盛群半導體 (HOLTEK) 2026Q1 法說會簡報
Company Overview
- 公司名稱: 盛群半導體股份有限公司 (HOLTEK)
- 日期: 2026/04/29
- 活動: 115 年第一季法人說明會
- 公司定位: Professional MCU IC Provider (專業微控制器積體電路供應商)
- 願景: Holtek is a sincere and trustworthy partner that you can rely upon for your long term investment. (盛群是您可信賴的長期投資夥伴。)
Financial Highlights
年度營運成績 (單位: 新台幣百萬元)
| 年度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 2018 | 4,863 | 1,064 | 49.2% |
| 2019 | 4,584 | 915 | 49.2% |
| 2020 | 5,615 | 1,031 | 46.2% |
| 2021 | 7,128 | 2,044 | 51.1% |
| 2022 | 6,016 | 1,106 | 50.6% |
| 2023 | 2,596 | 112 | 50.4% |
| 2024 | 2,502 | (150) | 40.3% |
| 2025 | 3,058 | 173 | 38.9% |
| 2026Q1 | 826 | 68 | 39.3% |
營運績效及財務結構
| 項目 \ 年度 | 110年 | 111年 | 112年 | 113年 | 114年 | 115年/第1季 |
|---|---|---|---|---|---|---|
| 每股盈餘 | ||||||
| 普通股股數(K) | 226,168 | 226,168 | 226,168 | 226,168 | 230,388 | 230,388 |
| 稅後每股盈餘(NT$) | 9.04 | 4.89 | 0.49 | -0.66 | 0.76 | 0.30 |
| 每股股利 | ||||||
| 現金股利(NT$) | 8.12 | 4.00 | 0.45 | - | 0.68 | N/A |
| 股票股利(NT$) | - | - | - | - | - | N/A |
| 股東權益報酬率(%) | 40% | 21% | 3% | -4% | 5% | 2% |
| 每股帳面價值(NT$) | 25.01 | 20.69 | 17.86 | 15.91 | 17.01 | 17.51 |
| 每股現金(NT$) | 20.20 | 10.62 | 10.38 | 12.42 | 13.27 | 12.52 |
季營運成績 (單位: 新台幣百萬元)
| 季度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 23Q1 | 761 | 37 | 52.1% |
| 23Q2 | 716 | 56 | 54.3% |
| 23Q3 | 631 | 37 | 51.9% |
| 23Q4 | 488 | -18 | 40.2% |
| 24Q1 | 444 | -45 | 44.7% |
| 24Q2 | 683 | -34 | 41.2% |
| 24Q3 | 683 | -73 | 37.8% |
| 24Q4 | 692 | 3 | 39.0% |
| 25Q1 | 761 | 90 | 38.3% |
| 25Q2 | 860 | 22 | 38.7% |
| 25Q3 | 754 | 27 | 37.4% |
| 25Q4 | 683 | 33 | 41.6% |
| 26Q1 | 826 | 68 | 39.3% |
合併綜合損益表 (單位: 新台幣千元)
| 綜合損益項目 | 115年/第1季 | 114年/第1季 | 114年/第4季 | YOY | QOQ |
|---|---|---|---|---|---|
| 營業收入 | 825,585 (100%) | 760,939 (100%) | 682,601 (100%) | 8% | 21% |
| 營業毛利 | 330,355 (40%) | 294,325 (38%) | 277,485 (41%) | 12% | 19% |
| 未實現營業毛利 | -5,980 (-1%) | -2,639 (0%) | 6,203 (1%) | -127% | -196% |
| 已實現營業毛利 | 324,375 (39%) | 291,686 (38%) | 283,688 (42%) | 11% | 14% |
| 營業費用 | 269,166 (33%) | 276,255 (36%) | 264,958 (39%) | -3% | 2% |
| 營業淨利 | 55,209 (6%) | 15,431 (2%) | 18,730 (3%) | 258% | 195% |
| 營業外收入及支出 | 31,248 (4%) | 31,243 (4%) | 13,180 (2%) | 0% | 137% |
| 稅前淨利 | 86,457 (10%) | 46,674 (6%) | 31,909 (5%) | 85% | 171% |
| 歸屬於母公司本期淨利 | 68,431 (8%) | 90,489 (12%) | 33,428 (5%) | -24% | 105% |
| EPS (NT$) | 0.30 | 0.40 | 0.14 |
合併資產負債表 (單位: 新台幣千元)
| 資產負債項目表 | 2026.03.31 | % | 2025.03.31 | % | 2025.12.31 | % |
|---|---|---|---|---|---|---|
| 現金及有價金融商品投資 | 2,885,551 | 52 | 2,948,440 | 51 | 3,056,341 | 55 |
| 應收帳款 | 480,897 | 9 | 485,413 | 8 | 395,807 | 7 |
| 存貨 | 1,023,835 | 19 | 1,122,983 | 19 | 1,036,127 | 19 |
| 長期投資 | 511,610 | 9 | 503,740 | 9 | 492,517 | 9 |
| 不動產、廠房、設備及使用權資產 | 426,713 | 8 | 472,716 | 8 | 422,303 | 8 |
| 其他 | 151,059 | 3 | 272,952 | 5 | 160,560 | 2 |
| 資產總計 | 5,479,665 | 100 | 5,805,884 | 100 | 5,563,655 | 100 |
| 流動負債 | 1,032,349 | 19 | 1,582,331 | 27 | 1,230,842 | 22 |
| 非流動負債 | 345,270 | 6 | 442,370 | 8 | 344,789 | 6 |
| 負債總計 | 1,377,619 | 25 | 2,024,701 | 35 | 1,575,631 | 28 |
| 權益總計 | 4,102,046 | 75 | 3,781,183 | 65 | 3,988,024 | 72 |
| 負債及權益總計 | 5,479,665 | 100 | 5,805,884 | 100 | 5,563,655 | 100 |
重要財務指標
| 項目 | 2026.03.31 | 2025.03.31 | 2025.12.31 |
|---|---|---|---|
| 平均收現日數 | 48 | 54 | 49 |
| 平均銷貨日數 | 190 | 226 | 216 |
| 流動比率(倍) | 4.3 | 3.0 | 3.7 |
- 備註: 截至 2026年3月31日，總流通股數為 230.4 百萬股。
Business Segments
115年第一季應用別營收比重比較 (單位: 新台幣百萬元)
2026/Q1 總銷售額: NT$ 826 million (QOQ +21%)
- Home Appliance (家電): 17%
- Safety (安全防護): 17%
- Health Care (健康保健): 11%
- Display Driver (顯示驅動): 8%
- Industrial Control (工業控制): 8%
- Power management (電源管理): 8%
- PC Peripheral (電腦週邊): 7%
- BLDC (直流無刷馬達): 2%
- RF (射頻): 2%
- Others (其他): 20%
2025/Q4 總銷售額: NT$ 683 million
- Home Appliance (家電): 17%
- Safety (安全防護): 18%
- Health Care (健康保健): 11%
- Display Driver (顯示驅動): 8%
- Industrial Control (工業控制): 7%
- PC Peripheral (電腦週邊): 7%
- Power management (電源管理): 7%
- BLDC (直流無刷馬達): 3%
- RF (射頻): 1%
- Others (其他): 21%
Products & Technologies
MCU 營業額及比重 (單位: 新台幣百萬元)
- 26Q1 表現: YOY +5% ; QOQ +21%
- 年度 MCU 銷售額:
- 2023 MCU sales: NT$2,056million (佔總銷售額 79%) (YOY -58%)
- 2024 MCU sales: NT$1,881million (佔總銷售額 75%) (YOY -9%)
- 2025 MCU sales: NT$2,333million (佔總銷售額 76%) (YOY +24%)
- 2026Q1 MCU sales: NT$620million (佔總銷售額 75%) (YOY +5%)
MCU 出貨量 (單位: K pcs)
- 26Q1 表現: YOY +13% ; QOQ +16%
- 年度 MCU 出貨量:
- 2023 MCU shipments: 298 KKpcs (YOY -53%)
- 2024 MCU shipments: 342 KKpcs (YOY +15%)
- 2025 MCU shipments: 402KKpcs (YOY +17%)
- 2026Q1 MCU shipments: 108KKpcs (YOY +13%)
Touch MCU 出貨量 (單位: K pcs)
- 26Q1 表現: YOY +38% ; QOQ +20%
- 年度 Touch MCU 出貨量:
- 2023 Touch MCU shipments: 43KK (佔 MCU 14%) (YOY -65%)
- 2024 Touch MCU shipments: 62KK (佔 MCU 18%) (YOY +44%)
- 2025 Touch MCU shipments: 58KK (佔 MCU 14%) (YOY -7%)
- 2026Q1 Touch MCU shipments: 17KK (佔 MCU 10%) (YOY 38%)
安全防護市場 (Safety Care Market)
- 解決方案: NB-IoT Smoke Detector Solution is ready (NB-IoT煙霧偵測器解決方案已就緒)
- 產品類別:
- CO Detectors (一氧化碳偵測器)
- Smoke Detectors (煙霧偵測器)
- GAS Detectors (氣體偵測器)
- PIR Detectors (被動紅外線偵測器)
- Evacuation Indicators (疏散指示器)
- 偵測器類型:
- 獨立式偵測器 (Standalone Detectors)
- 網路型可定址煙霧偵測器 (Networking Type Addressable Smoke Detectors)
安全防護產品出貨量 (單位: K pcs)
- 26Q1 表現: YOY +35% ; QOQ +7%
- 年度 Safety Care 出貨量:
- 2023 Safety Care shipments: 31KK pcs (YOY -40%)
- 2024 Safety Care shipments: 20KK pcs (YOY -35%)
- 2025 Safety Care shipments: 53KK pcs (YOY +160%)
- 2026Q1 Safety Care shipments: 15KK pcs (YOY +35%)
健康保健市場 (Healthcare Market)
- 策略: 全面的健康保健方案 (Comprehensive Healthcare Solutions)
- 研發方向: 積極部署邊緣人工智慧(Edge AI)應用的研究與開發
- 產品類別:
- 額溫計/耳溫計 (Forehead/Ear Thermometer)
- 溫度計 (Thermometer)
- 血壓計 (Blood Pressure Monitor)
- 血氧儀 (Pulse Oximeter)
- 健康照護量測 MCU (Healthcare Measurement MCU)
- 高精度血糖儀(BGM) (High Precision Blood Glucose Meter (BGM))
- 連續血糖儀(CGM) (Continuous Glucose Monitor (CGM))
- 體脂秤/體成分分析儀 (Body Fat Scale / Body Composition Analyzer)
健康保健產品出貨量 (單位: K pcs)
- 26Q1 表現: YOY +13% ; QOQ +16%
- 年度 Healthcare 出貨量:
- 2023 Healthcare shipments: 37KK pcs (YOY -31%)
- 2024 Healthcare shipments: 45KK pcs (YOY +22%)
- 2025 Healthcare shipments: 45KK pcs (YOY +0%)
- 2026Q1 Healthcare shipments: 10KK pcs (YOY +13%)
直流無刷馬達應用產品 (Brushless DC Motor Application Products)
- 產品類別:
- Electric Tools (電動工具)
- Garden Tools (園藝工具)
- Sewing Machines (縫紉機)
- Electric Hand Push Lawn Mower (電動手推割草機)
- Massage Guns (按摩槍)
- Air Purifiers (空氣清淨機)
- Electric Fans (電風扇)
- Vacuum Cleaners (吸塵器)
- Ceiling Fans (吊扇)
馬達控制產品出貨量 (單位: K pcs)
- 26Q1 表現: YOY -6% ; QOQ -21%
- 年度 Motor Control 出貨量:
- 2023 Motor Control shipments: 5KK pcs (YOY -78%)
- 2024 Motor Control shipments: 6KK pcs (YOY +29%)
- 2025 Motor Control shipments: 14KK pcs (YOY +120%)
- 2026Q1 Motor Control shipments: 3KK pcs (YOY -6%)
智慧物聯網(AIoT) (Smart IoT (AIoT))
- 核心概念: Big Data (大數據)
- 數據處理 (Data Processing):
- Low power (低功耗)
- AFE integrated (類比前端整合)
- Smart algorism (智慧演算法)
- Adjust sensor (感測器調整)
- 數據傳輸 (Data Transmission):
- Wifi
- Bluetooth (藍牙)
- NB-IoT
- Sub-1GHz RF (低於1GHz射頻)
- 數據儲存 (Data Storage):
- Cloud (雲端)
- 數據感測 (Data Sensing):
- High precision sensor (高精度感測器)
- Small size sensor (小尺寸感測器)
- 技術平台: NB-IoT, Bluetooth™, Wifi, NFC FORUM
- 應用: App + Mobile Phone (應用程式 + 行動電話)
射頻(RF)產品出貨量 (單位: K pcs)
- 26Q1 表現: YOY +12% ; QOQ +42%
- 年度 RF Application 出貨量:
- 2023 RF Application shipments: 8KK pcs (YOY -20%)
- 2024 RF Application shipments: 8KK pcs (YOY +3%)
- 2025 RF Application shipments: 11KK pcs (YOY +31%)
- 2026Q1 RF Application shipments: 3KK pcs (YOY +12%)
兩輪/三輪電動車應用產品 (Two-wheel/Three-wheel Electric Vehicle Application Products)
- 產品類別:
- E-Scooter (電動滑板車)
- E-bike (電動自行車)
- Electric Scooter (電動摩托車)
- Electric Three-Wheeler (電動三輪車)
- Tuk-Tuk (嘟嘟車)
Electric Bicycle 產品出貨量 (單位: K pcs)
- 26Q1 表現: YOY +54% ; QOQ +30%
- 年度 Electric Bicycle Application 出貨量:
- 2023 Electric Bicycle Application shipments: 10KK pcs (YOY -44%)
- 2024 Electric Bicycle Application shipments: 6KK pcs (YOY -40%)
- 2025 Electric Bicycle Application shipments: 8KK pcs (YOY +28%)
- 2026Q1 Electric Bicycle Application shipments: 2KK pcs (YOY +54%)