Business Overview
昭輝實業 (1339，Y.C.C. Parts) 專注於汽車 AM 塑膠碰撞替換件製造，核心產品為保險桿、水箱護罩及下飾板等大型塑膠件。約 90% 營收來自美國市場，毛利率維持約 30%。公司已通過 CAPA 國際品質認證，最大客戶為[[LKQ]] (N Group 旗下北美最大 AM 經銷商)，前兩大客戶合計佔營收逾 50%。受惠於[[State Farm]]等北美保險公司擴大採用 AM 認證件趨勢。中國子公司另跨足 OEM 供應鏈 (供應[[GM]]、[[Ford]]) 及電動車充電樁塑膠外殼。
Supply Chain
上游 (原料):
- 塑膠粒: [[PP]]、[[ABS]] 可回收塑膠原料供應商
中游 (製造):
- 昭輝 (大型塑膠件射出成型，CAPA 認證)
下游 (終端):
- AM 通路: [[LKQ]]/[[Keystone Automotive]] — 前兩大客戶合計佔營收逾 50%
- 保險驅動: [[State Farm]] — 間接帶動 AM 理賠
- 中國 OEM: [[GM]]、[[Ford]] — 子公司供應
Customers and Suppliers
主要客戶
- AM: [[LKQ]]/[[Keystone Automotive]] — 北美最大 AM 通路 (合計佔營收 50%+)
- 保險: [[State Farm]] — 間接帶動 AM 採用
- 中國 OEM: [[GM]]、[[Ford]] — 子公司 OEM 供應
主要供應商
- 塑膠: [[PP]]/[[ABS]] 塑膠粒供應商
Financial Tables
Valuation Metrics (Share price $41.20 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 |
|---|---|---|---|---|
| 17.10 | 12.83 | 1.84 | 0.76 | 4.28 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 1661.18 | 1932.09 | 2051.21 |
| Gross Profit | 575.36 | 690.22 | 689.47 |
| Gross Margin (%) | 34.64 | 35.72 | 33.61 |
| Selling & Marketing Exp | 116.21 | 153.74 | 146.21 |
| R&D Exp | 79.30 | 70.07 | 69.77 |
| General & Admin Exp | 108.28 | 116.43 | 113.34 |
| Operating Income | 271.57 | 349.98 | 360.15 |
| Operating Margin (%) | 16.35 | 18.11 | 17.56 |
| Net Income | 178.92 | 371.61 | 435.66 |
| Net Margin (%) | 10.77 | 19.23 | 21.24 |
| Op Cash Flow | 740.31 | 760.75 | 810.87 |
| Investing Cash Flow | -349.78 | -343.81 | -707.50 |
| Financing Cash Flow | -364.51 | -397.42 | -599.56 |
| CAPEX | -345.79 | -470.54 | -508.97 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 371.51 | 382.46 | 412.40 | 494.81 |
| Gross Profit | 125.06 | 103.19 | 152.67 | 194.45 |
| Gross Margin (%) | 33.66 | 26.98 | 37.02 | 39.30 |
| Selling & Marketing Exp | 26.53 | 29.19 | 28.24 | 32.25 |
| R&D Exp | 19.41 | 16.35 | 24.60 | 18.93 |
| General & Admin Exp | 31.61 | 27.00 | 21.07 | 28.60 |
| Operating Income | 47.50 | 30.65 | 78.75 | 114.67 |
| Operating Margin (%) | 12.79 | 8.01 | 19.10 | 23.17 |
| Net Income | 95.55 | 67.48 | -55.77 | 71.66 |
| Net Margin (%) | 25.72 | 17.64 | -13.52 | 14.48 |
| Op Cash Flow | 293.49 | 164.62 | 60.19 | 222.01 |
| Investing Cash Flow | -97.72 | -104.09 | -125.69 | -22.27 |
| Financing Cash Flow | -360.65 | 65.32 | -34.97 | -34.21 |
| CAPEX | -111.84 | -102.74 | -105.38 | -25.83 |