Ampoc Far-East Co., Ltd. (2493) 2026Q3 法說會簡報

Company Overview

Company Name: 揚博科技股份有限公司 (Ampoc Far-East Co., Ltd.) Date: 2026/09/17 Event: 法說會 (Investor Conference)

Disclaimer

本簡報所載資料係本公司基於目前狀況及未來展望所編製，內容可能包含前瞻性陳述例如對未來營運績效、財務狀況、市場需求或其他事項的預測與期望。此類前瞻性陳述可能受多項已知與未知之風險、不確定性與其他因素影響，實際結果可能與所述情形有重大差異。 本公司無義務隨時更新或修正本簡報內容，以反映後續情勢或其他影響因素。投資人於評估本公司時，應自行審慎判斷，並注意投資風險。 本簡報所載之財務、業務數據及相關資訊僅供參考，不構成任何投資建議或邀約。本公司及其董事、經理人或代理人，對因使用本簡報內容所生之任何損失或責任，概不承擔。

Company History (公司沿革)

從國際貿易出發,逐步建立技術與製造能力 (Starting from international trade, gradually building technology and manufacturing capabilities). 50年的發展,是揚博從提供產品,逐步深入參與客戶製程的過程 (50 years of development, Ampoc has gradually deepened its involvement in customer processes from providing products).

• 1976成立 (Established in 1976)
  • 從國際貿易開始 代理海外材料與設備 (Started with international trade, acting as agent for overseas materials and equipment).
• 技術代理與在地服務 (Technology Agency and Local Services)
  • 從銷售產品,延伸至技術導入與在地服務 (From selling products, extending to technology introduction and local services).
• 在地研發與製造 (Local R&D and Manufacturing)
  • 從代理產品,將既有技術與產品在地化 (From agency products, localizing existing technologies and products).
• 技術與市場共同開發 (Joint Technology and Market Development)
  • 從導入既有產品,進一步參與新技術與新市場開發 (From introducing existing products, further participating in new technology and new market development).

Current Company Status (公司現況)

長期服務電子製造業的技術夥伴 (Long-term technical partner serving the electronics manufacturing industry).

Organizational Structure:

• 揚博科技 (Ampoc Technology)
  • PCB事業群(台北化工) (PCB Business Group (Taipei Chemical))
    • 高階濕製程設備研發與製造 (R&D and manufacturing of high-end wet process equipment).
  • 半導體事業群 (Semiconductor Business Group)
    • 高階製程,先進封裝等 材料與設備代理 (High-end processes, advanced packaging, etc. Material and equipment agency).

Core Principles:

• 技術導向 (Technology-oriented): 投入具有技術含量與進入門檻的事業 (Invest in businesses with high technological content and entry barriers).
• 長期合作 (Long-term cooperation): 建立與客戶及供應商的長期合作關係 (Establish long-term cooperative relationships with customers and suppliers).
• 穩健經營 (Stable operation): 維持穩健財務結構,保有對抗景氣循環能力 (Maintain a sound financial structure and the ability to withstand economic cycles).

Overall Strategy: 跨越產業循環,持續投入研發、人才與新的成長機會 (Transcending industry cycles, continuously investing in R&D, talent, and new growth opportunities).

Financial Highlights

最近年度合併綜合損益表 (Consolidated Income Statement for Recent Years)

單位:新台幣仟元 (Unit: NTD Thousands)

合併綜合損益表 2025年上半年度 VS 2026年上半年度 (Consolidated Income Statement 2025 H1 vs. 2026 H1)

單位:新台幣仟元 (Unit: NTD Thousands)

最近年度合併資產負債表 (Consolidated Balance Sheet for Recent Years)

單位:新台幣仟元 (Unit: NTD Thousands)

合併資產負債表 2025年上半年度 VS 2026年上半年度 (Consolidated Balance Sheet 2025 H1 vs. 2026 H1)

單位:新台幣仟元 (Unit: NTD Thousands)

最近年度財務分析 (Financial Analysis for Recent Years)

Business Segments

PCB事業群(台北化工) (PCB Business Group (Taipei Chemical))

• Focus: 高階濕製程設備研發與製造 (R&D and manufacturing of high-end wet process equipment).

半導體事業群 (Semiconductor Business Group)

• Focus: 高階製程,先進封裝等 材料與設備代理 (High-end processes, advanced packaging, etc. Material and equipment agency).

產品組合朝新應用移動,成長動能更為多元 (Product portfolio shifting towards new applications, growth drivers becoming more diversified)

2025 H1 vs. 2026 H1 產品結構 (Product Structure)

Conclusion: MLO、先進封裝及黃光材料占比提升,新應用布局逐步形成多元產品動能。(MLO, advanced packaging, and photoresist materials' share increased, new application layout gradually forming diversified product momentum.)

產品結構優化,帶動整體獲利品質提升 (Product structure optimization, driving overall profit quality improvement)

五大製程/應用定位 (Five major processes/application positioning):

• 半導體製程 (Semiconductor Process): 核心業務基礎 深化客戶合作 (Core business foundation, deepening customer cooperation).
• 先進封裝 (Advanced Packaging): 獲利能力改善 拓展高階應用 (Improved profitability, expanding high-end applications).
• MLO應用 (MLO Applications): 主要成長動能 合作持續擴大 (Main growth driver, continuous expansion of cooperation).
• 黃光材料 (Photoresist Materials): 驗證進度推進 部分進入小量產 (Validation progress, partially entering small-scale production).
• 一般電子材料 (General Electronic Materials): 維持產品基礎 服務既有客戶 (Maintaining product foundation, serving existing customers).

Overall Strategy: 既有半導體材料維持核心基礎; 先進製程測試載板(MLO+PCB)、黃光材料與先進封裝形成下一階段成長與獲利動能。(Existing semiconductor materials maintain the core foundation; advanced process test substrates (MLO+PCB), photoresist materials, and advanced packaging form the next phase of growth and profit momentum.)

Products & Technologies

自製設備產品介紹 (Introduction to Self-Manufactured Equipment Products)

AMPOC Wing X

• Type: 垂直系統 | Vertical System
• Purpose: 專為高端載板與未來玻璃載板打造 (Specifically designed for high-end carrier boards and future glass carrier boards).
• Placement: 可置放於高端基板無塵化廠房 (Can be placed in cleanrooms for high-end substrates).

Core Structure and Design Features:

• 垂直運輸設計 (Vertical Transport Design): 節省佔地空間,有效提升產能與廠房利用率 (Saves floor space, effectively increases production capacity and factory utilization).
• 全封閉透明防護 (Fully Enclosed Transparent Protection): 可視化操作,兼具安全與製程觀察便利性 (Visualized operation, combining safety with convenience for process observation).
• 模組化工段 (Modular Process Sections): 便於維護、升級與依需求彈性增減工段 (Easy to maintain, upgrade, and flexibly add/remove process sections as needed).
• 高精密傳動定位 (High-Precision Transmission and Positioning): 穩定可靠的機械結構,確保製程精度 (Stable and reliable mechanical structure, ensuring process precision).
• 人機互動介面 (Human-Machine Interface): 左側觸控螢幕 + 頂部多工段即時參數顯示 (Left-side touchscreen + real-time parameter display for multiple process sections on top).
• 無塵廠房適配 (Cleanroom Adaptability): 設備結構與外觀設計可因應無塵化廠房要求 (Equipment structure and appearance design can adapt to cleanroom requirements).

AMPOC Wing X 外觀 (Appearance) - Display Parameters (Example):

• 飄影 (Shadow): 速度 (Speed): 3.00 m/min, 壓力 (Pressure): 2.0 kg/cm², 運行中 (In operation).
• 食电测 (Power Measurement): 溫長 (Temperature): 50.0℃, 溫度 (Concentration): 38.0 g/L, 運行中 (In operation).
• 溫漆 (Temperature): 50.0, 濃度 (Concentration): 30.0 g/L, 通行中 (In operation).
• 魔力 (Pressure): 34.7 kb/cm², 沢量 (Flow Rate): 38.7 L/mins, 深くうわ (Deep up).
• 鐵汁性 (Iron Juice Property): 12600K, 风循盘 (Wind Cycle Plate): 12360, 千鳥彤 (Chidori Red): 213 t, 時期 (Time): 14:26:36.

AMPOC Patents (AMPOC專利)

• 中華民國專利 新型第 M664440 號 (Republic of China Patent, New Model No. M664440)
  • 新型名稱: 加強型板材乾燥裝置 (Reinforced Panel Drying Device)
  • 專利權人: 揚博科技股份有限公司 (Ampoc Technology Co., Ltd.)
  • 新型創作人: 蘇勝義、巫坤星、呂理榕、鍾添達 (Su Sheng-Yi, Wu Kun-Hsing, Lu Li-Jung, Chung Tien-Ta)
  • 專利權期間: 自2024年12月11日至2034年 (From 2024/12/11 to 2034).
• 中華民國專利 新型第 M63484 (Republic of China Patent, New Model No. M63484)
  • 新型名稱: 電路板製程的熱交換系 (Heat Exchange System for PCB Manufacturing Process)
  • 專利權人: 揚博科技股份有限公司 (Ampoc Technology Co., Ltd.)
  • 新型創作人: 蘇勝義、巫坤星、呂理榕 (Su Sheng-Yi, Wu Kun-Hsing, Lu Li-Jung)
  • 專利權期間: 自2022年12月1日至 (From 2022/12/1 to...).
• 中華民國專利證書 發明第 I922299號 (Republic of China Patent Certificate, Invention No. I922299)
  • 發明名稱: 濕製程加工設備及其磁吸夾具的啟閉致動 (Opening/Closing Actuation of Wet Process Equipment and its Magnetic Suction Fixture)
  • 專利權人: 揚博科技股份有限公司 (Ampoc Technology Co., Ltd.)
  • 發明人: 蘇勝義、巫坤星、呂理榕、蘇紹君、鍾添達、王黃世達 (Su Sheng-Yi, Wu Kun-Hsing, Lu Li-Jung, Su Shao-Chun, Chung Tien-Ta, Wang Huang Shih-Ta)
  • 專利權期間: 自2026年4月11日至2045年4月29日 (From 2026/04/11 to 2045/04/29).
• 中華民國專利證書 發明第 I838770 號 (Republic of China Patent Certificate, Invention No. I838770)
  • 發明名稱: 濕製程加工設備及用於其的旋轉載具 (Wet Process Equipment and its Rotating Carrier)
  • 專利權人: 揚博科技股份有限公司 (Ampoc Technology Co., Ltd.)
  • 發明人: 蘇勝義、巫坤星、呂理榕、蘇紹君、黃世達 (Su Sheng-Yi, Wu Kun-Hsing, Lu Li-Jung, Su Shao-Chun, Huang Shih-Ta)
  • 專利權期間: 自2024年4月11日至2042年6月14日止 (From 2024/04/11 to 2042/06/14).

半導體事業群方向與佈局 (Semiconductor Business Group Direction and Layout)

先進封裝設備/材料/檢測解決方案 (Advanced Packaging Equipment / Materials / Inspection Solutions)

Advanced Packaging Materials & Equipment Categories:

1. Litho Material (光刻材料)
   • Lithography Materials: TARC, High n/K BARC, Low K Dielectric, KrF Posi PR, KrF Nega PR, TSV PR, Thick SOC, High Planarization SOC, LT-SOC, i-line Nega PR, ArF BARC, ZAC (Precursor), High Etch Selectivity SOC, Si-ARC, HT-SOC, Gap-fill BARC, NTD Developer.
2. Low-K Material (低介電材料)
   • Low-k SOD ALPS-Gx, Low-k Photosensitive Dielectric - DPS-DM, Spin on Carbon (SOC), Chemical Structure.
3. Bonding Process (鍵合製程)
   • WF-1500: Room Temp. Bonding in UHV.
   • SCW-3000: High Accuracy & Throughput COW System.
4. Plating Chemical (電鍍化學品)
   • Sn-Ag bumping chemical, High speed Cu plating chemical, High selective UBM etching chemical, ED Plating Resist.
5. Inspection & MLO (檢測與MLO)
   • SIX-3000: 3D Measurement System.
   • F-ALCS: Advanced Inspection System.
   • NH-3SPs: Non-Contact 3D Profiler.
   • ME-210: High Resolution Inspection System.
   • FLEX-MH867CT: X-Ray Inspection System.
   • MLO Substrate: Fine-pitch Cu Routing, Microvia.

Key Capabilities:

• End-to-End Solution: Integrated materials and equipment for advanced packaging.
• Performance & Reliability: Low-K, Cu/Cu bonding, and high-performance chemicals for superior device reliability.
• High Precision & Throughput: Advanced equipment and inspection systems ensure high accuracy and production efficiency.
• Innovation for the Future: Enabling next-generation packaging with cutting-edge materials and process technologies.

CPO/ High Accuracy Bonder (ELS)

下一代共封裝光學(CPO) 異質整合與先進封裝技術架構 (Next-generation Co-Packaged Optics (CPO) Heterogeneous Integration and Advanced Packaging Technology Architecture)

1 CPO HETEROGENEOUS PACKAGING ARCHITECTURE OVERVIEW

• ELS (EXTERNAL LASER SOURCE) MODULE: FRONT PANEL, InP HIGH-POWER CW LASER DIE, INTEGRATED TEC (THERMAL ELECTRIC COOLER), BLIND-MATE OPTICAL CONNECTOR, PM FIBER, ELS (EXTERNAL LASER SOURCE) MODULE, FRONT PANEL/EXTERNAL INTERFACE MODULE.
• ELS RATIONALE: ISOLATING HEAT FROM ASIC, ENABLING HOT-SWAPPABLE MAINTENANCE, DECOUPLING LIGHT GENERATION FROM DATA MODULATION.
• Components: FAU (ELS CONTINUOUS WAVE (CW) LIGHT PATH), EIC (ELECTRONIC DRIVER/TIA DIE), GPU CORE ASIC, SWITCH ASIC/ GPU CORE遠芯片 (GPU Core Remote Chip), DIE-TO-DIE HIGH-SPEED INTERCONNECT.
• CPO ENGINE: EIC, PIC (PHOTONIC INTEGRATION CIRCUIT), MICRO-PRSM WITH FAU ATTACHPOINT, AUTOMATED ACTIVE OPTICAL ALIGNMENT POINT.
• Advanced Substrate: ADVANCED SUBSTRATE WITH TSV / RDL LAYER, RDL = REDISTRIBUTION LAYER.
• Terminology: EIC (電子晶片 - Electronic IC), PIC (光晶片 - Photonic IC), FAU (光纖陣列單元 - Fiber Array Unit), CTE (熱膨脹係數 - Coefficient of Thermal Expansion).

2 ADVANCED SUBSTRATE & MODULE BONDING TECHNOLOGY KEY POINTS

• SUB-MICRON ACTIVE ALIGNMENT (精密主動對位):
  • 6-DOF (DEGREE OF FREEDOM) CLOSED-LOOP COMPENSATION.
  • NANOMETER-LEVEL MOTION CONTROL.
  • MINIMIZING COUPLING LOSS FOR FAU & WAVEGUIDES.
• DYNAMIC THERMAL & STRESS CONTROL貼合 (動態熱應力共晶貼合 - Dynamic Thermal & Stress Control Bonding):
  • ULTRA-FAST TEMPERATURE RAMP-UP/COOL-DOWN PROFILES (MAX $280°C+).
  • REAL-TIME BONDING FORCE COMPENSATION.
  • MITIGATING CTE MISMATCH WWARPAGE (InP, SI, GLASS, ORGANIC).
• HIGH COPLANARITY BONDING (高共面度共晶鍵合 - High Coplanarity Bonding):
  • LOW TILT CONTROL FOR MULTI-DIE ASSEMBLY.
  • ENSURING UNIFORM SOLDER JOINT QUALITY.
  • REDUCING MICRO-BUMP STRESS CONCENTRATION.
• VOID-FREE LOW THERMAL RESISTANCE JOINTS (無孔洞低熱阻接合 - Void-Free Low Thermal Resistance Joints):
  • VACUUM/FLUX-FREE EUTECTIC BONDING (e.g., AuSn).
  • ULTRA-LOW THERMAL IMPEDANCE PATHWAYS.
  • PREVENTING OPTICAL WAVE LENGTH DRIFT (OPTICAL DRIFT).

Clients & Markets

台灣半導體供應鏈 (Taiwan Semiconductor Supply Chain)

Focus: Front-End Photolithography Materials and Advanced Packaging (2.5D/3D).

Key Takeaways:

• Taiwan plays a critical role in global semiconductor supply chains.
• Strong ecosystem from materials, equipment, foundry, to advanced packaging.
• Leading-edge technologies for AI, HPC, and advanced applications.
• Taiwan is strong in IC design, foundry, advanced packaging, and testing.
• In front-end, Taiwan excels in photoresist, photomask, high-purity chemicals, and equipment.
• In advanced packaging, Taiwan has a complete ecosystem for 2.5D (interposer-based) and 3D (TSV / hybrid bonding) technologies.
• Continuous investment in R&D and ecosystem integration to maintain global leadership.

Key Players in the Supply Chain (where Ampoc operates as an agent or supplier):

• IC Design (Fabless): MEDIATEK, NOVATEK, REALTEK, Alchip.
• Front-End Materials: EVERLIGHT CHEM REM, tok, JSR Micro, DONGJIN SEMICHEM, MIRLE (Photoresist); Toppan, DNP, HOYA Group, Shin-Etsu (Taiwan) (Photomask); LCY, GCCT, Cabot, FUJIMI (Other Front-End Materials).
• Front-End Equipment: ASML (Taiwan), TEL (TOKYO ELECTRON), Lam RESEARCH, KLA, HITACHI (Hitachi High-Tech), DISCO (Kiru-Kecara Migatu Technologies).
• Wafer Foundry: tsmc, UMC, VIS 世界, PSMC 華虹集團 (Hua Hong Group).
• Advanced Packaging (Interposer): SPIL (Siliconware), ASE (ASE Technology Holding Co., Ltd.), KKYEC (Kyocera AVX).
• Advanced Packaging (Substrate): Unimicron (欣興電子), Kinsus (景碩科技), Nanya (南亞電路板).
• Advanced Packaging (Assembly & Test): ASE, SPIL, PTI (Powertech Technology Inc.).
• Hybrid Bonding Equipment / Materials: DISCO, Applied Materials (Taiwan), Besi.
• Testing: TERADYNE, ADVANTEST, Amkor Technology, KYEC (Kyocera AVX), SIGURD MICROELECTRONICS, GGREATEK (Great Tek Electronics).
• Supporting Ecosystem (Chemicals/Gases): LCY, Air Liquide, Eternal (長興材料), Taiyo Nippon Sanso (Taiwan), H.B. Fuller, ThreeBond, Asia Cement Corporation (亞泥).
• Supporting Ecosystem (Equipment Parts/Components): AEM (Advanced Energy Materials), POMEAS (普瑪斯), HIWIN (上銀科技).

Outlook & Strategy

2026年上半年回顧與未來展望 (2026 H1 Review and Future Outlook) - PCB Business Group

1. Market Demand: In H1 2026, the main applications for self-manufactured equipment were still HDI, MSAP (Modified Semi-Additive Process) and carrier boards, with higher sales in flexible PCBs. This is due to the PCB industry benefiting from strong order visibility and capacity utilization driven by AI servers, AI PCs, high-speed computing, optical modules, and low-earth orbit satellite wireless communication.
2. Capacity Expansion: To cope with medium-to-long-term business growth, factory expansion has been initiated in phases, steadily increasing overall production capacity and space.
3. International Expansion: AMPOC FAR-EAST (THAILAND) CO., LTD. has successfully launched various operations, enabling close communication with Southeast Asian customers, after-sales service, and seizing business opportunities locally.
4. R&D Focus: Regardless of the international situation, continuously developing new technologies to meet customer needs is our way of survival!

未來設備研發與需求展望 (Future Equipment R&D and Demand Outlook) - PCB Business Group

1. Demand for AI thick/large boards, high-end carrier boards, and future glass carrier board process equipment.
2. Future demand for equipment for various PCB manufacturers entering high-end product competition, including AI-related carrier boards, MSAP, HDI, and flexible PCBs.
3. Demand for PCB equipment related to smart electric vehicles and safety.
4. Continuous R&D in energy saving, waste reduction, and cleanroom equipment.

未來目標:把驗證進度轉化為可持續營收與產能-護城河的建立 (Future Goal: Transforming Validation Progress into Sustainable Revenue and Capacity - Building a Moat)

Focus: 聚焦認證、產能與客戶滲透三條主線,逐步放大新產品貢獻 (Focusing on three main lines: certification, capacity, and customer penetration, gradually amplifying new product contributions).

Strategic Initiatives:

1. 加速黃光材料認證 (Accelerate Photoresist Material Certification)
   • Key Execution Points:
     • 集中資源推進關鍵客戶驗證 (Concentrate resources to advance key customer validation).
     • 縮短測試、改善與再送樣週期 (Shorten testing, improvement, and re-sampling cycles).
     • 推動小量產產品逐步放量 (Promote gradual ramp-up of small-scale production products).
2. 啟動ISM工廠建置 (Initiate ISM Factory Construction)
   • Key Execution Points:
     • 完成建廠規劃與關鍵里程碑 (Complete factory planning and key milestones).
     • 建立材料/設備的產能承接能力 (Establish capacity to take on materials/equipment production).
     • 同步規劃品質、成本與供應鏈管理 (Simultaneously plan quality, cost, and supply chain management).
3. 提升客戶端市佔率 (Increase Customer Market Share)
   • Key Execution Points:
     • 擴大既有產品滲透與交叉銷售 (Expand penetration and cross-selling of existing products).
     • 推進半導體、先進封裝與CPO應用 (Advance semiconductor, advanced packaging, and CPO applications).
     • 將驗證成果轉化為正式訂單 (Convert validation results into formal orders).

成長路徑 (Growth Path): 客戶驗證完成 (Customer Validation Completed) → 小量產 (Small-scale Production) → 正式量產/設備銷售 (Mass Production / Equipment Sales) → 市佔率與獲利貢獻提升 (Increased Market Share and Profit Contribution).

Disclaimer: 註:本頁為未來執行方向,實際進度仍受客戶認證、建廠時程與市場需求等因素影響。(Note: This page outlines future execution directions; actual progress is still subject to customer certification, factory construction schedules, and market demand.)

Additional Data

負債佔資產比率(%) (Debt to Asset Ratio (%))

資料來源:https://mopsfin.twse.com.tw/

流動比率(%) (Current Ratio (%))

資料來源:https://mopsfin.twse.com.tw/

長期資金佔不動產、廠房及設備比率(%) (Long-term Funds to Property, Plant & Equipment Ratio (%))

資料來源:https://mopsfin.twse.com.tw/

權益報酬率(%) (Return on Equity (%))

資料來源:https://mopsfin.twse.com.tw/