SUNON - Interim / Quarterly Report 2024

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全球通風散熱首選 2024年第四季 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

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5G 基站網通新能源汽車工業設備能源監控醫療
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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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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。

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高效率低震動
System
O.P.
低噪音
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節能可靠度

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仿生扇葉

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更多元的散熱方案選擇
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
C [ooling Capability] 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
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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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`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 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W	NVIDIA 單一B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU 架構 Blackwell Hopper 功耗 1200W 1000W 700W 700W 700W
	NVIDIA	單一B200 GB200 NVL72	B200 DGX/HGX	B100 HGX	H200 SXM	H100 SXM
	GPU 架構	Blackwell			Hopper
	功耗	1200W	1000W	700W	700W	700W

冷卻方式水冷氣冷氣冷氣冷氣冷	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

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NV Link Switch
Cooling Fan
X7
Compute trays
Cooling Fan
X8
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Picture Source : Internet

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`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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`氣冷vs. 液冷散熱差異`

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)

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`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

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單一Server 層面整體散熱櫃Rack 層面
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建準全方位散熱解決方案，提供一站式服務
小型散熱風扇排風扇散熱模組大型散熱風扇建築通風扇
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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`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
500~1000W In house 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+
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 12
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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

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IATF16949 AEC Q100/Q200 EMC CISPR25

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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。
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
來源: REN21 2022可再生能源全球狀況報告
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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。

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太陽光變頻器散熱 ESS 能源儲存系統散熱電動車充電樁散熱
充電樁
EV Charger
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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員工
成立營收N T D 工廠
1980 8420 146 億 5
建準現況 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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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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台灣高雄廣西北海 I 廣西北海 II
100 萬台 / 月 720 萬台 / 月 270 萬台 / 月
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江蘇昆山
530 萬台 / 月 (FAN)
250 萬台 / 月 (CM)
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菲律賓,巴丹
280 萬台 / 月 (FAN)
18 萬台 / 月 (CM)
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EGS 永續績效

治理

稅後淨利13.33億元，較2022 年增加22.5%
� 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

社會

社會產品
� 員工平均每年參與教育訓練 � 產品研發節能績效共節能省電5.32 億度。。
達48小時減少26萬公噸二氧化碳當量。
� 主要生產據點皆通過 � 2011~2023 年連續13年產品有害物質檢 ISO 45001認證。驗合格率100%。
� 「勵志關懷活動」2018~2023 年 � 發明專利累計已領證數量3,394 件。。
累積關懷戶數達9,867戶

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環境
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供應鏈

執行全集團溫室氣體盤查，並通過外部 � 新進供應商評核通過率100%。第三方查證。 � 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。 � 74% 在地採購， 97% 在地交貨。 � 全集團使用綠電達393萬度，購買綠電憑證達600萬度。
� 持續通過IECQ QC 080000驗證。

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Net Zero淨零碳排

2030 50% 2050 NET ZERO

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季營收金額
In B. NT
4.03
4.00
3.86
3.68
3.79
3.72
3.66
3.50 3.60
3.54
3.48 3.48
3.40
3.33
3.06 3.28 3.29 3.27
3.00 3.12 3.08
3.03
2.50
2.25
2.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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營收表現
單位 : NT 千元
16,000,000 20%
14,623,817
14,063,308
14,000,000 13,561,804
15%
12,781,281 12,914,686 13.2%
11,965,298
12,000,000 9.3% 11,659,915 9.6%
10,946,728 10%
10,690,822
6.1%
10,000,000 5.8%
3.7% 5%
2.4%
8,000,000
0%
6,000,000 -2.6%
-5%
4,000,000
-9.2%
2,000,000 -10%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Revenue Growth rate
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UNIT: NTD (M)

季Server營收及比重

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2,000 50%
44.6% 45.0% 44.5%
1,800 45%
1,600 37.2% 38.0% 1,751 40%
1,670
1,615
33.9%
1,400 35%
30.4%
1,200 30%
1,159
1,000 1,114 25%
21.3% 1,075
958
800 20%
600 15%
615
400 10%
200 5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
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季AI Server營收及比重
UNIT: NTD (M)
1,000 23.6% 25%
23.2%
900
918
800 19.0% 870 20%
700 16.2%
688
14.1%
600 13.8% 15%
500 11.0%
473
400 438 437 10%
300 345
200 5%
3.2%
100
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
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季營收比重與環比增長
60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
8.7% -25.5% 2.7% -5.4% -1.0% -8.8%
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季營收比重與同比增長
60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
9.6% 4.0% -14.8% 6.5% 44.3% -5.4%
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年度營收比重與同比增長
53.1%
55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024 28.2% 28.3%
24.5% 17.5%
22.2%
15% 11.0%
14.6% 14.3% 14.6% 8.9%
5% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%5.3% 7.2% 7.4% 7.7% 3.5% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
33.6% -25.8% -29.1% -9.3% 45.8% -9.2%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Page 26

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獲利能力-每季獲利率
32% 30.3%
毛利率 28.3% 28.5% 28.4%
26.1%
29.0%
28.1% 27.9% 27.9%
26.5%
22% 22.6% 24.0% 24.5%
22.6%
25.7% 25.0%
23.5%
21.4% 18.6% 18.9% 18.7% 21.0%19.5% 18.7%
17.5%
12%
Q1 Q2 Q3 Q4 Y
Y2020 Y2021 Y2022 Y2023 Y2024
營業利益率 11.5% 13.0% 11.9% 11.5%
12%
11.3%9.0% 11.9% 12.4% 12.3% 11.4% 11.9%
9% 10.6%
8.5% 9.0% 9.7% 8.7%
6% 8.0%
6.0% 5.9%
3% 3.8% 4.1% 3.4%
0% 2.0% 1.9% 3.4%
Q1 Q2 Q3 Q4 Y
淨利率 12% 10.7% 13.2%10.4% 11.3% 10.2%
11.7%8.8%
9% 10.3% 10.3%
9.7%
9.0%
8.6% 7.7%
6% 6.6% 7.4% 7.3% 6.7%
3% 4.3% 3.1% 4.9% 4.5% 4.6% 3.2%
2.2%
0% 2.5%
Q1 Q2 Q3 Q4 Y
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 27 FIRST CHOICE GLOBALLY Cooling Solutions
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獲利能力-每季盈餘
In NTD
2.00
1.80
1.60
1.72
1.60
1.39
1.40 1.47 1.49 1.28
1.42
1.19
1.20
1.20
1.00 1.11 1.11
0.93
0.80
0.84
0.60 0.69
0.61 0.60
0.40
0.39 0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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Page 28

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

FIRST CHOICE GLOBALLY Cooling Solutions

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每股盈餘與現金股利
UNIT: NTD
6
5.46
5.16
5
4.34
4 3.7
3.39 3.5
3 2.62 2.71 2.6
2.28 2.41 2.3 2.4
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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Page 29

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	合併資產負債表	合併資產負債表
NT$百萬	2021.12.31	2022.12.31	2023.12.31	2024.12.31	2022	2023 變動(%)	2024
資產總計	11,517	12,192	12,615	14,998	5.9%	3.5%	18.9%
現金	1,912	2,457	4,031	4,678	28.5%	64.1%	16.1%
應收票據及帳款	3,459	3,414	3,079	4,103	-1.3%	-9.8%	33.3%
存貨	2,508	2,651	2,052	2,181	5.7%	-22.6%	6.3%
不動產、廠房及設備	2,059	2,273	2,171	2,461	10.4%	-4.5%	13.4%
負債總計	7,150	6,989	5,396	7,078	-2.3%	-22.8%	31.2%
短期借款	1,950	1,288	458	928	-33.9%	-64.4%	102.6%
應付帳款	2,926	3,179	2,737	3,435	8.6%	-13.9%	25.5%
長期借款	524	287	213	478	-45.2%	-25.8%	124.4%
權益總計	4,367	5,203	7,219	7,920	19.1%	38.7%	9.7%
平均收現日數	90	89	92	90
平均銷貨日數	70	86	92	74
流動比率(倍)	1.34	1.43	2.03	1.88

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Page 30

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` `13,562` `14,063` `12,915` `14,624` `營業毛利` `2,536` `3,171` `3,601` `4,157` `營業費用` `2,072` `2,049` `2,071` `2,480` `營業利益` `464` `1,122` `1,530` `1,677` `營業外收支` `121` `304` `221` `305` `稅前淨利` `585` `1,426` `1,751` `1,982` `歸屬母公司淨利` `429` `1,089` `1,334` `1,492` `每股盈餘(NT$)` `1.71` `4.34` `5.16` `5.46` `毛利率` `18.7%` `22.5%` `27.9%` `28.4%` `營業淨利率` `3.4%` `8.0%` `11.8%` `11.5%` `淨利率(註)` `3.2%` `7.7%` `10.3%` `10.2%` `NT$百萬` `2021` `2022` `2023` `2024`	`2022` `2023` `2024` `成長率 YOY(%)`
	`3.7%` `-8.2%` `13.2%`
	`25.0%` `13.6%` `15.4%`
	`-1.1%` `1.1%` `19.7%`
	`141.8%` `36.4%` `9.6%`
	`151.2%` `-27.3%` `38.0%`
	`143.8%` `22.8%` `13.2%`
	`153.8%` `22.5%` `11.8%`

`(註)淨利率=歸屬母公司淨利/營業收入`

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Page 31

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Thanks for Your Attention !

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