《价值型投资最新产业研究报告》文晔 (3036-TW) 营收再创高，人工智慧与工控需求接力

大盘重挫，更要加紧研究业绩展望不错的绩优好股。文晔 (3036-TW) 9月营收与第三季营收都创下新高，人工智慧相关拉货持续，工业与车用市场也在回温。股市震荡时，把公司到底在做什么、业绩为什么成长弄清楚，后面追踪才有依据。

10月8日公布的9月营收达2,159.33亿元，月增8.85%、年增60.01%；第三季合计约5,973亿元，季增约1%、年增约82%。前九个月累计营收1兆6,822.49亿元，年增101.26%。7月、8月到9月的营收逐月往上，这让我们看到，拉货动能已经反映在实际出货上。

文晔 (3036-TW)做的是电子元件通路。上游晶片厂把产品交给它销售，下游电子制造商则透过它采购生产所需的零组件。中间还有技术支援、备货与交期安排，得配合客户的生产进度。大型客户一次要采购很多料件，有人协助把规格与供货对好，工厂才能顺利生产。通路商能服务多少原厂、接触多少客户，就会影响它能承接的生意范围。

人工智慧资料中心正让这门生意快速变大。第二季资料中心与伺服器占文晔 (3036-TW)营收59.2%，比第一季的56.9%再提高。云端业者增加运算设备，需要采购的不只有运算晶片，还有网路传输与电源相关零件。客制化晶片，就是依特定运算工作设计的晶片，平台开始建置后，周边也要一起备料。文晔 (3036-TW)参与的是零组件供应与出货服务，这些需求有机会随客户扩建持续增加。

生意变大，获利有没有跟上？已公布的第二季，文晔 (3036-TW)税后净利97.13亿元，年增约243%，单季每股盈余7.68元，上半年每股盈余合计13元。第二季营收较第一季增加约20%，营业费用只增加约1%，营业利益因此增加约31%。用白话讲，既有团队与物流系统多处理了订单，费用没有照同样速度增加。这也是研究通路股时，除了毛利率，还要看营业利益的原因。

Future Electronics则让文晔 (3036-TW)的客户与产品线更完整。2024年完成收购后，集团把原有亚洲业务，连上Future在欧美的服务网络。这类业务会在客户开发产品时就协助选料，确认零件能不能用、供货能不能配合，再跟着产品进入生产。客户采用之后，后续量产就可能持续带来出货。公司的全球供应商已超过400家，能配合不同应用的采购需求。

工业与车用的变化也要接着看。公司在第二季法说提到，Future、工业与车用的需求指标，包括订单出货比，都指向持续复苏。订单出货比就是新接订单除以已出货金额，用来观察后续订单接续的情况；大于1，表示当期新接订单比出货多。对文晔 (3036-TW)来说，这些市场回温，有助于扩大人工智慧以外的业务来源。9月营收公告也把通讯、资料中心、工业及车用列为年成长的来源，复苏已经有营收数字可以对照。

业务扩大，也需要更多采购与周转资金。文晔 (3036-TW) 9月宣布海外存托凭证与海外可转换公司债同步完成订价，规划募集约9.35亿美元，用于外币购料需求，部分资金偿还外币银行借款。海外存托凭证，可以理解为让海外投资人持有公司股票的凭证；可转换公司债则是符合条件后能换成股票的债券。研究这次筹资，可以接着看新增资金如何支应客户订单，以及营收扩大后的资金周转效率。

接下来，我会继续看资料中心相关零件的到货与出货，还有欧美工控、车用客户补货能否延续。公司在8月法说仍看好下半年到明年的需求，9月营收创高也让这个方向多了一份实际依据。第三季获利还要等正式财报，现在已能确认的是，文晔 (3036-TW)的营收规模持续扩大，第二季也已展现费用控制带来的获利成长。往第四季与明年看，只要客户建置与非人工智慧需求持续接上，既有的全球通路网络就有机会承接更多出货。

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文章来源:蔡庆龙分析师-摩尔投顾

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第二季税后净利97.13亿元、年增243%；9月规划筹资约9.35亿美元支应外币购料", "img": "https://cimg.cnyes.cool/prod/news/6631130/l/22073b0ae92722c85712fc7d3f690a29.jpg", "content": "大盘重挫，更要加紧研究业绩展望不错的绩优好股。文晔 (3036-TW) 9月营收与第三季营收都创下新高，人工智慧相关拉货持续，工业与车用市场也在回温。股市震荡时，把公司到底在做什么、业绩为什么成长弄清楚，后面追踪才有依据。\n<img src=\"https://cimg.cnyes.cool/prod/news/6631130/l/22073b0ae92722c85712fc7d3f690a29.jpg\" alt=\"《价值型投资最新产业研究报告》文晔 (3036-TW) 营收再创高，人工智慧与工控需求接力\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\n10月8日公布的9月营收达2,159.33亿元，月增8.85%、年增60.01%；第三季合计约5,973亿元，季增约1%、年增约82%。前九个月累计营收1兆6,822.49亿元，年增101.26%。7月、8月到9月的营收逐月往上，这让我们看到，拉货动能已经反映在实际出货上。\n\n文晔 (3036-TW)做的是电子元件通路。上游晶片厂把产品交给它销售，下游电子制造商则透过它采购生产所需的零组件。中间还有技术支援、备货与交期安排，得配合客户的生产进度。大型客户一次要采购很多料件，有人协助把规格与供货对好，工厂才能顺利生产。通路商能服务多少原厂、接触多少客户，就会影响它能承接的生意范围。\n\n人工智慧资料中心正让这门生意快速变大。第二季资料中心与伺服器占文晔 (3036-TW)营收59.2%，比第一季的56.9%再提高。云端业者增加运算设备，需要采购的不只有运算晶片，还有网路传输与电源相关零件。客制化晶片，就是依特定运算工作设计的晶片，平台开始建置后，周边也要一起备料。文晔 (3036-TW)参与的是零组件供应与出货服务，这些需求有机会随客户扩建持续增加。\n\n生意变大，获利有没有跟上？已公布的第二季，文晔 (3036-TW)税后净利97.13亿元，年增约243%，单季每股盈余7.68元，上半年每股盈余合计13元。第二季营收较第一季增加约20%，营业费用只增加约1%，营业利益因此增加约31%。用白话讲，既有团队与物流系统多处理了订单，费用没有照同样速度增加。这也是研究通路股时，除了毛利率，还要看营业利益的原因。\n\nFuture Electronics则让文晔 (3036-TW)的客户与产品线更完整。2024年完成收购后，集团把原有亚洲业务，连上Future在欧美的服务网络。这类业务会在客户开发产品时就协助选料，确认零件能不能用、供货能不能配合，再跟着产品进入生产。客户采用之后，后续量产就可能持续带来出货。公司的全球供应商已超过400家，能配合不同应用的采购需求。\n\n工业与车用的变化也要接着看。公司在第二季法说提到，Future、工业与车用的需求指标，包括订单出货比，都指向持续复苏。订单出货比就是新接订单除以已出货金额，用来观察后续订单接续的情况；大于1，表示当期新接订单比出货多。对文晔 (3036-TW)来说，这些市场回温，有助于扩大人工智慧以外的业务来源。9月营收公告也把通讯、资料中心、工业及车用列为年成长的来源，复苏已经有营收数字可以对照。\n\n业务扩大，也需要更多采购与周转资金。文晔 (3036-TW) 9月宣布海外存托凭证与海外可转换公司债同步完成订价，规划募集约9.35亿美元，用于外币购料需求，部分资金偿还外币银行借款。海外存托凭证，可以理解为让海外投资人持有公司股票的凭证；可转换公司债则是符合条件后能换成股票的债券。研究这次筹资，可以接着看新增资金如何支应客户订单，以及营收扩大后的资金周转效率。\n\n接下来，我会继续看资料中心相关零件的到货与出货，还有欧美工控、车用客户补货能否延续。公司在8月法说仍看好下半年到明年的需求，9月营收创高也让这个方向多了一份实际依据。第三季获利还要等正式财报，现在已能确认的是，文晔 (3036-TW)的营收规模持续扩大，第二季也已展现费用控制带来的获利成长。往第四季与明年看，只要客户建置与非人工智慧需求持续接上，既有的全球通路网络就有机会承接更多出货。\n\n「价值型投资」最新盘后解盘节目\n\n<div class=\"youtube-embed-wrapper\" style=\"position:relative;padding-bottom:56.25%;padding-top:30px;height:0;overflow:hidden;\"><iframe allowfullscreen=\"\" frameborder=\"0\" height=\"360\" src=\"//www.youtube.com/embed/T7-Ofav-xIw\" style=\"position: absolute;top: 0;left: 0;width: 100%;height: 100%;\" width=\"640\"></iframe></div>\n\n<img data-height=\"537\" data-ratio=\"1.415270018621974\" data-src-m=\"https://cimg.cnyes.cool/prod/news/6631130/m/b0959426150e31eb515c8de81aa77c98.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6631130/l/b0959426150e31eb515c8de81aa77c98.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6631130/l/b0959426150e31eb515c8de81aa77c98.jpg 1x,https://cimg.cnyes.cool/prod/news/6631130/xl/b0959426150e31eb515c8de81aa77c98.jpg 2x,https://cimg.cnyes.cool/prod/news/6631130/xxl/b0959426150e31eb515c8de81aa77c98.jpg 3x\">\n\n每天2+1则盘中盘后资讯 \n加入价值型投资LINE官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a>\n\n \n文章来源:蔡庆龙分析师-摩尔投顾\n\n本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-20214.html\" title=\"出色减碳技术与100%再生绿色材料台湾钢联打造零废弃城市蓝图\">出色减碳技术与100%再生绿色材料台湾钢联打造零废弃城市蓝图</a></li>\n <li><a href=\"/new/tw/article-2520.html\" title=\"地缘缓解+AI浪潮双重加持！台股节后看俏法人：聚焦Agentic AI供应链\">地缘缓解+AI浪潮双重加持！台股节后看俏法人：聚焦Agentic AI供应链</a></li>\n <li><a href=\"/new/tw/article-4685.html\" title=\"尖点(8021)今年狂飙3倍还能追吗？林信富解密投信私下拜访内幕，亮出「这条件」散户闭眼买！\">尖点(8021)今年狂飙3倍还能追吗？林信富解密投信私下拜访内幕，亮出「这条件」散户闭眼买！</a></li>\n <li><a href=\"/new/tw/article-3770.html\" title=\"会赚钱却不敢花？保诚调查：逾6成女性三明治族财务自主仅5成敢犒赏自己\">会赚钱却不敢花？保诚调查：逾6成女性三明治族财务自主仅5成敢犒赏自己</a></li>\n <li><a href=\"/new/tw/article-8504.html\" title=\"Uber服务拓展至花东、云林达全台县市皆可叫车新里程碑\">Uber服务拓展至花东、云林达全台县市皆可叫车新里程碑</a></li>\n <li><a href=\"/new/tw/article-7454.html\" 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