漢唐集成股份有限公司 (2404) 2026Q1 法說會簡報
Company Overview
關於漢唐集成 (About UIS)
漢唐集成成立於1982年，為一以「全面性整合服務」方式，專業提供高科技產業建廠之系統集成服務公司；主要業務範圍包括高科技廠房各系統，包括電腦、控制、無塵室、機電、電信系統之施作與整合服務。
漢唐集成的工程系統完備，服務更講求以提供整體施作方式一次滿足客戶需求。針對高科技事業建廠所需之無塵室系統、機械系統、電氣系統、配管系統、製程支援系統、儀錶及控制系統、通訊系統、生命安全系統、門禁及安全管理系統、大宗及特殊氣體系統、超純水(UPW)及再生系統、超純水回收系統、廢水處理與製程化學品輸送，及二次配管路工程等系統，均囊括在漢唐集成的服務範圍內。
漢唐集成就以上各項系統提供從採購、施工、試車、移交、保固到維護保養的服務，過程中並實施深化業主需求、提高施工品質的服務，以科技方式整合以上各項系統工程，達成介面統一，使客戶完全無需擔憂各個不同系統之間的介面整合問題；漢唐集成是國內目前具備系統工程整合技術及能力且有實績有信譽的廠商，並獲得業主及業界多次的授獎及讚譽。
English Summary: United Integrated Services Co., Ltd is a multidisciplinary engineering and construction company capable of overall systems coordination. We provide fully integrated design/build services to our clients in the high technology industry for their manufacturing facility needs. Our scope of services includes high-tech factory construction, where clean-room systems, HVAC, electrical systems, instrumentation and control, process utilities, telecommunication systems, and tool hook-up are all vital components requiring total coordination. UIS provides integrated services encompassing procurement, construction, testing, handover, warranty, and maintenance for all the aforementioned systems. Throughout the process, we deepen client requirements, enhance construction quality, and integrate these systems using technology, ensuring interface uniformity and eliminating concerns regarding integration issues between different systems. In short, we strive to be a one-stop shop to satisfy our clients' every facility need. Our company is one of the few domestic firms with the technical expertise, capabilities, and achievements in system engineering integration, enjoying multiple awards and accolades from clients and the industry.
漢唐集成公司沿革 (UIS History)
- 漢唐科技工程有限公司成立 (Company Established)
- 申請掛牌上市 (股票代號 2404) (IPO, Stock Code 2404)
- 合併訊聯系統股份有限公司並更名為漢唐訊聯股份有限公司 (Acquired United Information Systems)
- 成立江西漢唐系統集成有限公司 (Established UIS, Jiang Xi)
- 申請更名為漢唐集成股份有限公司 (Changed name to United Integrated Services)
- 成立新加坡漢唐私人有限公司 (Established UIS, Singapore)
- 成立美國漢唐集成公司 (Established UIS USA)
公司組織表 (UIS Organization)
股東會 (Shareholder's meeting)
- 董事會 (Board of Directors)
- 董事長 (Chairperson)
- 薪資報酬委員會 (Remuneration Committee Meeting)
- 審計委員會 (Audit Committee)
- 公司治理主管 (Corporate Governance Officer)
- 稽核室 (Audit Office)
- 總經理 (President)
- 職業安全衛生委員會 (Occupational Health and Safety Commission)
- 行政管理部 (Administration Department)
- 財務處 (Finance Office)
- 會計處 (Accounting Office)
- 總務行政室 (Administration Office)
- 人事室 (Personnel Office)
- 業務部 (Business Department)
- 客戶服務中心 (Customer Service Center)
- 大陸子公司 (Subsidiary in Mainland China)
- 新加坡子公司 (Subsidiary in Singapore)
- 技服處 (Technical Service Department)
- 總經理辦公室 (President Office)
- 採購處 (Procurement Office)
- 電子事業處 (Electronical Department)
- 光電事業處 (Optoelectronics Department)
- 美國子公司 (Subsidiary in the U.S.)
- 資訊室 (Information Center)
- 法務室 (Legal Affair Office)
- 查核組 (Audit team)
- 技術部 (Technology Department)
- 設計處 (Design Office)
- 機電研發處 (Mechanical and Electrical Research and Development Department)
- 工程部 (Engineering Department)
- 中區工程服務中心 (Central Region Construction Service Center)
- 南區工程服務中心 (South Region Construction Service Center)
- 新竹工程處 (Hsinchu Construction Office)
- 台中工程處 (Taichung Construction Office)
- 台南工程處 (Tainan Construction Office)
Products & Technologies
主要服務 (Key Services)
工程承包範圍 (Scope of Engineering)
- 無塵室工程 (Cleanroom)
- 機電工程 (Mech. / Elec. Engineering)
- 水氣化等特殊系統工程 (UPW / WWT / Gas / Chem. Systems)
- 監控系統工程 (I&C)
服務範圍 (Scope of Services)
- 工程施工 (Construction)
- 售後服務 (After Sale Services)
Clients & Markets
客戶群 (UIS Clients)
- Main office: Zhonghe
- Branch office and Service Locations: Hsinchu, Taichung, Tainan, Shanghai, Nanjing, Hefei, Shenzhen, Singapore, Arizona
客戶列表 (Client List)
- 日本熊本 (Japan Kumamoto): tsmc FAB 23P1 (關鍵材料設備供應 - key material equipment supply)
- 美國亞利桑那州 (USA Arizona): F21P1, P2
- Hsinchu:
- tsmc FAB 12 P5, P6, P7, P8
- tsmc FAB 20 P1, P2, P3
- Longtan:
- QPM FAB C (TSMC BP03)
- Taichung:
- tsmc FAB 15 P1-P7
- Micron FAB A2, A3
- auo L8B FAB
- tsmc Solar
- Micron AATT (TCP2)
- Micron AATT2 (MAKO)
- tsmc AP5B
- Chiayi:
- tsmc AP7P1 MEP, AP7P2
- Tainan:
- tsmc FAB 14 P4-P7
- tsmc FAB 18 P1-P8
- tsmc AP8P1
- Micron Falcon A, 200K
- Kaohsiung:
- tsmc FAB 22 P1, P2, P3
- Singapore:
- VSMC P1 CR
半導體主要客戶 (Semiconductor Clients)
- 台灣積體電路製造股份有限公司 (Taiwan Semiconductor Manufacturing Company Ltd.)
- TSMC FAB III, FAB IV, FAB VI
- TSMC FAB XII P1, P2, P3, P4, P5, P6, P7, P8
- TSMC FAB XIV P1, P2, P3, P4, P5, P6, P7
- TSMC FAB XV P1, P2, P3, P4, P5, P6, P7
- TSMC FAB XVIII P1, P2, P3, P4, P5, P6, P7
- TSMC China Nanjing F16 P1, P2
- TSMC BP03
- TSMC USA F21 P1, P2
- TSMC F20 P1, P2, P3
- TSMC F22 P1, P2, P3
- TSMC AP5B
- TSMC AP71 MEP, AP7P2
- TSMC AP8
- 華邦電子股份有限公司 (Winbond Electronics Corp)
- Winbond FAB I, FAB II, FAB III, FAB IV
- Winbond FAB CTSP, FAB 6C
- 旺宏電子股份有限公司 (Macronix International Co., Ltd)
- MXIC FAB I, FAB II, FAB III
- 台灣美光記憶體股份有限公司 (Micron Memory Taiwan Co., Ltd.)
- Micron FAB A1 A2 A3 TCP2 A3M2a A3M2b
- Micron AATT (TCP2), AATT2 (MAKO)
- Micron Falcon A, 200K
- 世界先進積體電路股份有限公司 (VisionPower Semiconductor Manufacturing Company Pte. Ltd.)
- VSMC P1 CR
- 力晶半導體股份有限公司 (Powerchip Technology Corporation)
- PSC FAB 8A, P3, P4, P5
主要客戶FPD (FPD Clients)
- 友達光電股份有限公司 (AU Optronics Corp.)
- AUO FAB L3C, L3D (QDI Line I), L4A, L5A, L5B, L5C, L5D (QDI Line II), L6A, L6B (QDI Line III), L7A, L7B, L8A, L8B
- 奇美電子股份有限公司 (Chi Mei Optoelectronics Corp.)
- CMO FAB III, FAB IV, FAB V, FAB VI, FAB VII, FAB VIII
- 高通液晶顯示器股份有限公司 (Qualcomm Panel Manufacturing Ltd.)
- QMP FAB C
- 群創光電股份有限公司 (Innolux Corporation)
- Innolux T2
- 瀚宇彩晶股份有限公司 (HannStar Display Corp.)
- HannStar FAB I, FAB II, FAB III, FAB IV
Financial Highlights
近五年盈餘分配狀況 (Income Statement)
單位: 千元 (thousand NTD)
| 項目 (Item) | 110年 (2021) | 111年 (2022) | 112年 (2023) | 113年 (2024) | 114年 (2025) | 115年Q1 (2026Q1) |
|---|---|---|---|---|---|---|
| 營業收入 (Rev.) | 25,606,141 | 48,200,310 | 68,889,680 | 47,421,600 | 66,093,193 | 20,288,456 |
| 毛利 (Gross Profit) | 4,086,636 | 6,718,724 | 7,531,191 | 8,512,585 | 13,229,910 | 4,731,351 |
| 毛利率 (Gross Profit %) | 15.96% | 13.94% | 10.93% | 17.95% | 20.02% | 23.32% |
| 本期稅後損益 (EAT) | 2,820,482 | 4,101,845 | 4,847,498 | 6,263,271 | 9,165,572 | 3,087,011 |
| 每股盈餘 (EPS) (元) | 14.53 | 21.25 | 24.82 | 32.94 | 48.08 | 16.31 |
| 現金股利 (Cash Dividends) (元) | 13.00 | 15.00 | 21.00 | 28.00 | 40.00 | |
| 股利發放率 (Dividend Payout Ratio) | 89.47% | 70.59% | 84.61% | 85.00% | 83.19% | |
| 負債佔資產比率 (Debt Asset Ratio) | 58.88% | 68.30% | 73.25% | 67.96% | 76.06% | |
| 流動比率 (Current Ratio) | 143.61% | 132.50% | 128.24% | 138.62% | 126.93% | |
| 純益率 (Net Profit Margin) | 11.01% | 8.51% | 7.04% | 13.21% | 13.87% |
115年Q1合併資產負債表 (2026 Q1 Consolidated Balance Sheet)
單位: 仟元 (thousand NTD)
| 項目 (Item) | 115/3/31 | 114/12/31 | 114/3/31 |
|---|---|---|---|
| 資產 (Assets) | |||
| 現金及約當現金 (Cash) | 30,246,120 | 29,928,325 | 15,448,196 |
| 合約資產 (Contract assets-current) | 9,337,694 | 9,071,755 | 5,868,615 |
| 其他流動資產 (Others) | 40,418,009 | 35,746,208 | 34,105,481 |
| 流動資產合計 (Total Current Assets) | 80,001,823 | 74,746,288 | 55,422,292 |
| 不動產、廠房及設備 (PPE) | 2,642,219 | 1,346,766 | 1,349,148 |
| 其他非流動資產 (Others) | 2,799,162 | 2,729,908 | 2,623,064 |
| 非流動資產合計 (Total Non-current Assets) | 5,441,381 | 4,076,674 | 3,972,212 |
| 資產總計 (Total Assets) | 85,443,204 | 78,822,962 | 59,394,504 |
| 負債及權益 (Liabilities & Equity) | |||
| 銀行借款 (Bank loan) | - | - | - |
| 應付帳款 (PA) | 8,722,985 | 9,662,093 | 7,656,357 |
| 合約負債 (Contract liabilities) | 48,264,643 | 45,433,627 | 30,305,092 |
| 其他流動負債 (Others) | 12,809,768 | 3,792,803 | 8,830,915 |
| 流動負債合計 (Total Current Liabilities) | 69,797,396 | 58,888,523 | 46,792,364 |
| 其他非流動負債 (Others) | 1,005,050 | 1,066,994 | 970,060 |
| 負債總計 (Total Liabilities) | 70,802,446 | 59,955,517 | 47,762,424 |
| 股東權益總計 (Total SE) | 14,640,758 | 18,867,445 | 11,632,080 |
| 負債及權益總計 (Total Liabilities+SE) | 85,443,204 | 78,822,962 | 59,394,504 |
Disclaimer: 若本簡報引述的財務資料,與已對外公告的財務報告有不符的情形,以已對外公告的財務報告的內容為主 (If there is any conflict between, or any difference in the financial information quoted in this presentation and the announced financial report, the announced financial report shall prevail).
115年Q1及114年合併損益表 (2026 Q1 & 2025 Consolidated Income Statement)
單位: 仟元 (thousand NTD)
| 項目 (Item) | 115年1月至3月 (2026 Jan.~Mar.) | 114年1月至12月 (2025 Jan.~Dec.) | 114年1月至3月 (2025 Jan.~Mar.) |
|---|---|---|---|
| 營業收入 Revenue | 20,288,456 (100%) | 66,093,193 (100%) | 11,517,514 (100%) |
| 營業成本 Cost | 15,557,105 (77%) | 52,863,283 (80%) | 8,844,438 (77%) |
| 營業毛利 Gross Profit | 4,731,351 (23%) | 13,229,910 (20%) | 2,673,076 (23%) |
| 營業費用 Operating expanses | 761,070 (3%) | 2,242,126 (3%) | 479,802 (4%) |
| 營業淨利 Operating Income | 3,970,281 (20%) | 10,987,784 (17%) | 2,193,274 (19%) |
| 營業外收入淨額 Net non-operating income | 445,488 (2%) | 628,069 (1%) | 361,118 (3%) |
| 稅前淨利 EBIT | 4,415,769 (22%) | 11,615,853 (18%) | 2,554,392 (22%) |
| 所得稅費用 Income Tax | 1,328,758 (7%) | 2,450,281 (4%) | 538,978 (5%) |
| 本期淨利 Net Income | 3,087,011 (15%) | 9,165,572 (14%) | 2,015,414 (17%) |
| 本期淨利歸屬於母公司 Net Income (Parent company) | 3,081,118 (15%) | 9,069,393 (14%) | 1,989,414 (17%) |
| 綜合損益屬於母公司 Composite Net Income (Parent Company) | 3,315,630 (16%) | 8,996,398 (14%) | 1,940,096 (17%) |
| 基本每股盈餘 EPS | 16.31 | 48.08 | 10.55 |
| 稀釋每股盈餘 Diluted EPS | 16.19 | 47.73 | 10.49 |
Disclaimer: 若本簡報引述的財務資料,與已對外公告的財務報告有不符的情形,以已對外公告的財務報告的內容為主 (If there is any conflict between, or any difference in the financial information quoted in this presentation and the announced financial report, the announced financial report shall prevail).
Recent Performance and Results
累計接單狀況統計 (Business in total)
- 115年接單合約金額 (1~05月份) (2026 Contract Value (Jan-May)): NTD 67,414,390仟元
- 115年1月至05月累計營收 (Accumulated Rev. (from Jan. to May)): NTD 37,613,140仟元
- 截至115年05月已簽約未認列之金額 (Accumulated Account Receivable (to May)): NTD 193,937,271仟元
Outlook & Strategy
業務展望 (Future Prospects)
一一五年 (2026年)，漢唐預期將全面受惠於全球半導體產業、以AI應用為核心的結構性投資浪潮。隨著AI技術和應用的快速延伸，高效能運算(HPC)晶片與記憶體需求持續攀升，已成為推動先進製程、先進封裝與高科技廠房投資的關鍵動能。
主要客戶預計於一一五年初陸續啟動多座晶圓廠之投資計畫，布局範圍除涵蓋全台灣主要科技聚落，海外亦有積極擴廠行動及技術升級，相關建廠需求具規模大且延續性高之特性，為本公司營運帶來穩定且可預期的成長機會。面對龐大且密集的工程需求，漢唐將提前強化技術團隊與人力資源配置，並同步優化供應鏈管理與風險控管機制，以提升整體專案執行彈性與交付能力。
展望一一五年，儘管全球經濟仍可能受地緣政治與政策變化影響，本公司將憑藉訂單管理能力、跨區域經驗及供應鏈整合彈性，展現穩健的經營韌性。未來營運重點將不僅著眼於營收規模成長，更將聚焦於獲利結構優化與風險控管能力提升。轉化產業成長動能為長期且穩定的企業價值，為股東創造永續回報。
English Summary: In 2026, UIS expects to fully benefit from the structural investment wave in the global semiconductor industry, which is centered around AI applications. Driven by the rapid expansion of AI technologies and applications, the demand for High-Performance Computing (HPC) chips and memory continues to climb, serving as a pivotal momentum accelerating investments in advanced nodes, advanced packaging, and high-tech facility construction.
Key clients are projected to progressively initiate investment plans for multiple fabs starting early 2026. This layout spans major technology clusters across Taiwan, alongside aggressive overseas expansions and technological upgrades. These facility construction demands are characterized by large scale and high continuity, presenting stable and predictable growth opportunities for our operations. In response to the massive and intensive engineering demands, UIS will proactively strengthen technical teams and human resource allocation, while concurrently optimizing supply chain management and risk control mechanisms to enhance overall project execution flexibility and delivery capabilities.
Looking ahead to 2026, despite potential global economic headwinds stemming from geopolitics and policy shifts, the Company will leverage its order-book management capabilities, cross-regional expertise, and supply chain integration flexibility to demonstrate robust operational resilience. Our future operational focus will expand beyond mere revenue growth, sharpening its focus on optimizing profitability structure and enhancing risk control capabilities. We aim to translate industry growth momentum into long-term, stable corporate value, creating sustainable returns for our shareholders.
Additional Data
近五年營收 (Revenue)
單位: 億元 (NTD 100 million)
| 年度 (Year) | 合併營收 (Consolidated Revenue) | 個體營收 (Individual Revenue) |
|---|---|---|
| 2021 | 256.06 | 230.59 |
| 2022 | 482.00 | 302.97 |
| 2023 | 688.90 | 239.14 |
| 2024 | 474.22 | 333.27 |
| 2025 | 660.93 | 488.63 |
| 2026Q1 | 202.88 | (N/A) |
稅前淨利 (EBIT)
單位: NTD
| 年度 (Year) | 稅前淨利 (EBIT) |
|---|---|
| 2021 | 3,555,314 |
| 2022 | 5,427,899 |
| 2023 | 6,479,424 |
| 2024 | 7,903,381 |
| 2025 | 11,615,853 |
| 2026Q1 | 4,415,769 |
每股盈餘 (EPS)
單位: NTD
| 年度 (Year) | 每股盈餘 (EPS) |
|---|---|
| 2021 | 14.53 |
| 2022 | 21.25 |
| 2023 | 24.82 |
| 2024 | 32.94 |
| 2025 | 48.08 |
| 2026Q1 | 16.31 |
Disclaimer: The above statements that pertain to future projections constitute the expectations, opinions, outlooks, or predictions of our company and its affiliates based on information available at the time the statements were made. Such statements may be affected by known and unknown risks and inherent uncertainties, the existence of emergence of facts or factors that differ from the assumptions, suppositions, or judgments of the Company, or other factors, Consequently, there may be significant discrepancies between actual results pertaining to the Company's future earnings, management results, financial conditions, and other matters as explicitly or implicitly referred to in the statements and the content of such statements.
The presentation is run exclusively for the purpose of providing information and not for the purpose of soliciting investments or recommending the buying or selling of specific shares or products. Company makes no warranty concerning the accuracy or completeness of the information and will not be liable for any damages arising.
本報告內容係依現有資訊而做成,上述說明中的財務或相關資訊可能包含一些對本公司及其子公司未來前景的說明,這些說明易受重大的風險和不確定因素影響,致使最後結果與原先的說明迥異,是本公司特此聲明,本報告中的內容,僅為資訊流通之目的而公佈,並非投資建議,本公司不對報告內容的正確性、完整性或任何使用本報告內容所產生的損害負任何責任。