盛群半導體 (HOLTEK) [time:2026Q2] 法說會簡報
Company Overview
- 公司名稱: 盛群半導體股份有限公司 (HOLTEK SEMICONDUCTOR INC.)
- 日期: 2026/07/30
- 活動: 115 年第二季法人說明會
- 定位: Professional MCU IC Provider
- 願景: Holtek is a sincere and trustworthy partner that you can rely upon for your long term investment.
Financial Highlights
年度營運成績 (單位: 新台幣百萬元)
| 年度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 2018 | 4,863 | 1,064 | 49.2% |
| 2019 | 4,584 | 915 | 49.2% |
| 2020 | 5,615 | 1,031 | 46.2% |
| 2021 | 7,128 | 2,044 | 51.1% |
| 2022 | 6,016 | 1,106 | 50.6% |
| 2023 | 2,596 | 112 | 50.4% |
| 2024 | 2,502 | (150) | 40.3% |
| 2025 | 3,058 | 173 | 38.9% |
| 2026H1 | 1,809 | 216 | 42.4% |
季營運成績 (單位: 新台幣百萬元)
| 季度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 23Q2 | 716 | 56 | 54.3% |
| 23Q3 | 631 | 37 | 51.9% |
| 23Q4 | 488 | -18 | 40.2% |
| 24Q1 | 444 | -45 | 44.7% |
| 24Q2 | 683 | -34 | 41.2% |
| 24Q3 | 683 | -73 | 37.8% |
| 24Q4 | 692 | 3 | 39.0% |
| 25Q1 | 761 | 90 | 38.3% |
| 25Q2 | 860 | 22 | 38.7% |
| 25Q3 | 754 | 27 | 37.4% |
| 25Q4 | 683 | 33 | 41.6% |
| 26Q1 | 826 | 68 | 39.3% |
| 26Q2 | 983 | 148 | 44.9% |
營運績效及財務結構 (單位: 新台幣)
| 項目 | 110年 | 111年 | 112年 | 113年 | 114年 | 115年/上半年 |
|---|---|---|---|---|---|---|
| 每股盈餘 | ||||||
| 普通股股數(千) | 226,168 | 226,168 | 226,168 | 226,168 | 230,388 | 230,388 |
| 稅後每股盈餘(NT$) | 9.04 | 4.89 | 0.49 | -0.66 | 0.76 | 0.94 |
| 每股股利 | ||||||
| 現金股利(NT$) | 8.12 | 4.00 | 0.45 | - | 0.68 | N/A |
| 股票股利(NT$) | - | - | - | - | - | N/A |
| 其他指標 | ||||||
| 股東權益報酬率(%) | 40% | 21% | 3% | -4% | 5% | 5% |
| 每股帳面價值(NT$) | 25.01 | 20.69 | 17.86 | 15.91 | 17.01 | 17.56 |
| 每股現金(NT$) | 20.20 | 10.62 | 10.38 | 12.42 | 13.27 | 13.23 |
合併綜合損益表 (單位: 新台幣千元)
115年/第2季 vs. 114年/第2季 vs. 115年/第1季
| 綜合損益項目 | 115年/第2季 金額 (%) | 114年/第2季 金額 (%) | 115年/第1季 金額 (%) | YOY (%) | QOQ (%) |
|---|---|---|---|---|---|
| 營業收入 | 983,119 (100%) | 860,038 (100%) | 825,585 (100%) | +14% | +19% |
| 營業毛利 | 439,543 (45%) | 321,692 (38%) | 330,355 (40%) | +37% | +33% |
| 未實現營業毛利 | 2,314 (0%) | 11,252 (1%) | (5,980) (-1%) | -79% | +139% |
| 已實現營業毛利 | 441,857 (45%) | 332,944 (39%) | 324,375 (39%) | +33% | +36% |
| 營業費用 | 293,447 (30%) | 261,227 (31%) | 269,166 (33%) | +12% | +9% |
| 營業淨利 | 148,410 (15%) | 71,717 (8%) | 55,209 (6%) | +107% | +169% |
| 營業外收入及支出 | 33,527 (3%) | (29,994) (-3%) | 31,248 (4%) | +212% | +7% |
| 稅前淨利 | 181,937 (18%) | 41,723 (5%) | 86,457 (10%) | +336% | +110% |
| 歸屬於母公司本期淨利 | 147,750 (15%) | 22,270 (3%) | 68,431 (8%) | +563% | +116% |
| EPS (NT$) | 0.64 | 0.10 | 0.30 |
115年/上半年 vs. 114年/上半年
| 綜合損益項目 | 115年/上半年 金額 (%) | 114年/上半年 金額 (%) | YOY (%) |
|---|---|---|---|
| 營業收入 | 1,808,704 (100%) | 1,620,977 (100%) | +12% |
| 營業毛利 | 769,898 (42%) | 616,017 (38%) | +25% |
| 未實現營業毛利 | (3,666) (0%) | 8,613 (0%) | -143% |
| 已實現營業毛利 | 766,232 (42%) | 624,630 (38%) | +23% |
| 營業費用 | 562,613 (31%) | 537,482 (33%) | +5% |
| 營業淨利 | 203,619 (11%) | 87,148 (5%) | +134% |
| 營業外收入及支出 | 64,775 (4%) | 1,249 (0%) | +5087% |
| 稅前淨利 | 268,394 (15%) | 88,397 (5%) | +204% |
| 歸屬於母公司本期淨利 | 216,181 (12%) | 112,759 (7%) | +92% |
| EPS (NT$) | 0.94 | 0.50 |
合併資產負債表 (單位: 新台幣千元)
| 資產負債項目表 | 2026.06.30 金額 (%) | 2025.06.30 金額 (%) | 2025.12.31 金額 (%) |
|---|---|---|---|
| 現金及有價金融商品投資 | 3,047,527 (52%) | 3,114,114 (54%) | 3,056,341 (55%) |
| 應收帳款 | 622,014 (11%) | 501,637 (9%) | 395,807 (7%) |
| 存貨 | 1,060,279 (18%) | 1,048,003 (18%) | 1,036,127 (19%) |
| 長期投資 | 515,877 (9%) | 453,729 (8%) | 492,517 (9%) |
| 不動產、廠房、設備及使用權資產 | 434,465 (7%) | 415,423 (7%) | 422,303 (7%) |
| 其他 | 183,951 (3%) | 236,909 (4%) | 160,560 (3%) |
| 資產總計 | 5,864,113 (100%) | 5,769,815 (100%) | 5,563,655 (100%) |
| 流動負債 | 1,382,877 (24%) | 1,679,449 (29%) | 1,230,842 (22%) |
| 非流動負債 | 357,429 (6%) | 459,727 (8%) | 344,789 (6%) |
| 負債總計 | 1,740,306 (30%) | 2,139,176 (37%) | 1,575,631 (28%) |
| 權益總計 | 4,123,807 (70%) | 3,630,639 (63%) | 3,988,024 (72%) |
| 負債及權益總計 | 5,864,113 (100%) | 5,769,815 (100%) | 5,563,655 (100%) |
重要財務指標
| 指標 | 2026.06.30 | 2025.06.30 | 2025.12.31 |
|---|---|---|---|
| 平均收現日數 | 51 | 52 | 49 |
| 平均銷貨日數 | 184 | 203 | 216 |
| 流動比率(倍) | 3.5 | 2.8 | 3.7 |
- 備註: 截至2026年6月30日,流通在外股數總計為2.304億股。
Business Segments
115年第二季應用別營收比重比較 (2026Q2 vs. 2026Q1)
- 2026Q2 total sales: NT$ 983 million (QOQ +19%)
- Health Care: 13%
- Home Appliance: 16%
- Industrial Control: 12%
- PC Peripheral: 8%
- Power management: 8%
- Others: 14%
- RF: 1%
- Safety: 18%
- BLDC: 2%
- Display Driver: 8%
- 2026Q1 total sales: NT$ 826 million
- Health Care: 11%
- Home Appliance: 17%
- Industrial Control: 8%
- PC Peripheral: 7%
- Power management: 8%
- Others: 20%
- RF: 2%
- Safety: 17%
- BLDC: 2%
- Display Driver: 8%
Products & Technologies
MCU營業額及比重 (單位: 新台幣百萬元)
- 26Q2: YOY +12% ; QOQ +19% | 季度 | Total MCU IC Sales | Percentage of total sales | | :--- | :--- | :--- | | 23Q2 | 590 | 82% | | 23Q3 | 496 | 79% | | 23Q4 | 373 | 76% | | 24Q1 | 320 | 72% | | 24Q2 | 512 | 75% | | 24Q3 | 526 | 77% | | 24Q4 | 523 | 76% | | 25Q1 | 591 | 78% | | 25Q2 | 659 | 77% | | 25Q3 | 571 | 76% | | 25Q4 | 511 | 75% | | 26Q1 | 620 | 75% | | 26Q2 | 736 | 75% |
- 年度MCU銷售額:
- 2023 MCU sales: NT$2,056million (79% of total sales) (YOY -58%)
- 2024 MCU sales: NT$1,881million (75% of total sales) (YOY -9%)
- 2025 MCU sales: NT$2,333million (76% of total sales) (YOY +24%)
- 2026H1 MCU sales: NT$1,356million (75% of total sales) (YOY +8%)
MCU 出貨量 (單位: K pcs)
- 26Q2: YOY +16% ; QOQ +18% | 季度 | Total MCU Shipment | | :--- | :--- | | 23Q2 | 82,627 | | 23Q3 | 71,192 | | 23Q4 | 66,316 | | 24Q1 | 58,430 | | 24Q2 | 93,196 | | 24Q3 | 95,715 | | 24Q4 | 94,927 | | 25Q1 | 95,554 | | 25Q2 | 109,828 | | 25Q3 | 104,447 | | 25Q4 | 92,822 | | 26Q1 | 107,930 | | 26Q2 | 126,864 |
- 年度MCU出貨量:
- 2023 MCU shipments: 298 KKpcs (YOY -53%)
- 2024 MCU shipments: 342 KKpcs (YOY +15%)
- 2025 MCU shipments: 402KKpcs (YOY +17%)
- 2026H1 MCU shipments: 235KKpcs (YOY +15%)
Touch MCU 出貨量 (單位: K pcs)
- 26Q2: YOY +46% ; QOQ +19% | 季度 | Touch MCU shipments | | :--- | :--- | | 23Q2 | 11,915 | | 23Q3 | 10,553 | | 23Q4 | 10,243 | | 24Q1 | 10,627 | | 24Q2 | 17,482 | | 24Q3 | 19,023 | | 24Q4 | 14,708 | | 25Q1 | 12,676 | | 25Q2 | 14,232 | | 25Q3 | 16,340 | | 25Q4 | 14,547 | | 26Q1 | 17,455 | | 26Q2 | 20,813 |
- 年度Touch MCU出貨量:
- 2023 Touch MCU shipments: 43KK(14%) (YOY -65%)
- 2024 Touch MCU shipments: 62KK(18%) (YOY +44%)
- 2025 Touch MCU shipments: 58KK(14%) (YOY -7%)
- 2026H1 Touch MCU shipments: 38KK(10%) (YOY 42%)
安全防護市場 (Safety and Protection Market)
- NB-IoT Smoke Detector Solution is ready.
- 產品:
- CO Detectors
- Smoke Detectors
- GAS Detectors
- PIR Detectors
- Evacuation Indicators
- 解決方案:
- 獨立式偵測器 (Standalone Detectors)
- 網路型可定址煙霧偵測器 (Networking Type Addressable Smoke Detectors)
安全防護產品出貨量 (Safety Care Product Shipments) (單位: K pcs)
- 26Q2: YOY +32% ; QOQ +31% | 季度 | Safety Care shipments | | :--- | :--- | | 23Q2 | 9,020 | | 23Q3 | 7,485 | | 23Q4 | 7,648 | | 24Q1 | 3,215 | | 24Q2 | 2,923 | | 24Q3 | 6,110 | | 24Q4 | 8,028 | | 25Q1 | 11,122 | | 25Q2 | 14,881 | | 25Q3 | 12,624 | | 25Q4 | 14,021 | | 26Q1 | 15,000 | | 26Q2 | 19,648 |
- 年度Safety Care出貨量:
- 2023 Safety Care shipments: 31KK pcs (YOY -40%)
- 2024 Safety Care shipments: 20KK pcs (YOY -35%)
- 2025 Safety Care shipments: 53KK pcs (YOY +160%)
- 2026H1 Safety Care shipments: 35KK pcs (YOY +33%)
健康保健市場 (Healthcare Market)
- 策略: 全面的健康保健方案，積極部署邊緣人工智慧(Edge AI)應用的研究與開發。
- 產品/應用:
- 額溫計/耳溫計 (Forehead/Ear Thermometer)
- 溫度計 (Thermometer)
- 血壓計 (Blood Pressure Monitor)
- 血氧儀 (Pulse Oximeter)
- 健康照護量測 MCU (Healthcare Measurement MCU)
- 高精度血糖儀 (BGM) (High Precision Blood Glucose Meter)
- 連續血糖儀 (CGM) (Continuous Glucose Monitor)
- 體脂秤/體成分分析儀 (Body Fat Scale / Body Composition Analyzer)
健康保健產品出貨量 (Healthcare Product Shipments) (單位: K pcs)
- 26Q2: YOY +14% ; QOQ +52% | 季度 | Healthcare shipments | | :--- | :--- | | 23Q2 | 9,442 | | 23Q3 | 12,565 | | 23Q4 | 6,530 | | 24Q1 | 7,331 | | 24Q2 | 11,044 | | 24Q3 | 12,407 | | 24Q4 | 14,147 | | 25Q1 | 8,776 | | 25Q2 | 13,225 | | 25Q3 | 14,147 | | 25Q4 | 8,592 | | 26Q1 | 9,927 | | 26Q2 | 15,043 |
- 年度Healthcare出貨量:
- 2023 Healthcare shipments: 37KK pcs (YOY -31%)
- 2024 Healthcare shipments: 45KK pcs (YOY +22%)
- 2025 Healthcare shipments: 45KK pcs (YOY +0%)
- 2026H1 Healthcare shipments: 25KK pcs (YOY +13%)
直流無刷馬達應用產品 (Brushless DC Motor Application Products)
- 產品:
- Electric Tools
- Garden Tools
- Sewing Machines
- Electric Hand Push Lawn Mower
- Massage Guns
- Air Purifiers
- Electric Fans
- Vacuum Cleaners
- Ceiling Fans
馬達控制產品出貨量 (Motor Control Product Shipments) (單位: K pcs)
- 26Q2: YOY -4% ; QOQ +27% | 季度 | Motor Control shipments | | :--- | :--- | | 23Q2 | 1,163 | | 23Q3 | 835 | | 23Q4 | 2,183 | | 24Q1 | 524 | | 24Q2 | 1,644 | | 24Q3 | 1,545 | | 24Q4 | 2,692 | | 25Q1 | 2,980 | | 25Q2 | 3,694 | | 25Q3 | 3,929 | | 25Q4 | 3,518 | | 26Q1 | 2,797 | | 26Q2 | 3,557 |
- 年度Motor Control出貨量:
- 2023 Motor Control shipments: 5KK pcs (YOY -78%)
- 2024 Motor Control shipments: 6KK pcs (YOY +29%)
- 2025 Motor Control shipments: 14KK pcs (YOY +120%)
- 2026H1 Motor Control shipments: 6KK pcs (YOY -5%)
智慧物聯網(AIoT) (Smart IoT (AIoT))
- 核心概念: Big Data
- Data Processing (數據處理):
- Low power (低功耗)
- AFE integrated (AFE整合)
- Smart algorism (智能演算法)
- Adjust sensor (傳感器調整)
- Data Transmission (數據傳輸):
- Wifi
- Bluetooth
- NB-IoT
- Sub-1GHz RF
- Data Storage (數據儲存):
- Cloud (雲端)
- Data Sensing (數據感測):
- High precision sensor (高精度傳感器)
- Small size sensor (小尺寸傳感器)
- 介面: App + Mobile Phone
射頻(RF)產品出貨量 (RF Product Shipments) (單位: K pcs)
- 26Q2: YOY +43% ; QOQ +24% | 季度 | RF Application shipments | | :--- | :--- | | 23Q2 | 1,487 | | 23Q3 | 2,111 | | 23Q4 | 1,759 | | 24Q1 | 1,075 | | 24Q2 | 1,888 | | 24Q3 | 2,534 | | 24Q4 | 2,644 | | 25Q1 | 2,588 | | 25Q2 | 2,508 | | 25Q3 | 3,541 | | 25Q4 | 2,051 | | 26Q1 | 2,911 | | 26Q2 | 3,597 |
- 年度RF Application出貨量:
- 2023 RF Application shipments: 8KK pcs (YOY -20%)
- 2024 RF Application shipments: 8KK pcs (YOY +3%)
- 2025 RF Application shipments: 11KK pcs (YOY +31%)
- 2026H1 RF Application shipments: 6.5KK pcs (YOY +28%)
兩輪/三輪電動車應用產品 (Two-wheel/Three-wheel Electric Vehicle Application Products)
- 產品:
- E-Scooter
- E-bike
- Electric Scooter
- Electric Three-Wheeler
- Tuk-Tuk
Electric Bicycle 產品出貨量 (Electric Bicycle Product Shipments) (單位: K pcs)
- 26Q2: YOY +34% ; QOQ +11% | 季度 | Electric Bicycle Application shipments | | :--- | :--- | | 23Q2 | 3,065 | | 23Q3 | 2,953 | | 23Q4 | 875 | | 24Q1 | 1,666 | | 24Q2 | 1,475 | | 24Q3 | 1,619 | | 24Q4 | 1,521 | | 25Q1 | 1,578 | | 25Q2 | 2,020 | | 25Q3 | 2,627 | | 25Q4 | 1,875 | | 26Q1 | 2,438 | | 26Q2 | 2,709 |
- 年度Electric Bicycle Application出貨量:
- 2023 Electric Bicycle Application shipments: 10KK pcs (YOY -44%)
- 2024 Electric Bicycle Application shipments: 6KK pcs (YOY -40%)
- 2025 Electric Bicycle Application shipments: 8KK pcs (YOY +28%)
- 2026H1 Electric Bicycle Application shipments: 5KK pcs (YOY +43%)