Business Overview
[[恆大]]股份有限公司成立於1962年，總部位於台灣台北，工廠設於台南白河及中國廈門。恆大早期以生產手套起家，後轉型為紡結[[不織布]]之專業製造商，為台灣「口罩國家隊」重要成員。主要產品涵蓋[[SMS]]複合不織布、[[熔噴]]不織布及醫用口罩等醫療衛材。近年亦積極開發高附加價值之空氣過濾材 ([[HEPA]])、車用吸音棉及各式複合材料。
Supply Chain
上游 (石化原料):
- 原料: [[PP]] (聚丙烯) 粒、PE粒
- 供應商: [[台塑]]、[[中油]]等國內外石化大廠
中游 (製造):
- 恆大: [[SMS]]不織布、[[熔噴]]不織布、口罩成品生產
下游 (終端應用):
- 衛材用: SMS不織布 (紙尿褲、衛生棉之表層/防漏側邊)、醫療手術衣
- 過濾用: [[熔噴]]不織布 (口罩中間層、[[HEPA]]濾網)
- 成品: 醫用口罩、立體口罩
Customers and Suppliers
主要客戶
- 衛材: 國內外紙尿褲與衛生棉大廠如[[金百利克拉克]]、[[花王]]
- 醫療: 醫院、藥局通路、政府標案 (口罩)
- 濾材: 空調濾網廠、家電廠
主要供應商
- 原料: [[台塑]] (PP)、[[福聚]] (PP)
Financial Tables
Valuation Metrics (Share price $27.10 as of 2026-03-26 | TTM through 2025-12-31 | Forward forecast through 2026-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| N/A | N/A | 7.94 | 0.90 | -25.16 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 290.90 | 317.39 | 405.76 |
| Gross Profit | -51.87 | -36.70 | -0.38 |
| Gross Margin (%) | -17.83 | -11.56 | -0.09 |
| Selling & Marketing Exp | 9.51 | 10.58 | 11.03 |
| R&D Exp | 7.96 | 8.21 | 10.34 |
| General & Admin Exp | 25.10 | 24.46 | 26.72 |
| Operating Income | -94.44 | -79.95 | -48.46 |
| Operating Margin (%) | -32.47 | -25.19 | -11.94 |
| Net Income | -59.57 | -51.54 | 17.75 |
| Net Margin (%) | -20.48 | -16.24 | 4.38 |
| Op Cash Flow | -10.32 | 50.33 | 124.65 |
| Investing Cash Flow | -86.90 | -71.72 | -521.03 |
| Financing Cash Flow | -25.57 | -51.09 | -58.38 |
| CAPEX | -17.02 | -23.00 | -28.33 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 62.95 | 61.83 | 83.89 | 82.24 |
| Gross Profit | -17.48 | -17.87 | -10.59 | -5.92 |
| Gross Margin (%) | -27.77 | -28.91 | -12.63 | -7.20 |
| Selling & Marketing Exp | 2.13 | 2.30 | 2.78 | 2.30 |
| R&D Exp | 2.15 | 1.91 | 2.00 | 1.91 |
| General & Admin Exp | 4.27 | 6.75 | 7.64 | 6.43 |
| Operating Income | -26.04 | -28.84 | -23.01 | -16.56 |
| Operating Margin (%) | -41.36 | -46.64 | -27.43 | -20.14 |
| Net Income | -4.52 | -3.51 | -49.60 | -1.94 |
| Net Margin (%) | -7.18 | -5.68 | -59.12 | -2.36 |
| Op Cash Flow | 21.31 | 15.84 | -46.75 | -0.72 |
| Investing Cash Flow | -49.02 | -28.61 | 9.59 | -18.86 |
| Financing Cash Flow | -0.01 | -25.59 | -0.01 | 0.04 |
| CAPEX | 0.54 | -3.90 | -4.89 | -8.76 |