Business Overview
台達化工 (1309，Taita Chemical) 隸屬[[台聚]]集團，專精[[聚丙烯]] (PP)、[[聚乙烯]] (PE) 及[[ABS]]樹脂之生產，為台灣主要泛用塑膠粒供應商。上游乙烯/丙烯原料來自[[台塑石化]]及[[中油]]，集團關係企業涵蓋[[台聚]] (母公司)、[[亞聯化學]]及[[華夏海灣]]。下游客戶為廣泛之塑膠加工業者，產品應用於家電、3C、汽車及包裝等領域。
Supply Chain
上游 (石化原料):
- 乙烯/丙烯: [[台塑石化]]、[[台灣中油]] — 基礎石化原料
- 集團: [[台聚]] (母公司)、[[亞聯化學]]、[[華夏海灣]]
中游 (製造):
- 台達化 ([[聚丙烯]]/[[聚乙烯]]/[[ABS]]樹脂)
下游 (終端):
- 塑膠加工: 家電/3C/汽車/包裝用塑膠粒
Customers and Suppliers
主要客戶
- 塑膠加工: 家電、3C、汽車及包裝領域塑膠加工廠
主要供應商
- 石化: [[台塑石化]]、[[台灣中油]] — 乙烯/丙烯
- 集團: [[台聚]] (母公司)
Financial Tables
Valuation Metrics (Share price $18.35 as of 2026-03-26 | TTM through 2025-09-30 | Forward forecast through 2025-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| N/A | -166.82 | 0.45 | 1.29 | -62.31 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 14485.68 | 18622.91 | 15205.46 |
| Gross Profit | 592.05 | 878.09 | 435.58 |
| Gross Margin (%) | 4.09 | 4.72 | 2.86 |
| Selling & Marketing Exp | 825.34 | 1031.42 | 681.20 |
| R&D Exp | 17.71 | 16.37 | 15.83 |
| General & Admin Exp | 171.27 | 178.31 | 204.79 |
| Operating Income | -422.27 | -348.02 | -466.24 |
| Operating Margin (%) | -2.92 | -1.87 | -3.07 |
| Net Income | -427.37 | -223.01 | -273.54 |
| Net Margin (%) | -2.95 | -1.20 | -1.80 |
| Op Cash Flow | 734.49 | -661.46 | -243.16 |
| Investing Cash Flow | -572.64 | -1613.35 | -356.07 |
| Financing Cash Flow | -383.60 | 892.06 | 173.12 |
| CAPEX | -166.93 | -190.69 | -382.36 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 3010.87 | 3392.44 | 3849.60 | 4232.77 |
| Gross Profit | 98.70 | 126.34 | 157.66 | 209.36 |
| Gross Margin (%) | 3.28 | 3.72 | 4.10 | 4.95 |
| Selling & Marketing Exp | 172.57 | 210.47 | 218.16 | 224.14 |
| R&D Exp | 4.28 | 4.93 | 3.85 | 4.66 |
| General & Admin Exp | 43.25 | 44.15 | 40.04 | 43.83 |
| Operating Income | -121.40 | -133.21 | -104.39 | -63.27 |
| Operating Margin (%) | -4.03 | -3.93 | -2.71 | -1.49 |
| Net Income | -56.53 | -73.44 | -243.32 | -54.08 |
| Net Margin (%) | -1.88 | -2.16 | -6.32 | -1.28 |
| Op Cash Flow | 219.54 | 197.48 | 96.99 | 220.48 |
| Investing Cash Flow | -175.80 | -92.26 | -196.94 | -107.64 |
| Financing Cash Flow | -121.94 | -149.86 | 59.41 | -171.21 |
| CAPEX | -36.63 | -57.95 | -35.37 | -36.98 |