King Slide (川湖科技股份有限公司) [2059] 法說會簡報
Company Overview
King Slide is a designer and manufacturer of mechanical products, specializing in precision ball bearing slides for office, home, and computer servers.
- Establishment: Founded in 1986
- Headquarters: Kaohsiung, Taiwan (台灣高雄)
- Capital: NT$952.97 Million
- Employees: 1500+ (including 450+ engineers)
- Core Competencies:
- Expert in innovative, human-centric mechanical/product design and development (創新、人性化的機構式/產品設計開發專家)
- Provider of comprehensive green mechanical product solutions (綠色機構產品全方位解決方案提供者)
- Certifications:
- CERTIFIED ENVIRONMENTAL SYSTEM (ISO 14001)
- CERTIFIED QUALITY SYSTEM (ISO 9001)
- CERTIFIED OCCUPATIONAL HEALTH & SAFETY MANAGEMENT SYSTEM (OHSAS 18001)
- ROHS COMPLIANCE (ROHS)
- IECQ QC080000 (Hazardous Substance Process Management System)
Operating Plants
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Headquarters: King Slide Technology Co., Ltd. (川湖科技股份有限公司)
- Location: Luzhu District, Kaohsiung City, Taiwan (台灣高雄市路竹區)
- Area: 29,980m²
- Product Lines: Ball bearing slides (鋼珠滑軌), painted slides (烤漆滑軌) & hinges (鉸鏈)
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Subsidiary: King Slide Technology Co., Ltd. (川益科技股份有限公司)
- Location: Kaohsiung Science Park, Taiwan (台灣高雄科學園區)
- Area: 192,000m²
- Product Lines: Server slides (伺服器導軌), mechanical components for comprehensive solutions (全方位解決方案之機構件), high-end functional slides (高階功能性導軌)
Milestones (川湖里程碑)
- 1986: Slides and Hinges (滑軌與鉸鏈) launched.
- 2000: Server slides (伺服器導軌) launched.
- 2001: Obtained Compaq order (取得Compaq 訂單).
- 2002: Obtained IBM, HP, Sun...certification (得到 IBM, HP, Sun...認證).
- 2003: Developed 1U-7U server slides (開發1U-7U 伺服器導軌).
- 2005: Listed on OTC (證券櫃檯買賣中心), IPO price NT$106 (上櫃價 NT$106).
- 2006: Obtained DELL certification (得到DELL認證), established King Slide Technology Co., Ltd. (成立川益科技股份有限公司).
- 2008: Listed on Taiwan Stock Exchange (台灣證券交易所上市).
- 2010: High-end functional slides (高階功能性導軌) launched.
- 2017: High-end slim-wall drawer series (高階薄牆抽屜系列) launched.
Financial Highlights and Key Metrics
2024/2025 IFRS Sales Analysis (單位:新台幣千元)
| 單位:新台幣千元 | 銷售 | 第1季 | 第2季 | 第3季 | 第4季 | 5月 | 6月 | 7月 | 1-7月 |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | |||||||||
| 導軌 | 1,849,770 | 2,436,039 | 2,472,392 | 3,004,185 | 846,217 | 827,430 | 848,628 | 5,134,437 | |
| 滑軌 | 1,264 | 1,188 | 1,148 | 2,287 | 97 | 769 | 674 | 3,126 | |
| 鉸鏈 | 39,607 | 38,846 | 43,702 | 41,894 | 14,957 | 12,527 | 15,279 | 93,732 | |
| 其他 | 47,166 | 40,596 | 59,437 | 49,780 | 7,132 | 12,813 | 21,237 | 108,999 | |
| 合計 | 1,937,807 | 2,516,669 | 2,576,679 | 3,098,146 | 868,403 | 853,539 | 885,818 | 5,340,294 | |
| 2025 | |||||||||
| 導軌 | 3,826,482 | 4,143,751 | 1,363,560 | 1,362,161 | 1,376,753 | 9,346,986 | |||
| 滑軌 | 2,506 | 430 | 143 | 53 | 408 | 3,344 | |||
| 鉸鏈 | 35,078 | 39,584 | 16,536 | 9,923 | 15,882 | 90,544 | |||
| 其他 | 90,133 | 44,969 | 13,353 | 13,904 | 13,530 | 148,632 | |||
| 合計 | 3,954,199 | 4,228,734 | 1,393,592 | 1,386,041 | 1,406,573 | 9,589,506 |
2024 Year Sales Analysis (Product Mix)
- 導軌 (Slides): 96.38%
- 其他 (Others): 1.94%
- 鉸鏈 (Hinges): 1.62%
- 滑軌 (Rails): 0.06%
Global High-End Kitchen Market Share (目前廚具滑軌市占率分析)
- Global market value: US$3.5 billion (全球市值三十五億美金) - High sales volume expectations and outlook (高銷售量期望與遠景).
- Blum: 50%
- Hettich: 30%
- Grass and Others: 20%
- King Slide currently holds 2% market share (King Slide 目前市佔有2%).
EPS (每股稅後盈餘) Historical Data (NT$)
- 2005: $5.42
- 2006: $5.89
- 2007: $6.64
- 2008: $8.25
- 2009: $6.80
- 2010: $7.39
- 2011: $9.42
- 2012: $11.10
- 2013: $14.65
- 2014: $18.98
- 2015: $20.18
- 2016: $16.49
- 2017: $9.54
- 2018: $18.64
- 2019: $16.35
- 2020: $12.22
- 2021: $21.75
- 2022: $42.56
- 2023: $28.38
- 2024: $64.59
Recent Performance and Results (IFRS)
Financial Performance - 2025 Q2 Profitability (利益率%)
| 利益率% (Profitability %) | 2024 第1季 | 2024 第2季 | 2024 上半年 | 2024 第3季 | 2024 第4季 | 2025 第1季 | 2025 第2季 | 2025 上半年 |
|---|---|---|---|---|---|---|---|---|
| 營業毛利率 (Gross Profit Margin) | 62.3% | 69.6% | 66.4% | 70.5% | 71.8% | 76.1% | 77.5% | 76.8% |
| 營業淨利率 (Operating Profit Margin) | 52.2% | 61.0% | 57.2% | 62.6% | 62.7% | 68.9% | 70.1% | 69.5% |
| 稅前淨利率 (Pre-tax Net Profit Margin) | 89.5% | 76.3% | 82.0% | 56.1% | 86.9% | 79.3% | 21.2% | 49.3% |
| 稅後淨利率 (Net Profit Margin After Tax) | 71.6% | 57.9% | 63.8% | 44.8% | 69.6% | 63.5% | 14.5% | 38.2% |
Financial Performance - 2025 Q2 Growth Rate % YoY (成長率% YoY)
| 成長率% YoY (Growth Rate % YoY) | 2024 第1季 | 2024 第2季 | 2024 上半年 | 2024 第3季 | 2024 第4季 | 2025 第1季 | 2025 第2季 | 2025 上半年 |
|---|---|---|---|---|---|---|---|---|
| 營業收入 (Revenue) | 66.9% | 91.5% | 80.0% | 81.1% | 66.1% | 104.1% | 68.0% | 83.7% |
| 營業淨利 (Operating Profit) | 87.2% | 153.0% | 122.0% | 139.4% | 81.9% | 169.3% | 93.2% | 123.4% |
| 稅前淨利 (Pre-tax Net Profit) | 203.6% | 91.1% | 131.9% | 18.7% | 324.6% | 80.9% | -53.2% | 10.4% |
| 本期淨利 (Net Profit for the Period) | 203.0% | 103.8% | 142.5% | 17.6% | 292.3% | 81.1% | -57.8% | 9.9% |
EPS (每股稅後盈餘) (NT$)
| EPS 每股稅後盈餘 (NT$) | 2024 第1季 | 2024 第2季 | 2024 上半年 | 2024 第3季 | 2024 1-9月 | 2024 第4季 | 2024 1-12月 | 2025 第1季 | 2025 第2季 | 2025 上半年 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 EPS | 14.55 | 15.29 | 29.84 | 12.12 | 41.96 | 22.63 | 64.59 | |||
| 2025 EPS | 26.35 | 6.45 | 32.80 | |||||||
| 2024 EPS (Excluding Employee Bonuses and Directors' Remuneration) | 15.49 | 16.28 | 31.77 | 12.91 | 44.68 | 24.18 | 68.86 | |||
| 2025 EPS (Excluding Employee Bonuses and Directors' Remuneration) | 28.05 | 6.87 | 34.92 |
Key Financial Ratios 2021-2025 Q2
| 項目 / 年份 | 2021 | 2022 | 2023 | Q1/24 | 1H/24 | 1-9/23 | 2024 | Q1/25 | 1H/25 |
|---|---|---|---|---|---|---|---|---|---|
| 成長率 (%YoY) | |||||||||
| 營業收入 | 32.1 | 23.0 | -26.1 | 66.9 | 80.0 | 80.4 | 75.8 | 104.1 | 83.7 |
| 營業淨利 | 38.6 | 38.0 | -23.0 | 87.2 | 122.0 | 128.4 | 111.2 | 169.3 | 123.4 |
| 每股盈餘 (稅後) | 78.0 | 95.7 | -33.3 | 203.1 | 142.6 | 85.6 | 127.6 | 81.1 | 9.9 |
| 利益率 (%) | |||||||||
| 營業毛利率 | 52.9 | 57.3 | 61.3 | 62.3 | 66.4 | 67.9 | 69.1 | 76.1 | 76.8 |
| 營業淨利率 | 42.9 | 48.1 | 50.1 | 52.2 | 57.2 | 59.1 | 60.2 | 68.9 | 69.5 |
| 本期淨利率 | 32.7 | 52.0 | 46.9 | 71.6 | 63.8 | 56.9 | 60.8 | 63.5 | 38.2 |
| 資產報酬率 (ROA) | 14.4 | 23.4 | 13.6 | 25.9 | 25.7 | 24.3 | 26.2 | 36.0 | 22.4 |
| 股東權益報酬率 (ROE) | 17.5 | 28.7 | 16.9 | 32.4 | 33.1 | 30.0 | 32.6 | 44.5 | 29.4 |
| 穩定/償債能力分析 | |||||||||
| 毛負債比率 (%) | 3.8 | 6.3 | 5.4 | 4.9 | 4.7 | 4.3 | 3.9 | 3.1 | 3.2 |
| 淨負債比率 (%) | Net cash | Net cash | Net cash | Net cash | Net cash | Net cash | Net cash | Net cash | Net cash |
| 流動比率 (X) | 7.2 | 7.9 | 7.5 | 8.0 | 5.4 | 8.2 | 7.0 | 7.0 | 3.9 |
| 速動比率 (X) | 6.7 | 7.4 | 7.0 | 7.5 | 5.1 | 7.6 | 6.6 | 6.6 | 3.7 |
| 每股資料分析 (NT$) | |||||||||
| 每股盈餘 (稅後) | 21.75 | 42.56 | 28.38 | 14.55 | 29.84 | 41.96 | 64.59 | 26.35 | 32.80 |
| 每股淨值 (BVPS) | 132.25 | 164.10 | 172.47 | 187.36 | 188.57 | 200.51 | 223.43 | 249.91 | 223.06 |
| 每股股利 (DPS) | 10.88 | 20.00 | 14.19 | 32.20 |
Future Outlook and Guidance
Future Growth Drivers (未來的成長動能)
Growth is derived from four major product applications in different industry types:
- Channel Market Products (通路市場產品): Comprehensive solutions applicable to different industries.
- Traditional Products (傳統類產品): Easy-to-use kitchen and furniture series products for users.
- Market Share Growth Products (增加市占率產品): Newly integrated and fully developed server-related application products.
- Consumer Electronics Products (消費性電子類產品): New consumer electronics application products.
Growth Targets
- New products (新產品)
- Existing markets/New markets (現有市場/新市場)
- Existing customers/New customers (現有客戶/新客戶)
Strategic Initiatives and Plans
Market Entry Barriers (市場進入障礙門檻)
King Slide's leading R&D team and manufacturing capabilities enable it to break through market environments and meet customer needs. This forms high barriers to entry for the manufacturing market.
- Insight into customer and market needs (洞悉客戶及市場需求)
- Utilizing cutting-edge R&D capabilities to design future products (運用尖端的研發能力來設計未來的產品)
- Dense and complete golden patent layout (密集完整的黃金專利佈局)
- Integrated design capability (整合的設計能力) + Leading manufacturing technology capability (領先的製造技術能力) = OBM product complete solutions (OBM 產品完整解決方案)
Core Competencies (核心競爭能力)
-
Integrated Design Capability (整合的設計能力):
- High product customization capability (高產品客製化能力)
- Continuous product innovation (持續的產品創新)
- Complete golden patent layout (完整的黃金專利佈局)
- Rapid response to customer needs (快速回應客戶需求)
- All processes from initial product design to final product, including mold design (模具設計), equipment design (設備設計), and product design (產品設計), are completed in-house.
-
Leading Manufacturing Technology Capability (領先的製造技術能力):
- Intelligent production model (智慧化生產模式)
- Diverse surface treatment/electroplating capabilities compliant with environmental regulations (多樣性符合環境規範的表面處理/電鍍能力)
- Highly automated assembly capability with automated Poka-Yoke devices (高度自動化的組立能力-自動化的防呆裝置)
- Work environment complies with safety regulations (工作環境符合安全規範)
Sustainability (永續性)
Committed to developing functional mechanical products, allowing customers to enjoy convenience and safety while saving electricity and resources.
- Manufacturing (製造): All production bases are certified with ISO 14001, ISO 45001, and ISO 9001.
- Raw Materials (原物料): All production bases are certified with IECQ QC080000. Local procurement accounts for 98%, significantly reducing carbon footprint.
- Design (設計): Committed to developing green products, considering "easy recycling, low pollution, resource saving, energy saving" environmental design concepts from the design phase to reduce potential environmental impact of future products.
- Distribution (分銷): Safety certified quality enterprise with eco-friendly packaging.
- Usage (使用): King Slide cable management and ultra-slim server slides can improve server cooling efficiency and enhance heat dissipation. Products are designed for safety and long service life.
- Disposal (處置): 95% of products are disassemblable for recycling.
Key Charts, Graphs, and Data Points
- 2024 Sales Analysis (Pie Chart): Clearly shows the dominance of "導軌" (slides) at 96.38% of sales.
- EPS Trend (Bar Chart): Illustrates significant growth in EPS, especially from 2021 to 2024, with 2024 reaching NT$64.59.
- Profitability Ratios (Bar Charts): Show a general upward trend in gross, operating, pre-tax, and after-tax profit margins from 2024 to 2025 Q2, indicating improved profitability.
- Growth Rate % YoY (Bar Charts): Highlights strong revenue and operating profit growth in 2024 and 2025 Q1, though pre-tax and net profit growth in 2025 Q2 show a significant decline YoY.
- Patent Numbers: As of August 6, 2025: Total patent applications: 3,633; Total granted patents: 3,513.
- Global Kitchen Market Share: While King Slide's current share is 2%, the overall market value of US$3.5 billion suggests a significant growth opportunity.
All the Important Product Names, Terms, and Concepts
Product Names & Types
- 精密鋼珠導軌 (Precision Ball Bearing Slides)
- 滑軌 (Slides / Rails)
- 導軌 (Slides)
- 鉸鏈 (Hinges)
- 高階薄牆抽屜系列 (High-end Slim-Wall Drawer Series)
- 高階功能性導軌 (High-end Functional Slides)
- 理線器 (Cable Management)
- 超薄伺服器導軌 (Ultra-slim Server Slides)
Applications/Segments
- 辦公室 (Office)
- 家庭 (Home)
- 電腦伺服器 (Computer Servers)
- 伺服器 (Servers)
- 交換式集線器 (Switches/Hubs)
- 儲存設備 (Storage Devices)
- 不斷電系統 (UPS - Uninterruptible Power Supply)
- KVM (Keyboard, Video, Mouse switch)
- POS (Point of Sale)
- ATM (Automated Teller Machine)
- 影印機 (Copiers)
- 家用電器 (Home Appliances)
- 廚房櫥櫃 (Kitchen Cabinets)
- 家具 (Furniture)
- 辦公家具 (Office Furniture)
- 工具箱 (Toolboxes)
- 醫療推車 (Medical Carts)
- 雲端應用 (Cloud Applications)
- 人工智慧 (Artificial Intelligence)
- 大數據 (Big Data)
Technical & Business Concepts
- 機構產品設計者與製造商 (Designer and Manufacturer of Mechanical Products)
- 創新、人性化的機構式/產品設計開發專家 (Expert in innovative, human-centric mechanical/product design and development)
- 綠色機構產品全方位解決方案提供者 (Provider of comprehensive green mechanical product solutions)
- OBM 產品完整解決方案 (OBM Product Complete Solutions)
- 智慧化生產模式 (Intelligent Production Model)
- 自動化的防呆裝置 (Automated Poka-Yoke Devices)
- 環境化設計概念 (Environmental Design Concepts)
- 易回收 (Easy Recycling)
- 低污染 (Low Pollution)
- 省資源 (Resource Saving)
- 省能源 (Energy Saving)
- 專利佈局 (Patent Layout)
- 整合的設計能力 (Integrated Design Capability)
- 領先的製造技術能力 (Leading Manufacturing Technology Capability)
- 通路市場產品 (Channel Market Products)
- 傳統類產品 (Traditional Products)
- 增加市佔率產品 (Market Share Growth Products)
- 消費性電子類產品 (Consumer Electronics Products)
Financial Terms
- 新台幣千元 (NT$ thousands)
- 每股盈餘 (EPS - Earnings Per Share)
- 每股稅後盈餘 (EPS After Tax)
- 每股淨值 (BVPS - Book Value Per Share)
- 每股股利 (DPS - Dividends Per Share)
- 營業收入 (Operating Revenue)
- 營業成本 (Operating Costs)
- 營業毛利 (Gross Profit)
- 營業費用 (Operating Expenses)
- 營業淨利 (Operating Profit)
- 稅前淨利 (Pre-tax Net Profit)
- 本期淨利 (Net Profit for the Period)
- 所得稅 (Income Tax Expense)
- 淨利息 (Net Interest)
- 利息收入 (Interest Income)
- 利息支出 (Interest Expense)
- 淨外幣兌換利益(損失) (Net Foreign Exchange Gains (Losses))
- 淨金融負債/資產評價利益(損失) (Net Financial Liabilities/Assets Valuation Gains (Losses))
- 其他營業外收入(損失) (Other Non-operating Income (Losses))
- 資產總計 (Total Assets)
- 流動資產 (Current Assets)
- 現金及約當現金 (Cash and Cash Equivalents)
- 按攤銷後成本衡量之金融資產 (Financial Assets Measured at Amortized Cost)
- 存貨 (Inventories)
- 應收帳款及票據 (Accounts Receivable and Notes)
- 非流動資產 (Non-current Assets)
- 不動產、廠房及設備 (Property, Plant and Equipment)
- 使用權資產 (Right-of-use Assets)
- 負債總計 (Total Liabilities)
- 流動負債 (Current Liabilities)
- 應付帳款及票據 (Accounts Payable and Notes)
- 短期借款 (Short-term Borrowings)
- 非流動負債 (Non-current Liabilities)
- 長期借款 (Long-term Borrowings)
- 租賃負債(非流動) (Lease Liabilities (Non-current))
- 權益總計 (Total Equity)
- 普通股股本 (Common Stock)
- 保留盈餘 (Retained Earnings)
- 營業活動之淨現金流入(出) (Net Cash Inflow (Outflow) from Operating Activities)
- 投資活動之現金流入(出) (Net Cash Inflow (Outflow) from Investing Activities)
- 籌資活動之現金流入(出) (Net Cash Inflow (Outflow) from Financing Activities)
- 自由現金流 (Free Cash Flow)
- 匯率影響數 (Effect of Exchange Rate Changes)
- 現金及約當現金增加數 (Net Increase in Cash and Cash Equivalents)
- 員工酬勞及董監事酬勞 (Employee Bonuses and Directors' Remuneration)
- 資產報酬率 (ROA - Return on Assets)
- 股東權益報酬率 (ROE - Return on Equity)
- 毛負債比率 (%) (Gross Debt Ratio (%))
- 淨負債比率 (%) (Net Debt Ratio (%))
- 流動比率 (X) (Current Ratio (X))
- 速動比率 (X) (Quick Ratio (X))
- IFRS (International Financial Reporting Standards)