東聯化學 (1710TW) 2026Q2 法說會簡報
Company Overview
- 公司名稱 (Company Name): 東聯化學股份有限公司 (Oriental Union Chemical Corp.)
- 股票代號 (Stock Code): 1710TW
- 創立時間 (Founding Date): 1975年12月
- 資本額 (Capital): 新台幣88.6億元
- 董事長 (Chairman): 徐旭東先生
- 總經理 (President): 蔡錫津先生
- 主要經營業務 (Main Businesses):
- 乙二醇,二乙二醇及環氧乙烷製造與買賣 (Ethylene Glycol, Diethylene Glycol, and Ethylene Oxide manufacturing and trading)
- 氣氧,液氧,氣氮,液氮,液氮及壓縮空氣之製造與買賣 (Gaseous oxygen, liquid oxygen, gaseous nitrogen, liquid nitrogen, liquid nitrogen, and compressed air manufacturing and trading)
- 乙醇胺,碳酸乙烯脂,聚乙二醇及脂肪醇聚氧乙烯醚之製造與買賣 (Ethanolamine, Ethylene Carbonate, Polyethylene Glycol, and Fatty Alcohol Ethoxylates manufacturing and trading)
- 生產基地 (Production Bases): 高雄林園、江蘇揚州 (Kaohsiung Linyuan, Jiangsu Yangzhou)
Financial Highlights
合併營業收入 (Consolidated Revenue) (單位:新台幣億元)
- 2024: 237.8
- 2025: 222.5
- 2026Q2: 105.8
歸屬東聯合併損益 (Consolidated Profit (Loss) attributable to Oriental Union) (單位:新台幣億元)
- 2024: 0.2
- 2025: (8.9)
- 2026Q2: (1.1)
每股盈餘 (EPS) (單位:新台幣元)
- 2024: 0.02
- 2025: (1.01)
- 2026Q2: (0.12)
現金股利 (Cash Dividend) (單位:新台幣元)
- 2023: 0.20
- 2024: 0.00
- 2025: 0.00
合併資產負債表 (2026/6/30) (Consolidated Balance Sheet (2026/6/30))
- 總資產 (Total Assets): 354億
- 投資事業 (Investment Business): 80億
- 生產事業 (Production Business): 274億
- 財務結構 (Financial Structure):
- 負債 (Liabilities): 222億
- 計息負債 (Interest-bearing Liabilities): 176億
- 非計息負債 (Non-interest-bearing Liabilities): 46億
- 權益 (Equity): 132億
- 權益比 (Equity Ratio): 37%
- 每股淨值 (Book Value Per Share): 12.5元
- 負債 (Liabilities): 222億
Business Segments
三大事業體 (Three Major Business Segments)
- 乙二醇事業 (Ethylene Glycol Business)
- 氣體事業 (Gas Business)
- 特用化學事業 (Specialty Chemicals Business)
各事業銷售比例 (Sales Proportion by Segment) (百分比)
| 季度 | 乙二醇事業 | 特化事業 | 氣體事業 |
|---|---|---|---|
| 24Q1 | 68 | 25 | 7 |
| 24Q2 | 63 | 31 | 6 |
| 24Q3 | 62 | 31 | 7 |
| 24Q4 | 62 | 31 | 7 |
| 25Q1 | 64 | 30 | 7 |
| 25Q2 | 64 | 29 | 7 |
| 25Q3 | 66 | 26 | 8 |
| 25Q4 | 69 | 23 | 8 |
| 26Q1 | 61 | 31 | 7 |
| 26Q2 | 58 | 34 | 8 |
Products & Technologies
產能 (Capacity)
| 類別 (Category) | 產品 (Product) | 林園廠 (Linyuan Plant) | 揚州廠 (Yangzhou Plant) | 總計 (Total) |
|---|---|---|---|---|
| 乙二醇 (Ethylene Glycol) | 環氧乙烷(EO) | 370kta | 425kta | 795kta |
| 乙二醇(EG) | 360kta | 500kta | 860kta | |
| 氣體 (Gas) | 氣體(O2、N2、Ar) | 830kta | 475kta | 1,305kta |
| 二氧化碳(CO2) | 85kta | 150kta | 235kta | |
| 特用化學品 (Specialty Chemicals) | 乙醇胺(EA) | 65kta | 40kta | 105kta |
| 乙二醇丁醚(EB) | 120kta | - | 120kta | |
| 碳酸乙烯酯(EC) | 80kta | - | 80kta | |
| 環氧乙烷衍生物(EOD) | 100kta | 60kta | 160kta | |
| 聚醚胺(PEA) | 5kta | - | 5kta | |
| 乙烯胺(EDA) | 20kta | - | 20kta |
產品與應用 (Products and Applications)
- 創新東聯 (Innovative Oriental Union): 以研發帶動轉型 (Driven by R&D for transformation)
- 5大產品應用 19項產品系列 (5 major product applications, 19 product series)
- 實踐循環經濟‧引領綠色產品 (Practicing circular economy, leading green products)
- 主要產品類別 (Main Product Categories):
- EG/EO 基礎原物料 (Basic raw materials)
- EO/PO derivatives 高值化發展 (High-value development)
- Amine series 深加工應用 (Deep processing applications)
- Specialty Chemicals & Materials 全方案整合 (Total solution integration)
- Green products 綠·低碳工藝 (Green, low-carbon processes)
Recent Performance and Results
營業收入、營業淨(損)益 (Revenue, Operating Profit (Loss)) (單位:新台幣佰萬元)
| 季度 | 營業收入 (Revenue) | 營業淨(損)益 (Operating Profit (Loss)) |
|---|---|---|
| 24Q1 | 5,155 | (24) |
| 24Q2 | 6,497 | 15 |
| 24Q3 | 6,534 | 96 |
| 24Q4 | 5,599 | (158) |
| 25Q1 | 6,134 | (83) |
| 25Q2 | 5,816 | (174) |
| 25Q3 | 5,387 | (308) |
| 25Q4 | 4,917 | (337) |
| 26Q1 | 5,346 | (177) |
| 26Q2 | 5,231 | 8 |
Outlook & Strategy
驅動轉型 產業發展藍圖 (Driving Transformation, Industry Development Blueprint)
建構驅動轉型核心能力 (Building Core Capabilities for Driving Transformation)
- 研究技術開發能力 (R&D Capability):
- 研究/開發 (Research/Development)
- 工程/設計 (Engineering/Design)
- 系統/整合 (System/Integration)
- 製造/建造 (Manufacturing/Construction)
- 管控 (Control)
- 具備完整製程能力 (Complete Process Capability):
- 乙二醇 (Ethylene Glycol)
- 胺類 (Amines)
- 溶劑 (Solvents)
- EOD (Ethylene Oxide Derivatives)
- 氣體 (Gases)
- CO2
- 跨領域應用產品 (Cross-domain Application Products):
- 界面活性劑 (Surfactants)
- 精緻溶劑 (Refined Solvents)
- UV光固化 (UV Curing)
- 電子化學品 (Electronic Chemicals)
- AI智能營運管理機制 (AI Smart Operations Management Mechanism):
- 數據驅動 (Data-driven)
- 數位優化 (Digital Optimization)
- 智慧供氣物聯網 (Smart Gas Supply IoT)
新世代跨領域產業轉型 (Next-Generation Cross-Domain Industry Transformation)
- 電子應用化學品 (Electronic Application Chemicals):
- 高純度電子級溶劑 (High-purity electronic grade solvents)
- 精細界面活性劑 (Fine surfactants)
- 半導體CMP濕式化學品 (Semiconductor CMP wet chemicals)
- 目標: 深度切入高階半導體與新能源供應鏈 (Deep penetration into high-end semiconductor and new energy supply chains)
- AI應用材料 (AI Application Materials):
- 高速通訊基板絕緣材料 (High-speed communication substrate insulation materials)
- 精準UV光固化樹脂 (Precision UV curable resins)
- 目標: 開發高門檻、高附加價值的先進材料 (Develop high-barrier, high-value-added advanced materials)
- 綠色化學 (Green Chemistry):
- CCU捕捉製程廢氣 (CCU capture process waste gas)
- 綠色化學品深加工 (Green chemical deep processing)
- 水泥爐石資源再利用 (Cement clinker resource reuse)
- 製程/設備改善、能源整合 (Process/equipment improvement, energy integration)
- 目標: 回應全球淨零碳排趨勢,推動循環化學 (Responding to global net-zero carbon emissions trend, promoting circular chemistry)
深化自主技術 擴張既有電子應用化學品 (Deepening Proprietary Technology, Expanding Existing Electronic Application Chemicals)
- 電子應用化學品 (Electronic Application Chemicals):
- 技術高值化轉型 (High-value technology transformation):
- 自主「超純化」與「配方技術」 (Proprietary "ultra-purification" and "formulation technology")
- 電子級特化品升級 (Upgrade electronic-grade specialty chemicals)
- 半導體全製程覆蓋 (Full semiconductor process coverage):
- 橫跨黃光、清洗及 CMP 拋光 (Spanning yellow light, cleaning, and CMP polishing)
- 支援前段製程至後段封裝需求 (Supporting front-end processes to back-end packaging needs)
- 高純淨度優勢 (High purity advantage):
- 獲國家產業技術A+企業創新計畫 (Awarded National Industrial Technology A+ Enterprise Innovation Project)
- 開發類固態電池,對接儲能/電動車 (Developing solid-state batteries, connecting to energy storage/electric vehicles)
- 助力 AI 與先進製程 (Assisting AI and advanced processes):
- 切入2nm/3nm製程與 HBM 記憶體 (Entering 2nm/3nm processes and HBM memory)
- 提供 CMP關鍵配方 (Providing key CMP formulations)
- 技術高值化轉型 (High-value technology transformation):
- 高純度電子級溶劑 (High-purity electronic grade solvents):
- 應用於顯影劑、光阻剝離劑、封裝後段清洗劑、鋰電池電解液。 (Applied in developers, photoresist strippers, post-packaging cleaning agents, lithium battery electrolytes.)
- 精細界面活性劑 (Fine surfactants):
- 應用於顯影液、酸鹼清洗、晶圓切割府蝕抑制、晶圓清洗、光阻液添加、圖案塌陷抑制。 (Applied in developers, acid-base cleaning, wafer dicing corrosion inhibition, wafer cleaning, photoresist additive, pattern collapse inhibition.)
- 半導體CMP濕式化學品 (Semiconductor CMP wet chemicals):
- 銜接半導體先進製程,支援 CoWoS 先進封裝需求。 (Connecting to advanced semiconductor processes, supporting CoWoS advanced packaging needs.)
驅動未來科技 AI新材料領域技術前瞻布局 (Driving Future Technology: Forward-looking Layout in AI New Materials)
- AI應用材料 (AI Application Materials):
- 自主創新核心技術 (Proprietary Innovation Core Technologies):
- 分子設計、合成技術、聚合技術、材料改質 (Molecular design, synthesis technology, polymerization technology, material modification)
- 低碳永續酯化優勢 (Low-carbon sustainable esterification advantage):
- 具低碳足跡功能性單體 (Functional monomers with low carbon footprint)
- 維持低損耗性能,實現減碳目標 (Maintaining low-loss performance, achieving carbon reduction goals)
- 整合研發工程團隊 (Integrated R&D Engineering Team):
- 基礎研究、製程開發與量產經驗 (Basic research, process development, and mass production experience)
- 整合溶劑、洗劑及界面活性劑優勢 (Integrating advantages of solvents, cleaning agents, and surfactants)
- 下游整合合作開發 (Downstream Integrated Collaborative Development):
- 學研機構及產業夥伴之策略合作 (Strategic cooperation with academic institutions and industry partners)
- 參與相關研發計畫與技術平台 (Participating in relevant R&D projects and technology platforms)
- 自主創新核心技術 (Proprietary Innovation Core Technologies):
- 高速基板材料 (High-speed Substrate Materials):
- 物理傳輸底層關鍵 (Key to Physical Transmission Layer):
- AI 與數據中心基礎建設高速傳輸基板、未來 6G 極高頻傳輸需求。 (High-speed transmission substrates for AI and data center infrastructure, future 6G extremely high-frequency transmission needs.)
- 極低損耗 (Extremely Low Loss):
- 自有單體+特殊聚合技術 (Proprietary monomers + special polymerization technology)
- 極低介電損耗 (Ultra-low Df)
- 高可靠度 (High Reliability):
- 表面修飾+分子設計能力 (Surface modification + molecular design capability)
- 高加工性與可靠度 (High processability and reliability)
- 主要組成 (Main Components): 主樹脂 (Main Resin), 交聯劑 (Crosslinking Agent), 填充材料 (Filler Material), 阻燃劑 (Flame Retardant)
- 物理傳輸底層關鍵 (Key to Physical Transmission Layer):
- 精準UV光固化樹脂 (Precision UV Curable Resins):
- 高精度封裝與絕緣 (High-precision packaging and insulation):
- 具備快速固化、高透光及高機械強度。 (Features fast curing, high transparency, and high mechanical strength.)
- 廣泛應用於晶圓保護及LED封裝。 (Widely used in wafer protection and LED packaging.)
- 對應關鍵產業 (Corresponding Key Industries):
- 高速基板特定功能層的光固化樹脂 (UV curable resins for specific functional layers of high-speed substrates)
- 先進封裝、LED顯示器貼合、PCB塗層、光纖防護。 (Advanced packaging, LED display bonding, PCB coating, optical fiber protection.)
- 應用產品 (Application Products): 保護膠 (Protective Adhesive), 絕緣膠 (Insulating Adhesive), 封裝膠 (Encapsulant), 貼合膠 (Bonding Adhesive), 光學膜 (Optical Film), 防焊漆 (Solder Mask), 光纖塗層 (Optical Fiber Coating)
- 高精度封裝與絕緣 (High-precision packaging and insulation):
ESG / Sustainability
推動循環經濟 將CO2從廢棄物轉變為綠色資產 (Promoting Circular Economy: Transforming CO2 from Waste into Green Assets)
- CCU捕捉製程廢氣 (CCU Capture Process Waste Gas):
- 以CCU及純化技術精製氣體 (Refining gases with CCU and purification technology):
- 技術核心 (Core Technology): 以CCU及純化技術,將製程中產生的CO2進行捕捉。 (Capturing CO2 generated in the process using CCU and purification technology.)
- 具備碳捕捉優質胺系列溶劑。 (Possesses high-quality amine series solvents for carbon capture.)
- 產品線 (Product Line): 工業級、食品級及電子級CO2,並開發超高純度半導體級CO2。 (Industrial, food, and electronic grade CO2, and developing ultra-high purity semiconductor grade CO2.)
- 以CCU及純化技術精製氣體 (Refining gases with CCU and purification technology):
- 綠色化學品深加工 (Green Chemical Deep Processing):
- 深加工轉化低碳永續材料 (Deep processing to transform into low-carbon sustainable materials):
- CO2衍生化學品與高值化應用,屬「減碳解決方案」綠色產品。 (CO2-derived chemicals and high-value applications, belonging to "carbon reduction solutions" green products.)
- 產品應用 (Product Applications): 鋰電池電解液、日化界面活性劑、手機機殼及PU塑料改質。 (Lithium battery electrolytes, daily chemical surfactants, mobile phone casings, and PU plastic modification.)
- 推動ESG永續環境,減碳淨零方向。 (Promoting ESG sustainable environment, carbon reduction, and net-zero direction.)
- 深加工轉化低碳永續材料 (Deep processing to transform into low-carbon sustainable materials):
- 水泥爐石資源再利用 (Cement Clinker Resource Reuse):
- 展現礦化反應與資源整合能力 (Demonstrating mineralization reaction and resource integration capabilities):
- 永久固碳 (Permanent Carbon Sequestration): 從「排碳」轉向「負碳」的實質貢獻。 (A substantial contribution from "carbon emission" to "carbon negative".)
- 跨界整合 (Cross-industry Integration): 成為傳統高能耗產業的「永續夥伴」。 (Becoming a "sustainable partner" for traditional high-energy-consuming industries.)
- 開拓新藍海 (Opening New Blue Oceans): 進軍低碳建築市場的成長動能。 (Entering the low-carbon construction market with growth momentum.)
- 展現礦化反應與資源整合能力 (Demonstrating mineralization reaction and resource integration capabilities):
Additional Data
公司大事紀 (Company Milestones)
- 1975: 公司成立 (Company established)
- 1978: 高雄EO/EG場 (Kaohsiung EO/EG plant)
- 1987: 股票上市 (Listed on stock exchange)
- 2002: 高雄EA場, EC場 (Kaohsiung EA plant, EC plant)
- 2005: 高雄成立試驗工場 (Kaohsiung pilot plant established)
- 2011: 揚州EA場, 高雄EOD場 (Yangzhou EA plant, Kaohsiung EOD plant)
- 2012: 揚州EOD場 (Yangzhou EOD plant)
- 2015: 高雄廠溫室氣體盤查 ISO 14064-1 (Kaohsiung plant greenhouse gas inventory ISO 14064-1)
- 2016: 揚州EO/EG場 (Yangzhou EO/EG plant)
- 2017: 高雄EB場 (Kaohsiung EB plant)
- 2022: 高雄電子級CO2場, 高雄PEA場, EDA場, EOD II場 (Kaohsiung Electronic Grade CO2 plant, Kaohsiung PEA plant, EDA plant, EOD II plant)
- 2025: 高雄乙烯儲槽, EB擴產 (Kaohsiung Ethylene Storage Tank, EB expansion)
- 2026: 高雄液氨儲槽 (Kaohsiung Liquid Ammonia Storage Tank)
重要產能變化 (Important Capacity Changes)
- 高雄 EO/EG場 (Kaohsiung EO/EG Plant): 1978年 EG 12.5萬噸/年, 經兩度去瓶頸, 2015年 再擴產至EO 36萬噸/年 & EG 30萬噸/年, 2017年 擴產至EG 36萬噸/年
- EA場 (EA Plant): 2002年 EA(I) 4萬噸/年, 2008年 新增EA(II) 4萬噸/年, 2015年 EA(II)擴產至6萬噸/年
- EB場 (EB Plant): 2017年 改造EA(I)生產EB 2萬噸/年, 2022年 產能計4萬噸/年, 2025年 擴產至12萬噸/年
- EC場 (EC Plant): 2002年2萬噸/年, 2008年 擴產至6萬噸/年
- 揚州 EO/EG場 (Yangzhou EO/EG Plant): 2016年 EO 40萬噸/年 & EG 50萬噸/年
獲獎事蹟 (Awards and Achievements)
- 2024年獲獎事蹟 (2024 Awards and Achievements):
- TCSA 台灣企業永續報告書金獎 (TCSA Taiwan Corporate Sustainability Report Gold Award)
- TCSA 台灣企業永續績優獎 (TCSA Taiwan Corporate Sustainability Excellence Award): 東聯化學以敏捷韌性、打造永續競爭力為主題,推動循環經濟方案節約成本、開發碳捕捉產品及回收 PET 開發再生原料等減碳作為,獲TCSA 2024年永續報告書金獎及台灣永續企業績優榮。
- 商業週刊 【碳競爭力】百強徽章 (Business Weekly "Carbon Competitiveness" Top 100 Badge): 東聯化學持續致力於減碳,攜手供應商推動永續發展,落實循環經濟、能源轉型及低碳生產,成功建構綠色、電子、新材料等新世代產業應用,2024年再次榮獲碳競爭力百強企業的殊榮。
- 天下雜誌【1.5度C標章認證】「成效卓越等級企業」 (CommonWealth Magazine "1.5°C Label Certification" "Outstanding Achievement Level Enterprise"): 東聯化學響應國際淨零趨勢,積極規劃公司減碳路徑,以研發帶動轉型,持續發展電子化學品及特殊應用材料等領域;積極投入碳捕捉再利用、低碳製程、塑料回收再利用、生物可分解等綠色產品;並在製程管理落實循環經濟、能源轉型及低碳生產,獲主辦單位青睞,受頒「成效卓越等級企業」的榮譽。
- TwiChE 台灣化學工程學會 化工技術獎 (TwiChE Taiwan Institute of Chemical Engineers Chemical Engineering Technology Award): 東聯化學公司化工技術團隊 榮獲114年 化工技術獎。
- 商業周刊 (Business Weekly): 化學工業唯一 連續四年入榜 (The only chemical industry company to be listed for four consecutive years).
免責聲明 (Disclaimer):
- 本簡報及同時發佈之相關訊息內容,取自於公司內部與外部資料,其中包含營運成果、財務狀況與業務發展等內容。
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- 本簡報中對未來之展望,反應本公司迄今對未來的看法。對於這些看法未來若有任何改變或調整時,本公司並不負責隨時提醒或更新。