Business Overview
茂生農經 (1240，Morn Sun Feed Mill) 成立於 1967 年，為台灣本土專業飼料製造商暨農畜產垂直整合業者。主要業務分三大板塊：(1) 禽畜飼料 (營收約 75%) — 生產豬飼料、雞鴨鵝飼料，取得 ISO22000/HACCP 認證；(2) 大宗穀物銷售 (約 5%) — 進口黃豆、玉米等穀物貿易；(3) 禽畜養殖銷售 (約 20%) — 契約飼養與自有養殖場經營，推出自有品牌「富翁蛋」[[洗選蛋]]、液蛋及生鮮肉品，已打入[[全聯]]、[[家樂福]]等主流零售通路。穀物原料向國際大廠如 [[Cargill]]、[[ADM]] 等採購。
Supply Chain
上游 (原料與飼料):
- 穀物原料: [[Cargill]]、[[ADM]] — 進口黃豆、玉米、小麥
- 飼料生產: 茂生自有飼料廠 (ISO22000/HACCP 認證)
中游 (養殖與加工):
- 茂生農經 — 契約飼養、紅羽土雞/鴨鵝養殖、[[洗選蛋]]加工
下游 (通路與終端):
- 零售通路: [[全聯]]、[[家樂福]]
- 業務通路: 烘焙坊、早餐連鎖店、團膳業者
Customers and Suppliers
主要客戶
- 飼料客戶: 國內豬農、禽類養殖戶
- 食品零售: [[全聯]]、[[家樂福]] — 「富翁蛋」[[洗選蛋]]與生鮮肉品
- 業務客戶: 烘焙坊、早餐連鎖店、團膳業者 — 液蛋與肉品
主要供應商
- 穀物貿易: [[Cargill]]、[[ADM]] — 進口黃豆、玉米、小麥
- 契作農戶: 合作養殖農民
Financial Tables
Valuation Metrics (Share price $59.20 as of 2026-03-26 | TTM through 2025-09-30 | Forward forecast through 2025-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| 11.82 | N/A | 0.95 | 1.80 | 22.53 |
Annual Financials (Last 3 Years)
| 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|
| Revenue | 2856.90 | 2910.17 | 3370.80 |
| Gross Profit | 325.15 | 294.55 | 251.94 |
| Gross Margin (%) | 11.38 | 10.12 | 7.47 |
| Selling & Marketing Exp | 155.04 | 139.86 | 182.12 |
| R&D Exp | 6.15 | 4.07 | 4.85 |
| General & Admin Exp | 82.42 | 78.46 | 61.20 |
| Operating Income | 103.63 | 79.77 | 0.93 |
| Operating Margin (%) | 3.63 | 2.74 | 0.03 |
| Net Income | 179.60 | 162.31 | 5.59 |
| Net Margin (%) | 6.29 | 5.58 | 0.17 |
| Op Cash Flow | 169.84 | 240.47 | -92.96 |
| Investing Cash Flow | -6.09 | -47.91 | -16.14 |
| Financing Cash Flow | -168.01 | -172.90 | 87.82 |
| CAPEX | -28.21 | -24.80 | -17.29 |
Quarterly Financials (Last 4 Quarters)
| 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | |
|---|---|---|---|---|
| Revenue | 698.17 | 663.46 | 683.66 | 724.01 |
| Gross Profit | 72.75 | 83.70 | 87.04 | 81.11 |
| Gross Margin (%) | 10.42 | 12.62 | 12.73 | 11.20 |
| Selling & Marketing Exp | 41.25 | 38.27 | 40.32 | 36.19 |
| R&D Exp | 1.68 | 1.51 | 1.79 | 2.12 |
| General & Admin Exp | 19.16 | 18.50 | 18.91 | 22.46 |
| Operating Income | 18.86 | 28.02 | 20.00 | 31.59 |
| Operating Margin (%) | 2.70 | 4.22 | 2.92 | 4.36 |
| Net Income | 66.67 | 55.56 | 47.67 | 52.50 |
| Net Margin (%) | 9.55 | 8.37 | 6.97 | 7.25 |
| Op Cash Flow | 67.31 | 19.17 | 71.95 | 79.20 |
| Investing Cash Flow | 29.55 | 4.86 | -20.84 | -19.37 |
| Financing Cash Flow | -76.13 | -53.20 | -56.74 | -48.16 |
| CAPEX | -6.61 | -3.02 | -8.99 | -4.02 |