Business Overview
廣華-KY (1338，Hiroca Holdings) 為汽車內外飾件 Tier 1/Tier 2 供應商，專精水轉印、IMD (模內裝飾) 及光電整合技術，產品涵蓋儀表板、車門飾板、方向盤加飾件及氛圍燈/發光車標等高附加價值光電件。客戶結構已從日系為主轉型為多元分散：日系 46% — [[Nissan]] (最大客戶)、[[Honda]]；歐美 25% — [[Stellantis]] (第二大)、[[Volkswagen]]、[[Volvo]]、[[GM]]；中國自主品牌 28% — [[比亞迪]] (第三大，佔約 10%)、[[長城汽車]] (第四大，佔約 8%)、[[長安汽車]]、[[吉利汽車]]、[[廣汽集團]]、[[華為]]對應車款。
Supply Chain
上游 (原料):
- 化學塗料: 塗料供應商
- 工程塑膠: 塑膠原料
- LED 元件: LED 光電元件
中游 (製造):
- 廣華 (塑膠射出/水轉印/IMD 加飾/光電模組整合)
下游 (OEM 客戶):
- 日系: [[Nissan]] (最大客戶)、[[Honda]]
- 歐美: [[Stellantis]] (第二大)、[[Volkswagen]]、[[Volvo]]、[[GM]]
- 中國自主: [[比亞迪]] (第三大)、[[長城汽車]]、[[長安汽車]]、[[吉利汽車]]、[[廣汽集團]]
Customers and Suppliers
主要客戶
- 日系 (46%): [[Nissan]] (最大客戶)、[[Honda]]
- 歐美 (25%): [[Stellantis]] (第二大)、[[Volkswagen]]、[[Volvo]]、[[GM]]
- 中國自主 (28%): [[比亞迪]] (~10%)、[[長城汽車]] (~8%)、[[長安汽車]]、[[吉利汽車]]、[[廣汽集團]]
主要供應商
- 塗料/塑膠/LED: 化學塗料、工程塑膠、LED 元件供應商
Financial Tables
Valuation Metrics (Share price $14.40 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 | 1.67 | 0.22 | 0.20 | 10.19 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 5231.67 | 5087.62 | 5761.29 |
| Gross Profit | 1230.22 | 1130.88 | 1274.50 |
| Gross Margin (%) | 23.51 | 22.23 | 22.12 |
| Selling & Marketing Exp | 360.43 | 298.83 | 300.70 |
| R&D Exp | 285.95 | 265.14 | 259.33 |
| General & Admin Exp | 641.21 | 650.66 | 672.12 |
| Operating Income | -57.36 | -83.76 | 42.35 |
| Operating Margin (%) | -1.10 | -1.65 | 0.74 |
| Net Income | -182.26 | -95.05 | -164.32 |
| Net Margin (%) | -3.48 | -1.87 | -2.85 |
| Op Cash Flow | 675.70 | 612.02 | 950.15 |
| Investing Cash Flow | -806.75 | -415.77 | -529.37 |
| Financing Cash Flow | -336.11 | -686.20 | 431.12 |
| CAPEX | -948.43 | -419.27 | -521.80 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 1347.21 | 1356.18 | 1230.14 | 1298.13 |
| Gross Profit | 306.60 | 356.40 | 233.39 | 333.84 |
| Gross Margin (%) | 22.76 | 26.28 | 18.97 | 25.72 |
| Selling & Marketing Exp | 90.46 | 111.71 | 64.82 | 93.43 |
| R&D Exp | 80.03 | 75.54 | 65.82 | 64.56 |
| General & Admin Exp | 173.38 | 134.86 | 165.78 | 167.19 |
| Operating Income | -37.28 | 34.28 | -63.02 | 8.66 |
| Operating Margin (%) | -2.77 | 2.53 | -5.12 | 0.67 |
| Net Income | -19.02 | 11.55 | -163.89 | -10.89 |
| Net Margin (%) | -1.41 | 0.85 | -13.32 | -0.84 |
| Op Cash Flow | 510.88 | 221.23 | -188.91 | 132.51 |
| Investing Cash Flow | -253.60 | -218.40 | -272.14 | -62.62 |
| Financing Cash Flow | -135.24 | -204.85 | -110.62 | 114.60 |
| CAPEX | -345.32 | -164.50 | -271.38 | -167.23 |