受惠於車用需求強勢復甦，功率導線架大廠順德(2351)重拾強勁成長力道，今(2021)年前7月營收年增逾3成。法人表示，導線架極度供不應求，順德已於第二~三季陸續調整產品報價，第四季仍有漲價空間，加上Sensor(感測器)等新品接力上市，看好下半年業績動能更強。
https://youtu.be/4FopTi81_UI
順德以辦公文具起家，製造削鉛筆刀產品，後因擁有模具沖壓及電鍍技術，再跨入精密加工，導線架主要客戶群包括Infineon STM、Vishay、NXP…等IDM(整合元件廠)，前五大客戶佔電子產品營收比重約7成。電子當中，第二季車用占營收39%，工業、消費則各占29%、28%，其餘為其他。
從去年第四季開始，半導體供應鏈掀起漲價潮，導線架廠主要是依照國際銅價反映在報價上(主要是IDM客戶)，因需求實在太旺及成本墊高，各家廠商也於第二季起調漲工費。其中，順德在第二、三季針對IDM、封測廠客戶進行調整，帶動公司第二季毛利率重返20%以上水準，不排除第四季還有進一步調高的可能性。
展望後市，車用仍將擔綱順德業績成長主力，目前車用新品已間接打入電動車大廠供應鏈，並於第二、三季開始出貨，第三季佔營收比重就有機會來到4成以上，全年成長幅度達2~3成。此外，第四季還有電源轉換逆變器、Sensor用新品逐步放量，加上南投新廠完工進入試產，更增添營運動能。
整體來看，順德目前訂單能見度達年底，主要歐系客戶已在預訂2022年產能，並希望公司持續擴產，以支應強勁需求。法人預估，在稼動率維持高檔、漲價效益下，下半年營運將優於上半年，全年拚賺半個股本。
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Benefited from the strong recovery in automotive demand, Shunde (2351), a major power lead frame manufacturer, has regained its strong growth momentum. In the first July of this year (2021), its revenue increased by more than 30% annually. The legal person said that the lead frame is extremely in short supply. Shunde has adjusted its product quotations in the second to third quarters. There is still room for price increases in the fourth quarter. Coupled with the launch of new products such as Sensors, it is optimistic that the performance momentum will be stronger in the second half of the year.
Shunde started with office stationery and made pencil sharpeners. Later, due to its mold stamping and electroplating technology, it then moved into precision processing. The main customer groups for lead frames include Infineon STM, Vishay, NXP, etc. IDM (Integrated Component Factory), the top five Customers account for about 70% of the revenue of electronic products. Among electronics, cars accounted for 39% of revenue in the second quarter, industry and consumption accounted for 29% and 28% respectively, and the rest was others.
Since the fourth quarter of last year, the semiconductor supply chain has set off a wave of price increases. Lead frame manufacturers are mainly reflected in quotations based on international copper prices (mainly IDM customers). Due to the fact that the demand is too strong and the cost is rising, various manufacturers are also in the first place. Starting from the second quarter, labor costs will be increased. Among them, Shunde made adjustments to IDM and packaging and testing customers in the second and third quarters, driving the company's gross profit margin in the second quarter to return to more than 20%. It does not rule out the possibility of a further increase in the fourth quarter.
Looking forward to the future, automotive will continue to be the main driver of Shunde’s performance growth. At present, new automotive products have indirectly entered the supply chain of electric vehicle manufacturers and began to ship in the second and third quarters. The proportion of revenue in the third quarter will have a chance to come. To over 40%, the annual growth rate will reach 20-30%. In addition, in the fourth quarter, new products for power conversion inverters and sensors are gradually increasing, and the new plant in Nantou has been completed and entered trial production, which will increase the operational performance.
On the whole, Shunde’s current order visibility has reached the end of the year, and major European customers have already booked production capacity for 2022 and hope that the company will continue to expand production to meet strong demand. The legal person estimates that with the high-end utilization rate and the benefit of rising prices, operations in the second half of the year will be better than those in the first half of the year, earning half of the equity for the whole year.