SUNON — Interim / Quarterly Report 2025

May 12, 2025

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全 球 通 風 散 熱 首 選 2025年第一季 營運報告

2421.TW / 2421 TT

免責聲明

本文件中之資訊或意見皆是建準電機工業股份有限公司（以下簡稱 本公司）植基於對當前情況之預期以及對未來事件的預測，並未明示或 暗示指述或保證其具有公正性、準確性、完整性或隨時更新。文件中之 資訊僅係發布時點反應本公司截至目前為止對未來願景之看法，未來可 能有所變更或調整，因此本公司不負責隨時提醒或更新，除非法律另有 規定者，不在此限。本公司、附屬公司、關係企業或代表均不就本簡報 資料任何內容或因該等內容所採取之行動所引發之直接或間接損害負責 。 本文件之陳述可能會表達出本公司對未來願景之信心與期望，但這 些前瞻性之陳述係奠基在與本公司營運有關之一些因素上，且會受到未 知風險、不確定因素以及其他因素之影響，因此，實際結果可能與上開 前瞻性陳述會有很大的差異。 本文件之任一部份均不可因任何目的而被直接或間接複製、再散布 或傳遞予任何其他人（不論公司內或公司外）或出版（部份或全部）。

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON 通風散熱無所不在

■ 風扇 ■ 風扇盤 ■熱管 ■ 熱板 ■ 散熱片 ■ 散熱模組 ■ 冷板 ■ 液冷

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醫療
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5G 基站 網通 新能源汽車 工業設備 能源 監控 醫療

電競 元宇宙 資訊 家電

空氣淨化 居家通風 商用通風

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

風扇散熱技術與時俱進

未來世界由強大計算能量與高可靠的高速網路支撐，考驗系統的散熱方案極限； 迫使散熱技術不斷精進升級，以即時支援系統的運算，提供最佳運作溫度控制，展限極致效能。

高效率 低震動 System O.P.

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低噪音

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節能
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可靠度

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仿生扇葉
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

更多元的散熱方案選擇

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熱管 水冷板 均溫板 水泵
浸沒式液冷
液冷主機(氣冷式- CDU)
液冷散熱
~80KW
高功率散熱模組 1KW~
解決方案
400W~
增強型相變化
解決方案
傳統的 100W~
散熱片
～100W
Technology 鋁擠Extrusion HS
壓鑄Die-cast HS 熱管
3D VC 水冷板 浸沒式液冷
鍛造Forged HS 均溫板
高功率熱管 浸沒式沸騰板 背門式熱交換器
切削Skived HS EVAC增強型散熱器
沖壓 Stacked Fin
Cooling Capability
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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TDP (W)
散熱方案趨勢
80KW
浸沒式
液冷散熱
Open loop
1500W
1KW
液冷散熱
Close loop
500W
350W 氣冷散熱
Cooling fan + HS / HP / VC
~Y2022 Y2023 Y2024 Y2025 Y2026
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

NVIDIA 推動生成式AI 新紀元

	NVIDIA	單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX	H200 SXM	H100 SXM
	GPU 架構	Blackwell	Hopper			NV Link Switch
	功耗	1200W 1000W 700W	700W	700W			Cooling Fan X7
	冷卻方式	水冷 氣冷 氣冷	氣冷	氣冷
	GB200	NVL72 風扇使用數量推估，機櫃有18	個計算層（Compute
	trays）每層使用8顆4cm對轉風扇；9層NV		Link Switch系統每層7
	顆4cm對轉風扇，電源一共至少使用50顆風扇散熱。 採用風冷散熱，使用高達257 顆風扇散熱				Compute trays
					Cooling Fan
					X8

Picture Source : Internet

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

資料中心散熱模式

目前的資料中心 新升級的資料中心 依賴機房空調CRAC (Compute Room Air Conditioner) 依賴機房外置冷卻水塔或冰水主機(chiller/cooling tower) 氣冷解決方案 液冷解決方案(液對液型式) 風扇+ 3DVC  機房內排出熱風 水冷板吸熱  CDU進行熱移動與交換  機房外排出熱風 液冷解決方案(液對氣型式) 浸沒解決方案(液對液型式) 水冷板吸熱  背門式散熱或輔助散熱櫃 機房內排出熱風 沸騰板/散熱器吸熱  CDU進行熱移動與交換  機房外排出熱風

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

氣冷vs. 液冷散熱差異

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氣冷散熱 DLC直接液冷散熱
(風扇+ 3DVC) (風扇+ 水冷板)
Refer to MGX platform Refer to MGX platform
SMCI model ARS-111GL-NHR SMCI model ARS-111GL-DNHR-LCC
相似的系統配置, 即使
主要晶片透過直接液冷
方式進行散熱, 但多數
系統的其餘熱源(如
DDR,PCIe,電源等)仍然
需要風扇散熱
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

直接液冷散熱(液對氣型式)

直接液冷 背門式熱交換器 氣冷輔助液冷散熱櫃 1~2kW 30~50kW (Sidecar) 60~80kW (風扇+ 水冷板) (風扇+冷排+水泵分配器) (風扇+冷排+水泵分配器) Refer to MGX platform ~~SMCI model GPU ARS-111GL-DNHR-LCC~~ 整體散熱櫃Rack 層面 整體散熱櫃Rack 層面

單一Server 層面

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

建準全方位散熱解決方案，提供一站式服務

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小型散熱風扇 排風扇 散熱模組 大型散熱風扇 建築通風扇
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液冷機櫃CDU / 風扇牆 水路分配單元RPU 自驅式相變液冷 水泵/ 沸騰板

水冷模組

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

液冷及浸沒式液冷產品開發

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2000+k W
Modular In Row L2L CDU
1000+kW, 1ORv3
1000k W
In Rack L2L CDU
8~12U, 350kW
Two-Phase Immersion :
In Row L2A CDU In Row L2A CDU Boiler
75kW, 1ORv3 150kW, 2ORv3
1000 W
Cold Plate Loop 1U Cold Plate Loop 1U Single Phase Immersion:
In house
700~1000W >1000W 1. CDU (Liquid to Liquid)
2. Heat Sink
3. Propeller
500 W
Closed Loop 1U & 2U Closed Loop 1U & 2U
In house
500~1000W 500~1000W
Others
1. Closed Loop: AIO In house 1. Closed Loop: AIO Gen.2 1. Component:
2. 1U PUMP 2. 4U PUMP Reduced Spacing Structure
2. In Row L2L:
Smarter Utility Solution
2025 2026 2027+
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

新能源車/ 汽車散熱產品應用發展

建準汽車產業散熱方案超過20 年經驗，可提供符合汽車產業品質標準的各種散熱風扇、散熱模組及液冷產品

IATF16949 AEC Q100/Q200 EMC CISPR25

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

2050年淨零排放  創能、儲能蓬勃發展 ， 在2050年以前，全球碳排放要降至2005年的水準。全球積極推動環境永續及可再生能源政策 帶動 綠能基礎建設發展 。良好的散熱設計能提高能源轉換效率與系統運作的穩定，因此 帶來大量的散熱商 機。 根據REN21 統計，至2022年再生能源使用率仍偏低，因此綠能建設仍有很大發展空間。

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創能 儲能
太陽光變頻器 能源儲存系統
電氣設備電源機櫃 儲能電池貨櫃
電動車充電設備系統 儲能電池包
儲能電池组架
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來源: REN21 2022可再生能源全球狀況報告

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

創能/ 儲能散熱產品應用發展 建準是全球高品質能源系統散熱解決方案重要合作夥伴，持續提供完整的散熱解決方案。

太陽光變頻器散熱

ESS 能源儲存系統散熱

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電動車充電樁散熱

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充電樁 EV Charger

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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員工
成立 營收N T D 工廠
1980 8420 146 億 5
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建準現況
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14 子公司與辦事處 122 經銷代理商 1000+ 銷售服務據點

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

豐沛產能

全球五個專業生產基地 風扇 1,900 萬台 / 月 散熱模組 268 萬組 / 月

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台灣高雄

100 萬台 / 月

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廣西北海 II 270 萬台 / 月

菲律賓,巴丹

江蘇昆山

廣西北海 I 720 萬台 / 月

280 萬台 / 月 (FAN) 18 萬台 / 月 (CM)

530 萬台 / 月 (FAN) 250 萬台 / 月 (CM)

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

EGS 永續績效

治理

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• 稅後淨利 14.92億元 ，較2023 年增加12%

• 業界中市占率為全球前 3 大領導品牌  成立永續發展委員會

• 貪腐事件0 件

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社會

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產品

• 員工平均每年參與教育訓練 。

• 達 48小時

• 產品研發節能績效共節能 省電5.32 億 度 。減少26萬公噸二氧化碳當量。

• 2011~2023 年連續13年產品有害物質檢 。

• 驗 合格率100%

• 主要生產據點皆通過 ISO 45001認證。

• 「勵志關懷活動」2018~2023 年 。

• 累積關懷戶數達 9,867戶

• 發明專利累計已領證數量 3,394 件 。

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供應鏈

環境

• 執行全集團 溫室氣體盤查 ，並通過 外部 。

• 第三方查證

• 新進供應商評核通過率 100% 。

• 年度供應商稽核合格率 100% 。

• 昆山廣興廠太陽能發電達 68萬度 。

• 全集團使用綠電達 393萬度， 購買 綠電 憑證達600萬度。

• 74% 在地採購， 97% 在地交貨 。

• 持續通過IECQ QC 080000驗證。

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Net Zero淨零碳排

2030 50% 2050 NET ZERO

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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季營收金額
In B. NT
4.16
4.00
4.03
3.86
3.79
3.72
3.68 3.66
3.50
3.48 3.48
3.33
3.28 3.29 3.27
3.00 3.12 3.08 3.06
3.03
2.50
2.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

單位 : NT 千元

營收表現

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16,000,000 40%
36.0%
14,623,817
14,063,308 35%
14,000,000 13,561,804
12,914,686
12,781,281 30%
11,965,298
11,659,915
12,000,000
25%
10,946,728
10,690,822
20%
10,000,000
13.2%
15%
8,000,000 9.3% 9.6%
10%
5.8% 6.1%
3.7%
6,000,000 2.4% 5%
-2.6% 4,162,103 0%
4,000,000
-5%
-9.2%
2,000,000 -10%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 Y2025
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Revenue Growth rate

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

UNIT: NTD (M)

季Server營收及比重

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2,000 48.0% 50%
44.6% 45.0% 44.5%
1,960
45%
37.2% 38.0% 1,751 40%
1,670
1,500 1,615
33.9%
35%
30.4%
30%
1,159
1,000 1,114 25%
21.3% 1,075
958
20%
15%
500 615
10%
5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1
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Revenue % of Sales

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

季AI Server營收及比重

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UNIT: NTD (M)
1,200 30%
26.90%
1,098
1,000 23.6% 23.2% 25%
918
19.0%
800 870 20%
16.2%
600 13.8% 14.1% 688 15%
11.0%
400 473 10%
438 437
345
200 3.2% 5%
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1
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Revenue % of Sales

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

季營收比重與環比增長

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58.7%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q1 31.7%
28.3%
20% 24.5% 22.2% 14.3%
9.7% 9.5% 17.5%
14.3% 14.6%
10% 12.6%
8.0% 9.5% 11.0% 9.0% 8.3% 4.1% 7.4% 7.7% 3.2% 11.3% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-4.4% -8.3% 2.3% 11.7% 16.1% -3.5%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

季營收比重與同比增長

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58.7%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q1 31.7%
28.3%
20% 24.5% 22.2% 14.3%
9.7% 9.5% 17.5%
14.3% 14.6%
10% 12.6%
8.0% 9.5% 11.0% 9.0% 8.3% 4.1% 7.4% 7.7% 3.2% 11.3% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
12.7% 29.3% 3.4% 43.8% 67.0% -2.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

獲利能力-每季獲利率

Gross Margin

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32% 29.3% 29.3%
Gross Margin
30.3%
29.0%
28.1%28.3% 28.5% 27.9% 28.4%
27.9%
26.5%26.1%
22%
24.5%
24.0%
22.6% 22.6%
17.5%18.6% 18.9% 18.7% 19.5% 18.7%
12%
Q1 Q2 Q3 Q4 Y
Y2021 Y2022 Y2023 Y2024 Y2025
Operating Margin 12.4% 12.4%
12% 11.3% 12.4%11.5% 12.3%13.0% 11.9% 11.9%11.5%
9% 11.4%
9.7%
9.0%
8.5%
6% 9.0% 8.0%
5.9%
3% 4.1%
3.4% 3.4%
2.0% 1.9%
0%
Q1 Q2 Q3 Q4 Y
Net Margin 11.3% 11.3%
12%
13.2%
9% 10.7% 10.4% 11.7% 11.3% 10.3%10.2%
9.0% 8.6% 8.8%
9.7% 7.7%
6% 7.4% 7.3%
4.9%
3% 4.6%
3.1% 3.2%
2.2% 2.5%
0%
Q1 Q2 Q3 Q4 Y
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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獲利能力-每季盈餘
In NTD
2.00
1.73
1.80
1.72
1.60
1.60
1.40 1.49
1.42
1.39
1.20 1.28
1.19 1.20
1.00 1.11 1.11
0.80
0.84
0.60 0.69
0.61
0.40
0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

每股盈餘與現金股利

UNIT: NTD

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6
5.46
5.16
5
4.34
4 3.7
3.5
3.39
3 2.62 2.71 2.6
2.41 2.4
2.28 2.3
2 2 2
2 1.77 1.71
1.5
1.2
1
0
EPS Cash Dividend
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Payout Ratio 85% 88% 88% 83% 74% 68% 70% 60% 68% 68%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

附錄一: 合併資產負債表

合併資產負債表
資產總計 13,292 14,998 15,830 現金 4,450 4,678 5,279 應收票據及帳款 3,221 4,103 4,445 存貨 2,121 2,181 2,179 不動產、廠房及設備 2,208 2,461 2,510 負債總計 5,621 7,078 7,369 短期借款 587 928 1,056 應付帳款 2,889 3,435 3,642 長期借款 168 478 432 權益總計 7,671 7,920 8,461 平均收現日數 94 90 94 平均銷貨日數 84 74 68 流動比率(倍) 2.07 1.88 1.92 NT$百萬 2024.3.31 2024.12.31 2025.3.31	vs. 2024.12.31 vs. 2024.3.31 變動(%)
	5.5% 19.1%
	12.8% 18.6%
	8.3% 38.0%
	-0.1% 2.7%
	2.0% 13.7%
	4.1% 31.1%
	13.8% 79.9%
	6.0% 26.1%
	-9.6% 157.1%
	6.8% 10.3%

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

附錄二: 合併綜合損益表

合併綜合損益表
營業收入 3,060 4,162 營業毛利 799 1,218 營業費用 -524 -702 營業利益 275 516 營業外收支 140 64 稅前淨利 415 580 歸屬母公司淨利 326 472 每股盈餘(NT$) 1.19 1.73 毛利率 26.1% 29.3% 營業淨利率 9.0% 12.4% 淨利率(註) 10.7% 11.3% NT$百萬 2024 Q1 2025 Q1	成長率 YOY(%) 2025Q1
	36.0%
	52.4%
	34.0%
	87.6%
	-54.3%
	39.8%
	44.8%

(註)淨利率=歸屬母公司淨利/營業收入

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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Thanks for Your Attention !

WWW.SUNON.COM

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