Business Overview
[[華友聯開發]] (1436) 深耕南台灣的房地產開發商，總部位於高雄，推案區域集中於高雄及台南重劃區。公司專注於大型住宅大樓開發，鎖定首購及換屋族群，代表作包括鳳山、楠梓、仁武等區域之造鎮計畫。華友聯亦跨足休閒觀光產業，經營墾丁「H 會館」(H Resort) 精品度假旅館，結合海景與設計美學。受惠於[[台積電]]高雄設廠帶動之南部房市榮景，公司推案去化率維持高檔。建案委由合作營造廠施工，代銷主要透過[[海悅國際]]及自有銷售團隊。
Supply Chain
上游 (土地與建材):
- 土地取得: 高雄、台南重劃區土地標售與自有土地
- 建材供應: [[台灣水泥]]、[[亞洲水泥]]等水泥廠，鋼筋供應商
- 營造施工: 合作甲級營造廠
中游 (開發與銷售):
- 華友聯開發 — 住宅大樓開發規劃、建案銷售
- 觀光事業: 墾丁 H 會館精品度假旅館營運
下游 (終端客戶):
- 購屋族群: 南部首購族、換屋族、[[台積電]]高雄廠區周邊就業人口
- 觀光旅客: H 會館住宿旅客
Customers and Suppliers
主要客戶
- 住宅買方: 高雄、台南地區首購族與換屋族，受惠[[台積電]]南部設廠效應
- 觀光旅客: 墾丁 H 會館之度假旅客
主要供應商
- 營造廠: 合作甲級營造廠
- 代銷: [[海悅國際]]及自有銷售團隊
- 建材: [[台灣水泥]]、鋼筋及預拌混凝土供應商
Financial Tables
Valuation Metrics (Share price $54.10 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 |
|---|---|---|---|---|
| 11.32 | 3.69 | 2.70 | 1.62 | 14.16 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 3890.91 | 6955.26 | 1628.41 |
| Gross Profit | 1953.58 | 3583.11 | 1365.38 |
| Gross Margin (%) | 50.21 | 51.52 | 83.85 |
| Selling & Marketing Exp | 215.85 | 323.43 | 39.60 |
| R&D Exp | - | - | - |
| General & Admin Exp | 298.12 | 356.57 | 231.68 |
| Operating Income | 1439.61 | 2903.11 | 1094.11 |
| Operating Margin (%) | 37.00 | 41.74 | 67.19 |
| Net Income | 973.25 | 2330.98 | 945.94 |
| Net Margin (%) | 25.01 | 33.51 | 58.09 |
| Op Cash Flow | -1448.80 | -312.41 | -1067.42 |
| Investing Cash Flow | -22.78 | -105.69 | -38.12 |
| Financing Cash Flow | 2117.20 | 1159.98 | 848.57 |
| CAPEX | -6.56 | -0.09 | -1.09 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | |
|---|---|---|---|---|
| Revenue | 198.75 | 1342.34 | 311.13 | 829.92 |
| Gross Profit | 105.02 | 668.02 | 201.54 | 495.41 |
| Gross Margin (%) | 52.84 | 49.77 | 64.78 | 59.69 |
| Selling & Marketing Exp | 38.79 | 69.99 | 18.52 | 43.80 |
| R&D Exp | - | - | - | - |
| General & Admin Exp | 113.86 | 58.71 | 47.88 | 112.36 |
| Operating Income | -47.63 | 539.32 | 135.14 | 339.26 |
| Operating Margin (%) | -23.97 | 40.18 | 43.43 | 40.88 |
| Net Income | -83.18 | 374.07 | 77.28 | 246.45 |
| Net Margin (%) | -41.85 | 27.87 | 24.84 | 29.70 |
| Op Cash Flow | -235.22 | -32.58 | -1063.29 | -547.93 |
| Investing Cash Flow | 80.80 | -0.35 | -90.01 | 3.37 |
| Financing Cash Flow | -1056.87 | 1327.97 | 1428.47 | -72.76 |
| CAPEX | 0.00 | 0.00 | -0.21 | -0.09 |