全漢企業股份有限公司 2025第四季 法說會簡報
Company Overview
- 公司名稱: 全漢企業股份有限公司 (FSP Technology Inc. / FSP Group)
- 成立時間: 1993年4月 (Established April, 1993)
- 上市資訊: 西元2002年在台灣股票上市 (Listed on Taiwan Stock Exchange in 2002)
- 產業地位: 全球前十大交換式電源供應器廠商 (Position Worldwide Top 10 switching power supplier)
- 員工人數: 全球約5,300名員工 (Employee Worldwide Over 5300 persons)
- 願景 (Vision): 成為全球綠色能源解決方案領導者,深入每個人的生活,為環境做出貢獻。(To be the global leading provider of green energy solutions, touch people's life, contribute to the better environment.)
- 使命 (Mission): 以創新的服務和優質的產品,為客戶、員工與股東創造最大價值。(Providing the best value to customers, employees and shareholders by our innovative service and high quality products.)
- 公司標語: 永續 共好 再平衡 (We make the world better)
Financial Highlights
合併綜合損益表 (Consolidated Statements of Comprehensive Income)
單位: 新台幣仟元 (Unit: NT$ thousand)
| 項目 (Item) | 2025/01/01 To 2025/12/31 | 2024/01/01 To 2024/12/31 | YoY |
|---|---|---|---|
| 營業收入淨額 (Net Sales revenue) | 13,060,096 | 11,601,092 | 13% |
| 營業毛利 (Gross profit from operations) | 2,270,193 | 2,023,837 | 12% |
| 營業淨利(損) (Net operating income (loss)) | 141,965 | 49,203 | 189% |
| 營業外收入及支出 (Non-operating income and expenses) | 316,429 | 473,495 | -33% |
| 稅前淨利(損) (Profit (loss) from continuing operations before tax) | 458,394 | 522,698 | -12% |
| 所得稅費用 (Tax expense) | 77,594 | 84,679 | -8% |
| 淨利歸屬於母公司業主 (Profit attributable to owners of parent) | 348,069 | 404,559 | -14% |
| 基本每股盈餘(元) (Basic earnings per share) | 1.86 | 2.16 | -14% |
合併財務比率 (Financial Ratio)
| 財務比率(%) (Financial ratio) | 2025/01/01 To 2025/12/31 | 2024/01/01 To 2024/12/31 |
|---|---|---|
| 毛利率 (Gross margin) | 17 | 17 |
| 營業利益率 (Operation income margin) | 1 | - |
| 稅前淨利率 (Per-tax income margin) | 4 | 5 |
| 淨利率 (Profit Margin) | 3 | 4 |
合併業外收支細項 (Non-Operating Profit Breakdown)
單位: 新台幣仟元 (Unit: NT$ thousand)
| 項目 (Item) | 2025/01/01 To 2025/12/31 | 2024/01/01 To 2024/12/31 |
|---|---|---|
| 利息收入 (Interest revenue) | 55,918 | 66,911 |
| 股利收入 (Dividend revenue) | 217,358 | 175,553 |
| 政府補助款 (Government Grant) | 9,682 | 16,960 |
| 退稅款 (Tax Refund) | 12,928 | 23,171 |
| 賠償收入 (Compensation Revenue) | - | 30,000 |
| 外幣兌換(損)益淨額 (Foreign exchange (loss) gain) | (29,350) | 138,667 |
| 透過損益按公允價值衡量之金融資產利益(損失)淨額 (Current financial assets measured at fair value through profit or loss, net) | 49,493 | 3,436 |
| 其他 (Others) | 400 | 18,797 |
| 合計 (Total) | 316,429 | 473,495 |
合併資產負債表 (Consolidated Balance Sheet)
單位: 新台幣百萬元 (Unit: NT$ million)
| 項目 (Item) | 2025/12/31 | 2024/12/31 |
|---|---|---|
| 現金及約當現金 (Cash and cash equivalents) | 3,453 | 3,880 |
| 應收帳款淨額 (Accounts receivable, net) | 2,733 | 2,533 |
| 存貨 (Current inventories) | 2,504 | 2,172 |
| 流動資產合計 (Total current assets) | 10,984 | 11,026 |
| 透過其他綜合損益按公允價值衡量之金融資產-非流動 (Non-current financial assets at fair value through other comprehensive income) | 4,968 | 7,907 |
| 不動產、廠房及設備 (Property, plant and equipment) | 1,754 | 1,671 |
| 非流動資產合計 (Total non-current assets) | 8,170 | 10,991 |
| 資產總計 (Total assets) | 19,154 | 22,017 |
| 應付帳款 (Accounts payable) | 3,556 | 3,256 |
| 其他應付款 (Other payables) | 1,490 | 1,530 |
| 流動負債合計 (Total current liabilities) | 5,617 | 5,471 |
| 非流動負債合計 (Total non-current liabilities) | 586 | 686 |
| 負債總計 (Total liabilities) | 6,202 | 6,156 |
| 股本 (Total capital stock) | 1,873 | 1,873 |
| 保留盈餘合計 (Total retained earnings) | 5,891 | 5,794 |
| 透過其他綜合損益按公允價值衡量之金融資產未實現評價損益 (Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income) | 3,980 | 6,966 |
| 歸屬於母公司業主之權益合計 (Total equity attributable to owners of parent) | 12,526 | 15,446 |
| 權益總計 (Total equity) | 12,952 | 15,861 |
| 每股淨值(元) (Book Value Per Share) | 66.89 | 82.48 |
Recent Performance and Results
FSP Revenue FY2023 - FY2025
單位: 億(新台幣)
- FY2023: 131.7億
- FY2024: 116.0億
- FY2025: 130.6億
採用IFRSs後之月營業收入資訊 (Monthly Net Sales revenue information after adopting IFRSs)
單位: 新台幣仟元 (Unit: NT$ thousand)
- Mar-25: 1,123,543
- Apr-25: 1,232,249
- May-25: 1,235,750
- Jun-25: 1,220,891
- Jul-25: 1,195,369
- Aug-25: 1,070,941
- Sep-25: 1,227,991
- Oct-25: 978,260
- Nov-25: 944,976
- Dec-25: 921,994
- Jan-26: 1,232,574
- Feb-26: 801,549
Business Segments
Revenue by Application (應用別營收)
單位: 億(新台幣)
| 應用別 (Application) | 2023 佔比 | 2024 佔比 | 2025 佔比 |
|---|---|---|---|
| 電競 (+Gaming) | 23.0% | 19.0% | 28.0% |
| IPC (通用型) (IPC (General Purpose)) | 20.0% | 26.0% | 31.0% |
| 網通 (Networking) | 18.0% | 17.0% | 6.0% |
| PC | 8.0% | 10.0% | 9.0% |
| 雲端及邊緣運算 (Cloud & Edge Computing) | 8.0% | 11.0% | 7.0% |
| 醫療照護 (+Medical Care) | 5.0% | 5.0% | 3.0% |
| 新能源 (New Energy) | 4.0% | 2.0% | 2.0% |
| 其他產業 (Other Industries) | 14.0% | 11.0% | 14.0% |
| 總營收 (Total Revenue) | 131.7億 | 116.0億 | 130.6億 |
Products & Technologies
里程碑 FSP Product line Milestones (重要產品線里程碑)
- 1993: 成立FSP Technology, 開始投入PC ATX電源開發並成為Intel策略合作夥伴 (FSP Technology establish PC ATX initial and co-design with Intel)
- 2003: 與QQE進行策略合作, 開發工業級充電器 (Joint Venture with QQE, Phase Into Industrial Charger)
- 2004: 投資3Y Power Technology, 使Redundant產品線更加齊全 (Invested in 3Y Power Technology, Comprehensive Redundant Product Lines)
- 2007: 併購Protek Power, 擴大醫療電源事業 (Merge Protek Power, Enlarge Medical Power Business)
- 2008: 投資Voltronic Power, 進入UPS產品線 (Joint Venture with Voltronic, Comprehensive UPS Product Lines)
- 2012: 成立新能源事業處, 研發能源儲存系統 (Establish New Energy Solution BU, ESS (Energy Storage System))
- 2013: 進入5G電源市場, PSU符合NEBS標準 (Enter the Networking Market, PSU meet NEBS Standard)
- 2016: 創新產品, 開發出全球最小的65瓦筆電適配器 (Innovation Product, Smallest 65W NB Adapter)
- 2017: 研發中心大樓落成 (New R&D Center)
- 2018: 進入5G電源市場 (Enter the 5G Power Market)
- 2021: 桃三廠落成 (Taiwan Manufacture Site)
- 2023: 越南廠 (Vietnam Manufacture Site)
- 2024: IATF 16949 認證, 充電器產品 (IATF 16949 Certified Charger Product)
- 2025: 推出最高功率遊戲筆電電源 (Highest Power Consumption for Gaming Laptop Market)
全方位能源解決方案供應商 (Power Supply Total Solution Provider)
- 產品類別:
- 5G PSU
- Charger
- DIN Rail
- Retail Product
- UPS
- PV Inverter
- Energy Storage System
- TV PSU
- PC PSU
- SSL
- Medical PSU
- IPC PSU
- Redundant
- Open Frame
- Adapter
Clients & Markets
區域營收 (Revenue by region)
- 營收比例以出貨地為計算基準 (Revenue ratio calculated based on shipping location)
- 區域分佈 (FY2025):
- RoW (世界其他地區): 50%
- America (美洲): 20%
- Europe (歐洲): 21%
- China (中國): 9%
ESG / Sustainability
- 願景: 成為全球綠色能源解決方案領導者,深入每個人的生活,為環境做出貢獻。(To be the global leading provider of green energy solutions, touch people's life, contribute to the better environment.)
- 里程碑:
- 2012: 成立新能源事業處, 研發能源儲存系統 (Establish New Energy Solution BU, ESS (Energy Storage System))
- 產品: PV Inverter, Energy Storage System (新能源相關產品)
Additional Data
免責聲明 (Disclaimer)
本公司並未發佈財務預測,但本簡報所作有關本公司財務上、業務上、Q&A之說明,若涉及本公司對未來公司經營與產業發展上之見解,可能與未來實際結果存有差異。此差異其造成之原因可能包括市場需求變化、價格波動、競爭行為、國際經濟狀況、匯率波動、上下游供應鏈等其他各種本公司所不能掌握之風險因素。
No representation or warranty express or implied, is or will be made in or in relation to, and no responsibility or liability is or will be accepted by the Company as to, the accuracy or completeness of the information and any liability therefore is hereby expressly disclaimed.