桂盟國際股份有限公司 2026Q2 法說會簡報
Company Overview
- 公司名稱: KMC (Kuei Meng) International Inc. / 桂盟國際股份有限公司
- 簡報期間: 2026年度 第二季度 投資人簡報
- 前瞻性陳述:
- 本文件可能包含「前瞻性陳述」，包括但不限於所有本公司對未來可能發生的業務活動、事件或發展的陳述。
- 該等陳述係基於本公司對未來營運之假設，及種種本公司無法控制之政治、經濟、市場等因素所做成，故實際經營結果可能與該等陳述有重大差異。
- 本文件不得視為買賣有價證券或其他金融商品的要約或要約之引誘。
- 集團規模: 桂盟集團是全球最大規模鏈條製造廠商。
- 2025年累積生產量: 地球~月球累計繞行超過7圈。
- 全球佈局: 11座生產基地 + 13個服務據點
- 全球總部及研發中心 (Global Headquarters & Research Center): Tainan, Taiwan
- 中國總部及研發中心 (China Headquarters & Research Center): Suzhou, Jiangsu
- 全球生產基地 (Global Production Sites): Taiwan, Vietnam x2, Tianjin x2, Shenzhen x3, Suzhou x3
- 全球服務中心 (Global Services Centers): Taiwan x2, California, U.S., Netherlands, Europe x2, Germany, Europe, Jakarta, Indonesia, Vietnam x2, Tianjin, Shenzhen, Suzhou x2
- 全球行銷: 桂盟以13種語言行銷全球150餘國。
- 例如: Keten, Catena, Kette, Chaîne, Cadeia, Cadena, kedja, цепь, 사슬, チェーン, 鏈條/链条, Chuỗi。
Financial Highlights
- 公司市值: 108億元 (截至2026.06.30)
- 品牌價值: 8300萬美元
- 合併營收:
- 1H26合併營收達27.8億元
- (2025年合併營收達46.8億元)
Business Segments
- 產品別業務比重 (Contribution by BU):
- 1H25:
- Bike Component: 72.1%
- ATS: 14.8%
- GDO: 8.1%
- Motorcycle: 4.0%
- Others: 1.0%
- 1H26:
- Bike Component: 74.9%
- ATS: 11.7%
- GDO: 7.4%
- Motorcycle: 4.2%
- Others: 1.8%
- 1H25:
- 銷售體系:
- 直接 (Direct) / 間接 (Indirect)
- 業務類別:
- BC OEM (Bicycle Original Equipment Manufacturer)
- BC AM (Bicycle Aftermarket)
- MT OEM (Motorcycle Original Equipment Manufacturer)
- MT AM (Motorcycle Aftermarket)
- ATS OEM (Automotive Timing Systems Original Equipment Manufacturer)
- ATS AM (Automotive Timing Systems Aftermarket)
- GDO (Garage Door Opener)
- 製造商 (OEM): Bicycle Maker, System Maker, Motorcycle Maker, Automobile Maker, Garage Door Maker
- 經銷商 (Distributor): Tier 1, KMC Europe, KMC America, KMC Vietnam, KMC Indonesia
- 獨立車店 (Independent Dealer): Tier 2
Products & Technologies
- 產品項目 (Products and Services):
- 自行車鏈條產品 (Bicycle Chain Products)
- 機車鏈條及鏈輪 (Motorcycle Chains & Sprockets)
- 車庫門開門機系統 (Garage Door Opener Systems)
- 汽車正時系統 (Automotive Timing Systems)
- 品牌: KMC
- 獲獎產品範例:
- KMC's All-New Z1eHX
- X-Super Light DLC Chain
- City Hunter
- 12 speed X chain
- e-Cargo Chain
ESG / Sustainability
- 永續經營的創新,留給孩子一顆綠色地球 (Innovation in sustainable operations, leaving a green Earth for children):
- CREATING a better world
- 綠色廠區 (Green factory)
- 綠色製造 (Green manufacturing)
- 綠色包材 (Green packaging materials)
- 綠色標章 (Green label/certification): 2.6kg CO2 Carbon Footprint Taiwan EPA
- 綠色循環 (Green cycle)
- KMC相信,分享,是企業永續的關鍵 (KMC believes sharing is the key to corporate sustainability):
- Kids 小騎士總動員 (Kids Little Knights Mobilization)
- National Team 國手協育 (National Team Athlete Support)
- Let's ride 樂騎綠動 (Let's Ride Green Movement): 輪台南 2025 單車嘉年華 (Tainan 2025 Cycling Carnival)
- Dr. Chain 單車知識推行 (Dr. Chain Bicycle Knowledge Promotion)
- Charity 慈善公益 (Charity Public Welfare)
Additional Data
-
企業榮譽 (Corporate Honors):
- 連績13年獲得19項iF設計大獎
- 3年榮獲5項紅點設計大獎
-
冠軍傳奇 (Champion Legend):
- 贊助連三屆奧運自行車選手: 共獲6金1銀1銅
- 贊助連7年自行車環法賽車隊: 獲登山王及單站冠軍
- 冠名贊助車隊: KMC Ridley Mountainbike Racing Team
- 桂盟是全台灣第一個以零件公司名義冠名贊助 UCI 車隊。
- 贊助選手/團隊及成就:
- FRAMEWORKS RACING (ASA VERMETTE):
- 2025 Red Bull Hardline in Wales, UK (The youngest) Winner
- 2024 Andorra UCI MTB World Championships Downhill Men 1st
- 2024 UK WHOOP UCI Mountain Bike World Cup Downhill Men 1st
- 2024 Polish WHOOP UCI Mountain Bike World Cup Downhill Men 1st
- TEAM CAJA RURAL - SEGUROS RGA (Orluis Alberto Aular Sanabria):
- 2022 Venezuela National Road Championships Road Race winner
- Triathlete (FREDERI C FUNK):
- 2024 Dubai T100 Tri at hl on World Champi ons hi p Fi nal Fastest
- 80KM Bi ke Split
- 2023 I ronman 70. 3 World Championship 2nd
- FRAMEWORKS RACING (ASA VERMETTE):
-
營收變動情形 (Change in Sales Revenue) (Unit: NT$ thousand):
- 1H25 Revenue: 2,529,199
- BC: +257,892
- New Business: +22,483
- MT: +17,464
- GDO: +426
- ATS: -50,396
- 1H26 Revenue: 2,777,067
-
淨利變動情形 (Change in Net Income):
- 1H25 Net Income: 572,506
- Operating Profit: +62,442
- Gains from Relocation Compensation: -178,427
- Others: +2,213
- Decrease in Foreign Exchange Loss: +38,296
- 1H26 Net Income: 497,030
-
自行車零件近期營運說明 (Key Operating Update For Bike Component):
- AM and OE Sales Mix:
- FY22: AM 20.9%, OE 79.1%
- FY23: AM 18.0%, OE 82.0%
- FY24: AM 19.6%, OE 80.4%
- FY25: AM 23.6%, OE 76.4%
- 1H26: AM 26.3%, OE 73.7%
- Sales by Region:
- FY22: EU+US 31.4%, Asia and Others 68.6%
- FY23: EU+US 30.9%, Asia and Others 69.1%
- FY24: EU+US 30.5%, Asia and Others 69.5%
- FY25: EU+US 33.4%, Asia and Others 66.6%
- 1H26: EU+US 39.5%, Asia and Others 60.5%
- Bike Chain VS Non-bike chain:
- FY22: Non-bike chain 2.3%, Bike chain 97.7%
- FY23: Non-bike chain 3.2%, Bike chain 96.8%
- FY24: Non-bike chain 2.7%, Bike chain 97.3%
- FY25: Non-bike chain 3.3%, Bike chain 96.7%
- 1H26: Non-bike chain 3.8%, Bike chain 96.2%
- AM and OE Sales Mix:
-
其他重要財務資訊 (Other Financial Result):
- 毛利率 (Gross Margin):
- FY22: 47.8%
- FY23: 38.9%
- FY24: 41.8%
- FY25: 44.2%
- 1H26: 42.2%
- Inventory Level (NT$mn):
- FY22: ~1,350
- FY23: ~1,100
- FY24: ~1,200
- FY25: ~1,350
- 1H26: ~1,250
- 資本支出 (CAPX) (NT$mn):
- FY22: 447
- FY23: 274
- FY24: 340
- FY25: 350
- 1H26: 109
- EBITDA (NT$mn):
- FY22: 2,858
- FY23: 1,422
- FY24: 1,640
- FY25: 1,707
- 1H26: 883
- 毛利率 (Gross Margin):
-
股利政策 (Dividend Policy):
- EPS (NT Dollars):
- FY15: 6.22
- FY16: 7.14
- FY17: 8.69
- FY18: 7.52
- FY19: 8.00
- FY20: 12.02
- FY21: 15.94
- FY22: 15.26
- FY23: 5.89
- FY24: 7.27
- FY25: 7.66
- 1H26: 3.94
- Pay out ratio:
- FY15: 40%
- FY16: 46%
- FY17: 52%
- FY18: 60%
- FY19: 56%
- FY20: 60%
- FY21: 56%
- FY22: 59%
- FY23: 60%
- FY24: 60%
- FY25: 60%(註)
- 1H26: 60%
- 註: 2025年第一季度的股利發放,是以淨利扣除拆遷補償款後的60%作為發放基準。(Note: The dividend distribution for the first quarter of 2025 will be based on 60% of the net profit after deducting the relocation compensation.)
- 季度盈餘及股利發放時程:
- Q1盈餘 (Q1 Earnings): 除息月份 9月 (Sep.), 發放月份 10月 (Oct.)
- Q2盈餘 (Q2 Earnings): 除息月份 12月 (Dec.), 發放月份 1月 (Jan.)
- Q3盈餘 (Q3 Earnings): 除息月份 3月 (Mar.), 發放月份 4月 (Apr.)
- Q4盈餘 (Q4 Earnings): 除息月份 6月 (Jun.), 發放月份 7月 (Jul.)
- EPS (NT Dollars):
-
簡要合併資產負債表 (Consolidated Balance Sheet) (Unit: NT$ million):
| 項目 (Item) | FY21 | FY22 | FY23 | FY24 | FY25 | 1H26 |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and cash equivalents) | 2,238 | 3,656 | 3,988 | 4,796 | 5,372 | 5,748 |
| 其他流動資產 (Other current assets) | 3,115 | 2,538 | 1,991 | 1,461 | 473 | 602 |
| 固定資產 (Fixed assets) | 3,374 | 3,577 | 3,415 | 3,497 | 3,562 | 3,588 |
| 其他資產 (Other assets) | 2,709 | 2,673 | 2,668 | 3,481 | 4,441 | 4,592 |
| 資產總計 (Total Assets) | 11,436 | 12,444 | 12,062 | 13,235 | 13,848 | 14,530 |
| 銀行借款及公司債 (Loan from bank) | 2,162 | 2,642 | 3,024 | 3,101 | 3,074 | 3,115 |
| 其他及長期負債 (Other liabilities) | 2,732 | 2,279 | 1,398 | 1,812 | 1,888 | 1,914 |
| 負債合計 (Total Liabilities) | 4,894 | 4,921 | 4,422 | 4,913 | 4,962 | 5,029 |
| 股本 (Capital) | 1,260 | 1,260 | 1,260 | 1,260 | 1,260 | 1,260 |
| 保留盈餘及其他 (Retained Earnings) | 5,282 | 6,263 | 6,380 | 7,062 | 7,626 | 8,241 |
| 股東權益合計 (Total Equity) | 6,542 | 7,523 | 7,640 | 8,322 | 8,887 | 9,501 |
| 負債及股東權益總計 (Liabilities and Equity) | 11,436 | 12,444 | 12,062 | 13,235 | 13,848 | 14,530 |
- 簡要合併損益表 (Consolidated Income Statement) (Unit: NT$ million):
| 項目 (Item) | FY21 | FY22 | FY23 | FY24 | FY25 | 1H26 |
|---|---|---|---|---|---|---|
| 營業收入 (Net Sales) | 7,751 | 7,116 | 4,730 | 4,960 | 4,678 | 2,777 |
| 營業毛利 (Gross Profit) | 3,589 | 3,401 | 1,841 | 2,073 | 2,069 | 1,172 |
| 營業利益 (Operating Profit) | 2,576 | 2,340 | 930 | 1,079 | 1,024 | 631 |
| 淨利 (Net Income) | 2,008 | 1,922 | 742 | 917 | 965 | 497 |
| 每股盈餘 (EPS(NT Dollars)) | 15.94 | 15.26 | 5.89 | 7.27 | 7.66 | 3.94 |
| *追溯調整後EPS (Adjusted EPS) |
-
歷年營收及毛利率 (Annual Net Sales & GP Margin) (Unit: NT million dollar for Net Sales):
- Net Sales:
- FY19: 5,240
- FY20: 6,130
- FY21: 7,751
- FY22: 7,116
- FY23: 4,730
- FY24: 4,960
- FY25: 4,678
- 1H26: 2,777
- GP Margin:
- FY19: 40.9%
- FY20: 46.0%
- FY21: 46.3%
- FY22: 47.8%
- FY23: 38.9%
- FY24: 41.8%
- FY25: 44.2%
- 1H26: 42.2%
- Net Sales:
-
事業部季度營收及毛利 (BU Performance & GP Margin):
- Consolidated GP Margin:
- 1Q24: 37.1%
- 2Q24: 40.7%
- 3Q24: 47.8%
- 4Q24: 40.4%
- 1Q25: 43.0%
- 2Q25: 44.0%
- 3Q25: 45.3%
- 4Q25: 44.5%
- 1Q26: 41.8%
- 2Q26: 42.2%
- 季度營收組成: BC (Bike Component), MT (Motorcycle), ATS (Automotive Timing Systems), GDO (Garage Door Opener), OTHERS (Others). (Specific numerical breakdown not provided in the chart, only visual representation).
- Consolidated GP Margin:
Contact Information
- 公司名稱: 桂盟國際股份有限公司 (KMC (Kuei Meng) International Inc.)
- 發言人: 陳泳仁
- Email: ir@kmc-international.com
- 投資人簡報查詢管道: http://www.kmc-international.com
- KMC桂盟官方Youtube頻道: https://www.youtube.com/@kmcgroup-t5b