片晃動。
- 進口超硬合金鋼『SK2+Cr』，30度銳角刀片。
- 獎項: IF DESIGN AWARD 2015
-
直液替換式油性筆 (Direct-liquid Refillable Oil Pen)
- 2種補墨方式 (替換墨水匣, 補充墨水罐)。
- 供墨發明，專利直液系統設計。
- 防水、防暈染、速乾、無毒無臭、不含重金屬。
- 可書寫於大部分材質。
-
鈦金屬輕量S剪 (Titanium Lightweight S-Scissors)
- 專利S曲線設計，剪裁省力高達50%。
- 鈦金屬塗層，硬度提升、耐用加倍。
- 防滑軟握把設計。
-
省力低噪封箱膠帶台 (Power-saving Low-noise Tape Dispenser)
- 降噪專利設計，降噪高達15dB。
- 特殊加工蝕刻刀片，省力高達50%。
Clients & Markets
主要客戶 (Key Clients)
電子 (Electronics):
- STMicroelectronics (ST)
- Infineon
- Vishay
- Nexperia
- LITEON®
- MITSUBISHI ELECTRIC
- Sanken
- ROHM SEMICONDUCTOR
- Navitas
- ALLEGRO microsystems
- AP (Advanced Power Electronics Corp.)
- CISCO
- TEXAS INSTRUMENTS
- TF (通宝微電)
- JCET
五金文具 (Hardware Stationery):
- PHC (PACIFIC HANDY CUTTER®)
- ACCO Brands Family®
- PLUS
- STANLEY BOSTITCH
- SONIC
- PILOT
- Double A (1991) Public Company Limited
- KOKUYO
- LION
- MAX
- FABER-CASTELL
- STAEDTLER
- Pentel®
- TOMBO®
Additional Data
經營績效 (Operating Performance)
| 年度 | Revenue (US$ M) | GPM% | Net Margin% |
|---|---|---|---|
| 2019 | 8,839 | 17.4% | 8.5% |
| 2020 | 8,451 | 15.8% | 4.7% |
| 2021 | 11,152 | 18.9% | 8.2% |
| 2022 | 11,724 | 17.7% | 8.5% |
| 2023 | 10,856 | 17.1% | 7.2% |
| 2024 | 10,815 | 15.9% | 6.7% |
| 2025 | 10,247 | 13.3% | 3.4% |
每股盈餘與現金股利 (EPS and Cash Dividend)
| 年度 | EPS (NT$) | 現金股利 (NT$) | 股利發放率 (%) |
|---|---|---|---|
| 2019 | 2.5 | 1.8 | 72% |
| 2020 | 1.8 | 1.5 | 83% |
| 2021 | 3.5 | 2.5 | 71% |
| 2022 | 3.8 | 2.8 | 74% |
| 2023 | 3.7 | 2.8 | 76% |
| 2024 | 3.7 | 2.5 | 68% |
| 2025 | 1.7 | 1.0 | 59% |
股東權益報酬率 (ROE)
| 年度 | ROE (%) |
|---|---|
| 2019 | 9.2% |
| 2020 | 6.7% |
| 2021 | 14.5% |
| 2022 | 14.8% |
| 2023 | 11.1% |
| 2024 | 9.8% |
| 2025 | 4.7% |