健鼎科技 2026年06月 法說會簡報
Company Overview
- 公司名稱: 健鼎科技 (TRIPOD TECHNOLOGY CORPORATION)
- 網站: www.tripod-tech.com
- 全球PCB公司排名 (2025年度):
- 健鼎科技 (Tripod) 排名第9位。
- 註: FPCB Makers Include FPCB Assembly Value.
- PCB廠區地理位置:
- 台灣: 平鎮 (PingJen) (1998~)
- 中國:
- 江蘇-無錫一廠 (JiangSu- WuXi Site I) (2003~)
- 江蘇-無錫二廠 (JiangSu- WuXi Site II) (2007~)
- 湖北-仙桃 (HuBei- XianTao) (2013~)
- 越南: 邊和 (BienHoa) (2023~)
Financial Highlights
合併損益表 (單位: 新台幣百萬元)
| 項目 | 2021 | % | 2022 | % | 2023 | % | 2024 | % | 2025 | % |
|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 | 63,000 | 100.0% | 65,784 | 100.0% | 58,862 | 100.0% | 65,804 | 100.0% | 73,399 | 100.0% |
| 營業成本 | 51,101 | 81.1% | 53,979 | 82.1% | 47,476 | 80.7% | 50,516 | 76.8% | 54,407 | 74.1% |
| 營業毛利 | 11,899 | 18.9% | 11,805 | 17.9% | 11,387 | 19.3% | 15,288 | 23.2% | 18,992 | 25.9% |
| 營業費用 | 5,286 | 8.4% | 5,036 | 7.7% | 4,763 | 8.1% | 5,416 | 8.2% | 6,080 | 8.3% |
| 其他費損 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 140 | 0.2% | 0 | 0.0% |
| 營業淨利 | 6,613 | 10.5% | 6,769 | 10.3% | 6,624 | 11.3% | 9,731 | 14.8% | 12,912 | 17.6% |
| 營業外淨收益 | 885 | 1.4% | 1,056 | 1.6% | 1,453 | 2.5% | 1,265 | 1.9% | 1,086 | 1.5% |
| 稅前淨利 | 7,498 | 11.9% | 7,825 | 11.9% | 8,077 | 13.7% | 10,996 | 16.7% | 13,998 | 19.1% |
| 所得稅費用 | 1,639 | 2.6% | 1,624 | 2.5% | 2,015 | 3.4% | 2,614 | 4.0% | 3,773 | 5.1% |
| 本期淨利 | 5,858 | 9.3% | 6,201 | 9.4% | 6,062 | 10.3% | 8,383 | 12.7% | 10,225 | 13.9% |
| 淨利歸屬於: 本公司業主 | 5,858 | 9.3% | 6,200 | 9.4% | 6,062 | 10.3% | 8,382 | 12.7% | 10,225 | 13.9% |
| 基本每股盈餘 | $11.15 | $11.80 | $11.53 | $15.95 | $19.45 | |||||
| 折舊與攤提 | 4,052 | 6.4% | 5,012 | 7.6% | 5,171 | 8.8% | 4,638 | 7.0% | 4,285 | 5.8% |
季度合併損益表 (單位: 新台幣百萬元)
| 項目 | 2025 Q1 | % | 2025 Q2 | % | 2025 Q3 | % | 2025 Q4 | % | 2026 Q1 | % |
|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 | 17,128 | 100.0% | 17,903 | 100.0% | 19,389 | 100.0% | 18,979 | 100.0% | 20,964 | 100.0% |
| 營業成本 | 12,851 | 75.0% | 13,210 | 73.8% | 14,201 | 73.2% | 14,145 | 74.5% | 15,406 | 73.5% |
| 營業毛利 | 4,276 | 25.0% | 4,693 | 26.2% | 5,189 | 26.8% | 4,834 | 25.5% | 5,559 | 26.5% |
| 營業費用 | 1,425 | 8.3% | 1,470 | 8.2% | 1,594 | 8.2% | 1,592 | 8.4% | 1,713 | 8.2% |
| 其他費損 | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% |
| 營業淨利 | 2,851 | 16.6% | 3,224 | 18.0% | 3,594 | 18.5% | 3,242 | 17.1% | 3,846 | 18.3% |
| 營業外淨收益 | 289 | 1.7% | 223 | 1.2% | 328 | 1.7% | 246 | 1.3% | 261 | 1.2% |
| 稅前淨利 | 3,141 | 18.3% | 3,446 | 19.2% | 3,922 | 20.2% | 3,488 | 18.4% | 4,107 | 19.6% |
| 所得稅費用 | 785 | 4.6% | 1,002 | 5.6% | 969 | 5.0% | 1,017 | 5.4% | 1,161 | 5.5% |
| 本期淨利 | 2,356 | 13.8% | 2,444 | 13.7% | 2,954 | 15.2% | 2,471 | 13.0% | 2,946 | 14.1% |
| 淨利歸屬於: 本公司業主 | 2,356 | 13.8% | 2,444 | 13.7% | 2,954 | 15.2% | 2,471 | 13.0% | 2,946 | 14.1% |
| 基本每股盈餘 | $4.48 | $4.65 | $5.62 | $4.70 | $5.61 | |||||
| 折舊攤提 | 1,103 | 6.4% | 1,041 | 5.8% | 1,037 | 5.3% | 1,105 | 5.8% | 1,178 | 5.6% |
合併資產負債表 (單位: 新台幣百萬元)
| 項目 | 2023 | % | 2024 | % | 2025 1Q | % | 2025 | % | 2026 1Q | % |
|---|---|---|---|---|---|---|---|---|---|---|
| 資產總計 | 76,344 | 100.0% | 87,564 | 100.0% | 90,359 | 100.0% | 98,162 | 100.0% | 103,584 | 100.0% |
| 現金及約當現金 | 20,632 | 27.0% | 28,914 | 33.0% | 30,217 | 33.4% | 26,659 | 27.2% | 21,846 | 21.1% |
| 流動金融資產 | 2,176 | 2.5% | 44 | 0.0% | 1,046 | 1.2% | 2,594 | 2.6% | 7,322 | 7.1% |
| 存貨 | 7,725 | 8.8% | 8,590 | 9.5% | 8,634 | 9.6% | 12,019 | 12.2% | 14,249 | 13.8% |
| 其他流動資產 | 18,896 | 21.6% | 22,682 | 25.1% | 23,134 | 25.6% | 26,003 | 26.5% | 27,179 | 26.2% |
| 固定資產 | 20,873 | 23.8% | 19,081 | 21.1% | 19,149 | 21.2% | 22,093 | 22.5% | 25,501 | 24.6% |
| 無形及其他資產 | 6,043 | 6.9% | 8,251 | 9.1% | 8,180 | 9.1% | 8,794 | 9.0% | 7,485 | 7.2% |
| 負債及股東權益總計 | 76,344 | 100.0% | 87,564 | 100.0% | 90,359 | 100.0% | 98,162 | 100.0% | 103,584 | 100.0% |
| 短期借款 | 6,045 | 7.9% | 7,142 | 8.2% | 5,092 | 5.6% | 6,479 | 6.6% | 4,499 | 4.3% |
| 其他流動負債 | 22,238 | 29.1% | 25,255 | 28.8% | 25,741 | 28.5% | 30,812 | 31.4% | 33,576 | 32.4% |
| 長期借款 | 0 | 0.0% | 0 | 0.0% | 1,000 | 1.1% | 1,000 | 1.0% | 1,000 | 1.0% |
| 其他負債 | 4,509 | 5.9% | 4,862 | 5.6% | 5,096 | 5.6% | 5,779 | 5.9% | 6,200 | 6.0% |
| 股東權益 | 43,553 | 57.0% | 50,304 | 57.4% | 53,430 | 59.1% | 54,092 | 55.1% | 58,310 | 56.3% |
財務比率
| 項目 | 2023 | 2024 | 2025 1Q | 2025 | 2026 1Q |
|---|---|---|---|---|---|
| 總資產週轉率 (x) | 0.77 | 0.80 | 0.77 | 0.79 | 0.83 |
| 固定資產週轉率 (x) | 2.65 | 3.29 | 3.58 | 3.57 | 3.52 |
| 資產報酬率 (%) | 7.9% | 10.2% | 10.6% | 11.0% | 11.7% |
| 股東權益報酬率 (%) | 14.1% | 17.9% | 18.2% | 19.6% | 21.0% |
| 流動比率 (%) | 175% | 186% | 204% | 180% | 185% |
| 負債佔資產比率 (%) | 43% | 43% | 41% | 45% | 44% |
| 每股淨值 (NT$) | 82.9 | 95.7 | 101.7 | 102.9 | 110.9 |
合併現金流量表 (單位: 新台幣百萬元)
| 項目 | 2022 | 2023 | 2024 | 2025 | 1Q25 | 1Q26 |
|---|---|---|---|---|---|---|
| 稅前淨利 | 7,825 | 8,077 | 10,996 | 13,998 | 3,141 | 4,107 |
| 折舊費用及各項攤提 | 5,012 | 5,171 | 4,638 | 4,285 | 1,103 | 1,178 |
| 支付所得稅 | -2,776 | -1,422 | -3,580 | -2,982 | -545 | -394 |
| 其他營業活動 | 2,781 | 4,101 | -603 | -3,501 | 37 | -691 |
| 營業活動之淨現金流入 | 12,843 | 15,926 | 11,451 | 11,800 | 3,735 | 4,200 |
| 取得不動產. 廠房及設備 | -4,055 | -3,337 | -2,316 | -5,867 | -846 | -4,270 |
| 金融資產(增加)減少 | 5 | -1,169 | 1,202 | -2,492 | -1,001 | -3,366 |
| 其他投資活動 | 214 | 276 | -365 | -68 | -96 | 10 |
| 投資活動之淨現金流入 | -3,836 | -4,230 | -1,479 | -8,428 | -1,943 | -7,625 |
| 長短期借款增加(減少) | -9,308 | -1,571 | 1,036 | 368 | -1,056 | -2,015 |
| 現金股利 | -3,679 | -3,916 | -3,942 | -5,414 | 0 | 0 |
| 其他融資活動 | -60 | -446 | 19 | 95 | 64 | -8 |
| 融資活動之淨現金流入 | -13,047 | -5,933 | -2,887 | -4,950 | -991 | -2,023 |
| 匯率影響數 | 396 | -351 | 1,198 | -676 | 502 | 635 |
| 淨現金部位之增加(減少) | -3,645 | 5,412 | 8,283 | -2,255 | 1,302 | -4,813 |
| 期末現金及約當現金餘額 | 15,219 | 20,632 | 28,914 | 26,659 | 30,217 | 21,846 |
Recent Performance and Results
- 2023年：營業收入淨額58,862百萬元，營業淨利6,624百萬元，基本每股盈餘$11.53。
- 2024年：營業收入淨額65,804百萬元，營業淨利9,731百萬元，基本每股盈餘$15.95。
- 2025 Q1：營業收入淨額17,128百萬元，營業淨利2,851百萬元，基本每股盈餘$4.48。
Future Outlook and Guidance
- 2025年預估：
- 營業收入淨額: 73,399百萬元
- 營業毛利: 18,992百萬元 (毛利率25.9%)
- 營業淨利: 12,912百萬元 (營業淨利率17.6%)
- 稅前淨利: 13,998百萬元 (稅前淨利率19.1%)
- 本期淨利: 10,225百萬元 (淨利率13.9%)
- 基本每股盈餘: $19.45
- 折舊與攤提: 4,285百萬元
- 2026 Q1預估：
- 營業收入淨額: 20,964百萬元
- 營業毛利: 5,559百萬元 (毛利率26.5%)
- 營業淨利: 3,846百萬元 (營業淨利率18.3%)
- 稅前淨利: 4,107百萬元 (稅前淨利率19.6%)
- 本期淨利: 2,946百萬元 (淨利率14.1%)
- 基本每股盈餘: $5.61
- 折舊攤提: 1,178百萬元
Additional Data
全球PCB製造產值區域別 (單位: 百萬美金)
| M USD | America+ Europe | Japan | Korea | Taiwan | China | SEA+ROW | Worldwide TOTAL | Worldwide Growth | China's Share |
|---|---|---|---|---|---|---|---|---|---|
| 2017 | 4,705 | 5,256 | 6,860 | 7,536 | 29,732 | 4,755 | 58,844 | 8.6% | 50.5% |
| 2018 | 4,833 | 5,439 | 6,550 | 7,842 | 32,702 | 5,031 | 62,397 | 6.0% | 52.4% |
| 2019 | 4,583 | 5,288 | 6,439 | 7,676 | 32,942 | 4,383 | 61,311 | -1.7% | 53.7% |
| 2020 | 4,556 | 5,771 | 6,996 | 8,445 | 35,009 | 4,507 | 65,284 | 6.5% | 53.6% |
| 2021 | 5,248 | 7,308 | 8,267 | 10,182 | 44,150 | 5,765 | 80,920 | 24.0% | 54.6% |
| 2022 | 5,254 | 7,280 | 9,052 | 11,121 | 43,553 | 5,480 | 81,740 | 1.0% | 53.3% |
| 2023 | 4,934 | 6,078 | 6,737 | 8,406 | 37,794 | 5,567 | 69,516 | -15.0% | 54.4% |
| 2024 | 5,131 | 5,840 | 6,631 | 8,669 | 41,213 | 6,081 | 73,565 | 5.8% | 56.0% |
| 2025E | 5,660 | 6,499 | 6,905 | 9,902 | 48,969 | 7,218 | 85,153 | 15.8% | 57.5% |
| 2026F | 6,022 | 7,257 | 7,783 | 11,565 | 55,269 | 7,885 | 95,781 | 12.5% | 57.7% |
- 資料來源: Prismark (Apr.2026)
2025年度全球前20大PCB公司 (單位: 百萬美金)
| Rank | Makers | HQ | 2021 | 2022 | 2023 | 2024 | 2025 | 25/24 |
|---|---|---|---|---|---|---|---|---|
| 1 | Zhen Ding* | Taiwan | 5534 (1) | 5704 (1) | 4835 (1) | 5340 (1) | 5869 (1) | 9.9% |
| 2 | Unimicron | Taiwan | 3920 (2) | 4826 (2) | 3342 (2) | 3594 (2) | 4225 (2) | 17.5% |
| 3 | Dongshan Precision (M-Flex* & Multek) | China | 3180 (3) | 3229 (3) | 3276 (3) | 3451 (3) | 3605 (3) | 4.5% |
| 4 | Shennan | China | 2163 (8) | 2083 (9) | 1909 (8) | 2492 (4) | 3295 (4) | 32.2% |
| 5 | TTM | USA | 2249 (7) | 2495 (6) | 2233 (5) | 2443 (6) | 2906 (5) | 19.0% |
| 6 | Wus Group | China | 1342 (18) | 1404 (19) | 1373 (15) | 1960 (9) | 2760 (6) | 40.8% |
| 7 | Victory Giant | China | 1153 (23) | 1206 (24) | 1120 (20) | 1493 (13) | 2686 (7) | 79.9% |
| 8 | Compeq | Taiwan | 2260 (5) | 2560 (5) | 2146 (6) | 2256 (7) | 2446 (8) | 8.4% |
| 9 | Tripod | Taiwan | 2257 (6) | 2218 (7) | 1919 (7) | 2050 (8) | 2361 (9) | 15.2% |
| 10 | Nippon Mektron* | Japan | 2795 (4) | 2591 (4) | 2479 (4) | 2504 (5) | 2273 (10) | -9.2% |
| 11 | Kinwong | China | 1479 (17) | 1563 (16) | 1519 (10) | 1761 (10) | 2100 (11) | 19.2% |
| 12 | AT&S | Austria | 1712 (14) | 2033 (10) | 1631 (9) | 1669 (11) | 1933 (12) | 15.9% |
| 13 | Gold Circuit | Taiwan | 954 (25) | 1101 (26) | 964 (23) | 1208 (19) | 1928 (13) | 59.6% |
| 14 | HannStar Board Group | Taiwan | 2042 (10) | 1605 (15) | 1380 (14) | 1297 (16) | 1848 (14) | 42.6% |
| 15 | Kingboard PCB Group | China | 1750 (12) | 1671 (13) | 1492 (12) | 1552 (12) | 1732 (15) | 11.6% |
| 16 | SEMCO | Korea | 1719 (13) | 1623 (14) | 1315 (17) | 1492 (14) | 1621 (16) | 8.7% |
| 17 | Meiko | Japan | 1307 (19) | 1274 (23) | 1250 (18) | 1306 (15) | 1517 (17) | 16.2% |
| 18 | Ibiden | Japan | 2055 (9) | 1933 (11) | 1450 (13) | 1242 (18) | 1497 (18) | 20.5% |
| 19 | Nanya PCB | Taiwan | 1871 (11) | 2167 (8) | 1360 (16) | 1005 (22) | 1295 (19) | 28.8% |
| 20 | Dogguan Shengyi | China | 565 (na) | 525 (na) | 463 (na) | 652 (35) | 1290 (20) | 97.8% |
| Top 20 PCB Makers | 40767 | 49187 | 20.7% |
- 資料來源: Prismark