至上電子股份有限公司 法說會簡報
Company Overview
至上電子股份有限公司 (Supreme Electronics Co., Ltd.)
投資安全聲明 (Investment Safety Statement)
至上電子集團之前瞻性陳述，可能包括有關其營運成果、財務狀況或業務前景之聲明，其受到已知或未知之風險、不確定性及其他因素影響。除法律規定者外，本公司所發佈之前瞻性陳述均不產生任何披露責任，且本公司並不負責公開更新或修改任何預測或前瞻性陳述，不論因出現新資料、發生未來事件或其他理由亦然。 此外，本報告所載的任何財務資料係遵照國際財務報導準則編製。
會議議程 (Meeting Agenda)
- 集團概況 (Group Overview)
- 財務/業務資訊 (Financial/Business Information)
- 終端產品應用 (Terminal Product Applications)
- 永續發展 (Sustainable Development)
- 問與答 (Q&A)
主要代理/銷售品牌 (Main Agents/Sales Brands)
- 至上 (Supreme)
- XZJ
- 南基 (Nanki)
- 高照 (Gaoxiao)
- 高拓 (Gaotuo)
- 高達/新能源 (Gaoda/New Energy)
- 保康特 (Baokangte)
Supreme Advantage
- 整合資源 (Resource Integration)
- 產品組合優勢 (多品牌、多產品) (Product portfolio advantage (multi-brand, multi-product))
- 降低採購成本與時間 (Reduce procurement costs and time)
- 分散供應風險 (Diversify supply risk)
- 庫存管理與物流效率 (Inventory Management and Logistics Efficiency)
- 即時庫存掌握與管理 (Real-time inventory control and management)
- 物流效率整合 (Logistics efficiency integration)
- 服務據點優勢 (Service point advantage)
- 技術支援 (Technical Support)
- 提供應用建議與設計導入 (Provide application recommendations and design-in)
- 快速回應客戶與現地支援 (Quick response to customer and on-site support)
- 專利投入及研發 (Patent investment and R&D)
- 市場資訊與趨勢掌握 (Market Information and Trend Grasp)
- 掌握終端市場需求 (AI、車用、消費電子等) (Grasp end-market demand (AI, automotive, consumer electronics, etc.))
- 提供原廠與客戶市場趨勢回饋 (Provide market trend feedback to original manufacturers and customers)
- 扮演供需之橋樑 (Act as a bridge between supply and demand)
重要里程碑 (Important Milestones)
- 1993: 韓國三星電子 (Samsung) 代理商 (Agent for Samsung Electronics, Korea)
- 2002: Samsung 中國區代理權 (Samsung China region agency rights)
- 2001, 2004, 2007: IPO 股票上櫃 上市 (IPO, listed on OTC, listed on main board)
- 2013, 2014: 投資中國策略夥伴 - 南基、HK XZJ (Invested in China strategic partners - Nanki, HK XZJ)
- 2021: 處分拓達及香港高照 取得三星電子全系列代理 (Disposed of Gaotuo and HK Gaoxiao, obtained full range agency for Samsung Electronics)
Financial Highlights
營收成長 (Revenue Growth)
合併營收及每股盈餘 (Consolidated Revenue and EPS) (Note: Revenue figures from 2016-2025 are presented in NT$ hundred millions on the slide. For consistency with other slides, they are converted to NT$M by multiplying by 100.)
| Year | 合併營收(NT$M) | 每股盈餘(EPS) |
|---|---|---|
| 2016 | 111,350 | 3.70 |
| 2017 | 122,700 | 3.95 |
| 2018 | 142,150 | 3.85 |
| 2019 | 112,580 | 3.41 |
| 2020 | 137,510 | 4.22 |
| 2021 | 208,730 | 7.02 |
| 2022 | 174,070 | 5.16 |
| 2023 | 152,150 | 4.70 |
| 2024 | 237,010 | 3.49 |
| 2025 | 226,530 | 5.02 |
| 2026Q1 | 110,160 | N/A |
合併營收比較-季別 (Consolidated Revenue Comparison - Quarterly)
Unit: NT$M
| Quarter | 合併營收 (Consolidated Revenue) | 毛利率 (Gross Margin) |
|---|---|---|
| 24Q1 | 55,822 | 3.23% |
| 24Q2 | 70,053 | 3.40% |
| 24Q3 | 60,467 | 3.27% |
| 24Q4 | 50,666 | 2.23% |
| 25Q1 | 46,317 | 2.47% |
| 25Q2 | 56,358 | 2.87% |
| 25Q3 | 53,519 | 2.64% |
| 25Q4 | 70,334 | 4.57% |
| 26Q1 | 110,165 | N/A |
合併營收-YoY比較 (新台幣百萬元) (Consolidated Revenue - YoY Comparison (NT$M))
| Category | 2025Q1 (NT$M) | 2026Q1 (NT$M) | YoY % |
|---|---|---|---|
| TFT/LCD | 2,045 | 1,189 | -42% |
| FLASH | 11,840 | 26,968 | 128% |
| DRAM | 15,973 | 69,528 | 335% |
| Driver IC | 3,551 | 3,074 | -13% |
| AP/PA | 10,180 | 6,979 | -31% |
| LED/OT | 2,728 | 2,427 | -11% |
| Total | 46,317 | 110,165 |
- 2026Q1: 1,101.65億 (NT$110,165 million)
- 2025Q1: 463.17億 (NT$46,317 million)
合併營收-QoQ比較 (新台幣百萬元) (Consolidated Revenue - QoQ Comparison (NT$M))
| Category | 2025Q4 (NT$M) | 2026Q1 (NT$M) | QoQ % |
|---|---|---|---|
| TFT/LCD | 1,937 | 1,189 | -39% |
| FLASH | 18,009 | 26,968 | 50% |
| DRAM | 37,560 | 69,528 | 85% |
| Driver IC | 3,147 | 3,074 | -2% |
| AP/PA | 7,304 | 6,979 | -4% |
| LED/OT | 2,377 | 2,427 | 2% |
| Total | 70,334 | 110,165 |
- 2026Q1: 1,101.65億 (NT$110,165 million)
- 2025Q4: 703.34億 (NT$70,334 million)
合併損益表-季別 (Consolidated Income Statement - Quarterly)
Unit: NT$M
| 項目 (Item) | 25Q4 | 25Q3 | 25Q2 | 25Q1 | 24Q4 |
|---|---|---|---|---|---|
| 銷貨收入 (Revenue) | 70,334 | 53,519 | 56,358 | 46,317 | 50,666 |
| 銷貨毛利 (Gross Profit) | 3,215 | 1,415 | 1,620 | 1,144 | 1,132 |
| 毛利率 (Gross Margin %) | 4.57% | 2.64% | 2.87% | 2.47% | 2.23% |
| 營業費用 (Operating Expenses) | (595) | (541) | (536) | (528) | (556) |
| 費用率 (Expense Ratio %) | 0.85% | 1.01% | 0.95% | 1.14% | 1.10% |
| 營業淨利 (Operating Income) | 2,620 | 874 | 1,084 | 616 | 576 |
| 投資損益 (Investment Income/Loss) | 0.5 | 0.9 | (3.8) | (8.6) | (23.6) |
| 財務成本 (Financial Costs) | (452) | (312) | (359) | (343) | (507) |
| 外幣兌換損益 (Foreign Exchange Gain/Loss) | 209 | 239 | (399) | 64 | 11 |
| 歸屬母公司本期淨利 (Net Income Attributable to Parent Company) | 1,776 | 525 | 179 | 201 | 39 |
| 純益率 (Net Profit Margin %) | 2.53% | 0.98% | 0.32% | 0.43% | 0.08% |
| EPS(元)-以加權平均股數計算(註1) (EPS (NT$) - calculated based on weighted average shares (Note 1)) | 3.40 | 1.01 | 0.34 | 0.27 | 0.08 |
| 股本(普通股+特別股) (Share Capital (Common + Preferred Shares)) | 5,553 | 5,553 | 5,553 | 5,553 | 5,548 |
- 註1: 25Q1EPS分子之計算,已扣除已宣告之特別股股息60.75M。 (Note 1: The calculation of 25Q1 EPS numerator has deducted declared preferred stock dividends of NT$60.75M.)
合併資產負債表-季別 (Consolidated Balance Sheet - Quarterly)
Unit: NT$M
| 項目 (Item) | 2025.12 | 2025.09 | 2025.06 |
|---|---|---|---|
| 現金及銀行存款 (Cash and Bank Deposits) | 9,000 | 6,221 | 5,266 |
| 應收帳款淨額 (Accounts Receivable, Net) | 36,349 | 23,373 | 21,965 |
| 應收帳款週轉天數 (Days Sales Outstanding (DSO)) | 38天 | 38天 | 36天 |
| 存貨 (Inventory) | 33,900 | 24,237 | 20,821 |
| 存貨週轉天數 (Days Inventory Outstanding (DIO)) | 39天 | 39天 | 39天 |
| 流動比率 (Current Ratio) | 171% | 190% | 197% |
| 長短期借款 (Long-term and Short-term Loans) | 49,016 | 29,775 | 21,726 |
| 負債比率 (Debt Ratio) | 76% | 70% | 68% |
營運資金天期 (Operating Cycle Days)
| Quarter | 應收帳款週轉天數 (DSO) | 存貨週轉天數 (DIO) | 應付帳款天數 (DPO) | 營運週期 (Operating Cycle) |
|---|---|---|---|---|
| 23Q4 | 39 | 40 | 7 | 72 |
| 24Q1 | 38 | 47 | 7 | 78 |
| 24Q2 | 30 | 51 | 6 | 75 |
| 24Q3 | 31 | 60 | 7 | 84 |
| 24Q4 | 39 | 54 | 7 | 86 |
| 25Q1 | 45 | 50 | 7 | 88 |
| 25Q2 | 36 | 39 | 5 | 70 |
| 25Q3 | 38 | 39 | 7 | 70 |
| 25Q4 | 38 | 39 | 7 | 70 |
歷年股利配發情形 (Historical Dividend Distribution)
| Year | EPS | 股息 (Dividends) | 發放率 (Payout Ratio) |
|---|---|---|---|
| 2021 | 7.02 | 4 | 56.98% |
| 2022 | 5.16 | 4.4 | 85.27% |
| 2023 | 4.7 | 4.03525479 | 85.86% |
| 2024 | 3.49 | 3.35061806 | 96.01% |
| 2025 (註一) | 5.02 | 3.80055821 | 75.71% |
- 註一: 2026/3/9經董事會決議通過2025年度盈餘分配案,普通股配發現金股利3.80055821元/股;特別股配發現金股利2.025元/股。 (Note 1: The 2025 earnings distribution plan was approved by the board of directors on 2026/3/9, with a cash dividend of NT$3.80055821 per common share; and a cash dividend of NT$2.025 per preferred share.)
Products & Technologies
2026年1-3月 合併銷售產品別比 (Consolidated Sales by Product Category, Jan-Mar 2026)
- DRAM: 63%
- 應用: 手機、PC、Server、車載裝置、TV及其他消費性電子產品 (Mobile phones, PCs, servers, in-car devices, TVs, and other consumer electronic products)
- FLASH: 25%
- 應用: 手機、PC、Server、車載裝置、TV及其他消費性電子產品 (Mobile phones, PCs, servers, in-car devices, TVs, and other consumer electronic products)
- AP/PA: 6%
- 應用: 手機、平板、5G網通、WIFI路由器、藍芽耳機、車載裝置、AIOT等產品 (Mobile phones, tablets, 5G networking, WIFI routers, Bluetooth headsets, in-car devices, AIoT and other products)
- Driver IC: 3%
- 應用: 手機、TV、平板、PC (Mobile phones, TVs, tablets, PCs)
- LED/OT: 2%
- 應用: 手機、照明、車燈及其他電子產品 (Mobile phones, lighting, car lights, and other electronic products)
- TFT/LCD: 1%
- 應用: 手機、照明、車燈及其他電子產品 (Mobile phones, lighting, car lights, and other electronic products)
終端產品應用 <MEMORY> (Terminal Product Applications <MEMORY>)
| Segment | Products | Applications | 2026.01-03 | 2025.01-12 |
|---|---|---|---|---|
| Mobile | MCP, DRAM, eStorage | Smart phone, TV, Chromebook | 38.9% | 46.3% |
| Server | DRAM, SSD | Server, Server(AI) | 39.9% | 30.7% |
| (Server 10%/Server(AI) 29.9%) | ||||
| (Server 6.6%/Server(AI) 24.1%) | ||||
| Consumer | SiP, DRAM, eStorage | TV, 5G/Networking, Surveillance, Smart home appliance | 6.4% | 11.8% |
| Channel | DRAM, Flash | Desktop, IPC, SSD | 7.6% | 3.3% |
| Gaming Graphic/PC | DRAM, eStorage, SSD | Gaming NB, Game console, VGA CARD | 5.6% | 5.2% |
| Automotive | DRAM, eStorage | Automotive, ADAS, Car Infotainment, In-vehicle communication | 1.1% | 2.1% |
終端產品應用 <AP/PA> (Terminal Product Applications <AP/PA>)
(Note: Only listed if over 5%)
AP-2025 (Application Processor)
- MOBILE: 29.11%
- AIOT/NBIOT: 28.27%
- WIFI ROUTER: 16.26%
- TV: 15.64%
- TWS: 7.30%
- OTHERS: 3.42%
PA-2025 (Power Amplifier)
- AIOT/NBIOT: 70.90%
- AUTOMOTIVE: 11.82%
- MOBILE: 10.45%
- OTHERS: 6.83%
AP-2024
- MOBILE: 28.37%
- WIFI ROUTER: 23.95%
- AIOT/NBIOT: 19.66%
- TV: 11.81%
- TWS: 8.19%
- OTHERS: 8.02%
PA-2024
- AIOT/NBIOT: 61.91%
- AUTOMOTIVE: 18.89%
- MOBILE: 12.80%
- OTHERS: 6.40%
Clients & Markets
合併營收-銷售客戶地區別 (Consolidated Revenue - Sales by Customer Region)
| Quarter | 香港與大陸地區 (Hong Kong and Mainland China) | 台灣地區 (Taiwan) | 美國地區 (USA) | 其他地區 (Other Regions) |
|---|---|---|---|---|
| 2024Q4 | 80% | 16% | 4% | N/A |
| 2025Q1 | 77% | 17% | 5% | 1% |
| 2025Q2 | 70% | 21% | 8% | 1% |
| 2025Q3 | 69% | 22% | 6% | 3% |
| 2025Q4 | 70% | 22% | 7% | 1% |
ESG / Sustainability
永續發展 (Sustainable Development)
-
接軌IFRS永續揭露準則 (Aligning with IFRS Sustainability Disclosure Standards)
- 以本公司為資本額超過50億元之標準,將於2028年年報揭露2027年IFRS永續揭露準則資訊。 (Based on the company's capital exceeding NT$5 billion, IFRS sustainability disclosure information for 2027 will be disclosed in the 2028 annual report.)
-
完成溫室氣體盤查及確信 (僅含範疇一及二) (Completed Greenhouse Gas Inventory and Verification (Scope 1 and 2 only))
- 2021年前 - 採用 ISO 14064-1 架構,由 BSI 台灣分公司完成驗證; (Before 2021 - adopted ISO 14064-1 framework, verified by BSI Taiwan branch;)
- 2022年起 - 採 GHG Protocol 架構; (From 2022 onwards - adopted GHG Protocol framework;)
- 2025年起 - 盤查範圍涵蓋全集團子公司。 (From 2025 onwards - inventory scope covers all group subsidiaries.)
-
符合基層員工薪資福利 (Compliance with Grassroots Employee Wage Benefits)
- 公司章程中明訂,稅前淨利1%~5%作為員工酬勞,其中員工酬勞數額,應提撥不低於百分之二分派予基層員工。 (Stipulated in the company's articles of association, 1%~5% of pre-tax net profit is allocated as employee compensation, of which no less than 2% should be distributed to grassroots employees.)
-
集團成員取得 ISO 9001:2015品質管理系統 (Group Members Obtained ISO 9001:2015 Quality Management System)
- 高照國際 (Gaoxiao International) -- 電子零組件進口貿易 (electronic component import and trade)
- 高達能源 (Gaoda Energy) -- 鋰電池模組及電動車充電器之設計與製造 (design and manufacturing of lithium battery modules and EV chargers)
- 尚驛光電 (Shangyi Optoelectronics) -- 電子產品設計開發 (electronic product design and development)
Additional Data
問與答 (Q&A)
- 可舉手進行提問,提問前先請說明您所屬的代表機構或姓名。 (Please raise your hand to ask questions, and state your affiliated organization or name before asking.)
- 會後將於本公司網站及公開資訊觀測站提供簡報檔案及法說會影音檔案。 (After the meeting, the presentation file and video recording of the investor conference will be provided on the company's website and the Market Observation Post System.)