環宇 (GCS) 2026Q2 法說會簡報
Company Overview
公司名稱: 環宇 / Global Communication Semiconductors, LLC (GCS) 中文標語: 芯系天下 英文標語: "Enabling Today's Global Communications and Beyond" 願景 (來自圖片): "Your world is about to move much faster... Welcome to Optical Connectivity"
管理團隊:
- Brian Ann: CEO & President (執行長暨總裁)
- Kelly Lin: Special Assistant to CEO (執行長特助)
- Simon Yu: Senior VP and Spokesperson (資深副總經理暨發言人)
Financial Highlights
Statements of Comprehensive Income - QoQ (季對季綜合損益表)
(單位: 新台幣千元，EPS除外)
| 項目 | 2Q26 | 1Q26 | 2Q25 | 2Q26 Over 1Q26 | 2Q26 Over 2Q25 |
|---|---|---|---|---|---|
| Net Operating Revenue (營業收入淨額) | 770,103 | 714,680 | 489,983 | 7.8% | 57.2% |
| Gross Profit (營業毛利) | 333,195 | 389,747 | 239,133 | -14.5% | 39.3% |
| Gross Margin (營業毛利率) | 43.3% | 54.5% | 48.8% | ||
| Operating Expenses (營業費用) | (235,149) | (207,608) | (122,060) | 13.3% | 92.7% |
| Operating Expenses to Revenue % | 30.5% | 29.0% | 24.9% | ||
| Operating Income (營業利益) | 98,046 | 182,139 | 117,073 | -46.2% | -16.3% |
| Operating Margin (營業利益率) | 12.7% | 25.5% | 23.9% | ||
| Non-operating Items (非營業項目) | 35,533 | 63,684 | (111,212) | -44.2% | -132.0% |
| Profit before Income Tax (稅前淨利) | 133,579 | 245,823 | 5,861 | -45.7% | 2179.1% |
| Income Tax Benefit (Expense) (所得稅利益(費用)) | (29,040) | (49,733) | 8,409 | -41.6% | -445.3% |
| Net Profit (本期淨利) | 104,539 | 196,090 | 14,270 | -46.7% | 632.6% |
| Net Profit Attributable to owners of the Parent (歸屬於母公司業主淨利) | 110,160 | 196,090 | 14,270 | -43.8% | 672.0% |
| Net Profit % | 13.6% | 27.4% | 2.9% | ||
| Basic EPS (NTD) (基本每股盈餘) | 0.92 | 1.67 | 0.13 | ||
| Diluted EPS (NTD) (稀釋每股盈餘) | 0.91 | 1.65 | 0.13 | ||
| R&D Expense % to Revenue (研發費用佔營收比重) | 10.1% | 12.5% | 10.5% |
註解:
- 註1: Y2026 2Q 基本及稀釋每股盈餘計算分別使用 119,724 及 121,648 千股。
- 註2: 營收補充資訊
- Revenue in US$ thousand (營收美元千元): 2Q26: 24,377; 1Q26: 22,595; 2Q25: 15,844
- Exchange Rate (匯率): 2Q26: 31.61; 1Q26: 31.63; 2Q25: 31.86
Non-operating Income and Expenses - QoQ (季對季非營業收入及費用)
(單位: 新台幣千元)
| 項目 | 2Q26 | 1Q26 | 2Q25 | 2Q26 Over 1Q26 | 2Q26 Over 2Q25 |
|---|---|---|---|---|---|
| Other Income - other (其他收入 - 其他) | 15,579 | 10,582 | 3,038 | 47.2% | 412.8% |
| Net currency exchange gain (loss) (淨匯兌損益) | 3,748 | (17,469) | (1,004) | -121.5% | -473.3% |
| Gain (Loss) on disposal of property, plant and equipment (處分不動產、廠房及設備損益) | 22 | 1,984 | (2,144) | -98.9% | -101.0% |
| Liquidation losses on disposal of subsidiary (處分子公司清算損失) | - | - | (5,204) | - | -100.0% |
| Gain (Loss) on disposal of investments (處分投資損益) | - | 163,760 | (4,326) | -100.0% | -100.0% |
| Impairment gain (loss) on non-current assets held for sale (待出售非流動資產減損損益) | 6 | (9,585) | (12,039) | -100.1% | -100.0% |
| Finance Cost (財務成本) | |||||
| Interest expense (利息費用) | (3,336) | (3,661) | (2,828) | -8.9% | 18.0% |
| Share of gain (loss) of equity-accounted investees (採用權益法認列之關聯企業及合資損益之份額) | 19,514 | (81,927) | (86,705) | -123.8% | -122.5% |
| Total Non-operating Income and Expenses (非營業收入及費用總計) | 35,533 | 63,684 | (111,212) | -44.2% | -132.0% |
Statements of Comprehensive Income - YoY (年對年綜合損益表)
(單位: 新台幣千元，EPS除外)
| 項目 | 2026 Jan to Jun. | % | 2025 Jan to Jun. | % | Change (%) |
|---|---|---|---|---|---|
| Net Operating Revenue (營業收入淨額) | 1,484,783 | 100.0% | 963,153 | 100.0% | 54.2% |
| Operating Cost (營業成本) | (761,841) | -51.3% | (552,333) | -57.3% | 37.9% |
| Gross Profit (營業毛利) | 722,942 | 48.7% | 410,820 | 42.7% | 76.0% |
| Operating Expenses (營業費用) | (442,757) | -29.8% | (256,740) | -26.7% | 72.5% |
| Operating Profit (營業利益) | 280,185 | 18.9% | 154,080 | 16.0% | 81.8% |
| Non-operating items (非營業項目) | 99,217 | 6.7% | (227,184) | -23.6% | -143.7% |
| Profit (Loss) before Income Tax (稅前淨利(損)) | 379,402 | 25.6% | (73,104) | -7.6% | -619.0% |
| Income Tax Bebefit (Expense) (所得稅利益(費用)) | (78,773) | -5.3% | 8,386 | 0.9% | -1039.3% |
| Net Profit (Loss) (本期淨利(損)) | 300,629 | 20.2% | (64,718) | -6.7% | -564.5% |
| Net Profit (Loss) Attributable to owners of the Parent (歸屬於母公司業主淨利(損)) | 306,250 | 20.6% | (64,718) | -6.7% | -573.2% |
| Basic EPS (NTD) (基本每股盈餘) | 2.58 | (0.57) | |||
| Diluted EPS (NTD) (稀釋每股盈餘) | 2.54 | (0.57) | |||
| Average Exchange Rate-USD/NTD (平均匯率) | 31.61 | 31.86 | |||
| R&D expense % to Revenue (研發費用佔營收比重) | 11.3% | 11.43% | |||
| ROA (%) (資產報酬率) | 13.92% | -3.50% | |||
| ROE (%) (股東權益報酬率) | 15.89% | -4.42% |
註解:
- 註1: 1H2026 基本及稀釋每股盈餘計算分別使用 118,795 及 120,679 千股。
- 註2: 營收補充資訊
- Revenue in US$ thousand (營收美元千元): Jan to Jun/2026: 46,972; Jan to Jun/2025: 30,231
- Exchange Rate (匯率): Jan to Jun/2026: 31.61; Jan to Jun/2025: 31.86
Non-operating Income and Expenses - YoY (年對年非營業收入及費用)
(單位: 新台幣千元)
| 項目 | 2026 Jan to Jun. | 2025 Jan to Jun. | Change (%) |
|---|---|---|---|
| Other Income (其他收入) | 26,161 | 8,810 | 196.9% |
| Other Gains and Losses (其他損益) | |||
| Net currency exchange loss (淨匯兌損失) | (13,721) | (1,012) | 1255.8% |
| Gain (Loss) on disposal of property, plant and equipment (處分不動產、廠房及設備損益) | 2,006 | (2,144) | -193.6% |
| Liquidation losses on disposal of subsidiary (處分子公司清算損失) | - | (5,204) | -100.0% |
| Gain (Loss) on disposal of investments (處分投資損益) | 163,760 | (6,258) | -2716.8% |
| Impairment loss on non-current assets held for sale (待出售非流動資產減損損失) | (9,579) | (12,039) | -20.4% |
| Finance Cost (財務成本) | |||
| Interest expense (利息費用) | (6,997) | (5,708) | 22.6% |
| Share of loss of equity-accounted investees (採用權益法認列之關聯企業及合資損益之份額) | (62,413) | (203,629) | -69.3% |
| Total Non-operating Income and Expenses (非營業收入及費用總計) | 99,217 | (227,184) | -143.7% |
Balance Sheet Highlight & Key Indices (資產負債表摘要與關鍵指標)
(單位: 新台幣千元)
| Selected Items from Balance Sheet (資產負債表選定項目) | 2Q26 Amount | % | 1Q26 Amount | % | 2Q25 Amount | % |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalent (現金及約當現金) | 2,232,034 | 44% | 1,808,772 | 37% | 676,928 | 21% |
| Accounts Receivable (應收帳款) | 283,330 | 5% | 301,864 | 6% | 335,407 | 10% |
| Accounts Receivable - Related Party (應收帳款 - 關係人) | 70,416 | 1% | 50,221 | 1% | 27,249 | 1% |
| Inventory (存貨) | 442,742 | 9% | 480,091 | 10% | 334,907 | 10% |
| Prepayments (預付款項) | 131,886 | 2% | 75,946 | 2% | 114,470 | 4% |
| Other receivables (其他應收款) | 33,630 | 1% | 219,911 | 4% | 4,205 | - |
| Non-current assets held for sale (待出售非流動資產) | 30,113 | 1% | 32,016 | 1% | 223,231 | 7% |
| Other current assets (其他流動資產) | 308,707 | 6% | 366,915 | 8% | 34,172 | 1% |
| Financial asset at far value through other comprehension income-Noncurren (透過其他綜合損益按公允價值衡量之金融資產-非流動) | 85,282 | 2% | 80,157 | 2% | 1,333 | - |
| Investments accounted for under the Equity Method (採用權益法之投資) | 277,480 | 5% | 254,747 | 5% | 604,097 | 19% |
| Net Property, Plant and Equipment (不動產、廠房及設備淨額) | 802,946 | 16% | 778,433 | 16% | 620,883 | 19% |
| Deferred Tax Assets (遞延所得稅資產) | 161,335 | 3% | 179,870 | 4% | 193,641 | 6% |
| Other non-current assets-other (其他非流動資產-其他) | 151,650 | 3% | 152,789 | 3% | 45,758 | 1% |
| Total Assets (資產總計) | 5,113,130 | 100% | 4,860,154 | 100% | 3,244,253 | 100% |
| Short Term Loan (短期借款) | 35,698 | 1% | 85,790 | 2% | 20,000 | 1% |
| Accounts Payable and Other Payables (應付帳款及其他應付款) | 220,013 | 4% | 155,131 | 3% | 120,897 | 4% |
| Long Term Bank Loans (長期銀行借款) | 148,830 | 3% | 151,297 | 3% | 143,297 | 5% |
| Deferred Tax Liabilities (遞延所得稅負債) | 114,887 | 2% | 113,319 | 2% | 100,528 | 3% |
| Total Liabilities (負債總計) | 649,982 | 13% | 596,285 | 12% | 412,970 | 13% |
| Total Stockholders' Equity (股東權益總計) | 4,463,148 | 87% | 4,263,869 | 88% | 2,831,283 | 87% |
Key Indices (關鍵指標):
| 項目 | 2Q26 | 1Q26 | 2Q25 |
|---|---|---|---|
| Current Ratio (流動比率) | 999% | 1077% | 1048% |
| Debt Ratio (負債比率) | 13% | 12% | 13% |
| AR Turnover Days (應收帳款週轉天數) | 40 | 42 | 69 |
| Inventory Turnover Days (存貨週轉天數) | 127 | 150 | 143 |
Cash Flows (現金流量表)
(單位: 新台幣千元)
| 項目 | 2Q26 | 1Q26 | 2Q25 |
|---|---|---|---|
| Beginning Balance (期初餘額) | 1,808,772 | 1,210,366 | 645,772 |
| Cash from Operating Activities (營業活動之現金流入) | 261,020 | 168,507 | 63,621 |
| Acquisition of property, plant and equipment (取得不動產、廠房及設備) | (92,391) | (113,901) | (28,340) |
| Decrease (Increase) in other current assets (其他流動資產減少(增加)) | 56,268 | (266,214) | (4,180) |
| Acquisition of intangible assets (取得無形資產) | (303) | (2,295) | - |
| Proceeds from the sale of PP&E (處分不動產、廠房及設備價款) | 98 | 2,288 | 86,056 |
| Proceeds from the sale of investments accounted for using equity method (處分採用權益法之投資價款) | 187,894 | - | - |
| Proceeds from the sale of Non-current assets held for sale (處分待出售非流動資產價款) | 5,787 | 20,838 | - |
| Net cash inflow from acquisition of subsidiaries (取得子公司之淨現金流入) | 51,604 | - | - |
| Disposal of subsidiary-Increase in cash and cash equivalents (處分子公司-現金及約當現金增加) | 1,972 | 5,931 | (983) |
| Prepayments for investments (預付投資款) | - | (49,000) | - |
| Proceeds from short-term loan (短期借款流入) | 15,698 | 28,190 | 20,000 |
| Repayments of short-term loans (償還短期借款) | (65,088) | (20,000) | (20,000) |
| Repayments of long-term loans (償還長期借款) | (1,654) | (1,629) | (1,422) |
| Repayments of lease liabilities (償還租賃負債) | (1,061) | (425) | (793) |
| Cash capital increase (現金增資) | - | 786,000 | - |
| Employee Option Exercise (員工認股權行使) | 8,501 | 5,459 | 52 |
| The effect of exchange rate changes (匯率變動影響) | (5,051) | 34,657 | (82,822) |
| Others (其他) | (32) | - | (33) |
| Ending Balance (期末餘額) | 2,232,034 | 1,808,772 | 676,928 |
| Increase in Cash (現金增加數) | 423,262 | 598,406 | 31,156 |
| Free Cash Flow (Note) (自由現金流量) | 168,629 | 54,606 | 35,281 |
註解:
- Note: Free Cash Flow = Cash from Operating Activities - Capital Expenditures (自由現金流量 = 營業活動之現金流入 - 資本支出)
Business Segments
營收組合 (Revenue Mix %):
- RF Foundry and Power Electronics Foundry (射頻晶圓代工與功率電子晶圓代工)
- Opto Foundry (光電晶圓代工)
- AOC (主動式光纜)
- Other (其他)
2Q26 營收組合概況:
- RF Foundry and Power Electronics Foundry: 約 61%
- Opto Foundry: 約 10%
- AOC: 約 23%
- Other: 約 6%
- Gross Margin (毛利率): 43%
Products & Technologies
GCS專注於通訊半導體領域，特別是光通訊技術。 主要產品與技術領域 (根據營收組合與圖片推斷):
- RF Foundry and Power Electronics Foundry: 提供射頻和功率電子元件的晶圓代工服務。
- Opto Foundry: 提供光電元件的晶圓代工服務，支持光通訊應用。
- AOC (Active Optical Cable): 主動式光纜產品。
- 應用領域 (來自圖片):
- 電信基礎設施 (如基地台)
- 網路設備 (如路由器)
- 汽車電子
- 資料中心
- 光學連接 (Optical Connectivity)
Disclaimer
本簡報包含前瞻性聲明。所有非歷史事實的聲明，即GCS Holdings, Inc.預期或預計未來將發生或可能發生的活動、事件或發展（包括但不限於預測、目標、估計和業務計劃），均為前瞻性聲明。
GCS的實際結果或發展可能因各種因素和不確定性而與這些前瞻性聲明所示的內容存在重大差異，這些因素和不確定性包括但不限於價格波動、實際需求、匯率波動、市場份額、競爭、環境風險、法律、財務和監管框架的變化、政府政策、國際經濟和金融市場狀況、政治風險、成本估計以及我們無法控制的其他風險和因素。
GCS不承擔任何公開更新任何前瞻性聲明以反映聲明發布日期之後的事件或情況，或反映意外事件發生的義務。
Additional Data
Contact Information
電子郵件: investors@gcsincorp.com