環球水泥 (1104) 2026Q1 法說會簡報
Company Overview
- 公司名稱 (Company Name): 環球水泥股份有限公司 (Universal Cement Corporation)
- 辦公地址 (Office Address): 台灣台北市南京東路2段125號10樓 (10F, No. 125, Sec. 2, Nanjing E. Rd., Taipei City, Taiwan)
- 公司網站 (Website): www.ucctw.com
- 交易所 (Exchange): 台灣證券交易所 (TWSE)
- 代碼 (Stock Code): 1104
- 實收資本額 (Paid-in Capital): 新台幣69億 (NT$6.9 billion)
- 市值 (Market Value): 新台幣189億 (2026年5月) (NT$18.9 billion, May 2026)
- 員工人數 (Employees): 517人 (517 people)
Business Segments & Locations
- 總公司 (Headquarters)
- 水泥事業群 (Cement Business Group)
- 阿蓮水泥廠 (Alian Cement Plant)
- 混凝土事業群 (Concrete Business Group)
- 環球混凝土工業-新竹廠 (Universal Concrete Industry - Hsinchu Plant)
- 環球混凝土工業-烏日廠 (Universal Concrete Industry - Wuri Plant)
- 嘉義混凝土場 (Chiayi Concrete Plant)
- 麻豆混凝土場 (Madou Concrete Plant)
- 永康混凝土場 (Yongkang Concrete Plant)
- 台南混凝土場 (Tainan Concrete Plant)
- 大湖混凝土場 (Dahu Concrete Plant)
- 小港混凝土場 (Xiaogang Concrete Plant)
- 潮州混凝土場 (Chaozhou Concrete Plant)
- 楠梓混凝土場 (Nanzih Concrete Plant)
- 鳳山混凝土場 (Fengshan Concrete Plant)
- 建材事業群 (Building Materials Business Group)
- 海湖石膏板廠 (Haihu Gypsum Board Plant)
- 路竹石膏板廠 (Luzhu Gypsum Board Plant)
- 電子事業群 (Electronic Business Group)
- 利永環球科技 (Universal Scientific Industrial Co., Ltd. - Implied related entity for electronics)
- 其他 (Others)
- 環中國際 (Universal China International)
- 高雄碼頭通運 (Kaohsiung Port Logistics)
Financial Highlights
- 併購 Tekscan 效益展現,本業受建築環境影響,合併營收NT$ 17.59億元較去年同期略減9%,營業淨利率仍達16%。 (Benefits from Tekscan acquisition evident. Core business affected by construction environment, consolidated revenue NT$1.759 billion, slightly down 9% YoY. Operating net profit margin still reached 16%.)
- 營業外收支達NT$0.61億元,較去年同期減少24%,主係轉投資收益減少。 (Non-operating income and expenses reached NT$0.061 billion, down 24% YoY, mainly due to reduced investment income.)
- 稅後淨利達NT$2.90億元,較去年同期略減2%,EPS NT$0.41元。 (Net profit after tax reached NT$0.290 billion, slightly down 2% YoY. EPS NT$0.41.)
Recent Performance and Results (2026 Q1 vs 2025 Q1)
Financial Performance (NT$億元)
| 項目 (Item) | 2026Q1 | 2025Q1 | YOY% |
|---|---|---|---|
| 營業收入 (Operating Revenue) | 17.59 | 19.29 | -9% |
| 營業毛利 (Gross Profit) | 4.92 | 3.92 | 26% |
| 營業利益 (Operating Income) | 2.86 | 2.67 | 7% |
| 營業外收支 (Non-operating Income/Expenses) | 0.61 | 0.81 | -24% |
| 稅前淨利 (Profit Before Tax) | 3.47 | 3.48 | 0% |
| 稅後淨利 (Net Profit After Tax) | 2.90 | 2.95 | -2% |
| 每股盈餘(元) (EPS (NT$)) | 0.41 | 0.42 | -2% |
| 資產 (Assets) | 315.41 | 298.41 | 6% |
| 負債 (Liabilities) | 57.81 | 50.68 | 14% |
| 權益 (Equity) | 257.60 | 247.73 | 4% |
Financial Ratios
| 項目 (Item) | 2026Q1 | 2025Q1 | YOY% |
|---|---|---|---|
| 營業毛利率 (Gross Profit Margin) | 28% | 20% | 8% |
| 營業淨利率 (Operating Profit Margin) | 16% | 14% | 2% |
| 稅後淨利率 (Net Profit Margin After Tax) | 16% | 15% | 1% |
| 每股盈餘(元) (EPS (NT$)) | 0.41 | 0.42 | -2% |
| 每股淨值(元) (Book Value Per Share (NT$)) | 36.38 | 34.90 | 4% |
| 權益報酬率 (ROE) | 1% | 1% | 0% |
| 資產報酬率 (ROA) | 1% | 1% | 0% |
| 流動比 (Current Ratio) | 174% | 199% | -25% |
| 負債比 (Debt Ratio) | 18% | 17% | 1% |
Product-wise Revenue & Sales Volume Performance
合併營收 (Consolidated Revenue)
| 產品別 (Product) (NT$億元) | 2026Q1 | % | 2025Q1 | % | YOY% |
|---|---|---|---|---|---|
| 混凝土 (Concrete) | 11.07 | 63% | 13.19 | 68% | -16% |
| 水泥 (Cement) | 3.07 | 17% | 3.60 | 19% | -15% |
| 石膏板 (Gypsum Board) | 2.18 | 12% | 2.46 | 13% | -12% |
| 其他 (Others) | 1.28 | 7% | 0.04 | 0% | 3366% |
| 合計 (Total) | 17.59 | 100% | 19.29 | 100% | -9% |
合併銷售量 (Consolidated Sales Volume)
| 產品別 (Product) | 2026Q1 | 2025Q1 | YOY% |
|---|---|---|---|
| 混凝土(千M³) (Concrete (thousand M³)) | 368.8 | 444.0 | -17% |
| 水泥(千公噸) (Cement (thousand tons)) | 98.8 | 116.0 | -15% |
| 石膏板(千M²) (Gypsum Board (thousand M²)) | 3,240.3 | 3,531.6 | -8% |
Products, Services & Technology
水泥事業群 (Cement Business Group)
- 產品: 石灰石水泥 (Limestone Cement), 環球牌水泥 (Universal Brand Cement), 深水牌球環 (Shenshui Brand Universal Ring - brand shown on cement bags)
- 技術/認證: 致力於取得產品碳足跡標籤 (Striving to obtain product carbon footprint labels).
混凝土事業群 (Concrete Business Group)
- 產品: 混凝土 (Concrete)
- 技術/認證: 已取得產品碳足跡標籤 (Obtained product carbon footprint labels), 低碳循環建材認證中 (Low-carbon circular building materials certification underway).
建材事業群 (Building Materials Business Group)
- 產品: 石膏板 (Gypsum Board), 日本NICHIHA外牆板 (Japanese NICHIHA exterior wall panels), 日本矽酸鈣板 (Japanese calcium silicate board - expected Q2 2026)
- 技術: 輕隔間系統 (Lightweight Partition System), 外牆、地下複壁等全方位模組系統 (Comprehensive modular systems for exterior walls and underground double walls), 石膏回收100%再利用相關技術 (Technology for 100% recycling and reuse of gypsum).
- 性能: 防潮、防火、耐震、隔音、施工便利 (Moisture resistance, fire resistance, seismic resistance, sound insulation, ease of construction).
- 認證: 已取得產品碳足跡標籤 (Obtained product carbon footprint labels).
電子事業群 (Electronic Business Group)
- 產品/系統:
- UMAP – 智慧壓力分佈監測系統UNEO Pressure Monitoring System: For medical field applications (clinical pressure relief and care assistance in general wards and ICU wards).
- UEXT-智慧離床預警系統UNEO Bed Exit Alarm System: For hospital wards to prevent bed exits.
- 機器人靈巧手感壓模組及訓練手套 (Robot Dexterous Hand Pressure Sensing Module and Training Glove): High-precision pressure sensing technology for global robot dexterous hand key supply chain.
- 生物力學領域產品 (Biomechanics field products): Integrates Taiwan-produced sensors with North American team's medical-grade testing systems and software.
- 技術: 高精度壓力感測技術 (High-precision pressure sensing technology).
- 合作/整合: 利永環球 (Universal Scientific Industrial) 與 Tekscan 的整合 (Integration with Tekscan).
Clients & Markets
混凝土事業群客戶類型別 (As of March 2026)
| 地區別 (Region) | 占比 (%) |
|---|---|
| 新竹 (Hsinchu) | 6% |
| 台中 (Taichung) | 10% |
| 台南 (Tainan) | 30% |
| 高雄 (Kaohsiung) | 43% |
| 屏東 (Pingtung) | 11% |
| 合計 (Total) | 100% |
| 客戶類型別 (Client Type) | 建設 (Construction) | 廠辦 (Factory/Commercial Offices) | 土木 (Civil Engineering) | 公共工程 (Public Works) | 合計 (Total) |
|---|---|---|---|---|---|
| 新竹 (Hsinchu) | 67% | 22% | 9% | 2% | 100% |
| 台中 (Taichung) | 77% | 6% | 3% | 14% | 100% |
| 台南 (Tainan) | 51% | 27% | 5% | 17% | 100% |
| 高雄 (Kaohsiung) | 27% | 53% | 2% | 18% | 100% |
| 屏東 (Pingtung) | 50% | 21% | 8% | 21% | 100% |
建材事業群客戶類型別 (As of March 2026)
| 客戶類型別 (Client Type) | 占比 (%) |
|---|---|
| 住宅 (Residential) | 30% |
| 廠(商)辦 (Factory/Commercial Offices) | 52% |
| 飯店 (Hotels) | 2% |
| 公共工程 (Public Works) | 8% |
| 其他 (Others) | 8% |
| 合計 (Total) | 100% |
ESG / Sustainability
- 淨零減碳政策 (Net-zero Carbon Reduction Policy):
- 水泥、混凝土、石膏板產品已取得產品碳足跡標籤 (Cement, concrete, and gypsum board products have obtained product carbon footprint labels).
- 致力於取得低碳循環建材認證 (Striving to obtain low-carbon circular building materials certification).
- 研發石膏回收100%再利用相關技術 (Developing technology for 100% recycling and reuse of gypsum).
- 提高回收石膏板處理量及收費 (Increasing recycled gypsum board processing volume and charging fees).
- 各工廠積極整新設備,提升節能減排效率 (All factories are actively renovating equipment to improve energy saving and emission reduction efficiency).
Outlook & Strategy (2026年展望)
- 市場環境: 通貨膨脹、缺工缺料導致營建經營成本大幅上升,但基礎建設、企業廠辦仍有需求。 (Inflation, labor shortages, and material shortages have led to a significant increase in construction operating costs, but there is still demand for infrastructure and corporate factory/office buildings.)
- 生產優化:
- 各工廠積極整新設備,提升節能減排效率。 (All factories are actively renovating equipment to improve energy saving and emission reduction efficiency.)
- 持續整改阿蓮水泥廠,做為下一個世代的生產基地。 (Continuously renovating Alian Cement Plant to serve as the production base for the next generation.)
- 水泥優化供應及成本走向全自產自銷,第一階段新設備產能於2027Q1投產。 (Optimizing cement supply and cost towards full self-production and self-sales. First phase of new equipment capacity to commence production in 2027 Q1.)
- 優化阿蓮廠閒置廠區,第二階段擴廠實現水平+垂直整合。 (Optimizing idle areas of Alian Plant. Second phase expansion to achieve horizontal + vertical integration.)
- 據點擴張:
- 麻豆場已加入營運供貨台南溪北、嘉義場今年中加入營運,為區域客戶提供優質服務。 (Madou plant has commenced operations supplying northern Tainan, Chiayi plant to commence operations in mid-year, providing quality services to regional customers.)
- 持續評估新據點 (Continuously evaluating new locations).
- 產品組合:
- 預計2026Q2起引進日本矽酸鈣板產品,增加產品組合。 (Expected to introduce Japanese calcium silicate board products starting Q2 2026, expanding product portfolio.)
- 策略聯盟/併購效益:
- 併購 Tekscan 效益已展現,結合利永環球成為銷售雙引擎。 (Benefits from Tekscan acquisition are evident, combining Universal Scientific Industrial to become dual sales engines.)
- 不動產開發:
- 推動商辦大樓共同開發案,作為未來集團營運總部與租金收入來源。 (Promoting joint development of commercial office buildings to serve as the future group operational headquarters and source of rental income.)
Additional Data
混凝土事業群 - 總待提量 (As of March 2026)
- 約為200萬M³ (Approximately 2 million M³).
混凝土事業群 - 各區指標專案 (Key Projects by Region)
- 新竹 (Hsinchu): 高鐵特區開發 (High-Speed Rail Special Zone Development), 台積電廠辦 (TSMC Fab Offices), 寶山造鎮 (Baoshan Town Development).
- 台中 (Taichung): 高鐵特區開發 (High-Speed Rail Special Zone Development), 台積電廠辦 (TSMC Fab Offices), 台中捷運 (Taichung MRT), 大型商場BOT (Large Shopping Mall BOT).
- 台南、高雄、屏東 (Tainan, Kaohsiung, Pingtung): 台積電廠辦 (TSMC Fab Offices), 台南、高雄捷運 (Tainan, Kaohsiung MRT), 國道7號 (National Freeway No. 7), 中油/台電洲際碼頭工程 (CPC/Taipower Intercontinental Wharf Project), 海軍左營營區新建 (Naval Zuoying Camp New Construction), 高鐵延伸屏東 (High-Speed Rail Extension to Pingtung).