大展證券 (6020) 2026Q1 法說會簡報
Company Overview
公司名稱 (Company Name): 大展證券股份有限公司 (ACHAN Securities Co., Ltd.) 股票代號 (Stock Code): 6020 成立日期 (Establishment Date): 77.6.17 (1988.6.17) 董事長 (Chairman): 李玉萍 (Li Yu-Ping) 總經理 (General Manager): 李俊龍 (Li Chun-Lung) 實收資本額 (Paid-in Capital): 新台幣 25.24 億元 (NTD 2.524 billion) 母公司淨值 (Parent Company Net Worth): 新台幣 50 億元 (截至 115.3.31) (NTD 5 billion as of 2026.3.31) 員工人數 (Number of Employees): 96 人 (截至 115.3.31) (96 people as of 2026.3.31)
主要業務 (Main Businesses):
- 經紀 (Brokerage)
- 自營 (Proprietary Trading)
- 承銷 (Underwriting)
- 債券 (Bonds)
- 投顧 (Investment Consulting)
- 創投 (Venture Capital)
轉投資業務 (Investment Businesses):
- 大展證券投資顧問股份有限公司 (ACHAN Securities Investment Consulting Co., Ltd.)
- 持股比例: 99.69%
- 實收資本額: 147,988,200 元
- 服務內容:
- 接受委任對證券投資有關事項提供研究分析意見或建議。
- 舉辦有關證券投資之講習。
- 發行有關證券投資之出版品。
- 受理全權委託。
- 其他經證期會核准之有關證券投資顧問業務。
- 大展一號創業投資股份有限公司 (ACHAN No. 1 Venture Capital Co., Ltd.)
- 持股比例: 100%
- 實收資本額: 400,000,000 元
- 服務內容:
- 一般投資業。
- 創業投資業。
- 除許可業務外,得經營法令非禁止或限制之業務。
- 大展創業投資管理顧問股份有限公司 (ACHAN Venture Capital Management Consulting Co., Ltd.)
- 持股比例: 100%
- 實收資本額: 10,000,000 元
- 服務內容:
- 投資顧問業。
- 管理顧問業。
- 除許可業務外,得經營法令非禁止或限制之業務。
Financial Highlights
簡明綜合損益表 (Condensed Consolidated Income Statement) 單位: 千元 (Unit: NTD thousands)
| 項目 (Item) | 112年 (合併) (2023 Consolidated) | 112年 (個體) (2023 Individual) | 113年 (合併) (2024 Consolidated) | 113年 (個體) (2024 Individual) | 114年 (合併) (2025 Consolidated) | 114年 (個體) (2025 Individual) | 當年度截至115年3月31日財務自結資料 (個體) (YTD 2026.3.31 Self-reported Individual) |
|---|---|---|---|---|---|---|---|
| 營業收入 (Operating Revenue) | 531,770 | 516,618 | 387,978 | 369,081 | 260,329 | 254,731 | 90,800 |
| 支出與費用 (Expenses and Costs) | 241,141 | 238,470 | 244,998 | 242,172 | 215,567 | 212,152 | 65,820 |
| 營業損益 (Operating Income/Loss) | 290,629 | 278,148 | 142,980 | 126,909 | 44,762 | 42,579 | 24,980 |
| 營業外收入及支出 (Non-operating Income and Expenses) | 52,457 | 64,929 | 56,950 | 72,786 | 63,019 | 64,823 | 108,971 |
| 稅前淨利 (Profit Before Tax) | 343,086 | 343,077 | 199,930 | 199,695 | 107,781 | 107,402 | 133,951 |
| 所得稅費用(利益) (Income Tax Expense (Benefit)) | 17,067 | 17,061 | 17,555 | 17,326 | 8,903 | 8,521 | 2,536 |
| 本期淨利(損) (Net Profit (Loss) for the Period) | 326,019 | 326,016 | 182,375 | 182,369 | 98,878 | 98,881 | 131,415 |
| 本期其他綜合損益 (Other Comprehensive Income for the Period) | 202,251 | 202,251 | 263,335 | 263,335 | 96,477 | 96,477 | 52,049 |
| 本期綜合損益總額 (Total Comprehensive Income for the Period) | 528,270 | 528,267 | 445,710 | 445,704 | 195,355 | 195,358 | 183,464 |
| 每股盈餘(單位:元) (EPS (NTD)) | 1.29 | 1.29 | 0.72 | 0.72 | 0.39 | 0.39 | 0.52 |
簡明資產負債表 (Condensed Balance Sheet) 單位: 千元 (Unit: NTD thousands)
| 項目 (Item) | 112年 (合併) (2023 Consolidated) | 112年 (個體) (2023 Individual) | 113年 (合併) (2024 Consolidated) | 113年 (個體) (2024 Individual) | 114年 (合併) (2025 Consolidated) | 114年 (個體) (2025 Individual) | 當年度截至115年3月31日財務自結資料 (個體) (YTD 2026.3.31 Self-reported Individual) |
|---|---|---|---|---|---|---|---|
| 流動資產 (Current Assets) | 6,563,875 | 6,300,649 | 5,721,459 | 5,441,143 | 6,798,458 | 6,313,042 | 7,056,514 |
| 非流動資產 (Non-current Assets) | 1,146,392 | 1,405,362 | 1,396,326 | 1,674,107 | 1,491,112 | 1,973,216 | 2,123,739 |
| 資產總額 (Total Assets) | 7,710,267 | 7,706,011 | 7,117,785 | 7,115,250 | 8,289,570 | 8,286,258 | 9,180,253 |
| 流動負債 (Current Liabilities) | 3,099,126 | 3,095,581 | 2,288,686 | 2,286,512 | 3,390,537 | 3,388,449 | 4,168,644 |
| 非流動負債 (Non-current Liabilities) | 2,319 | 2,066 | 1,475 | 1,577 | 4,493 | 3,724 | 2,868 |
| 負債總額 (Total Liabilities) | 3,101,445 | 3,097,647 | 2,290,161 | 2,288,089 | 3,395,030 | 3,392,173 | 4,171,512 |
| 股本 (Share Capital) | 2,523,532 | 2,523,532 | 2,523,532 | 2,523,532 | 2,523,532 | 2,523,532 | 2,523,532 |
| 資本公積 (Capital Surplus) | 461 | 461 | 461 | 461 | 461 | 461 | 461 |
| 保留盈餘 (Retained Earnings) | 1,623,637 | 1,623,637 | 1,580,206 | 1,580,206 | 1,550,070 | 1,550,070 | 1,612,677 |
| 其他權益 (Other Equity) | 460,734 | 460,734 | 722,962 | 722,962 | 820,022 | 820,022 | 872,071 |
| 非控制權益 (Non-controlling Interests) | 458 | 0 | 463 | 0 | 455 | 0 | 0 |
| 權益總額 (Total Equity) | 4,608,822 | 4,608,364 | 4,827,624 | 4,827,161 | 4,894,540 | 4,894,085 | 5,008,741 |
| 每股淨值(單位:元) (Book Value Per Share (NTD)) | 18.26 | 18.26 | 19.13 | 19.13 | 19.39 | 19.39 | 19.85 |
Note: The past three fiscal years have been audited or reviewed by accountants; Q1 2026 financial data has not been audited by accountants.
Recent Performance and Results
2026年第一季整體表現 (Overall Performance in Q1 2026)
- 累計稅後淨利 (Accumulated Net Profit After Tax): 1.3億元 (NTD 130 million)
- 累計EPS (Accumulated EPS): 0.52元 (NTD 0.52)
承銷案件 (Underwriting Cases)
- 累計第一季止主協辦案件合計2件 (Total of 2 lead/co-lead underwriting cases as of Q1).
創投績效 (Venture Capital Performance)
- 截至第一季止,累計投資收益1億元 (As of Q1, accumulated investment income NTD 100 million).
投顧業務 (Investment Consulting Business)
- 全權委託業務於109.1.17開辦 (Discretionary investment management business started on 2020.1.17).
- 截至3月底止委託金額為8千萬元 (Entrusted amount as of end of March was NTD 80 million).
- 全年目標5億元 (Full-year target NTD 500 million).
經紀業務 (Brokerage Business)
- 累計至第一季止,市占率為萬分之5.16 (Accumulated market share as of Q1 was 0.0516%).
- 融資均額為7.9億元 (Average margin financing was NTD 790 million).
Key Charts, Graphs, and Data Points
其他經營指標 (Other Operating Indicators)
風險管理 (Risk Management)
- BIS(%) vs. 法令規定:150% (Legal Requirement: 150%)
- 2021: 741%
- 2022: 700%
- 2023: 559%
- 2024: 589%
- 2025: 504%
- 2026Q1: 407%
獲利能力 (Profitability)
- ROE(%)
- 2021: 18.87%
- 2022: -6%
- 2023: 7.5%
- 2024: 3.89%
- 2025: 1.93%
- 2026Q1: 2.62%
- EPS(元) (EPS (NTD)) vs. 現金股利(元) (Cash Dividend (NTD))
- 2021: EPS 3.4, Cash Dividend 2.38
- 2022: EPS -1.07, Cash Dividend 0
- 2023: EPS 1.29, Cash Dividend 0.90
- 2024: EPS 0.72, Cash Dividend 0.51
- 2025: EPS 0.39, Cash Dividend 0.27
- 2026Q1: EPS 0.52, Cash Dividend 0
市占率 (Market Share)
- 市佔率(%%) (Market Share (basis points)) vs. 日均量(億元) (Average Daily Turnover (NTD 100 million))
- 2021: Market Share 7.38%%, Daily Turnover 4778
- 2022: Market Share 6.16%%, Daily Turnover 3051
- 2023: Market Share 5.88%%, Daily Turnover 3590
- 2024: Market Share 5.22%%, Daily Turnover 5247
- 2025: Market Share 5.34%%, Daily Turnover 5325
- 2026Q1: Market Share 5.16%%, Daily Turnover 9941
- 交易量第一季累計YOY (Q1 Accumulated Trading Volume YOY)
- 2025Q1: 252 億元
- 2026Q1: 564 億元
- Growth: 123%
- 市佔率第一季累計YOY (Q1 Accumulated Market Share YOY)
- 2025Q1: 4.92%%
- 2026Q1: 5.16%%
- Growth: 4.87%
融資均額 (Average Margin Financing)
- 融資均額 (單位: 億元) (Average Margin Financing (Unit: NTD 100 million))
- 2024Q1: 5.85
- 2024Q2: 6.42
- 2024Q3: 6.62
- 2024Q4: 6.83
- 2025Q1: 7.16
- 2025Q2: 5.9
- 2025Q3: 5.6
- 2025Q4: 5.94
- 2026Q1: 7.9
- 融資均額第一季累計YOY (Q1 Accumulated Average Margin Financing YOY)
- 2025Q1: 7.16 億元
- 2026Q1: 7.9 億元
- Growth: 10.3%
承銷參與率 (Underwriting Participation Rate)
- 市場總件數 (Total Market Cases) vs. 承銷參與率(%) (Underwriting Participation Rate (%))
- 2022: Total Cases 230, Participation Rate 8.26%
- 2023: Total Cases 236, Participation Rate 3.8%
- 2024: Total Cases 327, Participation Rate 3.98%
- 2025: Total Cases 91, Participation Rate 4.6%
- 2026Q1: Total Cases 86, Participation Rate 2.33%
- 承銷收入第一季累計YOY (Q1 Accumulated Underwriting Revenue YOY)
- 2025Q1: 3 百萬元
- 2026Q1: 11 百萬元
- Growth: 266%
創投收入第一季累計YOY (Q1 Accumulated Venture Capital Revenue YOY)
- 2025Q1: -12 百萬元
- 2026Q1: 101 百萬元
- Growth: 942%
各業務收入第一季累計YOY (Various Business Revenues Q1 Accumulated YOY)
各業務收入 (單位: 百萬元) (Various Business Revenues (Unit: NTD millions))
| 業務 (Business) | 2025Q1 | 2026Q1 | YOY Growth |
|---|---|---|---|
| 經紀 (Brokerage) | 22 | 36 | 64% |
| 自營 (Proprietary Trading) | -53 | 2 | 104% |
| 債券 (Bonds) | 6 | 9 | 50% |
| 承銷 (Underwriting) | 9 | 11 | 22% |
| 子公司 (Subsidiaries) | -10 | 103 | 1130% |
合併業務收入趨勢 (Consolidated Business Revenue Trend)
- 2025Q1: -42 百萬元
- 2026Q1: 161 百萬元
- Growth: 483%
- Note: 母公司收益YOY增加463%, 加計子公司收益YOY增加1130% ; 使集團收益YOY增加483%。(Parent company revenue YOY increased by 463%, adding subsidiary revenue YOY increased by 1130%; resulting in group revenue YOY increased by 483%.)
Strategic Initiatives and Plans
策略焦點-建立大展財富三腳 (Strategic Focus - Establish ACHAN Wealth Tripod) The company aims to build a "Wealth Tripod" supported by strong research resources and AI information, focusing on three core pillars:
- 自營 (Proprietary Trading)
- 經紀 全委 (Brokerage, Discretionary Investment Management)
- 承銷 債券 創投 (Underwriting, Bonds, Venture Capital)
ESG / Sustainability
聯合國永續發展目標(SDGs) (UN Sustainable Development Goals (SDGs)) The company acknowledges and aligns with the 17 UN Sustainable Development Goals:
- 終結貧窮 (No Poverty)
- 消除飢餓 (Zero Hunger)
- 健康與福祉 (Good Health and Well-being)
- 優質教育 (Quality Education)
- 性別平權 (Gender Equality)
- 淨水與衛生 (Clean Water and Sanitation)
- 可負擔的潔淨能源 (Affordable and Clean Energy)
- 合適的工作及經濟成長 (Decent Work and Economic Growth)
- 工業化、創新及基礎建設 (Industry, Innovation and Infrastructure)
- 減少不平等 (Reduced Inequalities)
- 永續城鄉 (Sustainable Cities and Communities)
- 責任消費及生產 (Responsible Consumption and Production)
- 氣候行動 (Climate Action)
- 保育海洋生態 (Life Below Water)
- 保育陸域生態 (Life on Land)
- 和平、正義與健全制度 (Peace, Justice and Strong Institutions)
- 多元夥伴關係 (Partnerships for the Goals)
Disclaimer
公司聲明 (Company Statement)
- 本報告中除財務摘要之數據外,其他內容並未經會計師或獨立專家審核或審閱,本公司不保證其允當性、完整性及正確性。(Except for the data in the financial summary, other content in this report has not been audited or reviewed by accountants or independent experts. The company does not guarantee its appropriateness, completeness, or accuracy.)
- 本報告可能包含前瞻性陳述,包括但不限於所有本公司對未來可能發生的業務活動、事件或發展的陳述。該等陳述係基於本公司對未來營運之假設,及種種本公司無法控制之政治、經濟、市場等因素,故實際營運結果可能與該等陳述有重大差異。(This report may contain forward-looking statements, including but not limited to all statements by the company regarding future business activities, events, or developments. Such statements are based on the company's assumptions about future operations and various political, economic, market, and other factors beyond the company's control, so actual operating results may differ significantly from these statements.)
- 本報告不得視為買賣有價證券或其他金融商品之要約或要約之誘引。(This report shall not be regarded as an offer or an inducement to buy or sell securities or other financial products.)
- 本報告之著作權為本公司所有,未經本公司書面同意,不得重製、傳送或為其他未書面授權之使用。(The copyright of this report belongs to the company. No reproduction, transmission, or other unauthorized use is permitted without the company's written consent.)