精確實業股份有限公司 UAT 法說會簡報
Disclaimer
本次法說會提供之簡報包含前瞻性陳述,内容包含本公司財務狀況、未來擴張計劃及公司策略等訊息。此前瞻性陳述係基於本公司目前可得資訊對未來事件的期望和預測,儘管本公司認為該期望和預測具合理性,但此類前瞻性聲明仍涉及風險及不確定性。鑒於這些風險、不確定性及假設,前瞻性事件可能不會發生,且本公司實際結果可能與這些前瞻性聲明中的預期存在重大差異。若因未來實際結果與預期狀況有重大差異,須公開更新或修改任何前瞻性陳述,本公司將不承擔此責任。
Company Overview
公司介紹 (About Us)
精確實業簡介 (About UAT)
公司沿革 (Company History)
- 1991: 公司成立 (Company established)
- 2005: 台灣 OTC掛牌上櫃 (Listed on Taiwan OTC)
- 2017: 敏實集團注資收購 (Minth Group invested and acquired)
- 2020: 賽爾維亞廠成立, 提供歐洲市場壓鑄業務 (Serbia factory established, providing die-casting services for the European market)
- 2021: 開發出電池盒箱體 (Developed battery casing/housing)
- 2022: 新設立三座工廠投產電池盒箱體 (Established three new factories to produce battery casing/housing)
- 2025: 跨足其他賽道發展 (Expanded into other business tracks)
組織介紹 & 全球佈局 (Organizational Structure & Global Layout)
董事會/管理團隊 (Board of Directors/Management Team)
- 董事長兼總經理 (Chairman & General Manager): Jenny Hwu
- 業務總監 (Business Director): Xian Ho
- 市場暨業務總監 (Marketing & Business Director): Dennis Wang
- 研發總監 (R&D Director): Xiong Dong
- 數字化總監 (Digitalization Director): Wendy Wang
- 財務長 (CFO): Ray Chang
部門/中心 (Departments/Centers)
- 研發設計中心 (R&D Design Center)
- 數字化管理中心 (Digitalization Management Center)
- 財管中心 (Financial Management Center)
Business Segments
汽車零部件事業群 (Automotive Components Business Group)
- 湖北廠 (Hubei Plant): 商用車電池盒 (Commercial vehicle battery casing), 48V電池盒 (48V battery casing), 電芯模組殼體 (Battery cell module housing)
- 嘉興廠 (Jiaxing Plant): 天窗鋁件 (Sunroof aluminum parts), BEV電池盒 (BEV battery casing), 48V電池盒 (48V battery casing)
- 廣州廠 (Guangzhou Plant): 商用車電池盒 (Commercial vehicle battery casing), 48V電池盒 (48V battery casing), 電芯模組殼體 (Battery cell module housing)
- 東台廠 (Dongtai Plant): 鋁熔鑄&擠出 (Aluminum melting & extrusion), 防撞梁 (Bumper beam), 行李架 (Luggage rack), 電池盒鋁件 (Battery casing aluminum parts)
- 歐洲廠 (Europe Plant): 鋁壓鑄 (Aluminum die-casting), 高壓鑄造 (High-pressure casting), 結構件 (Structural parts)
- 咸寧廠 (Xianning Plant): 非標塑件 (Non-standard plastic parts), 新能源塑件 (New energy plastic parts), 電芯模組塑件 (Battery cell module plastic parts)
- 湖州廠 (Huzhou Plant): 精密金屬加工 (Precision metal processing)
新賽道事業群 (New Business Tracks Group)
- 浙江精諾 (Zhejiang Jingnuo): AI散熱部件 (AI cooling components)
- 台灣桃園精確 (Taiwan Taoyuan Jingque): AI散熱研發設計 (AI cooling R&D design), 半導體設備零組件 (Semiconductor equipment components)
- 研發團隊 (R&D Team): x32人 (32 people)
Financial Highlights
2025財務重要指標 (2025 Business Key Performance Index)
- 年度營收 (Annual Revenue): 7,698 (百萬元), YoY +67%
- 平均毛利率 (Average Gross Margin): 13%, YoY +8.03%
- EPS: 1.7元, YoY +314%
- 淨利率 (Net Profit Margin): 3%, YoY +50%
- 營業活動現金流量 (Operating Cash Flow): 9.82億, YoY +8.35億
- 現金股利 (Cash Dividend): 1, YoY +100%
2022 – 2025 營收 & 毛利表現 (2022 – 2025 Revenue & Gross Profit Performance)
(台幣千元)
- 營收 (Revenue):
- 2022: 2,432,268
- 2023: 3,592,854
- 2024: 4,652,555
- 2025: 7,698,847
- 毛利率 (Gross Margin):
- 2022: 12%
- 2023: 11%
- 2024: 12%
- 2025: 13%
2022 – 2025 EPS
- EPS (元):
- 2022: -1.86
- 2023: -1.04
- 2024: 0.54
- 2025: 1.7
Products & Technologies
核心業務介紹 (Core Business Introduction)
2026 精確的新賽道佈局 (2026 UAT's New Business Track Layout) 藉由精湛且多年的研發設計與製程能力,2026年即將開往高毛利事業領域。
01 汽車零部件事業 (Automotive Components Business)
- 電池盒箱體打造 (Battery casing/housing manufacturing)
- 其他汽車零部件生產 (Production of other automotive components)
02 AI伺服器散熱賽道 (AI Server Cooling Track)
- AI伺服器液冷部件 (AI server liquid cooling components)
- 研發/設計/生產 (R&D/Design/Production)
03 半導體賽道 (Semiconductor Track)
- 半導體設備關鍵零部 (Key components for semiconductor equipment)
- 自動化場域設備 (Automation field equipment)
- 研發/設計/生產 (R&D/Design/Production)
04 機器人賽道 (Robotics Track)
- 機器人自主品牌 (Robot own brand)
- 零部件/生產/組裝/銷售 (Components/Production/Assembly/Sales)
核心競爭力 (Our Core Competitiveness)
- 超精密加工技術 (Ultra-precision Machining Technology)
- 精密加工技術已非傳統工藝,為符合客戶、市場更高要求標準,我們已完全升級整體製程與設備,進入到超精密加工階段後可達到更高精度製程。
- 異種材料接合關鍵技術 (Key Heterogeneous Material Joining Technology)
- 為順應各領域不同產品需求,異種材料混合應用已是常見方案,精確藉以過去經驗,開發出多種關鍵接合技術,可實現於AI水冷部件、自動化設備部件之應用。
- 複合材料應用 (Composite Material Application)
- 為滿足現代化產品常見需求,輕量化、環保性、堅固度,開發出應多材料應用已是顯學,集團因跨足多重領域,因此對於材料應用有相當技術。
- 規模化量產能力 (Scalable Mass Production Capability)
- 全球 77個生產基地,深度製造經驗,快速複製工廠製程,根據客戶需求達到產能目標。
- 全球化佈局快速響應客戶需求 (Global Layout for Rapid Customer Response)
- 敏實集團在全球擁有77個工廠,提早進行全球化佈局,我們有非常良好響應客戶設立工廠之彈性,以避免各種貿易風險。
AI伺服器散熱賽道產品 (AI Server Cooling Track Products)
- 產品矩陣 Rack Server (Product Matrix Rack Server)
- Components: Cold Plate, Rack Manifold, Inner Manifold, DIMM, BBU, CDU, Sidecar.
- 產品矩陣 Immersion (Product Matrix Immersion)
- Immersion cooling system.
- 認證中產品線 (Product Lines in Certification): CDM, CDU, Sidecar, Cold Plate
半導體賽道 - 半導體設備關鍵零組件 (Semiconductor Track - Key Components for Semiconductor Equipment)
- 技術 & 服務 (Technology & Services)
- 半導體設備零組件設計 (Semiconductor equipment component design)
- 垂直整合設計製造 (Vertical integration design and manufacturing)
- 精密金屬製造 (Precision metal manufacturing)
- 高科技非金屬材料製造 (High-tech non-metallic material manufacturing)
- 設備零部件潔淨工程 (Equipment component clean engineering)
- 產品 (Products)
- 半導體設備腔體 (Semiconductor equipment chambers)
- PVD腔體 (PVD chambers)
- ALD腔體 (ALD chambers)
- Lamp Cooling腔體 (Lamp Cooling chambers)
- 各種運用靶材 (Various target materials)
- 半導體設備精密零組件 (Precision components for semiconductor equipment)
Clients & Markets
汽車零部件事業 (Automotive Components Business)
認證中即將放量客戶 (Customers in certification with upcoming mass production)
- DENSO
- BYD
- Mercedes-Benz (logo)
- BMW (logo)
- NISSAN
- Ford
- TOYOTA
- ZENERGY 正力新能
- FARASIS
- 远景动力 (Envision AESC)
AI伺服器散熱賽道 (AI Server Cooling Track)
- 送樣驗證中 (Sampling and Verification in Progress): 5間客戶 (5 customers), 23 個案子 (23 cases)
半導體賽道 - 半導體設備關鍵零組件 (Semiconductor Track - Key Components for Semiconductor Equipment)
合作客戶 (Cooperative Clients)
- Skytech 天虹科技 (Skytech)
- UVAT 友威科技股份有限公司 (UVAT Technology Co., Ltd.)
- 3S Silicon Tech
- 紅日應用材料有限公司 (HSUN APPLIED MATERIALS CO., LTD.)
- MPICORPORATION
Outlook & Strategy
未來展望與成長動能 (Business Outlook and Future Growth Momentum)
汽車零部件事業 (Automotive Components Business)
- 訂單能見度 (Order Visibility):
- 2026 TL (Total): 97.1億
- 嘉興廠 (Jiaxing Plant): 28.5億
- 廣州廠 (Guangzhou Plant): 20.6億
- 湖北廠 (Hubei Plant): 28.2億
- 歐洲廠 (Europe Plant): 19.8億
- (Visibility extends to 2030)
AI伺服器散熱賽道 (AI Server Cooling Track)
- 產能 (Production Capacity):
- CDM 2,000套/月 (CDM 2,000 sets/month)
- Immersion 機櫃 60櫃/月 (Immersion cabinets 60 units/month)
- CDU 200台/月 (CDU 200 units/month)
- BBU 150顆/月 (BBU 150 units/month)
- Cold Plate 2,000套/月 (Cold Plate 2,000 sets/month)
半導體賽道 - 場域設備 (Semiconductor Track - Field Equipment)
- 動能指標 - 1 (Momentum Indicators - 1):
- OHT & 軌道已在共同研發準備試量產; 2026訂單能見度: OHT 500台 +、軌道 20km (OHT & tracks are in joint R&D and preparing for trial mass production; 2026 order visibility: OHT 500+ units, tracks 20km)
- 設備機台模組部件 OEM (Equipment machine module components OEM)
半導體賽道 - 半導體設備關鍵零組件 (Semiconductor Track - Key Components for Semiconductor Equipment)
- 精耀創新科技 (JING YAO INNO TECH):
- (預計設立 2026/6) (Expected establishment 2026/6)
- 設立資本額 3億 (Registered capital 300 million NTD)
機器人賽道 (Robotics Track)
- 奥威科技 (Oway Technology) (設立中 - In establishment) -> New Brand
- 敏實集團 (Minth Group): 外部資源、整機代理 (External resources, complete machine agency)
- 精確集團 (UAT Group): 結構件、外飾件研發生產 (Structural parts, exterior parts R&D and production)
- 盟立集團 (LITE-ON Group): 關鍵零組件、系統研發集成 (Key components, system R&D and integration)
- B2B 服務型、工業型場域應用銷售 (B2B Service-type, Industrial-type Field Application Sales): 敏實既有全球各工廠場域落地、醫療長照機構落地 (Minth's existing global factory sites, medical and long-term care institutions for deployment)
- B2C 民生用市場 應用銷售 (B2C Consumer Market Application Sales): 以租代買 (Rent-to-own model)
- 品牌生態系、第三方應用平台建立 (Brand Ecosystem, Third-Party Application Platform Establishment): 完整品牌發展概念、往機器人界的 Android邁進 (Complete brand development concept, moving towards an "Android of robotics")
- 整機代理銷售 (Complete Machine Agency Sales): 全球機器人相關產品代理銷售業務發展 (Development of global robot-related product agency sales business)
- 關鍵零組件銷售、整機代工生產 (Key Component Sales, Complete Machine OEM Production): 盟立擅長關節模組代理銷售、其他機器人品牌組裝代工 (LITE-ON specializes in joint module agency sales, assembly OEM for other robot brands)
總結 (Conclusion)
- 新賽道策略 (New Business Track Strategy): 藉由原有工藝與技術,拓展其他事業賽道,2026年將逐漸開花結果。
- 預估營收持續提升 (Estimated Revenue Continues to Increase):
- 2024-2030年 CAGR 35%
- 2030目標營收250億台幣 (2030 target revenue 25 billion NTD)
- 高毛利產品 (High-Margin Products): 打入其他前沿科技領域,產品銷售將大幅提升毛利結構。
- 既有事業擴展市佔 (Existing Business Expands Market Share): 原有汽車零部件事業,持續獲得客戶親睞,2026將持續放量。
Additional Data
2022 – 2025 營收 & 毛利表現 (2022 – 2025 Revenue & Gross Profit Performance)
- 2026: Upward trend indicated for both revenue and gross margin.
2022 – 2025 EPS
- 2026: Upward trend indicated for EPS.