PEGATRON 2026Q2 法說會簡報
Company Overview
和碩聯合科技股份有限公司 (PEGATRON CORP.) 2026年第二季營運說明 日期: 2026年8月12日
Financial Highlights
合併損益表 (1H 2026 vs 1H 2025)
(新台幣百萬元)
| 項目 | 1H 2026 | 1H 2025 | 年變化 |
|---|---|---|---|
| 營業收入淨額 | 518,553 (100%) | 539,769 (100%) | -3.9% |
| 營業成本 | 495,595 (95.6%) | 521,226 (96.6%) | -4.9% |
| 營業毛利 | 22,958 (4.4%) | 18,543 (3.4%) | 23.8% |
| 營業費用 | 15,931 (3.1%) | 14,589 (2.7%) | 9.2% |
| 營業淨利(損失) | 7,027 (1.4%) | 3,954 (0.7%) | 77.7% |
| 淨營業外收益(損失) | 4,182 (0.8%) | 4,446 (0.8%) | -5.9% |
| 兌換收益(損失) | 67 (0.0%) | (1,055) (0.2%) | -106.4% |
| 淨利息收入 | 1,346 (0.3%) | 1,334 (0.2%) | 0.9% |
| 其他 | 2,769 (0.5%) | 4,167 (0.8%) | -33.5% |
| 稅前淨利 | 11,209 (2.2%) | 8,400 (1.6%) | 33.4% |
| 所得稅費用 | (2,036) (0.4%) | (2,161) (0.4%) | -5.8% |
| 本期淨利(淨損) | 9,173 (1.8%) | 6,239 (1.2%) | 47.0% |
| 歸屬母公司之本期淨利 | 6,049 (1.2%) | 4,591 (0.9%) | 31.8% |
| 每股盈餘 | 2.26 | 1.72 | 31.4% |
合併損益表 (季變化)
(新台幣百萬元)
| 項目 | 2Q 2026 | 2Q 2025 | 年變化 | 1Q 2026 | 季變化 |
|---|---|---|---|---|---|
| 營業收入淨額 | 274,448 (100.0%) | 267,336 (100%) | 2.7% | 244,105 (100%) | 12.4% |
| 營業成本 | 262,292 (95.6%) | 258,959 (96.9%) | 1.3% | 233,304 (95.6%) | 12.4% |
| 營業毛利 | 12,156 (4.4%) | 8,377 (3.1%) | 45.1% | 10,801 (4.4%) | 12.5% |
| 營業費用 | 7,958 (2.9%) | 6,906 (2.6%) | 15.2% | 7,972 (3.3%) | -0.2% |
| 營業淨利(損失) | 4,198 (1.5%) | 1,471 (0.6%) | 185.4% | 2,829 (1.2%) | 48.4% |
| 淨營業外收益(損失) | 3,546 (1.3%) | 260 (0.1%) | 1263.8% | 636 (0.3%) | 457.5% |
| 兌換收益(損失) | (19) (0.0%) | (1,086) (0.4%) | -98.3% | 86 (0.0%) | -122.1% |
| 淨利息收入 | 635 (0.2%) | 748 (0.3%) | -15.1% | 711 (0.3%) | -10.7% |
| 其他 | 2,930 (1.1%) | 598 (0.2%) | 390.0% | (161) (0.1%) | -1919.9% |
| 稅前淨利 | 7,744 (2.8%) | 1,731 (0.6%) | 347.4% | 3,465 (1.4%) | 123.5% |
| 所得稅費用 | (1,431) (0.5%) | (649) (0.2%) | 120.5% | (605) (0.2%) | 136.5% |
| 本期淨利(淨損) | 6,313 (2.3%) | 1,082 (0.4%) | 483.5% | 2,860 (1.2%) | 120.7% |
| 歸屬母公司之本期淨利 | 4,488 (1.6%) | 287 (0.1%) | 1463.8% | 1,561 (0.6%) | 187.5% |
| 每股盈餘 | 1.68 | 0.11 | 1427.3% | 0.58 | 189.7% |
合併資產負債表
(新台幣百萬元)
| 項目 | 2026/6/30 | 2025/12/31 | Diff (vs 2025/12/31) | 2025/6/30 | Diff (vs 2025/6/30) |
|---|---|---|---|---|---|
| 資產 | |||||
| 現金及約當現金 | 108,848 (16%) | 119,380 (19%) | (10,532) | 113,363 (20%) | (4,515) |
| 應收票據及帳款淨額 | 198,381 (30%) | 221,025 (35%) | (22,644) | 178,685 (32%) | 19,696 |
| 存貨淨額 | 152,241 (23%) | 81,235 (13%) | 71,006 | 80,020 (14%) | 72,221 |
| 其他流動資產 | 36,849 (5%) | 37,649 (6%) | (800) | 31,747 (6%) | 5,102 |
| 流動資產 | 496,319 (74%) | 459,289 (74%) | 37,030 | 403,815 (72%) | 92,504 |
| 固定資產淨額 | 90,261 (13%) | 84,677 (14%) | 5,584 | 77,804 (14%) | 12,457 |
| 非流動資產 | 175,142 (26%) | 163,826 (26%) | 11,316 | 156,359 (28%) | 18,783 |
| 資產總計 | 671,461 (100%) | 623,115 (100%) | 48,346 | 560,174 (100%) | 111,287 |
| 負債及股東權益 | |||||
| 短期借款 | 86,579 (13%) | 59,107 (9%) | 27,472 | 48,157 (9%) | 38,422 |
| 應付票據及帳款 | 250,176 (37%) | 249,241 (40%) | 935 | 205,447 (37%) | 44,729 |
| 流動負債 | 391,537 (58%) | 345,232 (55%) | 46,305 | 306,558 (55%) | 84,979 |
| 長期附息負債 | 8,916 (1%) | 14,143 (2%) | (5,227) | 24,057 (4%) | (15,141) |
| 負債合計 | 417,463 (62%) | 376,657 (60%) | 40,806 | 346,589 (62%) | 70,874 |
| 歸屬母公司之權益 | 206,922 (31%) | 207,343 (33%) | (421) | 179,374 (32%) | 27,548 |
| 股東權益合計 | 253,998 (38%) | 246,458 (40%) | 7,540 | 213,585 (38%) | 40,413 |
| 負債及股東權益總計 | 671,461 (100%) | 623,115 (100%) | 48,346 | 560,174 (100%) | 111,287 |
財務比率:
| 項目 | 2026/6/30 | 2025/12/31 | 2025/6/30 |
|---|---|---|---|
| 流動比率 | 127% | 133% | 132% |
| 負債比率(負債總額/資產總額) | 62% | 60% | 62% |
| 附息負債比率 | 14% | 12% | 13% |
合併現金流量表
(新台幣百萬元)
| 項目 | 1H 2026 | 1H 2025 |
|---|---|---|
| 營業活動之淨現金流入(出) | (37,820) | 3,270 |
| 投資活動之淨現金流入(出) | (3,861) | (7,838) |
| 融資活動之淨現金流入(出) | 29,300 | 6,553 |
| 匯率影響數 | 1,849 | (11,708) |
| 本期現金及約當現金增減數 | (10,532) | (9,723) |
| 期初現金及約當現金餘額 | 119,380 | 123,086 |
| 期末現金及約當現金餘額 | 108,848 | 113,363 |
附註:
| 項目 | 1H 2026 | 1H 2025 |
|---|---|---|
| 折舊及攤銷費用 | 7,954 | 7,242 |
Recent Performance and Results
合併營收走勢 (Unit: NTD Bn)
2026年第二季合併營收為新台幣274Bn,較前一季增加12%,亦較去年同期成長3%,主要受惠於資訊與消費性電子產品客戶拉貨需求增加。
| 季度 | 總計 (NTD Bn) | 年變化 | 資訊產品 (%) | 消費性電子產品 (%) | 通訊產品 (%) | 其他 (%) |
|---|---|---|---|---|---|---|
| 3Q24 | 294 | +11% | 13% | 11% | 62% | 14% |
| 4Q24 | 327 | +13% | 9% | 7% | 71% | 13% |
| 1Q25 | 272 | -17% | 11% | 6% | 64% | 19% |
| 2Q25 | 267 | -2% | 13% | 7% | 60% | 20% |
| 3Q25 | 258 | -4% | 14% | 8% | 60% | 18% |
| 4Q25 | 320 | +24% | 15% | 7% | 62% | 16% |
| 1Q26 | 244 | -24% | 14% | 5% | 60% | 21% |
| 2Q26 | 274 | +12% | 23% | 7% | 52% | 18% |
銷售分析-產品別 (年成長率)
資訊產品受惠於伺服器業務出貨規模增加,其營收成長約84%,同時,消費性電子產品之營收表現亦略有成長,而通訊產品則受到較弱的出貨需求影響,營收年對年有下滑。
2Q2025 產品營收佔比:
- 通訊產品: 60%
- 其他: 20%
- 資訊產品: 13%
- 消費性電子產品: 7%
2Q2026 產品營收佔比:
- 通訊產品: 52%
- 資訊產品: 23%
- 其他: 18%
- 消費性電子產品: 7%
2Q2026 vs 2Q2025 年成長率 (NT$Mil):
- 資訊產品: 成長 84%
- 2Q'25: ~35,000
- 2Q'26: ~65,000
- 消費性電子產品: 成長 5%
- 2Q'25: ~12,000
- 2Q'26: ~12,500
- 通訊產品: 下滑 -11%
- 2Q'25: ~170,000
- 2Q'26: ~150,000
銷售分析-產品別 (季成長率)
資訊及消費性電子產品因出貨動能強勁,其營收較上一季皆有雙位數成長,而通訊產品營收季對季則約為持平。
1Q2026 產品營收佔比:
- 通訊產品: 60%
- 其他: 21%
- 資訊產品: 14%
- 消費性電子產品: 5%
2Q2026 產品營收佔比:
- 通訊產品: 52%
- 資訊產品: 23%
- 其他: 18%
- 消費性電子產品: 7%
2Q2026 vs 1Q2026 季成長率 (NT$Mil):
- 資訊產品: 成長 82%
- 1Q'26: ~35,000
- 2Q'26: ~65,000
- 消費性電子產品: 成長 57%
- 1Q'26: ~7,000
- 2Q'26: ~11,000
- 通訊產品: 下滑 -2%
- 1Q'26: ~150,000
- 2Q'26: ~147,000
Outlook & Strategy
- Safe Harbor Notice:
- Pegatron's statements of its current expectations are forward looking statements subject to significant risks and uncertainties and actual results may differ materially from those contained in the forward-looking statements.
- Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
Additional Data
- 議題 (Agenda):
- 財務報告 (Financial Report)
- 營運成果 (Operating Results)
- Q & A