盛達電業股份有限公司 (3027) 2026Q3 法說會簡報

Company Overview

• Company Name: 盛達電業股份有限公司 (Billion Electric Co., Ltd.)
• Stock Code: 3027
• Event: 2026Q3 法說會 (Investor Conference)
• Date: Sep 24, 2026
• Speakers:
  • 陳振乾 (Chairman, Billion Electric Co., Ltd.)
  • 楊鎧丞 (Financial Manager, Billion Electric Co., Ltd.)
  • 陳彥勳 (General Manager, Shengqi)
  • 陳均宜 (General Manager, Shengqi)
• Company Branding: BILLION, Over Since 1973.
• Disclaimer (Page 2):
  • This material is prepared according to IFRS and has been reviewed by certified public accountants.
  • Forward-looking information, including operational outlook and business forecasts, is based on information obtained from internal and external sources.
  • Future outlooks represent the company's current views. The company is not responsible for updating or reminding of any future changes or adjustments to these views.

Financial Highlights

盛達集團 2026 M1M8合併營收 (Billion Group 2026 M1M8 Consolidated Revenue) (Page 5)

• 2026 M1~M8 Consolidated Revenue: NT$ 883,313 thousand
• 2025 Annual Consolidated Revenue: NT$ 2,108,555 thousand
• 2024 Annual Consolidated Revenue: NT$ 2,023,935 thousand

主要產品線營收占比比較表 (Revenue Breakdown by Major Product Line)

盛達集團 合併綜合損益表 (Billion Group Consolidated Income Statement) (Page 6)

Unit: 新台幣仟元 (NT$ thousand)

盛達集團 合併資產負債表 (Billion Group Consolidated Balance Sheet) (Page 7)

Unit: 新台幣仟元 (NT$ thousand)

Business Segments

台灣市場 (Taiwan Market) (Page 8-11)

表後儲能案件與應用進展 (Behind-the-meter Energy Storage Projects and Application Progress) (Page 9)

• 洽談量能集中於節費與韌性需求 (Negotiation Volume Concentrates on Cost Savings and Resilience Demand)
• Overall Project Status:
  • Total: 23 cases / 30.51 MWh
  • 已完工 (Completed): 16 cases, 16.21 MW / 23.24 MWh
  • 建置中 (Under Construction): 7 cases, 3.28 MW / 7.27 MWh
  • 洽談中 (In Negotiation): 16 cases, 24.23 MW / 66.88 MWh
• 案件進度與應用結構 (Project Progress and Application Structure):
  • 01 企業節費與市場收益 (Enterprise Cost Savings & Market Revenue):
    • Completed: 7 cases (4.63 MWh / 2.63 MW)
    • Under Construction: 4 cases (3.80 MWh / 1.21 MW)
    • In Negotiation: 12 cases (41.19 MWh / 14.23 MW)
    • Total: 18.06 MW / 49.63 MWh
  • 02 用電大戶義務 (Large Power Consumer Obligations):
    • Completed: 4 cases (13.92 MWh / 4.65 MW)
    • Total: 4.65 MW / 13.92 MWh
  • 03 微電網與備援韌性 (Microgrid & Backup Resilience):
    • Completed: 2 cases (2.28 MWh / 1.10 MW)
    • Under Construction: 2 cases (1.47 MWh / 1.38 MW)
    • In Negotiation: 4 cases (25.68 MWh / 10.00 MW)
    • Total: 12.48 MW / 29.43 MWh
  • 04 再生能源整合 (Renewable Energy Integration):
    • Completed: 3 cases (2.42 MWh / 7.83 MW)
    • In Negotiation: 1 case (2.00 MWh / 0.69 MW)
    • Total: 8.52 MW / 4.42 MWh
• Key Takeaways:
  • 01 執行量體持續累積 (Accumulated Execution Volume): Completed and under construction projects total 23 cases / 30.51 MWh, progressively accumulating actual delivery scale through single-project implementation.
  • 02 儲能角色由設備走向能源管理 (Energy Storage Role Shifts from Equipment to Energy Management): Currently, 16 cases / 66.88 MWh are in negotiation, with a future focus on project conversion and delivery pace.
  • 03 實績已跨越不同場景 (Track Record Across Diverse Scenarios): Negotiation capacity primarily comes from enterprise cost savings and market revenue, reflecting a shift in enterprise demand from cost management to power supply stability.
  • Conclusion: All four application types have completed projects; new negotiation volume focuses on enterprise cost savings and microgrid/backup demand. Key focus for the future is on project conversion rates, construction progress, and revenue recognition pace.

表後儲能專案結構多元 企業商業需求成為主要案源 (Diverse Behind-the-Meter Energy Storage Project Structure, Enterprise Commercial Demand as Main Source) (Page 10)

• 已完工與執行中案件橫跨工商、用電大戶、微電網及再生能源整合,需求來源以企業直接導入為主 (Completed and In-progress Projects Span Industrial & Commercial, Large Power Consumers, Microgrids, and Renewable Energy Integration, with Enterprise Direct Sourcing as the Main Demand Source)
• 已完工/執行中 專案結構 (Completed/In-progress Project Structure): Total 23 cases
  • 工商儲能案 (Industrial & Commercial Storage Projects): 11 cases (48%), primarily driven by enterprise industrial & commercial power demand.
  • 用電大戶儲能案 (Large Power Consumer Storage Projects): 4 cases (17%), driven by large power consumer obligations.
  • 微電網案 (Microgrid Projects): 4 cases (17%), enhancing regional energy autonomy.
  • 再生能源整合案 (Renewable Energy Integration Projects): 4 cases (17%), integrated solar-storage-charging and energy management.
• Key Points:
  • 01 企業需求已成為主要驅動 (Enterprise Demand as Main Driver): Projects have evolved from single equipment implementation to addressing enterprise power costs, contract capacity, power resilience, and energy management.
  • 02 應用場景已跨不同用電型態 (Application Scenarios Across Different Power Consumption Types): Track record covers general industrial & commercial, large power consumers, microgrids, and renewable energy integration, accumulating planning and delivery experience in diverse settings.
  • 03 案源結構不依賴單一管道 (Project Source Structure Not Reliant on Single Channel): In addition to direct enterprise demand, it also includes public tenders and EPC collaboration projects, diversifying project sources.
• 案件來源分布 (Project Source Distribution):
  • 一般商業案 (General Commercial Projects): 17 cases
  • 公標案 (Public Tenders): 3 cases
  • EPC: 3 cases
• Conclusion: Existing track record covers various enterprise power consumption scenarios, serving as a foundation for future expansion of behind-the-meter storage orders and O&M extensions.

維運服務與長週期營運延伸 (O&M Services and Long-term Operational Extension) (Page 11)

• 表後儲能服務延伸 建置後銜接多年期維運 (Behind-the-Meter Energy Storage Service Extension: Post-Construction Multi-Year O&M)
• 既有建置案場逐步銜接後續維運,延伸能源管理與設備生命週期服務 (Existing Constructed Sites Gradually Transition to Subsequent O&M, Extending Energy Management and Equipment Lifecycle Services)
• 儲能服務基礎與延伸案場 (Energy Storage Service Foundation & Extension Projects): Total 34 cases
  • 表前儲能維運案場 (Front-of-meter O&M Projects): 21 cases
  • 表後維運承接案件 (Behind-the-meter O&M Projects): 13 cases
• 表後維運承接進展 (Behind-the-meter O&M Project Progress): Total 13 cases
  • 維運中 (In O&M): 5 cases
  • 待維運 (Pending O&M): 5 cases
  • 簽約中 (Under Contract): 3 cases
• Service Model:
  • 01 建置交付 (Construction & Delivery): One-time project revenue.
    • 設備供應 (Equipment supply), 系統整合 (System integration), 工程建置 (Engineering construction), 驗收交付 (Acceptance & delivery).
  • 02 5-10年維運 (5-10 Year O&M): Multi-year service revenue.
    • 巡檢保養 (Inspection & maintenance), 故障處理 (Troubleshooting), 技術支援 (Technical support), 備品管理 (Spare parts management).
  • 03 EMS 能源管理 (EMS Energy Management): Enhancing service efficiency & depth.
    • 遠端監控 (Remote monitoring), 異常告警 (Anomaly alerts), 運轉分析 (Operation analysis), 能源調度 (Energy dispatch).
  • 04 設備更新與整改 (Equipment Update & Renovation): Extending lifecycle business opportunities.
    • 容量擴充 (Capacity expansion), 設備汰換 (Equipment replacement), 系統升級 (System upgrade), 案場整改 (Site renovation).
• 從一次性交付,延伸長週期服務 (From One-time Delivery to Long-term Services):
  • 收入週期延長 (Extended Revenue Cycle): O&M services after construction delivery extend the revenue from single projects, increasing the sustainability of service revenue.
  • 服務深度增加 (Increased Service Depth): EMS can extend on-site maintenance to remote monitoring and data management, improving O&M efficiency and site operational management capabilities.
  • 客戶價值持續延伸 (Continued Customer Value Extension): As equipment ages and enterprise energy needs change, subsequent connections can be made for equipment updates, capacity expansion, and site renovation.
• Conclusion: Behind-the-meter energy storage transitions from one-time construction to 5-10 years of multi-year O&M, extending to energy management and equipment lifecycle services, lengthening the revenue cycle and customer value of a single site.

海外市場 (Overseas Market) (Page 12-16)

澳洲市場 (Australia Market) (Page 13-16)

資料中心負載成長,光儲成為綠電與電網韌性配套 (Data Center Load Growth, Solar-Storage as Green Power and Grid Resilience Solution) (Page 13)

• 政策要求資料中心取得「新增綠電+調度容量」,分散式光儲可同時提供綠算力與電網支撐 (Policy Requires Data Centers to Obtain "New Green Power + Dispatchable Capacity", Distributed Solar-Storage Can Provide Both Green Computing Power and Grid Support)
• 1 需求|負載已在發生 (Demand | Load Already Happening):
  • 9.0 GW: 17 data centers are entering the transmission network connection process.
  • 實際負載 (Actual Load) (Q2 2026): NSW 451MW (+35%) | VIC 204MW (approx. doubled).
  • Note: 9.0GW represents the maximum connection capacity applied for and in progress, no sites have entered trial operation yet.
• 2 政策|綠電須「新增+可調度」 (Policy | Green Power Must Be "New + Dispatchable"):
  • AEMC 建議 (AEMC Recommendation): Data centers must offset power consumption with "new" renewable energy REGO certificates.
  • 調度義務 (Dispatch Obligation): Must sign dispatchable capacity (firming) contracts, and grid connection agreements support demand flexibility and co-location.
  • NSW 修法 (NSW Legislation Amendment): State government can control large load access and requires sharing grid costs.
  • 長期趨勢 (Long-term Trend): AEMO estimates data centers will account for approximately 2% of NEM power consumption, rising to about 10% by 2050.
  • NER 修正 (NER Amendment): Scheduled for ECMC review in Sep 2026.
• 3 本集團光儲|三者相輔相成 (Our Group's Solar-Storage | Three Aspects Complement Each Other):
  • 綠算力 (Green Computing Power): New solar power is "new" green power, providing REGO certificates through long-term contracts with retailers.
  • 可調度容量 (Dispatchable Capacity): Energy storage shifts midday solar power to the evening peak, corresponding to data center firming obligations.
  • 電網韌性 (Grid Resilience): Distributed in the distribution network, alleviating regional congestion; VIC midday negative power prices reached 31%, which can be absorbed locally.
• Key Data Points:
  • >9,000 MW: NEM grid-level battery capacity (including trial operation).
  • 17% → 36%: Battery's share as the marginal price setter in dispatch intervals.
  • +211% / +228%: Annual increase in daily charging / evening discharging.
  • A$20,300: SA 6/22 wind power slump, battery depletion, price hit market cap (/MWh).
• Conclusion: New green power and dispatch obligations from data centers drive long-term power purchase agreement (PPA) demand; our group's 54.48MWp/344MWh solar-storage can be supplied via contracts with retailers.
• Sources: AEMO, Quarterly Energy Dynamics Q2 2026; AEMC, Data centre advice to energy ministers, Aug 2026; NSW Electricity Infrastructure Investment Amendment Bill 2026; AEMO 2050 資料中心用電預估引自 PV Tech, Aug 2026.

資料中心推升負載,老舊燃煤延役,晚峰更依賴儲能 (Data Centers Drive Load, Aging Coal Plants Extended, Evening Peak Relies More on Storage) (Page 14)

• 燃煤延役不等於供電穩定:老化機組故障風險上升,儲能成為夜間與事故時的關鍵備援 (Coal Plant Extension Doesn't Mean Stable Supply: Aging Units Increase Breakdown Risk, Storage Becomes Critical for Night and Incident Backup)
• 1 需求|負載成長壓縮退場空間 (Demand | Load Growth Compresses Exit Space):
  • 5 → 34 TWh: NEM data center annual power consumption (2025-26 → 2035-36) rises from approximately 3% to approximately 13% of total supply.
  • 約 15 GW: Coal and gas unit capacity scheduled for retirement in the next 10 years; power consumption is projected to grow over 40% in the same period.
• 2 延役|燃煤機組愈來愈老 (Extension | Coal Units Getting Older):
  • Eraring (2,880MW, 最高約 NSW 1/4 用電): Retirement date postponed twice.
    • 原定 (Original): 2025
    • 第一次延後 (1st Delay): 2027/8
    • 現行 (Current): 2029/4
  • 不再大修 (No Major Overhauls): Origin states no major overhauls during the extension period.
  • 機組老化 (Unit Aging): By 2030, nearly 2/3 of NEM coal capacity will exceed the historical average retirement age (42 years).
• 3 風險|高風險時段最不可靠 (Risk | High-Risk Periods Most Unreliable):
  • 10-20%: Highest risk of power shortages (LOR3) periods, coal plant availability lower than usual.
  • 4次 (4 times): In the 7 most severe price spikes in the past, 4 were caused by unplanned coal plant outages; units over 40 years old show significantly lower availability.
• Key Data Points:
  • 46%: Battery discharge as the marginal price setter during the evening peak (16-21h).
  • 9.1%: Average share of daily peak load supplied by batteries (annual increase of 5.8 percentage points).
  • 3,759 MW: Record battery discharge (2026/6/26 18:00, evening peak).
• Conclusion: During coal plant extensions, outage and power shortage risks persist; evening peak and incident backup rely heavily on energy storage; our group's distributed solar-storage can provide local night discharge and regional backup.
• Sources: AEMO, 2026 ESOO (Aug 2026); AEMO, QED Q2 2026; Origin Energy ASX 公告(2026/1/20); Baringa Partners / Climate Council, coal reliability analysis (May 2026); IEEFA, Delaying coal power exits (Apr 2025).

澳洲 52MWp/ 332.3 MWh 分階段光儲組合,建立持續開發基礎 (Australia 52MWp/332.3 MWh Phased Solar-Storage Portfolio, Building a Foundation for Continuous Development) (Page 15)

• 澳洲光儲與儲能專案組合 (Australia Solar-Storage & Energy Storage Project Portfolio): 52MWp Solar / 332.3 MWh Storage.
• PROJECTS (BESS + PV):
  1. Anakie
  2. Longford
  3. Seaspray
  4. Flynn
  5. Nevertire
  6. Trundle
  7. Peak Hill
  8. Hillston
  9. Hay
• PROJECTS (BESS ONLY): 10. Cootamundra 11. Temora 12. Ouyen 13. Casino 14. Woodend 15. Wee Waa 16. Hanwood 17. Woods Point
• 由開發轉入送電與建置 (Transition from Development to Grid Connection & Construction):
  • Anakie | 送電準備 (Grid connection preparation)
  • Longford, Seaspray | 現場施工 (On-site construction)
  • Flynn | 建置準備 (Construction preparation)
• 完成前期開發準備 (Completed Early-stage Development):
  • 土地選擇權已取得,前期評估已完成 (Land options secured, early-stage assessment completed).
• 開發條件進入審查程序 (Development Conditions Entering Review Process):
  • 電網與規劃申請已提出,後續依審查結果推進 (Grid and planning applications submitted, progressing based on review results).
• 專案定位 (Project Positioning): Focus on Sub-5MW (AC grid-connected) small-to-medium sites, covering integrated solar-storage and standalone storage.
• 區域布局 (Regional Layout): Distributed across Victoria (VIC), New South Wales (NSW), and South Australia (SA).
• 收益規劃 (Revenue Planning): Based on long-term contracts, retaining partial capacity for NEM market participation.
• Conclusion: 17 projects form a parallel portfolio of engineering execution, grid review, and early-stage development.

澳洲3階段光儲專案組合,依成熟度逐案展開 (Australia 3-Phase Solar-Storage Project Portfolio, Phased Rollout by Maturity) (Page 16)

• 第一階段4案 (Phase 1: 4 Projects): Core projects entering engineering execution.
  • Anakie: 5.87 MWp | 11.08 MWh.
    • Progress: According to DNSP schedule, estimated grid connection in Oct; COD target end of year.
  • Longford: 4.87 MWp | 11.08 MWh.
    • Progress: On-site construction, piling, and equipment installation in progress.
  • Seaspray: 5.48 MWp | 11.08 MWh.
    • Progress: On-site construction, piling, and storage equipment installation in progress.
  • Flynn: 6.26 MWp | 11.08 MWh.
    • Progress: Management plan approved, awaiting grid connection contract issuance to proceed with construction.
• 第二及三階段13案 (Phase 2 & 3: 13 Projects): Subsequent projects continuously accumulating development maturity.
  • 8座獨立儲能案 (8 Standalone Storage Projects): Cootamundra, Temora, Ouyen, Casino, Woodend, Wee Waa, Hanwood, Woods Point.
    • Progress: 電網與開發審查申請中 (Grid and development review applications in progress).
    • Sub-steps: 前期評估 (Early-stage assessment), 申請送件 (Application submission), 審查程序 (Review process), 建置準備 (Construction preparation).
  • 5座光儲合一案 (5 Integrated Solar-Storage Projects): Nevertire, Trundle, Peak Hill, Hillston, Hay.
    • Progress: 前期評估完成,準備申請送件 (Early-stage assessment completed, preparing for application submission).
    • Sub-steps: 土地選擇權 (Land options), 前期評估 (Early-stage assessment), 申請送件 (Application submission), 建置準備 (Construction preparation).
• Conclusion: 17 projects are managed in layers by maturity, covering engineering execution, review processes, and early-stage development, forming a continuous project portfolio.

Products, Services & Technology

• Comprehensive Green Energy Solutions & System Integration Provider (Page 17)
• Energy Storage Systems (BESS) (Page 15)
• Solar PV (PV) (Page 15)
• EMS (Energy Management System) (Page 11)
• Service Offerings:
  • Equipment supply
  • System integration
  • Engineering construction
  • Acceptance & delivery
  • 5-10 year O&M services: Inspection & maintenance, troubleshooting, technical support, spare parts management.
  • EMS Energy Management: Remote monitoring, anomaly alerts, operation analysis, energy dispatch.
  • Equipment Update & Renovation: Capacity expansion, equipment replacement, system upgrade, site renovation.

Additional Data

• Contact Information (Page 17):
  • Toll-free hotline: 0800-585-665
  • Website: www.billion.com