昆盈公司 (2365.TW) 2026 Q2 法說會簡報
Company Overview
- 公司名稱: 昆盈公司 (KYE) / Genius
- 股票代號: 2365.TW
- 簡報日期: 115.8.18. Aug. 18, 2026
- 簡報人: 財會處副總高安民 / Kevin Kao / Finance VP
- 公司標語: Live with Ideas, Knowledge Yield Excellence
- 公司網站: www.geniusnet.com
免責聲明 (Safe Harbor and Disclaimer)
昆盈公司簡報資料可能包含某些與未來的事件或未來的財務或業績有關的前瞻性陳述，涵蓋我們的期望、策略或計畫。綜然我們相信這些預期或規劃是合理的，然由於一些風險和不確定性，實際結果可能與前瞻性展望的內容有重大差異。這些因素包括但不限於：激烈競爭的產業與市場環境；業務的週期性；與全球商業經營活動有關的風險；政治與經濟的整體概況等。
本簡報中所有有關前瞻性聲明都是根據截至目前為止可獲取的資訊為基礎，本公司不承擔任何義務更新這些陳述，亦不承擔任何義務更新實際結果可能與預期內容有重大差異的原因。本簡報所論及的所有財報數據係依據IFRS編製，同時經由完成相關查核或核閱的程序後公開。
KYE's presentation information herein may contain some forward-looking statements generally related to future events or future financial or operating performance including our expectation, strategy and plan. Although we believe that these expectations and projections are reasonable, due to significant risks and uncertainties, actual results may differ from those contained in the forward-looking statements. Such risks, uncertainties and assumptions include but not limited to: the intensely competition of industry and markets; Cyclical nature of the PC industry; Risks associated with global business activities; General economic and political conditions ; etc.
All forward-looking statements in this presentation are based on information available to us as of the date here of, and we undertake no obligation to update these forward-looking statements or update the reasons why actual results could differ materially from those anticipated in the forward-looking statements. All financial statement figures discussed herein are prepared pursuant to IFRS and publicly announced upon the completion of our audited and reviewed process.
Financial Highlights
2026 第二季營運面重點 (2026 Q2 Operation Highlight)
- 合併營收 (Net Sales): NT$2.47億 (QOQ+2.0% YOY+6.0%)
- 營業毛利 (Gross Profit): NT$94.8百萬 (QOQ-0.2% YOY-6.4%)
- 營業利益 (Operating Profit): NT$9.1百萬 (QOQ-48.5% YOY-33.2%)
- 稅後淨利歸屬母公司 (Net Profit to Owner): NT$25.9百萬 (QOQ-15.7% YOY+364.3%)
- 毛利率 (Gross Margin Rate): 38.4%
- 營業利益率 (Operating Profit Rate): 3.7%
- 稅後淨利率 (Rate of Net Profit after Tax): 10.5%
合併綜合損益 (Consolidated Comprehensive P/L)
(新台幣百萬元 in millions of NT$)
| 項目 Items | 2026Q2 | 2025Q2 | QOQ% | YOY% | 2026 H1 | YOY% | |||
|---|---|---|---|---|---|---|---|---|---|
| 營業收入Net Sales | 247 | 100% | 233 | 100% | 2.0% | 6.0% | 488 | 100% | 4.6% |
| 營業成本COGS | 152 | 61.6% | 132 | 56.5% | 3.4% | 15.5% | 299 | 61.2% | 8.7% |
| 營業毛利Gross Profit | 95 | 38.4% | 101 | 43.5% | (0.2%) | (6.4%) | 190 | 38.8% | (1.3%) |
| 營業費用Operating Expense | 86 | 34.8% | 88 | 37.7% | 10.9% | (2.2%) | 163 | 33.4% | (4.8%) |
| 營業利益Operating Income | 9 | 3.7% | 14 | 5.8% | (48.5%) | (33.2%) | 27 | 5.5% | 26.7% |
| 營業外收支Non-Operating | 20 | 8.2% | (25) | (10.7%) | 5.4% | 181.7% | 39 | 8.1% | 551.3% |
| 稅前淨利Income before Tax | 29 | 11.9% | (11) | (4.8%) | (20.4%) | 360.6% | 66 | 13.6% | 438.6% |
| 稅後淨利歸屬母公司Net Income | 26 | 10.5% | (10) | (4.2%) | (15.7%) | 364.3% | 57 | 11.6% | 808.1% |
| 每股淨利EPS (After-tax)* | 0.12 | (0.04) | 0.26 |
- 每股盈餘係以2026第二季加權平均股本$22.15億計算
- Note: EPS are based on the weighted average shares outstanding of 221.5mn in Q2 2026
合併資產負債 (Consolidated B/S)
(新台幣百萬元 in millions of NT$)
| 項目 items& 比較Comparison | 2026 Q2 | 2025 Q4 | 2025 Q2 | |||
|---|---|---|---|---|---|---|
| 現金/約當現金/3個月以上定存 Cash & Equiv./Time deposit | 1,433 | 39.5% | 1,403 | 39.6% | 1,429 | 40.5% |
| 金融資產-流動 Financial Assets | 59 | 1.6% | 49 | 1.4% | 66 | 1.9% |
| 應收帳款/票據 Net AR/NR | 92 | 2.5% | 111 | 3.1% | 109 | 3.1% |
| 存貨 Inventories | 110 | 3.0% | 111 | 3.1% | 108 | 3.1% |
| 非流動資產Non current Asset | 1,810 | 49.9% | 1,777 | 50.2% | 1,744 | 49.4% |
| 長短期銀行借款 Bank Loan | 207 | 5.7% | 214 | 6.0% | 220 | 6.2% |
| 應付帳款及票據 Net AP/NP | 29 | 0.8% | 32 | 0.9% | 44 | 1.3% |
| 母公司股東權益 Equity | 3,078 | 84.8% | 3,050 | 86.2% | 2,917 | 82.7% |
| 每股淨值 NAV/share | NT$13.9 | NT$13.8 | NT$13.2 | |||
| 資產總計 Total Assets | 3,627 | 100% | 3,540 | 100% | 3,527 | 100% |
財務韌性指標 (Financial Resilience Index)
- 有利產品組合及有效降低成本讓毛利率表現亮麗，維持本業獲利
- Favorite Products Mix and Cost Down Effort Lead Better Gross Margin and Operating Profit.
- 庫存持平於低水位周轉率升
- Inventories remain low and healthy.
- 2026 Q2較去年底及去年同期大約持平 (Remaining low and healthy level NT$110M comparing Q4 & Q2 in 2025).
- 低負債比及強短期流動能力
- Low Debt Ratio and Solid Short-term Liquidity.
- 負債比Debt Ratio: 14%
- 流動比率Current Ratio: 701%
- 速動比率Quick Ratio: 632%
- 充足資金
- Adequate Cash Flows.
- 現金&三個月以上定存 NT$14.3億 (Cash & Time Deposit NT$1.43Bn).
財務韌性指標 (Financial Resilience Index) - 數據
| 項目 Items | Financial Ratio/Year | 23 | 24 | 25 | 26 Q2 |
|---|---|---|---|---|---|
| 資本結構Capital Structure | 負債比率Debts to Assets ratio(%) | 15.2 | 13.6 | 12.6 | 14.0 |
| 流動性分析Liquidity Analysis | 流動比率Current ratio(%) | 624.5 | 912.0 | 927.2 | 701.2 |
| 速動比率Quick ratio(%) | 554.5 | 838.5 | 847.8 | 632.3 | |
| 經營效能Operating performance | 帳款回收天數AR collection days | 34 | 33 | 39 | 38 |
| 銷貨天數Inventory Turnover days | 148 | 91 | 78 | 68 | |
| 付款天數AP Payment days | 73 | 60 | 70 | 79 | |
| 獲利能力Profitability | 資產報酬率ROA(%) | 2.23% | 4.14% | 2.12% | 1.65% |
| 股東權益報酬率ROE(%) | 2.44% | 4.69% | 2.31% | 1.85% | |
| 每股淨利EPS(nt$/share) | 0.33 | 0.64 | 0.32 | 0.26 | |
| 現金流量Cash Flows | 現金流量比率Cash Flows Ratio | 68.0% | 103.8% | 54.6% | 14.5% |
Recent Performance and Results
2026 第二季營收年增+6.0% (Revenues Moderate Grew 6.0% Yearly Q2 2026)
(新台幣千元 in thousand NT$)
| 營收 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 175,149 | 174,667 | 222,622 | 197,111 |
| 2024 | 223,651 | 263,528 | 264,701 | 226,936 |
| 2025 | 234,422 | 232,649 | 247,437 | 244,856 |
| 2026 | 241,791 | 246,620 |
- 2026 Q2 營收: NT$246,620千元
- QoQ: +2.0%
- YoY: +6.0%
2026 第二季毛利率維持38.4%高檔 (GP Rate Remained as High as 38.4% in Q2 2026)
| 毛利率 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 39.91% | 35.05% | 41.42% | 34.14% |
| 2024 | 38.20% | 41.62% | 41.64% | 39.22% |
| 2025 | 38.84% | 43.51% | 41.69% | 39.89% |
| 2026 | 39.26% | 38.44% |
- 2026 Q2 毛利率: 38.44%
- QoQ: -0.8%
2026 第二季營業利益下降 (OP Declined in Q2 2026)
(新台幣千元 in thousand NT$)
| 營業淨利 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | (238) | (2,343) | 19,888 | (10,675) |
| 2024 | 12,308 | 25,463 | 26,700 | 9,664 |
| 2025 | 7,496 | 13,579 | 28,420 | 3,386 |
| 2026 | 17,626 | 9,071 |
- 2026 Q2 營業淨利: NT$9,071千元
- QoQ: -48.5%
- YoY: -33.2%
2026 第二季稅後淨利歸屬母公司季減年增 (Net Income Increased significantly YoY in Q2 2026)
(新台幣千元 in thousand NT$)
| 稅後淨利 | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| 2023 | 18,564 | 27,844 | 30,870 | (5,077) |
| 2024 | 34,783 | 39,361 | 47,718 | 20,785 |
| 2025 | 16,035 | (9,800) | 43,269 | 21,479 |
| 2026 | 30,725 | 25,896 |
- 2026 Q2 稅後淨利: NT$25,896千元
- QoQ: -15.7%
- YoY: +364.3%
Business Segments
區域銷售分佈 (Regional Sales Allocation)
2026 Q2
- 總營收: 新台幣2.47億 (Total Revenue : NT$ 247MN)
- 銷售分佈:
- 亞洲, Asia: 45.3%
- 拉丁美洲, Latin America: 35.7%
- 歐洲, Europe: 15.8%
- 中東非, M.E.A.: 3.2%
2026 H1
- 總營收: 新台幣4.88億 (Total Revenue : NT$ 488MN)
- 銷售分佈:
- 亞洲, Asia: 45.7%
- 拉丁美洲, Latin America: 32.8%
- 歐洲, Europe: 18.5%
- 中東非, M.E.A.: 3.0%
產品別銷售組合 (Products Portfolio)
2026 Q2
- 行車記錄器 (Dash Cam): 40.4%
- 鍵盤 (Keyboard): 20.5%
- 滑鼠 (Mouse): 20.1%
- 其他 (Others): 7.3%
- 喇叭 (Speaker): 4.7%
- 耳機 (Headset): 3.7%
- 視訊影像 (Webcam/Image): 3.3%
2026 H1
- 行車記錄器 (Dash Cam): 41.5%
- 鍵盤 (Keyboard): 20.2%
- 滑鼠 (Mouse): 19.8%
- 其他 (Others): 7.0%
- 喇叭 (Speaker): 4.9%
- 視訊影像 (Webcam/Image): 3.4%
- 耳機 (Headset): 3.2%
產品別銷售彙總 (Sales by products 2026 Q2 & H1)
| 產品PRODUCTS | 2026 Q2 數量Units yoy | 2026 Q2 金額 Revenues yoy | 2026 H1 數量Units yoy | 2026 H1 金額 Revenues yoy |
|---|---|---|---|---|
| 滑鼠Mouse | -6.7% | -0.5% | -14.1% | -12.7% |
| 鍵盤 KB | 4.1% | 12.6% | -4.5% | -0.8% |
| 喇叭 Speaker | 8.4% | 0.5% | 18.9% | 0.9% |
| 耳機麥克風Headset | -2.4% | 31.8% | -3.4% | 15.1% |
| 視訊影像產品 Image | -28.9% | -12.3% | -17.9% | -23.0% |
| 行車紀錄器Headset | 31.6% | 11.9% | 49.8% | 25.0% |
Products & Technologies
新產品佈局 (New Products Agenda) - 2C1B1A
- Audio (音訊)
- SP-915BT: 5 Watts Bluetooth Speaker, Bluetooth 5.3
- SP-HF800BT: 20-Watts Bluetooth Wood Speakers, Bluetooth 5.3
- Copilot (協作副駕)
- Genius GX Copilot: AI Copilot keyboard/mouse combo
- Bluetooth (藍牙)
- HS-810BT: Foldable Bluetooth Headset, Bluetooth 5.3
- USB C (USB-C)
- Fast Charging Cable: USB-A to USB-C, 150cm
更多AI Copilot 滑鼠產品上市 (More AI Copilot Mice launching)
- 產品類別: AI Copilot 滑鼠
- 主要特色: 雙模/人體工學/靜音 (Dual Mode/Ergonomic/Silent), BT+2.4G
- 產品型號/系列:
- Wireless Vertical Mouse: Dark Grey, White+Grey
- Ergo 9000S Pro: Wireless Bluetooth Rechargeable Mini Ergo Silent Mouse (顏色: Pearl White, Silver, Light Blue, Pink, Pine Wood)
- AI 功能:
- Copilot AI button
- Microphone Input button
- Activate AI Copilot assistant on Windows 11 or above
- Enable Voice typing on Windows 11 or above
Copilot AI 雙模鍵盤/鍵鼠 (BT+2.4G AI Key Boards/ K+M Combo)
- 產品類別: Copilot AI 雙模鍵盤/鍵鼠組合
- 主要特色: BT+2.4G, AI Key Boards/K+M Combo
- 鍵盤功能:
- FN Lock (Switch hotkeys & function keys)
- Office Editing (Cut, Copy, Paste, SniPaste for document editing)
- Media Playback (to play, last/next track, vol +/-, mute)
- Microphone Key
- Number 000
- Calculator (to input 00 000 bigger number, saving time)
- Retro typewriter keycaps
- 2.4GHz Wireless Working distance up to 10 meters
- 滑鼠功能:
- USB receiver (USB plug and play, no setting required)
USB-C/ Hi-Fi 木箱藍牙喇叭 (BT Speakers)
- 產品類別: USB-C/ Hi-Fi 木箱藍牙喇叭
- 產品型號:
- SP-915BT: 6W RMS, Bluetooth®
- SP-HF800BT: 20-Watts Bluetooth Wood Speakers, Bluetooth® 5.3
- 顏色選項: Black, Red, Blue, Grey (for SP-915BT); Pine Wood, Dark Brown (for SP-HF800BT)
藍牙/Copilot/USB-C耳機 (BT/Copilot/USB-C Headsets)
- 產品類別: 藍牙/Copilot/USB-C耳機
- 產品型號:
- HS-810BT: Foldable Bluetooth Headset, Bluetooth 5.3
- HS-235U AI: Copilot USB Headset
- HS-M365: In-ear USB-C Earbuds
- 其他產品: 無線耳塞式耳機 (Wireless earbuds)
GX Gaming遊戲週邊 (GX Gaming Series)
- 產品類別: GX Gaming 系列 (遊戲週邊)
- 產品型號/系列:
- Wireless Bluetooth Gaming Mouse: Dual Mode (Bluetooth® & 2.4GHz Wireless)
- Gaming Headset: RGB Light, Ergonomic Design, Comfortable Ear Pad, 50MM DRIVERS, STEREO SOUND, USB PLUG & PLAY, In-line Control (Mute, Volume up/down)
- SCORPION K12: Illuminated Mechanical Keyboard
- SCORPION KM-CX6: Gaming Combo (AI Copilot, 18 KEY Anti-Ghosting, 3200 DPI, RGB Backlit)
- Gaming Steering Wheel: 附踏板及排檔桿
Outlook & Strategy
115年營運面議題 (2026 Business Concern Topics)
- AI帶動換機潮及應用AI Driven Replacement / CoPilot Application
- 原物料(記憶體、PCB、主被動元件、塑料)成本大幅上揚
- Cost of Material, Electronic Components & Parts Raise Significantly.
- 中美戰略對抗
- China US Strategic Antagonism.
- 地緣衝突(美伊戰爭)
- Geopolitical Conflicts : US-Israel War on Iran.
- 升級制裁與出口管制
- Upgrade Export Control & Sanction.
- 總體經濟如景氣、通膨、利率與匯率
- Macro Economic Factors.
- 國際物流運輸的時間、成本及航班艙位對出貨延遲的影響
- Global Logistic and Transportation Problems.