Business Overview
台翰精密 (1336，Taiwan Precision) 成立於 1987 年，專精精密模具設計製造與塑膠零組件射出成型、塗裝及部品組裝。深耕日系多功能事務機 (MFP) 精密塑膠件市場逾 30 年，事務機零組件佔營收約 89%、電子零組件約 11%。主要客戶為[[Brother]]、[[Canon]]、[[Kyocera]]、[[Epson]]等日系事務機品牌。生產基地以越南 (營收佔 49%)、菲律賓 (43%) 及東莞 (8%) 為主。最大股東為[[宣德科技]]，最終母公司為中國[[立訊精密]]。近年透過越南永瀚新廠擴產，切入網通、工控及消費性電子新領域。
Supply Chain
上游 (原料):
- 工程塑膠: 工程塑膠原料供應商
- 母公司: [[宣德科技]] (最大股東)、[[立訊精密]] (最終母公司)
中游 (製造):
- 台翰 (精密模具/塑膠射出/塗裝/次組裝，越南/菲律賓/東莞工廠)
下游 (品牌客戶):
- 事務機 (佔 89%): [[Brother]]、[[Canon]]、[[Kyocera]]、[[Epson]] — 精密塑膠件
Customers and Suppliers
主要客戶
- 事務機 (佔 89%): [[Brother]]、[[Canon]]、[[Kyocera]]、[[Epson]] — 精密塑膠件
- 電子 (佔 11%): 網通/工控/消費電子客戶
主要供應商
- 母公司: [[宣德科技]] (最大股東)、[[立訊精密]] (最終母公司)
- 原料: 工程塑膠原料供應商
Financial Tables
Valuation Metrics (Share price $14.45 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 |
|---|---|---|---|---|
| 20.64 | N/A | 0.45 | 0.60 | 5.43 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 2495.32 | 2563.44 | 2316.60 |
| Gross Profit | 383.05 | 447.41 | 389.52 |
| Gross Margin (%) | 15.35 | 17.45 | 16.81 |
| Selling & Marketing Exp | 41.69 | 38.54 | 33.81 |
| R&D Exp | - | 0.00 | 0.00 |
| General & Admin Exp | 232.07 | 193.24 | 193.69 |
| Operating Income | 109.29 | 215.63 | 162.01 |
| Operating Margin (%) | 4.38 | 8.41 | 6.99 |
| Net Income | 55.08 | 162.93 | 107.39 |
| Net Margin (%) | 2.21 | 6.36 | 4.64 |
| Op Cash Flow | 225.96 | 227.29 | 424.26 |
| Investing Cash Flow | -226.94 | -692.67 | -231.01 |
| Financing Cash Flow | 84.58 | 165.40 | -229.82 |
| CAPEX | -304.15 | -583.19 | -96.15 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 608.15 | 618.86 | 645.73 | 622.57 |
| Gross Profit | 71.61 | 86.31 | 112.84 | 112.29 |
| Gross Margin (%) | 11.77 | 13.95 | 17.48 | 18.04 |
| Selling & Marketing Exp | 9.71 | 9.51 | 11.72 | 10.74 |
| R&D Exp | - | - | - | - |
| General & Admin Exp | 62.86 | 53.79 | 55.79 | 59.63 |
| Operating Income | -0.97 | 23.01 | 45.33 | 41.92 |
| Operating Margin (%) | -0.16 | 3.72 | 7.02 | 6.73 |
| Net Income | 8.17 | 17.68 | -4.71 | 33.94 |
| Net Margin (%) | 1.34 | 2.86 | -0.73 | 5.45 |
| Op Cash Flow | 55.03 | 97.27 | 51.02 | 22.64 |
| Investing Cash Flow | -79.27 | -36.15 | -49.82 | -61.70 |
| Financing Cash Flow | -42.18 | 2.61 | 39.87 | 84.27 |
| CAPEX | -77.38 | -38.55 | -56.53 | -131.68 |