亞聚 (APC) 2026Q1 法說會簡報
Company Overview
- Company Name: 亞聚公司 (APC)
- Presenter (Company Introduction & Product Introduction): 黃克名 業務處長 (Huang Ke-Ming, Business Department Director)
- Presenter (Financial Information): 張勝川 會計部經理 (Chang Sheng-Chuan, Accounting Department Manager)
- Establishment Date: 民國66年元月25日 (January 25, 1977)
- Capital: 新台幣59.4億 (NT$ 5.94 billion)
- Number of Employees: 230人 (as of 2026.04.30)
- Company Website: http://www.apc.com.tw
Financial Highlights
- Unit: 新台幣佰萬元 (NT$ Million)
| Metric | 2026 第1季 | 2025 第1季 | 增(減) | 2025 合併 | 2024 合併 | 2023 合併 | 2022 合併 |
|---|---|---|---|---|---|---|---|
| 銷貨收入 (Sales Revenue) | 1,302 | 1,534 | (232) | 5,743 | 6,031 | 6,717 | 9,815 |
| 銷貨成本 (Cost of Goods Sold) | 1,228 | 1,433 | (205) | 5,494 | 5,896 | 5,571 | 6,582 |
| 銷貨毛利 (Gross Profit) | 74 | 102 | (28) | 249 | 135 | 1,146 | 3,233 |
| 毛利率 (Gross Margin) | 6% | 7% | -1% | 4% | 2% | 17% | 33% |
| 營業費用 (Operating Expenses) | 60 | 65 | (5) | 246 | 244 | 222 | 286 |
| 營業淨利(損) (Operating Income (Loss)) | 14 | 36 | (23) | 3 | (109) | 924 | 2,947 |
| 營業淨利(損)率 (Operating Margin) | 1% | 2% | -1% | 0% | -2% | 14% | 30% |
| 營業外收入(支出) (Non-Operating Income (Expenses)) | (129) | (262) | 133 | (1,044) | (811) | (773) | (1,129) |
| 稅前淨利(損) (Profit (Loss) Before Tax) | (116) | (225) | 110 | (1,041) | (920) | 151 | 1,818 |
| 所得稅費用(利益) (Income Tax Expense (Benefit)) | 4 | 12 | (7) | 4 | (170) | 35 | 370 |
| 稅後淨利(損) (Net Profit (Loss) After Tax) | (120) | (237) | 117 | (1,045) | (751) | 116 | 1,447 |
| 淨利(損)率 (Net Margin) | -9% | -15% | 6% | -18% | -12% | 2% | 15% |
| 基本每股盈餘(虧損) (Basic EPS (Loss)) | (0.20) | (0.40) | 0.20 | (1.76) | (1.26) | 0.20 | 2.44 |
Financial Analysis
| Metric | 2026 第1季 | 2025 年度 | 2024 年度 | 2023 年度 | 2022 年度 |
|---|---|---|---|---|---|
| 營業利益(損失)率(%) (Operating Income (Loss) Ratio (%)) | 1 | 0 | (2) | 14 | 30 |
| 純益(損)率(%) (Net Income (Loss) Ratio (%)) | (9) | (18) | (12) | 2 | 15 |
| 負債占資產比率(%) (Debt to Asset Ratio (%)) | 12 | 13 | 16 | 11 | 13 |
| 流動比率(%) (Current Ratio (%)) | 271 | 304 | 299 | 324 | 244 |
| 速動比率(%) (Quick Ratio (%)) | 168 | 196 | 225 | 243 | 199 |
| 平均收現日數 (Average Days to Collect Receivables) | 20 | 21 | 25 | 40 | 46 |
| 平均銷貨日數 (Average Days to Sell Inventory) | 56 | 43 | 38 | 39 | 31 |
Products & Technologies
- LDPE / EVA Plant
- Production Equipment: 四套高壓釜式生產線 (Four autoclave production lines)
- Annual Production Capacity: 共計15萬噸 (Total 150,000 tons)
- Main Products:
- 低密度聚乙烯樹脂 (LDPE Resin)
- 淋膜級 (Lamination grade)
- 射出級 (Injection molding grade)
- 薄膜級 (Film grade)
- 乙烯醋酸乙烯酯共聚合樹脂 (EVA Resin)
- 高端發泡級 (High-end foaming grade)
- 淋膜級 (Lamination grade)
- 光伏級 (Photovoltaic grade)
- 電纜線級 (Cable compound grade)
- 低密度聚乙烯樹脂 (LDPE Resin)
Clients & Markets
-
亞聚 LDPE 主要應用 (APC LDPE Main Applications)
- 亞聚產品主要應用於差異化/客製化高端產品市場 (APC products are mainly applied in differentiated/customized high-end product markets)
- 高端應用 (High-end applications):
- 半導體包裝 (Semiconductor packaging)
- low gel保護膜 (low gel protective film)
- 醫療器材 (medical devices)
- 中端應用 (Mid-range applications):
- 食品包裝 (Food packaging)
- 電子包裝 (Electronic packaging)
- 衛材用品 (Sanitary products)
- 化妝品包裝 (Cosmetic packaging)
- Examples: 醫療器材 (medical devices), 化妝品軟管 (cosmetic tubes), 食品彩藝 (food packaging printing), 衛材 (sanitary materials).
-
亞聚 EVA 主要應用 (APC EVA Main Applications)
- EVA太陽能封裝膜 (EVA solar encapsulation film)
- EVA塗覆級 (EVA coating grade)
- 發泡鞋材 (Foaming shoe materials)
- W&C (Wire & Cable)
Recent Performance and Results
2026年1~3月 LDPE 營運回顧 (LDPE Operational Review: Jan-Mar 2026)
- Sales:
- Jan-Feb domestic sales were stable. In March, due to war, customers panicked to procure materials. To prevent customer hoarding, domestic sales followed last year's average performance.
- Export markets were actively developed in Jan-Feb. In March, development for coating and superfiber markets was temporarily halted, maintaining only long-term fixed customers, with limited resources reserved for domestic sales.
- Q1 LDPE sales volume remained higher than the same period in recent years.
- Market Conditions:
- Due to the US-Iran conflict, imported LDPE supply was tight. To reflect rising costs, the company's quotations were adjusted in line with international market prices. The price increases were mostly reflected in April shipment orders.
- Production:
- Except for necessary maintenance, Q1 largely maintained full production.
2026年1~3月 EVA 營運回顧 (EVA Operational Review: Jan-Mar 2026)
- Market Conditions:
- New capacities from Zhejiang Petrochemical and Lihong came online late last year, increasing oversupply pressure.
- Demand side: China announced the cancellation of photovoltaic tax rebates starting 2026.4.1, leading to small inventory replenishment by film manufacturers, which drove EVA prices to rebound. However, after price increases, buying interest was significantly suppressed, and prices stagnated after the Chinese New Year.
- Late February US-Iran conflict led to a surge in EVA prices along with oil prices. To prevent downstream customers from hoarding and to reflect significant cost increases, orders were taken in batches, and selling prices were gradually adjusted upwards, prioritizing existing loyal customers to ensure material supply safety.
- Solar-grade EVA was suppressed by overflow supply from China, resulting in a relatively weaker market. Almost no orders were received in Q1.
- Sales:
- Continued expansion of the coating-grade EVA market, with Q1 sales volume reaching a new high for the same period.
第一季營運回顧 (First Quarter Operational Review)
- LDPE/EVA銷售量比較 (LDPE/EVA Sales Volume Comparison) (千噸)
| Product | 2024Q1年 | 2025年Q1 | 2026年Q1 |
|---|---|---|---|
| LDPE | 8 | 11 | 12 |
| EVA | 26 | 23 | 20 |
| 合計 (Total) | 34 | 34 | 32 |
-
亞聚 EVA 應用占比 (APC EVA Application Share)
- 2025年Q1銷量 (Sales Volume): 22,555 MT
- FOAM(H): 19%
- PV: 21%
- FOAM(L): 15%
- EVA Lami.: 45%
- 2026年Q1銷量 (Sales Volume): 20,026 MT
- PV: 0%
- FOAM(H): 22%
- FOAM(L): 27%
- EVA Lami.: 51%
- 2025年Q1銷量 (Sales Volume): 22,555 MT
-
EVA Lami 銷售量 (EVA Lami Sales Volume) (MT)
- 2021Q1: 2,848
- 2022Q1: 4,883
- 2023Q1: 3,858
- 2024Q1: 9,588
- 2025Q1: 10,135
- 2026Q1: 10,209
-
EVA PV 銷售量 (EVA PV Sales Volume) (MT)
- 2021Q1: 5,545
- 2022Q1: 5,780
- 2023Q1: 6,102
- 2024Q1: 3,108
- 2025Q1: 4,719
- 2026Q1: 50
Outlook & Strategy
2026年第二季營運展望 (Q2 2026 Operational Outlook)
原油、乙烯 (Crude Oil, Ethylene)
- The US-Iran situation remains volatile, and crude oil prices fluctuate unpredictably.
- Ethylene prices have gradually weakened since mid-April due to some petrochemical plants resuming operations and some Chinese petrochemical plants reselling monomers.
醋酸乙烯 (Vinyl Acetate Monomer - VAM)
- The war in March-April caused transportation disruptions, coupled with some petrochemical plants declaring force majeure and undergoing shutdowns for maintenance, leading to extremely tight supply.
- VAM spot prices surged from $1,200/ton to $1,900/ton.
- However, high prices severely compressed downstream profits, leading to weak demand. As VAM plants gradually resume operations, the market is expected to correct downwards significantly.
EVA
- Solar demand is weak. From mid-April, the Chinese domestic market is again overshadowed by oversupply, leading to a widening price difference between domestic and USD quoted prices.
- In early May, the Southeast Asian market was also gradually affected by low-priced Chinese supply.
- The US-Iran conflict has not officially ended, but downstream customers are concerned about potential significant price drops in the future. Recent market sentiment is wait-and-see, and buying interest has clearly shrunk.
- In the second half of the year, over 1 million tons of new EVA capacity are expected to come online, which will further increase the pressure of oversupply for EVA.
LDPE
- After mid-April, international LDPE prices fell with the correction in ethylene prices. However, overall supply remains relatively tight.
- Domestic sales in April-May were largely stable. Although prices for export coating-grade LDPE are also expected to fall, buying interest is not too bad.
- May prices fell, but profit margins remain good. The company will strictly control inventory levels to avoid being stuck with high-cost stock.
- Strategic Initiative: Continue to adjust the product mix, reduce the proportion of EVA (especially PV grade), and shift some production capacity to LDPE.
Key charts, graphs, and data points
Ethylene/Crude Oil Market Review
- Crude Oil: Geopolitical tensions, oil prices rebounded from early 2026, surged in late Feb due to US-Iran conflict, reaching US$118/barrel in late March.
- Ethylene: Weakened before late Feb, naphtha-ethylene spread compressed. After US-Iran conflict, ethylene prices surged. Several petrochemical plants in NEA, SEA, ME declared force majeure, Chinese plants less affected.
- Chart Data (Approximate values from graph):
- Brent ($/b): Rises significantly from ~70 in Jan-26 to ~110 in Apr-26.
- C2 NEA ($/MT): Rises significantly from ~600 in Jan-26 to ~1400 in Apr-26.
EVA Market Review
- Data Source: ICIS
- Chart shows trends for: EVA 14%~20% CFR CMP, EVA 22%~30% CFR NEA, Ethylene CFR NEA, VAM, Lami-EVA CIF CMP.
- All EVA and Ethylene lines show a sharp increase in early 2026 (Jan-Apr).
LDPE Market Review
- Data Source: Platts
- Chart shows trends for: LDPE NEA, Ethylene CFR NEA.
- Both LDPE NEA and Ethylene CFR NEA show a sharp increase in early 2026 (Jan-Apr).
Disclaimer
- The content presented at this seminar is for information as of today only.
- Should there be further developments or adjustments in the future, the company will disclose information separately in accordance with the law.
- This presentation will not be updated or amended.
- The content of this report does not constitute investment advice.