愛普科技股份有限公司 (apmemory) 2026年第一季法人說明會
Disclaimer
簡報中所提供對於產業及本公司前景之預測，係根據目前營運及公開資訊所做出之判斷，相關內容具風險與不確定性。任何外在環境的改變均可能影響公司實際營運與財務狀況，本簡報資料中所提供之資訊，不代表本公司對產業狀況或後續重大發展的完整論述，本公司亦不會因任何新的資訊或事件而更新相關資訊。
Company Overview
- 專注領域: 提供全球客戶客製化記憶體設計及解決方案之IC設計公司
- 總部: 台灣新竹台元科技園區
- 研發: 美/中/台三地合作研發
- 營運: 台灣營運
- 集團人數: ~277人
- 上市時間: 2016年於台灣證交所上市 (股票代號: 6531)
- 已發行且流通在外股數: 1.62億股 (每股面額5元)
Key Milestones
- 2011: AP Memory Founded
- 2016: Listed on TWSE (6531)
- 2017: Acquired Zentel Electronics; Started S-SiCap™ development
- 2018: Started VHM™ 3D integration pilot project
- 2020: Exited specialty DRAM business
- 2021: VHM™ enters production; 2-for-1 Stock split
- 2022: Issuance of GDR for US$190M
- 2023: Kick-off on AI mainstream POC project
- 2024: S-SiCap™ Interposer (IPC) enters production
- 2025: S-SiCap™ (IPD) qualified for substrate embedding
Note on Acronyms:
- VHM™: Very High-bandwidth Memory
- VHMStack™: Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™: Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
- IPC: Capacitor in silicon Interposer
- IPD: Silicon capacitor embedded in substrate
Financial Highlights
2026 Q1 合併損益表 (in NT$K)
| 項目 (in NT$K) | 1Q26 | % | 4Q25 | % | 1Q25 Note 1 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (in US$K) | 66,261 | 59,978 | 29,681 | 10% | 123% | |||
| 平均匯率 (US$/NT$) | 31.69 | 31.15 | 32.85 | 2% | (4%) | |||
| 營業收入 | 2,099,951 | 100% | 1,868,104 | 100% | 974,960 | 100% | 12% | 115% |
| 營業毛利 | 969,865 | 46% | 931,511 | 50% | 453,138 | 46% | 4% | 114% |
| 銷管費用 | 110,865 | 5% | 85,977 | 4% | 82,872 | 8% | 29% | 34% |
| 研發費用 | 270,751 | 13% | 273,233 | 15% | 195,189 | 20% | (1%) | 39% |
| 營業費用 | 381,616 | 18% | 359,210 | 19% | 278,061 | 28% | 6% | 37% |
| 營業利益 | 588,249 | 28% | 572,301 | 31% | 175,077 | 18% | 3% | 236% |
| 外幣兌換利益 | 140,145 | 6% | 251,140 | 13% | 107,122 | 11% | (44%) | 31% |
| 其他業外收入 | 97,297 | 5% | 85,242 | 5% | 151,886 | 15% | 14% | (36%) |
| 營業外收入 | 237,442 | 11% | 336,382 | 18% | 259,008 | 26% | (29%) | (8%) |
| 稅前淨利 | 825,691 | 39% | 908,683 | 49% | 434,085 | 44% | (9%) | 90% |
| 所得稅費用 | 165,725 | 8% | 158,811 | 9% | 88,760 | 9% | 4% | 87% |
| 本期淨利 | 659,966 | 31% | 749,872 | 40% | 345,325 | 35% | (12%) | 91% |
| 淨利歸屬於: | ||||||||
| 本公司業主 | 676,217 | 32% | 765,577 | 41% | 331,182 | 34% | (12%) | 104% |
| 非控制權益 | (16,251) | (1%) | (15,705) | (1%) | 14,143 | 1% | (3%) | (215%) |
| 基本每股盈餘 (NT$) | 4.15 | 4.71 | 2.04 | (12%) | 103% | |||
| 加權平均股數 (仟股) | 162,798 | 162,687 | 162,443 | 0.07% | 0.22% | |||
| Note 1: 追溯調整因合併Onecent所產生之相關財務數據。 |
2026 Q1 擬制設算合併損益表:排除GDR未支用數之相關兌換影響 (in NT$K)
Note 1: 追溯調整因合併Onecent所產生之相關財務數據。 Note 2: 所呈現的數據是擬制推估而得，並不反映實際的財務報表資料。
| 項目 (in NT$K) | 1Q26 | % | 4Q25 | % | 1Q25 Note 1 | % | QoQ | YoY |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (in US$K) | 66,261 | 59,978 | 29,681 | 10% | 123% | |||
| 平均匯率 (US$/NT$) | 31.69 | 31.15 | 32.85 | 2% | (4%) | |||
| 營業收入 | 2,099,951 | 100% | 1,868,104 | 100% | 974,960 | 100% | 12% | 115% |
| 營業毛利 | 969,865 | 46% | 931,511 | 50% | 453,138 | 46% | 4% | 114% |
| 銷管費用 | 110,865 | 5% | 85,977 | 4% | 82,872 | 8% | 29% | 34% |
| 研發費用 | 270,751 | 13% | 273,233 | 15% | 195,189 | 20% | (1%) | 39% |
| 營業費用 | 381,616 | 18% | 359,210 | 19% | 278,061 | 28% | 6% | 37% |
| 營業利益 | 588,249 | 28% | 572,301 | 31% | 175,077 | 18% | 3% | 236% |
| 外幣兌換利益 Note 2 | 37,879 | 2% | 72,853 | 4% | 30,891 | 3% | (48%) | 23% |
| 其他業外收入 | 97,297 | 4% | 85,242 | 5% | 151,886 | 16% | 14% | (36%) |
| 營業外收入 Note 2 | 135,176 | 6% | 158,095 | 9% | 182,777 | 19% | (14%) | (26%) |
| 稅前淨利 Note 2 | 723,425 | 34% | 730,396 | 40% | 357,854 | 37% | (1%) | 102% |
| 所得稅費用 Note 2 | 145,272 | 7% | 123,154 | 7% | 73,514 | 8% | 18% | 98% |
| 本期淨利 Note 2 | 578,153 | 27% | 607,242 | 33% | 284,340 | 29% | (5%) | 103% |
| 淨利歸屬於: | ||||||||
| 本公司業主 Note 2 | 594,404 | 28% | 622,947 | 34% | 270,197 | 28% | (5%) | 120% |
| 非控制權益 | (16,251) | (1%) | (15,705) | (1%) | 14,143 | 1% | (3%) | (215%) |
| 基本每股盈餘 (NT$) Note 2 | 3.65 | 3.83 | 1.66 | (5%) | 120% | |||
| 加權平均股數 (仟股) | 162,798 | 162,687 | 162,443 | 0.07% | 0.22% |
2026.03.31 Consolidated Balance Sheet (in NT$K)
Note 1: 追溯調整因合併Onecent所產生之相關財務數據。
| 項目 (in NT$K) | 2026.03.31 AMT | % | 2025.12.31 AMT | % | 2025.03.31 Note 1 AMT | % |
|---|---|---|---|---|---|---|
| 資產總計 | 15,567,366 | 100% | 14,740,272 | 100% | 13,691,245 | 100% |
| 現金及約當現金 | 8,765,915 | 56% | 7,263,192 | 49% | 5,126,877 | 37% |
| 按攤銷後成本衡量之金融資產 | 2,843,170 | 18% | 3,755,814 | 25% | 4,784,838 | 35% |
| 應收帳款 | 743,717 | 5% | 588,490 | 4% | 536,354 | 4% |
| 存貨 | 1,190,175 | 8% | 1,144,751 | 8% | 1,113,669 | 8% |
| 按公允價值衡量之金融資產 | 247,961 | 2% | 243,583 | 2% | 645,699 | 5% |
| 採用權益法之投資 | 956,032 | 6% | 962,914 | 6% | 802,696 | 6% |
| 其他資產 | 820,396 | 5% | 781,528 | 6% | 681,112 | 5% |
| 負債總計 | 3,557,927 | 23% | 2,376,226 | 16% | 2,423,701 | 18% |
| 短期借款 | 50,000 | 0% | 200,000 | 1% | 50,000 | 0% |
| 合約負債 | 948,690 | 6% | 939,560 | 6% | 274,276 | 2% |
| 應付帳款 | 528,496 | 4% | 505,258 | 3% | 230,184 | 2% |
| 本期所得稅負債 | 494,261 | 3% | 371,747 | 3% | 355,374 | 3% |
| 應付現金股利 | 1,139,702 | 7% | 0 | 0% | 1,137,180 | 8% |
| 其他負債 | 396,778 | 3% | 359,661 | 3% | 376,687 | 3% |
| 權益總計 | 12,009,439 | 77% | 12,364,046 | 84% | 11,267,544 | 82% |
| 歸屬於本公司業主之權益 | 11,813,798 | 76% | 12,242,597 | 83% | 11,127,795 | 81% |
| 非控制權益 | 195,641 | 1% | 121,449 | 1% | 139,749 | 1% |
| 每股淨值 (NT$) | 72.55 | 75.24 | 68.48 |
Products & Technologies
產品線說明 (IoT + AI = IoTRAM™ + S-SiCap™ + VHM™)
- IoTRAM™: Best memory for IoT, Second to none.
- S-SiCap™ (IPD + IPC): Integrated Passive Devices (“IPD”) and InterPosers with S-SiCap™ (“IPC”).
- VHM™ (Including VHMStack™): Best memory solutions for AI/HPC.
Note on Acronyms:
- VHM™: Very High-bandwidth Memory
- VHMStack™: Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™: Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
- IPC: Capacitor in silicon Interposer
- IPD: Silicon capacitor embedded in substrate
季度營收及毛利率趨勢 (NT$M)
| Quarter | IoTRAM (NT$M) | VHM (NT$M) | S-SiCap (NT$M) | Gross Margin (%) |
|---|---|---|---|---|
| 2Q23 | 1,006 | 88 | 3 | 40% |
| 3Q23 | 1,200 | 31 | 9 | 41% |
| 4Q23 | 1,125 | 24 | 14 | 44% |
| 1Q24 | 624 | 40 | 84 | 46% |
| 2Q24 | 836 | 55 | 54 | 51% |
| 3Q24 | 907 | 323 | 44 | 52% |
| 4Q24 | 879 | 243 | 103 | 53% |
| 1Q25 | 855 | 66 | 54 | 46% |
| 2Q25 | 1,092 | 171 | 66 | 42% |
| 3Q25 | 1,104 | 314 | 77 | 46% |
| 4Q25 | 1,137 | 558 | 173 | 50% |
| 1Q26 | 1,474 | 572 | 13 | 46% |
營業利益及業外收支 (NT$M)
- Operating Profit (NT$M):
- 1Q26: 588 (28% Operating Margin)
- 4Q25: 572 (31% Operating Margin)
- 3Q25: 366 (26% Operating Margin)
- 2Q25: 389 (24% Operating Margin)
- 1Q25: 271 (20% Operating Margin)
- 4Q24: 348 (28% Operating Margin)
- 3Q24: 381 (30% Operating Margin)
- 2Q24: 228 (24% Operating Margin)
- 1Q24: 106 (14% Operating Margin)
- 4Q23: 284 (21% Operating Margin)
- 3Q23: 261 (19% Operating Margin)
- 2Q23: 206 (19% Operating Margin)
- Non Operating Profit or Loss (NT$M):
- 1Q26: 237 (11% Non Operating Profit or loss)
- 4Q25: 336 (18% Non Operating Profit or loss)
- 3Q25: 364 (26% Non Operating Profit or loss)
- 2Q25: 214 (23% Non Operating Profit or loss)
- 1Q25: 99 (9% Non Operating Profit or loss)
- 4Q24: 259 (24% Non Operating Profit or loss)
- 3Q24: 26 (2% Non Operating Profit or loss)
- 2Q24: 381 (31% Non Operating Profit or loss)
- 1Q24: 364 (49% Non Operating Profit or loss)
- 4Q23: 389 (31% Non Operating Profit or loss)
- 3Q23: 259 (19% Non Operating Profit or loss)
- 2Q23: 206 (19% Non Operating Profit or loss)
歸屬於母公司之稅後淨利 (NT$M)
| Quarter | Net Income attributable to shareholders of the parent (NT$M) | % Net Margin |
|---|---|---|
| 1Q26 | 676 | 32% |
| 4Q25 | 766 | 41% |
| 3Q25 | 706 | 47% |
| 2Q25 | -546 | -41% |
| 1Q25 | 331 | 34% |
| 4Q24 | 502 | 41% |
| 3Q24 | 337 | 26% |
| 2Q24 | 370 | 39% |
| 1Q24 | 368 | 49% |
| 4Q23 | 370 | 32% |
| 3Q23 | 530 | 43% |
| 2Q23 | 483 | 44% |
IoTRAM™ 季營收-應用別 (NT$M)
| Quarter | Connectivity (%) | Wearable (%) | Video/Audio/Others (%) | Total (NT$M) |
|---|---|---|---|---|
| 1Q26 | 42% | 27% | 31% | 1,474 |
| 4Q25 | 40% | 33% | 27% | 1,137 |
| 3Q25 | 45% | 31% | 24% | 1,104 |
| 2Q25 | 47% | 29% | 24% | 1,092 |
| 1Q25 | 52% | 26% | 22% | 855 |
| 4Q24 | 37% | 40% | 23% | 879 |
| 3Q24 | 40% | 31% | 29% | 907 |
| 2Q24 | 42% | 30% | 28% | 836 |
| 1Q24 | 37% | 36% | 27% | 624 |
| 4Q23 | 55% | 23% | 22% | 1,125 |
| 3Q23 | 59% | 20% | 21% | 1,200 |
| 2Q23 | 57% | 20% | 23% | 1,006 |
S-SiCap™ 季營收 (NT$M)
| Quarter | Revenue (NT$M) |
|---|---|
| 1Q26 | 572 |
| 4Q25 | 558 |
| 3Q25 | 314 |
| 2Q25 | 171 |
| 1Q25 | 66 |
| 4Q24 | 103 |
| 3Q24 | 44 |
| 2Q24 | 55 |
| 1Q24 | 40 |
| 4Q23 | 14 |
| 3Q23 | 9 |
| 2Q23 | 3 |
VHM™ 季營收 (NT$M)
| Quarter | NRE/Licensing/Royalty (NT$M) | Wafer Sales (NT$M) | Total (NT$M) |
|---|---|---|---|
| 1Q26 | 13 | 41 | 54 |
| 4Q25 | 6 | 167 | 173 |
| 3Q25 | 77 | 77 | 154 |
| 2Q25 | 4 | 62 | 66 |
| 1Q25 | 23 | 31 | 54 |
| 4Q24 | 93 | 150 | 243 |
| 3Q24 | 27 | 296 | 323 |
| 2Q24 | 35 | 19 | 54 |
| 1Q24 | 32 | 52 | 84 |
| 4Q23 | 4 | 20 | 24 |
| 3Q23 | 2 | 29 | 31 |
| 2Q23 | 1 | 87 | 88 |
Products, Services & Technology
IoTRAM™ 產品線近況更新
- Very Strong Market Demand:
- Growth came from all applications, especially display (ISP and home security camera) and connectivity (Cellular and Wi-Fi).
- New applications continue to emerge.
- ApSRAM™ MP continues:
- More projects entering MP, 10+ design-in.
- High density ApSRAM is starting design-in in Q2.
- IoTRAM™ Market Position Stronger:
- The comprehensive and well-developed product lineup effectively meets the diverse needs of the market.
- Commodity long term shortage is driving customers towards IoTRAM™.
先進封裝領域之 IPC/IPD 產品佈局
- IPC - Silicon Interposer (“-S”): ≤ 4 reticles
- Capacitors embedded in silicon interposer.
- MP started in 2025, ramp continues.
- IPD in Substrate (IPD):
- Capacitors embedded in substrate (For all varieties of 2.5D/3D HPC packages).
- Qualified, MP in 2Q'26.
- Landside Capacitor (LSC/IPD):
- Capacitor placed on landside of package substrate (Mainly mobile applications).
- Qualified, MP in 2Q'26.
Note on Acronyms:
- VHM™: Very High-bandwidth Memory
- VHMStack™: Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™: Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
- IPC: Capacitor in silicon Interposer
- IPD: Silicon capacitor embedded in substrate
VHM™ 與 VHMStack™ 導入時間軸
- 4Q'18 - 4Q'21: Early Adopter/ETH Miner Developing
- VHM™ introduction
- ETH as an early adopter
- VHM™ (1+1) supply chain development
- 4Q'21 - 4Q'24: ETH/ETC MP/AI/HPC POC Developing
- ETH/ETC MP >20Kpcs wafers shipped
- AI/HPC POC projects development (VHM™/VHMStack™)
- 4Q'24 - 1Q'26: AI/HPC Product Developing
- 1+8Hi VHMStack™ functional silicon demonstration
- Datacenter and edge AI product discussion
- Multiple POC ongoing
- 4Q'27: AI/HPC Product MP
Note: Ethereum (ETH) and Ethereum Classic (ETC) are crypto currencies with Proof-of-Work consensus mechanism.
Outlook & Strategy
未來展望
- IoTRAM™:
- Very strong market demand, partly related to shortage in wider DRAM market.
- S-SiCap™:
- IPC: Growth continues with minor tool relocation impact.
- IPD: MP starts in Q2'26. Strong demand driving rapid ramp-up in 2027.
- VHM™ / VHMStack™ Adoption Continues:
- VHM™-enabled AI Accelerator product design ongoing.
Note on Acronyms:
- VHM™: Very High-bandwidth Memory
- VHMStack™: Very High-bandwidth Memory with multiple stacked layers
- S-SiCap™: Stack Silicon Capacitor, AP Memory's SiCap technology which uses a stack capacitor
- IPC: Capacitor in silicon Interposer
- IPD: Silicon capacitor embedded in substrate
Additional Data
Q&A Contact Information
- IR mail: ir@apmemory.com
- IR Tel: +886-3-5601651