研揚科技股份有限公司 2026年第一次法人說明會
Company Overview
公司名稱: 研揚科技股份有限公司 (AAEON) 公司標語: Always Agile, Always Ahead. (永遠敏捷,始終引領) 公司使命: 研揚始終走在科技前沿,確保客戶在競爭中始終領先。 法人說明會日期: 2026.05.13 14:30PM 官方網站: www.aaeon.com 社群媒體: Facebook, YouTube, LinkedIn, Twitter
Disclaimer
合併報表係依據國際財務報導準則編制並經會計師查核簽證。 本資料除提供歷史信息外,部分內容若涉及未來業務機會的表述,因受到不確定因素風險及未知風險的影響,實際結果與表述內容可能不同,投資人應自行判斷與控制風險。
Financial Highlights
2026年第一季合併資產負債表
單位: 仟元(NTD)
| 會計項目 | 2026/3/31 金額 | 2026/3/31 % | 2025/3/31 金額 | 2025/3/31 % |
|---|---|---|---|---|
| 流動資產 | 8,204,597 | 51% | 7,767,773 | 53% |
| 非流動資產 | 7,948,703 | 49% | 6,966,313 | 47% |
| 資產總計 | 16,153,300 | 100% | 14,734,086 | 100% |
| 流動負債 | 3,230,317 | 20% | 1,731,441 | 12% |
| 非流動負債 | 475,294 | 3% | 560,915 | 4% |
| 負債總計 | 3,705,611 | 23% | 2,292,356 | 16% |
| 歸屬於母公司業主之權益 | 10,445,657 | 65% | 10,379,607 | 70% |
| 非控制權益 | 2,002,032 | 12% | 2,062,123 | 14% |
| 權益總計 | 12,447,689 | 77% | 12,441,730 | 84% |
| 負債及權益總計 | 16,153,300 | 100% | 14,734,086 | 100% |
2026年第一季合併綜合損益表
單位: 仟元(NTD)
| 會計項目 | 2026/1/1-2026/3/31 金額 | 2026/1/1-2026/3/31 % | 2025/1/1-2025/3/31 金額 | 2025/1/1-2025/3/31 % | YOY % |
|---|---|---|---|---|---|
| 營業收入 | 2,410,208 | 100% | 1,958,385 | 100% | 23.07% |
| 營業成本 | (1,570,725) | -65% | (1,290,856) | -66% | 21.68% |
| 營業毛利 | 839,483 | 35% | 667,529 | 34% | 25.76% |
| 營業費用 | (629,844) | -26% | (537,849) | -27% | 17.10% |
| 營業利益 | 209,639 | 9% | 129,680 | 7% | 61.66% |
| 業外收支淨額 | 370,359 | 15% | 189,165 | 9% | 95.79% |
| 稅前淨利 | 579,998 | 24% | 318,845 | 16% | 81.91% |
| 所得稅費用 | (59,278) | -2% | (45,434) | -2% | 30.47% |
| 本期淨利 | 520,720 | 22% | 273,411 | 14% | 90.45% |
| 淨利歸屬於母公司業主 | 478,353 | 20% | 259,705 | 13% | 84.19% |
| 基本每股盈餘(元) | 3.81 | 2.07 |
營業績效
單位: 百萬(NTD) (營業收入, 營業利益, 稅後淨利), 元(NTD) (EPS)
| 會計項目 | Q1-25 | Q2-25 | Q3-25 | Q4-25 | Q1-26 |
|---|---|---|---|---|---|
| 營業收入 | 1,958 | 2,102 | 2,306 | 2,260 | 2,410 |
| 營業利益 | 130 | 180 | 173 | 150 | 210 |
| 稅後淨利 | 273 | 2 | 229 | 310 | 521 |
| EPS(元) | 2.07 | -0.17 | 1.54 | 2.18 | 3.81 |
營運狀況 – 2026 Q1
單位: 百萬(NTD) (營收), % (毛利率)
| Quarter | 營收 (百萬NTD) | 毛利率 (%) |
|---|---|---|
| Q1,22' | 1,952 | 28.3% |
| Q2,22' | 2,085 | 36.4% |
| Q3,22' | 2,059 | 31.0% |
| Q4,22' | 2,256 | 33.3% |
| Q1,23' | 1,929 | 35.7% |
| Q2,23' | 2,056 | 35.5% |
| Q3,23' | 2,063 | 36.0% |
| Q4,23' | 2,025 | 34.0% |
| Q1,24' | 1,803 | 32.3% |
| Q2,24' | 1,919 | 32.5% |
| Q3,24' | 1,734 | 33.6% |
| Q4,24' | 1,730 | 38.4% |
| Q1,25' | 1,958 | 34.1% |
| Q2,25' | 2,102 | 34.1% |
| Q3,25' | 2,306 | 32.4% |
| Q4,25' | 2,260 | 33.6% |
| Q1,26' | 2,410 | 34.8% |
Business Segments
2025 產品組合
產品線分佈:
- Embedded MB: 26%
- Industrial MB: 20%
- Box PC & Edge AI: 20%
- UP: 12%
- Rugged Tablet & Panel PC: 10%
- Network Appliance: 6%
- Others: 6%
SBU 成長率:
| SBU | Growth % |
|---|---|
| Industrial Mother Board | 11% |
| Embedded Mother Board | 26% |
| UP (Developer Board) | 84% |
| Box PC & AI Edge | 115% |
| Network Appliance | 26% |
| Rugged Tablet & Panel PC | 5% |
| Others | 11% |
產品組合 – 2026 Q1
產品線分佈:
- Smart Platform: 31%
- Embedded Computing: 27%
- Applied Computing: 18%
- UP: 12%
- Others: 12%
SBU 成長率:
| SBU | Growth % |
|---|---|
| Applied Computing | -11% |
| Embedded Computing | 45% |
| UP (Developer Board) | 60% |
| Smart Platform | 39% |
| Others | 131% |
Products & Technologies
Edge AI 正加速成長
Physical AI 應用領域:
- Robotics (機器人)
- Retail (零售)
- Medical (醫療)
- Transportation (交通)
- Military (軍事)
- Agriculture (農業)
AI Agent 應用領域:
- AI Workstation (AI 工作站)
Edge AI 落地應用
- 工業自動化與AI檢測: 應用於箱詰め工程 (Packing process) 和 AI検査工程 (AI inspection process)，使用機器人 (MOTOMAN NEXT-NHC) 進行作業。
- 嵌入式處理單元: 應用於車輛 (如BT reflex堆高機)，提供即插即用安裝，不需更改現有基礎設施，品牌獨立。
Ecosystem Collaboration
End User (終端使用者):
- Smart Retail (智慧零售)
- Smart City (智慧城市)
- Industrial Automation (工業自動化)
- Transportation (交通)
- Healthcare (醫療保健)
ISV (獨立軟體供應商):
- AI Vision (AI 視覺)
- Video Analytics (影像分析)
- Robotics Software (機器人軟體)
- Edge AI Platform (邊緣AI平台)
- Automation Software (自動化軟體)
Peripheral (週邊設備):
- RealSense
- e-con Systems (Think Camera. Think e-con.)
- D3 Embedded
- StereoLabs*
- LEOPARD IMAGING
Silicon Vendor (晶片供應商):
- intel
- AMD
- NVIDIA
- Qualcomm
- NXP
- Rackchip
- AXELERA ARTIFICIAL INTELLIGENCE
- HAILO
- DEEPX
Clients & Markets
銷售區域別
2026Q1-Q1 區域分佈:
- Europe: 37%
- America: 29%
- Asia & Emerging Countries: 20%
- China: 13%
- HA: 1%
2025Q1-Q1 區域分佈:
- Europe: 39%
- America: 35%
- Asia & Emerging Countries: 16%
- China: 8%
- HA: 2%
2025 區域營收分佈
公司品牌營收分佈:
- AAEON: 70%
- Jetway: 16%
- Onyx: 14%
區域營收分佈:
- N. America: 34%
- Europe: 32%
- Asia & Emerging Countries: 17%
- China: 15%
- HQ Direct: 2%
區域成長率:
| Region | Growth % |
|---|---|
| N. America | 45% |
| Europe | 20% |
| Asia & Emerging Countries | 25% |
| China | 91% |
| HQ Direct | -23% |
Outlook & Strategy
營運回顧及業務展望
營收及成長
單位: 億 (NTD) (營收)
| Year | Revenue (億) | Growth % |
|---|---|---|
| 2013 | 31.2 | N/A |
| 2014 | 37.2 | 19% |
| 2015 | 45 | 21% |
| 2016 | 57.7 | 28% |
| 2017 | 54.1 | -6% |
| 2018 | 58 | 7% |
| 2019 | 61.5 | 6% |
| 2020 | 59 | -4% |
| 2021 | 63.5 | 8% |
| 2022 | 83.5 | 32% |
| 2023 | 80.7 | -3% |
| 2024 | 71.9 | -11% |
| 2025 | 86.3 | 20% |
2025 AI Revenue
AI 營收與成長:
| Year | Revenue | Growth |
|---|---|---|
| 2022 | 5.5 | N/A |
| 2023 | 11.8 | 114% |
| 2024 | 20.6 | 74% |
| 2025 | 39.4 | 91% |
AI 營收佔比:
- Non-AI: 80%
- AI: 20%
In Summary...
傳統IPC市場:
- 穩定成長
- 成長機會: 醫療、網通、智慧製造
人工智慧市場:
- 快速成長
- 成長機會: 半導體、機器人、軍事、交通、AI Agent
CPU & Memory/Storage:
- 低階CPU佔比不大,影響有限
- Memory/Storage - 去年提早備貨加上母公司華碩協助,缺貨衝擊較小
- 漲價部分由客戶吸收
成長率 (25Q1-26Q1):
- 25Q1: 8.6%
- 25Q2: 7.3%
- 25Q3: 33.0%
- 25Q4: 30.6%
- 26Q1: 23.1%
BB Ratio (25Q1-26Q1):
- 25Q1: 1.1
- 25Q2: 1.1
- 25Q3: 1.03
- 25Q4: 1.32
- 26Q1: 1.35
Additional Data
Taiwan Key IPC Players - 2025
| Company | 2025 YTD Q4 | 2024 YTD Q4 | Rank | G/R | 2024 Y | G/R | 2023 Y | G/R | 2022 Y | G/R | 2021 Y |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAEON | 86.25 | 71.86 | 1 | 20% | 71.9 | -11% | 80.7 | -3% | 83.5 | 32% | 63.5 |
| Advantech | 706.59 | 597.71 | 2 | 18% | 597.7 | -7% | 645.7 | -6% | 687.9 | 17% | 586.2 |
| AD-link | 117.31 | 101.50 | 3 | 16% | 101.5 | -11% | 114.1 | -3% | 117.2 | 21% | 96.7 |
| Avalue | 84.94 | 76.03 | 4 | 12% | 76.0 | -8% | 82.3 | 4% | 78.8 | 59% | 49.5 |
| NEXCOM | 57.02 | 54.21 | 5 | 5% | 54.2 | -6% | 57.7 | -27% | 79.2 | 17% | 67.8 |
| Axiomtek | 70.19 | 68.93 | 6 | 2% | 68.9 | 3% | 67.0 | 1% | 66.2 | 31% | 50.7 |
| iBase | 53.60 | 52.67 | 7 | 2% | 52.7 | -12% | 60.0 | -12% | 67.9 | 16% | 58.5 |
| Ennoconn | 1,425.59 | 1,470.52 | 8 | -3% | 1,470.5 | 21% | 1,218.2 | 1% | 1,204.5 | 25% | 960.8 |
| IEI | 65.13 | 68.40 | 9 | -5% | 68.4 | -10% | 75.9 | -5% | 79.7 | 28% | 62.4 |