振曜 (6143) 2026Q1 法說會簡報

Company Overview

• 公司名稱: NETRONIX (振曜)
• 活動: 法人說明會 (Investor Conference)
• 期間: 2026年第一季 (2026 Q1)
• 報告人: 集團財務長: Tessa 黃子瑋 (Group CFO: Tessa Huang)
• 核心業務: Professional Total Solution e-reading

Financial Highlights

• 2026年第一季 (Q1 2026) 表現:
  • 合併營收 (Consolidated Revenue): 20億 新台幣 (NT$2 billion)
    • YoY (年增率) = 25%
    • 當季歷史新高 (Historical high for the quarter)
  • 合併毛利率 (Consolidated Gross Margin): 22%
    • 毛利金額 (Gross Profit Amount) YoY = 21%
  • 合併營業利益 (Consolidated Operating Income): 2億 新台幣 (NT$0.2 billion)
    • YoY = 32%
  • 單季EPS (Quarterly EPS): 1.41元 新台幣 (NT$1.41)
    • YoY = 21%

Business Segments

• 持續創新,穩健成長 (Continuous Innovation, Steady Growth)
  • 電子書閱讀器 (E-readers)
    • 鞏固市場領先地位 (Consolidate market leadership)
    • 拓展新應用 (Expand new applications)
  • 廣告看板 (Advertising Displays)
    • 專案導入數千台 (Thousands of units deployed in projects)
    • 搶下灘頭堡 (Securing a foothold)
  • 子公司發展 (Subsidiary Development)
    • 提昇獲利能力 (Improve profitability)
    • 貢獻集團收益 (Contribute to group earnings)

Products & Technologies

• 電子書閱讀器訂單持續成長 (E-reader orders continue to grow)
  • 市占率提升 (Market share increase)
    • 客戶彩機之滲透率持續提升 (Penetration rate of color e-readers for customers continues to increase)
    • 第一季出貨量 YoY +34%, 維持強勁成長動能 (Q1 shipments YoY +34%, maintaining strong growth momentum)
  • 雙位數成長 (Double-digit growth)
    • 第二季合併營收, 優於第一季 (Q2 consolidated revenue, better than Q1)
    • 下半年的展望, 深具信心 (Outlook for the second half, full of confidence)
• 2026電子書閱讀器TOP 10 (基於網路聲量)
  • 資料來源: 《KEYPO大數據關鍵引擎》輿情分析軟體 (KEYPO Big Data Key Engine Public Opinion Analysis Software)
  • 分析期間: 2025/4/15~2026/4/14
  • 排名 (網路聲量):
    1. 樂天Kobo: 11,819
    2. 文石BOOX: 5,859
    3. 凌網HyRead: 5,596
    4. 讀墨Readmoo: 5,434
    5. 博客來BooksPad: 3,581
    6. 亞馬遜Kindle: 3,435
    7. Pubu Pubook: 3,152
    8. momoBOOK: 1,853
    9. 大我Bigme: 1,354
    10. 皓擎MEEBOO: 589

Outlook & Strategy

• 綠經濟之駿馬 (Steed of the Green Economy)
  • 三大引擎, 馬年奔馳 (Three engines, galloping in the Year of the Horse)
    • 彩色電子書持續好評 (Color e-readers continue to receive positive reviews)
    • 彩色電子廣告看板起跑 (Color e-paper advertising displays take off)
    • 子公司成長動能強勁 (Strong growth momentum for subsidiaries)

Additional Data

關鍵競爭力 (Key Competitiveness)

• 卓越的供應鏈韌性 (Excellent Supply Chain Resilience)
  • 全球大缺料與市況嚴峻的挑戰 (Challenges of global material shortages and severe market conditions)
  • 憑藉多元供應管理與深度戰略合作 (Leveraging diversified supply management and deep strategic cooperation)
  • 確保穩定且不中斷的供貨能力 (Ensuring stable and uninterrupted supply capability)
  • 成為客戶最可靠的營運後盾 (Becoming the most reliable operational backup for customers)
• 客製專案應變力 (Custom Project Adaptability)
  • 新專案的變局展現高度敏捷 (Highly agile in responding to changes in new projects)
  • 主動站在客戶視角 (Proactively taking the customer's perspective)
  • 提供更具成本效益與效能優勢的替代方案 (Providing more cost-effective and performance-advantaged alternative solutions)
  • 協同客戶放大核心專案的市場競爭力 (Collaborating with customers to amplify the market competitiveness of core projects)
• 多元化佈局能力 (Diversified Layout Capability)
  • 多元化戰略佈局 (Diversified strategic layout)
  • 有效分散地緣政治風險 (Effectively diversifying geopolitical risks)
  • 全方位對接不同市場的彈性生產與在地化配套需求 (Comprehensively connecting with flexible production and localized support needs in different markets)

子公司營運亮眼 (Subsidiary Operations Shine)

• 沛亨 (6291)
  • Q1營收/獲利, 創當季歷史新高 (Q1 revenue/profit, historical high for the quarter)
  • 第1季EPS=3 (Q1 EPS=3)
  • AI 光纖高速傳輸應用, 帶動營收獲利持續成長 (AI fiber optic high-speed transmission applications, driving continuous revenue and profit growth)
• 台生材 (6649)
  • 十年磨一劍, 開花結果, 營收獲利強勁 (Ten years of hard work, bearing fruit, strong revenue and profit)
  • 產線擴建將於今年完成硬體建構 (Production line expansion to be completed this year)
  • 配合客戶新產品上市需求, 逐步提升產能 (Gradually increasing capacity to meet customer new product launch demands)

營收與獲利趨勢 (Revenue and Profit Trend)

• 單位: 營業收入 (NT M), 基本每股盈餘 (NTD) | 年度 | 營業收入 (NT M) | 基本每股盈餘 (NTD) | | :--- | :-------------- | :----------------- | | 2020 | 5,359 | 2.97 | | 2021 | 5,554 | 3.33 | | 2022 | 6,270 | 4.2 | | 2023 | 6,648 | 4.31 | | 2024 | 7,410 | 7.33 | | 2025 | 8,523 | 6.46 |

高配息率回饋股東 (High Dividend Payout Ratio Rewards Shareholders)

• 連續三年配息率超過9成 (Dividend payout ratio over 90% for three consecutive years)
• 甜甜股息$6, 殖利率超過6%回饋給股東, 感謝長期支持 (Sweet dividend of $6, yield over 6% returned to shareholders, thanks for long-term support) | 年度 | EPS | 現金股利 (Cash Dividend) | 股利發放比率 (Dividend Payout Ratio) | | :--- | :--- | :----------------------- | :----------------------------------- | | 2025 | 6.46 | 6.00 | 93% | | 2024 | 7.33 | 7.00 | 95% | | 2023 | 4.31 | 4.00 | 93% | | 2022 | 4.2 | 3.00 | 71% | | 2021 | 3.33 | 2.50 | 75% | | 2020 | 2.97 | 2.00 | 67% | | 2019 | 3.03 | 2.85 | 94% |

營運成果 (Operating Results) - 2026年第一季 (2026 Q1)

合併營收-單季 (Consolidated Revenue - Quarterly)

• 單位: 新台幣百萬元 (NT$ Million)
• 1Q26 YoY: +25% | Quarter | 淨營業收入 (Net Operating Revenue) | | :------ | :--------------------------------- | | 1Q24 | 1,342 | | 2Q24 | 1,983 | | 3Q24 | 1,821 | | 4Q24 | 2,265 | | 1Q25 | 1,598 | | 2Q25 | 2,059 | | 3Q25 | 2,296 | | 4Q25 | 2,570 | | 1Q26| 2,002 |

合併營業毛利&毛利率-單季 (Consolidated Gross Profit & Gross Margin - Quarterly)

• 單位: 新台幣百萬元 (NT$ Million); %
• 1Q26 營業毛利 YoY: +21% | Quarter | 營業毛利 (Gross Profit) | 毛利率 (Gross Margin) | | :------ | :---------------------- | :-------------------- | | 1Q24 | 288 | 21% | | 2Q24 | 414 | 21% | | 3Q24 | 394 | 22% | | 4Q24 | 460 | 20% | | 1Q25 | 359 | 22% | | 2Q25 | 428 | 21% | | 3Q25 | 528 | 23% | | 4Q25 | 582 | 23% | | 1Q26| 435 | 22% |

合併營業費用-單季 (Consolidated Operating Expenses - Quarterly)

• 單位: 新台幣百萬元 (NT$ Million)
• 1Q26 YoY: +13% | Quarter | 營業費用 (Operating Expenses) | | :------ | :---------------------------- | | 1Q24 | 184 | | 2Q24 | 168 | | 3Q24 | 210 | | 4Q24 | 245 | | 1Q25 | 206 | | 2Q25 | 204 | | 3Q25 | 219 | | 4Q25 | 254 | | 1Q26| 233 |

合併營業利益-單季 (Consolidated Operating Income - Quarterly)

• 單位: 新台幣百萬元 (NT$ Million)
• 1Q26 YoY: +32% | Quarter | 營業利益 (Operating Income) | | :------ | :-------------------------- | | 1Q24 | 103 | | 2Q24 | 246 | | 3Q24 | 183 | | 4Q24 | 215 | | 1Q25 | 153 | | 2Q25 | 224 | | 3Q25 | 309 | | 4Q25 | 327 | | 1Q26| 202 |

EPS-單季 (EPS - Quarterly)

• 單位: 歸屬於母公司 (NT$ Million); EPS (NT$)
• 1Q26 EPS YoY: +21%
• Note: 2Q25 匯損影響 EPS - $1.5 (Impact of exchange loss on EPS - $1.5) | Quarter | 歸屬於母公司 (Net Income Attributable to Parent Company) | EPS (NT$) | | :------ | :------------------------------------------------------- | :--------- | | 1Q24 | 130 | 1.51 | | 2Q24 | 187 | 2.17 | | 3Q24 | 115 | 1.34 | | 4Q24 | 199 | 2.31 | | 1Q25 | 100 | 1.17 | | 2Q25 | 39 | 0.45 | | 3Q25 | 181 | 2.10 | | 4Q25 | 236 | 2.74 | | 1Q26| 121 | 1.41 |