台灣高速鐵路股份有限公司 (2633) 2026Q2 法說會簡報

Company Overview

公司現況 (Company Status)

營運路線 (Operating Routes): 350 公里 (km)
車隊 (Fleet): 34 組 (sets)
營運車站 (Operating Stations): 12 座 (stations)
維修基地 (Maintenance Depots): 5 座 (depots)
車站列表 (Station List):
- 台北站 (Taipei Station)
- 板橋站 (Banqiao Station)
- 桃園站 (Taoyuan Station)
- 新竹站 (Hsinchu Station)
- 苗栗站 (Miaoli Station)
- 台中站 (Taichung Station)
- 彰化站 (Changhua Station)
- 雲林站 (Yunlin Station)
- 嘉義站 (Chiayi Station)
- 台南站 (Tainan Station)
- 左營站 (Zuoying Station)
基地與設施 (Depots & Facilities):
- 台灣高鐵探索館 (THSR Museum)
- 新竹六家基地 (Liouchia Depot)
- 台中烏日基地 (Wurih Depot)
- 嘉義太保基地 (Taibao Depot)
- 高雄燕巢總機廠 (Yenchao Main Workshop)
- 高雄左營基地 (Zuoying Depot)

Financial Highlights

損益與財務指標 (Income Statement and Financial Ratios)

2026年第二季 (2Q'26) vs. 2025年第二季 (2Q'25)

營業收入 (Operating Revenue):
- 2Q'26: NT$13,922 百萬元
- 2Q'25: NT$13,361 百萬元
- YoY: Up 4%
營業毛利 (Gross Operating Profit):
- 2Q'26: NT$5,762 百萬元
- 2Q'25: NT$5,605 百萬元
- YoY: Up 3%
稅後淨利 (Net Income After Tax):
- 2Q'26: NT$1,656 百萬元
- 2Q'25: NT$1,627 百萬元
- YoY: Up 2%
毛利率 (Gross Profit Margin):
- 2Q'26: 41.4%
- 2Q'25: 42.0%
淨利率 (Net Profit Margin):
- 2Q'26: 11.9%
- 2Q'25: 12.2%
EPS (Earnings Per Share):
- 2Q'26: NT$0.30
- 2Q'25: NT$0.29

2026年上半年 (1H'26) vs. 2025年上半年 (1H'25)

營業收入 (Operating Revenue):
- 1H'26: NT$27,812 百萬元
- 1H'25: NT$26,735 百萬元
- YoY: Up 4%
營業毛利 (Gross Operating Profit):
- 1H'26: NT$12,269 百萬元
- 1H'25: NT$11,823 百萬元
- YoY: Up 4%
稅後淨利 (Net Income After Tax):
- 1H'26: NT$3,754 百萬元
- 1H'25: NT$3,489 百萬元
- YoY: Up 8%
毛利率 (Gross Profit Margin):
- 1H'26: 44.1%
- 1H'25: 44.2%
淨利率 (Net Profit Margin):
- 1H'26: 13.5%
- 1H'25: 13.1%
EPS (Earnings Per Share):
- 1H'26: NT$0.67
- 1H'25: NT$0.62

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization)

EBITDA (新台幣百萬元):
- 2Q'26: 8,675
- 1Q'26: 9,497 (QoQ: -8.7%)
- 2Q'25: 8,533 (YoY: 1.7%)
EBITDA Margin(%):
- 2Q'26: 62.3%
- 1Q'26: 68.4%
- 2Q'25: 63.9%
2026/H1 EBITDA 表現 (2026/H1 EBITDA Performance):
- 因營收年成長4%,營業成本之電價未再調漲,EBITDA近182億元,較去年同期成長2.7%,EBITDA Margin 65.3%持平於去年同期。
- (Due to 4% revenue growth, electricity prices in operating costs did not increase again, EBITDA was nearly NT$18.2 billion, a 2.7% increase YoY, and EBITDA Margin of 65.3% remained flat YoY.)

現金流量 (Cash Flow) (新台幣百萬元)

營業活動之淨現金流入(出) (Net Cash Flow from Operating Activities):
- 1H'26: 13,557
- 1H'25: 12,501
投資活動之淨現金流入(出) (Net Cash Flow from Investing Activities):
- 1H'26: 1,934
- 1H'25: (100)
- 註1: 1H’26貨幣型市場基金(MMF)及3個月期以上定存/RP之金融資產減少$65.9億元、資本支出$47.2億元。
- (Note 1: In 1H'26, money market funds (MMF) and time deposits/RPs (Repurchase Agreements) over 3 months decreased by NT$6.59 billion, and capital expenditures were NT$4.72 billion.)
籌資活動之淨現金流入(出) (Net Cash Flow from Financing Activities):
- 1H'26: (1,419)
- 1H'25: (1,655)
- 註2: 1H’26調降免保證商業本票發行額度$13.5億元。
- (Note 2: In 1H'26, the issuance limit for unsecured commercial paper was reduced by NT$1.35 billion.)
本期現金及約當現金增加(減少)數 (Increase (Decrease) in Cash and Cash Equivalents for the Period):
- 1H'26: 14,079
- 1H'25: 10,758
期末現金及約當現金餘額 (Cash and Cash Equivalents at End of Period):
- 1H'26: 18,878
- 1H'25: 15,045

財務風險管理 (Financial Risk Management)

負債占資產比率 (Debt-to-Asset Ratio):
- 1H'26: 81.8%
- 註:負債占資產比例=負債總額/資產總額 (Debt-to-Asset Ratio = Total Liabilities / Total Assets)
'16年迄今提前清償聯貸借款總額 (Total Syndicated Loan Prepayments from '16 to Date): NT$140.7 十億元

每股盈餘與股利配發 (EPS and Dividend Distribution)

2025年 (2025):
- EPS: NT$1.17
- 現金股利 (Cash Dividend): NT$1.15
- 配息率 (Payout Ratio): 98%
註:每股盈餘之設算基於普通股加權平均股數56.28億股。
(Note: EPS calculation is based on 5.628 billion weighted average common shares.)

信用評等 & 股本總市值 (Credit Ratings & Market Cap)

信用評等 (Credit Ratings):
- 中華信評 (Taiwan Ratings): 長期評等 twAAA, 短期評等 twA-1+, 展望穩定 (Outlook Stable)
- 惠譽 (Fitch): 長期評等 AAA(twn), 短期評等 F1+(twn), 展望穩定 (Outlook Stable)
股本總市值 (Market Capitalization):
- 2026年7月: NT$1,475 億元 (NT$147.5 billion)
- 註:以月均價、月底發行股數(含私募)計。
- (Note: Calculated based on monthly average price and shares outstanding at month-end (including private placement).)

Recent Performance and Results

營運實績-運能 (Operating Performance - Capacity)

2026/Q1 表定每週運行班次 (Scheduled Weekly Services): 提升至 1,134 班次。
2026/Q2 增開班次 (Additional Services): 清明節、勞動節及端午節連續假期期間,合計增開 344 班次營運列車。
2026/Q2 座位公里運能 (Seat-Kilometer Capacity): 48.55 億公里,較去年同期增加 5 千萬公里,年成長 1.1%。
發車班次 (Number of Services Operated) (YoY 1.3%):
- 1Q'25: 14,780
- 2Q'25: 14,889
- 3Q'25: 14,813
- 4Q'25: 15,124
- 1Q'26: 15,187
- 2Q'26: 15,084
座位公里 (Seat-Kilometers) (百萬公里) (YoY 1.1%):
- 1Q'25: 4,747
- 2Q'25: 4,801
- 3Q'25: 4,780
- 4Q'25: 4,876
- 1Q'26: 4,885
- 2Q'26: 4,855

營運實績-運量 (Operating Performance - Ridership)

2026/Q2 旅客人數 (Passenger Count): 持續突破 2 千萬人次,已連續 5 季達 2 千萬人次。
2026/Q2 延人公里運量 (Passenger-Kilometer Ridership): 達 35.1 億公里,較去年同期增加 1.46 億公里,年成長 4.3%。
2026/Q2 平均日運量 (Average Daily Ridership): 23.3 萬人次,較去年同期日均運量增加 1.3 萬人次。
2026/H1 旅客人數 (Passenger Count): 達 4 千 2 百萬人次,較去年同期增加 223 萬人次 (YoY 5.6%)。
2026/H1 延人公里運量 (Passenger-Kilometer Ridership): 達 70 億公里,年成長 4.4%。
2026/H1 平均乘載率 (Average Load Factor): 維持於 72.1%。
旅客人數 (Passenger Count) (千人) (YoY 5.9%, QoQ 1.5% in Q2):
- 1Q'25: 19,830
- 2Q'25: 20,017
- 3Q'25: 20,400
- 4Q'25: 21,823
- 1Q'26: 20,884
- 2Q'26: 21,190
- 1H'25: 39,847
- 1H'26: 42,074
延人公里 (Passenger-Kilometers) (百萬公里) (YoY 4.3%, QoQ 0.1% in Q2):
- 1Q'25: 3,360
- 2Q'25: 3,368
- 3Q'25: 3,371
- 4Q'25: 3,649
- 1Q'26: 3,511
- 2Q'26: 3,514
- 1H'25: 6,728
- 1H'26: 7,025
平均日運量 (Average Daily Ridership) (千人次/日):
- 1Q'25: 220
- 2Q'25: 220
- 3Q'25: 222
- 4Q'25: 237
- 1Q'26: 232
- 2Q'26: 233
- 1H'25: 220
- 1H'26: 232 (+12,000人次/日)
平均乘載率 (Average Load Factor) (%):
- 1Q'25: 70.8%
- 2Q'25: 70.2%
- 3Q'25: 70.5%
- 4Q'25: 74.8%
- 1Q'26: 71.9%
- 2Q'26: 72.4%

近五年運轉實績 (Recent Five-Year Operating Performance)

營運列車準點率 (Operating Train Punctuality Rate) (延誤<5分鐘, 含天災):
- 1H'26: 99.47%
- '25: 99.31%
- '24: 99.50%
- '23: 99.58%
- '22: 99.47%
- '21: 99.00%
平均延誤時間 (Average Delay Time) (分鐘):
- 1H'26: 0.26
- '25: 0.28
- '24: 0.20
- '23: 0.19
- '22: 0.24
- '21: 0.29
營運責任事故數 (Number of Operational Responsibility Accidents):
- 1H'26: 0件
- '25: 0件
- '24: 0件
- '23: 0件
- '22: 0件
- '21: 0件

Products & Technologies

列車型號 (Train Models):
- 700T
- N700ST
技術平台 (Technology Platform): TAIWAN HIGH SPEED RAIL (Brand)
服務名稱 (Service Offerings):
- 鐵路運輸票務營收 (Rail Transport Ticketing Revenue)
- 附屬事業營收 (Ancillary Business Revenue) - 租金收入 (rental income), 廣告收入 (advertising income), 車販收入 (on-board sales income)

Outlook & Strategy

營運展望 (Operating Outlook) - 高鐵 2.0 (High Speed Rail 2.0)

目標 (Goal): 迎接高鐵即將通車屆20週年,為帶給旅客嶄新的高鐵體驗,強化營運績效,全面提升服務價值與企業形象,創造更大收益。
- (To celebrate the 20th anniversary of High Speed Rail operation, to provide passengers with a new high-speed rail experience, strengthen operational performance, comprehensively enhance service value and corporate image, and create greater revenue.)
戰略舉措 (Strategic Initiatives):
- 品牌 (Brand):
  - 傳達嶄新高鐵體驗 (Convey a new high-speed rail experience)
  - 提升品牌價值 (Enhance brand value)
- 旅服 (Travel Services):
  - 推動智慧運輸 (Promote smart transportation)
  - 提升乘車品質 (Improve ride quality)
- 列車 (Trains):
  - 列車再升級 (Train upgrades)
  - 優化乘車體驗 (Optimize ride experience)
- 商業 (Commercial):
  - 擴展商業空間 (Expand commercial space)
  - 提供沉浸式體驗 (Provide immersive experiences)
- 車站 (Stations):
  - 旅客服務設施優化 (Optimize passenger service facilities)
  - 體驗升級服務 (Upgrade experience services)
- 永續 (Sustainability):
  - 強化營運韌性 (Strengthen operational resilience)
  - 落實企業永續 (Implement corporate sustainability)

新世代列車引進暨車輛檢修廠增建效益 (Benefits of New Generation Trains and Maintenance Plant Expansion)

新車引進後車隊 (Fleet after new train introduction): 46 組 (sets)
- 現有車隊 (Existing fleet): 34 組 (sets)
長期運能目標 (Long-term Capacity Goals):
- 每週表定班表逐步增班至超過 1,400 班次。
- 桃園、新竹尖峰停靠 8 班次/小時 (通勤更便利)。
- 台北、台中尖峰直達車 4 班次/小時 (增加台中直達車)。
- 台南、嘉義尖峰直達車 2 班次/小時 (強化南部直達車)。
效益 (Benefits): 提升列車運用彈性及效率 (Enhance train operational flexibility and efficiency)
關鍵指標與改善 (Key Metrics & Improvements):
- 尖峰運能 (Peak Capacity): 提升 25%
  - 尖峰發車班次 (Peak hour services): 7 班/小時
  - 尖峰發車班距 (Peak hour service interval): 5 分鐘
- 維修能量 (Maintenance Capacity): 47 組 (sets) (現有 38 組)
- 駐車組數 (Parking Capacity): 50 組 (sets) (現有 44 組)
- 大修檢修天數 (Overhaul Maintenance Days): 縮短 16 天 (現有 19~20 天)
基礎設施擴建 (Infrastructure Expansion):
- 左營檢修場增建 (Zuoying Maintenance Depot expansion)
- 燕巢總機廠擴建 (Yenchao Main Workshop expansion)

ESG / Sustainability

台灣高鐵永續發展屢獲佳績與肯定 (Taiwan High Speed Rail's Achievements and Recognition in Sustainable Development)

使命 (Mission): 成為引領進步、創造美好的生活平台。
- (To become a platform that leads progress and creates a better life.)
- 台灣高鐵不只在軌道運輸領域提供安全、快速、準點的運輸服務,並透過產業合作、結盟,提升軌道專業實力;同時也在生活服務領域,結合優勢科技、在地文化、環境保護,提供民眾優質且全面的體驗。
- (Taiwan High Speed Rail not only provides safe, fast, and punctual transportation services in the rail transport sector but also enhances its professional capabilities through industry collaboration and alliances; simultaneously, in the lifestyle services sector, it integrates advanced technology, local culture, and environmental protection to offer the public a high-quality and comprehensive experience.)
獎項與認可 (Awards & Recognition):
- 台灣企業永續獎 (Taiwan Corporate Sustainability Awards - TCSA): 9度入選 (2017-2025), 榮獲企業永續報告「白金獎」。
- 台灣永續指數 (Taiwan Sustainability Index - TIP Taiwan ESG Index): 8度入選 (2019-2026)。
- 台灣就業99指數 (Taiwan Employment 99 Index - TIP Taiwan Index Plus): 7度入選 (2020-2026)。
- 臺灣證券交易所公司治理評鑑排名前5% (Taiwan Stock Exchange Corporate Governance Evaluation Top 5%): 連續9年榮獲 (2018-2026)。
- Corporate Knights 全球百大永續企業 (Global 100 Most Sustainable Corporations): 連續4年入選 (2022-2025)。
- 全球200大潔淨企業 (Clean 200): 連續2年入選 (2025-2026)。
承諾 (Commitment): 台灣高鐵114年度《提升企業價值計畫》公告於公開資訊觀測站「提升企業價值計畫專區」,展現永續治理承諾。
- (Taiwan High Speed Rail's 2025 "Enhancing Corporate Value Plan" was announced on the Market Observation System in the "Enhancing Corporate Value Plan Section," demonstrating its commitment to sustainable governance.)

Additional Data

簡報大綱 (Presentation Outline)

營運概況 (Operating Overview)
財務報告 (Financial Report)
營運展望 (Operating Outlook)

免責聲明 (Disclaimer)

本簡報及同時發布之相關訊息所提及之預測性資訊,包括營運展望、財務狀況及業務預測等內容,係本公司基於內部資料及外部整體經濟發展現況所得之資訊。
本公司未來實際產生的營運結果、財務狀況與業務成果,可能與預測性資訊有所差異,其原因可能來自各種因素,包括但不限於市場需求、各種政策法令與整體經濟現況之改變,以及其他本公司無法掌控之風險等因素。
本簡報中所提供之資訊,係反應本公司截至目前為止對於未來的看法,並未明示或暗示性地表達或保證其具有正確性、完整性或可靠性。對於簡報內容,未來若有任何變更或調整,本公司不負責更新或修正。

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