上品綜合工業(股)公司 (4770.TW) 2023Q3 法說會簡報
免責聲明
- 本營運成果說明對當前預期性的前瞻性陳述，存在某種程度風險及不確定性，實際結果可能與前瞻性陳述中包含的結果存在某種程度的差異。
- 除法律要求外，我們對於新資訊或未來事件不承擔更新任何前瞻性陳述的義務。
Company Overview
關於上品
- 創立時間: 1981年
- 上市時間: 2021/12
- 股票代號: 4770
- 實收資本額: 799,760,000元
- 員工人數:
- 集團員工: 771人
- 台灣總公司: 470人
- 全球佈局:
- Taiwan:
- Headquarter: 台北
- Plant, R&D: 彰化 (台灣生產基地、研發中心 / 彰濱工業區)
- Office: 新竹
- Office: 台南
- China (100%子公司):
- Plant, R&D: 浙江嘉興
- USA (100%子公司):
- Office: Arizona
- Taiwan:
Products & Technologies
主要產品及產業概況
- 上游原料 (Raw Material):
- Fluoropolymer Raw Material Provider: Chemours™, DAIKIN
- 上品集團生產產品 (ASC Products):
- Semi-Finished Products: (Images show sheets, tubes, rods, fittings)
- Final Products:
- 內襯設備 (Lined Equipment)
- 內襯管件 (Lined Pipe & Fitting) (Images show various tanks, reactors, filters, pipes, and fittings)
產品應用
- 高純電子化學品為半導體製程良率的關鍵，TEFPASS®為高純化學品品質維穩的成功所在。
- 半導體製程應用:
- 氧化擴散 / 薄膜沉積 (Deposition)
- 光阻塗佈 + 曝光微影 (Photolithography):
- 使用材料: Photoresist光阻液 (PR), EBR, TMAH, Thinner光阻稀釋液 (PGMEA, PGME)
- 清洗 / Wet cleaning:
- 使用材料: H2O2雙氧水 + NH4OH氨水 + H2O (APM), H2O2雙氧水 + HCL鹽酸 + H2O (HPM), H2O2雙氧水 + H2SO4硫酸 + H2O (SPM), HF氫氟酸 + H2O (DHF), NH4OH氨水 + HF氫氟酸 + H2O (BHF), NH4F + HF氫氟酸 (BOE/BHF), H3PO4磷酸, IPA異丙醇
- 蝕刻 / 去光阻 (Etching):
- 使用材料: HF氫氟酸, H2SO4硫酸, H3PO4磷酸, Stripper剝離液, BOE, Al- Etching, Cu-Etching, Thinner光阻稀釋液 (PGMEA, PGME)
- 離子植入 / Ion implantation, 拋光研磨 / CMP, 檢測產出
- 關鍵特性:
- High Purity Chemical
- Stable quality of IC chips
- High Yield Rate
- Green & circular economy
氟素設備應用 - 建廠設備 for 電子化學品供應鏈
-
主要設備:
- Mixing / Dilution / Reactor Tank (PFA HP/M-PTFE/PTFE Sheet, Etched Sheet, GUK Sheet, Outside Material: SS/CS/FRP)
- Raw material storage tank
- Supply Unit (Charge Unit, Filter Unit, Pump Cart)
- Lined Pipe & Fittings (Flange Type, Sanitary Type)
- CCB (for 5nm, ACQC Type, Standard for Acid/Alkali, Explosion-proof Type for Solvent)
- PFA Tube & Fittings (Flaring Fitting, Fusible Fitting)
- VMB (Valve Box, Tee Box)
- Raw material unloading area / EL Chemical loading area
- PSA/PTFE Buffer Tank (for wet bench)
- Finished product storage area
- Distillation / Absorber / Stripper Tower (Seamless Column, Resin Column, Accessory (Insert Tube, Distributor Plate), Packing (Pote Ring, Pall Ring))
- Coating / Reactor (Rotating / Spraying / Fluoropolymer)
- Batch Tank / Day Tank / Receiver Tank
- Filter System
- Purification / Process area
- Waste processing area
- Waste Tank
- Storage Tank (Lining: PFA HP/PFA HP Plus/PTFE/M PTFE, Outside Material: SS/CS/FRP)
- Heat Exchanger (Shell Type, Coil Type, Shell & Tube Type, Modular Type)
- Hose with Connector (SHPT Type, PFA Flexible Hose: CT Type/MCT Type, Flange fittings/Sanitary fittings/Quick connector)
- Portable Tank (ISO Tank, Lorry Tank, 1KL Portable Tank)
- Filling area
- Shipping area
- Drum Filling Station (1 Gallon, 5 Gallon, 200L Drum)
- Tote Filling Station (IBC, 1KL-Tote)
-
液態化學品在製程使用佔比:
- 88%:
- 硫酸: 三大強酸、具腐蝕性
- 雙氧水: 與酸性化學品搭配清洗
- 氨水: 弱鹼清洗、對特定金屬具腐蝕性
- 氫氟酸: 強酸, 可與硝酸、雙氧水、氨水搭配使用
- 異丙醇: 清洗晶圓
- 硝酸: 三大強酸、具腐蝕性
- 鹽酸: 三大強酸、具腐蝕性
- 磷酸: 強酸、具腐蝕性, 可與雙氧水搭配使用
- 12%:
- 光阻液: 耐蝕刻薄膜材料, 溶解度經UV曝光後變化
- 光阻稀釋液: 清洗晶圓旋轉塗佈後不必要的光阻
- 顯影液: 剝落正光阻經破壞後轉化成的有機酸
- 蝕刻液: 去除未受光阻保護的薄膜
- 剝離液: 剝離未被破壞的光阻
- 研磨液: 與機械搭配用於CMP中研磨介電層跟金屬層
- 88%:
-
引用: 2022-6-13 半導體行業觀察
氟素設備應用 - 建廠設備 for 半導體晶圓製造
- 主要設備:
- Chemical Recovery System Fab (化學品回收工廠)
- Mixing / Dilution / Reactor Tank
- Portable Tank
- CCB
- Supply Unit
- Hose with Connector
- Waste chemical disposal area (廢棄物處理區)
- Supply Tank
- Lined Pipe & Fittings
- Factory area (廠務區)
- Process area (製程區)
- PFA/PTFE Buffer Tank (for wet bench)
- PFA Degas
- VMB
- MaxFlow
- PFA Tube & Fittings
Clients & Markets
下游客戶 (Customers)
- IC Industry (半導體產業)
- EL Chemical Industry (電子化學品產業)
- LCD Industry (面板產業)
- Petrochem (化工產業)
Financial Highlights
Quarterly Consolidated Income Statement (In NT$ thousands)
| 項目 (Item) | 26Q2 | 26Q1 | QoQ% | 26H1 | 25H1 | YoY% |
|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 1,304,540 | 1,058,605 | 23% | 2,363,145 | 2,278,177 | 4% |
| 營業毛利 (Gross Profit) | 464,723 | 369,927 | 26% | 834,650 | 842,293 | -1% |
| 營業費用 (Operating Expenses) | 165,134 | 159,442 | 4% | 324,576 | 258,703 | 25% |
| 營業淨利 (Operating Profit) | 299,589 | 210,485 | 42% | 510,074 | 583,590 | -13% |
| 營業外收支 (Non-operating Income/Expenses) | 17,936 | 25,632 | -30% | 43,568 | (33,761) | - |
| 稅前淨利 (Profit Before Tax) | 317,525 | 236,117 | 34% | 553,642 | 549,829 | 1% |
| 所得稅費用 (Income Tax Expense) | 68,640 | 34,491 | 99% | 103,131 | 121,843 | -15% |
| 本期淨利 (Net Profit) | 248,885 | 201,626 | 23% | 450,511 | 427,986 | 5% |
| 每股盈餘 (EPS) | 3.11 | 2.52 | 0.59 | 5.63 | 5.35 | 0.28 |
Key Ratios (%)
| 比率 (Ratio) | 26Q2 | 26Q1 | QoQ% | 26H1 | 25H1 | YoY% |
|---|---|---|---|---|---|---|
| 毛利率 (Gross Margin) | 35.6% | 34.9% | 0.7% | 35.3% | 37.0% | -1.7% |
| 營業費用率 (Operating Expense Ratio) | 12.7% | 15.1% | -2.4% | 13.7% | 11.4% | 2.4% |
| 營業利益率 (Operating Profit Margin) | 23.0% | 19.9% | 3.1% | 21.6% | 25.6% | -4.0% |
| 業外收支率 (Non-operating Income/Expenses Ratio) | 1.4% | 2.4% | -1.0% | 1.8% | -1.5% | 3.3% |
| 稅前淨利率 (PBT Margin) | 24.3% | 22.3% | 2.0% | 23.4% | 24.1% | -0.7% |
| 純益率 (Net Profit Margin) | 19.1% | 19.0% | 0.0% | 19.1% | 18.8% | 0.3% |
| 有效稅率 (Effective Tax Rate) | 21.6% | 14.6% | 7.0% | 18.6% | 22.2% | -3.5% |
Recent Performance and Results (Explanations)
- 營業收入與毛利率:
- 26Q2營收13.05億元, QoQ+23%；
- 26H1 營收23.63億元, YoY+4%。
- 26Q2 毛利率35.6%, QoQ +0.7ppt；
- 26H1 毛利率 35.3%, YoY-1.7ppt。
- 營業費用:
- 26Q2 營業費用1.65億元, QoQ +4%；
- 26H1 營業費用 3.25億元, YoY+25%。
- 營業外收支:
- 26Q2 業外淨利1,793萬元,
- 26H1 業外淨利4,357萬元,較去年同期由虧轉盈，主要受利息收入增加，以及美元、人民幣匯率升值的影響。
- 所得稅率:
- 26Q2 所得稅費用為6,864萬元,較上季增加，主要受未分配盈餘加徵5%所得稅影響。
- 稅後淨利:
- 26Q2 稅後淨利2.49億元, QoQ+23%, EPS 3.11元。
- 26H1 稅後淨利4.51億元, YoY +5%, EPS 5.63元。
Outlook & Strategy
2026 Sales revenue % by Industries (產業別)
| Quarter | Semicon | LCD / Solar | Petrochemicals | Other |
|---|---|---|---|---|
| 1Q24 | 93.6% | 0.7% | 5.0% | 0.7% |
| 2Q24 | 88.1% | 1.0% | 10.5% | 0.4% |
| 3Q24 | 85.9% | 3.9% | 9.6% | 0.5% |
| 4Q24 | 92.4% | 0.2% | 6.9% | 0.5% |
| 1Q25 | 90.7% | 0.6% | 7.8% | 0.9% |
| 2Q25 | 85.8% | 0.9% | 12.9% | 0.5% |
| 3Q25 | 87.1% | 0.7% | 11.8% | 0.4% |
| 4Q25 | 89.3% | 2.3% | 6.0% | 2.3% |
| 1Q26 | 81.5% | 5.1% | 13.3% | 0.1% |
| 2Q26 | 91.3% | 1.2% | 6.4% | 1.1% |
2026 Sales revenue % by Products (產品別)
| Quarter | Lined Equipment | Lined Pipe & Fitting | Other Material | Engineering |
|---|---|---|---|---|
| 1Q24 | 73.1% | 6.5% | 17.9% | 2.4% |
| 2Q24 | 69.4% | 7.1% | 13.8% | 9.7% |
| 3Q24 | 76.3% | 7.8% | 14.3% | 1.6% |
| 4Q24 | 68.5% | 13.3% | 11.9% | 6.3% |
| 1Q25 | 61.2% | 10.6% | 20.7% | 7.5% |
| 2Q25 | 68.0% | 6.1% | 17.9% | 8.0% |
| 3Q25 | 47.5% | 9.5% | 13.2% | 29.8% |
| 4Q25 | 61.6% | 10.5% | 19.6% | 8.3% |
| 1Q26 | 71.9% | 5.4% | 20.2% | 2.5% |
| 2Q26 | 68.3% | 9.6% | 16.7% | 5.4% |
2026 Sales revenue % by Customer's Location (地區別)
| Quarter | Taiwan | China | U.S.A | Other | Europe |
|---|---|---|---|---|---|
| 1Q24 | 29.2% | 44.3% | 20.5% | 5.8% | 0.3% |
| 2Q24 | 34.6% | 40.5% | 24.5% | 0.4% | 0.0% |
| 3Q24 | 41.2% | 43.0% | 14.4% | 0.5% | 0.9% |
| 4Q24 | 59.8% | 29.2% | 5.4% | 4.0% | 1.5% |
| 1Q25 | 47.7% | 38.9% | 9.5% | 3.0% | 0.9% |
| 2Q25 | 39.1% | 57.1% | 3.3% | 0.1% | 0.5% |
| 3Q25 | 29.0% | 39.2% | 26.4% | 5.2% | 0.3% |
| 4Q25 | 47.1% | 46.9% | 4.6% | 0.7% | 0.6% |
| 1Q26 | 49.4% | 35.3% | 13.6% | 0.9% | 0.8% |
| 2Q26 | 49.3% | 44.8% | 3.4% | 1.5% | 1.0% |