DFI 2025Q4 法說會簡報
Company Overview
公司名稱: DFI (友通資訊) 公司標語: Desire for Innovation
Financial Highlights
合併綜合損益表摘要 (單位: 新台幣千元)
2025年第四季 vs. 2025年第三季 vs. 2024年第四季
| 項目 (Item) | 2025年第三季 (2025 Q3) | 2025年第四季 (2025 Q4) | 2024年第四季 (2024 Q4) |
|---|---|---|---|
| 銷貨淨額 (Net Sales) | 2,651,224 (100.0%) | 2,862,049 (100.0%) | 2,913,733 (100.0%) |
| 營業成本 (Cost of Goods Sold) | (1,979,359) | (2,201,665) | (2,048,872) |
| 營業毛利 (Gross Profit) | 671,865 (25.3%) | 660,384 (23.1%) | 864,861 (29.7%) |
| 營業費用 (Operating Expenses) | (525,218) (-19.8%) | (709,199) (-24.8%) | (585,097) (-20.1%) |
| 營業淨利 (Operating Income) | 146,647 (5.5%) | (48,815) (-1.7%) | 279,764 (9.6%) |
| 營業外收支及費用 (Non-operating Income/Expenses) | (251) | (6,183) | 26,496 |
| 稅前淨利 (Income Before Tax) | 146,396 (5.5%) | (54,998) (-1.9%) | 306,260 (10.5%) |
| 本期淨利 (Net Income) | 106,307 (4.0%) | (55,713) (-1.9%) | 237,389 (8.1%) |
| 本期淨利歸屬於母公司業主 (Net Income Attributable to Owners of Parent) | 75,265 (2.8%) | 1,953 (0.1%) | 179,744 (6.2%) |
| 基本每股盈餘(NT$)(a) (Basic EPS (NT$)(a)) | $0.66 | $0.01 | $1.57 |
| (a)基本每股盈餘以加權平均流通在外股數計算(千股) | 114,488 | 114,488 | 114,488 |
YTD 2025年1-12月 vs. YTD 2024年1-12月
| 項目 (Item) | YTD 2025年1-12月 (YTD 2025 Jan-Dec) | YTD 2024年1-12月 (YTD 2024 Jan-Dec) |
|---|---|---|
| 銷貨淨額 (Net Sales) | 10,875,946 (100.0%) | 9,489,486 (100.0%) |
| 營業成本 (Cost of Goods Sold) | (8,046,418) | (6,814,772) |
| 營業毛利 (Gross Profit) | 2,829,528 (26.0%) | 2,674,714 (28.2%) |
| 營業費用 (Operating Expenses) | (2,309,935) (-21.2%) | (2,016,863) (-21.3%) |
| 營業淨利 (Operating Income) | 519,593 (4.8%) | 657,851 (6.9%) |
| 營業外收支及費用 (Non-operating Income/Expenses) | (63,857) | (5,847) |
| 稅前淨利 (Income Before Tax) | 455,736 (4.2%) | 652,004 (6.9%) |
| 本期淨利 (Net Income) | 329,092 (3.0%) | 493,035 (5.2%) |
| 本期淨利歸屬於母公司業主 (Net Income Attributable to Owners of Parent) | 285,365 (2.6%) | 396,611 (4.2%) |
| 基本每股盈餘(NT$)(a) (Basic EPS (NT$)(a)) | $2.49 | $3.46 |
| (a)基本每股盈餘以加權平均流通在外股數計算(千股) | 114,488 | 114,488 |
合併資產負債表摘要 (單位: 新台幣千元)
| 項目 (Item) | 2025.12.31 | 2025.09.30 | 2024.12.31 |
|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 2,403,301 (19%) | 2,155,736 (18%) | 2,512,850 (21%) |
| 應收票據及帳款(含關係人) (Notes and Accounts Receivable (incl. related parties)) | 2,044,914 (16%) | 1,874,370 (15%) | 2,275,487 (18%) |
| 存貨 (Inventories) | 2,517,513 (21%) | 2,365,640 (20%) | 2,079,464 (17%) |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 2,173,157 (18%) | 2,201,856 (19%) | 2,287,843 (19%) |
| 總資產 (Total Assets) | 12,356,077 (100%) | 11,838,682 (100%) | 12,338,424 (100%) |
| 流動負債 (Current Liabilities) | 4,635,956 (38%) | 4,046,922 (34%) | 4,224,426 (34%) |
| 非流動負債 (Non-current Liabilities) | 2,018,181 (16%) | 2,078,257 (17%) | 2,276,771 (19%) |
| 權益總計 (Total Equity) | 5,701,940 (46%) | 5,713,503 (49%) | 5,837,227 (47%) |
| 每股淨值 (NT$) (Net Asset Value Per Share (NT$)) | 29.72 | 29.47 | 30.67 |
| 每股淨值以流通在外股數計算(千股) | 114,488 | 114,488 | 114,488 |
重要財務指標
| 項目 (Item) | 2025.12.31 | 2025.09.30 | 2024.12.31 |
|---|---|---|---|
| 應收帳款週轉天數 (Days Sales Outstanding (DSO)) | 74 | 71 | 82 |
| 存貨週轉天數 (Days Inventory Outstanding (DIO)) | 121 | 104 | 127 |
| 應付帳款週轉天數 (Days Payables Outstanding (DPO)) | 78 | 75 | 69 |
| 營運資金週轉天數 (Cash Conversion Cycle (CCC)) | 117 | 100 | 140 |
| 權益報酬率(年化)(a) (Return on Equity (Annualized)(a)) | 5.7% | 8.9% | 9.1% |
| 流動比率 (Current Ratio) | 159% | 170% | 170% |
| 金融負債比率(b) (Financial Debt Ratio(b)) | 26% | 26% | 27% |
| (a)採年化稅後損益/平均權益總額 | |||
| (b)金融負債包含長短期借款 |
Business Segments
營收應用分佈
2025 應用 (總計: 10,876 NT$M)
- Automation: 41%
- Embedded: 36%
- Security: 23%
2024 應用 (總計: 9,489 NT$M)
- Automation: 38%
- Embedded: 38%
- Security: 24%
營收區域分佈
2025 區域 (總計: 10,876 NT$M)
- Asia Pacific: 52%
- America: 25%
- EMEA: 23%
2024 區域 (總計: 9,489 NT$M)
- Asia Pacific: 55%
- America: 23%
- EMEA: 22%
營收產品分佈
2025 產品 (總計: 10,876 NT$M)
- OT Service: 42%
- Computer on Module: 24%
- AI Security: 22%
- Computer in Box: 9%
- Computer with Panel: 3%
2024 產品 (總計: 9,489 NT$M)
- OT Service: 38%
- Computer on Module: 25%
- AI Security: 24%
- Computer in Box: 11%
- Computer with Panel: 2%
Products & Technologies
邊緣AI時代: 總持有成本(TCO)成為關鍵
DFI 致力於提高品質，降低總持有成本 (TCO)。 30% 可見成本:
- 初始採購成本 (Hardware Purchase Price, One-time Software Licensing)
70% 隱藏與長期成本 (高TCO因素):
- OPERATIONAL DOWNTIME (Factory Line Stoppages, Revenue Loss)
- RECERTIFICATION & RE-DESIGN (Forced by Component EOL (1-3 yr cycles))
- MAINTENANCE & FIELD SERVICE (Technician Dispatches, Spare Parts Inventory)
- SHORTER LIFE CYCLES (Frequent Hardware Refreshes)
DFI 提高品質,降低TCO 的策略:
- 產品長生命週期
- 工業強固設計
- 24/7 穩定運行
0.1% RMA 率: 我們的品質承諾
- DFI 平均 RMA Rate: 0.1%
- 產業平均 (Industry Average): 1-3%
- DFI 產品設計符合 IPC QML 001/610 Class 3 標準，這是最高的 IPC 分類。
Cyber Resilience Act 網路韌性法案
- Secure-by-design development (IEC 62443-4-1)
- Hardware-rooted security through BIOS, firmware, and TPM integration
- SBOM (Software Bill of Materials) and vulnerability management for regulatory transparency
- Supporting secure deployment and long-term system stability
- Preparing for EU Cyber Resilience Act (CRA) requirements
- Helping customers lower security, compliance, and lifecycle TCO
DFI 邊緣AI平台: NVIDIA Jetson x GMSL-解鎖高速、長距離 AI 視覺應用
- Unlocking High-Speed, Long-Distance AI Vision
- 技術平台: Powered by the NVIDIA Jetson Orin platform.
- 性能: Delivers up to 275 TOPS of AI performance.
- 特色: Features comprehensive GMSL2 support, enabling low-latency, long-distance (up to 15m), and anti-interference high-resolution video transmission for critical industrial applications.
Outlook & Strategy
營運展望
MIT 製造擴展: 實現高效率邊緣AI部署
Global Manufacturing Capability With Local Service Agility 主要策略與計畫:
- Taiwan expansion through 2026 (台灣擴張至2026年)
- Board-to-system integration (板卡到系統整合)
- Scaled manufacturing capacity (擴大製造產能)
- Stable long-term operation (穩定長期營運)
- Faster Edge AI deployment (更快的邊緣AI部署)
- Simplified lifecycle management (簡化生命週期管理)
製造產能 (Manufacturing Capacity):
| 地點 (Location) | VIETNAM - Hanoi | CHINA - Suzhou | TAIWAN - Taoyuan |
|---|---|---|---|
| PCB Assembly | ✔ | ✔ | ✔ |
| System Assembly | ✔ | ✔ | ✔ |
全球供應鏈 (Global Supply Chain):
- Global Sourcing (全球採購)
- Customer's Consignment (客戶寄售)
Additional Data
免責聲明
本次法說會提供之簡報包含前瞻性陳述，內容包含本公司財務狀況、未來擴張計劃及公司策略等訊息。此前瞻性陳述係基於本公司目前可得資訊對未來事件的期望和預測，儘管本公司認為該期望和預測具合理性，但此類前瞻性聲明仍涉及風險及不確定性。
鑒於這些風險、不確定性及假設，前瞻性事件可能不會發生，且本公司實際結果可能與這些前瞻性聲明中的預期存在重大差異。若因未來實際結果與預期狀況有重大差異，須公開更新或修改任何前瞻性陳述，本公司將不承擔此責任。