CviLux Group 2026Q1 法說會簡報
Company Overview
營運據點&產線分佈 (Operations & Manufacturing Layout)
- 辦事處 (Offices):
- 德國辦事處 (Germany Office)
- 美國子公司 (US Subsidiary)
- 巴西辦事處 (Brazil Office)
- 韓國子公司 (Korea Subsidiary)
- 日本辦事處 (Japan Office)
- 馬來西亞辦事處 (Malaysia Office)
- 生產據點 (Production Sites):
- 中國 (China):
- 安徽 (Anhui)
- 重慶 (Chongqing)
- 東莞 1 (Dongguan 1)
- 東莞 2 (Dongguan 2)
- 蘇州 (Suzhou)
- 廈門辦事處 (Xiamen Office)
- 深圳 (Shenzhen)
- 臺灣 (Taiwan):
- 臺灣 (Taiwan)
- 瀚雲 (Hanyun)
- 東南亞 (Southeast Asia):
- 寮國 (Laos)
- 越南 (Vietnam)
- 泰國 (Thailand)
- 馬來西亞 (Malaysia)
- 中國 (China):
- 生產類型 (Production Types):
- 連接器生產 (Connectors Production)
- 線纜組件生產 (Cable & Harness Production)
- 電子配件生產 (Electronic Accessories Production)
- 其他 (Other):
- 行銷通路據點 (Marketing & Sales Channels)
- 研發技術公司 (R&D Technology Company)
產能擴張與資源重新分配 (Capacity Expansion & Resource Reallocation)
- 營運總部 (Operations Headquarters):
- 瀚荃股份有限公司 (台北) (CviLux Corporation (Taipei)) - 150
- Automatic machine Software Center
- 瀚荃股份有限公司 (台北) (CviLux Corporation (Taipei)) - 150
- 華南廠一廠 (South China Plant 1):
- 瀚荃電子東莞 (東莞) (CviLux Electronics Dongguan (Dongguan)) - 700
- Power Connector、Harness、FFC、Wireless、Module / Sensor
- 瀚荃電子東莞 (東莞) (CviLux Electronics Dongguan (Dongguan)) - 700
- 華南二廠 (South China Plant 2):
- 東莞群翰電子 (東莞) (Dongguan Qunhan Electronics (Dongguan)) - 300
- Lightning / Type C、I/O connector Insert molding
- 東莞群翰電子 (東莞) (Dongguan Qunhan Electronics (Dongguan)) - 300
- 華東廠 (East China Plant):
- 瀚荃電子科技 (蘇州) (CviLux Electronic Technology (Suzhou)) - 350
- Fine Pitch Connector FFC / FFC LVDS
- 瀚荃電子科技 (蘇州) (CviLux Electronic Technology (Suzhou)) - 350
- 華西廠 (West China Plant):
- 瀚荃電子科技 (重慶) (CviLux Electronic Technology (Chongqing)) - 350
- FFC / FFC LVDS
- 瀚荃電子科技 (重慶) (CviLux Electronic Technology (Chongqing)) - 350
- 寮國廠 (Laos Plant):
- 瀚荃寮國廠區 (老挝) (CviLux Laos Plant (Laos)) - 250
- Wire Drawing Type C cable
- 瀚荃寮國廠區 (老挝) (CviLux Laos Plant (Laos)) - 250
- 越南廠 (Vietnam Plant):
- 瀚荃越南廠區 (越南) (CviLux Vietnam Plant (Vietnam)) - 10
- Wire Board connector I/O connector
- 瀚荃越南廠區 (越南) (CviLux Vietnam Plant (Vietnam)) - 10
- 泰國廠 (Thailand Plant):
- 計畫中 (Planned)
- 馬來西亞 (Malaysia):
- 計畫中 (Planned)
Financial Highlights
2025 損益表 (2025 Income Statement)
(仟元/新台幣)
| 項目 (Item) | 2025 Q4 | 2024 Q4 | YOY | 2025 (Full Year) | 2024 (Full Year) | YOY |
|---|---|---|---|---|---|---|
| 營業收入 (Net Sales) | 891,947 | 829,291 | 8% | 3,355,450 | 3,188,144 | 5% |
| 營業成本 (Cost Of Goods Sold) | 542,875 | 489,569 | 11% | 2,100,106 | 2,079,718 | 1% |
| 營業毛利 (Gross Profit) | 349,072 | 258,722 | 35% | 1,255,344 | 1,108,426 | 13% |
| 毛利率% (Gross Margin %) | 39% | 31% | 37% | 35% | ||
| 營業費用 (Operating Expenses) | 246,049 | 201,567 | 22% | 805,880 | 743,778 | 8% |
| 費用率% (Expense Ratio %) | 28% | 24% | 24% | 23% | ||
| 營業淨利 (Operating Income) | 103,023 | 57,155 | 80% | 449,464 | 364,648 | 23% |
| 營益率% (Operating Margin %) | 12% | 7% | 13% | 12% | ||
| 業外收支 (Total Non-Op. Inc&Exp.) | 39,776 | 75,882 | -36106 | 34,851 | 139,804 | -104,953 |
| 稅前淨利 (Earnings Before Tax) | 142,799 | 132,967 | 7% | 484,315 | 504,452 | -4% |
| 所得稅 (Income Tax Expense) | 26,090 | 47,615 | -45% (18%) | 145,801 | 166,830 | -13% (30%VS.33%) |
| 稅後淨利 (Net Income) | 116,709 | 85,352 | 37% | 338,514 | 337,622 | 0% |
| 每股盈餘 (Earnings Per Share) | 1.45 | 0.93 | 56% | 3.92 | 3.96 | -1% |
Business Segments
事業群 (Business Units)
- 連接器事業群 (Connectors Business Unit)
- Connectors
- 佔比: 70%
- 線纜組件事業群 (Cable & Harness Business Unit)
- Cable & Harness
- 佔比: 25%~30%
- 電子配件事業群 (Accessories Business Unit)
- Accessories
- 佔比: >5%
Products & Technologies
Q4 25 產品組合 (Q4 25 Product Mix)
| 產品類別 (Product Category) | 2024Q4 | 2025 Q3 | 2025 Q4 | QOQ | YOY |
|---|---|---|---|---|---|
| 伺服器&網通 (AI Power) | 36% (10%) | 37% (16%) | 41% (19%) | +15% (+22%) | +20% (115%) |
| 筆電產業 (Notebook Industry) | 23% | 24% | 21% | -15% | -6% |
| 工業電子 (Industrial Electronics) | 19% | 21% | 19% | -5% | +7% |
| 其他 (Others) | 19% | 14% | 15% | +7% | -2% |
| 車用電子 (Automotive Electronics) | 4% | 4% | 4% | -5% | +4% |
2025 產品組合 (2025 Product Mix)
| 產品類別 (Product Category) | 2024 | 2025 | YOY |
|---|---|---|---|
| 伺服器&網通 (AI Power) | 34% (8%) | 37% (18%) | +14% (135%) |
| 筆電產業 (Notebook Industry) | 24% | 23% | 0% |
| 工業電子 (Industrial Electronics) | 18% | 20% | +13% |
| 其他 (Others) | 19% | 16% | -8% |
| 車用電子 (Automotive Electronics) | 5% | 4% | -14% |
產品毛利分佈 (Product Gross Margin Distribution)
- NB < 汽車 (Notebook < Automotive)
- 其他 (Others)
- 工業 < 伺服器&網通 (Industrial < Servers & Networking)
- AI Power
受惠電力產業路徑 (Benefiting from Power Industry Path)
- Grid: 10-35k VAC
- Chip: 0.65 Voc
- Components & Architecture:
- MVAC (MV)
- SWB (Switch Board)
- Xmer (Transformer)
- 480V UPS (Uninterruptible Power Supply)
- Battery
- AC PDU (Power Distribution Unit)
- RPP (Remote Power Panel)
- Power Shelf
- PPS (Pulse Power Shelf)
- Busbar
- DD (Direct Current)
- GPU (Graphics Processing Unit)
- BBU (Battery Backup Unit)
- HVDC Power (High Voltage Direct Current Power)
- SST (Solid State Transformer)
- Supercaps BBU (Supercapacitors Battery Backup Unit)
- Side car
- Mother board
- Power Flow Paths (Examples):
- Path A-1, A-2, A-3: MVAC -> MV Xmer -> 480V UPS (or AC PDU) -> RPP -> Power Shelf -> Busbar -> DD -> GPU
- Path D-1, D-2: MVAC -> MV Xmer -> 480V UPS (or AC PDU) -> RPP -> HVDC Power -> RPP -> Power Shelf -> Busbar -> DD -> GPU
- Key Efficiencies:
- MV Xmer: 99%
- 480V UPS: 98%
- AC PDU: 98%
- Power Shelf: 98% (for AC PDU path), 99% (for HVDC path)
- HVDC Power: 98.5%
- Gray Space (In Building):
- 1~1.5% higher efficiency @ full load
- DC Bus provide RE/ESS integration capability
- Grid function support
- White Space (In Rack):
- HVDC bus voltages for scalability
- Source: Nomura
Clients & Markets
AI 重要客戶動能 (AI Key Customer Momentum)
| 客戶/年 (Customer/Year) | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| A | 3% | 4% | 6% | 8% |
| B | 2.5% | 3% | 7% | 8% |
| C | 1% | 1% | 3% | 4% |
| Others | 0% | 1% | 2% | 1% |
| Total | 6.5% | 8.5% | 18% | 21% |
Outlook & Strategy
營運展望 (Operational Outlook)
- 趨勢催化產品升級 (Trend-driven Product Upgrades)
- 電力產業趨勢明確、緊追客戶專案開發。 (Clear trends in the power industry, closely tracking customer project development.)
- 產線精實 (Lean Production Lines)
- 中國五減為三+擴增非中產能及自動化產能。 (Reducing five China plants to three + expanding non-China capacity and automated capacity.)
- 資產負債表管理 (Balance Sheet Management)
- 資本支出(擴建新廠)、產業投資、股東回饋。 (Capital expenditure (new plant expansion), industry investment, shareholder returns.)
2026 產品組合 (季) (2026 Product Mix (Quarterly))
| 產品類別 (Product Category) | 26年 Q1 | 25年 Q1 | YOY |
|---|---|---|---|
| 伺服器&網通 (AI Power) | 44% (21%) | 34% (20%) | +54% (+26%) |
| 筆電 (Notebook) | 22% | 24% | +10% |
| 工業電子 (Industrial Electronics) | 16% | 17% | +18% |
| 其他 (Others) | 15% | 20% | -10% |
| 車用電子 (Automotive Electronics) | 3% | 4% | +5% |
Additional Data
免責聲明/Safe Harbor Notice
- 瀚荃對目前期望的陳述是前瞻性陳述，受到重大風險和不確定性的影響，實際結果可能與前瞻性陳述中包含的內容有重大差異。 (Statements regarding current expectations made by CviLux are forward-looking statements, subject to significant risks and uncertainties, and actual results may differ materially from those contained in the forward-looking statements.)
- 有關可能導致實際結果變化的因素的資訊，可在瀚荃向台灣證券交易所公司 (TWSE) 提交的年度或季度報告，以及瀚荃不定時向TWSE提交的其他文件中找到。 (Information regarding factors that could cause actual results to differ can be found in CviLux's annual and quarterly reports filed with the Taiwan Stock Exchange Corporation (TWSE), and other documents filed by CviLux with the TWSE from time to time.)
- 除非法律有要求，否則我們不承擔更新任何前瞻性陳述的義務，無論是因為新資訊、未來事件或其他原因。 (Unless required by law, we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.)
- 此份報告的數字是按照國際財務報導準則 (IFRS) 編制的。 (The figures in this report are prepared in accordance with International Financial Reporting Standards (IFRS).)
Q4 25 Revenue Mix by Product (2025 Q4 產業佔比)
- 伺服器&網通 (Servers & Networking): 41%
- 筆電產業 (Notebook Industry): 21%
- 工業電子 (Industrial Electronics): 19%
- 其他 (Others): 15%
- 車用電子 (Automotive Electronics): 4%
QOQ 成長率 (QOQ Growth Rate)
- 伺服器&網通 (Servers & Networking): +15%
- 筆電產業 (Notebook Industry): -15%
- 工業電子 (Industrial Electronics): -5%
- 車用電子 (Automotive Electronics): -5%
- 其他 (Others): +7%
AI 相關成長曲線 (AI Related Growth Curve)
- 2023: 5%
- 2024: 8%
- 2025: 18%
- 2026 1-3: 21%
Q & A.
For more information, please visit www.cvilux-group.com