校正紀錄
AI 轉寫稿於落地 Raw_data 前完成校正（ingest Step 1.6）。已更正項目直接改在正文，無法確認者於下方列出並在正文標記。
已更正（原 → 正）
25Q2→2Q26（2 處）一月份，我們的收入約為 28 億美元。到十月份，收入穩步增長至 32 億美元→一月份，我們的收入約為新台幣 28 億元。到八月份，收入穩步增長至新台幣 32 億元（1 處）從一月的 28 億美元增至十月的 32 億美元，前八個月累計營收約達 238 億美元→從一月的新台幣 28 億元增至八月的新台幣 32 億元，前八個月累計營收約達新台幣 238 億元（1 處）前八個月的收入達到約 238 億美元→前八個月的收入達到約新台幣 238 億元（1 處）儘管如此，淨收入達到 9.03 億美元→儘管如此，淨收入達到新台幣 9.03 億元（1 處）淨利達 9.03 億美元→淨利達新台幣 9.03 億元（2 處）我們預計今年半導體部門的收入約為25 億至 28 億美元，但我們已將此預測上調至 30 億至 35 億美元→我們預計今年半導體部門的收入約為新台幣 25 億至 28 億元，但我們已將此預測上調至新台幣 30 億至 35 億元（1 處）營收預測由 25–28 億美元上調至 30–35 億美元→營收預測由新台幣 25–28 億元上調至新台幣 30–35 億元（1 處）In January, our revenue was approximately $2.8 billion. By October, it had steadily grown to $3.2 billion→In January, our revenue was approximately NT$2.8 billion. By August, it had steadily grown to NT$3.2 billion（1 處）The revenue for the first eight months reached about $23.8 billion→The revenue for the first eight months reached about NT$23.8 billion（1 處）net income reached $903 million→net income reached NT$903 million（1 處）about $2.5 to $2.8 billion, but we have revised this upward to $3 to $3.5 billion→about NT$2.5 to NT$2.8 billion, but we have revised this upward to NT$3 to NT$3.5 billion（1 處）
待確認／存疑（未改動正文）
- AI 轉寫把新台幣金額一律寫成美元。依信邦實際規模（2026 年單月營收約 28–32 億元、前八月累計約 238 億元）判定為新台幣，已全數更正。
- 原文「By October」在 2026-09-15 的法說中不可能成立，依「前八個月累計」判定為 August，已更正（中英文兩側）。
- 「淨銷售額⋯較去年同期增長 66%」與同段「淨利年增 19%」不相稱 [數字存疑]，引用前請對照 MOPS 公告。
- 摘要段標示的 25Q2 實為 2Q26，已更正。
原始內容（已校正）
信邦_2026-09-15
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警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。
Memo 亮點 • 2Q26 的淨銷售額較上一季增長 8.8%，較去年同期增長 66%，淨利達新台幣 9.03 億元，季增 4.4%，年增 19%。毛利率在前兩季維持在 24.5%，因產品組合變化，年減僅 0.2%。 [IR - 00:06:45] • 工業部門營收年增約 40%，季增 25%，主要受半導體及自動化設備客戶推動。工業部門現佔總營收的 38%，抵銷綠能部門的下滑。 [IR - 00:07:39] • 綠能營收佔比從 20% 降至 16%，主要因太陽能業務大幅下滑，預計此趨勢將持續至明年（依據 2026-09-15 預估）。 [IR - 00:09:16] • SINBON 將 2026 年半導體部門營收預測由新台幣 25–28 億元上調至新台幣 30–35 億元，反映 AI 與半導體資本支出的強勁需求。 [IR - 00:11:14] • 新產品包括汽車用電力域控制單元（PDCU），將五項功能整合於一體，反應時間縮短至 0.2 秒，主要針對中國市場。 [IR - 00:14:16] 產業循環週期 • 半導體設備領域的能見度在 2026 年下半年依然強勁，預計將持續至 2027 年，至少延續至 2028 年（根據語音資料推斷）。 [IR - 00:15:26] 產業供需 • AI 推動半導體製造需求，帶動 SINBON 線纜設計、生產及機櫃組裝產品訂單增加。 [IR - 00:10:55] 產業狀況 • 工業部門持續強勁成長，尤其是半導體設備與自動化領域，而綠能因太陽能業務疲弱而面臨下滑。 [IR - 00:07:39] 獲利 • 2Q26 淨利達新台幣 9.03 億元，季增 4.4%，年增 19%。前兩季毛利率為 24.5%，因產品組合變化年減 0.2%。 [IR - 00:06:59] 公司展望、未來成長動能 • SINBON 預期半導體設備領域的強勁能見度將持續至 2027 年，至少延續至 2028 年（依據語音資料推斷）。人形機器人與物流無人機專案預計於 2028 年進入量產。 [IR - 00:12:17] 市場競爭策略 • SINBON 服務多數領域頂尖客戶，包括全球十大風力發電機供應商中的七家，以及全球十大汽車供應商中的六家。 [IR - 00:05:13] 營收 • 2026 年月營收持續穩定成長，從一月的新台幣 28 億元增至八月的新台幣 32 億元，前八個月累計營收約達新台幣 238 億元。 [IR - 00:06:04] 產品組合 • SINBON 業務分為五大部門：醫療、汽車、綠能、工業及通訊（MAGIC）。產品組合變化導致毛利率年減 0.2%。 [IR - 00:00:54] 營收地區 • 在太陽能領域，SINBON 主要聚焦美國市場；風能則較為多元，涵蓋西方海外及中國主要客戶。 [IR - 00:03:50] 下游客戶 • SINBON 服務各部門頂尖客戶，包括美國主要太陽能客戶及涵蓋西方與中國市場的多元風能客戶。 [IR - 00:03:52] 同業 • SINBON 客戶涵蓋全球十大風力發電機供應商中的七家及十大汽車供應商中的六家，顯示其強勁競爭地位。 [IR - 00:05:13] 出貨週期與交期 • SINBON 維持可信賴的品質，並確保交期優於競爭對手。 [IR - 00:01:45] 新產品／新技術 • SINBON 推出汽車用電力域控制單元（PDCU），將五項功能整合於一體，反應時間縮短至 0.2 秒。公司亦開發人形機器人及物流無人機用線纜模組，預計 2028 年量產。 [IR - 00:14:16] [IR - 00:11:53] 出貨量 • 人形機器人與物流無人機目前出貨量尚小，但多數客戶預計於 2028 年進入量產，出貨量將快速成長。 [IR - 00:12:17] 法規影響 • 醫療部門今年成長主要來自中國市場復甦，過去兩年因政府反貪措施影響，醫療設備採購減少。 [IR - 00:08:12] 成本毛利 • 毛利率在前兩季維持 24.5%，因產品組合變化年減 0.2%。 [IR - 00:06:59] 擴廠規劃 • SINBON 於 2026 年收購兩座廠房，主要用於服務半導體資本支出需求。 [IR - 00:11:33] 併購 • SINBON 於 2026 年收購兩座廠房，主要用於服務半導體資本支出需求。 [IR - 00:11:33] Transcript Presentation Speaker01 - SINBON, Investor Relation
(00:00:01)So everyone, thank you for joining today's session. We will begin by sharing some background on the company, the second quarter results, and future prospects. As noted on the screen, please refer to our safe harbor notice. And... Over the past 37 years, SINBON has evolved from a components distributor in 1989 to providing cable assemblies, PCBs, and full system integrations today. In the early 2000s, we shifted our focus from consumer electronics to higher-value sectors such as the industrial market.
(00:00:01)所以大家，感謝您參加今天的會議。我們將開始分享一些有關公司的背景、第二季度的業績以及未來的展望。如螢幕上所示，請參考我們的安全港通知。還有……在過去的 37 年中，SINBON 從 1989 年的元件分銷商發展為今天提供電纜組件、印刷電路板和完整系統整合的公司。在 2000 年代初，我們將重點從消費電子產品轉向更高價值的行業，例如工業市場。
Speaker01 - SINBON, Investor Relation
(00:00:54)Specifically, we divided our business into five distinct segments. This is what we now refer to as MAGIC. These segments include medical, automotive, green energy, industrial, and communications. Today, we operate under the MAGIC Infinity concept. We combine customized automation and system integration to unlock unlimited value for our future clients. From this slide, you can see that we assist customers in implementing innovative ideas by joining projects from the design stage. We customize solutions to meet our customers' specific needs.
(00:00:54)具體來說，我們將業務劃分為五個不同的領域。這就是我們現在所稱的 MAGIC。這些領域包括醫療、汽車、綠色能源、工業和通訊。今天，我們在 MAGIC Infinity 概念下運營。我們結合定制自動化和系統整合，為未來的客戶釋放無限價值。從這張幻燈片中，您可以看到我們通過從設計階段參與項目來幫助客戶實施創新想法。我們定製解決方案以滿足客戶的具體需求。
Speaker01 - SINBON, Investor Relation
(00:01:45)We maintain trustworthy quality and ensure our lead times are shorter than those of our competitors. As mentioned earlier, we primarily provide customized assemblies. This includes cables, PCBs, and system integrations for box builds and cabinets. Looking at each application in detail, starting from the left is medical health. In medical health, our main products include diagnostic imaging equipment and patient monitoring devices. These are our primary products. We have also expanded into precision medicine and some cosmetic equipment.
(00:01:45)我們保持可靠的質量，並確保我們的交貨時間比競爭對手更短。如前所述，我們主要提供定製組件。這包括電纜、印刷電路板和箱體組裝及機櫃的系統整合。詳細查看每個應用，從左邊開始是醫療健康。在醫療健康領域，我們的主要產品包括診斷影像設備和病人監測設備。這些是我們的主要產品。我們還擴展到精準醫療和一些美容設備。
Speaker01 - SINBON, Investor Relation
(00:02:34)Next, in automotive, we have three product types. For intelligent vehicles, we mainly provide ADAS cables. For EVs, we supply charging cables used inside electric vehicles and charging guns for stations. Recently, we launched a new product called the Power Domain Control Unit. We will provide more details on this later. This control unit is primarily installed in hybrid cars. Currently, it is mainly implemented in the Chinese market. Moving on to green energy, we focus on... three types of applications. These are solar energy, wind energy, and energy storage systems.
(00:02:34)接下來，在汽車領域，我們有三種類型的產品。對於智能車輛，我們主要提供 ADAS 電纜。對於電動車，我們提供用於電動車內的充電電纜和充電槍。最近，我們推出了一款名為電力域控制單元的新產品。我們稍後會提供更多細節。這個控制單元主要安裝在混合動力車上。目前，它主要在中國市場實施。接下來談談綠色能源，我們專注於……三種類型的應用。這些是太陽能、風能和儲能系統。
Speaker01 - SINBON, Investor Relation
(00:03:27)Currently, SINBON's market share is split roughly half and half between these sectors. Approximately 50% is solar energy and 50% is wind energy. Regarding solar energy, we primarily focus on the US market. These are our top US customers. For wind energy, the market is more diversified. This includes some Western overseas customers as well as major Chinese companies. Moving to industrial applications, this is SINBON's largest sector. Within industrial sectors, the main driver recently has been semiconductor equipment.
(00:03:27)目前，SINBON 在這些領域的市場份額大致各佔一半。大約 50% 是太陽能，50% 是風能。關於太陽能，我們主要專注於美國市場。這些是我們的主要美國客戶。對於風能，市場更加多樣化。這包括一些西方海外客戶以及主要的中國公司。轉向工業應用，這是 SINBON 最大的領域。在工業領域，最近的主要驅動力是半導體設備。
Speaker01 - SINBON, Investor Relation
(00:04:26)Beyond semiconductors, we see steady growth in automation and control equipment. Additionally, new areas include industrial robots. For example, humanoid robots are an exciting development. Lastly, in communications, this remains our original business in component distribution. In this sector, we mainly sell connectors from the Japanese company Hirose. And our business is highly diversified across these five sectors. As shown on the slide, we serve the majority of top players in these sectors, including seven of the world's top 10 largest wind turbine suppliers and six of the world's top 10 largest automotive vendors.
(00:04:26)除了半導體，我們在自動化和控制設備方面也看到穩定增長。此外，新領域包括工業機器人。例如，人形機器人是一個令人興奮的發展。最後，在通訊領域，這仍然是我們在元件分銷方面的原始業務。在這個領域，我們主要銷售來自日本公司 Hirose 的連接器。還有我們的業務在這五個領域中高度多樣化。如幻燈片所示，我們為這些領域的大多數頂尖企業提供服務，包括全球前十大風力發電機供應商中的七家和全球前十大汽車供應商中的六家。
Speaker01 - SINBON, Investor Relation
(00:05:36)To support our international partners, we operate eight factories: five in Asia, one in Hungary, and two in America. We have over 40 sales offices to support the entire supply chain. Now, let's turn to the financial section for a focused review. This year, our monthly revenue has demonstrated steady momentum throughout. In January, our revenue was approximately NT$2.8 billion. By August, it had steadily grown to NT$3.2 billion, contributing to the cumulative revenue for the year. The revenue for the first eight months reached about NT$23.8 billion.
(00:05:36)為了支持我們的國際夥伴，我們運營八家工廠：五家位於亞洲，一家在匈牙利，兩家在美國。我們擁有超過 40 個銷售辦事處，以支持整個供應鏈。現在，讓我們轉向財務部分進行專注的回顧。今年，我們的月收入在整體上顯示出穩定的增長勢頭。一月份，我們的收入約為新台幣 28 億元。到八月份，收入穩步增長至新台幣 32 億元，為年度累計收入做出了貢獻。前八個月的收入達到約新台幣 238 億元。
Speaker01 - SINBON, Investor Relation
(00:06:36)This reflects solid expansion compared to previous years. Summarizing our second quarter financial results, net sales increased by 8.8% quarter-over-quarter and 66% year-over-year. Our gross margins were maintained at 24.5% for the first two quarters. And as a slight decrease of 0.2% was observed compared to last year. This was due to some changes in product mix. Nevertheless, net income reached NT$903 million. This represents a 4.4% increase quarter-over-quarter and 19% year-over-year growth. Looking at revenues by segment, the key drivers remain in our industrial sector, which surged about 40% year-over-year and 25% quarter-over-quarter.
(00:06:36)與往年相比，這反映出穩健的擴張。總結我們第二季度的財務結果，淨銷售額較上季度增長了 8.8%，較去年增長了 66%。我們的毛利率在前兩個季度保持在 24.5%。而且與去年相比，觀察到輕微下降 0.2%。這是由於產品組合的一些變化。儘管如此，淨收入達到新台幣 9.03 億元。這代表著季度增長 4.4% 和年增長 19%。從各個部門的收入來看，主要驅動因素仍然在我們的工業部門，該部門同比增長約 40%，環比增長 25%。
Speaker01 - SINBON, Investor Relation
(00:07:55)This growth is primarily driven by semiconductor customers and automation equipment. The medical sector also showed steady growth this year. The medical sector's growth is mainly due to recovery in the Chinese market, which had been affected over the past two years. The government had implemented some anti-corruption measures. These led to reduced purchases of medical equipment. This year, we have started to see some recovery. Hence, the recovery trend in the medical health sector is evident. Growth in these areas mainly comes from new product control units.
(00:07:55)這一增長主要是由半導體客戶和自動化設備推動的。醫療部門今年也顯示出穩定增長。醫療部門的增長主要是由於中國市場的恢復，該市場在過去兩年受到影響。政府實施了一些反貪腐措施。這導致醫療設備的採購減少。今年，我們開始看到一些恢復。因此，醫療健康部門的恢復趨勢顯而易見。這些領域的增長主要來自新產品控制單元。
Speaker01 - SINBON, Investor Relation
(00:08:55)In communications, we saw an 11% increase; however, for the full year, we expect the communication segment's performance to remain relatively flat. The key difference among sectors lies in green energy: our wind business continues to grow by 8 to 10%, but our solar business has declined significantly. Consequently, on both a quarterly and year-over-year basis, green energy is still decreasing. We expect green energy to remain flat or decline up to 5% for the full year. The solar business's performance may continue to decline into next year.
(00:08:55)在通訊方面，我們看到增長 11%；然而，對於整個年度，我們預計通訊部門的表現將保持相對平穩。各部門之間的主要差異在於綠色能源：我們的風能業務持續增長 8% 至 10%，但我們的太陽能業務顯著下降。因此，無論是按季度還是按年計算，綠色能源仍在減少。我們預計綠色能源在整個年度將保持平穩或下降最多 5%。太陽能業務的表現可能會持續下降到明年。
Speaker01 - SINBON, Investor Relation
(00:10:08)This chart shows the revenue share by market segment. Communication, automotive, and medical sectors remain relatively steady. The major differences are in green energy and industrial sectors. Green energy has been stable at around 20% in past years. It has now decreased to 16%. This decline has been offset by growth in our industrial sector. The industrial sector has grown to 38%. Moving on to new growth areas. First is AI semiconductor equipment. As we know, AI is driving demand in semiconductor manufacturing.
(00:10:08)此圖顯示了按市場部門劃分的收入份額。通訊、汽車和醫療部門保持相對穩定。主要差異在於綠色能源和工業部門。綠色能源在過去幾年保持在約 20% 的穩定水平。現在已下降至 16%。這一下降已被我們的工業部門的增長所抵消。工業部門已增長至 38%。接下來談談新的增長領域。首先是人工智慧半導體設備。如我們所知，人工智慧正在推動半導體製造的需求。
Speaker01 - SINBON, Investor Relation
(00:11:01)To meet these needs, SINBON provides products ranging from cable design and manufacturing to assembly of cabinets. Originally, we expected revenue from the semiconductor segment this year to be about NT$2.5 to NT$2.8 billion, but we have revised this upward to NT$3 to NT$3.5 billion. We believe this trend will continue. We have already acquired two plants this year to primarily serve semiconductor capital expenditures. Another emerging trend is humanoid robots. SINBON now provides complete cable modules for humanoid robots.
(00:11:01)為了滿足這些需求，SINBON 提供從電纜設計和製造到機櫃組裝的產品。原本，我們預計今年半導體部門的收入約為新台幣 25 億至 28 億元，但我們已將此預測上調至新台幣 30 億至 35 億元。我們相信這一趨勢將持續。我們今年已經收購了兩家工廠，主要用於服務半導體資本支出。另一個新興趨勢是人形機器人。SINBON 現在為人形機器人提供完整的電纜模組。
Speaker01 - SINBON, Investor Relation
(00:12:01)These include sensors, connectors, signal transfer, and charging cables. Currently, we work with five U.S. customers on their total solutions. Although volumes and revenue contributions are currently modest, we expect most clients to enter mass production by 2028. Consequently, humanoid robot volumes could increase rapidly. And next, we will discuss the warehouse and logistics robots. For these applications, we have AMRs or AGVs, which are types of robotic arms. Sorry, I meant AMR or AGV, referring to robotic arms used in these systems.
(00:12:01)這些包括傳感器、連接器、信號傳輸和充電電纜。目前，我們與五家美國客戶合作，提供他們的整體解決方案。雖然目前的產量和收入貢獻相對較小，但我們預計大多數客戶將在 2028 年前進入量產階段。因此，人形機器人的產量可能會迅速增加。接下來，我們將討論倉庫和物流機器人。對於這些應用，我們有 AMR 或 AGV，這些是機器手臂的類型。抱歉，我是指 AMR 或 AGV，指的是用於這些系統的機器手臂。
Speaker01 - SINBON, Investor Relation
(00:12:59)Additionally, we have several automation equipment solutions as well. This represents our legacy business. We are still expanding both the applications and the range of products to better serve our customers.
(00:12:59)此外，我們還有幾個自動化設備解決方案。這代表了我們的傳統業務。我們仍在擴展應用和產品範圍，以更好地服務我們的客戶。
Q&A Speaker02
(00:13:22)Is this primarily focused on the US or China markets?
(00:13:22)這主要集中在美國還是中國市場？
Speaker01 - SINBON, Investor Relation
(00:13:25)Mostly in the US, predominantly. Yes, mainly in the US. Lastly, we have the logistics drones. These drones are projects we have been developing for many years. This year, we have finally started to see some progress. We are collaborating with one of the top players in the US. We will provide charging cables, signal transmission cables, and battery swapping cabinets. Shipments began in the first quarter of this year. We believe mass production will follow, targeting around 2028. 2028? Yes. Finally, we have the PDCU, or Power Domain Control Units.
(00:13:25)主要是在美國，佔主導地位。是的，主要是在美國。最後，我們有物流無人機。這些無人機是我們多年來一直在開發的項目。今年，我們終於開始看到一些進展。我們正在與美國的一家頂尖企業合作。我們將提供充電電纜、信號傳輸電纜和電池更換櫃。發貨在今年第一季度開始。我們相信大規模生產將隨之而來，目標約在 2028 年。2028 年？是的。最後，我們有 PDCU，或稱為電源域控制單元。
Speaker01 - SINBON, Investor Relation
(00:14:22)These are new products we launched two years ago for the automotive sector. The Power Domain Control Units combine five functions into one unit. Previously, these functions were managed by five separate ECUs, but now they are integrated. The advantage is that these control units can accelerate response times to just 0.2 seconds. This represents new technology and products for our automotive sector.
(00:14:22)這些是我們兩年前為汽車行業推出的新產品。電源域控制單元將五個功能整合到一個單元中。之前，這些功能由五個獨立的 ECU 管理，但現在它們已經整合。優勢在於這些控制單元可以將響應時間加速至僅 0.2 秒。這代表了我們汽車行業的新技術和產品。
Speaker02
(00:15:04)Is this for the global market?
(00:15:04)這是針對全球市場的嗎？
Speaker01 - SINBON, Investor Relation
(00:15:07)Mostly focused on the Chinese market. Mostly Chinese? Yes. Before we conclude, we'd like to share an update on our forward-looking outlook. For the second half of the year, we believe that visibility in semiconductor equipment remains quite strong. This strong outlook is expected to continue through 2027 and at least until 2028. Thank you all for your time today. If there are no further questions, we will conclude today's presentation.
(00:15:07)主要集中在中國市場。主要是中國的？是的。在我們結束之前，我們想分享一下我們的前瞻性展望更新。對於下半年，我們相信半導體設備的可見性仍然相當強勁。這一強勁的展望預計將持續到 2027 年，至少到 2028 年。感謝大家今天的時間。如果沒有其他問題，我們將結束今天的報告。