Business Overview
大洋塑膠 (1321，Ocean Plastics) 為台灣[[PVC]]膠布/膠皮專業加工廠。上游[[PVC]]粉及可塑劑原料採購自[[台塑]]、[[華夏海灣]]、[[聯成化科]]。產品涵蓋 PVC 膠布、膠皮及建材用 PVC 製品，應用於雨衣、帳篷、充氣產品、桌布及建材裝潢。外銷比重約四成。
Supply Chain
上游 (原料):
- PVC 粉: [[台塑]]、[[華夏海灣]] — PVC 樹脂
- 可塑劑: [[聯成化科]] — DOP/DINP
- VCM: [[台塑]]、[[華夏海灣]] — 氯乙烯單體
中游 (製造):
- 大洋 ([[PVC]]膠布/膠皮/建材用 PVC 製品)
下游 (終端):
- 消費品: 雨衣/帳篷/充氣產品/桌布加工商
- 建材: 裝潢及建材通路
Customers and Suppliers
主要客戶
- 消費品: 雨衣/帳篷/充氣產品加工商
- 建材: 裝潢及建材通路
主要供應商
- PVC: [[台塑]]、[[華夏海灣]] — PVC 樹脂
- 可塑劑: [[聯成化科]] — DOP/DINP
Financial Tables
Valuation Metrics (Share price $33.90 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 | N/A | 2.08 | 1.31 | 132.87 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 3594.89 | 4683.17 | 4914.56 |
| Gross Profit | 259.34 | 358.85 | 413.64 |
| Gross Margin (%) | 7.21 | 7.66 | 8.42 |
| Selling & Marketing Exp | 195.18 | 242.63 | 211.62 |
| R&D Exp | 19.71 | 22.72 | 15.28 |
| General & Admin Exp | 172.88 | 186.64 | 156.19 |
| Operating Income | -128.42 | -93.14 | 30.55 |
| Operating Margin (%) | -3.57 | -1.99 | 0.62 |
| Net Income | -275.55 | 166.93 | 193.13 |
| Net Margin (%) | -7.67 | 3.56 | 3.93 |
| Op Cash Flow | 244.47 | 248.32 | 12.66 |
| Investing Cash Flow | -410.94 | -119.06 | -179.41 |
| Financing Cash Flow | -82.66 | -123.64 | 384.44 |
| CAPEX | -116.31 | -117.56 | -111.41 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 851.99 | 798.31 | 953.48 | 991.11 |
| Gross Profit | 59.32 | 31.64 | 81.88 | 86.50 |
| Gross Margin (%) | 6.96 | 3.96 | 8.59 | 8.73 |
| Selling & Marketing Exp | 44.77 | 43.54 | 55.73 | 51.15 |
| R&D Exp | 4.00 | 5.39 | 6.17 | 4.14 |
| General & Admin Exp | 75.12 | 32.21 | 33.04 | 32.52 |
| Operating Income | -64.56 | -49.49 | -13.06 | -1.31 |
| Operating Margin (%) | -7.58 | -6.20 | -1.37 | -0.13 |
| Net Income | -113.13 | -29.39 | -87.60 | -45.43 |
| Net Margin (%) | -13.28 | -3.68 | -9.19 | -4.58 |
| Op Cash Flow | 26.96 | -37.42 | 159.54 | 95.40 |
| Investing Cash Flow | -63.87 | -40.37 | -193.29 | -113.41 |
| Financing Cash Flow | 45.25 | 26.97 | -155.67 | 0.79 |
| CAPEX | -30.35 | -19.72 | -32.01 | -34.22 |