國喬石油化學股份有限公司 法說會簡報
Company Overview
- 公司簡介 (Page 4)
- 成立時間: 1973年
- 股本: 152.7億元
- 國喬員工: 372人 (2026Q3)
Financial Highlights
-
產品別營收比 (NT$ 百萬) (Page 24)
- 114H1
- 總營收: NT$11,017百萬
- 產品佔比:
- SM
- PDH
- PP
- ABS/PS
- 媒體收入
- PA66
- 包裝材料
- 其他
- 115H1
- 總營收: NT$12,914百萬
- 產品佔比:
- SM
- PDH
- PP
- ABS/PS
- 媒體收入
- PA66
- 包裝材料
- 其他
- 114H1
-
合併損益表 (單位: 新臺幣佰萬元) (Page 25)
| 項目 | 115年H1 | 114年H1 | 差異% | 114年 | 113年 | 112年 | 111年 |
|---|---|---|---|---|---|---|---|
| 營業收入 | 12,914 | 11,017 | 17% | 22,614 | 16,418 | 15,719 | 18,176 |
| 營業成本 | 12,936 | 11,538 | 12% | 24,178 | 15,908 | 15,271 | 17,305 |
| 營業毛利 | -22 | -521 | 96% | -1,564 | 510 | 448 | 871 |
| 毛利率 | 0% | -5% | 96% | -7% | 3% | 3% | 5% |
| 營業費用 | 1,419 | 1,242 | 14% | 2,479 | 2,183 | 1,540 | 1,658 |
| 營業淨利 | -1,441 | -1,763 | 18% | -4,043 | -1,673 | -1,092 | -787 |
| 營業淨利率 | -11% | -16% | 30% | -17% | -10% | -7% | -4% |
| 營業外收支 | -489 | -52 | -840% | -736 | -387 | -663 | 771 |
| 稅前淨利 | -1,930 | -1,814 | -6% | -4,779 | -2,060 | -1,755 | -16 |
| 所得稅費用(利益) | -49 | -79 | -38% | -211 | -355 | -298 | 438 |
| 稅後淨利 | -1,881 | -1,736 | -8% | -4,568 | -1,705 | -1,457 | -454 |
| 淨利率 | -15% | -15% | -1% | -20% | -10% | -9% | -2% |
| 淨利歸屬 - 母公司業主 | -1,857 | -1,688 | -10% | -4,380 | -1,560 | -1,438 | -494 |
| 淨利歸屬 - 非控制權益 | -23 | -48 | 52% | -188 | -145 | -19 | 40 |
| 每股盈餘(元) | -1.68 | -1.53 | -10% | -3.97 | -1.42 | -1.59 | -0.56 |
- 合併報表財務分析 (Page 26)
| 項目 | 115年Q2 | 114年 | 113年 | 112年 | 111年 |
|---|---|---|---|---|---|
| 負債佔資產比率(%) | 50.81 | 51.62 | 42.62 | 41.07 | 40.19 |
| 流動比率(%) | 108.05 | 116.41 | 174.97 | 187.03 | 367.65 |
| 速動比率(%) | 79.4 | 70.12 | 100.28 | 133.22 | 289.17 |
| 應收款項周轉率(次) | 15.93 | 13.55 | 9.34 | 8.85 | 8.39 |
| 平均收現天數 | 22 | 26 | 39 | 41 | 43 |
| 存貨周轉率(%) | 7.65 | 7.58 | 6.62 | 8.28 | 8.84 |
| 平均銷貨日數 | 47 | 48 | 55 | 44 | 41 |
| 權益報酬率(%) | -5.74 | -13.26 | -4.66 | -4.01 | -1.21 |
Business Segments
- 產業關聯 (Page 5)
- 上游原料: 乙烯, 苯, 丙烯, 丁二烯
- 中間產品 (副產物):
- 苯乙烯 (Styrene Monomer, SM)
- 丙烯腈 (Acrylonitrile, AN)
- 己二胺 (Hexamethylenediamine, HMD)
- 己二酸 (Adipic Acid, AA)
- 主要產品:
- 甲苯 (Toluene)
- 氫氣 (Hydrogen)
- HIPS (High Impact Polystyrene)
- ABS (Acrylonitrile Butadiene Styrene)
- 尼龍66 (Nylon 66, PA66)
- 下游應用:
- 甲苯/氫氣: 油漆/有機溶劑, 工業/電廠
- 苯乙烯衍生物 (ABS, HIPS, EPS, SBR, UPR): 家電產品、家用器皿、摻配
- HIPS: 家電產品、家用器皿、摻配
- ABS: 家電產品、汽機車、板件管件、文具玩具、3C外殼、摻配
- 尼龍66: 汽車、電子電器、束帶、工業絲、廚具、摻配
Products & Technologies
- 結盟日本氣體巨頭AWI 跨足半導體特化材料藍海 (Page 27)
- 與日本工業氣體製造大廠愛沃特株式會社 (AIR WATER INC., 簡稱AWI) 合作。
- 共同參與半導體特殊氣體製造商宏廣新技增資案，雙方各持股35%，成為兩大股東。
- 跨足台灣半導體特殊材料市場。
- 宏廣新技:
- 台灣半導體供應鏈中的特殊氣體與化學品領導廠商。
- 具備高純度電子級特殊氣體在地生產、銷售、分析及技術支援能力。
- 主要服務半導體晶圓製造客戶，並涵蓋太陽能及面板等產業。
- 產品包括氟碳類、氧化亞氮 (N₂O)、二氧化碳 (CO₂) 及氟氮混合氣 (F2/N₂) 等半導體製程用特殊氣體。
- 有助強化關鍵材料在地供應及供應鏈韌性。
- 國喬亦取得特用危化品運輸商「愛豐通運」23.4%股權。
- 愛豐通運:
- 聚焦晶圓製造材料供應鏈所需的特用化學品。
- 提供運輸、倉儲、轉運及配送等一貫化專業物流服務。
Outlook & Strategy
- 影響產業因素 (Page 6)
- 美伊衝突持續，原油供應中斷延長，高油價抑制需求，預期將維持一段時間。
- 高油價的持續帶動各國通膨與升息預期同時也將壓抑消費與企業投資動能，進一步對全球 GDP 成長形成壓力。
- 中國產能過剩持續外溢，除重塑全球貿易流向外，產業亦加速整併與產能退出，區域供需結構將逐步改善，企業經營壓力可望逐步緩解。
- 同業間將依市場需求及利差變化，彈性調整產線稼動率，並適度承接國內供應缺口。
- 各公司對未來策略將優先做轉型投資及推動產品高值化為主要工作，以持續提升自身競爭力。
Additional Data
-
全球原油供需預測 (Page 7)
- Base case: -1.0bbl stock draws by 1Q27
- Chart showing implied global stock change, oil demand, and oil supply from 2024Q1 to 2027Q4.
- 2027 builds barely replenish to pre-crisis levels by 1Q28.
- Extended disruption case: stocks ~ MinOps*
- Chart showing global oil inventory (billion barrels) from Feb to Dec.
- *assumes SoH transits capped at Apr/May levels & ongoing blockade of Iran exports
- ** minimum operating stocks estimated from pipeline fill, oil in transit, refinery, products & friction stock
- Source: 2026/5 Japan APIC ICIS data
- Base case: -1.0bbl stock draws by 1Q27
-
全球GDP預測 (Page 8)
- Chart showing % annual growth from 3Q25 to 4Q27.
- Scenarios: Feb26, Limited disruption, Prolonged disruption.
- Source: 2026/9 Argus Oil Market and Future Fuels Forum
-
苯乙烯現貨價差預測 (Page 9)
- Chart showing Styrene spot margins (Dollars per Metric Ton) from 2016 to 2031.
- Regions: US, W. Europe, Asia Pacific.
- Source: 2026/5 Japan APIC CMA data
-
FOBK 苯/東北亞乙烯與石腦油價差 (Page 10)
- Chart showing FOBK BZ & NEA C2-MOP J NAPHTHA price spread from 2026/1/2 to 2026/9/2.
- Lines: FOBK BZ-NAPHTHA, NEA C2-NAPHTHA.
-
出貨數量 (MT) (Page 11)
- Bar chart showing shipment volume (MT) from 2025 Q2 to 2026 Q3(E).
- 2025 Q2: ~88,000 MT
- 2025 Q3: ~86,000 MT
- 2025 Q4: ~80,000 MT
- 2026 Q1: ~79,000 MT
- 2026 Q2: ~65,000 MT
- 2026 Q3(E): ~78,000 MT
- Bar chart showing shipment volume (MT) from 2025 Q2 to 2026 Q3(E).
-
產品營收佔比 (Page 12)
- Stacked bar chart showing revenue percentage by product (SM, ABS, PA, Others) from 2025Q2 to 2026Q3(E).
- SM consistently represents the largest share, followed by ABS.
-
SM亞洲價格趨勢 ($/MT) (Page 13)
- Stacked bar chart showing C2 and BZ components, with an overlay line for SM price, from 2025Q2 to 2026Q3(E).
- SM price (line) shows an upward trend from 2025Q4 to 2026Q2, then a slight dip.
-
Taiwan SM進出口數量 (KMT) (Page 14)
- Line chart showing Taiwan SM Import and Exports from 2019 to 2026(E).
- Imports (red line) show a significant decrease from 2021 to 2025, with a slight rebound in 2026(E).
- Exports (dark line) remained relatively stable, peaking in 2024.
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China SM進出口數量 (KMT) (Page 15)
- Line chart showing China SM Import and Exports from 2019 to 2026(E).
- Imports (red line) show a sharp decrease from 2019 to 2026(E).
- Exports (dark line) show an increase, especially from 2024 to 2026(E), surpassing imports.
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China BZ進口數量 (KMT) (Page 16)
- Line chart showing China BZ Import from 2019 to 2026(E).
- Imports increased from 2019 to 2025, then show a projected decrease in 2026(E).
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韓國BZ 進出口量 (kMT) (Page 17)
- Stacked bar chart showing Imports and Exports, with an overlay line for Net Export (R), from 2019 to 2026(E).
- Exports are significantly larger than imports. Net Export (R) shows a peak in 2024-2025.
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ABS亞洲價格趨勢 ($/MT) (Page 18)
- Stacked bar chart showing SM, AN, and BD components, with an overlay line for ABS price, from 2025Q2 to 2026Q3(E).
- ABS price (line) shows an upward trend from 2025Q4 to 2026Q2, then a slight dip.
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中國ABS 供需平衡 (KMT) (Page 19)
- Stacked bar chart showing Supply, Demand, Imports, and Exports for China ABS from 2021 to 2026(E).
- Supply and Demand are the largest components, with imports decreasing and exports remaining small.
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中國SM與下游開工率 (Page 20)
- Line chart showing operating rates (%) for EPS, ABS, PS, and SM in China from 2025/9 to 2026/8.
- SM operating rate (yellow line) is generally higher than its downstream products.
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PA66亞洲價格趨勢 ($/MT) (Page 21)
- Stacked bar chart showing Invista HMD List3 and AA ASIA 2 components, with an overlay line for PA66 ASIA price, from 2025/Q1 to 2026/Q3(E).
- PA66 ASIA price (line) shows an upward trend from 2025Q4 to 2026Q2, then a projected decrease.
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中國PA66 開工率 (Page 22)
- Line chart showing Operating rate (%) for China PA66 from Feb-25 to Aug-26.
- Operating rate fluctuated, showing a dip in mid-2026.