旭品科技股份有限公司 (3325) 2026 H1 法說會簡報
Company Overview
- Company Name: 旭品科技股份有限公司 (Casing Macron Technology Co,.Ltd.)
- Stock Code: 3325
- Event: 2026 法人說明會簡報 (2026 Investor Conference)
- Establishment Date: 1996 年
- Chairman: 蕭奕彰
- Spokesperson: 陳炤正 (Danny Chen)
- Capital: 11.01 億
- Headquarters: 新北市三重
- Number of Employees: 800 人
- Theme: 從傳統機殼製造,邁向高階機構件 (From traditional chassis manufacturing, moving towards high-end mechanical components)
Financial Highlights
2026 H1 財務表現 (2026 H1 Financial Performance)
- 營收 (Revenue): 3.68 億元
- 營業毛利 (Operating Gross Profit): -0.40 億元
- 營業利益 (Operating Income): -1.32 億元
- EPS: -1.35 元
獲利表現 (Profit Performance)
| 項目 (Item) | 2026 H1 | 2025 全年 (Full Year) |
|---|---|---|
| 營業收入 (Operating Revenue) | 3.68 億 | 12.68 億 |
| 營業成本 (Operating Cost) | 4.08 億 | 12.02 億 |
| 營業毛利 (Operating Gross Profit) | (0.40 億) | 0.65 億 |
| 營業淨損 (Operating Net Loss) | (1.32 億) | (1.34 億) |
| 稅後淨損 (Net Loss After Tax) | (1.64 億) | (1.64 億) |
| 每股虧損(單位:元) (Loss Per Share (Unit: NTD)) | (1.35) | (2) |
| 毛利率 (Gross Margin) | (11%) | 5.0% |
| 營業淨利率 (Operating Net Margin) | (36%) | (11%) |
| 稅後淨利率 (Net Margin After Tax) | (45%) | (13%) |
- Note: 2025全年採合併財報數字; 2026 H1採 2026 Q2 累計數字。
合併簡明資產負債表 (Consolidated Condensed Balance Sheet)
單位: 新台幣千元 (Unit: NTD Thousand)
| 項目 (Item) | Y2025 | Y2024 |
|---|---|---|
| 流動資產 (Current Assets) | 1,219,199 | 1,294,405 |
| 不動產、廠房及設備 (Property, Plant and Equipment) | 421,531 | 414,185 |
| 無形資產 (Intangible Assets) | 2,346 | 763 |
| 其他資產 (Other Assets) | 273,742 | 255,329 |
| 資產總額 (Total Assets) | 1,916,818 | 1,964,682 |
| 流動負債 (Current Liabilities) | 917,962 | 753,712 |
| 非流動負債 (Non-current Liabilities) | 98,061 | 162,387 |
| 負債總額 (Total Liabilities) | 1,016,023 | 916,099 |
| 歸屬於母公司業主之權益 (Equity attributable to owners of parent) | 829,545 | 962,928 |
| 股本 (Share Capital) | 901,686 | 901,686 |
| 資本公積 (Capital Surplus) | 186,308 | 177,884 |
| 保留盈餘 (Retained Earnings) | -291,991 | -144,920 |
| 其他權益 (Other Equity) | 33,542 | 28,278 |
| 非控制權益 (Non-controlling Interests) | 71,250 | 85,655 |
| 權益總額 (Total Equity) | 900,795 | 1,048,583 |
合併財務分析 (Consolidated Financial Analysis)
| 分析項目 (Analysis Item) | Y2025 | Y2024 |
|---|---|---|
| 負債占資產比率(%) (Debt to Asset Ratio (%)) | 53.01 | 46.63 |
| 長期資金占不動產、廠房及設備比率(%) (Long-term Funds to Property, Plant and Equipment Ratio (%)) | 236.96 | 292.37 |
| 流動比率(%) (Current Ratio (%)) | 132.82 | 171.74 |
| 速動比率(%) (Quick Ratio (%)) | 102.13 | 129.23 |
| 利息保障倍數 (Interest Coverage Ratio) | (8.15) | (389.74) |
| 應收款項週轉率(次) (Accounts Receivable Turnover (times)) | 10.54 | 2.51 |
| 平均收現日數 (Average Collection Period (days)) | 34.62 | 145.41 |
| 存貨週轉率(次) (Inventory Turnover (times)) | 17.38 | 4.85 |
| 應付款項週轉率(次) (Accounts Payable Turnover (times)) | 26.43 | 7.64 |
| 平均銷貨日數 (Average Sales Period (days)) | 21.00 | 75.25 |
| 不動產、廠房及設備週轉率(次) (Property, Plant and Equipment Turnover (times)) | 12.14 | 3.50 |
| 總資產週轉率(次) (Total Asset Turnover (times)) | 2.61 | 0.69 |
| 資產報酬率(%) (Return on Assets (%)) | (7.74) | (3.36) |
| 權益報酬率(%) (Return on Equity (%)) | (36.60) | (7.95) |
| 稅前純益占實收資本額比率(%) (Pre-tax Net Income to Paid-in Capital Ratio (%)) | (18.55) | (11.22) |
| 純益率(%) (Net Profit Margin (%)) | (12.99) | (6.06) |
| 每股盈餘(元) (Earnings Per Share (NTD)) | (1.64) | (0.89) |
Recent Performance and Results
回顧2025:產業快速變化的一年 (Review of 2025: A Year of Rapid Industry Change)
- AI 需求強勁 (Strong AI Demand)
- 雲端運算,大數據,HPC等應用持續擴張 (Cloud computing, big data, HPC and other applications continue to expand).
- 推動高階機構件長期成長 (Driving long-term growth of high-end mechanical components).
- PC 零組件上漲 (PC Component Price Increase)
- 2025年零組件價格上漲 (PC component prices rose in 2025).
- 記憶體 (Memory), SSD, CPU供應吃緊 (supply tight).
- 客戶採購策略調整 (Customer Procurement Strategy Adjustment)
- 庫存調整,拉貨節奏改變 (Inventory adjustment, changes in pull-in rhythm).
Outlook & Strategy
公司定位與轉型路徑 (Company Positioning and Transformation Path)
- Overall Goal: 逐步改善營運體質,布局未來成長動能 (Gradually improving operational structure, laying out future growth momentum).
- Transformation Stages:
- 傳統機殼 (Traditional Chassis): PC | Gaming, 標準化,大量生產 (Standardized, mass production).
- 高階機構件 (High-end Mechanical Components): 複雜與精準 (Complex and precise), 精度提升,客製化 (Improved precision, customization).
- 新世代高階應用 (New Generation High-end Applications): New generation Applications.
- 營收與獲利改善 (Revenue and Profit Improvement): 產品組合優化 (Product portfolio optimization), 提升附加價值 (Increased added value).
- Strategic Direction: 營收 → 毛利 → 獲利,逐步的回到健康的軌道 (Revenue → Gross Profit → Profit, gradually returning to a healthy track).
營運布局:核心基地 + 海外彈性 (Operational Layout: Core Base + Overseas Flexibility)
- Principle: 三地分工,不追求據點數量,而是讓每個據點發揮不同價值 (Three-location division of labor, not pursuing quantity of locations, but rather enabling each location to create different value).
- Overall Strategy: 以既有製造基礎,支撐高階機構件與下一世代應用,提升整體營運韌性與長期競爭力 (Leveraging existing manufacturing foundation to support high-end mechanical components and next-generation applications, enhancing overall operational resilience and long-term competitiveness).
- Geographic Layout & Positioning:
- 台北 (Taipei) - 營運/研發支援中心 (Operations/R&D Support Center)
- Functions: 研發支援 (R&D support), 客戶服務 (Customer service), 營運管理與協調 (Operations management and coordination), 掌握客戶需求與產品開發 (Understanding customer needs and product development).
- Positioning: 掌握需求、技術與客戶端 (Grasping demand, technology, and customer end).
- 東莞 (Dongguan) - 主要生產基地 (Main Production Base)
- Functions: 主要製造基地 (Main manufacturing base), 供應鏈完整 (Complete supply chain), 成熟量產能力 (Mature mass production capability), 支撐既有產品與客戶需求 (Supporting existing products and customer needs).
- Positioning: 穩定量產、供應鏈整合 (Stable mass production, supply chain integration).
- 泰國 (Thailand) - 海外製造選項 (Overseas Manufacturing Option)
- Functions: 提供海外製造彈性 (Providing overseas manufacturing flexibility), 依客戶需求配置 (Configured according to customer needs), 依市場與供應鏈環境調整 (Adjusted according to market and supply chain environment), 作為未來產能配置的選項 (As an option for future capacity allocation).
- Positioning: 彈性配置、分散供應鏈風險 (Flexible configuration, diversifying supply chain risks).
- 台北 (Taipei) - 營運/研發支援中心 (Operations/R&D Support Center)
董事長的話 (Chairman's Message)
- Chairman 蕭奕彰 (Xiao Yizhang): "我們不是離開原來的賽道,而是把多年累積的製造能力,帶向更高價值的下一個世代。" (We are not leaving our original track, but rather leveraging years of accumulated manufacturing capabilities to move towards the next generation of higher value.)
- Strategic Pillars:
- 守住本業 (Hold onto core business): 穩定既有客戶與核心製造能力 (Stabilize existing customers and core manufacturing capabilities).
- 提升價值 (Enhance value): 從傳統機殼逐步走向高階機構件 (Gradually move from traditional chassis to high-end mechanical components).
- 迎接未來 (Embrace the future): 為下一世代高階應用做好準備 (Prepare for next-generation high-end applications).
Products & Technologies
- 產品類別 (Product Categories): PC, Gaming 產品 (PC, Gaming Products).
- Product Examples (shown in images): Various PC cases/chassis, including models with RGB lighting and brands like NZXT and be quiet!.
- Technology Focus: Transitioning from standardized, mass-produced traditional chassis to complex, precise, and customized high-end mechanical components for new generation applications.
Key Charts, Graphs, and Data Points
營收與毛利率走勢比較 (Revenue and Gross Margin Trend Comparison)
- Chart Data:
- 2025 H1: 營收 (Revenue) 6.42 億元, 毛利率 (Gross Margin) 5.54%.
- 2025 H2: 營收 (Revenue) 6.26 億元, 毛利率 (Gross Margin) 4.82%.
- 2026 H1: 營收 (Revenue) 3.68 億元, 毛利率 (Gross Margin) -10.77%.
Additional Data
免責聲明 (Disclaimer)
- 本公司並未發佈財務預測,本簡報所作有關本公司財務上、業務上、Q&A之說明,若涉及本公司對未來公司經營與產業發展上之見解,可能與未來實際結果存有差異。此差異其造成之原因可能包括市場需求變化、價格波動、競爭行為、國際經濟狀況、匯率波動、上下游供應鏈等其他各種本公司所不能掌握之風險因素。
- The company has not released financial forecasts. The financial, business, and Q&A statements contained in the presentation might differ from the actual future results if they involve the company's views on future company operations and industrial development. The reasons for causing the difference may include changes in market demand, price fluctuations, competitive behavior, international economic conditions, exchange rate fluctuations, upstream and downstream supply chains, and other risk factors that the company cannot grasp.