盛餘股份有限公司 (2029) 法說會簡報

Company Overview

公司名稱: 盛餘股份有限公司 (SHENG YU STEEL CO., LTD.) 股票代號: 2029 簡報日期: Sep. 24, 2026 報告人: 洪世強 總經理 (President, Johnson Hung)

公司介紹 (Introduction)

• 企業型態 (Enterprise Type): 股份有限公司 (Company Limited by Shares)
• 股東結構 (Shareholder structure):
  • 株式會社淀鋼 (YODOKO, Ltd.): 63.57%
  • 其他 (Others): 36.43%
• 員工 (Employees): 499人 (As of Dec. 31, 2025)
• 資本額 (Paid-in capital): 新台幣32.118億元 (NTD 3.2118 billion)
• 2025年度合併營業額 (Consolidated operating revenues 2025): 新台幣132.71億元 (NTD 13.271 billion)
• 公司沿革: 盛餘創立於1973年,發展至今已由製管加工蛻變為台灣第一家生產鍍鋅、鍍鋁鋅、烤漆鋼板之主力廠。(The company was founded in 1973 originated in pipe making, currently devoted to producing pre-painted steel sheet in coils.)

公司政策 (Management Philosophy & Policy)

• 經營理念 (Management Philosophy):
  • 超越顧客期待的品質 (Quality exceeding customers' expectation)
  • 誠信經營的企業形象 (Ethical business conduct)
  • 安全與溫馨的工作環境 (Safe and pleasant working environment)
  • 在工作挑戰中提昇自我 (Personal development through challenging work)
  • 公平回饋員工 (Fair reward to employees)

Financial Highlights

營運績效-合併 (Consolidated Operating Results) 單位: 新台幣百萬元 (Unit: NT$ million)

營運績效-營業額及毛利率(合併) (Operating Revenues & Gross Margin - Consolidated) 單位: 新台幣百萬元 (Unit: NT$ million) / 單位: % (Unit: %)

季度獲利趨勢 (Quarterly Profit Trend) 單位: 百萬元 (Unit: NT$ million) / 單位: % (Unit: %)

合併綜合損益表 (Consolidated Statements of Comprehensive Income) 單位: 新台幣百萬元 (Unit: NT$ million)

歷年每股盈餘與股利配發 (EPS & Cash Dividends) 單位: 每股新台幣元 (Unit: NT$ per share)

Business Segments

20152026(18) 鍍製產品內、外銷比例 (Ratio of Coated Product between Domestic and Export)

Products & Technologies

2025年度產品開發成果 (2025 Product Development Results) 技術突破與未來高附加價值產品展望 (Technical Breakthroughs and Outlook for Future High Value-Added Products)

水性化與環保建材技術突破 (Technological Breakthroughs in Water-Based and Eco-Friendly Building Materials)

• 水性化烤漆鋼板 (Water-Based Prepainted Steel Sheet)
  • 綠色製造里程碑 (Green Manufacturing Milestone):
    • 以水取代有機溶劑，大幅降低揮發性有機物(VOC)排放，具備低氣味、低毒性的特性，有效改善工作環境，提升員工健康與安全。(Replacing organic solvents with water significantly reduces VOC emissions. It features low odor and low toxicity, effectively improving the work environment and enhancing employee health and safety.)
    • 兼顧環境友善與產品品質，具備穩定的附著力與優異性能，可廣泛應用於建築建材領域的優質鋼材，展現環保與減碳雙重效益。(Balancing environmental friendliness with product quality, it possesses stable adhesion and excellent performance. This high-quality steel can be widely applied in the building materials sector, demonstrating the dual benefits of environmental protection and carbon reduction.)
• 水性背漆鋼板 (Water-Based Back Coat Steel Sheet)
  • 結構應用創新 (Structural Innovation):
    • 開發水性背漆，有效取代傳統溶劑型系統。水性塗層不僅低 VOC、環境友善，更符合 ESG 綠色製造理念。(Innovatively developed water-based back coat, effectively replacing traditional solvent-based systems. The water-based coating is not only low in VOCs and eco-friendly but also aligns with the ESG green manufacturing philosophy.)
    • 塗層具有優異之 PU 發泡密著性，材料界面結合良好，發泡後不易產生分層。適用於各類需發泡結構之建築材料與家電產品。(The coating features excellent PU foam adhesion and good material interface bonding, making it resistant to delamination after foaming. It is suitable for various building and home appliance applications requiring PU foaming.)
    • 首批量產品已於8月出貨，預期可創造300多萬元年淨效益。(The first batch of mass-produced products was shipped in August, and is expected to create an annual benefit of over 3 million NTD.)

高耐候與高質感外觀創新 (High Weather Resistance and Premium Texture Appearance Innovation)

• 印刷烤漆鋼板 (深岩石) (Printed Prepainted Steel Sheet (Deep Rock))
  • 自然工藝美學 (Natural Craftsmanship Aesthetics):
    • 模擬自然岩石的精緻紋理與色彩，圖案自然層次分明，呈現真實石材般的視覺效果。本產品已成功取得中華民國設計專利證書(設計第240985號)。(Simulating the exquisite texture and color of natural rock, the pattern has clear natural layers, presenting a visual effect akin to real stone. This product has successfully obtained an R.O.C. Design Patent Certificate (Design No. 240985).)
    • 搭配高耐候塗料系統，具備優異的耐 UV 性能與良好的成型加工性，兼顧美觀性與耐用度，適用於室內及戶外建材等多元應用。(Paired with a high weather resistance coating system, it offers excellent UV resistance and good formability. Balancing aesthetics and durability, it is suitable for diverse applications such as indoor and outdoor building materials.)
• 超耐候 Neo Matt 低光澤鋼板 (Ultra Durable Neo Matt Low-Gloss Steel Sheet)
  • 強效保護與霧面質感 (Ultra Durable and Matte Texture):
    • 因應建材市場對霧面質感及高耐候性能的需求，採用改質 Neo Matt 高耐候樹脂，具備不易褪色、不易粉化、光澤穩定等優點。(In response to the building materials market's demand for matte textures and high weather resistance, we adopted modified Neo Matt highly weather-resistant resin, which offers advantages such as resistance to fading and chalking while maintaining stable gloss.)
    • 產品兼具優異耐候性與良好成型加工性，符合高溫、高濕等嚴苛環境施工需求，並提供明確的塗層保固，適合各類戶外建材用途。(The product combines excellent weather resistance with good formability, meeting construction needs in harsh environments like high temperature and high humidity. It also provides a clear coating warranty, making it suitable for various outdoor building material applications.)

ESG / Sustainability

永續承諾與製程綠色轉型 (Sustainability Commitment and Green Process Transformation)

• ESG 目標落實 (Implementing ESG Goals):
  • 為積極響應全球減碳趨勢並落實公司ESG 永續發展目標，本公司針對高耗能、高揮發的塗裝產線啟動重大綠色製程升級計畫。(To actively respond to the global carbon reduction trend and implement the company's ESG sustainable development goals, we have launched a major green process upgrade plan for our high-energy-consuming and high-volatility coating production lines.)
  • 於2024年10月，產線全面汰換傳統「背漆塗料」。(In October 2024, the production line completely phased out traditional "back coat paints".)
• 源頭減量創新 (Through Source Reduction Innovation):
  • 成功導入具備高固成份的「低VOC 背漆」。(Successfully introduced "Low-VOC Back Paints" with high solid content.)
  • 此轉型不僅直接降低環境負擔，更大幅提升單位塗料的生產效率。(This transformation not only directly reduces the environmental burden but also significantly improves production efficiency.)
  • 符合國際日趨嚴格的環保法規，展現環境永續與營運獲利的雙贏策略。(Complies with increasingly strict international environmental regulations, demonstrating a win-win strategy of environmental sustainability and operational profitability.)

量化環境效益成果 (Quantified Environmental Benefits (Environment))

• 溶劑使用量降幅 (Reduction in Solvent Usage): -32.97%
  • 大幅減少揮發性有機物 (VOCs) 排放，超越原定 >5% 減量目標。(Substantially decreased Volatile Organic Compounds (VOCs) emissions, surpassing the original target of >5% reduction.)
• 單位面積塗料耗用量降低 (Reduction in Paint Consumption per m²): -13.54%
  • 高固成份特性有效提升塗裝效率，實質減少原物料資源浪費。(The high-solid nature effectively enhances coating efficiency, substantively reducing raw material waste.)

溶劑單位耗用量季推移(g/m²) (Quarterly Trend of Solvent Consumption (g/m²))

• 溶劑單位耗用量實績 (Actual solvent consumption):
  • 24 Q1前 (Before 2024 Q1): 1.854 g/m²
  • 2024 Q4: 1.181 g/m²
  • 2025 Q1: 1.200 g/m²
  • 2025 Q2: 1.233 g/m²
  • 2025 Q3: 1.344 g/m²
  • 2025 Q4: 1.439 g/m²
  • 2026 Q1: 1.190 g/m²
  • 2026 Q2: 1.107 g/m²
• 說明: 溶劑單位耗用量實績從過去的 1.854 g/m² 迅速且穩定地降至 1.1 ~ 1.4 g/m² 區間。歷經一年半以上的數據追蹤，減量成效未見反彈，確認新製程的高穩定度與財務效益。(Actual solvent consumption per square meter dropped rapidly and stably from the previous 1.854 g/m² to a range of 1.1 - 1.4 g/m². After more than one and a half years of data tracking, the reduction effects have not rebounded, confirming the high stability and financial benefits of the new process.)

Outlook & Strategy

營運展望 (Business Outlook)

• 全球鋼市 (Global Steel Market): 朝供需平衡方向發展。中國持續推動鋼鐵產能調控，有助抑制過剩供給與削價競爭；惟聯準會近期升息影響全球資金流動性，終端需求回升動能仍存在不確定性。但放眼明年市場，根據世界鋼鐵協會預估，2027年全球鋼鐵需求將恢復成長 2.2%，整體產業基調朝正向發展。(The global steel market is moving toward supply demand balance. China's capacity controls should help curb oversupply and price-cutting. However, recent Fed rate hikes have tightened global liquidity, making the pace of end demand recovery uncertain. Still, WSA expects global steel demand to grow 2.2% in 2027, a positive sign for the industry.)
• 內銷市場 (Domestic Market): 近年盛餘內銷市場維持穩健成長，主力產品「可拉壯」系列憑藉品質優勢，穩居國內市佔第一的烤漆鋼品品牌。隨國際鋼價止跌回穩，國內市場信心逐步改善，預期第四季鋼市可望呈現築底回升態勢；下游客戶補庫需求有望陸續釋出，為內銷出貨動能提供支撐。(SYSCO's domestic sales have grown steadily in recent years. Our pre-painted steel brand, COLORSTRONG, continues to hold a leading position in Taiwan. As steel prices stabilize, Q4 demand is expected to recover gradually, supported by downstream restocking.)
• 外銷市場 (Export Market): 中東局勢雖對能源價格與航運成本帶來不確定性，但中長期也將衍生重建需求。北美市場鋼價維持高檔，AI資料中心、電力基礎建設及製造業投資持續帶動用鋼需求，加上當地供給有限，進口市場可望維持熱絡。盛餘目前外銷訂單表現穩健，預期第四季接單動能可持續暢旺。(Middle East tensions add uncertainty to energy and shipping costs, but also create reconstruction demand over time. North American steel prices remain high, supported by demand from AI data centers, power infrastructure, and manufacturing investment. At the same time, local supply remains limited, keeping the import market active. As a result, export order momentum is expected to remain strong in Q4.)
• 營運策略 (Operational Strategy): 盛餘將持續穩固國內外市場，在拓展新客戶的同時，提高既有客戶黏著度與回購率，持續提升利基型及低碳鋼品的銷售佔比，朝高附加價值產品組合發展，以降低鋼價循環波動對營運的影響，強化公司長期獲利韌性。(SYSCO will continue to strengthen both domestic and export markets by expanding its customer base and increasing repeat orders. We will also increase the share of specialty and low-carbon steel products, moving toward a higher-value product mix to reduce exposure to steel price cycles and improve long-term earnings stability.)

未來展望:持續深化製程優化 (Future Outlook: Continuously Process Optimization)

• 低VOC 背漆已於2026年7月正式上線量產。奠基於新配方優異的流平性，公司已啟動下一階段降本增效計畫：除了擴大低VOC塗料的應用範圍之外，同步進行水性塗料研發，以期更進一步的降低VOC以符合國際日趨嚴格的環保法規，展現環境永續與營運獲利的雙贏策略。(The Low-VOC back paints officially entered mass production in July 2026. Based on the excellent leveling properties of the new formula, the company has launched the next phase of its cost-reduction and efficiency-enhancement plan: in addition to expanding the application scope of low-VOC paints, we are simultaneously conducting R&D on water-based paints. This aims to further reduce VOCs to comply with increasingly strict international environmental regulations, demonstrating a win-win strategy of environmental sustainability and operational profitability.)

Strategic Initiatives and Plans

綠色製程升級與永續發展成果 (Achievements in Green Process Upgrades and Sustainable Development)

• 低VOC背漆導入專案 (Low-VOC Back Paint Introduction Project): 兼顧環境保護(E)與製程優化(S/G)之具體實踐 (Concrete Practice of Balancing Environmental Protection (E) and Process Optimization (S/G))

技術突破與製程治理(S/G) (Technical Breakthroughs and Process Governance (S/G))

• 導入初期曾面臨生產不穩定與塗裝作業性不佳等製程挑戰。研發團隊透過配方改良克服技術瓶頸。(Initially faced process challenges such as unstable production and poor coating workability. The R&D team overcame technical bottlenecks through formula improvements.)
• 精準配方調校 (S) (Precise Formula Adjustment (S)): 在維持低 VOC 的同時，保持較低黏度釋放產線「作業性裕度」，降低現場員工勞動負擔。(While maintaining low VOC, a lower viscosity was preserved to release "workability margin" on the production line, reducing the labor burden on on-site employees.)
• 供應商協同研發 (G) (Supplier Collaborative R&D (G)): 持續調整塗料配方以改善作業性以符合嚴格品管規格。(Continuously adjusted the paint formula to improve workability and meet strict quality control specifications.)

未來產品研發計畫展望 (Future Product R&D Plans)

• 消光系家電鋼板 (Matte Finish Prepainted steel for Home Appliances):
  • 針對家電市場開發專屬消光色系，結合超低光澤與優美外觀。致力於克服無鉻化鋼材之耐化性挑戰，以滿足現代高端家電的美學需求與嚴苛防腐標準。(Developed an exclusive matte color series for the home appliance market, combining ultra-low gloss with an elegant appearance. We are committed to overcoming the chemical resistance challenges of chromium-free steel to meet the aesthetic demands and stringent anti-corrosion standards of modern high-end appliances.)
  • 首批量產品已於8月出貨，預計每年可以新增數百噸訂單量。(The first batch of mass-produced products shipped in August, with an expected annual increase of hundreds of tons in order volume.)
• 氟改質高耐候鋼板 (Fluorine-Modified High Durable Prepainted Steel):
  • 著手研發氟素改質塗料樹脂配方與塗裝控制技術。極大化提升戶外建材的耐候防護力，延長產品防腐蝕生命週期，鞏固高端建築建材市佔率。(Initiated R&D on fluorine-modified coating resin formulas and coating control technology. This aims to maximize the weather protection of outdoor building materials, extend the anti-corrosion life cycle of products, and consolidate our market share in high-end building materials.)
• 抗菌烤漆鋼板 (Antibacterial Prepainted Steel):
  • 鎖定特殊公共與醫療空間需求，研發符合 USDA 非食品接觸級標準之抗菌鋼板。著重於抗菌劑之相容性、環境友善度及抗菌效果持久性，拓展新興應用市場。(Targeting the needs of special public and medical spaces, we developed antibacterial steel sheets compliant with USDA non-food contact standards. The focus is on the compatibility of antibacterial agents, environmental friendliness, and the durability of the antibacterial effects, aiming to expand into emerging application markets.)