和桐化學股份有限公司 (1714) 2026.03.25 法說會簡報
Company Overview
- Company Name: 和桐化學股份有限公司 (HO TUNG CHEMICAL CORP.)
- Stock Code: 1714
- Event: 和桐化學法人說明會 (HO TUNG CHEMICAL INVESTOR CONFERENCE)
- Date: 2026.03.25 (2026年和桐化學(股)公司第一場法說會)
- Presenter: 轉投資事業部主管 江道為經理 (Manager Jiang Daowei, Head of Investment Business Department)
- Disclaimer:
- Statements made in this conference regarding the company's financials, business, and Q&A, if involving the company's views on future operations and industry development, may differ from actual future results. The reasons for such differences may include changes in market demand, price fluctuations, international economic conditions, exchange rate fluctuations, upstream and downstream supply chains, and other risk factors beyond the company's control.
- The content of this conference is current information. If there are further developments or adjustments in the future, the company will disclose information separately in accordance with the law, but this presentation will not be updated or amended. The content in this report is not investment advice.
Business Segments
Global Operations/Production Bases
- China Locations:
- 天津 (Tianjin): LAS/AES, 油品儲槽 (Oil storage tanks)
- 安徽 (Anhui): LAS/AES
- 南京 (Nanjing): LAB/LAS
- 成都 (Chengdu): LAS/AES
- 上海 (Shanghai): AEO/AES
- 廣州 (Guangzhou): LAS/AES
- 惠州 (Huizhou): AEO/AES
- Taiwan Locations:
- 高雄 (Kaohsiung): NP
- 台中 (Taichung): 油品/儲槽 (Oil products/storage tanks)
- 彰化/高雄 (Changhua/Kaohsiung): 水泥、爐石粉 (Cement, slag powder)
Mainland China Sulfonation Capacity
- Market Share (by capacity):
- 贊宇 (Zanyu): 27.1%
- 和桐 (HO TUNG): 18.2%
- 麗臣 (Lichen): 13.4%
- 其他 (Others): 41.2%
- Top 3 Capacities:
- 1st 贊宇 (Zanyu): 113萬噸/年 (1.13 million tons/year)
- 2nd 和桐 (HO TUNG): 76萬噸/年 (0.76 million tons/year)
- 3rd 麗臣 (Lichen): 56萬噸/年 (0.56 million tons/year)
- Total Capacity:
- 其他 (Others): 172萬噸/年 (1.72 million tons/year)
- 前三大產能 (Top 3 capacities): 245萬噸/年 (2.45 million tons/year)
- 總產能 (Total capacity): 417萬噸/年 (4.17 million tons/year)
Products & Technologies
Detergent Related Raw Materials Upstream and Downstream Correlation Map
- Raw Materials (Upstream):
- 煤油 (KERO)
- 正烷屬烴 (NP)
- 直鏈烷基苯 (LAB)
- 航空燃油 (FO)
- 高碳數醇 (HC ALCOHOL)
- 工業用溶劑 (SOLVENT)
- 乙烯 (Ethylene)
- 棕櫚仁油 (CPKO)
- 脂肪醇 (天然/合成) (Fatty Alcohol (N/S))
- 椰子油 (Coconut Oil)
- 環氧乙烷 (EO)
- 氯化腊 (CP)
- 潤滑油 (BO)
- 其他油品 (OTHERS)
- Intermediate Products (HO TUNG CHEMICAL existing products are highlighted):
- 直鏈烷基苯 (LAB)
- 高碳數醇 (HC ALCOHOL)
- 工業用溶劑 (SOLVENT)
- 脂肪醇 (天然/合成) (Fatty Alcohol (N/S))
- 環氧乙烷 (EO)
- 醇醚 (AEO)
- 脂肪醇硫酸鹽 (AS)
- 醇醚磺酸鹽 (AES)
- 羥乙基磺酸鹽 (SI)
- 乙醇胺, 碳酸乙酯, 及其他衍生物 (EA, EC, EOD)
- 烷基苯磺酸 (LAS)
- End Products/Applications (Downstream):
- 清潔劑 (DETERGENT)
- 工業用界面活性劑 (Surfactant)
- 電子用化學品 (Chemical for Electron)
- Application Examples:
- Home Care: Detergent (e.g., Woolite)
- Personal Care: Shampoo, Body wash, Conditioner (e.g., Dettol), Antiseptic (e.g., Dettol)
Financial Highlights
2025 Operating Results (Yearly Results)
- Unit: NT$ M (New Taiwan Dollars Millions)
| Item | 2025年 (2025) | 2024年 (2024) | YoY (%) |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 24,021 | 20,619 | +16.5% |
| 營業毛利 (Gross Profit) | 2,506 | 1,920 | +30.6% |
| 毛利率 (Gross Margin) | 10.43% | 9.31% | |
| 營業利益 (Operating Income) | 1,257 | 910 | +38.2% |
| 營利率 (Operating Margin) | 5.23% | 4.41% | |
| 母公司稅後淨利 (Net Income attributable to parent company) | 490 | 415 | |
| 淨利率(合併) (Net Margin (Consolidated)) | 5.00% | 3.48% |
Sales Revenue by Region and Product Line
- Unit: NT$ M (New Taiwan Dollars Millions)
By Region
| 地區別 (Region) | 2025年 金額 (Amount) | 2025年 % | 2024年 金額 (Amount) | 2024年 % |
|---|---|---|---|---|
| 台灣 (Taiwan) | 1,518 | 6.3% | 1,554 | 7.5% |
| 中國 (China) | 17,591 | 73.2% | 15,032 | 72.9% |
| 東南亞 (Southeast Asia) | 2,380 | 9.9% | 1,763 | 8.5% |
| 其它 (Others) | 2,533 | 10.5% | 2,270 | 11.0% |
| 合計 (Total) | 24,021 | 100% | 20,619 | 100% |
By Product Line
| 產品線 (Product Line) | 2025年 金額 (Amount) | 2025年 % | 2024年 金額 (Amount) | 2024年 % |
|---|---|---|---|---|
| 化學品 (Chemicals) | 22,628 | 94.2% | 19,204 | 93.1% |
| 水泥 (Cement) | 1,232 | 5.1% | 1,279 | 6.2% |
| 倉儲 (Storage) | 31 | 0.1% | 24 | 0.1% |
| 合計 (Total) | 23,891 | 100% | 20,507 | 100% |
- Footnotes:
- 註1: 2025年總營收24,021,其中租賃收入為130、銷貨收入為23,891。 (Note 1: 2025 total revenue 24,021, of which rental income is 130, sales revenue is 23,891.)
- 註2: 2024年總營收20,619,其中租賃收入為112、銷貨收入為20,507。 (Note 2: 2024 total revenue 20,619, of which rental income is 112, sales revenue is 20,507.)
2025 Condensed Balance Sheet
- Unit: 新台幣 百萬元 (NT$ Millions)
Balance Sheet Items
| 資產負債表項目 (Balance Sheet Items) | 2025年 (2025) | % | 2024年 (2024) | % | YoY(%) |
|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 6,380 | 26% | 6,311 | 27% | 1% |
| 流動資產 (Current Assets) | 16,759 | 67% | 14,736 | 63% | 14% |
| 非流動資產 (Non-current Assets) | 8,240 | 33% | 8,835 | 37% | -7% |
| 總資產 (Total Assets) | 24,999 | 100% | 23,570 | 100% | 6% |
| 流動負債 (Current Liabilities) | 5,169 | 21% | 3,819 | 16% | 35% |
| 非流動負債 (Non-current Liabilities) | 2,577 | 10% | 2,823 | 12% | -9% |
| 總負債 (Total Liabilities) | 7,746 | 31% | 6,642 | 28% | 17% |
| 總權益 (Total Equity) | 17,253 | 69% | 16,929 | 72% | 2% |
Key Financial Ratios
| 重要財務指標 (Key Financial Ratios) | 2025年 (2025) | 2024年 (2024) |
|---|---|---|
| 速動比率 (Quick Ratio) | 251% | 304% |
| 流動比率 (Current Ratio) | 324% | 386% |
| 負債比率 (Debt Ratio) | 31% | 28% |
| 每股淨值(元) (Book Value Per Share (NT$)) | 12.33 | 12.41 |
| 現金循環週期(天) (Cash Conversion Cycle (Days)) | 57 | 64 |
Outlook & Strategy
Global Surfactants Market Size & Forecast
- Source: FORTUNE BUSINESS INSIGHTS
- Historical Period: 2021-2024
- Base Year: 2025
- Forecast Period: 2026-2034
- CAGR: 4.90%
- Global Market Size:
- USD 49.71 BILLION (2025)
- USD 52.19 BILLION (2026)
- USD 77.25 BILLION (2034)
- Asia Pacific Surfactants Market Size, 2023: USD 18.21 Billion
- Segmentation:
- By Type
- By Application
- By Region
Additional Data
- Company Website: www.htgroup.com.tw