德微科技股份有限公司 (Advanced Power Technology Co., Ltd.) 法人座談會簡報

Company Overview

• 公司名稱: 德微科技股份有限公司 (Advanced Power Technology Co., Ltd.)
• 活動: 法人座談會簡報 (Investor Conference Presentation)
• 日期: 2026年05月28日

Financial Highlights

• 經營理念: 不談本夢比,只談數據與成果 (Don't talk about speculative dreams, only talk about data and results)
  • 德微不做夢: 營收成長、毛利率提升、獲利能力、現金流穩健 (Advanced Power doesn't dream: Revenue growth, gross margin improvement, profitability, stable cash flow)
  • 核心策略: 專注本業・務實經營・穩健獲利 (Focus on core business · Practical operations · Stable profitability)
  • 價值證明: 數據說話,成果證明價值 (Data speaks, results prove value)

Products & Technologies

• 功率半導體 (Power Semiconductors)
  • 缺貨原因 (Shortage Reasons):
    • 整機組裝廠庫存低水位: 長期去化庫存,庫存水位偏低,導致需求回補。 (System assembly plants have low inventory levels: Long-term inventory reduction, low inventory levels, leading to demand replenishment.)
    • AI 的 Edge 端突然急速竄起: AIoT / 邊緣運算應用爆發,功率元件需求大幅成長,導致需求急增。 (AI Edge devices suddenly surge: Explosion of AIoT / edge computing applications, significant growth in demand for power components, leading to rapid increase in demand.)
    • OOC 因素: 原廠產能調整,交期延長 / 供給受限,導致供給受限。 (OOC factors: Original factory capacity adjustment, extended lead times / limited supply, leading to limited supply.)
    • 現況: 交期延長 6~9個月以上,價格上漲持續走揚,供應吃緊,缺貨擴大,產能滿載難以擴產。 (Current situation: Lead times extended by 6-9 months or more, prices rising, continuing to trend upwards, tight supply, expanding shortage, full capacity, difficult to expand production.)
  • 結論: 缺貨持續,供應吃緊。 (Shortage continues, supply is tight.)
• AI 全面應用 (AI Full Application)
  • 以 HVDC 800V 舉例 (Taking HVDC 800V as an example):
    • 已打入國際一線供應鏈。 (Already entered international tier-one supply chains.)
    • 隨 AI 基礎建設需求成長,逐步放量。 (Gradual increase in volume with the growth of AI infrastructure demand.)
    • 未來 AI 全面應時相關產品之營收成長將大幅呈位數成長。 (Revenue growth for AI-related products will show significant digit growth in the future.)
  • AI 時代的裝置架構 (AI Edge) (Device architecture in the AI era (AI Edge)):
    • CPU/GPU (一般運算 - General computing)
    • NPU (AI 推論 - AI inference)
    • MCU/Control (控制與管理 - Control & management)
    • PMIC/Power (電源管理 - Power management)
    • Memory / IO / Security
  • 關鍵元件應用 (Key Component Applications): TVS、ESD、Low VF Bridge、Schottky 等產品廣泛應用於各種 AI 裝置與場景,保護與提升系統可靠度。 (TVS, ESD, Low VF Bridge, Schottky and other products are widely used in various AI devices and scenarios, protecting and improving system reliability.)
    • AI PC: 高速 I/O 介面保護、電源效率與保護、電池充放電保護、熱插拔與突波防護。 (High-speed I/O interface protection, power efficiency and protection, battery charging/discharging protection, hot-plugging and surge protection.)
      • 元件: TVS/ESD, Low VF Bridge, Schottky (USB4/Thunderbolt, HDMI/DP/Type-C, AC-DC 整流電源供應器, DC-DC 轉換電源效率提升)
    • AI NB / Laptop: 高速傳輸介面保護、電源管理與效率、充電與電池保護、靜電與突波防護。 (High-speed transmission interface protection, power management and efficiency, charging and battery protection, ESD and surge protection.)
      • 元件: TVS/ESD, Low VF Bridge, Schottky (USB/HDMI/SD Audio/LAN, 充電器/變壓器 AC-DC 整流, DC-DC 轉換防反接保護)
    • AI 汽車 (智慧座艙/ADAS): 車用電源保護、高可靠性整流應用、CAN / LIN 總線保護、逆接與反灌保護。 (Automotive power protection, high-reliability rectification applications, CAN / LIN bus protection, reverse connection and backflow protection.)
      • 元件: TVS/ESD, Low VF Bridge, Schottky (CAN/LIN/Ethernet Camera/Radar, 車用充電器 DC-DC/OBC, 電池防反接電源效率提升)
    • AI 工業/機器人 (工控/自動化): 工業 I/O 保護、馬達驅動與整流、電源穩定與保護、抗干擾與高可靠性。 (Industrial I/O protection, motor drive and rectification, power stability and protection, anti-interference and high reliability.)
      • 元件: TVS/ESD, Low VF Bridge, Schottky (I/O/RS485/Ethernet Sensor/通訊介面, 馬達驅動整流 AC-DC 電源, DC-DC 轉換逆流保護)
    • AI IPC/監控設備 (安防/影像分析): 影像與網路介面保護、PoE 電源保護、電源效率與散熱、雷擊與突波防護。 (Image and network interface protection, PoE power protection, power efficiency and heat dissipation, lightning and surge protection.)
      • 元件: TVS/ESD, Low VF Bridge, Schottky (RJ45/PoE/HDMI USB/Power Line, PoE 整流 AC-DC 電源, DC-DC 轉換防反接保護)
  • 元件必要性 (Component Necessity): 防止靜電與突波損壞、提升電源效率降低發熱、延長設備壽命提升可靠度、確保系統安全穩定運作。 (Prevent ESD and surge damage, improve power efficiency, reduce heat, extend equipment life, improve reliability, ensure safe and stable system operation.)
• TVS (Transient Voltage Suppressor) 技術堆疊 (Technology Stack)
  • 特點: 完整布局・全面保護。 (Features: Complete layout · Comprehensive protection.)
  • 產品範圍: 涵蓋 3.3V 至 400V 的電壓範圍,以及 100W 至 15,000W 的功率範圍。提供單向與雙向極性配置。 (Product range: Covers voltage ranges from 3.3V to 400V, and power ranges from 100W to 15,000W. Offers unidirectional and bidirectional polarity configurations.)
  • 成功因素: 晶片設計、製程優化、可靠驗證、長期累積。 (Success factors: Chip design, process optimization, reliability verification, long-term accumulation.)
  • 總結: 數百種組合・每一顆,都是技術的累積。 (Summary: Hundreds of combinations · Each one is an accumulation of technology.)
• 新產品 (New Products)
  • IGBT / 軍規產品 / 均熱片 / SLVGPP (IGBT / Military-grade products / Heat Sinks / SLVGPP):
    • 高毛利產品逐步放量。 (High gross margin products gradually increase volume.)
    • 提升整體產品組合。 (Enhance overall product portfolio.)
    • 進一步提升產品組合價值與競爭力。 (Further enhance product portfolio value and competitiveness.)
    • 隨著電源需求愈來愈大、對 SLVGPP 之需求必定有增無減。 (As power demand grows, the demand for SLVGPP will definitely increase, not decrease.)
  • SLVGPP 橋式整流器 (SLVGPP Bridge Rectifiers):
    • 250W - 450W (文書機、標案機): 業界標配認證為白牌銅牌 (80%), LVF GPP 必要性極低 (成本第一,效率只要過82%即可)。 (Industry standard certification for white label bronze (80%), very low necessity for LVF GPP (cost first, efficiency just needs to exceed 82%).)
    • 500W - 650W (主流電競中階 PC): 業界標配認證為銅牌金牌 (85%), LVF GPP 必要性低至中 (金牌開始有壓力,LVF可作為「補差額」方案)。 (Industry standard certification for bronze gold (85%), low to medium necessity for LVF GPP (Gold starts to feel pressure, LVF can be a "gap-filling" solution).)
    • 750W - 850W (高階電競入門 AI): 業界標配認證為金牌白金級 (90%), LVF GPP 必要性中至高 (這瓦數是認證分水嶺,LVF 開始顯現散熱價值)。 (Industry standard certification for gold platinum (90%), medium to high necessity for LVF GPP (this wattage is a certification watershed, LVF starts to show thermal value).)
    • 1,000W - 1,300W (頂級 AI Desktop): 業界標配認證為白金級鈦金級 (92%), LVF GPP 必要性極高(剛需)/不靠 LVF 難以在1,000W達成白金以上的效率。 (Industry standard certification for platinum titanium (92%), very high necessity for LVF GPP (rigid demand) / without LVF it's difficult to achieve Platinum efficiency above 1,000W.)
    • 1,600W+ (AI 伺服器算力中心): 業界標配認證為鈦金級 (94%), LVF GPP 必要性絕對剛需;甚至可能需用到 Active Bridge。 (Industry standard certification for titanium (94%), absolute rigid demand for LVF GPP; may even require Active Bridge.)
• 新世代 VRM 架構 (New Generation VRM Architecture)
  • 傳統架構 (PWM + Doubler): 一組控制訊號經過 Doubler 分為兩相。成本較低,相數擴充容易,但動態響應較慢,在高負載瞬變下電壓波動較大。 (One control signal is divided into two phases via Doubler. Lower cost, easy to expand phase count, but slower dynamic response, larger voltage fluctuations under high load transients.)
  • 新世代架構 (直接多相獨立控制): 每一相由 PWM Controller 獨立控制。每相獨立控制,響應更快,動態負載下電壓更穩定、精準,更適合 AI CPU / GPU 等高瞬變負載,提升整體系統穩定性與效能。 (Each phase is independently controlled by a PWM Controller. Independent control per phase, faster response, more stable and precise voltage under dynamic load, more suitable for high transient loads like AI CPU / GPU, improves overall system stability and performance.)
  • AI 工作負載需求: 更快的瞬態響應、更低的電壓漣波、更高的電源穩定性、更好的系統效能、支援 AI 突發式負載。 (AI workload demands: Faster transient response, lower voltage ripple, higher power stability, better system performance, supports AI burst loads.)
  • 趨勢: AI 工作負載正在推動從 Doubler 架構轉向直接多相獨立控制架構的發展。 (Trend: AI workloads are driving the transition from Doubler architecture to direct multi-phase independent control architecture.)

Clients & Markets

• OOC (供應鏈移轉) (Supply Chain Relocation):
  • 日本/韓國/歐美客戶將德微產品導入。 (Japanese/Korean/European and American customers introduce Advanced Power products.)
  • 車用與工業應用持續擴展。 (Automotive and industrial applications continue to expand.)
  • 使公司成為 OOC 供應鏈成長的重要來源。 (Makes the company an important source of OOC supply chain growth.)
  • OOC 帶動價格與利潤: 台灣製造具備溢價能力,客戶對供應鏈穩定性要求提高,持續推升整體毛利率結構。 (OOC drives prices and profits: Taiwan manufacturing has premium pricing capability, customers' demand for supply chain stability increases, continuously pushes up the overall gross margin structure.)
• 新客戶導入 (New Client Introduction):
  • 諸多一線大廠導入 HVDC 800V 產品。 (Many tier-one manufacturers adopt HVDC 800V products.)
  • 因市場及環境變化,新客戶之訂單穩定性與價格條件較佳。 (Due to market and environmental changes, new clients' order stability and pricing conditions are better.)

Outlook & Strategy

• 2026 - 2028年 LRP (Long Range Plan): 關鍵成長動能與策略執行進展。 (Key growth drivers and strategic execution progress.)
• 驅動未來成長的核心引擎 (Core Engines Driving Future Growth):
  • 既有業務成長: 既有產品線穩定出貨,提供基本營收支撐;出貨量與銷售價格將隨市場需求穩定提升並調整。 (Existing business growth: Existing product lines ship stably, providing basic revenue support; shipment volume and sales prices will steadily increase and adjust with market demand.)
  • AI 全面應用: 已打入國際一線供應鏈,隨 AI 基礎建設需求成長逐步放量,未來 AI 相關產品營收將大幅呈位數成長。 (AI full application: Already entered international tier-one supply chains, gradual increase in volume with the growth of AI infrastructure demand, revenue for AI-related products will show significant digit growth in the future.)
  • 安世+揚杰轉單效應 (以 DFN 2020 舉例): 訂單能見度延伸至 2027 年底。 (Nexperia + Yangjie Technology order transfer effect (taking DFN 2020 as an example): Order visibility extends to the end of 2027.)
  • OOC (供應鏈移轉): 日本/韓國/歐美客戶導入德微產品,車用與工業應用持續擴展,使公司成為 OOC 供應鏈成長的重要來源。 (OOC (Supply Chain Relocation): Japanese/Korean/European and American customers introduce Advanced Power products, automotive and industrial applications continue to expand, making the company an important source of OOC supply chain growth.)
  • 新產品 (IGBT / 軍規產品 / 均熱片 / SLVGPP): 高毛利產品逐步放量,提升整體產品組合價值與競爭力,對 SLVGPP 需求有增無減。 (New Products (IGBT / Military-grade products / Heat Sinks / SLVGPP): High gross margin products gradually increase volume, enhance overall product portfolio value and competitiveness, demand for SLVGPP will definitely increase.)
• 毛利率提升之主要驅動因素 (Main Drivers for Gross Margin Improvement):
  • 產品組合優化: IGBT、軍規產品、低電容 ESD 毛利率均達 40% ~ 60%,高附加價值產品比重提升。 (Product mix optimization: IGBT, military-grade products, low-capacitance ESD gross margins all reach 40% ~ 60%, increased proportion of high value-added products.)
  • OOC 帶動價格與利潤: 台灣製造具備溢價能力,客戶對供應鏈穩定性要求提高,持續推升整體毛利率結構。 (OOC drives prices and profits: Taiwan manufacturing has premium pricing capability, customers' demand for supply chain stability increases, continuously pushes up the overall gross margin structure.)
  • 規模經濟效益: DFN 產能大幅擴張,原有產線訂單亦滿載,固定成本及管理成本有效攤提,推升整體毛利率、使 EPS 提升。 (Economies of scale: DFN capacity significantly expands, existing production lines also have full orders, effective amortization of fixed and management costs, boosting overall gross margin and increasing EPS.)
  • 新客戶導入: 諸多一線大廠導入 HVDC 800V 產品,新客戶之訂單穩定性與價格條件較佳。 (New client introduction: Many tier-one manufacturers adopt HVDC 800V products, new clients' order stability and pricing conditions are better.)
  • 產品差異化: 小型化 IGBT、AI 應用產品具技術門檻,AI 伺服器及電源管理產品之進入門檻高,拉開與競爭者之技術能力、降低價格競爭壓力。 (Product differentiation: Miniaturized IGBTs, AI application products have technical barriers, high entry barriers for AI servers and power management products, widen the technical gap with competitors, reduce price competition pressure.)
• 邁入高成長 X 高毛利 雙引擎驅動階段 (Entering a Dual-Engine Driven Phase of High Growth X High Gross Margin):
  • 在 AI、OOC 與高毛利產品帶動下,營收具備持續成長動能,訂單能見度已延伸至中長期。 (Driven by AI, OOC, and high gross margin products, revenue has continuous growth momentum, order visibility has extended to the medium and long term.)
  • 產品組合優化帶動毛利率持續結構性提升,持續強化競爭優勢並提升營運規模與獲利能力。 (Product mix optimization drives continuous structural improvement in gross margin, continuously strengthen competitive advantages and improve operational scale and profitability.)
  • 目標: 德微正由成長型公司邁向高獲利成長型 IDM 企業。 (Goal: Advanced Power is transforming from a growth-oriented company to a high-profit growth-oriented IDM enterprise.)
• 亞昕科技獨立 IPO 之策略意義 (Strategic Significance of Azone Technology's Independent IPO):
  • 目的: 因應產業分工趨勢與客戶結構變化,公司規劃推動亞昕科技獨立上市。 (Objective: In response to industry division of labor trends and changes in customer structure, the company plans to promote Azone Technology's independent listing.)
  • 效益:
    • 強化業務中立性與聚焦核心競爭力: 德微定位為專業封裝廠,分割後有助於提升代工業務之公平性與客戶信任,提升營運效率與市場定位清晰度。 (Strengthen business neutrality and focus on core competitiveness: Advanced Power is positioned as a professional packaging factory, after the spin-off, it helps to improve the fairness of foundry business and customer trust, improve operational efficiency and market positioning clarity.)
    • 成長與價值潛力: 隨 OOC 趨勢持續發展,外部客戶對晶圓代工需求顯著提升。 (Growth and value potential: As the OOC trend continues to develop, external customers' demand for wafer foundry services significantly increases.)
      • 拓展外部市場: 建立具公信力之中立晶圓代工角色,有利於導入國際客戶與長期合作機會。 (Expand external markets: Establish a credible and neutral wafer foundry role, conducive to introducing international customers and long-term cooperation opportunities.)
      • 提升成長動能: 發展代工業務與自有產品雙引擎,擴大營收與毛利來源。 (Enhance growth momentum: Develop foundry business and own products as dual engines, expand revenue and gross profit sources.)
      • 創造股東價值: 提升亞昕科技獨立估值空間,強化集團整體價值表現。 (Create shareholder value: Increase Azone Technology's independent valuation space, strengthen the group's overall value performance.)
    • IPO 後: 將進一步強化資本市場能見度與長期成長潛力。 (After the IPO: It will further strengthen capital market visibility and long-term growth potential.)
• IPO 結構 (IPO Structure):
  • Before (IPO 前): 德微整合營運 (封裝 + 晶圓代工)。問題: 客戶對中立性有疑慮,代工與自有產品利益衝突疑慮,市場導入與成長受限。 (Advanced Power integrated operations (packaging + wafer foundry). Issues: Customers have doubts about neutrality, concerns about conflict of interest between foundry and own products, market entry and growth are limited.)
  • After (IPO 後): 組織調整與分工優化。 (Organizational adjustment and division of labor optimization.)
    • 德微科技 (封裝): 專注封裝本業,提升營運效率。 (Advanced Power Technology (Packaging): Focus on packaging core business, improve operational efficiency.)
    • 亞昕科技 (晶圓代工): 中立晶圓代工平台,拓展外部市場。 (Azone Technology (Wafer Foundry): Neutral wafer foundry platform, expand external markets.)
    • 效益: 分工明確・中立性提升。建立中立角色,提升客戶信任,國際客戶導入更順暢,雙引擎成長,創造長期價值。 (Benefits: Clear division of labor · Enhanced neutrality. Establish a neutral role, enhance customer trust, smoother introduction of international customers, dual-engine growth, create long-term value.)
  • 總結: 打造清晰治理結構,強化市場信任,驅動營運與價值成長。 (Summary: Create a clear governance structure, strengthen market trust, drive operations and value growth.)
• 三足鼎立・共創價值・驅動成長 (Three Pillars · Co-create Value · Drive Growth):
  • 三家公司各司其職・專業分工・互相協作・創造集團最大綜效。 (Three companies each perform their duties · Professional division of labor · Mutual cooperation · Create maximum synergy for the group.)
  • 德微科技 (Advanced Power Technology): 專業封裝製造。專注功率半導體封裝測試,先進製程與產能擴充,提供高可靠度產品。強化製造實力,提升產品競爭力。 (Professional Packaging Manufacturing. Focus on power semiconductor packaging and testing, advanced processes and capacity expansion, provide high-reliability products. Strengthen manufacturing capabilities, enhance product competitiveness.)
  • 亞昕科技 (Azone Technology): 專業芯片製造。專注晶圓製造與代工服務,開發自有產品技術平台,拓展外部客戶與國際市場。 (Professional Chip Manufacturing. Focus on wafer manufacturing and foundry services, develop proprietary product technology platforms, expand external customers and international markets.)
  • 喜可士公司 (Xicor Company): 專業品牌銷售。全球市場行銷與品牌經營,建立客戶關係與通路網絡,掌握市場趨勢,創造品牌價值。拓展全球市場・提升品牌價值。 (Professional Brand Sales. Global marketing and brand management, establish customer relationships and distribution networks, grasp market trends, create brand value. Expand global markets · Enhance brand value.)
  • 整體效益: 專業分工 (創造最大效能),協同合作 (提升整體競爭力),創造價值 (創造股東最大價值),永續發展 (邁向長期成長)。 (Overall benefits: Professional Division of Labor (create maximum efficiency), Collaborative Cooperation (enhance overall competitiveness), Value Creation (create maximum shareholder value), Sustainable Development (move towards long-term growth).)

Additional Data

• 法律聲明 (Legal Disclaimer): 本簡報所有之財務報表及其他資訊,係本公司根據主管機關要求之提報日期所提供之正確資訊。惟可能因時間經過或後續事件之發生,致使本文件中之資訊不正確或不完整。本公司特此聲明對有時間性之資訊,不負任何更新或修訂之責任。 (All financial statements and other information in this presentation are accurate as provided by the company on the reporting date as required by the competent authority. However, due to the passage of time or the occurrence of subsequent events, the information in this document may become inaccurate or incomplete. The company hereby declares that it is not responsible for any updates or revisions to time-sensitive information.)
• 結語 (Concluding Remarks): 策略佈局新賽道,專業分工綜效高,蛻變轉型開新局,德微展翅上雲霄。 (Strategically lay out new tracks, high synergy from professional division of labor, transform and open a new chapter, Advanced Power spreads its wings to the sky.)