LITE-ON Technology Corporation (光寶科技股份有限公司) [time:2026Q3] 法說會簡報

Company Overview

• Company Name: LITE-ON Technology Corporation (光寶科技股份有限公司)
• Slogan: Powering a Bright and Sustainable Future Together (永續共好·光耀未來)
• Event: 2026年第三季法人說明會 (2026 Q3 Investor Conference)
• Date: 2026/10/30
• Disclaimer: The information contained in the Company's statements is provided in accordance with applicable regulations and reflects data available as of the reporting date. Such information may become inaccurate or incomplete due to the passage of time or subsequent developments. The Company makes no representation or warranty, express or implied, as to the accuracy or completeness of the information and assumes no obligation to update or revise it. The Company's statements may contain forward-looking statements, which are based on current expectations, assumptions and projections as of the date of the reporting date, subject to risks and uncertainties, and actual results may differ materially. Factors include, but are not limited to, fluctuations in end market demand, changes in global economic and industry conditions, supply chain disruptions, geopolitical developments, volatility in raw material and energy cost, fluctuations in foreign exchange rate, technological changes, regulatory developments, and other risks described in the Company's publicly filed documents. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements because of new information, future events, or otherwise.
• Reporting Standard: 本資料係依據國際財務報導準則 IFRS 編制 (This information is prepared in accordance with International Financial Reporting Standards IFRS).

Management Team

• 會議主持 (Meeting Host):
  • 王玉玲 (Wang Yu-Ling), 投資人關係資深處長 (Senior Director, Investor Relations)
• 2026年第三季財務報告 (2026 Q3 Financial Report):
  • 林建忠 (Lin Jian-Zhong), 財務長 (CFO)
• 營運展望及成長策略 (Business Outlook & Growth Strategy):
  • 邱森彬 (Qiu Sen-Bin), 總經理 (General Manager)
• 問與答 (Q&A):
  • 邱森彬 (Qiu Sen-Bin), 總經理 (General Manager)
  • 林建忠 (Lin Jian-Zhong), 財務長 (CFO)

Financial Highlights

3Q26 Quarterly Results (Unit: NT$ M)

• 營業收入 (Sales):
  • Q3 2025: 44,891
  • Q2 2026: 52,703
  • Q3 2026: 57,403
  • YoY: +28%
• 營業毛利 (Gross Profit):
  • Q3 2025: 11,243 (GP%: 25.0%)
  • Q2 2026: 14,348 (GP%: 27.2%)
  • Q3 2026: 14,867 (GP%: 25.9%)
  • YoY: +32%
  • Note: 24.7% in 1H
• 營業利益 (Operating Profit):
  • Q3 2025: 4,683 (OP%: 10.4%)
  • Q2 2026: 8,203 (OP%: 15.6%)
  • Q3 2026: 8,655 (OP%: 15.1%)
  • YoY: +85%
  • Note: 12.8% in 1H
• 母公司稅後淨利 (Net profit to Parent):
  • Q3 2025: 4,645 (EPS: 2.05 NT$)
  • Q2 2026: 7,116 (EPS: 3.14 NT$)
  • Q3 2026: 7,429 (EPS: 3.27 NT$)
  • YoY: +60%
  • Note: Record High

9M26 Results (Unit: NT$ M)

• 營業收入 (Sales):
  • 9M 2025: 121,728
  • 9M 2026: 153,514
  • YoY: +26%
• 營業毛利 (Gross Profit):
  • 9M 2025: 28,406 (GP%: 23.3%)
  • 9M 2026: 38,618 (GP%: 25.2%)
  • YoY: +36%
• 營業利益 (Operating Profit):
  • 9M 2025: 12,085 (OP%: 9.9%)
  • 9M 2026: 20,957 (OP%: 13.7%)
  • YoY: +73%
• 母公司稅後淨利 (Net profit to Parent):
  • 9M 2025: 11,256 (EPS: 4.94 NT$)
  • 9M 2026: 18,321 (EPS: 8.08 NT$)
  • YoY: +63%
  • Note: Record High

2026/9/30 Robust Balance Sheet (Unit: NT$ M)

• 資產 (Assets): 264,741 (Compared to 239,164, +25,577, +11%)
  • 流動資產 (Current Assets): 203,065 (Compared to 190,058, +13,007, +7%)
    • 應收帳款 (Account receivable): 52,484 (Compared to 50,430, +2,054, +4%)
    • 存貨 (Inventory): 66,090 (Compared to 55,101, +10,988, +20%)
• 負債 (Liabilities): 166,460 (Compared to 142,552, +23,907, +17%)
  • 流動負債 (Current Liabilities): 159,339 (Compared to 137,100, +22,239, +16%)
    • 短期借款 (Short-term Loans): 41,885 (Compared to 31,376, +10,508, +33%)
    • 應付帳款 (Account Payable): 74,739 (Compared to 67,071, +7,668, +11%)
• 權益 (Equities): 98,281 (Compared to 96,612, +1,669, +2%)
• 財務指標 (Financial Indicator):

  Year	2025 Q3	2026 Q2	2026 Q3
  速動比例 (Quick Ratio)	1.14	0.94	0.82
  流動比例 (Current Ratio)	1.44	1.39	1.27
  CCC	47	64	73
  AR Days	82	81	83
  Inventory Days	59	90	108

• Note: 落實成長策略部署,資金運用包括:策略採購與備貨、資本支出及策略投資。(Implementing growth strategy deployment, capital utilization includes: strategic procurement and inventory stocking, capital expenditure, and strategic investment.)

ROIC (Return on Invested Capital)

• 6-Year Average: 43%
• 2024: 49%
• 2025: 48%
• 9M26: 34% (*Annualized)
• Note: ROIC is calculated as Operating Profit after tax / Average [Net Working Capital + Net PP&E + Right-of-use Assets + Intangible Assets]

Business Segments

Business Segments Overview

• 光電部門 (Opto-electronics Business Group)
  • 光電半導體 (Opto-semiconductors)
  • 汽車電子 (Automotive Electronics)
  • 道路智慧化系統 (Smart Roadway Systems)
• 雲端及物聯網部門 (Cloud & AIoT Business Group)
  • 資料中心 (Data Center)
  • 伺服器 (Servers)
  • 網通設備 (Networking Equipment)
  • AI、物聯網 (AI, IoT)
  • 智慧裝置 (Smart Devices)
  • 智慧影像方案 (Smart Imaging Solutions)
• 資訊及消費性電子部門 (Information & Consumer Electronics Business Group)
  • 工作站 (Workstations)
  • 電腦/電競 (PCs/Gaming)
  • 低軌衛星電源 (LEO Satellite Power)
  • 邊緣運算/機器人電源 (Edge Computing/Robotics Power)

3Q26 Segments Results (Unit: NT$ M)

Overall

• 營業收入 (Sales):
  • 2025 Q3: 44,890 (approx.)
  • 2026 Q3: 57,403 (approx.)
  • NSB YoY: +28%
• 營業利益 (Operating Profit):
  • 2025 Q3: 4,683
  • 2026 Q3: 8,655
  • OP YoY: +85%

Cloud & AIoT Business Group

• 營業收入 (Sales):
  • 2025 Q3: 21,456 (48% of total)
  • 2026 Q3: 33,753 (59% of total)
  • NSB YoY: +57%
• 營業利益 (Operating Profit):
  • 2025 Q3: 3,329
  • 2026 Q3: 7,113
  • OP YoY: +114%

Opto-electronics Business Group

• 營業收入 (Sales):
  • 2025 Q3: 6,977 (16% of total)
  • 2026 Q3: 8,138 (14% of total)
  • NSB YoY: +17%
• 營業利益 (Operating Profit):
  • 2025 Q3: 606
  • 2026 Q3: 724
  • OP YoY: +19%

Information & Consumer Electronics Business Group

• 營業收入 (Sales):
  • 2025 Q3: 16,457 (36% of total)
  • 2026 Q3: 15,512 (27% of total)
  • NSB YoY: -6%
• 營業利益 (Operating Profit):
  • 2025 Q3: 1,685
  • 2026 Q3: 1,635
  • OP YoY: -3%

9M26 Revenue Share

• 新台幣 1,535億元 (NT$ 153.5 Billion)
  • 雲端及物聯網部門 (Cloud & AIoT): 56% (NT$85.6 Billion approx.)
  • 光電部門(含車電) (Opto-electronics (incl. Automotive)): 15%
  • 資訊及消費性電子部門 (Information & Consumer Electronics): 29%

9M22 Revenue Share

• 新台幣 1,304億元 (NT$ 130.4 Billion)
  • 雲端及物聯網部門 (Cloud & AIoT): 33% (NT$42.6 Billion approx.)
  • 光電部門(含車電) (Opto-electronics (incl. Automotive)): 20%
  • 資訊及消費性電子部門 (Information & Consumer Electronics): 47%

Products & Technologies

AI Power Management System Upgrades

• In-rack Power Solutions:
  • 1H26:
    • 33kW Power Shelf (PSU 5.5kW)
    • PSU & BBU 8.5kW
  • 2H26:
    • VR 110kW Power Shelf (PSU 18.3kW)
    • Helios 42" Power Shelf
    • 800VDC >1.5MW Power Rack
  • 2027~:
    • 800VDC 880kW Power Rack
    • 2.5kW DCDC Brick (50 VDC Input, 12 VDC Output)

Recent Performance and Results

2026年第三季 & 前三季營運總覽 (Summary of 3Q26 & 9M26 Operations)

【第三季】 (3Q26)

• 營收 (Revenue): NT$57.4 億元, 年增 28%, 季增 9%; 其中雲端物聯網年成長近六成。(NT$57.4 billion, YoY +28%, QoQ +9%; Cloud & AIoT revenue grew nearly 60% YoY.)
• 營業毛利 (Gross Profit): NT$14.9 億元, 年增 32%, 毛利率 25.9%, 年增 0.9 個百分點, 優於上半年 24.7%。(NT$14.9 billion, YoY +32%, gross margin 25.9%, up 0.9 percentage points, better than H1 24.7%.)
• 營業利益 (Operating Profit): NT$8.7 億元, 年增 85%, 營業利益率 15.1%, 年增 4.7 個百分點, 優於上半年 12.8%。(NT$8.7 billion, YoY +85%, operating margin 15.1%, up 4.7 percentage points, better than H1 12.8%.)
  • Drivers: 受惠新一代 AIDC 基建需求成長, 高價值事業比重增加, 全球產能擴充之規模經濟效益、及智能製造之營運效率優化, 提升獲利表現。(Benefiting from growth in next-generation AIDC infrastructure demand, increased proportion of high-value businesses, economies of scale from global capacity expansion, and optimized operational efficiency from smart manufacturing, profitability improved.)
• 稅後淨利 (Net Profit after Tax): NT$7.4 億元, 每股盈餘 NT$3.27 元, 年增 60%, 單季新高。(NT$7.4 billion, EPS NT$3.27, YoY +60%, a new quarterly high.)

【前三季】 (9M26)

• 營收 (Revenue): NT$153.5 億元, 年增 26%。(NT$153.5 billion, YoY +26%.)
• 營業毛利 (Gross Profit): 年增 36%, 毛利率 25.2%, 年增 1.9 個百分點。(YoY +36%, gross margin 25.2%, up 1.9 percentage points.)
• 營業利益 (Operating Profit): 年增 73%, 營業利益率 13.7%, 年增 3.8 個百分點。(YoY +73%, operating margin 13.7%, up 3.8 percentage points.)
• 稅後淨利 (Net Profit after Tax): NT$18.3 億元, 每股盈餘 NT$8.08 元, 年增 64%, 續創新高。(NT$18.3 billion, EPS NT$8.08, YoY +64%, continuing to hit new highs.)

【核心事業】 (Core Businesses)

• 受惠高階 AI 伺服器電源、雲端運算產品及電能管理系統出貨順利, 雲端運算營收年成長八成。(Benefiting from smooth shipments of high-end AI server power supplies, cloud computing products, and power management systems, cloud computing revenue grew by 80% YoY.)
• 高階光電半導體於雲端運算、工業自動化與新能源的核心應用持續成長。(High-end opto-semiconductors continued to grow in core applications for cloud computing, industrial automation, and new energy.)
• 資訊部門高階電源及低軌衛星電源出貨倍增。(High-end power supplies and LEO satellite power supplies in the Information Business Group saw shipments double.)

Outlook & Strategy

策略布局 (Strategic Layout)

• 透過策略投資與併購, 布局電網(Grid)至機櫃(Rack)的AI基礎建設, 聚焦 AIDC 電能管理、散熱解決方案、系統級機櫃及高速光通訊等關鍵領域, 持續以AI 作為核心成長引擎。(Through strategic investments and M&A, layout AI infrastructure from Grid to Rack, focusing on AIDC power management, thermal solutions, system-level racks, and high-speed optical communication key areas, continuously using AI as the core growth engine.)
• 於OCP 展示 800VDC Power Rack、2.6MW 企業級 CDU 液冷散熱及 DC/DC Power Brick 電源轉換之關鍵技術, 展現AI Factory 時代的系統整合能力。(Showcased key technologies such as 800VDC Power Rack, 2.6MW enterprise-grade CDU liquid cooling, and DC/DC Power Brick power conversion at OCP, demonstrating system integration capabilities for the AI Factory era.)
• 分割力能精密智造, 聚焦核心資源, 落實專業分工, 加速液冷散熱事業發展, 提升集團競爭力。(Spun off LITE-ON Precision Manufacturing, focusing core resources, implementing professional division of labor, accelerating the development of liquid cooling thermal solutions, and enhancing group competitiveness.)
• 策略控股欣安瑞, 以拓展光寶高功率變壓器及電感器技術能力, 結合規模優勢, 深化 AIDC 電源管理關鍵元件布局。(Strategic investment in Xin An Rui, expanding LITE-ON's high-power transformer and inductor technology capabilities, combining with economies of scale, deepening the layout of key components for AIDC power management.)

第四季展望 (Q4 Outlook)

• 核心事業展現年、季雙成長 (Core Businesses Show YoY and QoQ Growth):
  • 新一代AI 電能管理系統升級, 電源及儲能整合式機櫃量產。(Next-generation AI power management systems upgraded, power and energy storage integrated rack mass production.)
  • 2026年AI 營收占比超過30% (AI revenue share to exceed 30% in 2026):
    • 應用於 ASIC 8.5kW PSU 及 BBU 量產, 新一代 VR 110kW 及 Helios 42 吋 Power Shelf 量產。(Mass production of ASIC 8.5kW PSU and BBU, new generation VR 110kW and Helios 42-inch Power Shelf.)
    • 800VDC Power Rack 本季樣機出貨。(800VDC Power Rack sample shipments this quarter.)
    • 高階電源應用動能提升, 低軌衛星電源出貨倍數成長, 光寶為關鍵供應商。(Momentum in high-end power applications increased, LEO satellite power shipments grew exponentially, LITE-ON is a key supplier.)

ESG / Sustainability

永續聯貸強化 AI 布局 (Sustainable Syndicated Loan to Strengthen AI Layout)

• 完成新臺幣 360 億元首筆永續連結聯貸, 強化全球 AI 布局與策略投資, 提升營運韌性與國際競爭力。(Completed the first NT$36 billion sustainable syndicated loan, strengthening global AI layout and strategic investments, enhancing operational resilience and international competitiveness.)

Additional Data

Revenue, Gross Profit %, Operating Profit % Trend (NT$ Mn)

• Revenue:
  • 2021: 164,828
  • 2022: 173,456
  • 2023: 148,333
  • 2024*: 137,134
  • 2025**: 166,085
  • 9M26: 153,514
• GP%:
  • 2021: 18.5%
  • 2022: 19.2%
  • 2023: 22.0%
  • 2024*: 21.6%
  • 2025**: 22.9%
  • 9M26: 25.2%
• OP%:
  • 2021: 7.9%
  • 2022: 8.7%
  • 2023: 9.8%
  • 2024*: 9.4%
  • 2025**: 10.1%
  • 9M26: 13.7%
• Footnotes:
  • *不含影像事業部 (Excluding Imaging Business Unit)
  • **停產部分消費性及代工產品 (Discontinued some consumer and OEM/ODM products)