達方電子股份有限公司 [time:2026Q3] 法說會簡報
Company Overview
公司名稱: 達方電子股份有限公司 (DARFON) 活動名稱: 2026年第3季法人說明會 日期: 2026年11月03日 官方網站: www.darfon.com 投資人聯絡信箱: Investor@darfon.com
Financial Highlights
2026年第3季合併損益表
單位: 新台幣佰萬元
| 項目 | 3Q26 | 3Q26 % | 2Q26 | 2Q26 % | QoQ% | 3Q25 | 3Q25 % | YoY% | 1~3Q26 | 1~3Q26 % | 1~3Q25 | 1~3Q25 % | YoY% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 營業收入淨額 | 7,011 | 100.0% | 7,517 | 100.0% | -6.7% | 6,503 | 100.0% | 7.8% | 20,553 | 100.0% | 18,889 | 100.0% | 8.8% |
| 營業毛利 | 1,054 | 15.0% | 1,246 | 16.6% | -15.4% | 920 | 14.1% | 14.6% | 3,383 | 16.5% | 3,010 | 15.9% | 12.4% |
| 營業費用 | (1,020) | -14.5% | (1,098) | -14.6% | 7.1% | (1,178) | -18.1% | 13.4% | (3,122) | -15.2% | (3,108) | -16.5% | -0.5% |
| 營業淨利 | 34 | 0.5% | 148 | 2.0% | -77.4% | (258) | -4.0% | 113.0% | 261 | 1.3% | (99) | -0.5% | 363.9% |
| 營業外淨損益 | 12 | 0.2% | (44) | -0.6% | 126.8% | 80 | 1.2% | -85.4% | (51) | -0.2% | 7 | 0.0% | -849.7% |
| 稅前淨利 | 45 | 0.6% | 105 | 1.4% | -56.8% | (178) | -2.7% | 125.5% | 210 | 1.0% | (92) | -0.5% | 328.3% |
| 合併總淨利益 | 16 | 0.2% | 61 | 0.8% | -73.7% | (134) | -2.1% | 111.9% | 109 | 0.5% | (106) | -0.6% | 202.4% |
| 歸屬予: 母公司股東 | 85 | 1.2% | 86 | 1.1% | -1.2% | 8 | 0.1% | 941.3% | 228 | 1.1% | 128 | 0.7% | 77.8% |
| 基本每股盈餘(新台幣元) | 0.31 | 0.31 | 0.03 | 0.82 | 0.46 |
重點摘要:
- 營收較去年同期穩健成長,主要由整合元件與綠能事業動能帶動。
- 持續控管費用,提升營運效率,維持營業獲利。
- 前三季獲利成長幅度高於營收成長,反映獲利趨勢穩步改善。
2026年第3季合併資產負債表
單位: 新台幣佰萬元
| 項目 | 3Q26 | 3Q26 % | 2Q26 | 2Q26 % | 3Q25 | 3Q25 % |
|---|---|---|---|---|---|---|
| 現金及有價證券 | 8,347 | 23.7% | 6,483 | 18.5% | 6,654 | 20.0% |
| 應收帳款 | 6,021 | 17.1% | 6,410 | 18.3% | 6,388 | 19.2% |
| 存貨 | 5,991 | 17.0% | 6,434 | 18.4% | 5,883 | 17.6% |
| 流動資產 | 22,113 | 62.9% | 21,716 | 62.1% | 20,749 | 62.2% |
| 固定資產淨額 | 8,390 | 23.9% | 8,412 | 24.0% | 8,222 | 24.7% |
| 資產總計 | 35,165 | 100.0% | 34,994 | 100.0% | 33,349 | 100.0% |
| 短期借款 | 6,534 | 18.6% | 5,832 | 16.7% | 5,330 | 16.0% |
| 應付票據及帳款 | 4,797 | 13.6% | 5,648 | 16.1% | 5,391 | 16.2% |
| 流動負債合計 | 15,070 | 42.9% | 15,658 | 44.7% | 15,242 | 45.7% |
| 長期借款 | 6,490 | 18.5% | 5,516 | 15.8% | 4,790 | 14.4% |
| 負債合計 | 22,062 | 62.7% | 21,679 | 62.0% | 20,526 | 61.5% |
| 股東權益合計 | 13,103 | 37.3% | 13,315 | 38.0% | 12,823 | 38.5% |
| 每股淨值(NT$) | 38.2 | 38.4 | 36.3 |
重點摘要:
- 因應市場資金緊俏,提前布建資金,進一步強化現金準備。
- 營運資金管理有效,應收帳款與存貨皆較上季下降。
2026年前三季合併現金流量表
單位: 新台幣佰萬元
| 項目 | 1~3Q26 | 1~3Q25 | Change |
|---|---|---|---|
| 營業活動之現金流量 | 446 | 1,297 | (851) |
| 合併稅後淨利 | 109 | (106) | 216 |
| 折舊費用 & 各項攤提 | 971 | 971 | 0 |
| 營業資產及負債之淨變動 | 5 | 1,224 | (1,219) |
| 投資活動之現金流量 | (1,581) | (162) | (1,419) |
| 資本支出 | (663) | (654) | (10) |
| 融資活動之現金流量 | 2,151 | 243 | 1,908 |
| 借款淨變動數 | 2,522 | 1,010 | 1,512 |
| 發放現金股利 | (202) | (637) | 434 |
| 本期現金及約當現金增加(減少)數 | 1,082 | 780 | 302 |
| 自由現金流量 | (217) | 643 | (861) |
註: 自由現金流量= 營運活動之現金流入– 資本支出
重點摘要:
- 營業活動現金流量維持正值,反映本業持續創造現金的能力。
- 嚴謹的資本支出與提前布建資金,支持策略性投資與長期成長。
重要財務指標
| 項目 | 3Q26 | 2Q26 | QoQ | 3Q25 | YoY | 1~3Q26 | 1~3Q25 | YoY |
|---|---|---|---|---|---|---|---|---|
| 負債比率 | 63% | 62% | 0.8 ppt | 62% | 1.2 ppt | 63% | 62% | 1.2 ppt |
| *負債比率 | 51% | 53% | (2.2) ppt | 52% | (0.8) ppt | 51% | 52% | (0.8) ppt |
| 淨金融負債/股東權益 | 36% | 37% | (0.8) ppt | 27% | 8.7 ppt | 36% | 27% | 8.7 ppt |
| 流動比率 | 146.7 | 138.7 | 8.0 ppt | 136.1 | 10.6 ppt | 146.7 | 136.1 | 10.6 ppt |
| 現金轉換週期 | 96 days | 89 days | 7 days | 107 days | (11) days | 99 days | 112 days | (14) days |
| ROA | 0.9% | 1.3% | -0.9% | 1.1% | 0.2% | |||
| ROE | 0.5% | 1.9% | -4.3% | 1.1% | -1.0% |
註:
- *負債比率=(總負債- 現金及有價證券)/(總資產- 現金及有價證券)
- 淨金融負債對股東權益比率=(短期借款 + 長期借款 - 現金及有價證券)/股東權益
重點摘要:
- 密切注意財務槓桿,兼顧成長與風險控管。
- 流動比率提升,強化流動性與短期償債能力。
- 現金轉換週期較去年同期縮短,展現營運資金管理效率,確保財務安全。
Recent Performance and Results
營收與獲利率
季度營收 & YoY% (單位: 新台幣 百萬)
- 4Q24: 6,040
- 1Q25: 5,483
- 2Q25: 6,903
- 3Q25: 6,503
- 4Q25: 6,185
- 1Q26: 6,025
- 2Q26: 7,517
- 3Q26: 7,011
獲利率%
- 毛利率 (Gross margin):
- 4Q24: 17.7%
- 1Q25: 17.8%
- 2Q25: 16.1%
- 3Q25: 14.1%
- 4Q25: 15.7%
- 1Q26: 18.0%
- 2Q26: 16.6%
- 3Q26: 15.0%
- 營業利益率 (Operating margin):
- 4Q24: 0.4%
- 1Q25: 0.6%
- 2Q25: 1.8%
- 3Q25: -4.0%
- 4Q25: 0.5%
- 1Q26: 1.3%
- 2Q26: 2.0%
- 3Q26: 0.5%
Business Segments
產品組合
季度產品組合
| 季度 | IT PERIPHERALS | GREEN ENERGY | INTEGRATED COMPONENTS |
|---|---|---|---|
| 4Q24 | 55% | 35% | 10% |
| 1Q25 | 51% | 36% | 13% |
| 2Q25 | 47% | 42% | 11% |
| 3Q25 | 50% | 38% | 12% |
| 4Q25 | 51% | 38% | 11% |
| 1Q26 | 49% | 38% | 13% |
| 2Q26 | 43% | 45% | 12% |
| 3Q26 | 41% | 44% | 15% |
年度產品組合
| 年度 | IT PERIPHERALS | GREEN ENERGY | INTEGRATED COMPONENTS |
|---|---|---|---|
| 2024 | 58% | 30% | 12% |
| 2025 | 50% | 39% | 11% |
| 2026 YTD | 44% | 43% | 13% |
Products & Technologies
- IT PERIPHERALS (IT週邊產品): 筆記型 & 桌上型電腦鍵盤、可攜式鍵盤、IT週邊產品、電競相關產品等
- GREEN ENERGY (綠能產品): 電源模組、電池模組、Bike/E-Bike車架、Bike/E-Bike組裝、品牌/通路平台等
- INTEGRATED COMPONENTS (整合元件): 積層陶瓷電容器(MLCC)、線圈式電感(Coil Inductor)、天線元件/模組、壓電陶瓷元件與保護元件等
Outlook & Strategy
業績展望
- (此部分簡報未提供具體數據或詳細說明,僅為議程標題)
Additional Data
會議議程
- 2026年第3季營運成果
- 業績展望
- 問與答
Safe Harbor Notice
We have made forward-looking statements in the presentation. Our forward-looking statements contain information regarding, among other things, our financial conditions, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties, and assumptions about us.
We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in the conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.