PANJIT — Interim / Quarterly Report 2025

Jun 12, 2025

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強茂股份有限公司

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五月 2025

◼ 關於強茂

◼ 2025 Q1 財務數字 ◼ 新產品 ＆ 技術藍圖 ◼ 汽車應用

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強茂股份有限公司

2024 營收: NTD$ 12.5 Billion (2481.TW)

產品: IC, MOSFET, SiC, IGBT, Diodes, TVS, ESD, Zener, Bridge, Transistor

應用: Automotive, Medical, Green Energy, High Performance Computing, Consumer, IoT

熒茂光學股份有限公司

2024 營收: NTD$ 990 Million (4729.TW) 產品: Touch Panel, Display 應用: Automotive, IPC, Military

凡甲科技股份有限公司

2024 營收: NTD$ 3.2 Billion (3526.TW) 產品: Connector, F cable, USB-Type C 3.1 應用: Automotive, Medical, Communication, Consumer

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Group
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虹冠電子工業股份有限公司

2024 營收: NTD$ 816 Million (3257.TW) 產品: Power Management IC 應用: Gaming PC/Adapter, Industrial PC, 5G Power

汎星半導體股份有限公司

產品: ESD, MOSFET

應用: NB, PC, Automotive, Power Supply, Motor Driver

興茂科技股份有限公司

產品: Motor MCU, Power Management IC, Signal Chain IC

應用: AI/General Computing, Motor Fan, Industrial PC, Consumer, Power Supply

2025 Q1 合併綜合損益表

單位：百萬元新台幣 營業收入 營業毛利 營業毛利率 推銷費用 管理費用 研究發展費用 營業費用 營業淨利 營業淨利率 營業外收入及支出 所得稅 本期淨利 純益率 每股稅後盈餘	2025 Q1 3,071.7 931.5 30.3% 176.0 275.8 246.5 700.7 230.8 7.5% 153.8 72.1 312.5 10.2% 0.72	2024 Q4 3,011.5 937.7 31.1% 208.2 270.4 268.9 751.5 186.1 6.2% 94.5 54.3 226.3 7.5% 0.54	QoQ 2.0% -0.7% -0.8 ppts -15.5% 2.0% -8.3% -6.8% 24.0% 1.3 ppts 62.8% 32.8% 38.1% 2.7 ppts 33.3%	2024 Q1 2,909.1 776.2 26.7% 163.8 231.3 237.3 635.6 140.6 4.8% 134.2 48.5 226.3 7.8% 0.47	YoY
					5.6% 20.0% 3.6 ppts 7.4% 19.2% 3.9% 10.2% 64.2% 2.7 ppts 14.6% 48.7% 38.1% 2.4 ppts 53.2%

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損益表重要指標

營業收入 (Unit: M’ NTD)

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3,071.7
3,011.5
2,909.1
3,000
2,000
1Q24 4Q24 1Q25
Revenue
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營業淨利率

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10%
7.5%
6.2%
4.8%
5%
0%
1Q24 4Q24 1Q25
Operating Profit Margin
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營業毛利率

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40%
31.1% 30.3%
26.7%
30%
20%
10%
0%
1Q24 4Q24 1Q25
Gross Margin
純益率
12% 10.2%
7.8% 7.5%
7%
2%
1Q24 4Q24 1Q25
-3%
Net Profit Margin
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資產負債表及重要財務指標

資產負債表項目 單位：百萬元新台幣 現金及約當現金 應收款項 存貨 採用權益法之投資 不動產、廠房及設備 資產總計 流動負債 非流動負債 負債總計 權益總計 重要財務指標 平均收現日數 平均銷貨日數 營業活動現金流量	2025Q1 Amount % 2,298 7.8% 4,358 14.7% 2,713 9.2% 2,088 7.0% 7,215 24.4% 29,621 100.0% 8,293 28.0% 5,894 19.9% 14,188 47.9% 15,434 52.1% 115 114 (183)	2024Q4 Amount % 2,361 8.2% 3,940 13.7% 2,739 9.5% 2,198 7.6% 7,322 25.5% 28,743 100.0% 7,206 25.1% 6,017 20.9% 13,223 46.0% 15,520 54.0% 122 117 846	2024Q1
			Amount % 2,722 9.4% 4,406 15.2% 2,949 10.2% 2,101 7.2% 7,677 26.5% 29,006 100.0% 7,956 27.4% 6,563 22.6% 14,519 50.1% 14,487 49.9% 129 125 (27)

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資產負債表重要指標

營業活動現金流量 (Unit: M’ NTD)

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1,500
846
500
(27) (183)
1Q24 4Q24 1Q25
(500)
Cash from operating activities
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平均收現日數

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150
140
129
130 122
115
120
110
100
1Q24 4Q24 1Q25
A/R Turnover Days
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存貨佔資產

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15%
10.2%
9.5%
9.2%
10%
5%
1Q24 4Q24 1Q25
Inventories by Total Assets
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平均銷貨日數

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125
130
117
120 114
110
100
90
80
1Q24 4Q24 1Q25
Inventory Turnover Days
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強茂全球佈局

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JP
US 1%
China
3%
Shandong
China
Germany
Xuzhou China
Munich
SEA
China South Korea
55%
Wuxi / Suzhou Yongin 7%
U.S.A
China 3.1B NTD
San Jose Korea
Shenzhen/ Hong Kong Japan 1Q 25
Tokyo New U.S.A 9%
Taiwan Revenue
India Phoenix
New Delhi New Taipei
EMEA
Bangalore Taiwan
Pune Hsinchu 9%
Hyderabad New TW
Taiwan
Taiwan 16%
Headquarters
Kaohsiung PYNMAX
Kaohsiung
Philippines
New Cabuyao New
Singapore
Headquarters Regional R&D Sites Front-End Back-End
Headquarters
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Market Segment

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BJT 3% SiC 1% By Product
1Q 2025
EDS 5%
Switching 6%
Zener 6%
MOSFET
32%
TVS 9%
Rectifier 13%
Schottky 25%
By Market Segment
Communication 3% 1Q 2025
Power Supply 13%
Automotive 32%
Computing 15%
Industrial &
Green Energy Consumer 21%
16%
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Application Field
Automotive Industrial &
Lighting, Infotainment, Green Energy
Pump, Body & Comfort, PV Inverter, Server fan,
On Board Charger
EV charger, Motor, DC fan,
Robot, Medical
Computing Power Supply
Notebook, Motherboard, PD Charger, Power
SSD, Server, Data center adapter, UPS
DC-DC Brick module,
ATX/Server Power
Consumer Communication
TV, White/Black goods, POE, Mobile, Base station
Game console, Printer,
Smart watch, PC camera
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營收分析– 產品

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By 產品 By 產品
1Q 2025 1Q 2024
BJT SiC BJT SiC
ESD ESD
3% 1% 3% 1%
5% 5%
Switching
Switching
5%
6%
Zener
Zener
6%
MOSFET Schottky
6%
32% 32%
TVS
6%
TVS
9%
Rectifier
14%
Rectifier Schottky MOSFET
13% 25% 28%
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營收分析– 市場應用

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By 市場應用 By 市場應用
1Q 2024
1Q 2025
通訊 通訊
電源供應
電源供應
3% 2%
12%
13%
車用電子
車用電子 27%
32%
電腦運算
電腦運算 15%
15%
消費型電子
工控 & 綠能
工控 & 綠能 21%
16% 消費型電子
23%
21%
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未來技術創新藍圖

		2024	2025	2026	2027	2028
	LV MOSFET	SGT Gen.2 N/P-Ch 30/40V Low RSP	SGT Gen.3 N-Ch 40V Low FOM	SGT Gen.3 N-Ch 40V Line up
	MV MOSFET	SGT Gen.2 N-Ch 80/100V	SGT Gen.3 N-Ch 100/80/60V	SGT Gen.3 N-Ch 150V	SGT Gen.3 N-Ch 60V-150V Line up
	SJ MOSFET	Gen.2 FR 650V	Gen.2 FR 650V Line up	Gen.1 Easy 900V		Gen.3 EZ/FR 650V
	FS Trench IGBT	Gen.1 HS 1200V	Gen.1 MS 650/1200V	Gen.2 HS 650/1200V	Gen.2 Voltage Extension
		Gen.1.5	Gen.3	Gen.3		Gen.4
	SiC Diode	650V/1200V	650V/1200V	650V/1200V Line up		750V/1200V/1700V
			Gen.1	Gen.1	Gen.1	Gen.2
	SiC MOSFET		1200V	750V/1200V Line up	1700V	750V/1200V
	FRED		Gen.2 650V/1200V	Gen.3 650V/1200V
	Deep	Gen.1	Gen.2	Gen.3
ESD	Snapback High Surge	1-28V Low Cj Gen.1 Uni5-36V/19A	Gen.2 Uni3.3-48V/100A 24-36V Low Cj	Gen.2 Bi2.5-48V/19A 48V Low Cj	Gen.2 Bi2.5-72V/100A
	TVS		Gen.2 Bi200W-1.5kW, TJ175℃	Gen.2 Bi3-5KW, TJ175℃
	Load Dump		H-Type		H-Type
	TVS		Bi6.6KW, TJ175℃		Bi8KW, TJ175℃

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汽 車 應 用
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車用產品營收趨勢 Y2025 Q1

AEC-Q101 parts business trend

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1Q 25
YoY
+26 %
2017 Y 2018 Y 2019 Y 2020 Y 2021 Y 2022 Y 2023 Y 2024 Y 2025 Y
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Product Offering
2K+ Parts
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Shipment
4.73B
Pcs. in 2024
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Worldwide
20+ Countries
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Serving over
300+
customers across
the globe
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YOUR COMPONENT OUR PROFESSION

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