盛群半導體 (HOLTEK) 2026Q3 法說會簡報
Company Overview
- 公司名稱: 盛群半導體股份有限公司 (HOLTEK SEMICONDUCTOR INC.)
- 活動: 115 年第三季法人說明會
- 日期: 2026/10/29
- 定位: Professional MCU IC Provider
- 願景: Holtek is a sincere and trustworthy partner that you can rely upon for your long term investment.
Financial Highlights
年度營運成績 (單位: 新台幣百萬元)
| 年度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 2018 | 4,863 | 1,064 | 49.2% |
| 2019 | 4,584 | 915 | 49.2% |
| 2020 | 5,615 | 1,031 | 46.2% |
| 2021 | 7,128 | 2,044 | 51.1% |
| 2022 | 6,016 | 1,106 | 50.6% |
| 2023 | 2,596 | 112 | 50.4% |
| 2024 | 2,502 | (150) | 40.3% |
| 2025 | 3,058 | 173 | 38.9% |
| 2026/1-9 | 2,876 | 358 | 42.1% |
營運績效及財務結構 (單位: 新台幣)
| 項目 \ 年度 | 110年 (2021) | 111年 (2022) | 112年 (2023) | 113年 (2024) | 114年 (2025) | 115年/前三季 (2026/1-9) |
|---|---|---|---|---|---|---|
| 普通股股數(千) | 226,168 | 226,168 | 226,168 | 226,168 | 230,388 | 230,388 |
| 稅後每股盈餘(NT$) | 9.04 | 4.89 | 0.49 | -0.66 | 0.76 | 1.55 |
| 現金股利(NT$) | 8.12 | 4.00 | 0.45 | - | 0.68 | N/A |
| 股票股利(NT$) | - | - | - | - | - | N/A |
| 股東權益報酬率(%) | 40% | 21% | 3% | -4% | 5% | 9% |
| 每股帳面價值(NT$) | 25.01 | 20.69 | 17.86 | 15.91 | 17.01 | 18.25 |
| 每股現金(NT$) | 20.20 | 10.62 | 10.38 | 12.42 | 13.27 | 12.42 |
合併綜合損益表 (單位: 新台幣千元)
115年/第3季 (2026 Q3) vs. 114年/第3季 (2025 Q3) vs. 115年/第2季 (2026 Q2)
| 綜合損益項目 | 115年/第3季 (2026 Q3) | % | 114年/第3季 (2025 Q3) | % | 115年/第2季 (2026 Q2) | % | YOY | QOQ |
|---|---|---|---|---|---|---|---|---|
| 營業收入 | 1,067,585 | 100 | 754,144 | 100 | 983,119 | 100 | +42% | +9% |
| 營業毛利 | 446,197 | 42 | 284,289 | 38 | 439,543 | 45 | +57% | +2% |
| 未實現營業毛利 | -2,121 | 0 | -2,601 | 0 | 2,314 | 0 | +19% | -192% |
| 已實現營業毛利 | 444,076 | 42 | 281,688 | 38 | 441,857 | 45 | +58% | +1% |
| 營業費用 | 307,280 | 29 | 280,618 | 37 | 293,447 | 30 | +10% | +5% |
| 營業淨利 | 136,796 | 13 | 1,070 | 1 | 148,410 | 15 | +12,688% | -8% |
| 營業外收入及支出 | 34,742 | 4 | 38,269 | 5 | 33,527 | 3 | -9% | +4% |
| 稅前淨利 | 171,538 | 17 | 39,339 | 6 | 181,937 | 18 | +336% | -6% |
| 歸屬於母公司本期淨利 | 141,521 | 13 | 27,138 | 4 | 147,750 | 15 | +422% | -4% |
| EPS (NT$) | 0.61 | 0.12 | 0.64 |
115年/前三季 (2026/1-9) vs. 114年/前三季 (2025/1-9)
| 綜合損益項目 | 115年/前三季 (2026/1-9) | % | 114年/前三季 (2025/1-9) | % | YOY |
|---|---|---|---|---|---|
| 營業收入 | 2,876,289 | 100 | 2,375,121 | 100 | +21% |
| 營業毛利 | 1,216,095 | 42 | 900,306 | 38 | +35% |
| 未實現營業毛利 | (5,787) | 0 | 6,012 | 0 | -196% |
| 已實現營業毛利 | 1,210,308 | 42 | 906,318 | 38 | +34% |
| 營業費用 | 869,893 | 30 | 818,100 | 34 | +6% |
| 營業淨利 | 340,415 | 12 | 88,218 | 4 | +286% |
| 營業外收入及支出 | 99,517 | 3 | 39,518 | 1 | +152% |
| 稅前淨利 | 439,932 | 15 | 127,736 | 5 | +244% |
| 歸屬於母公司本期淨利 | 357,702 | 13 | 139,897 | 6 | +156% |
| EPS (NT$) | 1.55 | 0.62 |
合併資產負債表 (單位: 新台幣千元)
| 資產負債項目表 | 2026.09.30 | % | 2025.09.30 | % | 2025.12.31 | % |
|---|---|---|---|---|---|---|
| 現金及有價金融商品投資 | 2,862,532 | 49 | 2,896,610 | 52 | 3,056,341 | 55 |
| 應收帳款 | 636,407 | 11 | 467,223 | 8 | 395,807 | 7 |
| 存貨 | 1,154,936 | 20 | 1,053,917 | 19 | 1,036,127 | 19 |
| 長期投資 | 539,833 | 9 | 463,427 | 8 | 492,517 | 9 |
| 不動產、廠房、設備及使用權資產 | 434,113 | 7 | 424,182 | 8 | 422,303 | 7 |
| 其他 | 179,205 | 3 | 218,778 | 4 | 160,560 | 3 |
| 資產總計 | 5,807,026 | 100 | 5,524,137 | 100 | 5,563,655 | 100 |
| 流動負債 | 1,158,417 | 20 | 1,305,280 | 24 | 1,230,842 | 22 |
| 非流動負債 | 359,955 | 6 | 345,161 | 6 | 344,789 | 6 |
| 負債總計 | 1,518,372 | 26 | 1,650,441 | 30 | 1,575,631 | 28 |
| 權益總計 | 4,288,654 | 74 | 3,873,696 | 70 | 3,988,024 | 72 |
| 負債及權益總計 | 5,807,026 | 100 | 5,524,137 | 100 | 5,563,655 | 100 |
重要財務指標
| 指標 | 2026.09.30 | 2025.09.30 | 2025.12.31 |
|---|---|---|---|
| 平均收現日數 | 49 | 51 | 49 |
| 平均銷貨日數 | 181 | 209 | 216 |
| 流動比率(倍) | 4.1 | 3.4 | 3.7 |
- 備註: 截至2026年9月30日,流通在外股數總計為2.304億股。
Recent Performance and Results
季營運成績 (單位: 新台幣百萬元)
| 季度 | Sales | Income after tax and minority interest | Gross Margin% |
|---|---|---|---|
| 23Q3 | 631 | 37 | 51.9% |
| 23Q4 | 488 | -18 | 40.2% |
| 24Q1 | 444 | -45 | 44.7% |
| 24Q2 | 683 | -34 | 41.2% |
| 24Q3 | 683 | -73 | 37.8% |
| 24Q4 | 692 | 3 | 39.0% |
| 25Q1 | 761 | 90 | 38.3% |
| 25Q2 | 860 | 22 | 38.7% |
| 25Q3 | 754 | 27 | 37.4% |
| 25Q4 | 683 | 33 | 41.6% |
| 26Q1 | 826 | 68 | 39.3% |
| 26Q2 | 983 | 148 | 44.9% |
| 26Q3 | 1,068 | 142 | 41.6% |
Business Segments
115年第三季應用別營收比重比較 (2026 Q3 Revenue Proportion by Application Comparison)
2026Q3 total sales: NT$ 1,068 million (QOQ +9%)
- Health Care: 13%
- Home Appliance: 18%
- Industrial Control: 11%
- PC Peripheral: 8%
- Power management: 7%
- Others: 13%
- RF: 1%
- Safety: 18%
- BLDC: 4%
- Display Driver: 7%
2026Q2 total sales: NT$ 983 million
- Health Care: 13%
- Home Appliance: 17%
- Industrial Control: 13%
- PC Peripheral: 8%
- Power management: 8%
- Others: 12%
- RF: 1%
- Safety: 18%
- BLDC: 2%
- Display Driver: 8%
Products & Technologies
MCU營業額及比重 (MCU Sales and Proportion)
- 26Q3: YOY +40% ; QOQ +8%
- 年度MCU銷售額:
- 2023 MCU sales: NT$2,056million (79% of total sales) (YOY -58%)
- 2024 MCU sales: NT$1,881million (75% of total sales) (YOY -9%)
- 2025 MCU sales: NT$2,333million (76% of total sales) (YOY +24%)
- 2026/1-9 MCU sales: NT$2,153million (75% of total sales) (YOY +18%)
MCU 出貨量 (MCU Shipments) (單位: K pcs)
- 26Q3: YOY +27% ; QOQ +4%
- 年度MCU出貨量:
- 2023 MCU shipments: 298 KKpcs (YOY -53%)
- 2024 MCU shipments: 342 KKpcs (YOY +15%)
- 2025 MCU shipments: 402KKpcs (YOY +17%)
- 2026/1-9 MCU shipments: 367KKpcs (YOY +19%)
Touch MCU 出貨量 (Touch MCU Shipments) (單位: K pcs)
- 26Q3: YOY +54% ; QOQ +21%
- 年度Touch MCU出貨量:
- 2023 Touch MCU shipments: 43KK(14%) (YOY -65%)
- 2024 Touch MCU shipments: 62KK(18%) (YOY +44%)
- 2025 Touch MCU shipments: 58KK(14%) (YOY -7%)
- 2026/1-9 Touch MCU shipments: 63KK(11%) (YOY 47%)
安全防護市場 (Safety & Security Market)
- NB-IoT Smoke Detector Solution is ready.
- 產品:
- CO Detectors
- Smoke Detectors
- GAS Detectors
- PIR Detectors
- Evacuation Indicators
- 解決方案:
- 獨立式偵測器 (Standalone Detectors)
- 網路型可定址煙霧偵測器 (Networking Type Addressable Smoke Detectors)
安全防護產品出貨量 (Safety & Security Product Shipments) (單位: K pcs)
- 26Q3: YOY +58% ; QOQ +1%
- 年度安全防護產品出貨量:
- 2023 Safety Care shipments: 31KK pcs (YOY -40%)
- 2024 Safety Care shipments: 20KK pcs (YOY -35%)
- 2025 Safety Care shipments: 53KK pcs (YOY +160%)
- 2026/1-9 Safety Care shipments: 55KK pcs (YOY +41%)
健康保健市場 (Healthcare Market)
- 全面的健康保健方案。
- 積極部署邊緣人工智慧(Edge AI)應用的研究與開發。
- 產品/應用:
- 額溫計/耳溫計 (Forehead/Ear Thermometers)
- 溫度計 (Thermometers)
- 血壓計 (Blood Pressure Monitors)
- 血氧儀 (Pulse Oximeters)
- 健康照護量測 MCU (Healthcare measurement MCU)
- 高精度血糖儀 (BGM) (High-precision Blood Glucose Meters)
- 連續血糖儀 (CGM) (Continuous Glucose Monitors)
- 體脂秤/體成分分析儀 (Body Fat Scales / Body Composition Analyzers)
健康保健產品出貨量 (Healthcare Product Shipments) (單位: K pcs)
- 26Q3: YOY +11% ; QOQ +4%
- 年度健康保健產品出貨量:
- 2023 Healthcare shipments: 37KK pcs (YOY -31%)
- 2024 Healthcare shipments: 45KK pcs (YOY +22%)
- 2025 Healthcare shipments: 45KK pcs (YOY +0%)
- 2026/1-9 Healthcare shipments: 41KK pcs (YOY +12%)
直流無刷馬達應用產品 (Brushless DC Motor Application Products)
- Electric Tools
- Garden Tools
- Sewing Machines
- Electric Hand Push Lawn Mower
- Massage Guns
- Air Purifiers
- Electric Fans
- Vacuum Cleaners
- Ceiling Fans
馬達控制產品出貨量 (Motor Control Product Shipments) (單位: K pcs)
- 26Q3: YOY +57% ; QOQ +73%
- 年度馬達控制產品出貨量:
- 2023 Motor Control shipments: 5KK pcs (YOY -78%)
- 2024 Motor Control shipments: 6KK pcs (YOY +29%)
- 2025 Motor Control shipments: 14KK pcs (YOY +120%)
- 2026/1-9 Motor Control shipments: 12.5KK pcs (YOY +18%)
智慧物聯網(AIoT) (Smart IoT (AIoT))
- 技術領域: Big Data
- 資料處理 (Data Processing):
- Low power
- AFE integrated (Analog Front End)
- Smart algorism
- Adjust sensor
- 資料傳輸 (Data Transmission):
- Wifi, Bluetooth
- NB-IoT
- Sub-1GHz RF
- 資料儲存 (Data Storage):
- Cloud
- 資料感測 (Data Sensing):
- High precision sensor
- Small size sensor
- 生態系統: App + Mobile Phone, NB-IoT, Bluetooth™, Wifi, NFC FORUM
射頻(RF)產品出貨量 (RF Product Shipments) (單位: K pcs)
- 26Q3: YOY +26% ; QOQ +24%
- 年度RF應用產品出貨量:
- 2023 RF Application shipments: 8KK pcs (YOY -20%)
- 2024 RF Application shipments: 8KK pcs (YOY +3%)
- 2025 RF Application shipments: 11KK pcs (YOY +31%)
- 2026/1-9 RF Application shipments: 11KK pcs (YOY +27%)
兩輪/三輪電動車應用產品 (Two-wheel/Three-wheel Electric Vehicle Application Products)
- E-Scooter
- E-bike
- Electric Scooter
- Electric Three-Wheeler
- Tuk-Tuk
Electric Bicycle 產品出貨量 (Electric Bicycle Product Shipments) (單位: K pcs)
- 26Q3: YOY +30% ; QOQ +26%
- 年度電動自行車應用產品出貨量:
- 2023 Electric Bicycle Application shipments: 10KK pcs (YOY -44%)
- 2024 Electric Bicycle Application shipments: 6KK pcs (YOY -40%)
- 2025 Electric Bicycle Application shipments: 8KK pcs (YOY +28%)
- 2026/1-9 Electric Bicycle Application shipments: 8.5KK pcs (YOY +38%)