台灣晶技(3042) 2026Q2 法說會簡報
Company Overview
- 公司名稱: 台灣晶技股份有限公司 (TXC)
- 股票代號: 3042 (TWSE)
- 成立年份: 1983年
- 願景: 跨越每個世代,成就更美好的連結 (Spans across generations, creating better connections)
- 核心理念: Think of Frequency, Think of TXC
Financial Highlights
綜合損益表 (Consolidated Income Statement)
- 穩健成長,健康財務結構 (Steady growth, healthy financial structure)
- 單位: 台幣百萬
| Item | Q2'26 | Q1'26 | QoQ | YOY | H1'26 | H1'25 | YOY |
|---|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 3,699 | 3,339 | 10.77% | 9.87% | 7,038 | 6,533 | 7.73% |
| 營業毛利 (Gross Profit) | 1,225 | 1,080 | 13.42% | 8.23% | 2,304 | 2,252 | 2.32% |
| 營業費用 (Operating Expenses) | 602 | 576 | 4.56% | 3.54% | 1,178 | 1,187 | -0.71% |
| 營業淨利 (Operating Income) | 622 | 503 | 23.55% | 13.20% | 1,126 | 1,065 | 5.70% |
| 營業外收入及支出 (Non-operating Income and Expenses) | 48 | 50 | -3.86% | 133.39% | 97 | -81 | 219.64% |
| 稅前淨利 (Pre-tax Income) | 670 | 553 | 21.09% | 64.75% | 1,223 | 984 | 24.36% |
| 稅後淨利 (Net Income) | 555 | 450 | 23.31% | 49.96% | 1,006 | 842 | 19.43% |
| 基本每股盈餘(新台幣元) (Basic EPS (NTD)) | 1.64 | 1.32 | 24.24% | 51.85% | 2.96 | 2.46 | 20.33% |
| 營業毛利率(%) (Gross Margin (%)) | 33.11% | 32.33% | 32.74% | 34.47% | |||
| 營業費用率(%) (Operating Expense Ratio (%)) | 16.28% | 17.25% | 16.74% | 18.17% | |||
| 營業淨利率(%) (Operating Income Margin (%)) | 16.82% | 15.08% | 16.00% | 16.30% | |||
| 稅前淨利率(%) (Pre-tax Income Margin (%)) | 18.11% | 16.57% | 17.38% | 15.06% | |||
| 純益率(%) (Net Profit Margin (%)) | 15.01% | 13.49% | 14.29% | 12.89% |
資產負債表 (Balance Sheet)
- 穩健成長,健康財務結構 (Steady growth, healthy financial structure)
- 單位: 台幣百萬
| Item | Jun. '26 Amount | Jun. '26 % | Dec. '25 Amount | Dec. '25 % | Jun. '25 Amount | Jun. '25 % |
|---|---|---|---|---|---|---|
| 現金及約當現金 (Cash and Cash Equivalents) | 4,682 | 20.1% | 3,877 | 17.8% | 5,943 | 25.7% |
| 應收票據及應收帳款 (Notes and Accounts Receivable) | 3,744 | 16.1% | 3,666 | 16.8% | 3,332 | 14.4% |
| 存貨 (Inventory) | 3,163 | 13.6% | 2,732 | 12.5% | 2,789 | 12.0% |
| 流動資產 (Current Assets) | 14,532 | 62.4% | 12,949 | 59.3% | 14,063 | 60.8% |
| 總資產 (Total Assets) | 23,293 | 100.0% | 21,820 | 100.0% | 23,147 | 100.0% |
| 流動負債 (Current Liabilities) | 6,095 | 26.2% | 4,069 | 18.6% | 6,689 | 28.9% |
| 非流動負債 (Non-current Liabilities) | 1,324 | 5.7% | 1,713 | 7.9% | 1,789 | 7.7% |
| 總負債 (Total Liabilities) | 7,419 | 31.9% | 5,783 | 26.5% | 8,478 | 36.6% |
| 合併股東權益 (Consolidated Shareholders' Equity) | 15,874 | 68.1% | 16,037 | 73.5% | 14,669 | 63.4% |
| 平均收現日數 (Average Collection Days) | 96 | 102 | 99 | |||
| 平均銷貨日數 (Average Inventory Days) | 114 | 113 | 120 | |||
| 流動比率(%) (Current Ratio (%)) | 238% | 318% | 210% | |||
| 負債比率(%) (Debt Ratio (%)) | 31.9% | 26.5% | 36.6% | |||
| 總資產報酬率(%) (Return on Total Assets (%)) | 9.2% | 8.5% | 7.6% | |||
| 股東權益報酬率(%) (Return on Equity (%)) | 12.7% | 11.1% | 10.8% |
每股盈餘與現金股利 (EPS and Cash Dividend)
- 穩定殖利率與高配息 (Stable dividend yield and high payout)
- 平均80%+的股利發放率 (Average 80%+ dividend payout ratio)
| Year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Share Price | 41.1 | 44.5 | 39.0 | 36.0 | 44.0 | 99.8 | 98.0 | 89.4 | 105.5 | 100.5 | 91.0 |
| Payout Ratio(%) | 82.5% | 85.4% | 80.4% | 96.2% | 115.2% | 82.4% | 74.6% | 77.3% | 81.4% | 79.4% | 90.9% |
| EPS (NTD) | 3.03 | 3.28 | 3.11 | 2.08 | 2.17 | 4.61 | 10.06 | 9.06 | 5.53 | 6.55 | 5.28 |
| Cash Dividend(NTD) | 2.5 | 2.8 | 2.5 | 2.0 | 2.5 | 3.8 | 7.5 | 7.0 | 4.5 | 5.2 | 4.8 |
Business Segments
重點產業營收占比 (Revenue share of key industries)
- 關注重點產業區塊,挹注營收成長動能 (Focus on key industry segments, injecting revenue growth momentum)
| Segment | 2025 | 2026(E) |
|---|---|---|
| AI應用 (AI Applications) | 11% | 16% |
| 其他消費性電子 (Other Consumer Electronics) | 15% | 14% |
| 行動運算 (Mobile Computing) | 10% | 9% |
| 網絡通訊 (Network Communication) | 9% | 9% |
| 行動通訊 (Mobile Communication) | 29% | 24% |
| 車用電子 (Automotive Electronics) | 26% | 28% |
Products & Technologies
台灣晶技(3042)跨越每個世代,成就更美好的連結 (TXC (3042) spans across generations, creating better connections)
- 網際網路與社交網路 (Internet and social networks)
- 3G: 智慧手機 (smartphones), 資通信產品 (ICT products)
- LTE: 電動車(自動駕駛) (EVs (autonomous driving)), 智慧裝置與穿戴應用裝置 (smart devices and wearables)
- 大資料運算/高效能運算/邊緣運算 (Big Data Computing/High-Performance Computing/Edge Computing)
- 5G: 先進基礎網路建設 (advanced infrastructure network construction)
- AI科技生態系 (AI Technology Ecosystem)
- 6G: AI無線接入網/AI雲 (AI wireless access network/AI cloud), AI終端裝置無所不在 (AI terminal devices everywhere)
邁向智慧分散式通訊生態系的整合架構 (Towards an integrated architecture for smart distributed communication ecosystems)
- 運算分散化、通訊融合化、同步精準化 (Compute decentralization, communication convergence, synchronization precision)
- COMPUTE (運算)
- CLOUD TRAINING: Large-scale models and data processing
- HYBRID INFERENCE: Edge AI and low-latency decision-making
- ON-DEVICE CONTROL: Real-time control and actuation
- 硬體: CPU, GPU, NPU, ASIC
- COMMUNICATION (通訊)
- UALink / PCIe: High-speed die-to-die and system links
- UEC / Ethernet / Optics: Deterministic transport at scale
- Wi-Fi 8 / 5G-A / 6G: Wireless connectivity for mobile and IoT
- TSN / DetNet: Deterministic networking and service assurance
- SYNCHRONIZATION (同步)
- LOCAL REFERENCE CLOCKS: Accurate, stable time sources
- PTP / SyncE NETWORK TIME: Network-wide time distribution
- MULTI-DOMAIN gPTP: Coordinated time across domains
- HOLDOVER + DETERMINISTIC CONTROL: Resilient timing for mission-critical control
- EVIDENCE (證據)
- <1 microsecond PTP target range
- 128 5G-supported gPTP time domains
- ≤900 ns 5G-TSN time-error reference
精準時脈,驅動 AI 分散式生態系協同運作 (Precision timing, driving AI distributed ecosystem collaboration)
- 走向邊緣 AI應用導向的最佳化/差異化設計 (Moving towards edge AI application-oriented optimization/differentiation design)
- 時脈價值如何改變 (How timing value changes)
- 有線優先系統 (Wired-first systems): 更高頻率、更低jitter與相位雜訊以及長期高精度穩定性 (Higher frequency, lower jitter and phase noise, and long-term high-precision stability)
- 混合式系統 (Hybrid systems): 強固化、寬溫(125℃)且高可靠度的時脈 (Robust, wide temperature (125℃) and highly reliable timing)
- 無線優先系統 (Wireless-first systems): 超微型化、低功耗且熱穩定性佳的時脈 (Ultra-miniature, low power consumption, and good thermal stability timing)
- 關鍵任務控制 (Key Mission Control) - 有線優先 (Wired First)
- AI 資料中心 (AI data centers): 99% 有線, 1% 無線
- AI-RAN 傳輸/同步基礎設施 (AI-RAN transmission/synchronization infrastructure): 70% 有線, 30% 無線 (Fronthaul / DU-CU / PTP / SyncE / GNSS holdover)
- 工業自動化 (Industrial automation): 68% 有線, 32% 無線
- 寬頻/網通 (Broadband/Networking): 62% 有線, 38% 無線 (AI Glasses)
- 可靠度與行動性並重 (Reliability and Mobility Equally Important) - 混合式 (Hybrid)
- 醫療系統 (Medical systems): 48% 有線, 52% 無線
- 機器人 (Robots): 53% 有線, 47% 無線
- 行動與穿戴 AI (Mobile and Wearable AI) - 無線優先 (Wireless First)
- AI PC: 20% 有線, 80% 無線
- 智慧物聯網 (Smart IoT): 15% 有線, 85% 無線
- AI Glasses: 3% 有線, 97% 無線
從頻寬成長到時脈價值的擴張 (From bandwidth growth to timing value expansion)
- AI 基礎建設的效能,正轉向資料搬移、同步與時脈域複雜度 (AI infrastructure efficiency is shifting towards data movement, synchronization, and timing domain complexity)
- 架構正在改變什麼 (What is changing in the architecture)
- 光通訊邁向 1.6T 與 3.2T (Optical communication moving towards 1.6T and 3.2T): PAM4 已延伸至 448G; PAM6 與 PAM8 正於電性通道評估中 (PAM4 extended to 448G; PAM6 and PAM8 are being evaluated for electrical channels)
- 多種協定並存於同一系統 (Multiple protocols coexist in the same system): NVLink、UALink、CXL、PCIe Gen 6/7 與乙太網路並行運作 (NVLink, UALink, CXL, PCIe Gen 6/7 and Ethernet operate in parallel)
- 時脈域數量倍增 (Timing domain count multiplies): GPU、CPU、DPU、NIC、交換器與光模組各自帶有獨立時脈 (GPU, CPU, DPU, NIC, switches, and optical modules each have independent clocks)
- 時脈發展演變方向 (Direction of timing development evolution)
- 更高的參考頻率 (Higher reference frequency): 隨著鮑率提升,參考時脈的頻率隨之上移 (As baud rate increases, reference clock frequency also increases)
- sub-30 fs 成為進入門檻 (sub-30 fs becomes an entry barrier): 相位抖動已從差異化條件,轉為基本要求 (Phase jitter has shifted from a differentiating factor to a basic requirement)
- 跨更多時脈域的同步 (Synchronization across more timing domains): 在時脈域持續增加的情況下,穩定度必須維持 (Stability must be maintained as timing domains continue to increase)
- 時脈價值提升重估 (Re-evaluation of timing value increase)
- 差分 XO / 精準 TCXO (Differential XO / Precision TCXO): 高速通訊關鍵時脈元件 (Key timing components for high-speed communication)
- ASP: +50%: 每機櫃時脈價值(ASP)提升 (ASP per cabinet increases)
- 精準同步新增振盪器需求 (Precision synchronization adds oscillator demand): 因應IEEE 1588 新增時脈用量 (Responding to increased clock usage in IEEE 1588)
- 結論: 相同應用位置。更高的規格。創造更高價值層級 (Same application position. Higher specifications. Creating higher value levels)
6G RAN:從基地台規模走向時脈價值提升 (6G RAN: From base station scale to timing value increase)
- 隨著6G 延伸至更多網路域,時脈價值同步成長 (As 6G extends to more network domains, timing value grows synchronously)
- 雲端化、架構解構與非地面網路(NTN)發展演進,擴大時脈域與同步挑戰升 (Cloudification, architectural disaggregation, and Non-Terrestrial Network (NTN) development, expanding timing domains and synchronization challenges)
- 關鍵組成: 無線接取 (Wireless Access) - 射頻同調 (RF Coherence), 傳輸網路 (Transmission Network) - PTP / SyncE, 運算 (Compute) - 邊緣 AI-RAN (Edge AI-RAN), 衛星 (Satellite) - GNSS / NTN
- 架構在改變什麼 (What is changing in the architecture)
- 網路架構解構 (Network architecture disaggregation): RAN 拆分為 DU 與 CU 並運行於通用運算平台,各自帶有獨立時脈 (RAN split into DU and CU, running on general-purpose compute platforms, each with independent clocks)
- 參考頻率上移 (Reference frequency shift upwards): 自10 MHz 提升至 100 MHz 與 491.52 MHz,以支援 FR3 與 THz 感測所需的射頻同調 (From 10 MHz to 100 MHz and 491.52 MHz, supporting FR3 and THz sensing for RF coherence)
- 時脈延伸至太空 (Timing extends to space): GNSS 與 NTN 將非地面鏈路納入地面同步鏈 (GNSS and NTN integrate non-terrestrial links into terrestrial synchronization chains)
- 時脈發展演變方向 (Direction of timing development evolution)
- sub-5 ppb 等級穩定度 (sub-5 ppb level stability): 精度必須在解構式與非地面時脈域中維持一致 (Accuracy must be consistent across disaggregated and non-terrestrial timing domains)
- 無 GNSS 時的 holdover 能力 (Holdover capability without GNSS): 衛星訊號中斷時,需維持4 至 12 小時、1.5 µs TAE 的時間誤差 (When satellite signals are interrupted, maintain 4 to 12 hours, 1.5 µs TAE time error)
- 可網管、可遠端校調 (Manageable, remotely tunable): 支援遠端校調與軟體控制,因應邊緣 AI-RAN 自動化需求 (Supports remote tuning and software control, responding to edge AI-RAN automation needs)
- 時脈價值提升重估 (Re-evaluation of timing value increase)
- OCXO / 精準 TCXO (OCXO / Precision TCXO): 同步等級提升後的關鍵時脈元件 (Key timing components after synchronization level upgrade)
- 6G通感一體(ISAC) (6G Integrated Sensing and Communication (ISAC)): 先進 OCXO 等級帶動 ASP 提升 (Advanced OCXO level drives ASP increase)
- 邊緣AI RAN 運算 (Edge AI RAN computing): 單一站點整合運算時脈域數量 (Number of integrated compute timing domains per site)
- 結論: 相同站點規模。更多時脈域。更高時脈規格升級 (Same site scale. More timing domains. Higher timing specification upgrades)
提升每一台車的時脈價值 (Increasing timing value per car)
- 車用市場的成長關鍵,在於提升整體價值,而非僅追求出貨數量 (The key to growth in the automotive market is enhancing overall value, not just pursuing shipment volume)
- 汽車電子架構與時脈域
- ADAS 先進駕駛輔助 (ADAS Advanced Driver Assistance): 感測融合/域控制 (Sensor Fusion/Domain Control)
- 智慧座艙 (Smart Cockpit): AI 座艙/車載資訊娛樂 (AI Cockpit/In-vehicle Infotainment)
- 區域網路架構 (Zonal Network Architecture): 乙太網路/光通訊/TSN/閘道器 (Ethernet/Optical Communication/TSN/Gateway)
- 車聯網/GNSS (V2X / 定位/連網) (V2X/Positioning/Connectivity)
- 數據與感測器
- 25 Gb/s: 車用乙太網路 / TSN
- 32 Gbps: MIPI A-PHY 感測器 I/O
- 40+: 攝影機/雷達/光達感測節點
- E/E 電子電氣架構 (E/E Electronic Electrical Architecture): 分散式 ECU (Distributed ECU), 域控制 (Domain Control), 區域控制 (Zonal Control), 中央運算 (Central Compute)
- 時脈域複雜度 (Timing domain complexity): 中央運算單元 (Central Compute Unit), 區域控制器 (Zonal Controller), 攝影機/雷達/光達 (Camera/Radar/Lidar), 乙太網路/光通訊/TSN (Ethernet/Optical Communication/TSN), GNSS / V2X, 座艙/常時運作 (Cockpit/Always-on operation)
- 時脈發展演變方向 (Direction of timing development evolution)
- 車規 Grade 1涵蓋範圍擴大 (Automotive Grade 1 coverage expands): 時脈元件走出座艙,工作溫度需達 -40℃ 至 +125℃ (Timing components move out of the cabin, operating temperature needs to reach -40℃ to +125℃)
- 4D 雷達需要更高頻率 (4D radar requires higher frequency): 感測解析度的提升,推動參考頻率上移 (Increased sensing resolution drives reference frequency upwards)
- 低 EMI 與多無線共存 (Low EMI and multi-wireless coexistence): GNSS 與 Wi-Fi 7 須在同一車輛內共存而不互相干擾 (GNSS and Wi-Fi 7 must coexist in the same vehicle without mutual interference)
- 時脈價值提升重估 (Re-evaluation of timing value increase)
- 石英晶體與晶振 (Crystal and Crystal Oscillators): 全面產品系列,皆通過車規驗證 (Full product series, all automotive qualified)
- 20~25% 滲透率 (Penetration rate): AI 世代驅動汽車電子生態系全面升級 (AI generation drives comprehensive upgrade of automotive electronics ecosystem)
- L2 進入L3+45 顆 (L2 entering L3+45 units): 汽車正在成為Edge AI核心應用平台 (Cars are becoming core application platforms for Edge AI)
- 結論: ECU持續整合,時脈需求與價值同步提升 (ECU continuous integration, timing demand and value increase synchronously)
致力發展時脈技術創新,支持新世代科技發展 (Committed to developing innovative timing technology, supporting next-generation technology development)
- 產品類別:
- 石英晶體 (Crystal & TSX)
- 石英晶振 (CMOS / TCXO)
- 關鍵產品屬性:
- 超高頻 (Ultra-high frequency)
- 更佳耐熱特性 (Better heat resistance)
- 超微型化 (Ultra-miniature)
- 更高Q值 (Higher Q value)
- 更高工作溫度 (Higher operating temperature)
- 強固化可靠度 (Robust reliability)
- 更高驅動功率 (Higher drive power)
- 更低ESR (Lower ESR)
- 超低相位雜訊與抖動 (Ultra-low phase noise and jitter)
- 低功耗 (Low power consumption)
Outlook & Strategy
經營實績2000-2024 & 2025-2030(F) (Operating performance 2000-2024 & 2025-2030(F))
- 營收表現穩健,保持5G、車用電子市場領先優勢 (Stable revenue performance, maintaining leading position in 5G and automotive electronics markets)
- 2000: 上市 (3042, TWSE), 車用電子佈局 (Automotive electronics layout)
- 2010~: MHz石英晶體 & XO/TCXO石英晶振產品發展與出貨 (MHz crystal & XO/TCXO crystal oscillator product development and shipment)
- 2020-2025(F): 5G網路設備應用佈局 (5G network equipment application layout), 產能規劃與供應策略 (Capacity planning and supply strategy), 超小型化石英晶體 (1008)高階OCXO恒溫晶振出貨 (Ultra-miniature crystal (1008) high-end OCXO constant temperature crystal oscillator shipment), 產能N+1計畫 (Capacity N+1 plan)
- 2026(F)-2030(F): AI, 5G-A/Next 6G, 車用電子 & 晶片設計廠商佈局 (AI, 5G-A/Next 6G, automotive electronics & chip design vendor layout), 高階石英晶體、晶振客制化頻率元件 (High-end crystal, crystal oscillator customized frequency components)
邊緣AI多元應用將形成各階段成長浪潮 (Diverse Edge AI applications will form growth waves in different phases)
- 依據不同發展時程,帶動長期成長機會 (Driving long-term growth opportunities based on different development timelines)
- 2026-27 SCALE NOW (HIGH CONFIDENCE): AI PC, smart camera, edge gateway
- 2027-28 EXPAND (MEDIUM-HIGH): AI glasses, industrial vision, on-prem agent appliance
- 2028-30 QUALIFY (MEDIUM): Medical AI, private 5G/TSN, robot fleets
- 2030+ OPTION VALUE (LOW/VOLATILE): Humanoid and generative Physical AI at scale
2026 資本支出計畫 (2026 Capital Expenditure Plan)
- AiX 數位轉型,全球化生產佈局,永續經營 (AiX Digital Transformation, Global Production Layout, Sustainable Operations)
- 總資本支出: 2026 1,078M (NTD)
- 2025 遞延: 135M (NTD)
- 資本支出重點區塊說明 (Key Capital Expenditure Areas)
- A+ Enhancements:
- Core Technology (核心技術)
- Advanced Process (先進製程)
- Innovation Capability (創新能力)
- Smart Factory (智慧工廠):
- Smart Manufacturing (智慧製造)
- Automation and Robotics (自動化與機器人)
- Data Analytics and AI (數據分析與AI)
- ESG Sustainability (ESG永續性):
- Environment (環境)
- Social Responsibility (社會責任)
- Governance (公司治理)
- N+1 New Factory (N+1新廠):
- Indonesia (印尼)
- Asia (亞洲)
- A+ Enhancements:
- 2026 資本支出細項 (單位: 台幣百萬元):
- PCF: 690
- NGB: 84
- TETC: 143 (Wafer & IM Capacity)
- CKG: 141 (Capacity +)
- SUB: 20 (New Factory)
- Total: 1,078M
Additional Data
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