Business Overview
[[南染]] (Nan Yang Dyeing & Finishing) 早期從事紡織染整業務，近年已轉型為控股公司模式。核心業務涵蓋不動產租賃 (利用桃園及三重土地資產) 及轉投資半導體封測業務 (透過子公司[[南岩半導體]])。[[南岩半導體]]專注於[[半導體]]封裝測試及編帶業務，受惠於供應鏈[[去中化]]趨勢，積極開發美國車用電子客戶。
Supply Chain
不動產事業:
- 位於資產租賃端，出租桃園及三重廠辦獲取租金收益
半導體事業 (子公司[[南岩半導體]]):
- 上游: [[半導體]]封測設備及材料供應商
- 中游: [[南岩半導體]] — [[半導體]]封裝測試及編帶
- 下游: 車用電子及[[分離式元件]]客戶
Customers and Suppliers
主要客戶
- 不動產: 廠房及倉庫承租戶
- 半導體 (子公司[[南岩半導體]]): 車用電子及[[分離式元件]]客戶，受惠[[去中化]]趨勢積極開發美國客戶
主要供應商
- 半導體: 封測設備商如[[日月光投控]]系統供應鏈、[[導線架]]及[[IC載板]]材料供應商
Financial Tables
Valuation Metrics (Share price $31.30 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 |
|---|---|---|---|---|
| 53.97 | N/A | 9.52 | 1.86 | 73.90 |
Annual Financials (Last 3 Years)
| 2024-12-31 | 2023-12-31 | 2022-12-31 | |
|---|---|---|---|
| Revenue | 236.72 | 222.21 | 395.97 |
| Gross Profit | 80.61 | 60.25 | 132.94 |
| Gross Margin (%) | 34.06 | 27.11 | 33.57 |
| Selling & Marketing Exp | 5.28 | 17.69 | 5.63 |
| R&D Exp | 3.76 | 3.33 | 6.34 |
| General & Admin Exp | 54.40 | 53.71 | 75.07 |
| Operating Income | 17.18 | -14.48 | 45.90 |
| Operating Margin (%) | 7.26 | -6.52 | 11.59 |
| Net Income | 35.84 | 14.97 | 56.58 |
| Net Margin (%) | 15.14 | 6.74 | 14.29 |
| Op Cash Flow | 28.91 | 32.43 | 112.53 |
| Investing Cash Flow | 22.11 | -54.31 | 67.23 |
| Financing Cash Flow | -20.16 | -53.83 | -84.09 |
| CAPEX | -4.51 | -14.62 | -44.59 |
Quarterly Financials (Last 4 Quarters)
| 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | |
|---|---|---|---|---|
| Revenue | 39.96 | 52.49 | 50.26 | 61.11 |
| Gross Profit | 6.26 | 16.78 | 17.88 | 21.45 |
| Gross Margin (%) | 15.66 | 31.96 | 35.58 | 35.11 |
| Selling & Marketing Exp | 0.99 | 0.76 | 0.98 | 1.15 |
| R&D Exp | 0.78 | 0.85 | 0.88 | 0.88 |
| General & Admin Exp | 13.77 | 11.72 | 18.26 | 14.82 |
| Operating Income | -9.28 | 3.46 | -2.24 | 4.61 |
| Operating Margin (%) | -23.22 | 6.59 | -4.45 | 7.54 |
| Net Income | 26.88 | -5.87 | 4.81 | 9.22 |
| Net Margin (%) | 67.26 | -11.19 | 9.56 | 15.09 |
| Op Cash Flow | 52.29 | -5.74 | 25.42 | -14.36 |
| Investing Cash Flow | -11.28 | 19.96 | -3.11 | 4.07 |
| Financing Cash Flow | -48.15 | -38.07 | 16.18 | -0.23 |
| CAPEX | -1.00 | -2.63 | -1.83 | 0.00 |