7月营收暴冲16%！南亚ABF载板涨价潮暗藏千亿商机

<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn94qjrr" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以下是富邦证券2025年8月14日发布的南亚电路板（8046 TT）研究报告的核心内容总结：</span></span></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn94rxsy" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">一、核心观点与评级</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">评级调整</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">重申「买入」评级：</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">目标价从 NT165上调至NT200(涨幅21.2%)</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">上行空间</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：当前股价（NT$172.5）对比目标价有&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">16% 潜在涨幅</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">估值基础</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：目标价基于&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2.2倍 FY26F 每股净值（BVPS）</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。</span></span></span></span></section></li></ul><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2.上调原因</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">T玻璃短缺持续</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：预计延续至2026年，推动ABF/BT基板涨价。&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产品结构优化</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：ABF基板占比提升（55-60%），毛利率改善。&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">需求强劲</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：800G交换机、AI PC及iPhone新机拉货驱动营收增长。</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn951a3e" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">二、财务表现与预测</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">近期业绩（2Q25）</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">营收</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：</span><span leaf="">NT95.83亿(季增13.395.83亿/NT$95.25亿)</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">毛利率/营益率</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：8.0%/3.8%，</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">优于预期</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">（富邦共识：7.3%/3.0%）。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">EPS</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：</span><span leaf="">-NT0.29，**低于预期**(主因**汇损NT6.99亿** 导致非营业损失)。</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn95633u" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. 未来展望</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3Q25预测</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span leaf="">营收上调至 **NT106.55亿**(原NT103.5亿)，季增11%、年增16%</span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">毛利率/营益率预估：</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">10.2%/6.2%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">，EPS&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">NT$1.07</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">。&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">FY25-26F关键指标</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：&nbsp;</span></span></span></span></section></li></ul><table style="min-width: 100px;"><tbody><tr style=""><th style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">指标</span></span></span></span></p></th><th style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">FY25F预测</span></span></span></span></p></th><th style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">FY26F预测</span></span></span></span></p></th><th style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">年增率</span></span></span></span></p></th></tr><tr style=""><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">营收（NT$亿）</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">389.95</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">451.20</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">+15.7%</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">毛利率</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">8.4%</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">10.4%</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">+2.0%</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">EPS（NT$）</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2.04</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">3.56</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">+74.4%</span></span></span></span></p></td></tr><tr style=""><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">ROE</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">2.8%</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">4.5%</span></span></span></span></p></td><td style=" max-width: 213.5px;min-width: 213.5px; "><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="" style="color: rgb(51, 51, 51);font-size: 15px;">+1.7%</span></span></span></span></p></td></tr></tbody></table><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn95bj36" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三、核心驱动因素</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ABF/BT基板需求强劲</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">800G交换机</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">、AI PC及游戏机应用推动ABF订单增长。&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">BT基板因T玻璃短缺涨价，中低端ABF价格同步回升（低个位数涨幅）。&nbsp;</span></span></span></span></section></li></ul><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产能利用率提升</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">3Q25受惠消费电子旺季及iPhone拉货，产能利用率（UTR）改善。</span></span></span></span></section></li></ul><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">成本控制优化</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">营运费用管控强化，支撑营益率持续改善。</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn95lo5i" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">四、风险提示</span></span></strong></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">汇率波动</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：新台币升值可能加剧汇损风险（2Q25已因此损失NT$6.99亿）。</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">关税政策</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：贸易壁垒可能影响供应链成本。</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">T玻璃短缺</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：若持续恶化恐制约产能扩张。</span></span></span></span></section></li></ol><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn95q1mbe" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">五、ESG表现</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">CMoney ESG评级</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">7/10</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">（行业前6-20%）。&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">环境（7/10）、社会（6/10）、治理（8/10）。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">关键指标</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">温室气体排放（2023年）：44.4万吨（直接排放占比&lt;1%）。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">用水量（2023年）：438万吨（再生水占比31%）。</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn95xdz8" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">六、估值与财务健康</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">当前估值</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：&nbsp;</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">FY25F PER&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">84.5倍</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">（较高，反映增长预期）。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">FY26F PBR&nbsp;</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2.1倍</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">（低于目标价2.2倍）。</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">现金流</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">：</span><span leaf="">FY25F自由现金流转正(NT8.02亿)，支撑股利发放(FY25FDPSNT1.4)</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn9621ln6" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">结论</span></span></strong></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memdn96220tx" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">富邦证券看好南亚电路板受惠于ABF/BT基板供需改善及产品组合优化，毛利率持续回升将驱动盈利增长。尽管短期汇损风险存在，但目标价NT$200反映对2026年盈利复苏的信心，建议逢低布局。</span></span></span></span></section><section><span leaf=""><br /></span></section></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>