Business Overview
亞洲聚合 (1308，Asia Polymer) 隸屬[[台聚]]集團，專注[[LDPE]] (低密度聚乙烯) 與[[EVA]] (乙烯醋酸乙烯酯) 生產。光伏級[[EVA]]為[[太陽能封裝膜]]關鍵材料，供應中國膠膜龍頭[[福斯特]]、[[海優新材]]、[[賽伍技術]]，終端模組廠涵蓋[[晶科能源]]、[[晶澳科技]]、[[天合光能]]。塗覆級[[LDPE]]應用於半導體包裝與保護膜。集團投資福建[[古雷石化]]掌握乙烯來源，上游原料亦來自[[台灣中油]]。
Supply Chain
上游 (原料):
- 乙烯: [[台灣中油]]、[[古雷石化]] (集團投資) — 乙烯原料
- 集團: [[台聚]] (母公司策略聯盟)
中游 (製造):
- 亞聚 ([[LDPE]]/[[EVA]]生產)
下游 (終端):
- 太陽能膠膜: [[福斯特]]、[[海優新材]]、[[賽伍技術]] — [[太陽能封裝膜]]用 EVA
- 光伏模組: [[晶科能源]]、[[晶澳科技]]、[[天合光能]] — 終端
- 半導體包裝: 塗覆級 LDPE
Customers and Suppliers
主要客戶
- 太陽能膠膜: [[福斯特]]、[[海優新材]]、[[賽伍技術]] — [[EVA]]封裝膜原料
- 光伏模組 (終端): [[晶科能源]]、[[晶澳科技]]、[[天合光能]]
- 半導體包裝: 塗覆級[[LDPE]]
主要供應商
- 乙烯: [[台灣中油]]、[[古雷石化]] (集團投資)
- 集團: [[台聚]] (母公司)
Financial Tables
Valuation Metrics (Share price $16.45 as of 2026-03-26 | TTM through 2025-12-31 | Forward forecast through 2026-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| N/A | 60.93 | 1.70 | 0.95 | 26.17 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 5743.17 | 6031.27 | 6717.13 |
| Gross Profit | 249.33 | 134.99 | 1146.00 |
| Gross Margin (%) | 4.34 | 2.24 | 17.06 |
| Selling & Marketing Exp | 129.51 | 125.13 | 102.38 |
| R&D Exp | 0.00 | 4.11 | 6.35 |
| General & Admin Exp | 116.75 | 115.20 | 113.43 |
| Operating Income | 3.07 | -109.44 | 923.84 |
| Operating Margin (%) | 0.05 | -1.81 | 13.75 |
| Net Income | -1044.50 | -750.50 | 116.28 |
| Net Margin (%) | -18.19 | -12.44 | 1.73 |
| Op Cash Flow | 241.02 | 339.58 | 822.57 |
| Investing Cash Flow | -566.73 | -391.98 | -422.37 |
| Financing Cash Flow | -550.33 | 358.26 | -735.07 |
| CAPEX | -360.26 | -400.04 | -370.95 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 1402.50 | 1465.84 | 1340.45 | 1534.39 |
| Gross Profit | 91.46 | 9.53 | 46.71 | 101.64 |
| Gross Margin (%) | 6.52 | 0.65 | 3.48 | 6.62 |
| Selling & Marketing Exp | 31.02 | 34.53 | 31.24 | 32.73 |
| R&D Exp | 0.00 | 0.00 | 0.00 | 0.00 |
| General & Admin Exp | 28.69 | 28.97 | 26.67 | 32.42 |
| Operating Income | 31.75 | -53.96 | -11.20 | 36.49 |
| Operating Margin (%) | 2.26 | -3.68 | -0.84 | 2.38 |
| Net Income | -358.52 | -152.84 | -296.17 | -236.98 |
| Net Margin (%) | -25.56 | -10.43 | -22.09 | -15.44 |
| Op Cash Flow | -50.02 | 255.42 | 241.99 | -206.38 |
| Investing Cash Flow | 31.08 | -373.68 | -112.21 | -111.91 |
| Financing Cash Flow | -100.78 | -247.72 | -99.32 | -102.51 |
| CAPEX | 13.71 | -146.72 | -111.95 | -115.30 |