環宇通訊半導體 (GCS) 2026Q1 法說會簡報
Company Overview
- 公司名稱: 環宇通訊半導體 (Global Communication Semiconductors, LLC)
- 使命宣言: "Enabling Today's Global Communications and Beyond"
- 中文標語: 環宇 芯系天下 (Global Communication Core Connects the World)
- 管理團隊:
- 執行長暨總裁 (CEO & President): Brian Ann (負責開場)
- 執行長特別助理 (Special Assistant to CEO): Kelly Lin (負責財務部分)
- 資深副總經理暨發言人 (Senior VP and Spokesperson): Simon Yu (參與者)
- 投資人聯絡: investors@gcsincorp.com
- 會議資訊:
- 活動: Q1 2026 Quarterly Online Investor Conference (線上法說會)
- 日期: May 5, 2026
Financial Highlights
(單位: 新台幣千元, EPS除外)
綜合損益表 (Statements of Comprehensive Income)
| 項目 | 1Q26 | 4Q25 | 1Q25 | 1Q26 Over 4Q25 | 1Q26 Over 1Q25 |
|---|---|---|---|---|---|
| 營業收入淨額 (Net Operating Revenue) | 714,680 | 688,517 | 473,170 | 3.8% | 51.0% |
| 營業毛利 (Gross Profit) | 389,747 | 366,225 | 171,687 | 6.4% | 127.0% |
| 營業毛利率 (Gross Margin) | 54.5% | 53.2% | 36.3% | ||
| 營業費用 (Operating Expenses) | (207,608) | (220,655) | (134,680) | -5.9% | 54.1% |
| 營業費用佔營收比 (Operating Expenses to Revenue %) | 29.0% | 32.0% | 28.5% | ||
| 營業利益 (Operating Income) | 182,139 | 145,570 | 37,007 | 25.1% | 392.2% |
| 營業利益率 (Operating Margin) | 25.5% | 21.1% | 7.8% | ||
| 營業外項目 (Non-operating Items) | 63,684 | (74,609) | (115,972) | -185.4% | -154.9% |
| 稅前損益 (Profit (Loss) before Income Tax) | 245,823 | 70,961 | (78,965) | 246.4% | -411.3% |
| 所得稅費用 (Income Tax Expense) | (49,733) | (3,235) | (23) | 1437.3% | 216130.4% |
| 本期淨利 (損) (Net Income (Loss)) | 196,090 | 67,726 | (78,988) | 189.5% | -348.3% |
| 歸屬於母公司業主之淨利 (損) (Net Income (Loss) Attributable to owners of the Parent) | 196,090 | 67,726 | (78,988) | 189.5% | -348.3% |
| 淨利率 (Net Income (Loss) %) | 27.4% | 9.8% | -16.7% | ||
| 基本每股盈餘 (Basic EPS (NTD)) | 1.67 | 0.60 | (0.70) | ||
| 稀釋每股盈餘 (Diluted EPS (NTD)) | 1.65 | 0.59 | (0.70) | ||
| 研發費用佔營收比 (R&D Expense % to Revenue) | 12.5% | 12.5% | 12.4% |
- 備註:
- 註1: Y2026Q1基本每股盈餘計算使用117,676千股。
- 註2: Y2026Q1稀釋每股盈餘計算使用119,140千股。
- 營收補充資訊 (Revenue supplemental information):
- 美元營收 (Revenue in US$ thousand): 1Q26: 22,595 (季增2.04%, 年增57.1%)
- 匯率 (Exchange Rate): 1Q26: 31.63
營業外項目 (Non-operating Income and Expenses)
| 項目 | 1Q26 | 4Q25 | 1Q25 | 1Q26 Over 4Q25 | 1Q26 Over 1Q25 |
|---|---|---|---|---|---|
| 其他收入 - 其他 (Other Income - other) | 10,582 | 6,502 | 5,772 | 62.7% | 83.3% |
| 淨匯兌損益 (Net currency exchange Gain (loss)) | (17,469) | 982 | (8) | -1878.9% | 218262.5% |
| 處分不動產、廠房及設備損益 (Gain (loss) on disposal of property, plant and equipment) | 1,984 | 496 | - | 300.0% | - |
| 處分投資損益 (Gain (Loss) on disposal of investments) | 163,760 | (1,452) | (1,932) | -11378.2% | -8576.2% |
| 處分待出售非流動資產損益 (Gain (Loss) on disposal of non-current assets held for sale) | - | (27) | - | -100.0% | - |
| 待出售非流動資產減損損失 (迴轉利益) (Impairment loss (gain) on non-current assets held for sale) | (9,585) | 18 | - | -53350.0% | - |
| 利息費用 (Interest expense) | (3,661) | (3,094) | (2,880) | 18.3% | 27.1% |
| 採用權益法認列之關聯企業及合資損益之份額 (Share of loss of equity-accounted investees) | (81,927) | (78,034) | (116,924) | 5.0% | -29.9% |
| 營業外收入及支出總計 (Total Non-operating Income and Expenses) | 63,684 | (74,609) | (115,972) | -185.4% | -154.9% |
資產負債表重點與關鍵指標 (Balance Sheet Highlight & Key Indices)
| 項目 | 1Q26 金額 | 1Q26 % | 4Q25 金額 | 4Q25 % | 1Q25 金額 | 1Q25 % |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalent) | 1,808,772 | 37% | 1,210,366 | 31% | 645,772 | 18% |
| 應收帳款 (Accounts Receivable) | 301,864 | 6% | 249,667 | 7% | 399,397 | 11% |
| 存貨 (Inventory) | 480,091 | 10% | 457,874 | 12% | 339,787 | 10% |
| 不動產、廠房及設備淨額 (Net Property, Plant and Equipment) | 778,433 | 16% | 754,465 | 19% | 1,090,612 | 31% |
| 採用權益法之投資 (Investments accounted for under the Equity Method) | 254,747 | 5% | 527,585 | 14% | 675,082 | 19% |
| 總資產 (Total Assets) | 4,860,154 | 100% | 3,845,825 | 100% | 3,558,351 | 100% |
| 總負債 (Total Liabilities) | 596,285 | 12% | 601,427 | 16% | 498,572 | 14% |
| 總股東權益 (Total Stockholders' Equity) | 4,263,869 | 88% | 3,244,398 | 84% | 3,059,779 | 86% |
- 關鍵指標 (Key Indices):
- 流動比率 (Current Ratio): 1Q26: 1077% (4Q25: 668%, 1Q25: 709%)
- 負債比率 (Debt Ratio): 1Q26: 12% (4Q25: 16%, 1Q25: 14%)
- 應收帳款週轉天數 (AR Turnover Days): 1Q26: 42 (4Q25: 53, 1Q25: 77)
- 存貨週轉天數 (Inventory Turnover Days): 1Q26: 150 (4Q25: 154, 1Q25: 146)
現金流量表 (Cash Flows)
| 項目 | 1Q26 | 4Q25 | 1Q25 |
|---|---|---|---|
| 期初餘額 (Beginning Balance) | 1,210,366 | 1,027,106 | 576,516 |
| 來自營運活動之現金流量 (Cash from Operating Activities) | 168,507 | 143,594 | (108,096) |
| 取得不動產、廠房及設備 (Acquisition of property, plant and equipment) | (113,901) | (8,069) | (1,880) |
| 現金增加數 (Increase in Cash) | 598,406 | 183,260 | 69,256 |
| 期末餘額 (Ending Balance) | 1,808,772 | 1,210,366 | 645,772 |
| 自由現金流量 (Free Cash Flow) | 54,606 | 135,525 | (109,976) |
- 備註: 自由現金流量 = 來自營運活動之現金流量 - 資本支出 (Free Cash Flow = Cash from Operating Activities - Capital Expenditures)
Business Segments
營收組合百分比 (Revenue Mix %)
(1Q 2026數據)
- KGD: 74%
- RF Foundry and Power Electronics Foundry (射頻晶圓代工與功率電子晶圓代工): 12%
- Opto Foundry (光電晶圓代工): 10%
- Other (其他): 4%
Products & Technologies
- 核心業務: 通訊半導體 (Communication Semiconductors)
- 主要技術與應用領域:
- 射頻晶圓代工 (RF Foundry): 應用於無線通訊基礎設施 (如電信基地台)、網路設備 (如路由器)。
- 功率電子晶圓代工 (Power Electronics Foundry): 應用於電源管理、電動車等領域。
- 光電晶圓代工 (Opto Foundry): 專注於光學連接 (Optical Connectivity)，支援資料中心、高速通訊等應用。
- KGD (Known Good Die): 裸晶產品。
- 願景: "Welcome to Optical Connectivity" (歡迎來到光學連接), "Your world is about to move much faster..." (您的世界將會加速運行...)
Additional Data
免責聲明 (Disclaimer Statement)
本簡報包含前瞻性陳述。所有非歷史事實的陳述，即GCS Holdings, Inc.預期或預計未來將會或可能發生的活動、事件或發展（包括但不限於預測、目標、估計和業務計劃），均為前瞻性陳述。
GCS的實際結果或發展可能因各種因素和不確定性而與這些前瞻性陳述所指示的內容存在重大差異，這些因素和不確定性包括但不限於價格波動、實際需求、匯率波動、市場份額、競爭、環境風險、法律、財務和監管框架的變化、政府政策、國際經濟和金融市場狀況、政治風險、成本估計以及我們無法控制的其他風險和因素。
GCS不承擔任何公開更新任何前瞻性陳述以反映其發布日期之後的事件或情況，或反映意外事件發生的義務。