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"description": "2026年09月08日(优分析/产业数据中心报导)⸺ 工业电脑需求回温,凌华(6166-TW)8月营收15.28亿元,年增47.83%;累计前8月营收108.58亿元,年增41.6%。公司营收走出2024年亏损低谷,2026年更进一步转入加速成长。 公司2026年上半年BB值,也就是订单出货比,已由2025年约1.2升至1.5以上,显示接单动能仍强。凌华(6166-TW)表示,目前订单维持稳定,随下半年出货增加,BB值可能有所波动,但长期维持1.2至1.3以上,仍属健康水准。 营收创高,毛利率却",
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"content": "<img src=\"https://cimg.cnyes.cool/prod/news/6600278/o/2755dba71be81893bfeb90d65d56697d.jpg\" alt=\"凌华科技总经理黄怡暾。图片来源:优分析图片库\" /><p>2026年09月08日(优分析/产业数据中心报导)⸺ 工业电脑需求回温,凌华(6166-TW)8月营收15.28亿元,年增47.83%;累计前8月营收108.58亿元,年增41.6%。公司营收走出2024年亏损低谷,2026年更进一步转入加速成长。</p>\n<p>公司2026年上半年BB值,也就是订单出货比,已由2025年约1.2升至1.5以上,显示接单动能仍强。凌华(6166-TW)表示,目前订单维持稳定,随下半年出货增加,BB值可能有所波动,但长期维持1.2至1.3以上,仍属健康水准。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6600278/o/2a6c4ed05ef4b9c46ed57897e25b1f82.jpg\"></p>\n<h2>营收创高,毛利率却承受成本压力</h2>\n<p class=\"isSelectedEnd\">凌华(6166-TW)第二季毛利率降至32%,较第一季的37.55%明显下滑,主要受到记忆体、SSD、PCB及CPU等零组件价格上涨影响。</p>\n<p class=\"isSelectedEnd\">公司指出,去年下半年已提前备妥部分长交期零组件,因此第一季仍有较低成本库存支撑毛利率;随相关库存于第二季逐步消化,成本上升的影响开始反映。</p>\n<p class=\"isSelectedEnd\">另一方面,零组件涨价要转嫁至客户通常需要3至6个月,第二季仍处于价格调整过渡期。目前凌华(6166-TW)多数客户已逐步接受涨价,但零售业及政府标案客户受预算限制,成本转嫁难度相对较高。</p>\n<p>公司预期,成本与售价调整的落差已在第二季大致反映,下半年毛利率应不低于第二季,并可望逐步回升,全年毛利率则力拚回到上半年平均水准。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6600278/o/63b7ef1c34f8494270adaea786975a71.jpg\"></p>\n<h2>GPU与自动化成长最快,美国营收年增55%</h2>\n<p class=\"isSelectedEnd\">从产品线来看,上半年成长最快的是显示运算事业处(EV),营收达5,900万美元、年增71%,主要产品包括NVIDIA工业显卡及工业显示器;智能实体自动化(IPA)营收3,200万美元、年增54%,受惠半导体与自动化需求。最大事业部模组化电脑(COM)营收则达7,300万美元,年增42%。</p>\n<p>区域市场方面,美国仍是凌华(6166-TW)最大市场,上半年营收8,500万美元、年增55%,占比34%;亚太与欧洲营收也分别年增48%及53%。美国市场目前以医疗、Gaming及ODM专案为主要成长来源,并开始看到机器人新专案陆续增加,公司后续也规划扩大美中及美东业务布局。</p>\n<h2><img src=\"https://cimg.cnyes.cool/prod/news/6600278/o/227b3a3bc2c7f0c546840fd58b7846db.jpg\"></h2>\n<h2>机器人2028年贡献可望放大,边缘AI应用持续落地</h2>\n<p>机器人也是凌华(6166-TW)目前积极布局的新业务之一,目前相关营收占比约6%至7%,手上约有10项新型机器人专案进行中,涵盖轮式、机械手臂、四足及人形机器人等应用。由于机器人产品从开发到量产通常需要1至2年,公司预期相关专案将自2027年底至2028年陆续进入量产,2028年可望看到较明显的营收贡献。</p>\n<p>同时公司也看好AI应用由资料中心逐步往边缘端延伸,在即时性、安全性及电力需求带动下,医疗、机器人、交通、半导体自动化及能源等垂直市场都有望成为下一波成长来源,公司预期边缘AI未来3至4年仍有明显成长空间。</p>\n<p>短期来看,凌华(6166-TW)下半年营运除了观察订单能否延续,毛利率回升速度也是重要指标。第二季毛利率降至32%,随零组件涨价逐步反映至售价、供应状况改善,公司预期下半年毛利率将逐步回升。后续可透过优分析产业资料库持续追踪月营收、BB值及毛利率变化,观察订单成长能否进一步转化为营收与获利。</p><p>※ 本文经「优分析」授权转载,原文出处:<a style=\"color:#A9A9A9\" rel=\"nofollow\" href=\"https://uanalyze.com.tw/articles/3787254822\">原文连结</a>\n <br>※ 免责声明:文中所提的个股、基金、期货商品内容仅供参考,并非投资建议,投资人应独立判断,审慎评估风险。</p>\n <p></p><div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-12140.html\" title=\"SK海力士砸大钱买自家股 台记忆体族群同步飙涨\">SK海力士砸大钱买自家股 台记忆体族群同步飙涨</a></li>\n <li><a href=\"/new/tw/article-9208.html\" title=\"聚阳Q2纯益年增3成 上半年EPS7.65元拟配息6元\">聚阳Q2纯益年增3成 上半年EPS7.65元拟配息6元</a></li>\n <li><a href=\"/new/tw/article-10928.html\" title=\"〈SEMICON〉SEMI偕测试与量测产业首度发声 提出三大诉求\">〈SEMICON〉SEMI偕测试与量测产业首度发声 提出三大诉求</a></li>\n <li><a href=\"/new/tw/article-18102.html\" title=\"〈远东新产品发表会〉中下游回馈正向高端产品需求佳 品牌客户明年动能可期\">〈远东新产品发表会〉中下游回馈正向高端产品需求佳 品牌客户明年动能可期</a></li>\n <li><a href=\"/new/tw/article-22113.html\" title=\"高龄海啸并发医护荒!照护人才需求年增破5成 物理治疗师新人月薪5.1万起跳\">高龄海啸并发医护荒!照护人才需求年增破5成 物理治疗师新人月薪5.1万起跳</a></li>\n <li><a href=\"/new/tw/article-7161.html\" title=\"杏辉加码扩产迎国际订单 规划3年内投入逾10亿元\">杏辉加码扩产迎国际订单 规划3年内投入逾10亿元</a></li>\n </ul>\n</div>",
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