研華 Call Memo 20250305 4Q24營運結果 1. 營業收入 163.13億元 (QoQ 9%, YoY 8%) 2. 毛利率 41.2% (QoQ -0.1ppts, YoY 0.1ppts) 3. 營益率 15.4% (QoQ -1.0ppts, YoY -2.4ppts) 4. 淨利率 19.6% (QoQ 1.3ppts, YoY 1.6ppts) 5. EPS 3.06 4Q24營運概況 6. 事業群： (1)IIoT(YoY 1%) 受惠半導體設備專案表現佳及醫療和能源專案呈雙位數成長 然歐洲市場的汽車與自動化專案出貨相較疲弱； (2)EIoT(YOY -11%) 受能源及醫療專案需求遞減影響，然影音串流相關專案則正向成長 (3) ACG(YoY -11%) 受北美醫療專案、日本自動化設備及中國半導體設備/通路衰退影響，然影音設備專案表現佳 (4) ICVG(YoY 23%) 受網安、影音設備專案出貨表現下滑影響，然 Edge Industrial Servers Solutions相關專案表現佳 (5)SIoT(YoY -9%) 受北美及歐洲交通及汽車專案出貨減緩影響整體衰退 7. 整體BBR 1.12，北美、歐洲與中國三大區域分別為1.07/1.08/1.02，其中中東BB ratio 高達2.0x以及台灣BB ratio 1.6x貢獻較大 8. 營業費用增加4.9e，主因併入法國auras，以及ESOP發行 9. Edge AI 24年底營收佔比已達9% 10. Payout ratio上升至80%，配息現金股利8.4元 11. 軟體已開始尋找印度公司outsourcing合作 12. 開發L11 SKYRack，專注於客製化醫療、高階半導體設備與影音串流客戶，不管是客戶是北美/歐洲，高階半導體客戶需要高度客製化需求，透過研華全球佈局可以進行當地供應 1Q25 Guidance 13. Rev：510m-530m GM：39.0%-41.0% OPM：15.0%-17.0% NTD/USD：32.0

●3Q24營收按事業群： 1)IIoT年減4%：受iFactory專案及channel sales需求衰退影響，然半導體設備相關專案則持續回溫。 2)EIoT年減19%：受去年高基期、客戶Overstocking影響。 3)ACG年減14%：受醫療需求衰退影響，然影音串流及能源相關專案提升。 4)ICVG年減24%：網通設備及影音串流需求衰退，然Edge AI server需求增長。 5)SIoT年減22%：受到交通及醫療專案需求疲弱影響。 ●YTM 3Q24營收494億，毛利率40.6%，費用率25.9%，營利率15%，稅後淨利63億，EPS 7.39元。

I'm so beyond lucky that I was able to share my graduate research across the world in Greece where I had the chance to meet the individuals whose work I have read about for years. Next stop, my PhD defense! #ICVG 🍇🍷🍇

Special thanks to the invited speakers @MarcFuchs, @HansMaree, @MaherAlRwahnih, @XavierFoissac, @BaozhongMeng and @StefanosKoundouras for their contribution to the 20th ICVG meeting #ICVG2023

A big thank you to all participants of the 20th ICVG meeting-it was a great pleasure being with you all these days in Greece#ICVG2023

#ICVG2023 Baozhong #Meng reviews the investigations on #GLRaVs focusing on #GLRaV3, opening last day of an excellent #ICVG #meeting in #Thessaloniki

Thanks to ICVG. Beautiful Greece. #ICVG2023 #grapevines #Kyr-Yanni Vineyard

Visit of the 20th ICVG meeting group to vineyards and winery

Grapevine virology highlights by ICVG president Marc Fuchs!

Opening address at the 20th Congress of the International Congress for the Study of Virus & Virus-like Diseases of the Grapevine (ICVG) by Dr. Varvatos Magliogka.

Varvara #Maliogka, Nikos #Katis open the 20th #ICVG meeting in #Aristotle #University in #Thessaloniki #ICVG2023, with keynote lecture of Marc #Fuchs, started with remember of Prof. Giovanni Paolo #Martelli, former #ICVG #President

Los Angeles Class attack submarine USS San Juan of the US Navy, 'conducting a brief stop for supplies and personnel off the coast of Iceland,' according to USN '..supported by Icelandic Coast Guard ICVG Þór.' The Icelandic Govt has just given permission for such stops. USN image.

Great to have colleagues from Canberra and Sydney visiting #QCAT in Pullenvale. #collaboration #cyberphysicalsystems @CSIRORobotics #DSS #ICVG @Data61news @Jon_Whittle_ @OlivierSalvado @brano_kusy

Kostenloses Siminar zum Thema "Public and Private Sector Approaches to Accountability and Governance to Contribute to the SDGs". #Monash #CGB #ICVG @PapaRiedel @TKarafilov @MamaCodet @dynamiacs @jschladot eventbrite.com.au/e/cgb-icvg…

Registrations for the ICVG Symposium on Culture and Governance are now open! Download full program monash.edu/__data/assets/pdf… Register here monash.edu/business/events/t… This one-day online event is organised by @CGB_Monash - International Consortium for Values-Based Governance (ICVG).

Hoje dia 10/09, plantamos uma árvore juntamente com o Rotary de nossa cidade e o Intercambista David, a “Árvore da Amizade”, assim lembraremos do David e de seu intercâmbio aqui em nossa cidade, e também estamos trabalhando em uma das áreas de enfoque do Rotary! 💙 #icvg

デザインの世界への招待状  #3 拡張するデザイン領域｜三宅佑樹 / ICVG @yuki_miyake｜note（ノート） note.mu/yukimiyake/n/n5da3d8…

note更新しました！ 最後に残る差別化要素として、また人材の流動性の向上などに伴って、 "ビジョン"の重要性がどんどん高まっている気がして、そのことについて書いてみました。 "Vision is King"の時代？｜三宅佑樹 / ICVG @yuki_miyake note.mu/yukimiyake/n/n31ac47…

#デザイン　#経営　#CDO 著名経営者とデザイン/デザイナーの関係からCDOの可能性について考える｜三宅佑樹 / ICVG｜note bit.ly/2vMoJP7

すごい興味深い内容。あとで読もう。 著名経営者とデザイン/デザイナーの関係からCDOの可能性について考える｜三宅佑樹 / ICVG @yuki_miyake｜note（ノート） note.mu/yukimiyake/n/n397030…