羅昇企業 2026Q1 法說會簡報
Company Overview
- Company Name: 羅昇企業 (ACE PILLAR)
- Group: 明基佳世達集團 (BenQ Qisda Group)
- Event: 羅昇 2026第一季法人說明會
- Date: 29 May, 2026
Management Team
- 董事長 (Chairman): 曾文興 (Joshua Tzeng)
- 總經理 (President): 李長堅 (Chris Li)
- 財務長 (CFO): 陳國美 (Denise Chen)
Disclaimer
本次法說會提供之簡報包含前瞻性陳述，內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。
Financial Highlights
2026年第一季財務結果
合併營收 (NTDM)
- 2025Q1: 1,071
- 2025Q4: 1,181
- 2026Q1: 1,375
合併綜合損益表摘要 (單位:新台幣百萬元)
| 項目 | 2026第一季 | 2025第四季 | QoQ (amt) | QoQ (±%) | 2025第一季 | YoY (amt) | YoY (±%) |
|---|---|---|---|---|---|---|---|
| 銷貨淨額 (Net Sales) | 1,375 (100%) | 1,181 (100%) | 194 | 16% | 1,071 (100%) | 304 | 28% |
| 營業成本 (Cost of Goods Sold) | (1,031) | (947) | (84) | (775) | (256) | ||
| 營業毛利 (Gross Profit) | 344 (25%) | 234 (20%) | 110 | 5% | 296 (28%) | 48 | -3% |
| 營業費用 (Operating Expenses) | (237) (-17%) | (366) (-31%) | 129 | -14% | (211) (-20%) | (26) | -3% |
| 營業淨利 (Operating Income) | 107 (8%) | (132) (-11%) | 239 | 19% | 85 (8%) | 22 | 0% |
| 營業外收支及費用 (Non-operating Income/Expenses) | 1 | (1) | 2 | (2) | 3 | ||
| 稅前純益 (Income Before Tax) | 108 (8%) | (133) (-11%) | 241 | 19% | 83 (8%) | 25 | 0% |
| 稅後純益 (Net Income) | 83 (6%) | (112) (-9%) | 195 | 15% | 64 (6%) | 19 | 0% |
| 本期淨利歸屬於母公司業主 (Net Income Attributable to Owners of the Parent) | 48 (4%) | (140) (-12%) | 188 | 16% | 27 (2%) | 21 | 2% |
| 基本每股盈餘(NT$) (a) (Basic EPS) | 0.43 | (1.25) | 1.68 | 0.24 | 0.19 |
- (a) 基本每股盈餘以加權平均流通在外股數計算 (Basic EPS is calculated based on weighted average outstanding shares).
合併資產負債表摘要 (單位:新台幣百萬元)
| 項目 | 2026.03.31 | 2025.12.31 | QoQ (amt) | QoQ (±%) | 2025.03.31 | YoY (amt) | YoY (±%) |
|---|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 1,202 (22%) | 1,140 (21%) | 62 | 1% | 1,071 (21%) | 131 | 1% |
| 應收票據及帳款 (Notes and Accounts Receivable) | 964 (17%) | 832 (16%) | 132 | 1% | 810 (15%) | 154 | 2% |
| 存貨 (Inventories) | 918 (17%) | 978 (18%) | (60) | -1% | 950 (18%) | (32) | -1% |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 541 (10%) | 538 (10%) | 3 | 0% | 557 (11%) | (16) | -1% |
| 無形資產 (Intangible Assets) | 1,239 (23%) | 1,260 (24%) | (21) | -1% | 1,319 (25%) | (80) | -2% |
| 資產總計 (Total Assets) | 5,481 (100%) | 5,351 (100%) | 130 | 0% | 5,237 (100%) | 244 | 0% |
| 短期借款 (Short-term Borrowings) | 520 (9%) | 466 (9%) | 54 | 0% | 325 (6%) | 195 | 3% |
| 合約負債-流動 (Contract Liabilities - Current) | 249 (5%) | 114 (2%) | 135 | 3% | 86 (2%) | 163 | 3% |
| 應付票據及帳款 (Notes and Accounts Payable) | 672 (12%) | 770 (14%) | (98) | -2% | 525 (10%) | 147 | 2% |
| 應付公司債 (Bonds Payable) | 481 (9%) | 478 (9%) | 3 | 0% | 470 (9%) | 11 | 0% |
| 長期借款 (Long-term Borrowings) | 0 (0%) | 0 (0%) | 0 | 0% | 0 (0%) | 0 | 0% |
| 遞延所得稅負債 (Deferred Tax Liabilities) | 188 (3%) | 192 (3%) | (4) | 0% | 252 (5%) | (64) | -2% |
| 負債總計 (Total Liabilities) | 2,514 (46%) | 2,468 (46%) | 46 | 0% | 2,301 (44%) | 213 | 2% |
| 權益總計 (Total Equity) | 2,967 (54%) | 2,883 (54%) | 84 | 0% | 2,936 (56%) | 31 | -2% |
| 每股淨值 (Book Value Per Share) | 18.01 | 17.58 | 0.43 | 18.60 | (0.59) |
現金流量表摘要 (單位:新台幣百萬元)
| 項目 | 2024 | 2025 | 2026第一季 |
|---|---|---|---|
| 期初現金 (Cash at Beginning of Period) | 392 | 1,238 | 1,140 |
| 營運活動現金流入 (Cash Inflow from Operating Activities) | 400 | 308 | 32 |
| 投資活動現金流出 (Cash Outflow from Investing Activities) | (356) | (73) | (14) |
| 對子公司之收購 (Acquisition of Subsidiaries) | (305) | 0 | 0 |
| 籌資活動現金流入(出) (Cash Inflow (Outflow) from Financing Activities) | 778 | (360) | 28 |
| 借款增加(減少) (Increase (Decrease) in Borrowings) | 327 | (64) | 43 |
| 發行公司債 (Issuance of Bonds) | 530 | 0 | 0 |
| 發放現金股利 (Cash Dividends Paid) | (38) | (75) | 0 |
| 子公司發放特別股負債之股利 (Dividends on Preferred Shares of Subsidiaries) | 0 | (166) | 0 |
| 其他 (Others) | 24 | 26 | 16 |
| 期末現金 (Cash at End of Period) | 1,238 | 1,140 | 1,202 |
重要財務指標
| 項目 | 2026.03.31 | 2025.12.31 | QoQ | 2025.03.31 | YoY |
|---|---|---|---|---|---|
| 應收帳款週轉天數 (Days Sales Outstanding - DSO) | 61 | 70 | -9 | 72 | -11 |
| 存貨週轉天數 (Days Inventory Outstanding - DIO) | 84 | 97 | -13 | 111 | -27 |
| 應付帳款週轉天數 (Days Payable Outstanding - DPO) | 64 | 75 | -11 | 66 | -2 |
| 營運資金週轉天數 (Cash Conversion Cycle - CCC) | 81 | 92 | -11 | 117 | -36 |
| 流動比率 (Current Ratio) | 185% | 183% | +2ppt | 201% | -16ppt |
| 速動比率 (Quick Ratio) | 130% | 123% | +7ppt | 135% | -5ppt |
| 負債比率 (Debt-to-Asset Ratio) | 46% | 46% | - | 44% | +2ppt |
| 權益報酬率 (a) (Return on Equity - ROE) | 11.3% | 2.2% | +9.1ppt | 8.8% | +2.5ppt |
- (a) 採年化稅後損益/平均權益總額 (Annualized Net Income After Tax / Average Total Equity).
Business Segments
2026Q1營收by產品別
- 自動化控制類 (Automation Control): 41% (5.55Y)
- 設備及耗材類 (Equipment & Consumables): 22% (3.05Y)
- 半導體設備材料銷售及服務類 (Semiconductor Equipment Material Sales & Services): 12% (1.69Y)
- 能源管理產品類 (Energy Management Products): 12% (1.59Y)
- 工業傳動類 (Industrial Transmission): 13% (1.85Y)
- 其他 (Others): 0.1% (0.02Y)
2026Q1營收by地區別
- China: 34% (4.63Y)
- Taiwan: 29% (4.00Y)
- Europe: 23% (3.25Y)
- Americas: 10% (1.35Y)
- Others: 4% (0.52Y)
Products & Technologies
綠能暨智動化 解決方案整合服務專家
羅昇企業 ACE PILLAR
- Core Business: 智動化機電零組件通路商及解決方案整合服務提供者 (Intelligent automation electromechanical component distributor and solution integration service provider).
Key Business Units / Subsidiaries:
- 達昇能源 (ACE ENERGY)
- Focus: 創能、儲能、節能 (Energy Generation, Storage, Saving).
- Services: 專注能源服務,涵蓋空調、空壓、熱回收、照明、用電管理...等 (Focuses on energy services, covering HVAC, compressed air, heat recovery, lighting, power management, etc.).
- Blue Walker Power Walker
- Products: 不斷電系統 (UPS Systems).
- Description: 專業的UPS和逆變器供應商,並在歐洲、中東和非洲皆有銷售通路 (Professional UPS and inverter supplier, with sales channels in Europe, Middle East, and Africa).
- 氫豐 (Blade Hydro)
- Products/Technology: 氫能與燃料電池 (Hydrogen Energy & Fuel Cells).
- Description: 移轉金屬板電堆與混氫發電技術,致力於開發綠能 (Transfers metal plate stack and mixed hydrogen power generation technology, committed to developing green energy).
- TRANSPAK
- Products: 捆包解決方案 (Packaging Solutions).
- Description: 外銷導向的捆包機領導品牌,75%的產品銷售於歐美市場 (Export-oriented strapping machine leading brand, 75% of products sold in European and American markets).
- STC 資騰科技 (STC SINCE 1988)
- Products/Services: 半導體設備 (Semiconductor Equipment).
- Description: 半導體及光電太陽能相關設備、耗材及零組件之代理銷售及技術服務業務 (Agency sales and technical services for semiconductor and optoelectronic solar-related equipment, consumables, and components).
- REI
- Products: 馬達與控制器 (Motors & Controllers).
- Description: 伺服馬達、制動器與控制器,並具備馬達系統/機電整合能力,產品應用於國防軍工、航太及無人機等領域 (Servo motors, brakes, and controllers, with motor system/electromechanical integration capabilities, products applied in national defense, aerospace, and UAVs).
Outlook & Strategy
羅昇策略布局計劃 羅昇中長期計畫
Goal: 成為客戶產業升級轉型的最佳好夥伴 (Become the best partner for customer industrial upgrading and transformation).
Strategic Pillars:
- AI智動化 (AI Intelligent Automation)
- Entities: 羅昇智能行業應用中心+怡進+六俊+... (ACE PILLAR Intelligent Industry Application Center + Yi Jin + Liu Jun + ...)
- Applications:
- Pick & Place & Move 應用 (Applications)
- AI 機器視覺 (瑕疵檢測)+量測+Function test (AI Machine Vision (defect detection) + measurement + function test)
- 包裝/堆棧/拆棧 解決方案 (Packaging/stacking/unstacking solutions)
- AGV/AMR 移動載具 (Mobile robots)
- MES+SECS/GEM+...軟體解決方案 (Software solutions)
- 數據分析及雲端管理平台 (Data analysis and cloud management platform)
- 綠能 (Green Energy)
- Entities: 羅昇+達昇+Bluewalker +氫豐+... (ACE PILLAR + ACE ENERGY + Bluewalker + Blade Hydro + ...)
- Offerings:
- 綠能設備規劃(再生能源/節能/儲能設備,系統) (Green energy equipment planning (renewable energy/energy saving/energy storage equipment, systems))
- 電價管理設備控制 (Electricity price management equipment control)
- 冷凍空調解決方案 (Refrigeration and air conditioning solutions)
- 充電服務營運管理平台/系統 (Charging service operation management platform/system)
- 充電樁 (Charging piles)
- UPS
- 氫能 (Hydrogen energy)
- 半導體 (Semiconductor)
- Entities: 羅昇+資騰科技+... (ACE PILLAR + STC + ...)
- Offerings:
- 廠務 系統/設備/元件/耗材 (Facility systems/equipment/components/consumables)
- 製程 設備/元件/耗材 (Process equipment/components/consumables)
- 智慧物流 系統/設備/元件 (Intelligent logistics systems/equipment/components)
AI+智慧製造升級 數據服務與數位雙生 綠能與數位雙軌轉型
Overall Concept: Green Energy & Digital Dual Transformation
Pillars and Components:
- 綠色轉型&能源管理 (Green Transformation & Energy Management)
- Key Outcomes: 碳盤查/碳足跡 (Carbon inventory/carbon footprint), 預測/預防性維護保養 (Predictive/preventive maintenance).
- Solution: 先進廠務管理 (Advanced Facility Management).
- Underlying Modules: 感測檢測模組 (Sensing & detection modules), 運算控制模組 (Computational control modules), 傳輸通訊模組 (Transmission & communication modules).
- 數位轉型&智慧製造 (Digital Transformation & Smart Manufacturing)
- Key Outcomes: 生產履歷/效率提升 (Production traceability/efficiency improvement).
- Solutions: 智能設備 (Smart Device / Machine), 智動化生產 (Intelligent Automation Production).
- Underlying Modules: 機械傳動模組 (Mechanical transmission modules), 數據軟體模組 (Data software modules), 電源節能模組 (Power saving modules).
- Common Foundation: 元件、模組、次系統 (Component, Module, Sub-system).
羅昇策略布局與方案規劃
Value Proposition: Added Service, Customer Stickiness
Solution Offerings:
- 包裝堆棧整體解決方案 (Overall packaging & stacking solutions)
- 能源監控與管理解決方案 (Energy monitoring & management solutions)
- 智動化設備與智能化方案 (Intelligent automation equipment & smart solutions)
Evolution of Business Models:
- Business Model 1: Product Devices (產品銷售 - Buy & Sale Business)
- Focus: Pricing & Delivery, eCommerce.
- Leverages: 運算控制模組 (Computational control modules), 感測檢(量)測模組 (Sensing & measurement modules), 傳輸通訊模組 (Transmission & communication modules), 機械傳動模組 (Mechanical transmission modules), 電源節能模組 (Power saving modules).
- Business Model 2: Domain Applications (技術銷售 - Technical Services)
- Focus: Domain expertise, H/W + S/W (Hardware + Software).
- Leverages: 軟體應用與加值方案 (Software applications & value-added solutions).
- Business Model 3: Solution Business (方案銷售 - Eco-system Partners)
- Focus: BDM + PM (Business Development Manager + Product Manager), M&A or JV (Mergers & Acquisitions or Joint Ventures).
- Characteristics: Higher Technology Complexity and Domain Knowledge.
Additional Data
Contact Information:
- Phone: +886-2-2995-8400
- Email: sales@acepillar.com.tw
- Website: www.acepillar.com.tw