大聯大控股 (3702.TT/3702.TW) 2026Q1 法說會簡報
Company Overview
公司名稱: 大聯大控股股份有限公司 (WPG Holdings)
股票代號: 3702.TT / 3702.TW
法說會日期: 2026年5月19日
管理團隊:
- 袁興文 財務長 (CFO Yuan Hsing-Wen)
- 林春杰 副總 (VP Lin Chun-Chieh)
公司願景: The Benchmark of Distribution
Financial Highlights
2026年第一季營運成果 (單位: 新台幣百萬元)
| 項目 | 1Q26 | 1Q26 財測 | 4Q25 | 1Q25 | 與前期比較 | 與去年比較 |
|---|
| 營業收入 | 316,500 | 255B~275B | 255,356 | 248,834 | 23.9 | 27.2 |
| 毛利率 | 4.49% | 4.15%~4.35% | 4.26% | 3.72% | +23 bp | +77 bp |
| 營業費用 | (5,733) | | (5,441) | (4,969) | 5.4 | 15.4 |
| 營業淨利 | 8,471 | | 5,430 | 4,284 | 56.0 | 97.7 |
| 營業利益率 | 2.68% | 2.36% ~ 2.52% | 2.13% | 1.72% | +55 bp | +95 bp |
| 稅後純益 | 5,549 | 3,616~4,201 | 2,843 | 1,898 | 95.2 | 192.3 |
| 基本每股盈餘(新台幣元)(1) | 3.30 | 2.15~2.50 | 1.70 | 1.13 | | |
| 每股淨值 (新台幣元)(1) | 53.61 | | | | | |
| 資產總計 | 479,508 | | 410,972 | 423,850 | | |
| 負債總計 | 386,867 | | 325,722 | 336,151 | | |
| 股東權益總計 | 92,641 | | 85,250 | 87,699 | | |
| 淨營運資產 | 222,488 | | 188,338 | 192,636 | | |
| 淨營運現金流量 | (39,712) | | 16,320 | (4,794) | | |
(1).加權平均流通在外普通股股數: 1,679百萬股
關鍵指標(2)
| 關鍵指標(2) | 1Q26 | 4Q25 | 1Q25 | 與前期比較 | 與去年比較 |
|---|
| 營運資產報酬率 | 15.2% | 11.5% | 8.9% | +370 bp | +633 bp |
| 營運資產佔營收比率 | 0.18 | 0.18 | 0.19 | | |
| 股東權益報酬率 | 25.7% | 13.7% | 8.8% | +1,198 bp | +1,688 bp |
| 財務槓桿比例 | 1.72 | 1.47 | 1.61 | | |
(2).年化
綜合損益表 (單位: 新台幣百萬元)
| 項目 | 1Q26 | 4Q25 | 與前期比較 | 1Q25 | 與去年比較 |
|---|
| 營業收入 | 316,500 | 255,356 | 23.9 | 248,834 | 27.2 |
| 營業成本 | (302,297) | (244,485) | 23.6 | (239,581) | 26.2 |
| 營業毛利 | 14,203 | 10,871 | 30.6 | 9,253 | 53.5 |
| 毛利率 | 4.49% | 4.26% | | 3.72% | |
| 營業費用 | (5,733) | (5,441) | 5.4 | (4,969) | 15.4 |
| 營業淨利 | 8,471 | 5,430 | 56.0 | 4,284 | 97.7 |
| 營業利益率 | 2.68% | 2.13% | | 1.72% | |
| 非營業項目 | (1,265) | (1,521) | (16.9) | (1,688) | (25.1) |
| 淨利息收入(支出) | (2,160) | (2,217) | (2.6) | (2,266) | (4.7) |
| 兌換利益(損失) | 172 | 101 | 69.5 | 263 | (34.7) |
| 投資收益(損失) | 590 | 629 | (6.2) | 253 | 133.1 |
| 其他 | 133 | (35) | NM | 61 | 118.8 |
| 稅前損益 | 7,206 | 3,909 | 84.3 | 2,596 | 177.6 |
| 所得稅費用 | (1,455) | (878) | 65.7 | (618) | 135.6 |
| 少數股權 | (202) | (188) | 7.6 | (80) | 153.2 |
| 稅後純益 | 5,549 | 2,843 | 95.2 | 1,898 | 192.3 |
| 純益率 | 1.75% | 1.11% | | 0.76% | |
| 基本每股盈餘 (新台幣元)(1) | 3.30 | 1.70 | | 1.13 | |
| 所得稅率% | 20% | 22% | | 24% | |
(1).加權平均流通在外股數: 1,679百萬股
資產負債表 (單位: 新台幣百萬元)
| 項目 | 1Q26 | % | 4Q25 | % | 1Q25 | % |
|---|
| 現金及約當現金 | 25,043 | 5 | 22,358 | 5 | 27,165 | 6 |
| 應收帳款及應收票據淨額 | 214,794 | 45 | 165,488 | 40 | 176,508 | 42 |
| 存貨淨額 | 170,891 | 36 | 142,686 | 35 | 157,966 | 37 |
| 流動資產 | 434,756 | 91 | 364,595 | 89 | 376,645 | 89 |
| 其他 | 44,752 | 9 | 46,377 | 11 | 47,204 | 11 |
| 資產總計 | 479,508 | 100 | 410,972 | 100 | 423,850 | 100 |
| 短期借款及一年內到期借款 | 152,979 | 32 | 114,545 | 28 | 132,005 | 31 |
| 應付帳款及應付票據淨額 | 163,196 | 34 | 119,836 | 29 | 141,839 | 33 |
| 其他 | 35,565 | 7 | 51,561 | 13 | 21,027 | 5 |
| 流動負債 | 351,740 | 73 | 285,941 | 70 | 294,871 | 70 |
| 長期借款 | 31,067 | 6 | 35,967 | 9 | 37,438 | 9 |
| 其他 | 4,061 | 1 | 3,814 | 1 | 3,842 | 1 |
| 負債總計 | 386,867 | 81 | 325,722 | 79 | 336,151 | 79 |
| 股東權益總計 | 92,641 | 19 | 85,250 | 21 | 87,699 | 21 |
關鍵指標(1)
| 關鍵指標(1) | 1Q26 | 4Q25 | 1Q25 |
|---|
| 淨營運資產(新台幣百萬元) | 222,488 | 188,338 | 192,636 |
| 平均收現天數 | 55 | 60 | 63 |
| 平均銷貨天數 | 47 | 52 | 59 |
| 平均付現天數 | 43 | 44 | 53 |
| 淨營運現金週期天數 | 59 | 68 | 69 |
| 流動比率 | 124% | 128% | 128% |
| 財務槓桿比例 | 1.72 | 1.47 | 1.61 |
(1).年化
現金流量表 (單位: 新台幣百萬元)
| 項目 | 1Q26 | 4Q25 | 1Q25 |
|---|
| -稅前純益 | 7,206 | 3,909 | 2,596 |
| -淨營運資產 | (34,099) | 1,172 | (8,045) |
| -其他 | (12,819) | 11,239 | 655 |
| 營業活動之淨現金流入(流出) | (39,712) | 16,320 | (4,794) |
| -其他金融資產 | 2,675 | (274) | 1,768 |
| -資本支出 | (43) | (71) | (54) |
| -公允價值之金融資產 | 1,529 | 71 | 268 |
| -其他 | (77) | 233 | (970) |
| 投資活動之淨現金流入(流出) | 4,084 | (41) | 1,011 |
| -借款 | 33,511 | (17,060) | 6,994 |
| -發行公司債 | 3,025 | - | - |
| -其他 | (102) | (122) | 139 |
| 籌資活動之淨現金流入(流出) | 36,434 | (17,182) | 7,133 |
| 匯率影響數 | 1,842 | 3,361 | 1,124 |
| 本期現金及約當現金增加(減少) | 2,648 | 2,458 | 4,474 |
| 期末現金及約當現金餘額 | 25,004 | 22,356 | 27,162 |
Recent Performance and Results
合併營收 (單位: 新台幣十億元)
- 2026年第一季營收: 317 (新台幣十億元)
- 季增率 (QoQ): +32.3% (in USD), +27.2% (in NTD)
2026年第一季營收比重 - 銷售區域別
| 銷售區域別 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 台灣區 | 10% | 10% | 11% | 11% | 10% |
| 大陸地區 | 72% | 70% | 67% | 69% | 66% |
| 東南亞區 | 14% | 16% | 17% | 15% | 17% |
| 其他地區 | 4% | 4% | 5% | 5% | 7% |
2026年第一季營收比重 - 客戶別
| 客戶別 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 台商 | 35% | 34% | 35% | 32% | 26% |
| 陸資 | 53% | 53% | 51% | 54% | 55% |
| 外商/其他 | 12% | 13% | 14% | 14% | 19% |
2026年第一季營收比重 - 產品應用別
| 產品應用別 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 運算(含伺服器) | 45% | 46% | 43% | 48% | 49% |
| 通訊電子 | 23% | 19% | 19% | 17% | 15% |
| 消費性電子 | 8% | 9% | 9% | 8% | 8% |
| 工業電子 | 6% | 7% | 7% | 7% | 7% |
| 車用電子 | 6% | 6% | 6% | 7% | 7% |
| 其他 | 14% | 14% | 16% | 13% | 14% |
2026年第一季營收比重 - 產品別
| 產品別 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 核心元件 | 46% | 40% | 34% | 31% | 23% |
| 類比及混合訊號元件 | 8% | 8% | 8% | 8% | 8% |
| 離散及邏輯元件 | 7% | 9% | 9% | 9% | 9% |
| 記憶元件 | 8% | 10% | 9% | 9% | 9% |
| 被動、電磁及連接器元件 | 23% | 26% | 27% | 34% | 45% |
| 光學元件 | 7% | 7% | 9% | 8% | 9% |
| 其他元件 | 2% | 2% | 2% | 3% | 2% |
毛利率及營業利益率
| 項目 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 毛利(季) | 9,253 | 9,560 | 9,855 | 10,871 | 14,203 |
| 營業利益(季) | 4,284 | 4,906 | 5,350 | 5,430 | 8,471 |
| 毛利率(季) | 3.72% | 3.82% | 4.03% | 4.26% | 4.49% |
| 營業利益率(季) | 1.72% | 1.96% | 2.19% | 2.13% | 2.68% |
營運資產報酬率及營運資產佔營收比率 (年化)
| 項目 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 營運資產佔營收比率(季) | 0.19 | 0.17 | 0.19 | 0.18 | 0.18 |
| 營運資產報酬率(季) | 8.9% | 10.7% | 10.2% | 10.6% | 15.2% |
| 營運資產報酬率(年) | 8.9% | 11.4% | 11.3% | 11.5% | 15.2% |
股東權益報酬率及每股盈餘 (年化)
| 項目 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 每股盈餘(季) | 1.13 | 1.05 | 1.89 | 1.70 | 3.30 |
| 股東權益報酬率(季) | 8.8% | 10.8% | 12.2% | 12.2% | 25.7% |
| 股東權益報酬率(年) | 8.8% | 11.6% | 16.0% | 13.7% | 25.7% |
營運現金週期 (天數, 年化)
| 項目 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
|---|
| 平均收現天數 | 62 | 60 | 61 | 59 | 55 |
| 平均銷貨天數 | 59 | 55 | 52 | 52 | 47 |
| 平均付現天數 | 53 | 50 | 49 | 44 | 43 |
| 淨營運現金週期天數 | 69 | 67 | 68 | 68 | 59 |
Outlook & Strategy
2026年第二季財務預測 (單位: 新台幣百萬元)
(大聯大依IFRS編製)
| 項目 | 2Q26預測數 (2) | 1Q26 (1) |
|---|
| 營業收入 | 345,000 ~ 365,000 | 316,500 |
| 營業毛利 | 14,663 ~ 16,243 | 14,203 |
| 毛利率 | 4.25% ~ 4.45% | 4.49% |
| 營業費用 | 6,000 ~ 6,600 | 5,733 |
| 營業淨利 | 8,663 ~ 9,643 | 8,471 |
| 營業利益率 | 2.51% ~ 2.64% | 2.68% |
| 稅前淨利 | 7,777 ~ 8,616 | 7,206 |
| 稅後淨利 | 6,147 ~ 6,824 | 5,549 |
| 每股盈餘(新台幣元) | 3.65 ~ 4.06 | 3.30 |
(1) 查核(核閱數)
(2) 假設2026年第二季平均匯率為31.6
Additional Data
近期重要事件摘要
- 本公司董事會決議於6月30日召開 2026年股東常會。(2026/3/31)
- 本公司公司治理評鑑排名持續維持在前5%。(2026/4/30)
- 本公司董事會決議分派每股新台幣3.8元現金股利。(2026/05/12)
Disclaimer
Safe Harbor Notice
These forward-looking statements, which may include statements regarding WPG' future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on WPG' current expectations.
Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the IC industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.
Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Information
Website: http://www.WPGholdings.com
Investor Relations Email: IR@WPGholdings.com