個股聚焦

2021/7/8

產業類別 生技 精華 (1565 TT)

投資建議 買進 營收回升動能優於預期

收盤價 目標價

NT$ 343.50 NT$ 395.00 永豐觀點

日本、中國、美國三主力市場客戶下單動能佳，隨產線勞工短缺改善狀況優於預期
本次報告：電話訪談
下，2H21-2022 年營收及獲利將再跳升。

交易資料 投資評價與建議
潛在報酬率 (%) 15.00
52 週還原收盤價區間 (NT$) 251.50-364.00
投資建議轉買進：(1) 產線勞工短缺改善狀況優於預期，2Q 營收及獲利 YoY 開始
市值 (NT$百萬元) 17310 轉正；(2) 3Q 暑期工讀生加入，下半年逢暑期及雙十一需求旺季下，月營收水位將
市值 (US$百萬美元) 618 再跳升；(3) 中國線上彩片成長趨勢明確且強勁，日本訂單動能回升，且美國客戶
流通在外股數 (百萬股) 50.00
需求穩健，2022 年隨產能提升下，營收及獲利雙位數成長表現可期，建議轉買進，
董監持股 (%) 9.19
外資持股 (%) 25.22
目標價 395 元(15 X 2022 EPS)。
投信持股 (%) 3.09
融資使用率 (%) 9.3 近八季營收及 YoY 趨勢圖
百萬
財務資料 %
2000 49% 100%
2020 18%
-18% -23% -12% -2% 10%
1500
股東權益 (NT$百萬元) 5,626 -32% 50%
ROA (%) 9.05 1000
0%
ROE (%) 13.08 500
淨負債比率 (%) 30.07 0 -50%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
營收(百萬) YOY
公司簡介
資料來源：CMoney；永豐投顧研究處整理，Jul. 2021
精華光學為一隱形眼鏡品牌製造商，營運模
式上以自有品牌「帝康」及代工雙軌併行，
銷售區域部分，營收部分，1Q21 年台灣、
近八季營業利益及毛利率趨勢圖
日本、中國、其他亞洲、美洲及歐洲市場占
百萬 31% %
比分別為 10%、48%、23%、3%、10%及
400 26% 30% 30% 30% 30% 40%
6%。 30%
22%
300 30%

主要客戶：日本 Seed、中國品牌客戶、美 200 20%

國網路品牌客戶 Hubble 100 10%

主要競爭對手：海昌、晶碩 0 0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21
營業利益(百萬) 毛利率

陳奕均 fion.chen@sinopac.com 資料來源：CMoney；永豐投顧研究處整理，Jul. 2021

永豐證券投資顧問股份有限公司 1
Please see penultimate page for additional important disclosures.
SinoPac Securities (SinoPac) is a foreign broker-dealer unregistered in the USA. SinoPac research is prepared by SinoPac Securities Investment Service, whose analysts are not registered in the USA. SinoPac research is distributed in
the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and FINRA-member broker-dealer.
 營運現況與分析
公司簡介：精華光學為一隱形眼鏡品牌製造商，營運模式上以自有品牌「帝康」及
代工雙軌併行，銷售區域部分，營收部分，1Q21 年台灣、日本、中國、其他亞洲、
美洲及歐洲市場占比分別為 10%、48%、23%、3%、10%及 6%，主要代工客戶
為日本 Seed、中國品牌客戶、美國網路品牌客戶 Hubble 等，主要競爭對手為海
昌、晶碩等。

六月營收優於預期，預估 2Q 稅後 EPS 4.63 元，營收及獲利 YoY 開始轉正：精華

六月營收 5.01 億元(+13.9%MoM、+25.3%YoY)，表現優於預期之 4.5 億元，主
因產線勞工陸續招募，產能端再提升所致，總計 2Q 營收 13.4 億元(+2.8%QoQ、
+10.4%YoY)，預估毛利率 29.9%，稅後淨利 2.33 億元(+2.9%QoQ、+24.7%YoY)，
稅後 EPS 4.63 元。

暑期工讀生加入及進入 3Q 暑期及 4Q 雙十一旺季，預期精華下半年營收將再跳

升：精華目前訂單能見度約兩個月，雖月接單量已逾 5 億元，但先前受限產線勞工
不足，致使月營收局限於 4.5 億元左右，然因四月起勞工流入量增且近期也會有暑
期工讀生下，產能不足狀可望陸續紓解，且在 3Q 暑假旺季，客戶下單動能佳，4Q
隨之進入年底雙十一大檔期下，研究處預估精華 3、4Q 營收將可再跳升至 15.9 億
元(+18.4%QoQ、+49%YoY)及 16.4 億元(+2.8%QoQ、+17.9%YoY)，毛利率則
在產能利用率提升下，可維持在 30%以上。

中國訂單動能明確，日本轉佳中，美國回穩：精華目前在中國市場客戶約有十來個，
包括國際品牌博士倫、Seed、中國當地新銳品牌可拉拉、mitata 等，因當前中國
線上彩片市場需求動能強勁，故對精華下單狀況佳下，預估今年中國營收有機會成
長 50%以上，由於市場持續看好線上彩片成長力道，且中國新銳品牌對精華產品
依賴度也高下，預估 2022 年精華中國市場維持 20%YoY 應無太大問題;日本部分，
2Q 兩大客戶下單狀況持續轉佳，預估今年整體成長率約 20%，研究處認為隨疫苗
施打率增，實體通路消費力狀況可望改善下，2022 年精華日本市場營收表現應可
回復至 2019 年水位;美國部分，原本今年客戶訂單預期成長 20%，然受限產能不
足且因美國出貨品項毛利率較低，故精華在對美國市場產能調配較為彈性下，今年
約僅成長 10%，預期 2022 年在產能提升及自動化效益顯現下，營收可再成長 10%。

財務預估：由於產能勞工不足改善狀況優於預期且後段包裝自動化效益預期明年將
顯現下，上修精華 2021 年營收預估由 57.6 億元至 58.8 億元(+17.4%YoY)，毛利
率 29.9%，稅後淨利 10.5 億元(+41.2%YoY)，稅後 EPS 20.87 元(原估 20.3 元)，
2022 年營收 69.8 億元(+18.7%YoY，原估 62.8 億元)，毛利率 30.8%，稅後淨利
13.3 億元(+26.2%YoY)，稅後 EPS 26.33 元(原估 22.9 元)。

附表一：當年度損益表
單位：百萬元 21Q1 21Q2F 21Q3F 21Q4F 2021F
營業收入 1,306 1,343 1,591 1,636 5,875
營業毛利 387 402 479 492 1,760
營業利益 293 293 366 377 1,329
稅前淨利 283 292 365 375 1,315
稅後純益 227 233 292 300 1,052
稅後 EPS (元) 4.50 4.63 5.79 5.95 20.87
營收 QoQ 成長率 -5.86 2.83 18.47 2.83 --
營收 YoY 成長率 -2.20 10.44 49.11 17.95 17.36
毛利率 29.63 29.93 30.11 30.07 29.96
營益率 22.42 21.82 23.00 23.04 22.62
稅後純益率 17.36 17.35 18.35 18.34 17.91
資料來源：CMoney；永豐投顧研究處整理，Jul. 2021

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附表二：五個年度損益表
單位：百萬元 2017 2018 2019 2020 2021F
營業收入 6,418 6,676 6,347 5,007 5,875
％變動率 -0.63 4.02 -4.93 -21.11 17.34
營業毛利 2,545 2,496 2,127 1,373 1,760
毛利率 (％) 39.65 37.39 33.51 27.42 29.96
營業淨利 2,071 2,009 1,650 1,001 1,329
稅前淨利 1,965 2,092 1,615 941 1,315
％變動率 -8.73 6.48 -22.83 -41.71 39.74
稅後純益 1,589 1,668 1,287 745 1,052
％變動率 -10.60 4.93 -22.80 -42.12 41.21
稅後 EPS＊(元) 31.52 33.07 25.53 14.78 20.87
市調 EPS＊(元) 32.48 33.41 26.9 15.71 20.66
PER (×) 10.90 10.39 13.45 23.24 16.46
PBR (×) 3.21 2.98 3.00 3.08 2.85
每股淨值＊(元) 106.98 115.19 114.35 119.33 120.45
每股股利 (元) 25.00 26.50 18.00 12.00 --
殖利率 (％) 3.02 5.55 4.22 4.29 --
＊以目前股本計算
資料來源：CMoney；永豐投顧研究處整理，Jul. 2021

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營運基本資料

同業比較
投資 目前 稅後 EPS PE PB
代號 公司 市值(億)
建議 股價 2020 2021 2020 2021 2020 2021
8406 金可-KY B 298.50 289.8 10.24 12.86 14.26 23.21 1.22 2.45

近三年單月營收狀況
千
700000
600000
500000
400000
300000
200000
100000
0
1 2 3 4 5 6 7 8 9 10 11 12

2021年 2020年 2019年

近三年單季營收 VS 毛利率趨勢圖

百萬 %
2000 50

40
1500
30
1000
20
500
10

0 0
201802 201803 201804 201901 201902 201903 201904 202001 202002 202003 202004 202101

營業收入淨額(百萬) 毛利率(%)

負債比率 VS 存貨周轉天數

% 百
50 2

40
1.5
30
1
20
0.5
10

0 0
201802 201803 201804 201901 201902 201903 201904 202001 202002 202003 202004 202101

負債比率(%) 存貨週轉天數

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歷史 PE 圖
NT$/share
25X
1000 21X
17X
800
13X
600 9X
5X
400

200

0
2017 2018 2019 2020 2021

歷史 PB 圖
NT$/share

1000

800 8X
7X
600 6X
5X
400 4X
3X
200

0
2017 2018 2019 2020 2021

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109 年金管投顧新字第 006 號

SinoPac 投資評等
B：Buy 買進：未來 12 個月該股票表現將優於大盤
N：Neutral 中立：未來 12 個月該股票表現將與大盤一致
S：Sell 賣出：未來 12 個月該股票表現將落後大盤

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