佳龍科技 (9955) 2026Q3 法說會簡報
Company Overview
- 公司名稱: 佳龍科技工程股份有限公司 (Jialong Technology Engineering Co., Ltd.)
- 股票代號: 9955
- 成立時間: 1996年9月
- 實收資本額: 新台幣10.44億元
- 主要營運據點:
- 桃園觀音一廠
- 觀音二廠
- 環科廠
- 大陸蘇州廠 (合計面積22,371坪)
- 董事長: 吳界欣
- 總經理: 楊明曄
- 集團營業額: 新台幣15.07億元 (2025年)
- 主要經營項目:
- 半導體零件清洗
- 貴金屬回收精鍊與銷售
- 工業用金鹽製造與銷售
- 太陽能發電與儲能
- 分析實驗室服務
- 廢資訊品回收及處理
- 半導體應用材料製造與銷售
- 廢液處理
- 大數據資料中心
- 專業環保顧問服務
Business Segments
轉投資概況 (Investment Overview)
- 多角化投資策略: 綠能、AI、水資源及半導體
- 佳龍科技工程(股)公司 (母公司)
- Super Dragon International Co., Ltd. (100% 持股)
- 佳龍環保科技(蘇州)有限公司 (100% 持股)
- 昌蒲實業(股)公司 (100% 持股)
- 台灣精材(股)公司 (19.40% 持股, 114.03.25 已上櫃掛牌)
- 龍蒲實業(股)公司 (100% 持股)
- 寶儲能源(股)公司 (19.31% 持股)
- 睿銲水資源科技(股)公司 (6.19% 持股)
- 大數據(股)公司 (8.08% 持股)
- Super Dragon International Co., Ltd. (100% 持股)
Products & Technologies
電子產品的C2C綠色循環經濟 (C2C Green Circular Economy for Electronic Products)
- 概念: 資源有限, 循環無限 (Cradle to Cradle)
- 流程: EOL (End-of-Life) → Disassembly (拆解) → Recycle (回收)
- 回收材料:
- Base Metal (基礎金屬): Cu (Copper), Fe (Iron), Al (Aluminum), Sn (Tin)
- Precious Metal (貴金屬): Au (Gold), Ag (Silver), Pt (Platinum), Pd (Palladium)
- Plastic (塑膠): PETE, HDPE, LDPE, PP, PS, OTHER
- Glass Fiber (玻璃纖維)
- Glass (玻璃)
- 目標: 電子廢棄物回收處理的最後一哩路
佳龍新環保綠材研發 (Jialong New Eco-friendly Material R&D)
- 產品名稱: 佳龍CLGM新環保材料
- 製程優勢: CLGM採常溫快乾製程 → 減碳效益50% ↑ (vs 水泥製品)
- 功能性及應用:
- 01 耐火耐高溫材料: 具有優良熱穩定性和不燃性
- 02 絕緣材料: 良好的隔熱性, 降低能耗及優異的吸聲性能
- 03 吸附材料: 有良好的吸附性, 除去廢水的金屬離子
- 04 催化劑: 為優異的光催化劑, 減少工業污染
- 05 pH調節材料: 具有高pH緩衝能力, pH值隨時間波動小
佳龍新環保綠材之應用 (Applications of Jialong New Eco-friendly Materials)
- HS Brick
- Grass Brick
- 3D- Printing
- Wall Tiles (壁磚) (基板製、飛灰/爐石粉/鹼液、玻璃粉/PCB)
- Composite materials (複合材料)
- Composite Sandwich Panel (複合夾層板)
- 資料來源: Taipei Tech Institute of Mineral Resources Engineering
Financial Highlights
最近年度產品別營收資訊 (Recent Annual Revenue by Product Category)
- 單位: 新台幣仟元
| Category | 2021 | 2022 | 2023 | 2024 | 2025年 | 2026年H1 |
|---|---|---|---|---|---|---|
| 貴金屬材料 | 830,278 | 620,389 | 640,507 | 574,149 | 716,130 | 365,463 |
| 貴金屬(金鹽) | 584,497 | 497,228 | 444,292 | 483,636 | 595,092 | 370,249 |
| 其他銷售 | 62,065 | 24,920 | 39,251 | 118,782 | 175,839 | 95,670 |
| 勞務收入 | 7,408 | 7,774 | 8,103 | 10,972 | 10,129 | 12,249 |
| 太陽能發電 | 0 | 11,597 | 7,929 | 7,926 | 9,789 | 4,171 |
| 合併營收合計 | 1,484,248 | 1,161,908 | 1,140,082 | 1,195,465 | 1,506,979 | 847,802 |
- 營收佔比 (%)
| Category | 2021 | 2022 | 2023 | 2024 | 2025年 | 2026年H1 |
|---|---|---|---|---|---|---|
| 貴金屬材料 | 55.9% | 53.4% | 56.2% | 48.0% | 47.5% | 43.1% |
| 貴金屬(金鹽) | 39.4% | 42.8% | 39.0% | 40.5% | 39.5% | 43.7% |
| 其他銷售 | 4.2% | 2.1% | 3.4% | 9.9% | 11.7% | 11.3% |
| 勞務收入 | 0.5% | 0.7% | 0.7% | 0.9% | 0.7% | 1.4% |
| 太陽能發電 | 0.0% | 1.0% | 0.7% | 0.7% | 0.6% | 0.5% |
| 合併營收合計 | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
- STDI營收佔比(貴金屬 vs 非貴金屬)
- 貴金屬:
- 2021: 95%, 2022: 96%, 2023: 95%, 2024: 88%, 2025年: 87%, 2026年H1: 87%
- 季度趨勢 (1Q22-2Q26): 95%, 96%, 96%, 98%, 97%, 97%, 95%, 91%, 96%, 92%, 84%, 81%, 82%, 87%, 84%, 92%, 88%, 85%
- 非貴金屬:
- 2021: 5%, 2022: 4%, 2023: 5%, 2024: 12%, 2025年: 13%, 2026年H1: 13%
- 季度趨勢 (1Q22-2Q26): 5%, 4%, 4%, 2%, 3%, 3%, 5%, 9%, 4%, 8%, 16%, 19%, 18%, 13%, 16%, 8%, 12%, 15%
- 貴金屬:
最近年度營收及毛利變化資訊 (Recent Annual Revenue and Gross Profit Change Information)
- 111年~115年本業營收及獲利變化 (單位: 新台幣仟元)
| Period | 營業收入淨額 (Net Operating Revenue) | 營業毛利(損) (Gross Profit (Loss)) | 營業利益(損失) (Operating Income (Loss)) |
|---|---|---|---|
| 111H1 | 659,294 | 6,457 | (43,298) |
| 111H2 | 502,614 | (5,118) | (56,256) |
| 112H1 | 602,496 | 25,576 | (30,871) |
| 112H2 | 537,586 | 13,981 | (43,371) |
| 113H1 | 625,109 | 1,476 | (59,458) |
| 113H2 | 570,356 | 111 | (75,212) |
| 114H1 | 694,952 | 56,216 | (15,902) |
| 114H2 | 812,027 | 72,022 | (1,287) |
| 115H1 | 847,802 | 65,924 | 424 |
SDTI-最近年度營運結果(I/S) (SDTI - Recent Annual Operating Results (I/S))
- 單位: 新台幣仟元
| Item | 1H26 | % | 2025 | % | 2024 | % | 2023 | % | 2022 | % | 2021 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 | 847,802 | 100% | 1,506,979 | 100% | 1,195,465 | 100% | 1,140,082 | 100% | 1,161,908 | 100% | 1,484,248 | 100% |
| 營業成本 | (781,878) | (92.2%) | (1,378,741) | (91.5%) | (1,193,878) | (99.9%) | (1,100,525) | (96.5%) | (1,160,569) | (99.9%) | (1,474,047) | (99.3%) |
| 營業毛利(損) | 65,924 | 7.8% | 128,238 | 8.5% | 1,587 | 0.1% | 39,557 | 3.5% | 1,339 | 0.1% | 10,201 | 0.7% |
| 營業費用 | ||||||||||||
| 推銷費用 | (3,736) | (0.4%) | (9,787) | (0.6%) | (4,497) | (0.4%) | (4,117) | (0.4%) | (5,507) | (0.5%) | (4,697) | (0.3%) |
| 管理費用 | (53,128) | (6.3%) | (116,758) | (7.7%) | (121,988) | (10.2%) | (105,179) | (9.2%) | (92,962) | (8.0%) | (88,225) | (5.9%) |
| 研究發展費用 | (8,636) | (1.0%) | (18,882) | (1.3%) | (9,772) | (0.8%) | (4,503) | (0.4%) | (2,424) | (0.2%) | (4,285) | (0.3%) |
| 營業費用合計 | (65,500) | (7.7%) | (145,427) | (9.7%) | (136,257) | (11.4%) | (113,799) | (10.0%) | (100,893) | (8.7%) | (96,552) | (6.5%) |
| 營業利益(損失) | 424 | 0.05% | (17,189) | (1.1%) | (134,670) | (11.3%) | (74,242) | (6.5%) | (99,554) | (8.6%) | (86,351) | (5.8%) |
| 營業外收入及支出 | ||||||||||||
| 其他收入 | 38,110 | 4.5% | 18,155 | 1.2% | 23,618 | 2.0% | 19,134 | 1.7% | 16,873 | 1.5% | 14,398 | 1.0% |
| 其他利益及損失 | 82,721 | 9.8% | 93,728 | 6.2% | (18,517) | (2%) | 538 | 0.0% | 4,297 | 0.4% | (12,441) | (1%) |
| 財務成本 | (20,315) | (2.4%) | (36,505) | (2.4%) | (33,839) | (2.8%) | (31,233) | (2.7%) | (20,117) | (1.7%) | (13,993) | (0.9%) |
| 投資收益(權益法) | 0 | 0.0% | (1,943) | (0%) | 183 | 0.0% | 4,064 | 0.4% | (316) | (0%) | 0 | 0.0% |
| 營業外收入及支出合計 | 100,516 | 11.9% | 73,435 | 4.9% | (28,555) | (2%) | (7,497) | (1%) | 737 | 0.1% | (12,036) | (1%) |
| 稅前淨利(損) | 100,940 | 11.9% | 56,246 | 3.7% | (163,225) | (13.7%) | (81,739) | (7.2%) | (98,817) | (8.5%) | (98,387) | (6.6%) |
| EPS | 0.97 | 0.54 | (1.58) | (0.79) | (0.96) | (0.95) |
SDTI-最近年度資產負債情形(B/S) (SDTI - Recent Annual Balance Sheet (B/S))
- 單位: 新台幣佰萬元
| Item | 2Q26 | % | 1Q26 | % | 4Q25 | % | 3Q25 | % | 2Q25 | % | 1Q25 | % | 4Q24 | % | 3Q24 | % | 2Q24 | % | 1Q24 | % | 4Q23 | % | 3Q23 | % | 2Q23 | % | 1Q23 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 資產合計 | 3,007 | 100% | 3,059 | 100% | 2,819 | 100% | 2,698 | 100% | 2,660 | 100% | 2,668 | 100% | 2,684 | 100% | 2,739 | 100% | 2,778 | 100% | 2,856 | 100% | 2,825 | 100% | 2,903 | 100% | 2,838 | 100% | 2,971 | 100% |
| 流動資產 | 598 | 20% | 764 | 25% | 478 | 17% | 503 | 19% | 467 | 18% | 448 | 17% | 453 | 17% | 489 | 18% | 520 | 19% | 588 | 21% | 559 | 20% | 644 | 22% | 581 | 20% | 728 | 24% |
| 現金及約當現金 | 79 | 3% | 77 | 3% | 83 | 3% | 56 | 2% | 101 | 4% | 99 | 4% | 109 | 4% | 99 | 4% | 124 | 4% | 124 | 4% | 96 | 3% | 77 | 3% | 82 | 3% | 151 | 5% |
| 存貨淨額 | 403 | 13% | 366 | 12% | 316 | 11% | 229 | 8% | 263 | 8% | 151 | 6% | 175 | 7% | 185 | 7% | 221 | 8% | 306 | 11% | 346 | 12% | 412 | 14% | 351 | 12% | 451 | 15% |
| 其它流動資產 | 116 | 4% | 320 | 10% | 79 | 3% | 218 | 8% | 102 | 4% | 199 | 7% | 170 | 6% | 205 | 7% | 175 | 6% | 159 | 6% | 117 | 4% | 155 | 5% | 147 | 5% | 126 | 4% |
| 非流動資產 | 2,410 | 80% | 2,295 | 75% | 2,341 | 83% | 2,196 | 81% | 2,194 | 82% | 2,220 | 83% | 2,231 | 83% | 2,250 | 82% | 2,258 | 81% | 2,269 | 79% | 2,266 | 80% | 2,259 | 78% | 2,257 | 80% | 2,243 | 76% |
| 不動產、廠房及設備 | 1,848 | 61% | 1,830 | 60% | 1,839 | 65% | 1,832 | 68% | 1,838 | 69% | 1,854 | 69% | 1,845 | 69% | 1,863 | 68% | 1,877 | 68% | 1,888 | 66% | 1,901 | 67% | 1,916 | 66% | 1,919 | 68% | 1,931 | 65% |
| 採權益法之投資 | 374 | 12% | 0 | 0% | 0 | 0% | 172 | 6% | 194 | 7% | 201 | 8% | 203 | 8% | 204 | 7% | 199 | 7% | 202 | 7% | 202 | 7% | 196 | 7% | 195 | 7% | 167 | 6% |
| 其它非流動資產 | 189 | 6% | 465 | 15% | 503 | 18% | 192 | 7% | 162 | 6% | 165 | 6% | 182 | 7% | 183 | 7% | 182 | 7% | 179 | 6% | 163 | 6% | 147 | 5% | 143 | 5% | 145 | 5% |
| 負債合計 | 1,663 | 55% | 1,813 | 59% | 1,584 | 56% | 1,563 | 58% | 1,534 | 58% | 1,506 | 56% | 1,514 | 56% | 1,485 | 54% | 1,519 | 55% | 1,573 | 55% | 1,512 | 54% | 1,560 | 54% | 1,479 | 52% | 1,605 | 54% |
| 流動負債 | 305 | 10% | 446 | 15% | 206 | 7% | 192 | 7% | 158 | 6% | 109 | 4% | 811 | 30% | 757 | 28% | 761 | 27% | 817 | 29% | 765 | 27% | 775 | 27% | 670 | 24% | 806 | 27% |
| 短期借款(含一年內) | 224 | 7% | 364 | 12% | 119 | 4% | 93 | 3% | 72 | 3% | 32 | 1% | 728 | 27% | 684 | 25% | 692 | 25% | 751 | 26% | 699 | 25% | 657 | 23% | 592 | 21% | 687 | 23% |
| 其它流動負債 | 81 | 3% | 82 | 3% | 88 | 3% | 99 | 4% | 86 | 3% | 77 | 3% | 83 | 3% | 73 | 3% | 69 | 2% | 66 | 2% | 66 | 2% | 118 | 4% | 79 | 3% | 119 | 4% |
| 非流動負債 | 1,358 | 45% | 1,368 | 45% | 1,377 | 49% | 1,371 | 51% | 1,376 | 52% | 1,397 | 52% | 703 | 26% | 728 | 27% | 758 | 27% | 756 | 26% | 747 | 26% | 785 | 27% | 808 | 28% | 800 | 27% |
| 長期借款 | 1,320 | 44% | 1,329 | 43% | 1,339 | 47% | 1,333 | 49% | 1,338 | 50% | 1,357 | 51% | 664 | 25% | 690 | 25% | 719 | 26% | 715 | 25% | 705 | 25% | 739 | 25% | 761 | 27% | 752 | 25% |
| 其它非流動負債 | 38 | 1% | 39 | 1% | 39 | 1% | 38 | 1% | 38 | 1% | 40 | 1% | 40 | 1% | 38 | 1% | 39 | 1% | 41 | 1% | 43 | 2% | 47 | 2% | 47 | 2% | 47 | 2% |
| 股東權益合計 | 1,345 | 45% | 1,245 | 41% | 1,236 | 44% | 1,135 | 42% | 1,126 | 42% | 1,162 | 44% | 1,170 | 44% | 1,254 | 46% | 1,259 | 45% | 1,283 | 45% | 1,313 | 46% | 1,342 | 46% | 1,359 | 48% | 1,365 | 46% |
SDTI-最近年度現金流量情形(C/F) (SDTI - Recent Annual Cash Flow (C/F))
- 單位: 新台幣仟元
| Item | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 營業活動淨現流 | 4,110 | 64,945 | (30,201) | 1,914 | 19,894 | 76,490 | 52,323 | (16,180) | 9,124 | (85,308) | 44,918 | (74,355) | 45,617 | (62,384) |
| 投資活動淨現流 | (153,390) | (43,334) | (17,944) | 13,116 | (54,420) | (19,898) | (38,842) | 4,799 | (15,434) | 72,783 | (126,974) | 88,876 | (287,482) | 213,999 |
| 籌資活動淨現流 | 114,378 | (88,092) | 40,643 | 5,642 | 60,503 | (57,176) | (38,633) | 16,476 | (5,234) | 19,181 | 34,408 | 10,460 | 234,589 | (150,358) |
| 匯率變動影響數 | 418 | (2,370) | 2,147 | (1,498) | 1,295 | 558 | 873 | 4,469 | 1,260 | (3,700) | 2,334 | 2,294 | 1,097 | 538 |
| 本期現流入(出) | (34,484) | (68,851) | (5,355) | 19,174 | 27,272 | (26) | (24,279) | 9,564 | (10,284) | 2,956 | (45,314) | 27,275 | (6,179) | 1,795 |
| 期初現金 | 185,797 | 151,313 | 82,462 | 77,107 | 96,281 | 123,553 | 123,527 | 99,248 | 108,812 | 98,528 | 101,484 | 56,170 | 83,445 | 77,266 |
| 期末現金 | 151,313 | 82,462 | 77,107 | 96,281 | 123,553 | 123,527 | 99,248 | 108,812 | 98,528 | 101,484 | 56,170 | 83,445 | 77,266 | 79,061 |
ESG / Sustainability
經營理念 vs 環保產業趨勢 (Operating Philosophy vs. Environmental Industry Trends)
- 核心價值: 認同、再生、創新
- 過去: 我們在礦山採礦 (CSR)
- 合規清運 (甲級廢棄物清除機構許可)
- 合法處理、合法焚化、合法排放、合法掩埋 (甲級廢棄物處理機構許可)
- 現在: 我們在城市採礦 (ESG)
- 甲級清除許可、甲級處理許可、公告廢棄物應回收或再利用機構許可
- 盡責&妥善處理、處理過程低耗能、處理方法低碳排
- 廢棄物處理後可循環再利用(永續)
- 未來: 我們將礦在社會中循環
Outlook & Strategy
未來發展方向與業務聚焦 (Future Development Direction and Business Focus)
- 核心概念: 一核四新、四四加一
- 一核 (One Core): ESG (新環保、新能源、新合作、新商模)
- 四新 (Four New):
- 城市採礦 (廢資訊品回收再生)
- 高端金 (綠色金鹽/5n金靶/Slug)
- 廢水處理
- 綠能事業
- 四加 (Four Plus):
- 關鍵客戶 (Time to Market, Time to Cash, Time to Profit)
- 關鍵人才
- 研發中心 (技術自主)
- 策略夥伴
- 一 (One):
- 四大產線
- 四大平臺
- 一個中心
- 其他策略要素: 零件清洗 (&貴金屬回收再利用), 產業架接優勢互補, GIDC, CL環保新材
新佳龍的持續轉型 (New Jialong's Continuous Transformation)
- 提供客戶單一產品/服務:
- 事業廢棄物清除
- 事業廢棄物處理
- Parts Clean
- 貴金屬原料
- 工業金鹽
- 靶材/Slug
- E-Waste回收
- 貴金屬精鍊
- 提供客戶完整解決方案 (Closed-loop, 全循環經濟模式):
- 資源回收:
- 工業客戶 (清除+處理, 回收+再利用)
- E-Waste (清除+處理, 回收+再利用)
- 貴金屬/金屬類原料回收後材料應用
- 非金屬類原料回收後材料應用
- 5n金靶/Slug、金鹽...
- CLGM、綠品坊...
- 材料應用:
- 環保專業顧問
- 固態/液態廢棄物低碳解決方案
- 太陽能解決方案
- 儲能解決方案
- 水資源解決方案
- 資源回收: