茂達電子股份有限公司 (6138) 2026年第一季法人說明會
Company Overview
- 公司名稱: 茂達電子股份有限公司 (ANPEC Electronics Corp.)
- 法人說明會日期: 2026.05.05
- 創立: 1997年10月
- 資本額: NT$7.5億
- 員工人數: 400人 (Worldwide)
- 股票代碼: 6138 (台灣上櫃公司)
- 業務性質: 類比與混合訊號IC設計公司
- 總部: 台灣新竹科學園區 (No.6, Dusing 1st Road, Hsinchu Science Park, Hsinchu, Taiwan)
- 電話: 886-3-5642000
- 傳真: 886-3-5642050
- 辦事處:
- 台灣: 新北市 (New Taipei Office: 2F, No.11, Ln. 218, Sec. 2, Zhongxing Rd., Xindian Dist., New Taipei City 231037, Taiwan; Tel: 886-2-2910-3838; Fax: 886-2-2917-3838), 高雄市
- 中國: 深圳, 蘇州
- 美國: 洛杉磯
- 韓國: 盆唐區
- 日本: 東京
- 以色列: Petah Tikva
- 全球駐點關鍵數據:
- 01: 3 companies within ANPEC group
- 02: 7 sales offices/disti/reps in 6 countries
- 03: 400 employees worldwide
- 04: 60% employees in R&D
- 茂達集團架構:
- ANPEC Electronics Corporation (母公司)
- ANPEC (Taiwan) (股票代碼: 6138)
- IC Solution: Power Management, Motor Driver, LED Driver, Audio, Sensor
- sinopower (ANPEC Owned (Taiwan)) (股票代碼: 6435)
- Discrete Device: MOSFET, IGBT
- supoc (ANPEC Owned (China))
- IC Solution: China Service
- ANPEC (Taiwan) (股票代碼: 6138)
- ANPEC Electronics Corporation (母公司)
- 願景 (Vision):
- 成為類比與混合訊號IC產業的領導者, 並成為全球市場的主要供應商。
- 提升台灣IC產業的類比與混合訊號IC設計能力。
- 為員工建立更好的工作環境。
- 使命 (Mission):
- 提供多元化的產品組合與整體解決方案以滿足客戶需求。
- 透過持續改進與增值成長, 與客戶、股東、員工和供應商建立雙贏模式。
- 核心價值 (Core Value):
- Authentic (真誠)
- Novel (創新)
- Customer (客戶導向)
- Passion (熱情)
- Execution (執行力)
- 競爭優勢:
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- 提供電源管理、馬達驅動器、音頻編解碼器和放大器、LED驅動器、傳感器和離散功率器件。提供全面解決方案和一站式購物。
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- 擁有先進的IP數據庫和強大的研發能力, 並具有快速的產品開發時效, 以協助客戶產品即時上市。
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- 通過為各個市場提供定制/ASIC、原始和兼容的解決方案, 提高客戶的競爭力。
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- 扁平化組織, 對商業決策、技術參與、物流和生產具有快速反應和靈活性, 並具有頂級的質量和最佳的成本結構。
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Financial Highlights
單位: 新台幣仟元 (Unit: NT$ thousand)
合併資產負債表 (Consolidated Balance Sheet)
| 項目 (Selected Items from BS) | 2026/03/31 | % | 2025/12/31 | % | 2025/03/31 | % |
|---|---|---|---|---|---|---|
| 現金及有價金融商品投資 (Cash & Marketable Securities) | 3,274,959 | 45% | 2,813,543 | 41% | 2,668,936 | 42% |
| 應收款項 (Accounts Receivable) | 1,426,291 | 20% | 1,335,439 | 20% | 1,216,587 | 19% |
| 存貨 (Inventories) | 1,071,791 | 15% | 1,135,897 | 17% | 965,092 | 15% |
| 不動產、廠房及設備 (Net PP&E) | 781,062 | 11% | 781,530 | 12% | 772,685 | 12% |
| 資產總計 (Total Assets) | 7,231,475 | 100% | 6,787,370 | 100% | 6,424,439 | 100% |
| 應付款項 (Accounts Payable) | 654,130 | 9% | 681,903 | 10% | 635,387 | 10% |
| 負債總計 (Total Liabilities) | 2,873,421 | 40% | 1,827,755 | 27% | 2,428,885 | 38% |
| 權益總計 (Total Shareholders' Equity) | 4,358,054 | 60% | 4,959,615 | 73% | 3,995,554 | 62% |
重要財務指標 (Key Indices)
| 指標 (Key Indices) | 2026/03/31 | 2025/12/31 | 2025/03/31 |
|---|---|---|---|
| 平均收現日數 (A/R Turnover Days) | 64 | 61 | 61 |
| 平均銷貨日數 (Inventory Turnover Days) | 93 | 93 | 88 |
Recent Performance and Results
單位: 新台幣仟元 (Unit: NT$ thousand)
合併綜合損益表 - YoY (Consolidated Income Statement - YoY)
| 項目 (Income Statement Items) | 2025 Amount | % | 2024 Amount | % | YoY % Change |
|---|---|---|---|---|---|
| 銷貨收入 (Net Sales) | 7,483,689 | 100% | 6,089,504 | 100% | 23% |
| 毛利 (Gross Margin) | 2,695,023 | 36% | 2,164,270 | 36% | 25% |
| 營業費用 (Operating Exp.) | 1,406,638 | 19% | 1,261,943 | 21% | 12% |
| 營業利益 (Operating Income) | 1,288,385 | 17% | 902,327 | 15% | 43% |
| 稅前淨利 (Income Before Income Tax) | 1,391,982 | 19% | 1,041,551 | 17% | 34% |
| 稅後淨利 (Net Income) | 1,148,531 | 15% | 846,467 | 14% | 36% |
| 淨利(損)歸屬於 (NET INCOME (LOSS) ATTRIBUTABLE TO): | |||||
| --本公司業主淨利 (Shareholders of the Parent Company) | 951,236 | 83% | 720,093 | 85% | 32% |
| --非控制權益淨利 (Noncontrolling interests) | 197,295 | 17% | 126,374 | 15% | |
| 每股盈餘 (EPS) | 13.04 | 9.89 |
合併綜合損益表 - QoQ (Consolidated Income Statement - QoQ)
| 項目 (Income Statement Items) | 2026 Q1 Amount | % | 2025 Q4 Amount | % | QoQ % Change | 2025 Q1 Amount | % | YoY % Change (2026 Q1 vs 2025 Q1) |
|---|---|---|---|---|---|---|---|---|
| 銷貨收入 (Net Sales) | 1,979,004 | 100% | 1,925,996 | 100% | 3% | 1,775,798 | 100% | 11% |
| 毛利 (Gross Margin) | 759,732 | 38% | 745,471 | 39% | 2% | 605,222 | 34% | 26% |
| 營業費用 (Operating Exp.) | 373,404 | 19% | 388,988 | 20% | (4%) | 339,668 | 19% | 10% |
| 營業利益 (Operating Income) | 386,328 | 20% | 356,483 | 19% | 8% | 265,554 | 15% | 45% |
| 稅前淨利 (Income Before Income Tax) | 429,076 | 22% | 406,866 | 21% | 5% | 298,040 | 17% | 44% |
| 稅後淨利 (Net Income) | 348,227 | 18% | 347,803 | 18% | 0% | 240,580 | 14% | 45% |
| 淨利(損)歸屬於 (NET INCOME (LOSS) ATTRIBUTABLE TO): | ||||||||
| --本公司業主淨利 (Shareholders of the Parent Company) | 269,381 | 77% | 275,371 | 79% | (2%) | 190,003 | 79% | 42% |
| --非控制權益淨利 (Noncontrolling interests) | 78,846 | 23% | 72,432 | 21% | 50,577 | 21% | ||
| 每股盈餘 (EPS) | 3.68 | 3.77 | 2.60 |
集團營收與每股盈餘 (Group Revenue and EPS)
單位: 新台幣百萬元 (NT$ Million) / 每股盈餘 (NT$)
| Period | ANPEC (NT$ Million) | SINOPOWER (NT$ Million) | Total Revenue (NT$ Million) | EPS (NT$) |
|---|---|---|---|---|
| 2021Q1 | $720 | $791 | $1,511 | 2.29 |
| 2021Q2 | $727 | $883 | $1,610 | 2.81 |
| 2021Q3 | $820 | $1,013 | $1,833 | 3.9 |
| 2021Q4 | $820 | $988 | $1,808 | 3.9 |
| 2022Q1 | $962 | $1,084 | $2,046 | 4.27 |
| 2022Q2 | $978 | $785 | $1,763 | 5.03 |
| 2022Q3 | $967 | $501 | $1,468 | 3 |
| 2022Q4 | $588 | $607 | $1,195 | 1.68 |
| 2023Q1 | $472 | $546 | $1,018 | 1 |
| 2023Q2 | $546 | $656 | $1,202 | 2.2 |
| 2023Q3 | $607 | $691 | $1,298 | 2.12 |
| 2023Q4 | $656 | $787 | $1,443 | 2.34 |
| 2024Q1 | $662 | $681 | $1,343 | 2.47 |
| 2024Q2 | $691 | $826 | $1,517 | 2.7 |
| 2024Q3 | $787 | $688 | $1,475 | 2.38 |
| 2024Q4 | $681 | $843 | $1,524 | 2.6 |
| 2025Q1 | $831 | $707 | $1,538 | 2.7 |
| 2025Q2 | $688 | $900 | $1,588 | 3.97 |
| 2025Q3 | $826 | $873 | $1,699 | 3.77 |
| 2025Q4 | $617 | $1,033 | $1,650 | 3.68 |
| 2026Q1 | $843 | $1,149 | $1,992 | 3.68 |
| Note: Total Revenue from chart for 2026Q1 is $1,992 million, while Net Sales from income statement (Slide 19) is $1,979,004 thousand (NT$1,979.004 million). |
產品別營收比重 (Revenue Share by Product)
| 產品 (Product) | 2026 Q1 | 2025 YEAR |
|---|---|---|
| MOTOR | 45.10% | 49.08% |
| PWM | 26.64% | 26.73% |
| LDO | 25.43% | 20.54% |
| AUDIO | 2.83% | 3.66% |
應用別營收比重 (Revenue Share by Application)
| 應用 (Application) | 2026 Q1 | 2025 YEAR |
|---|---|---|
| Fan | 45.10% | 49.08% |
| M/B (Motherboard) | 10.64% | 11.24% |
| Storage | 10.40% | 4.30% |
| N/B (Notebook) | 9.78% | 10.15% |
| Others | 8.40% | 7.87% |
| LCD | 5.89% | 5.75% |
| Memory | 5.21% | 6.44% |
| Consumer | 4.58% | - |
| SPS | - | 5.18% |
Products, Services & Technology
主要產品 (Main Products)
- 馬達驅動晶片 (Fan Motor Driver)
- Fan Motor Driver
- BLDC Motor Driver
- Intelligent Motor Driver (uP embedded)
- Hall-effect Sensor
- 電源管理晶片 (Power Management IC)
- Highly Integrated PMIC
- Low-Noise/EMI PMIC
- Battery Charger
- Wireless Charger
- UHD Converter
- Dr.MOS
- Multi-phase Core Power
- 離散功率元件 (Discrete Power Components)
- *Subsidiary - Sinopower Semi.
- MOSFET
- UHV MOSFET
- Low-QR MOSFET
- Split-gate MOSFET
- IGBT
- 光學晶片 (Optical IC)
- Ambient-light Sensor
- Proximity Sensor
- Spectrum Sensor
- Optical Isolator
- LED驅動晶片 (LED Driver IC)
- Local-dimming MiniLED Driver
- Intelligent Local-dimming Driver (uP embedded)
- LCD backlight LED Driver
- VCSEL/ IR LED Driver
- 音訊晶片 (Audio IC)
- High-power Digital Amp
- Codec
- Audio Sub-system
- Low-noise Headphone Amp
Clients & Markets
客戶策略 (Customer Strategy)
- 從ODM客戶 (ODM Customers) 發展至 SOC參考設計 (SOC Reference Design)，進而服務品牌/技術領導客戶 (Brand/Technology Leading Customers)。
目標應用領域 (Target Application Areas)
- 2000年起: TV/Monitor, SMPS, PC
- 目前/未來發展領域:
- HDD/SSD
- Networking
- Home Appliance
- Gaming
- Cooling Fan
- Memory
- Surveillance
- Automotive
- Industrial
- Server/Datacenter
- Telecommunication
Outlook & Strategy
成長動能 (Growth Momentum)
- 現有市場 / 現有產品 (Existing Market / Existing Product):
- NB/DT/VGA
- TV/Monitor
- Consumer
- 新市場 / 現有產品 (New Market / Existing Product):
- Game Console
- Mobile
- Home Appliance
- 現有市場 / 新產品 (Existing Market / New Product):
- Core Power for Server
- AC-DC PSU for Server
- Battery for NB
- 新市場 / 新產品 (New Market / New Product):
- Memory
- Server
- Networking
- Storage
- Automotive
- Industrial
Additional Data
免責聲明 (Disclaimer)
- 本簡報資料所列事項若為前瞻性看法, 可能受重大風險和不確定性因素影響而與實際結果有所差異。
- 本簡報中如有對未來之展望, 係反映本公司截至目前為止對於未來之看法, 如未來有因任何事件或環境變遷, 本公司並不負有更新資料之責任。
- 未經本公司許可, 不可複製、修改、重新編譯、刪減或傳送本簡報任何內容, 或將任何該等內容用於商業用途。