Business Overview
[[八貫]]企業專注於[[熱塑性聚氨酯]] ([[TPU]]) 機能性布料及成品組件的開發與製造。產品應用於高端醫療、救生、航太及戶外用品等領域，如充氣床、救生衣、航空逃生滑梯等。八貫具備[[TPU]]布料氣密性的核心技術優勢，營收分為布料/機能材料事業群(65%)及成品組件事業群(35%)。
Supply Chain
上游 (原料):
- 化學原料: [[TPU]]樹脂，供應商為國際化工大廠[[BASF]]、[[Lubrizol]]、[[Covestro]]
中游 (製造):
- 八貫: [[TPU]]薄膜貼合、高週波熔接等加工
下游 (終端應用):
- 醫療設備: ICU智慧醫療床、氣墊床
- 戶外用品: 充氣床墊、防水袋
- 航太/救生: 航空逃生滑梯、救生衣
- 軍工: 北約軍隊防彈衣供應鏈
Customers and Suppliers
主要客戶
- 醫療: [[Hillrom]]、[[Stryker]]、[[Arjo]]、[[American National]]
- 戶外: [[YETI]]、[[Patagonia]]、[[Cascade Designs]]、[[Sea to Summit]]、[[Big Agnes]]
- 航太/救生: [[Safran]]、[[Viking]]、[[EAM]]、[[Collins Aerospace]]
- 軍工: 北約軍隊防彈衣供應鏈
主要供應商
- 化工原料: [[BASF]]、[[Lubrizol]]、[[Covestro]]
Financial Tables
Valuation Metrics (Share price $85.60 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 |
|---|---|---|---|---|
| 15.18 | 9.66 | 2.33 | 2.79 | 10.98 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 2860.85 | 2511.44 | 2564.77 |
| Gross Profit | 771.50 | 757.69 | 833.49 |
| Gross Margin (%) | 26.97 | 30.17 | 32.50 |
| Selling & Marketing Exp | 55.70 | 50.64 | 43.14 |
| R&D Exp | 86.57 | 76.69 | 58.92 |
| General & Admin Exp | 100.44 | 106.11 | 116.07 |
| Operating Income | 528.79 | 524.25 | 615.36 |
| Operating Margin (%) | 18.48 | 20.87 | 23.99 |
| Net Income | 442.79 | 489.58 | 529.79 |
| Net Margin (%) | 15.48 | 19.49 | 20.66 |
| Op Cash Flow | 427.11 | 392.57 | 529.90 |
| Investing Cash Flow | -96.80 | -135.15 | -246.26 |
| Financing Cash Flow | -613.64 | -216.31 | -384.37 |
| CAPEX | -95.45 | -135.59 | -245.59 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 761.32 | 614.44 | 706.20 | 778.89 |
| Gross Profit | 198.93 | 165.23 | 182.74 | 224.61 |
| Gross Margin (%) | 26.13 | 26.89 | 25.88 | 28.84 |
| Selling & Marketing Exp | 18.90 | 12.02 | 14.03 | 10.75 |
| R&D Exp | 21.84 | 22.84 | 20.24 | 21.66 |
| General & Admin Exp | 18.18 | 27.76 | 23.76 | 30.74 |
| Operating Income | 140.02 | 102.60 | 124.72 | 161.46 |
| Operating Margin (%) | 18.39 | 16.70 | 17.66 | 20.73 |
| Net Income | 126.29 | 106.05 | 69.67 | 140.78 |
| Net Margin (%) | 16.59 | 17.26 | 9.87 | 18.08 |
| Op Cash Flow | 78.36 | 77.89 | 125.55 | 145.31 |
| Investing Cash Flow | -23.71 | -14.78 | -34.91 | -23.40 |
| Financing Cash Flow | -139.03 | -32.45 | -409.47 | -32.69 |
| CAPEX | -23.71 | -14.78 | -33.55 | -23.41 |