盈正豫順電子股份有限公司 (3628) 2026Q2 法說會簡報

Company Overview

公司名稱: 盈正豫順電子股份有限公司 (Ablerex) 股票代號: 3628 網站: https://www.ablerex.com.tw/ 活動: 法人說明會 期間: 2Q 2026 Results 日期: August, 2026

公司業務範圍: 本公司從事不斷電系統(UPS)、主動式電力濾波器(APF)、太陽能電力轉換器(PV Inverter), 智慧型儲能系統之生產、銷售, 及以專案方式代理大容量UPS系統工程。 (Ablerex manufactures and sales of uninterruptible power supply systems(UPS), power quality devices(Active power filters, APF), solar energy equipment(PV Inverter). And agent of large capacity UPS through construction project distribution and services.)

全球佈局:

台灣總公司: 銷售、製造、專案工程與研發 (Marketing, Manufacturing, Engineering, R&D)
中國(蘇州): 製造 (Manufacturing)
中國(北京)、新加坡、美國、義大利、日本、泰國、拉美事業部: 技術支援、銷售 (Service & Marketing Support)
全球據點 (地圖所示):
- Marketing in Italy
- Marketing in Beijing
- Sales and manufacturing in Suzhou
- Group's headquarters in Taiwan
- Marketing in Vietnam and Thailand
- Marketing in Singapore
- Marketing in Tokyo
- Marketing in California
- Marketing in Miami

生產基地:

Suzhou & Ping-Tung Plants (蘇州廠與屏東廠)

公司沿革與重要里程碑:

1998年: 豫順電子股份有限公司成立, 初期以開發、製造銷售小型不斷電電源系統為主 (Set up Ablerex company)
1999年: 取得ISO-9001品質認證 (ISO 9001 certified)
2001年: 設立「豫順電子(蘇州)有限公司」為大陸製造廠 (Start to set up production facility in Suzhou, China)
2002年: 與盈正工程股份有限公司合併, 並更名為「盈正豫順電子股份有限公司」 (Merged with UIS Ablerex Electronics, and renamed as Ablerex)
- 本公司主動式電力濾波器(APF)榮獲經濟部中小企業創新研究獎 (Small and Medium Enterprise Innovation&Reserch Award for APF)
2005年: 蘇州工廠第一期廠房完工, 廠房面積約3,000坪, 每月UPS產能增加至3萬台 (Suzhou Factiry I in China completed and officially operation.)
- 獲得ISO14001品質認證 (ISO 14001 certified)
2006年: 設立Ablerex Corp.於美國洛杉磯, 拓展美洲業務 (Set up USA office)
2007年: 進行蘇州廠第二期廠房工程, 建成後生產面積增加約6,200坪, 每月UPS產能可增加至10萬台 (Suzhou Factory II in China in progress)
2008年: 成立新加坡子公司Ablerex Electronics (S) Ptd. Ltd.以拓展東南亞、中東、南美洲市場及發展自有品牌之銷售 (Set up Singapore office)
- 5月19日股票公開發行 (Initial public offering. (IPO))
- 於5月領先取得太陽能逆變器(PV inverter)GS證書 (Photovoltaic inverter GS Cerification)
- 購置不動產高雄研發中心(地坪1,205.97m²、建坪2,333.60㎡ (Set up RD center in Kaohsiung)
- 蘇州工廠第二期廠房完工啟用 (Suzhou Factiry II in China completed and officially operation.)
2009年: 設立北京據點為中國之產品行銷總部, 以拓展大陸地區自有品牌之銷售及服務 (Set up Beijing office)
2010年: 設立義大利公司Ablerex Electronics Italy SRL, 進一步拓展歐洲地區之業務 (Set up Italy office)
- 9月9日上櫃掛牌 (Public Listed on OTC market)
2011年: 榮獲2011年『德勤亞太高科技Fast 500』獎項 (2011 Deloitte Technology Fast500 Asia Pacific Award)
2012年: 投資設立屏東廠, 購置廠房土地面積為2,589m² (Set up New Factory I at Pingtung Taiwan)
- 榮獲Intertek全國公證頒發之德國VDE-AR-N 4105認證, 為全台第一家取得新認證之廠商 (Intertek VDE-AR-N 4105 certification)
- 榮獲國際驗證機構SGS18年品質永續獎項 (SGS 18 Year Merit Award)
- 9月屏東廠廠房完工啟用 (New Factory I at Pingtung Taiwan completed and officially operation.)
2013年: 新加坡子公司購置不動產(房產面積269sqm,約31坪), 作為新加坡行銷據點 (Set up New Building for Singapore Office)
- 美國子公司購置不動產(房產面積3,108sf,約90坪), 作為美國行銷業務據點 (Set up New Building for U.S. Office)
2016年: 屏東二廠完工啟用 (Pingtung Factiry II in Taiwan completed and officially operation.)
- 設立新竹辦公室, 作為服務據點 (Set up Xinchu office)
- 設立日本子公司Wada Denki Co., Ltd. 以拓展日本市場及發展自有品牌 (Set up Japan office)
2017年: 設立泰國子公司Ablerex Electronics (Thailand) Co., Ltd. 以拓展泰國市場及發展自有品牌之銷售 (Invest Ablerex Electronics (Thailand) Co., Ltd. for own branded products in Thailand)
2018年: 經濟部檢驗局核發首張VPC自願性驗證證書-盈正太陽能變流器 (First photovoltaic inverter supplier to be awarded a VPC.)
- 11月投資美國第二子公司Ablerex Latam Corp. 以拓展中南美市場及發展自有品牌之銷售 (Set up Ablerex Latam Corp. in US for Latin America market)
2021年: 經濟部能源局優質太陽能光電產品金能獎一三相75KW太陽光電變流器 (Golden Energy Award for High Quality PV Products- Three-phase 75KW PV Inverter)
2022年: 經濟部能源局優質太陽能光電產品金能獎一單相7.2KW太陽光電變流器 (Golden Energy Award for High Quality PV Products- Single-phase 7.2KW PV Inverter)
2023年: 自建3MW儲能系統案場, 並成為全國第一家取得經濟部標準檢驗局安全性認證廠商, 正式參與電力交易平台輔助服務 (Established 3MW energy storage system and obtain the safety certification from Bureau of Standards, Metrology and Inspection department of Ministry of Economic Affairs.)
2024年: 取得ISO 14064-1碳盤查查證 (Certificate ISO 14064-1 Carbon footprint verification)

Business Segments

業務部門別資訊:

第一事業部 (Sales Dept.1): 推展代理及自製產品於國內銷售。(promotes domestic sales of consigned and self-manufactured products.)
第二事業部 (Sales Dept.2): 自製產品之國際銷售業務及市場推廣服務。(responsible for international sales and market promotion of self-manufactured products.)
技術服務部 (Technical Services Dept.): 產品安裝、測試、保固作業及開發維護業務以及零組件買賣。(responsible for the installation, testing, and warranty of products, as well as development of the repair and maintenance business line, and purchases and sales of spare parts and miscellaneous.)
能源事業部 (Energy Business Dept.): 自製能源相關產品之國內銷售業務以及市場推廣服務。(domestic sales and market promotion of self-manufactured energy-related products.)

Products & Technologies

產品及產業概況:

1. 儲能系統 (Energy Storage System)

目的: 降低成本並最大化系統效率 (For reducing your cost and maximizing the system efficiency.)
產品系列:
- EN1 Series 3K~5K
- EN3 Series 10K~80K
- ESS-20 & ESS-40 MW
工商用儲能系統 (ESS) 特點:
- 表前,表後方案齊全 (Front-of-meter, Behind-the-meter solutions)
- 背景: 為增加電網韌性, 台電推出電力交易平台, 設立日前輔助服務市場, 於電力系統納入更多能快速反應、具彈性且多元之外部資源。(To enhance grid resilience, Taiwan Power Company has launched the Electricity Trading Platform, establishing a Day-Ahead Ancillary Services Market. This allows for the integration of flexible external power resources.)
- 提供方案: ESS-20及ESS-40 MW級的儲能櫃方案。(We offer ESS-20 and ESS-40 MW-class cabinet solutions for this market.)
- 產品特點:
  - 模組化設計維護容易,最大稼動率 (Moduled design, easy maintenance, maximum utilization.)
  - 75kW to 100MW+: wide power range

2. 太陽能產品 (PhotoVoltaic Device)

技術: 採用多層次拓撲結構並結合多年開發經驗 (Use Multi-level topology and combines our many years of experience in developing unit.)
產品類型:
- Grid-Connected Single Phase (併網型單相)
- Grid-Connected Three Phase (併網型三相)
- Stand-Alone System (獨立型系統)
PV Inverter (3k-75kW):
- EnerSolis 1P: 3000/4000, 5000/5500W, 7200W
- EnerSolis 3P: 6000/8000, 10000/12000W, 25600W, 60000/63000, 66000/75000W
ESS (70~1.6MWh):
- EnerSalviS 1P: 3000/4000/5000W
- EnerSalviS 3P: 70000/85000W, EMS/EMS-P, 1.4MW/1.6MWh

3. 不斷電系統 (UPS)

技術: MSII在線式雙轉換UPS, 採用全時數位單處理器控制技術。(The MSII on-line double conversion UPS with full-time digital single processor control technology.)
產品類型:
- Three Phase UPS (三相UPS)
- Single Phase On-Line UPS (單相在線式UPS)
- Line-interactive (在線互動式)
- Socomec
On-Line Single Phase 1-3kVA:
- AE2: PF 0.9, 1-3k
- AE3: 2026/Q4, PF 0.9, 1-3k
- AP2: PF 1.0, Super Charger, Lithium, Efficiency >93%, 1-3k
- ATS (Automatic Transfer Switch): ATS-216, ATS-232, ITS-232
- PDU (Power Distribution Unit): MPDU-250, RacPDU-115A, RacPDU-120B, RacPDU-130H, RacPDU-210D, RacPDU-216G
On-Line Single Phase 6-20kVA:
- MINI Tower: PF 0.9, 6k, 10k, 15k, 20k
- ME4: 2027/Q1, PF 1.0, Super Charger, 6-10k
- MP4: PF 1.0, Super Charger, Lithium, Efficiency >95%, N+1 Parallel Redundancy, 6-10k
On-Line Three Phase 10-200kVA:
- Taurus: PF 1.0, Lithium, 10/20/30/40/60/80k, 200k
- CPSS ZEN: 適用於緊急和安全相關應用 (For emergency and safety related applications), 符合EN 50171標準 (Comply with EN 50171), PF 1.0, Lithium, 10/20/30/40k
- Kronos: PF 1.0, Lithium, 10/20/30/40k, 10/20/30/40k XL, 10/15/20/30/40k UL
New Products 2027 Development (Three Phase):
- THOR Modular UPS: 2026 Q4, Twin Boost, Low cost, Standard Performance, 50kW Per Module, Up to 2MW System
- Kronos 2: 2027 Q3, Twin Boost, Low Cost, Standard Performance
- SiC UPS 125kW: 2027 Q4, SiC, 3U 125kW, Efficiency 98.3%, 125kW Per Module

4. 主動式濾波器 (Active Power Filter, APF)

技術: Enersine系列, 真實諧波解決方案, 固態電力轉換器帶來優勢... (The Enersine series, a true harmonic solution, is a solid-state power converter that brings about the advantages...)
產品類型:
- Modular APF (模組化APF)
- Standalone (獨立式)
- Wall Mount APF (壁掛式APF)
Active Power Filter (20-3600A):
- Enersine Legend (2026 NEW): 150A 3U / Module, up to 3600A
- Wall Mount APF: 50A~~150A, 20A~~30A

5. 電源自動轉換開關 (Automatic Transfer Switch, ATS)

目的: 通常安裝在備用發電機旁, 以在市電故障時提供臨時電力。(An Automatic Transfer Switch (ATS) is often installed where a backup generator is located, so it may provide temporary electrical power if the utility source fails.)
產品: Automatic Transfer Switch

6. 電源監測系統 (Monitoring & Management System)

目的: 捕捉電池重要參數的完整解決方案。(The Complete solution for capturing important parameters of batteries at real time.)
產品: Battery Monitoring System
Battery Monitoring System (Wire-less):
- Data Collector, RS-485/Ethernet, 1.2V/2V/6V/12V Battery

Clients & Markets

商業用途 (Commercial Applications):

產業特點:
- 用電分散 (Distributed Power Consumption): 區域型分散用電 (Decentralized power usage)
- 空間變化性多樣 (Diverse Spatial Variability): 現場環境多樣,設計能力要求高 (Varied site environments, requiring high design capability)
- 功能需求多 (Complex Functional Requirements): 所需之客製化搭配較多功能多 (High need for customized configurations and functions)
應用案例 (Application Cases): 中小企業伺服器主機,醫院,辦公室,商業空間,中小工廠 (SME server hosts, hospitals, offices, commercial spaces, small and medium-sized Factories)

基礎建設-大型用電設備 (Infrastructure - Large-Scale Power Consumption Equipment):

產業特點:
- 集中用電 (Centralized Power Consumption): 集中型不斷電系統,統一調度,再分散至下游分支 (Centralized UPS systems, unified scheduling, and subsequent distribution to downstream Branches.)
- 能量密度高 (High Power Density): 講究單位體積功率比,縮減機房體積 (Focus on power-to-volume ratio to minimize data center/server room footprint.)
- 整合集中管理 (Integrated Centralized Management): 透過集中管理,統整重要設備用電 (Consolidating power supply for critical equipment through central management)
應用案例 (Application Cases): 海陸空交通運輸,電信數據機房,醫院,半導體設備,大型廠房 (Transportation (marine, land, air), telecom data centers, hospitals, semiconductor fabrication plants, and large industrial facilities.)

電力品質與儲存設備 (Power Quality and Efficiency):

產業特點:
- 電力不穩定 (Unstable Power Supply): 造成負載容易有諧波污染,需要電力調節設備 (Leading to harmonic on loads, requiring power conditioning equipment.)
- 節能省電費 (Energy Saving and Cost Reduction): 透過設備調節,可有效降低電費,減少供電壓力 (Effective electricity contract/ bill reduction and supply pressure mitigation through equipment regulation)
- 設備用電特性 (Equipment Power Consumption Characteristics): 部分設備特性會產生電力污染 (Certain equipment characteristics cause power pollution)
- 備載容量不足 (Insufficient Backup Capacity): 需要額外的能量儲存設備 (Requiring additional energy storage equipment)
應用案例 (Application Cases): 運動場館。展會中心,重度用電廠房,半導體機房,太陽能案場 (Sports arenas/stadiums, exhibition centers, heavy-power-consumption plants, semiconductor server rooms, solar power projects)

Financial Highlights & Recent Performance (NT$ million except EPS)

2Q 2026 單季結算數字 (2Q 2026 Financial Results)

指標 (Metric)	2Q26	1Q26	2Q25	季變化(Q/Q)	年變化(Y/Y)
銷貨收入 (Sales Revenue)	945.0	804.2	809.3	17.5%	16.8%
銷貨毛利率 (Gross Margin)	30.6%	27.2%	32.4%	+3.4ppts	-1.8ppts
營業費用 (Operating Expenses)	215.1	198.1	181.1	8.6%	18.8%
營業淨利率 (Operating Margin)	7.8%	2.6%	10.1%	+5.2ppts	-2.3ppts
業外損益 (Non-operating Items)	-4.9	6.0	-34.8	-181.7%	-85.9%
稅後淨利 (Net Income)	27.6	16.3	29.7	69.4%	-7.0%
稅後淨利率 (Net Profit Margin)	2.9%	2.0%	3.7%	+0.9ppts	-0.8ppts
每股盈餘 (EPS)	0.63	0.34	0.67	85.3%	-6.0%
股東權益報酬率 (ROE)	1.72%	1.03%	1.76%	+0.69ppts	-0.04ppts
流通在外股數 (Outstanding Shares)	45	45	45	-	-

銷貨收入及銷貨毛利 (Sales Revenues & Gross Profits) - 2Q26:

銷貨收入 (Sales Revenues):
- 2Q25: 809.3
- 3Q25: 997.3
- 4Q25: 850.5
- 1Q26: 804.2
- 2Q26: 945.0
- Q/Q 變化: 17.5%
- Y/Y 變化: 16.8%
銷貨毛利 (Gross Profits):
- 2Q25: 262.5 (32.4%)
- 3Q25: 309.3 (31.0%)
- 4Q25: 243.8 (28.7%)
- 1Q26: 218.6 (27.2%)
- 2Q26: 288.8 (30.6%)
- Q/Q 變化: 32.1%
- Y/Y 變化: 10.0%

營業費用與營業淨利 (Operating Expenses & Profits) - 2Q26:

營業淨利 (OP): 258.5% Q/Q, -9.4% Y/Y
推銷與管理費用 (SG&A): 10.9% Q/Q, 17.3% Y/Y
研發費用 (R&D): 2.5% Q/Q, 23.0% Y/Y
總營業費用 (OPEX): 8.6% Q/Q, 18.8% Y/Y
佔銷貨收入百分比 (% of sales):
- OPM: 10.1% (2Q25), 12.0% (3Q25), 4.8% (4Q25), 2.6% (1Q26), 7.8% (2Q26)
- SG&A: 16.7% (2Q25), 13.7% (3Q25), 17.7% (4Q25), 17.7% (1Q26), 16.8% (2Q26)
- R&D: 5.7% (2Q25), 5.3% (3Q25), 6.1% (4Q25), 6.9% (1Q26), 6.0% (2Q26)
- OPEX: 22.4% (2Q25), 19.0% (3Q25), 23.8% (4Q25), 24.6% (1Q26), 22.8% (2Q26)

主要業務部門表現 (Performance by Segment) - 2Q26:

Sales Dept. 1 (第一事業部):
- Sales: 370.8 (+27.1% Q/Q, +31.1% Y/Y)
- Profits: 100.6 (+129.1% Q/Q, +39.0% Y/Y)
Sales Dept. 2 (第二事業部):
- Sales: 473.5 (+14.0% Q/Q, +9.5% Y/Y)
- Profits: 29.9 (+35.9% Q/Q, -41.7% Y/Y)
Technical Services Dept. (技術服務部):
- Sales: 82.8 (-0.3% Q/Q, +21.3% Y/Y)
- Profits: 28.7 (-18.7% Q/Q, +5.4% Y/Y)
Energy Business Dept. (能源事業部):
- Sales: 17.9 (+25.9% Q/Q, -30.9% Y/Y)
- Profits: (0.6) (虧損/loss)
營收佔比 (Sales%):
- 2Q25: Sales Dept. 1 (35.0%), Sales Dept. 2 (53.4%), Technical Services Dept. (8.4%), Energy Business Dept. (3.2%)
- 1Q26: Sales Dept. 1 (36.3%), Sales Dept. 2 (51.6%), Technical Services Dept. (10.3%), Energy Business Dept. (1.8%)
- 2Q26: Sales Dept. 1 (39.2%), Sales Dept. 2 (50.1%), Technical Services Dept. (8.8%), Energy Business Dept. (1.9%)

業外損益 (Non-Operating Items) - 2Q26:

總計 (Total): (4.9) (2Q26), 6.0 (1Q26), (34.8) (2Q25)
利息收入 (Interest Income): 1.1 (2Q26)
其他收入 (Other Income): 2.3 (2Q26)
其他利益及損失 (Other gains and losses): (5.9) (2Q26)
財務成本 (Finance Costs): (2.4) (2Q26)

稅前淨利 (Profits before tax) - 2Q26:

稅前淨利 (Pretax Income): 68.8 (2Q26), 26.6 (1Q26), 46.6 (2Q25)
季變化 (Q/Q): 158.9%
年變化 (Y/Y): 47.8%
EBT margin: 7.3% (2Q26)

稅後淨利 (Net Profits after tax) - 2Q26:

稅後淨利 (Net Income): 27.6 (2Q26), 16.3 (1Q26), 29.7 (2Q25)
季變化 (Q/Q): 69.4%
年變化 (Y/Y): -7.0%
所得稅 (Income tax): (41.2) (2Q26)
Net margin: 2.9% (2Q26)

2026年上半年累計結算數字 (Half-year Financial Results)

指標 (Metric)	YT1H26	YT1H25	年變化(Y/Y)
銷貨收入 (Sales Revenue)	1,749.2	1,507.5	16.0%
銷貨毛利率 (Gross Margin)	29.0%	29.5%	-0.5ppts
營業費用 (Operating Expenses)	413.1	355.1	16.34%
營業淨利率 (Operating Margin)	5.4%	6.0%	-0.6ppts
業外損益 (Non-operating Items)	1.1	-28.6	轉虧為盈
稅後淨利 (Net Income)	43.9	38.2	14.9%
稅後淨利率 (Net Profit Margin)	2.5%	2.5%	持平
每股盈餘 (EPS)	0.97	0.86	12.8%
股東權益報酬率 (ROE)	2.73%	2.36%	+0.37ppts
流通在外股數 (Outstanding Shares)	45	45	-

銷貨收入及銷貨毛利 (Sales Revenues & Gross Profits) - 1H26:

銷貨收入 (Sales Revenues):
- YT1H25: 1,507.5
- YT1H26: 1,749.2
- Y/Y 變化: 16.0%
銷貨毛利 (Gross Profits):
- YT1H25: 444.9 (29.5%)
- YT1H26: 507.4 (29.0%)
- Y/Y 變化: 14.1%

營業費用與營業淨利 (Operating Expenses & Profits) - 1H26:

營業淨利 (OP): 5.1% Y/Y
推銷與管理費用 (SG&A): 14.2% Y/Y
研發費用 (R&D): 22.6% Y/Y
總營業費用 (OPEX): 16.3% Y/Y
佔銷貨收入百分比 (% of sales):
- OPM: 6.0% (1H25), 5.4% (1H26)
- SG&A: 17.5% (1H25), 17.2% (1H26)
- R&D: 6.0% (1H25), 6.4% (1H26)
- OPEX: 23.6% (1H25), 23.6% (1H26)
註: 本頁營業費用不含預期信用損失 (Operating expenses on this page do not include expected credit losses).

主要業務部門表現 (Performance by Segment) - 1H26:

Sales Dept. 1 (第一事業部):
- Sales: 662.5 (+21.4% Y/Y)
- Profits: 144.5 (+44.1% Y/Y)
Sales Dept. 2 (第二事業部):
- Sales: 888.8 (+14.7% Y/Y)
- Profits: 51.9 (-30.6% Y/Y)
Technical Services Dept. (技術服務部):
- Sales: 165.8 (+21.2% Y/Y)
- Profits: 64.0 (+11.1% Y/Y)
Energy Business Dept. (能源事業部):
- Sales: 32.1 (-35.4% Y/Y)
- Profits: (2.2) (虧損/loss)
營收佔比 (Sales%):
- YT1H25: Sales Dept. 1 (36.2%), Sales Dept. 2 (51.4%), Technical Services Dept. (9.1%), Energy Business Dept. (3.3%)
- YT1H26: Sales Dept. 1 (37.9%), Sales Dept. 2 (50.8%), Technical Services Dept. (9.5%), Energy Business Dept. (1.8%)

業外損益 (Non-operating Items) - 1H26:

總計 (Total): 1.1 (1H26), (28.6) (1H25)
利息收入 (Interest Income): 1.9 (1H26)
其他收入 (Other Income): 8.3 (1H26)
其他利益及損失 (Other gains and losses): (4.3) (1H26)
財務成本 (Finance Costs): (4.8) (1H26)

稅前淨利 (Profits before tax) - 1H26:

稅前淨利 (Pretax Income): 95.4 (YT1H26), 61.1 (YT1H25)
年變化 (Y/Y): 56.0%
EBT margin: 5.5% (YT1H26)

稅後淨利 (Net Profits after tax) - 1H26:

稅後淨利 (Net Income): 43.9 (YT1H26), 38.2 (YT1H25)
年變化 (Y/Y): 14.9%
所得稅 (Income tax): (51.5) (1H26)
% of sales: 2.5% (YT1H26)

近年每股盈餘與現金股利 (EPS and cash dividend)

年度 (Year)	EPS	現金股利 (Cash Dividend)
2021	1.6	1.05
2022	2.55	2.00
2023	1.95	2.00
2024	2.15	2.00
2025	4.02	3.25

註: 每股盈餘之設算基於流通在外股數4500萬股。而現金股利包含盈餘分配、法定盈餘公積與資本公積發放之現金股利。(EPS based on shares outstanding of 45 million. And dividend pay out include comprehensive income, capital surplus and legal reserve.)

Outlook & Strategy

產業概況與公司展望 (Industry Overview and Business Outlook):

產業走向 (Industry Trends):

國內 (Taiwan - Domestic Market):
- AI 相關需求 (AI-related demand)
- 分散式邊緣運算增溫,企業自擁機房 (Increased distributed edge computing, enterprise-owned data centers)
- 電力不穩定與供需不平衡 (Unstable power and supply-demand imbalance)
- 備轉容量不足與電網穩定性下降 (Insufficient operating reserve capacity and energy grid stability.)
- 關鍵負載設備對不斷電系統(UPS)的需求 (Demand Installation of Uninterruptible Power Supply (UPS) systems for critical load equipment.)
- 對混合式儲能系統(ESS)的需求 (Demand for hybrid energy storage systems (ESS).)
海外 (Global Trade):
- 去中化:非中國製造 (De-China: Non-China manufacturing)
- 各國保護主義興起,在地製造需求漸增 (Rising protectionism, increasing demand for local manufacturing)
- 產品兩極化走向 (Product Polarization):
  - 低價產品降低高關稅之總價 (Low-Priced Products: Reducing the Total Cost under High Tariffs)
  - 提升產品附加價值 (Enhancing Product Added Value)
- 關稅問題升級 (Escalating Tariff Issues)
- 非中國政策 (No-China policy)
- 在地化呼聲高漲 (Rising Call for Localization)

公司發展方向狀況 (Products & Solutions):

國內 (Taiwan - Domestic Market):
- 供應鏈(半導體製程,封測),雲端機房 (Supply chain (semiconductor manufacturing, packaging & testing), cloud data centers)
- 中小型分散式UPS (Small and medium-sized distributed UPS)
- 不斷電與儲能需求 (UPS and energy storage demand)
- 面對備轉容量不足與電網穩定性下降 (Facing insufficient spinning reserve capacity and declining energy grid stability.)
- 專注於大型、可擴展、模組化UPS的開發 (Focus on Large, Scalable, Modular UPS Development)
- 將ESS能力整合到UPS系統中 (混合式UPS) (Integrating ESS capability into UPS systems (Hybrid UPS))
海外 (Global Trade):
- 中國/台灣製造 (Manufacturing in China/Taiwan depends on requirement)
- 不只輸出產品,更可輸出製造方案與設備 (Exporting Not Just Products, but also Manufacturing Solutions and Equipment)
- 往兩極發展 (2 direction of Product development Strategy):
  - 低價功能機種 (Low-Cost Functional Models)
  - 客製化/多元組合/ 高效率/ 複合儲能/ 智能靜音 (High-Efficiency / Hybrid Energy Storage / Smart Silent)
- 關稅問題升級與去全球化 (Escalating Tariffs and De-globalization)

Additional Data

重要聲明 (Disclaimer Statement):

本簡報財務數字係根據國際財務報導準則編制(IFRS) (The financial numbers hereby are based on International Financial Reporting Standards(IFRS))
合併數字經會計師查核或核閱,並公告於公開資訊觀測站 (Cumulative consolidated numbers were reviewed by CPA)
盈正豫順之預期陳述,受制於未來總體環境風險與不確定性,且實際結果可能與預期陳述顯著不同 (Ablerex'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.)

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