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荣刚(5009)在手订单升至85亿元!VAR产能翻倍、AI缺电商机烧进特殊钢,明年有多少成长空间?

2026-09-30 14:36:37 网络 阅读(1)

图片来源:荣刚法说会

2026年09月30日(优分析/产业数据中心报导)⸺ 特殊钢厂荣刚(5009-TW)昨(29)日召开法人说明会,公司透露,目前在手订单已由先前约80亿元提高至85亿元,增幅约6.3%,且这批订单只涵盖既有设备,尚未纳入Press及VDM等新增产能。

这意味着荣刚(5009-TW)现阶段的接单回升,并不是建立在尚未量产的新设备之上;待大锻棒Press、VDM及新增VAR完成试车并加入生产,后续接单规模与产品尺寸范围才有机会进一步扩大。

不过,新设备目前仍处于试车与学习曲线阶段,对营运的主要贡献时间预计落在2027年第一季以后。

AI用电推升燃气需求,能源订单能见度拉长至「年」

荣刚(5009-TW)表示,能源是今年需求成长最明显的应用之一,随AI资料中心用电需求增加,燃气发电机组需求同步升温,带动公司电渣重熔(ESR)制程接单。

公司原有4台ESR设备已接近满载,并将较大尺寸设备改为生产ESR产品,相关调整已于8、9月完成并投入生产。公司形容,目前能源客户的接单能见度已经「以年计算」,市场需求仍高于现有供应能力,因此正持续增加ESR产能。

航太需求也逐渐改善,虽然波音受到飞安事件、劳资纠纷与交机延迟影响,但新接订单仍维持高档,公司预期下半年至明年的出货可望逐步稳定;Safran等其他航太客户需求则维持良好。

国防业务方面,需求主要来自枪砲管材、飞弹壳体、扭力杆及战机起落架,其中近一、两年以飞弹壳体需求最为明显。相较之下,传统模具与机械用钢需求尚未明显复苏,但AI伺服器液冷模组相关应用已开始成长。

(图片来源:优分析产业资料库)

VAR将由5台增至10台,新增产能明年第一季起交货

荣刚(5009-TW)目前多项新设备陆续进入试车阶段。连铸设备(CC)已进行一段时间的试车,运作逐渐稳定;大锻棒Press预计于9月底至10月中进行热试车,11月开始释出较多产能,并于2027年第一季至第二季逐步进入正常生产。

VDM设备则预计农历年前开始热试车,VDM除了增加可生产的尺寸范围,也能改善制程、减少部分产品使用高成本锻机的需求,有助于提升产能效率并降低生产成本。

另一项重点是VAR设备。荣刚(5009-TW)原有5台VAR,目前新增的3台预计10月中开始试车,另有2台预计12月建置完成;全部完成后,VAR设备总数将由5台增加至10台。

公司指出,新增VAR手上已有订单,10月中开始生产后,最快2027年第一季即可交货。若试车顺利,荣刚(5009-TW)在高功能性合金钢、航太、能源及军工材料的供应能力将同步提升。

下半年毛利率先看航太,明年再看新设备效益

公司预期,下半年毛利率可能随航太产品比重提高而优于上半年,但这项改善主要来自产品组合,新产能的影响仍有限。Press、VDM及新增VAR真正反映于营收与成本效率,时间点将集中于2027年。

因此,85亿元在手订单提供了现阶段营运能见度,但新产能能否形成第二波成长,仍要观察三项指标:设备试车与良率进度、新产能加入后的接单金额,以及高毛利航太、能源与军工产品的营收占比。

此外,钼铁等合金原料价格持续上涨,也可能增加成本压力。若新设备试车或客户认证时程延后,产能扩张转化为营收与获利的时间也可能往后递延。

※ 本文经「优分析」授权转载,原文出处:原文连结
※ 免责声明:文中所提的个股、基金、期货商品内容仅供参考,并非投资建议,投资人应独立判断,审慎评估风险。

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    "content": "<img src=\"https://cimg.cnyes.cool/prod/news/6618595/o/81d1235e7eefd12712ec099489ae4121.jpg\" alt=\"图片来源:荣刚法说会\" /><p>2026年09月30日(优分析/产业数据中心报导)⸺ 特殊钢厂荣刚(5009-TW)昨(29)日召开法人说明会,公司透露,目前在手订单已由先前约80亿元提高至85亿元,增幅约6.3%,且这批订单只涵盖既有设备,尚未纳入Press及VDM等新增产能。</p>\n<p>这意味着荣刚(5009-TW)现阶段的接单回升,并不是建立在尚未量产的新设备之上;待大锻棒Press、VDM及新增VAR完成试车并加入生产,后续接单规模与产品尺寸范围才有机会进一步扩大。</p>\n<p>不过,新设备目前仍处于试车与学习曲线阶段,对营运的主要贡献时间预计落在2027年第一季以后。</p>\n<h2>AI用电推升燃气需求,能源订单能见度拉长至「年」</h2>\n<p>荣刚(5009-TW)表示,能源是今年需求成长最明显的应用之一,随AI资料中心用电需求增加,燃气发电机组需求同步升温,带动公司电渣重熔(ESR)制程接单。</p>\n<p>公司原有4台ESR设备已接近满载,并将较大尺寸设备改为生产ESR产品,相关调整已于8、9月完成并投入生产。公司形容,目前能源客户的接单能见度已经「以年计算」,市场需求仍高于现有供应能力,因此正持续增加ESR产能。</p>\n<p>航太需求也逐渐改善,虽然波音受到飞安事件、劳资纠纷与交机延迟影响,但新接订单仍维持高档,公司预期下半年至明年的出货可望逐步稳定;Safran等其他航太客户需求则维持良好。</p>\n<p>国防业务方面,需求主要来自枪砲管材、飞弹壳体、扭力杆及战机起落架,其中近一、两年以飞弹壳体需求最为明显。相较之下,传统模具与机械用钢需求尚未明显复苏,但AI伺服器液冷模组相关应用已开始成长。</p>\n<p><img src=\"https://cimg.cnyes.cool/prod/news/6618595/o/d4243826c34a5b63f7b63d5899c06f74.jpg\"></p>\n<p>(图片来源:优分析产业资料库)</p>\n<h2>VAR将由5台增至10台,新增产能明年第一季起交货</h2>\n<p>荣刚(5009-TW)目前多项新设备陆续进入试车阶段。连铸设备(CC)已进行一段时间的试车,运作逐渐稳定;大锻棒Press预计于9月底至10月中进行热试车,11月开始释出较多产能,并于2027年第一季至第二季逐步进入正常生产。</p>\n<p>VDM设备则预计农历年前开始热试车,VDM除了增加可生产的尺寸范围,也能改善制程、减少部分产品使用高成本锻机的需求,有助于提升产能效率并降低生产成本。</p>\n<p>另一项重点是VAR设备。荣刚(5009-TW)原有5台VAR,目前新增的3台预计10月中开始试车,另有2台预计12月建置完成;全部完成后,VAR设备总数将由5台增加至10台。</p>\n<p>公司指出,新增VAR手上已有订单,10月中开始生产后,最快2027年第一季即可交货。若试车顺利,荣刚(5009-TW)在高功能性合金钢、航太、能源及军工材料的供应能力将同步提升。</p>\n<img src=\"https://cimg.cnyes.cool/prod/news/6618595/o/ff423e320728c453dea82d2b40bd81d7.jpg\">\n<h2>下半年毛利率先看航太,明年再看新设备效益</h2>\n<p>公司预期,下半年毛利率可能随航太产品比重提高而优于上半年,但这项改善主要来自产品组合,新产能的影响仍有限。Press、VDM及新增VAR真正反映于营收与成本效率,时间点将集中于2027年。</p>\n<p>因此,85亿元在手订单提供了现阶段营运能见度,但新产能能否形成第二波成长,仍要观察三项指标:设备试车与良率进度、新产能加入后的接单金额,以及高毛利航太、能源与军工产品的营收占比。</p>\n<p>此外,钼铁等合金原料价格持续上涨,也可能增加成本压力。若新设备试车或客户认证时程延后,产能扩张转化为营收与获利的时间也可能往后递延。</p><p>※ 本文经「优分析」授权转载,原文出处:<a style=\"color:#A9A9A9\" rel=\"nofollow\" href=\"https://uanalyze.com.tw/articles/5251456189\">原文连结</a>\n            <br>※ 免责声明:文中所提的个股、基金、期货商品内容仅供参考,并非投资建议,投资人应独立判断,审慎评估风险。</p>\n            <p></p><div class=\"related-articles seo-links\">\n  <h4>相关阅读</h4>\n  <ul>\n    <li><a href=\"/new/tw/article-10952.html\" title=\"Gogolook三率三升 Q2获利创新高 上半年EPS达3.33元\">Gogolook三率三升 Q2获利创新高 上半年EPS达3.33元</a></li>\n    <li><a href=\"/new/tw/article-15020.html\" title=\"营收速报  - 文晔(3036)8月营收1,983.84亿元年增率高达98.21%\">营收速报  - 文晔(3036)8月营收1,983.84亿元年增率高达98.21%</a></li>\n    <li><a href=\"/new/tw/article-1883.html\" title=\"盘中速报 - 柜买市场加权指数下跌-32.4点至398.67点,跌幅7.52%\">盘中速报 - 柜买市场加权指数下跌-32.4点至398.67点,跌幅7.52%</a></li>\n    <li><a href=\"/new/tw/article-15231.html\" title=\"营收速报  - 京晨科(6419)8月营收1.69亿元年增率高达365.7%\">营收速报  - 京晨科(6419)8月营收1.69亿元年增率高达365.7%</a></li>\n    <li><a href=\"/new/tw/article-2207.html\" title=\"TrendForce:NOR Flash、SLC NAND上半年价格倍增 下半年还会涨\">TrendForce:NOR Flash、SLC NAND上半年价格倍增 下半年还会涨</a></li>\n    <li><a href=\"/new/tw/article-4686.html\" title=\"凡甲下半年营运升温 AI伺服器、电动车双引擎动能强\">凡甲下半年营运升温 AI伺服器、电动车双引擎动能强</a></li>\n  </ul>\n</div>",
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