敬鵬 CHIN POON [time:2026Q1] 法說會簡報
Company Overview
公司名稱: 敬鵬工業股份有限公司 (Chin Poon Industrial Co., Ltd.) 成立時間: 西元1979年9月26日 (1996年10月於台灣公開上市) 負責人: 曾劉玉枝 產業類別: 印刷電路板 總公司地址: 33852桃園市蘆竹區南山路二段5巷17號 電話: +886-3-3222226 網站: www.chinpoon.com
資本額: 新台幣39.74億元 淨值: 新台幣177.08億元 (2026年Q1) 營收額:
- 新台幣157.81億元 (2025年)
- 新台幣40.56億元 (2026年Q1) 員工人數: 7,100+人
- 台灣廠: 約3,000+人
- 大陸廠: 3,000+人
- 泰國廠: 1,100+人
Growth Trajectory (成長軌跡)
- 1979: 桃園二廠、敬鵬泰國廠 開始量產
- 1984: 桃園二廠 多層板 開始量產
- 1989: 桃園二廠 HDI 開始量產
- 1991: 平鎮廠 厚銅・鋁基板 開始量產
- 1995: 桃園廠 單面板 Q3 開始量產
- 1996: 股票上市
- 2000: 常熟廠 單面板 Q3 開始量產
- 2001: 桃園一廠 雙面板 開始量產、銀貫孔 開始量產
- 2004: 蘇州工廠 ACP 開始量產
- 2005: Wired-Rigid Cu Inlay 複合金屬基板 開始量產
- 2006: 桃園二廠HDI擴產、常熟二廠多層板擴產
- 2007: 有害物質(RoHS)管制 導入量產
- 2008: 桃園二廠高頻/高速基板 開始量產
- 2010: 常熟廠 多層板Q3 開始量產、日本事務所 成立
- 2012: 敬鵬 泰國廠 雙面・多層板 開始量產
- 2014: 取得AS9100航太認證、中國常熟擴廠
- 2016: 啟動工業4.0
- 2018: 建設泰國新廠
Financial Highlights
Financial Position (財務體質健全)
| Year | Current Ratio | Quick Ratio | Debt Ratio |
|---|---|---|---|
| 2013 | 188 | 148 | 37 |
| 2014 | 180 | 139 | 38 |
| 2015 | 187 | 144 | 35 |
| 2016 | 183 | 135 | 36 |
| 2017 | 182 | 131 | 36 |
| 2018 | 203 | 150 | 33 |
| 2019 | 204 | 154 | 32 |
| 2020 | 191 | 144 | 32 |
| 2021 | 204 | 143 | 34 |
| 2022 | 245 | 175 | 30 |
| 2023 | 251 | 195 | 29 |
| 2024 | 282 | 220 | 27 |
| 2025 | 236 | 172 | 29 |
| 2026Q1 | 241 | 140 | 28 |
Market Capitalization and ROE (市值與股東權益報酬率)
| Year | Market Capitalization (NT$ in billions) | ROE |
|---|---|---|
| 2013 | 19.80 | 13.28 |
| 2014 | 20.11 | 12.16 |
| 2015 | 21.03 | 12.51 |
| 2016 | 24.13 | 15.35 |
| 2017 | 24.64 | 9.24 |
| 2018 | 14.97 | 1.03 |
| 2019 | 12.70 | 4.23 |
| 2020 | 12.60 | 0.29 |
| 2021 | 14.59 | 2.20 |
| 2022 | 11.43 | 3.18 |
| 2023 | 19.99 | 4.77 |
| 2024 | 15.42 | 6.79 |
| 2025 | 12.34 | 3.68 |
| 2026Q1 | 20.27 | - |
Profitability Trend (獲利趨勢)
| Year | Net Income (NT$ in Billions) | Net Income (YOY) |
|---|---|---|
| 2013 | 1.76 | 13.64% |
| 2014 | 1.74 | -1.20% |
| 2015 | 1.91 | 9.92% |
| 2016 | 2.46 | 28.31% |
| 2017 | 1.50 | -39.09% |
| 2018 | 0.16 | -89.16% |
| 2019 | 0.66 | 306.83% |
| 2020 | 0.05 | -93.08% |
| 2021 | 0.34 | 638.92% |
| 2022 | 0.50 | 46.95% |
| 2023 | 0.76 | 53.71% |
| 2024 | 1.13 | 48.47% |
| 2025 | 0.63 | -43.99% |
Gross Margin and Net Income Ratio Trend (毛利率及淨利率趨勢)
| Year | EPS | Gross Margin | Net Income Ratio |
|---|---|---|---|
| 2006 | 2.54 | 12.7% | 8.4% |
| 2007 | 4.62 | 13.4% | 13.7% |
| 2008 | 1.62 | 10.8% | 5.4% |
| 2009 | 2.45 | 17.0% | 7.9% |
| 2010 | 2.52 | 14.0% | 6.0% |
| 2011 | 2.91 | 13.2% | 7.3% |
| 2012 | 3.90 | 17.1% | 8.8% |
| 2013 | 4.39 | 15.3% | 9.1% |
| 2014 | 4.45 | 13.6% | 8.2% |
| 2015 | 4.97 | 14.7% | 8.5% |
| 2016 | 6.26 | 18.3% | 10.3% |
| 2017 | 3.78 | 13.9% | 6.3% |
| 2018 | 0.41 | 10.3% | 0.8% |
| 2019 | 1.66 | 7.8% | 3.7% |
| 2020 | 0.12 | 5.68% | 0.30% |
| 2021 | 0.85 | 6.22% | 1.85% |
| 2022 | 1.25 | 8.56% | 2.82% |
| 2023 | 1.92 | 13.07% | 4.55% |
| 2024 | 2.85 | 14.49% | 6.92% |
| 2025 | 1.60 | 11.50% | 4.02% |
| 2026Q1 | - | 12.08% | 6.08% |
Dividend Payout Ratio (股利配發率)
| Year | EPS | Stock Dividend | Cash Dividend | Total Dividends | Payout Ratio |
|---|---|---|---|---|---|
| 2006 | 2.54 | - | 1.90 | 1.90 | 74.8% |
| 2007 | 4.62 | - | 2.25 | 2.25 | 48.7% |
| 2008 | 1.62 | 0.01 | 0.60 | 0.61 | 37.7% |
| 2009 | 2.45 | - | 1.50 | 1.50 | 61.2% |
| 2010 | 2.52 | - | 1.25 | 1.25 | 49.6% |
| 2011 | 2.91 | - | 1.60 | 1.60 | 55.0% |
| 2012 | 3.90 | - | 2.20 | 2.20 | 56.4% |
| 2013 | 4.39 | - | 2.60 | 2.60 | 59.2% |
| 2014 | 4.45 | - | 2.20 | 2.20 | 49.4% |
| 2015 | 4.97 | - | 2.60 | 2.60 | 52.3% |
| 2016 | 6.26 | - | 3.20 | 3.20 | 51.1% |
| 2017 | 3.78 | - | 2.25 | 2.25 | 59.5% |
| 2018 | 0.41 | - | 0.50 | 0.50 | 122.0% |
| 2019 | 1.66 | - | 1.00 | 1.00 | 60.2% |
| 2020 | 0.12 | - | 0.50 | 0.50 | 416.7% |
| 2021 | 0.85 | - | 0.50 | 0.50 | 58.8% |
| 2022 | 1.25 | - | 0.85 | 0.85 | 68.0% |
| 2023 | 1.92 | - | 1.25 | 1.25 | 65.1% |
| 2024 | 2.85 | - | 1.85 | 1.85 | 64.9% |
| 2025(暫) | 1.60 | - | 1.00 | 1.00 | 62.5% |
Capital Expenditure (資本支出)
| Year | CAPEX (NT$ in Billions) | 8-year Moving Average (CAPEX) |
|---|---|---|
| 2011 | 0.57 | 1.01 |
| 2012 | 1.05 | 1.06 |
| 2013 | 0.63 | 1.07 |
| 2014 | 1.36 | 1.17 |
| 2015 | 2.24 | 1.09 |
| 2016 | 0.72 | 0.98 |
| 2017 | 1.01 | 1.06 |
| 2018 | 1.61 | 1.15 |
| 2019 | 0.94 | 1.20 |
| 2020 | 0.69 | 1.15 |
| 2021 | 0.66 | 1.15 |
| 2022 | 0.44 | 1.04 |
| 2023 | 0.29 | 0.80 |
| 2024 | 0.67 | 0.79 |
| 2025 | 0.87 | 0.77 |
Business Segments
Product Types (產品種類)
- HDI板: High-Density Interconnect PCB
- 多層板: (~26層) Multi-layer PCB
- 單/雙面板: Single/Double-sided PCB
- 銀(銅)膠貫孔板: Silver/Copper Paste Through-Hole PCB
- 厚銅板: (~14oz) Thick Copper PCB
- 高頻板: High-Frequency PCB
- 金屬基板: Metal Core PCB
- 銅凸基板: Copper Bump Substrate
- 撓折板: Flexible PCB
- 散熱銅錠&埋入式散熱片: Copper Inlay & Embedded Heat Sink
Products & Technologies
電路板的百貨公司 (PCB Department Store)
- 單面/假雙面/銀買孔/銅貫孔
- 主要用途: 電視遙控器、電腦相關等消費型電子產品
- 高頻板/高速板
- 主要用途: ADAS雷達、衛星天線、智慧天線、LNB、通信板、低軌衛星等
- 多層板(~26層)
- 主要用途: 汽車ECU、伺服器、電信通訊、自動化機械、醫療等
- 金屬基板&銅凸基板
- 主要用途: 背光模組、路燈、商用照明、投影機光源、汽車照明、電子煞車
- HDI & IVH
- 主要用途: 汽車資訊娛樂系統、ECU、ADAS、鏡頭、路由器.....
- 厚銅板(~14oz)
- 主要用途: 汽車OBC、接線盒、高功率逆變器、轉換器
- 撓折板
- 主要用途: 汽車ECU、接線盒、汽車EPS、ADAS、家電產品
- 散熱銅錠&埋入式散熱片
- 主要用途: 電子煞車、LED照明驅動器、工業用電源管理、電力儲存、高功率模組
Clients & Markets
Global Layout (全球佈局)
營業與生產據點:
- 台灣: 桃園 (Taoyuan), 平鎮 (Pingzhen)
- 大陸: 常熟 (Changshu)
- 泰國: Pathumthani (Phra Nakhon Si Ayutthaya)
在地客戶服務據點:
- 歐洲: 英國 (UK), 荷蘭 (Netherlands), 德國 (Germany), 西班牙 (Spain)
- 亞洲: 南韓 (South Korea), 日本 (Japan), 馬來西亞 (Malaysia)
- 美洲: 美國 (USA), 墨西哥 (Mexico)
Production by Location (台灣生產比重佔50%)
| Year | Thailand | China | Taiwan |
|---|---|---|---|
| 2013 | 4% | 25% | 71% |
| 2014 | 5% | 23% | 73% |
| 2015 | 5% | 24% | 71% |
| 2016 | 7% | 24% | 69% |
| 2017 | 8% | 26% | 66% |
| 2018 | 10% | 33% | 57% |
| 2019 | 11% | 35% | 54% |
| 2020 | 10% | 35% | 55% |
| 2021 | 10% | 36% | 54% |
| 2022 | 9% | 37% | 55% |
| 2023 | 8% | 36% | 56% |
| 2024 | 10% | 37% | 53% |
| 2025 | 11% | 37% | 52% |
| 2026Q1 | 12% | 38% | 50% |
Sales by Region (銷售地區與全球車市相關)
| Year | Others | America | Asia | Europe |
|---|---|---|---|---|
| 2013 | 10% | 28% | 28% | 34% |
| 2014 | 10% | 26% | 30% | 34% |
| 2015 | 9% | 26% | 30% | 35% |
| 2016 | 9% | 25% | 30% | 36% |
| 2017 | 10% | 23% | 30% | 37% |
| 2018 | 10% | 22% | 31% | 37% |
| 2019 | 11% | 22% | 32% | 35% |
| 2020 | 10% | 21% | 37% | 32% |
| 2021 | 8% | 22% | 38% | 32% |
| 2022 | 8% | 24% | 35% | 33% |
| 2023 | 8% | 22% | 38% | 32% |
| 2024 | 9% | 27% | 36% | 28% |
| 2025 | 9% | 25% | 38% | 28% |
| 2026Q1 | 7% | 26% | 39% | 28% |
Applications (汽車板專業廠商)
| Year | Others | Telecommunication | Industrial Electronics | Consumers' Electronic | Automobile Electronics |
|---|---|---|---|---|---|
| 2013 | 5% | 6% | 11% | 6% | 72% |
| 2014 | 6% | 5% | 11% | 6% | 72% |
| 2015 | 5% | 5% | 12% | 5% | 73% |
| 2016 | 5% | 4% | 8% | 9% | 74% |
| 2017 | 3% | 3% | 9% | 10% | 75% |
| 2018 | 2% | 3% | 11% | 11% | 73% |
| 2019 | 1% | 3% | 11% | 5% | 80% |
| 2020 | 1% | 3% | 9% | 7% | 80% |
| 2021 | 1% | 8% | 8% | 3% | 80% |
| 2022 | 1% | 8% | 8% | 3% | 80% |
| 2023 | 1% | 10% | 6% | 3% | 80% |
| 2024 | 1% | 9% | 8% | 4% | 78% |
| 2025 | 1% | 6% | 14% | 4% | 75% |
| 2026Q1 | 1% | 5% | 14% | 3% | 77% |
Outlook & Strategy
2026年營運說明 (2026 Operational Explanation)
20232025 Revenue and Profit (20232025營收及獲利)
| Quarter | Revenue (NT$ in millions) | Gross Margin | Operating Expense Ratio | Operating Margin | Net Income Ratio |
|---|---|---|---|---|---|
| 2023Q1 | 3,970 | 8.81% | 7.66% | 1.15% | 1.06% |
| 2023Q2 | 4,014 | 10.80% | 7.41% | 3.40% | 4.05% |
| 2023Q3 | 4,421 | 16.38% | 9.70% | 6.69% | 8.14% |
| 2023Q4 | 4,343 | 15.70% | 7.75% | 7.95% | 4.56% |
| 2024Q1 | 4,102 | 15.81% | 8.29% | 7.52% | 7.90% |
| 2024Q2 | 4,168 | 15.24% | 7.97% | 7.27% | 8.15% |
| 2024Q3 | 4,065 | 15.22% | 7.94% | 7.28% | 6.45% |
| 2024Q4 | 4,020 | 11.64% | 8.62% | 3.02% | 5.13% |
| 2025Q1 | 3,840 | 12.58% | 9.15% | 3.43% | 5.42% |
| 2025Q2 | 4,091 | 10.84% | 7.17% | 3.67% | 2.38% |
| 2025Q3 | 3,859 | 8.59% | 8.74% | -0.15% | 1.92% |
| 2025Q4 | 3,991 | 13.97% | 8.86% | 5.11% | 6.37% |
| 2026Q1 | 4,056 | 12.08% | 7.29% | 4.80% | 6.08% |
Impact of Exchange Rate Changes on Gross Profit (匯率變化對毛利的衝擊)
- 模擬的毛利率 (Simulated Gross Margin):
- = 前期毛利率 + 0.8 * 匯率衝擊
- 匯率衝擊 (Exchange Rate Impact):
- = 0.55 * USD/NTD 匯率變化率
-
- 0.35 * USD/CNY 匯率變化率
-
- 0.10 * USD/THB 匯率變化率
- 註:
- 美金營收佔90%，另有美元採購產生的自然避險，故匯率衝擊的乘數設為0.8。
- USD/NTD, USD/CNY 及 USD/THB都以美元為基準，即1美元可換多少當地貨幣，故正數代表美元升值，有助提升毛利率。反之亦然三種貨幣的權數為0.55, 0.35 及 0.10 代表三地產值佔本公司合併營收的比例。
Additional Data
Disclaimer (免責聲明)
The presentation contains projections & estimates of financial information as well as market and product developments for future periods. These projections & estimates are based on information currently available which we believe to be reliable, but they involve risks & uncertainties. Our actual results of operations & financial condition may differ significantly from those contained in projections & estimates. The projections & estimates should not be interpreted as legally binding commitments, but rather as flexible information subject to change occasionally.
本次簡報中若包含有財務資訊的預測及未來市場及產品的趨勢。這些說明乃基於目前可以取得及目前相信是合理性的資料，但這些說明亦牽涉風險及不確定性。本公司之實際營運成果可能會與上述說明有不同的結果。簡報中屬預測性的資料並非本公司未來履行的保證，宜注意其隨時有變更的可能及風險。