《价值型投资最新产业研究报告》高技 (5439-TW) 高阶板需求延续，调价与产能效率带动成长

高技 (5439-TW)8月营收又创新高，9月底传出的营运近况，也让我们更清楚接下来的成长从哪里来。工厂已接近满载，公司正在把有限的空间与设备用得更有效率，客户谈好的新价格也陆续反映。今天就一起研究，人工智慧伺服器与高速交换器升级，如何带动这家板厂的生意。

先看已公布的成绩。8月营收11.08亿元，月增5.5%、年增5.24%；前八月累计77.50亿元，年增34.29%。第二季营收30.53亿元，季增20.32%，税后净利4.31亿元，单季每股赚4.64元，上半年合计8.15元。毛利率从第一季20.33%回到22.46%，营业利益率也升至16.86%。出货增加之后，获利跟着改善，这比单看营收创高更有意义。

高技 (5439-TW)做的是硬式印刷电路板，长期累积的本事在厚铜板与高层数板，也能配合客户少量、多种规格的需求。伺服器、交换器的设计持续变动，板厂得跟着调整材料、线路与制程。客户要的是能稳定交货、符合规格的产品，这些制造经验就有发挥的空间。

交换器传输速度提高，板子里要安排的线路也更复杂。高技 (5439-TW)的800G交换器板朝30至40层发展，1.6T产品则持续开发。层数增加，压合、钻孔与检测都更费工，还要把高速讯号的损耗控制好。背钻可以去除孔内多余的导体，减少讯号反射；说得简单一点，就是让讯号跑得快，也跑得稳。规格升级带来的加工难度，让每片板子的价值有提高的机会。

厚铜板也值得一起看。人工智慧伺服器用电增加，供电端需要承受更大的电流，铜层厚度、散热与制造品质都得跟上。高技 (5439-TW)原本在电工与车用产品累积的厚铜制程，能延伸到高功率设备需求。这类产品要做好，得处理压合、填胶与平整度，光有订单还不够，制程能力才是把生意接住的基础。

9月30日的营运消息提到，第二季末启动的调价采分批进行，部分客户在第二季就有反映，其余在第三季陆续调整。工厂接近满载时，售价与接单组合的变化尤其重要。同样的设备与空间，若能多做符合客户需求的高规格产品，再把谈好的价格落实到出货，营收与毛利就有改善的条件。调价同时也要因应材料成本，实际效益仍得从后续财报确认。

产能方面，高技 (5439-TW)新厂大致填满，眼前主要靠既有空间调整，小幅增加产能，少数设备则等待逐月交机。内层、压合与湿制程的瓶颈若能逐步疏通，就能提高整条产线的效率。公司仍在找下一阶段扩产用地，地点尚未定案，因此目前成长不能先算入尚未落地的大规模新厂。客户其他零件备齐的时间，也会影响交货安排，生产与库存调度得跟着配合。

高技 (5439-TW)先前表示，订单能见度看到年底，部分延伸至2027年第一季；9月底的更新仍指出人工智慧伺服器需求延续。接下来我会看新价格是否持续反映，以及高阶产品出货与新增设备的进度。800G需求已有着力点，1.6T还要随客户开发与验证往前走。公司先把现有产能用好，让产品升级逐步变成实际出货，这条成长路线就有继续追踪的价值。

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文章来源:蔡庆龙分析师-摩尔投顾

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"articleView": null, "source": null, "author": "网络", "description": "高技8月营收11.08亿元创高，前八月77.50亿元年增34.29%；第二季每股赚4.64元，上半年8.15元。
800G交换器板朝30至40层发展，1.6T持续开发；AI伺服器厚铜板需求也升温。
第二季末启动分批调价，新厂近满载，靠既有产能调整与设备逐月交机支撑成长。", "img": "https://cimg.cnyes.cool/prod/news/6622625/l/9a8fa62226d3bc5ccd2d5b031bd8570f.jpg", "content": "高技 (5439-TW)8月营收又创新高，9月底传出的营运近况，也让我们更清楚接下来的成长从哪里来。工厂已接近满载，公司正在把有限的空间与设备用得更有效率，客户谈好的新价格也陆续反映。今天就一起研究，人工智慧伺服器与高速交换器升级，如何带动这家板厂的生意。\n<img src=\"https://cimg.cnyes.cool/prod/news/6622625/l/9a8fa62226d3bc5ccd2d5b031bd8570f.jpg\" alt=\"《价值型投资最新产业研究报告》高技 (5439-TW) 高阶板需求延续，调价与产能效率带动成长\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\">\n\n\n先看已公布的成绩。8月营收11.08亿元，月增5.5%、年增5.24%；前八月累计77.50亿元，年增34.29%。第二季营收30.53亿元，季增20.32%，税后净利4.31亿元，单季每股赚4.64元，上半年合计8.15元。毛利率从第一季20.33%回到22.46%，营业利益率也升至16.86%。出货增加之后，获利跟着改善，这比单看营收创高更有意义。\n\n高技 (5439-TW)做的是硬式印刷电路板，长期累积的本事在厚铜板与高层数板，也能配合客户少量、多种规格的需求。伺服器、交换器的设计持续变动，板厂得跟着调整材料、线路与制程。客户要的是能稳定交货、符合规格的产品，这些制造经验就有发挥的空间。\n\n交换器传输速度提高，板子里要安排的线路也更复杂。高技 (5439-TW)的800G交换器板朝30至40层发展，1.6T产品则持续开发。层数增加，压合、钻孔与检测都更费工，还要把高速讯号的损耗控制好。背钻可以去除孔内多余的导体，减少讯号反射；说得简单一点，就是让讯号跑得快，也跑得稳。规格升级带来的加工难度，让每片板子的价值有提高的机会。\n\n厚铜板也值得一起看。人工智慧伺服器用电增加，供电端需要承受更大的电流，铜层厚度、散热与制造品质都得跟上。高技 (5439-TW)原本在电工与车用产品累积的厚铜制程，能延伸到高功率设备需求。这类产品要做好，得处理压合、填胶与平整度，光有订单还不够，制程能力才是把生意接住的基础。\n\n9月30日的营运消息提到，第二季末启动的调价采分批进行，部分客户在第二季就有反映，其余在第三季陆续调整。工厂接近满载时，售价与接单组合的变化尤其重要。同样的设备与空间，若能多做符合客户需求的高规格产品，再把谈好的价格落实到出货，营收与毛利就有改善的条件。调价同时也要因应材料成本，实际效益仍得从后续财报确认。\n\n产能方面，高技 (5439-TW)新厂大致填满，眼前主要靠既有空间调整，小幅增加产能，少数设备则等待逐月交机。内层、压合与湿制程的瓶颈若能逐步疏通，就能提高整条产线的效率。公司仍在找下一阶段扩产用地，地点尚未定案，因此目前成长不能先算入尚未落地的大规模新厂。客户其他零件备齐的时间，也会影响交货安排，生产与库存调度得跟着配合。\n\n高技 (5439-TW)先前表示，订单能见度看到年底，部分延伸至2027年第一季；9月底的更新仍指出人工智慧伺服器需求延续。接下来我会看新价格是否持续反映，以及高阶产品出货与新增设备的进度。800G需求已有着力点，1.6T还要随客户开发与验证往前走。公司先把现有产能用好，让产品升级逐步变成实际出货，这条成长路线就有继续追踪的价值。\n\n「价值型投资」最新盘后解盘节目\n\n<div class=\"youtube-embed-wrapper\" style=\"position:relative;padding-bottom:56.25%;padding-top:30px;height:0;overflow:hidden;\"><iframe allowfullscreen=\"\" frameborder=\"0\" height=\"360\" src=\"//www.youtube.com/embed/ru89FaDfi3Q\" style=\"position: absolute;top: 0;left: 0;width: 100%;height: 100%;\" width=\"640\"></iframe></div>\n\n<img data-height=\"537\" data-ratio=\"1.415270018621974\" data-src-m=\"https://cimg.cnyes.cool/prod/news/6622625/m/6887e35a93b75f7987812cf636bb6562.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6622625/l/6887e35a93b75f7987812cf636bb6562.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6622625/l/6887e35a93b75f7987812cf636bb6562.jpg 1x,https://cimg.cnyes.cool/prod/news/6622625/xl/6887e35a93b75f7987812cf636bb6562.jpg 2x,https://cimg.cnyes.cool/prod/news/6622625/xxl/6887e35a93b75f7987812cf636bb6562.jpg 3x\">\n\n每天2+1则盘中盘后资讯\n\n加入价值型投资LINE官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a> \n文章来源:蔡庆龙分析师-摩尔投顾\n\n本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-5411.html\" title=\"公司被「山寨」了吗？小心假征才陷阱！104火速下架台中遭冒名职缺启动防诈升级\">公司被「山寨」了吗？小心假征才陷阱！104火速下架台中遭冒名职缺启动防诈升级</a></li>\n <li><a href=\"/new/tw/article-2307.html\" title=\"工商协进会：台湾有望跻身前20大兆元经济体吁朝野能确保预算通过　\">工商协进会：台湾有望跻身前20大兆元经济体吁朝野能确保预算通过　</a></li>\n <li><a href=\"/new/tw/article-4830.html\" title=\"接轨华尔街权威观点凯基证券携手Fundstrat打造跨区域美股研究新布局\">接轨华尔街权威观点凯基证券携手Fundstrat打造跨区域美股研究新布局</a></li>\n <li><a href=\"/new/tw/article-17304.html\" title=\"力旺(3529)权利金占比破六成！3奈米拉高IP身价，帐上却藏着一个煞车\">力旺(3529)权利金占比破六成！3奈米拉高IP身价，帐上却藏着一个煞车</a></li>\n <li><a href=\"/new/tw/article-18159.html\" title=\"光辉十月不要怕洗盘、国巨⊕、华新科⊕、钧宝⊕、金居\">光辉十月不要怕洗盘、国巨⊕、华新科⊕、钧宝⊕、金居</a></li>\n <li><a href=\"/new/tw/article-10151.html\" title=\"营收速报 - 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