Business Overview
[[富林-KY]] (Fulin Plastic Industry) 是越南最大的[[PVC]]人造皮革製造商，主要生產及銷售[[PVC]]皮革、乳膠皮、膠布、柔軟皮及環保[[PU]]皮革等產品。產品應用範圍涵蓋家具、皮包、汽車座墊、球類等。生產基地設於越南海防及同奈，產品以越南內銷(47%)及東亞、亞洲外銷為主。
Supply Chain
上游 (原料):
- 化學原料: [[PVC]]粉、[[DOP]] (可塑劑)、布基等
中游 (製造):
- 富林-KY: 壓延、塗佈、貼合等[[PVC]]皮革加工製程
下游 (終端應用):
- 家具: 沙發、椅墊用皮革
- 精品包袋: 手提包、皮件用材料
- 汽車: 機車墊及汽車內飾皮革
- 運動用品: 球類用皮
Customers and Suppliers
主要客戶
- 家具: [[Ashley]] (美國最大家具商)
- 精品包袋: [[Coach]]、[[Michael Kors]]
- 汽車: [[Yamaha]]、[[Honda]]、[[Toyota]] (機車墊及汽車內飾)
- 運動用品: [[Wilson]] (球類)
主要供應商
- 原料: 塑膠原料及布料供應商
Financial Tables
Valuation Metrics (Share price $58.40 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 |
|---|---|---|---|---|
| 15.57 | N/A | 1.20 | 2.39 | 8.97 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 2567.24 | 2789.00 | 2516.05 |
| Gross Profit | 584.02 | 589.46 | 534.78 |
| Gross Margin (%) | 22.75 | 21.14 | 21.25 |
| Selling & Marketing Exp | 81.77 | 83.06 | 82.72 |
| R&D Exp | 20.59 | 20.85 | 17.96 |
| General & Admin Exp | 155.98 | 151.33 | 139.20 |
| Operating Income | 325.69 | 334.23 | 294.90 |
| Operating Margin (%) | 12.69 | 11.98 | 11.72 |
| Net Income | 196.04 | 282.51 | 230.19 |
| Net Margin (%) | 7.64 | 10.13 | 9.15 |
| Op Cash Flow | 436.04 | 312.32 | 587.60 |
| Investing Cash Flow | -83.57 | -166.59 | -178.50 |
| Financing Cash Flow | -228.12 | -82.84 | -479.33 |
| CAPEX | -49.72 | -51.45 | -25.08 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 688.46 | 605.52 | 583.21 | 690.05 |
| Gross Profit | 161.34 | 131.16 | 133.00 | 158.52 |
| Gross Margin (%) | 23.43 | 21.66 | 22.80 | 22.97 |
| Selling & Marketing Exp | 22.31 | 19.56 | 20.30 | 19.59 |
| R&D Exp | 5.59 | 4.74 | 4.93 | 5.33 |
| General & Admin Exp | 39.56 | 35.70 | 33.54 | 47.18 |
| Operating Income | 93.88 | 71.17 | 74.22 | 86.42 |
| Operating Margin (%) | 13.64 | 11.75 | 12.73 | 12.52 |
| Net Income | 73.21 | 41.85 | 14.67 | 66.32 |
| Net Margin (%) | 10.63 | 6.91 | 2.51 | 9.61 |
| Op Cash Flow | 160.44 | 30.93 | 107.72 | 136.95 |
| Investing Cash Flow | 4.54 | -105.88 | 217.14 | -199.38 |
| Financing Cash Flow | 79.08 | 9.56 | -292.39 | -24.37 |
| CAPEX | -25.21 | -6.72 | -11.99 | -5.80 |