慶騰精密科技股份有限公司 (股票代號:4534) 法說會簡報

Company Overview

公司名稱: 慶騰精密科技股份有限公司 (Trinity Precision Technology Co., Ltd.) 股票代號: 4534 公司願景/理念:

• 材料全面升級 (Material Comprehensive Upgrade)
• Leading Brand in Powder Metallurgy & Innovation Pioneer in Gearboxes
• 在自己擅長的領域做別人做不到的，致力於粉末冶金領域的材料專家 (Doing what others cannot in our area of expertise, dedicated to being a material expert in the field of powder metallurgy).

組織架構:

• 總部: 慶騰精密科技股份有限公司
• 子公司/分支機構:
  • TPM (BVI)
  • 臺灣頭份廠 (Taiwan Toufen Plant)
  • 臺灣中壢廠 (Taiwan Zhongli Plant)
  • 台中辦公室 (Taichung Office)
  • 中國 昆山慶騰欣金屬 (China Kunshan Trinity Xin Metal)
  • 中國 中山耀威粉末元件 (China Zhongshan Yaowei Powder Components)
• 地理分佈 (圖示): Headquarter-Trinity Taiwan, 江蘇 (Jiangsu), 昆山廠 (Kunshan Plant), 台灣慶騰 (Taiwan Trinity), 廣東 (Guangdong), 中山廠 (Zhongshan Plant), 慶璉集團總部 (Qinglian Group Headquarters).

發展歷史里程碑:

• 1993: 總公司成立 (Headquarters established)
• 2000: 中山廠成立 (Zhongshan Plant established)
• 2003: 集團 IPO (Group IPO)
• 2005: 昆山廠成立 (Kunshan Plant established)
• 2008: MIM/齒輪箱事業部成立 (MIM/Gearbox Business Unit established)
• 2025: 散熱事業部成立 (Thermal Management Business Unit established)
• 2026: 轉型升級 散熱、機器人及醫療 (Transformation and upgrade: Thermal Management, Robotics, and Medical)

研發成果里程碑:

• 2008: 螺旋面齒輪 (Helical gears)
• 2011: 高密度PM材料, 聚酰亞胺 (High-density PM materials, Polyimide)
• 2018: 鎢銅系列 可伐合金 (Tungsten-copper series, Kovar alloy)
• 2019: 粉末鍛造 (Powder forging)
• 2022: 鋁合金系列 (Aluminum alloy series)
• 2024: 高導銅、高導鋁、高導不鏽鋼 (High-conductivity copper, high-conductivity aluminum, high-conductivity stainless steel)
• 2026: 鈦合金、無氧紫銅 特殊車用摩擦材料 (Titanium alloy, oxygen-free copper, special automotive friction materials)

Products & Technologies

產品領域: 立足當前賽道 佈局未來風口 (Standing firm in current tracks, laying out for future trends)

Part 1 · 新材料介紹 (MIM與PM新材料):

• 銅系: 紫銅/銅合金(散熱零件) (Oxygen-free copper/copper alloy (thermal management parts))
• 鈦系: TC/TA 鈦合金系 (TC/TA titanium alloy series)
• 鎢系: 鎢銅合金(光模塊散熱零件) (Tungsten-copper alloy (optical module thermal management parts))
• 鋁系: 60 61/2024 (Aluminum series: 60 61/2024)
• 不銹鋼系: HTS超級不銹鋼/3系4系6系7系 (HTS Super Stainless Steel/3 series 4 series 6 series 7 series)
• 鈷系: 磁性材料 (Magnetic materials)
• 其他: Kovar/摩擦材料及各種訂製材料 (Kovar/friction materials and various customized materials)
• 特點: 客製化 (Customization), 個性化 (Personalization), 專業化 (Specialization)
• 定位: 產業覆蓋率最高的粉末材料專家 (Powder material expert with the highest industry coverage)

Part 2 · 高導銅材料:

• 特點: 市面上可量產最高熱導率 (Highest thermal conductivity mass-producible on the market)
• 檢測報告 (ASTM E2585-09(2022)):
  • 溫度: 25°C
  • 熱導率 (W/(m·K)): 1042
  • 熱擴散係數 (mm²/s): 351.031
  • 試樣厚度 (mm): 1.969
  • 試樣密度 (g/cm³): 5.549
  • 比熱容 (J·g⁻¹·K⁻¹): 0.535
• 應用: 運用在CPU/GPU (Applied in CPU/GPU)
• 對比: 一般紫銅: 380W/m-K, 高導熱銅: 1042 W/m-K

Part 3 · Memory Cold Plate:

• 設計: 內建加強筋及引流道設計 (Built-in reinforcing ribs and flow channel design)
• 功能: 提高整體強度及熱擴散功能 (Enhance overall strength and heat diffusion function)

Part 3 · 冷板、分水器、均熱板 (Cold Plate, Water Splitter, Heat Spreader):

• 提供多種散熱解決方案的組件。

Part 4 · 機器人齒輪箱關節:

• 塔式齒輪箱 (Tower Gearbox):
  • 多類型,精準控制的垂直安裝動力引擎 (Multiple types, precisely controlled vertically mounted power engines)
  • 聲音小,傳動穩定,同時結構節省空間 (Low noise, stable transmission, while saving structural space)
• 電動滾筒齒輪箱 (Electric Roller Gearbox):
  • 全速比全場景,多類型定制,高傳動效率 (Full speed ratio, all scenarios, multiple types customized, high transmission efficiency)
  • 遠銷歐洲及日本 (Exported to Europe and Japan)

Part 5 · 醫療器械與齒輪箱 (Medical Devices and Gearboxes):

• 產品涵蓋醫療器械相關組件。

Part 6 · HTS新材料 (HTS New Materials):

• 檢測報告 (GB/T 228.1-2021):
  • 樣品 A2250180383101002:
    • 抗拉強度 R_m: 2095 MPa
    • 規定塑性延伸強度 R_p0.2: 1899 MPa
    • 斷後伸長率 A: 7.0 %
    • 斷面收縮率 Z: 15 %
  • 樣品 A2240103137101001:
    • 抗拉強度 R_m: 1802 MPa
    • 規定塑性延伸強度 R_p0.2: 1622 MPa
    • 斷後伸長率 A: 6.5 %
    • 斷面收縮率 Z: 15 %

Part 7 · 車用齒輪箱、翻轉支架 (Automotive Gearboxes, Flip Brackets):

• 提供車用領域的齒輪箱和翻轉支架產品。

Part 8 · 散熱零部件 (Thermal Management Components):

• 製造工藝: MIM工藝製作 (MIM process manufacturing)
• 產品類型: 快速接頭零件 & 水嘴零件 (Quick connector parts & nozzle parts)
• 材料: 不鏽鋼、銅皆可製作 (Both stainless steel and copper can be manufactured)

MIM粉末冶金流程圖 (MIM Powder Metallurgy Process Flowchart):

• 材料型狀的變化:
  1. 金屬粉末 (Metal powder) + 黏結劑 (Binder)
  2. 混煉 (Mixing) & 造粒 (Granulation)
  3. 喂料顆粒 (Feedstock pellets)
  4. 注射成形 (Injection molding) 形成 生坯 (注射坯) (Green part (injection molded part)) (不收縮 - No shrinkage)
  5. 脫脂 (Debinding) 形成 棕坯 (脫脂坯) (Brown part (debound part))
  6. 燒結 (Sintering) (1418% 收縮 - 1418% shrinkage) 形成 燒結件 (燒結坯) (Sintered part (sintered part))
  7. 二次加工處理 (CMF) (Secondary processing (CMF))
  8. 完成品 (Finished product)
• 回收: 回收水口與流道喂料 (Recycle sprue and runner feedstock)
• 制程階段的變化: 乾壓成型 (Dry Press Forming), 燒結、熱處理 (Sintering, Heat Treatment), MIM脫脂、真空燒結 (MIM Debinding, Vacuum Sintering), 模具間 (Mold Room), 三次元、齒形量測儀 (CMM, Gear Profile Measuring Instrument), 新建無塵室 (New Cleanroom).

Outlook & Strategy

未來展望: 新項目進度 (Future Outlook: New Project Progress)

人形機器人 (Humanoid Robots):

• 開發: 與客戶深度開發,獨家供貨四款以上機種 (In-depth development with clients, exclusive supply of more than four models)
• 生產: 七月起正式批量生產 (Official mass production starting in July)
• 2026 目標: 下半年訂單大幅成長,目標占全年營收20% (Significant order growth in H2 2026, targeting 20% of annual revenue)
• 2027 預估: 訂單預估倍數成長 (Orders estimated to double in 2027)

醫療器械 (Medical Devices):

• 產品線: 產品涵蓋電機、齒輪箱、超聲波刀、吻合器等二類器械 (Products cover motors, gearboxes, ultrasonic knives, staplers, and other Class II medical devices)
• 現況: 現有產品、模具已超過90套,陸續驗證中 (Existing products and molds exceed 90 sets, undergoing continuous validation)
• 2026 目標: 上半年訂單爬坡式提升,3月起放量,2026年目標佔總營收10% (Order ramp-up in H1 2026, mass production starting in March, targeting 10% of annual revenue in 2026)
• 2027 預估: 可望翻倍成長 (Estimated to double in 2027)

水冷散熱 (Liquid Cooling):

• 產品: 記憶體水冷板,樣品陸續認證中,已有兩家液冷客戶開模 (Memory cold plates, samples undergoing certification, two liquid cooling clients have started mold development)
• 市場地位: 現有市場可量產材料導熱率第一(第三方檢測) (Highest thermal conductivity for mass-producible materials in the current market (third-party tested))
• 產能擴充: 擴增注塑機、燒結爐產線、檢測設備、無塵室,因應後續訂單爆發 (Expanding injection molding machines, sintering furnace production lines, testing equipment, and cleanrooms to meet future order surges)
• 技術領先: 鑽石銅MIM材料已申請專利,掌握未來材料升級主動權 (Diamond-copper MIM material has applied for patents, taking the initiative in future material upgrades)

鈦合金AI錶殼 (Titanium Alloy AI Watch Cases):

• 獨特性: 全球唯一PM乾壓成型鈦合金產品之廠商 (Globally unique manufacturer of PM dry-pressed titanium alloy products)
• 生產進度: 客戶已通知開模、小批量生產 (Clients have been notified to start mold development and small-batch production)
• 供貨能力: 慶騰具獨家供貨能力 (Trinity has exclusive supply capability)
• 競爭優勢: 產品成本具優勢,低於市場三成 (Product cost advantage, 30% lower than market)
• 未來成長: 預估未來三年有望大幅成長 (Estimated significant growth in the next three years)

Additional Data

免責聲明 (Disclaimer):

• 本簡報資料可能包含對於未來展望的表述,是基於對現況的預期,但同時受限於已知或未知不確定性的影響,實際結果將可能於表述內容不同。
• 以上所提供之所有資訊僅供參考,實際資料請參考公開資訊觀測站。另除法令要求外,公司並無義務因應新資訊的產生或未來事件的發生,主動更新對未來展望的表述。

品管系統認證 (Quality Management System Certifications):

• ISO 9001:2015:
  • Certificate Holder: Trinity (Kunshan) Precision Technology Co., Ltd.
  • Scope: Manufacturing of Sintered Metal Powder Metallurgy Parts; Design and Manufacturing of Gear Box.
  • Validity: 2024-09-30 to 2027-09-29.
• IATF 16949:2016:
  • Certificate Holder: Trinity (Kunshan) Precision Technology Co., Ltd.
  • Scope: Manufacturing of Sintered Metal Powder Metallurgy Parts Excluding Product Design.
  • Validity: 2024-09-30 to 2027-09-29.
• GB/T24001-2016/ISO14001:2015 (ISO 14001):
  • Certificate Holder: Trinity (KS) Precision Technology Co., Ltd.
  • Scope: Production of casting and forging blanks for automobiles (iron series, stainless steel powder metallurgy products) and related environmental management activities.
  • Validity: October 16, 2023, to October 16, 2026.
• GB/T 42061-2022/ISO 13485:2016 (ISO 13485):
  • Certificate Holder: Trinity(KS) Precision Technology Co., Ltd.
  • Scope: Production and sales of hardware components and drive gearboxes for electric staplers.
  • Validity: 2025.11.25 to 2028.11.24.

目前材料與製程專利 (Current Materials and Process Patents):

• 已申請專利:
  • 高導銅 (High-conductivity copper)
  • 高導鋁 (High-conductivity aluminum)
  • 高導不銹鋼 (High-conductivity stainless steel)
  • 高強不銹鋼 (High-strength stainless steel)
  • MIM雙射燒結焊工藝 (MIM two-shot sintering welding process)
  • 醫療件 (Medical parts)
• 後續新增專利:
  • 低成本MIM鈦合金喂料 (Low-cost MIM titanium alloy feedstock)
  • 液冷散熱板結構 (Liquid-cooled heat sink structure)
  • 鋁合金PM壓制粉末配方 (Aluminum alloy PM pressed powder formula)

製造設施與檢測設備 (Manufacturing Facilities and Testing Equipment):

• 乾壓成型 (Dry Press Forming)
• 燒結、熱處理 (Sintering, Heat Treatment)
• MIM脫脂、真空燒結 (MIM Debinding, Vacuum Sintering)
• 模具間 (Mold Room)
• 三次元、齒形量測儀 (CMM, Gear Profile Measuring Instrument) - ZEISS CONTURA G2 CMM, ZD20 gear profile measuring instrument
• 新建無塵室 (New Cleanroom)