DARFON 2026Q2 法說會簡報
Company Overview
公司名稱: 達方電子股份有限公司 (DARFON) 活動名稱: 2026年第2季法人說明會 日期: 2026年08月04日 官方網站: www.darfon.com 投資人聯絡信箱: Investor@darfon.com
Financial Highlights
2026年第2季合併損益表 (Consolidated Income Statement for 2026 Q2)
單位: 新台幣佰萬元 (NT$ Million)
| 項目 (Item) | 2Q26 | % | 1Q26 | % | QoQ% | 2Q25 | % | YoY% | 1H26 | % | 1H25 | % | YoY% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 (Net Operating Revenue) | 7,517 | 100.0% | 6,025 | 100.0% | 24.8% | 6,903 | 100.0% | 8.9% | 13,542 | 100.0% | 12,386 | 100.0% | 9.3% |
| 營業毛利 (Gross Profit) | 1,246 | 16.6% | 1,084 | 18.0% | 15.0% | 1,111 | 16.1% | 12.1% | 2,330 | 17.2% | 2,090 | 16.9% | 11.5% |
| 營業費用 (Operating Expenses) | (1,098) | -14.6% | (1,005) | -16.7% | -9.3% | (985) | -14.3% | -11.5% | (2,102) | -15.5% | (1,931) | -15.6% | -8.9% |
| 營業淨利 (Operating Income) | 148 | 2.0% | 79 | 1.3% | 87.9% | 127 | 1.8% | 17.1% | 227 | 1.7% | 159 | 1.3% | 42.8% |
| 營業外淨損益 (Non-operating Income/Loss) | (44) | -0.6% | (19) | -0.3% | -135.0% | (76) | -1.1% | 42.2% | (62) | -0.5% | (73) | -0.6% | 15.3% |
| 稅前淨利 (Income Before Tax) | 105 | 1.4% | 60 | 1.0% | 73.4% | 51 | 0.7% | 104.8% | 165 | 1.2% | 86 | 0.7% | 92.6% |
| 合併總淨利益 (Total Comprehensive Income) | 61 | 0.8% | 32 | 0.5% | 86.8% | 20 | 0.3% | 208.5% | 93 | 0.7% | 27 | 0.2% | 241.3% |
| 歸屬予: 母公司股東 (Attributable to: Owners of Parent) | 86 | 1.1% | 57 | 0.9% | 51.6% | 61 | 0.9% | 41.0% | 143 | 1.1% | 120 | 1.0% | 19.0% |
| 基本每股盈餘(單位:新台幣元) (Basic EPS (NT$)) | 0.31 | 0.20 | 0.22 | 0.51 | 0.43 |
重點摘要:
- 季營收成長,主要由綠能通路業務的回升所帶動。
- 規模經濟與有效費用管控,持續驅動營業利益率穩健逐季復甦。
- 獲利增幅顯著超越營收成長,顯現核心本業獲利結構的結構性改善。
2026年第2季合併資產負債表 (Consolidated Balance Sheet for 2026 Q2)
單位: 新台幣佰萬元 (NT$ Million)
| 項目 (Item) | 2Q26 | % | 1Q26 | % | 2Q25 | % |
|---|---|---|---|---|---|---|
| 現金及有價證券 (Cash & Marketable Securities) | 6,483 | 18.5% | 6,215 | 18.8% | 5,844 | 18.2% |
| 應收帳款 (Accounts Receivable) | 6,410 | 18.3% | 6,118 | 18.5% | 6,477 | 20.1% |
| 存貨 (Inventory) | 6,434 | 18.4% | 6,250 | 18.9% | 5,762 | 17.9% |
| 流動資產 (Current Assets) | 21,716 | 62.1% | 20,418 | 61.6% | 19,866 | 61.7% |
| 固定資產淨額 (Net Fixed Assets) | 8,412 | 24.0% | 8,462 | 25.5% | 8,047 | 25.0% |
| 資產總計 (Total Assets) | 34,994 | 100.0% | 33,142 | 100.0% | 32,199 | 100.0% |
| 短期借款 (Short-term Borrowings) | 5,832 | 16.7% | 5,671 | 17.1% | 5,233 | 16.3% |
| 應付票據及帳款 (Accounts Payable & Notes Payable) | 5,648 | 16.1% | 5,294 | 16.0% | 4,258 | 13.2% |
| 流動負債合計 (Total Current Liabilities) | 15,658 | 44.7% | 15,085 | 45.5% | 14,711 | 45.7% |
| 長期借款 (Long-term Borrowings) | 5,516 | 15.8% | 4,836 | 14.6% | 4,650 | 14.4% |
| 負債合計 (Total Liabilities) | 21,679 | 62.0% | 20,413 | 61.6% | 19,888 | 61.8% |
| 股東權益合計 (Total Equity) | 13,315 | 38.0% | 12,728 | 38.4% | 12,311 | 38.2% |
| 每股淨值(NT$) (Book Value Per Share (NT$)) | 38.4 | 36.3 | 34.1 |
重點摘要:
- 持續健全的流動性與充沛的現金準備,展現嚴謹的資本配置紀律。
- 透過嚴謹控管應收帳款與庫存比例,有效提升營運資金的管理效率。
2026年上半年合併現金流量表 (Consolidated Cash Flow Statement for 1H 2026)
單位: 新台幣佰萬元 (NT$ Million)
| 項目 (Item) | 1H26 | 1H25 | Change |
|---|---|---|---|
| 營業活動之現金流量 (Cash Flow from Operating Activities) | 88 | 239 | (150) |
| 合併稅後淨利 (Net Income After Tax) | 93 | 27 | 66 |
| 折舊費用&各項攤提 (Depreciation & Amortization) | 642 | 654 | (12) |
| 營業資產及負債之淨變動 (Net Change in Operating Assets & Liabilities) | 35 | 232 | (197) |
| 投資活動之現金流量 (Cash Flow from Investing Activities) | (880) | (407) | (473) |
| 資本支出 (Capital Expenditures) | (502) | (421) | (81) |
| 融資活動之現金流量 (Cash Flow from Financing Activities) | 773 | 689 | 84 |
| 借款淨變動數 (Net Change in Borrowings) | 846 | 778 | 68 |
| 本期現金及約當現金增加(減少)數 (Net Increase (Decrease) in Cash & Cash Equivalents) | 44 | (108) | 152 |
| 自由現金流量 (Free Cash Flow) | (414) | (183) | (231) |
註: 自由現金流量 = 營運活動之現金流入 – 資本支出 (Free Cash Flow = Cash Flow from Operating Activities – Capital Expenditures)
重點摘要:
- 營業活動現金流量維持正值,反映本業持續創造現金流的能力。
- 投資活動現金流出反映持續進行的資本支出與策略性投資,以追求長期成長。
重要財務指標 (Key Financial Ratios)
| 項目 (Item) | 2Q26 | 1Q26 | QoQ | 2Q25 | YoY | 1H26 | 1H25 | YoY |
|---|---|---|---|---|---|---|---|---|
| 負債比率 (Debt Ratio) | 62% | 62% | 0.4 bps | 62% | 0.2 bps | 62% | 62% | 0.2 bps |
| *負債比率 (*Adjusted Debt Ratio) | 53% | 53% | 0.6 bps | 53% | 0.0 bps | 53% | 53% | 0.0 bps |
| 淨金融負債/股東權益 (Net Financial Debt/Equity) | 37% | 34% | 2.8 bps | 33% | 3.7 bps | 37% | 33% | 3.7 bps |
| 流動比率 (Current Ratio) | 138.7 | 135.3 | 3.3 bps | 135.0 | 3.7 bps | 138.7 | 135.0 | 3.7 bps |
| 現金轉換週期 (Cash Conversion Cycle) | 89 days | 111 days | (23) days | 111 days | (22) days | 99 days | 123 days | (24) days |
| ROA | 1.3% | 1.0% | 0.9% | 1.2% | 0.8% | |||
| ROE | 1.9% | 1.0% | 0.6% | 1.4% | 0.4% |
重點摘要:
- 有效管理財務槓桿,兼顧策略性成長與風險控管。
- 流動比率升至138.7%,展現健全的短期償債能力。
- 現金轉換週期優化,展顯營運資金靈活度與供應鏈變現效率提升。
註:
- *負債比率=(總負債- 現金及有價證券)/(總資產- 現金及有價證券) (*Adjusted Debt Ratio = (Total Liabilities - Cash & Marketable Securities) / (Total Assets - Cash & Marketable Securities))
- 淨金融負債對股東權益比率=(短期借款 + 長期借款 - 現金及有價證券)/股東權益 (Net Financial Debt to Equity Ratio = (Short-term Borrowings + Long-term Borrowings - Cash & Marketable Securities) / Total Equity)
Business Segments
產品組合 (Product Mix)
產品類別定義:
- IT PERIPHERALS (IT週邊產品): 筆記型 & 桌上型電腦鍵盤、可攜式鍵盤、IT週邊產品、電競相關產品等 (Notebook & desktop keyboards, portable keyboards, IT peripherals, gaming-related products, etc.)
- GREEN ENERGY (綠能產品): 電源模組、電池模組、Bike/E-Bike車架、Bike/E-Bike組裝、品牌/通路平台等 (Power modules, battery modules, Bike/E-Bike frames, Bike/E-Bike assembly, brand/channel platforms, etc.)
- INTEGRATED COMPONENTS (整合元件): 積層陶瓷電容器(MLCC)、線圈式電感(Coil Inductor)、天線元件/模組、壓電陶瓷元件與保護元件等 (Multi-layer ceramic capacitors (MLCC), coil inductors, antenna components/modules, piezoelectric ceramic components and protection components, etc.)
季度產品組合 (Quarterly Product Mix):
- 3Q24: IT PERIPHERALS: 64%, GREEN ENERGY: 23%, INTEGRATED COMPONENTS: 13%
- 4Q24: IT PERIPHERALS: 55%, GREEN ENERGY: 35%, INTEGRATED COMPONENTS: 10%
- 1Q25: IT PERIPHERALS: 51%, GREEN ENERGY: 36%, INTEGRATED COMPONENTS: 13%
- 2Q25: IT PERIPHERALS: 47%, GREEN ENERGY: 42%, INTEGRATED COMPONENTS: 11%
- 3Q25: IT PERIPHERALS: 50%, GREEN ENERGY: 38%, INTEGRATED COMPONENTS: 12%
- 4Q25: IT PERIPHERALS: 51%, GREEN ENERGY: 38%, INTEGRATED COMPONENTS: 11%
- 1Q26: IT PERIPHERALS: 49%, GREEN ENERGY: 38%, INTEGRATED COMPONENTS: 13%
- 2Q26: IT PERIPHERALS: 43%, GREEN ENERGY: 45%, INTEGRATED COMPONENTS: 12%
年度產品組合 (Annual Product Mix):
- 2024: IT PERIPHERALS: 58%, GREEN ENERGY: 30%, INTEGRATED COMPONENTS: 12%
- 2025: IT PERIPHERALS: 50%, GREEN ENERGY: 39%, INTEGRATED COMPONENTS: 11%
- 2026 YTD: IT PERIPHERALS: 46%, GREEN ENERGY: 42%, INTEGRATED COMPONENTS: 12%
Recent Performance and Results
營收與獲利率 (Revenue and Profitability)
季度營收 & YoY% (Quarterly Revenue & YoY%): 單位: 新台幣 百萬 (NT$ Million)
| 季度 (Quarter) | Revenues | Rev. YoY% (Approx.) |
|---|---|---|
| 3Q24 | 5,351 | ~-20% |
| 4Q24 | 6,040 | ~-10% |
| 1Q25 | 5,483 | ~0% |
| 2Q25 | 6,903 | ~10% |
| 3Q25 | 6,503 | ~5% |
| 4Q25 | 6,185 | ~0% |
| 1Q26 | 6,025 | ~0% |
| 2Q26 | 7,517 | ~10% |
獲利率% (Profitability %):
| 季度 (Quarter) | Gross Margin | Operating Margin |
|---|---|---|
| 3Q24 | 18.2% | 2.8% |
| 4Q24 | 17.7% | 0.4% |
| 1Q25 | 17.8% | 0.6% |
| 2Q25 | 16.1% | 1.8% |
| 3Q25 | 14.1% | -4.0% |
| 4Q25 | 15.7% | 0.5% |
| 1Q26 | 18.0% | 1.3% |
| 2Q26 | 16.6% | 2.0% |
Outlook & Strategy
業績展望 (Performance Outlook)
- (Details not provided in the slides, only a section title.)
Additional Data
會議議程 (Meeting Agenda)
- 2026年第2季營運成果 (2026 Q2 Operating Results)
- 業績展望 (Performance Outlook)
- 問與答 (Q&A)
Safe Harbor Notice
We have made forward-looking statements in the presentation. Our forward-looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties, and assumptions about us.
We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.