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Geovision Analysis

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AVer 企業研究 Geovision
壹、企業簡介
企業母公司 所在地 上市時間 員工人數 核心業務 產品策略 奇偶科技股份有限公司 台北市(台灣) 2005.3.28 257(2012.3.31) IP cam, VMS 以軟體為主整合硬體

Geovision 為著名 VMS 影像管理軟體製造商,以生產 CMS 中央管理軟體、進階影 像分析技術見長。研發人員佔員工半數,研發能量強,產品策略為「軟體為技術 核心,硬體為銷售核心,以免費軟體提高硬體附加價值」 ,主要產品為 PC based DVR,軟體可在 PC 上使用,且藉由不定期的軟體升級提升顧客依存度;2008 年 開始進行 IP cam, NVR 自製,使軟體技術能套用在整套監視系統硬體(CAM, NVR, PC 軟體)上。 員工主要為研發與銷售人員,SMT 製程委外代工,故製造人員不多,但有增加的 趨勢,顯示自行生產的規模逐漸擴大。 簡明新產品上市歷史如下表: 簡明新產品上市歷史 1998 2011.4 2001.9 2001.10 2002.7 2004.1 2006.3 2006.12 2008.2 影像擷取、影音壓縮軟體 影像擷取卡 PC-based DVR 車牌辨識系統 GV-DSP 即時顯示卡 中央監控中心 智慧影像分析 Video server(類比→數位) IPcam NVR Compact DVR H.264 硬體壓縮卡 GIS 系統

2009.1

員工人數分配如下表: 員工人數 年度 研發人員 管理及業 務人員 生產人員 合計 2010 121 54 45 220 2011 131 56 60 247 2012.3.31 130 50 77 257

Geovision轉型為IP cam、DVR雙軌並行後,一方面利用軟體優勢鞏固傳統的DVR 市場,二方面也能掌握IP網路監控趨勢起飛,百萬畫素的IP產品線已超過 60 種, Q2 IP Cam出貨數量超過 2.4 萬支,3 月單月達 9500 支、營收佔比逾 5 成,比重 已正式超越原有的DVR與卡片產品線(營收貢獻約 45%)。 1 今年第 2 季時IP Cam單月出貨量都超過 1 萬支。奇偶第 2 季合併營收 5 億元,季 增 13.7%,並創單季營收歷史新高;第 2 季稅前盈餘 1.5 億元。 2奇偶表示,IP網 路監控產品的銷量及比重呈逐季成長,第 2 季的IP CAM單月出貨量都在 1 萬支以 上,傳統DVR產品也維持穩定。 而今年在IP Cam業績爆發帶動下,雖然第 3 季並非產業旺季,但預估業績仍將較 第 2 季再呈現個位數成長,第 4 季再展現更強勁爆發力。法人也看好奇偶今年業 績表現,可望逐季改寫歷史新高。 3 目前以高端產品為主要訴求銷售對象,一般通路經銷商約占 70%,爭取標案為主 的系統整合商約占 30%,銷售區域以歐美市場為主,美洲(北美+南美)占營收比重 約 44%,歐洲占 34%,亞洲(日本、中東、東南亞等)占 17%,台灣及非洲等則占 5%。 4

1 2 3 4

MoneyDJ 財經知識庫報導。2012.4.20 經濟日報。2012.8.2 鉅亨網。2012.7.6 康和證券。2011.4.20

貳、產品
一、業務範圍 技術以 VMS, CMS 軟體為核心,但非獲利主力,IP cam 和 DVR, NVR 硬體才是實體 販售獲利的產品,另有搭配 CMS 的數位電子看板 Digital signage。 DVR 機體為一塊 PCB 板,分為低、中、高階,皆採委外代工方式生產,主要為 PC based,也就是 PC 連接網路不需要額外的硬體裝置,僅透過遠端監控軟體即 可達到遠端監控的效果。CMS 軟體多需搭載資料擷取/處理機器。

Cam

VMS IP cam

Video analytics Central monitoring station

CMS

Access control LPR POS/ATM

NVR Compact Video Recorder, server Digital Signage DVR PC - based Hybrid DVR

二、核心技術 Geovision核心技術包括中央監控中心、車牌辨識、門禁控制、進階影像分析等軟 體技術,而IP cam雖起步較晚,但產品品項以相當完整,。軟體系統可套用在許 多他牌的IPcam中,若是符合ONVIF, PSIA, PTSP標準的設備也可套用,使用範圍相 當廣泛。 5 核心技術 CMS GV-center (監看5台GV-監控主機80路即時影像) GV-center Pro (監看500台GV-監控主機800路即時影 像) CMS GV – GIS GIS 中央管理系統 即時車輛 GPS 座標 即時行車影像 支援 Google Maps、Microsoft Virtual Earth 及自行地義之地圖 同時監控達 500 台車輛 回放追蹤之路徑 偵測繞路的情況(與預設路徑不同) 16 畫面即時監看 同時顯示持卡人及刷卡人照片 事件觸發影像錄存 輸出報表 遠端監控/ 影像回放/ 控制門 視覺控制, 影像分析警報, 自動平移功 能, 虛擬PTZ, 位移偵測, 廣角端影像 修正技術, 文字顯示, 物件追蹤

CMS GV – Access control 門禁控制系統

CMS GV – DSP – LPR 車牌辨識系統 CMS POS/ATM VMS 進階影像分析技術 GV – Web Report VMS 進階影像分析技術 收銀機/ATM 系統整合 即時人流及人臉分析 存取報表及圖型 人臉偵測 人流統計
5

影像遮蔽警報 視覺化控制

可套用 IP cam 的廠商包括 GeoVision, ACTi, Arecont, Vision, AXIS, Bosch, Canon, CNB, D-Link, EtroVision, HikVision, HUNT, IQEye, JVC, LG, MOBOTIX, Panasonic, Pelco, Samsung, Sanyo, Sony, UDP, Verint, VIVOTEK,詳細適用產品品項詳 http://www.geovision.com.tw/english/product/SupportIPCAM.asp

可疑物智慧偵測 遺失物智慧偵測 物件追蹤及放大 場景變化警報 VMS 進階影像分析技術 1 魚眼數位物體追蹤技術 Fisheye Object Tracking 2 魚眼扭曲校正技術 Wide Angle Lens Dewarping 防震ACC Model單機型監控系統 車用 compact DVR 常見技術 PTZ Thermal 魚眼Fisheye 紅外濾光片IR Cut Filter日夜功能 背光補償 BLC 自動白平衡 auto white balance AWB 自動光圈 auto IRIS 寬動態 WDR 動態偵測 Motion detection 警報 音訊偵測 Audio detection 警報 防暴偵測 Tamper detection 警報 畫面隱私遮照 Wireless Micro SD 乙太網路 PoE H.264 雙向通話 Two-way audio

攝影機全景瀏覽 技術 影像穩定技術 影像除霧技術

2 將全景影像校正為平面影像

○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○

三、產品系列 簡明產品技術規格 項目 1 2 3 產品系列 Box Bullet Fixed dome 技術 感光元件 1/2.5" CMOS 1/2.5" CMOS 1/2.5" CMOS 像素 Fps 5 10 3 3 20 20

4

Mini Fixed dome Cube Fisheye Object Tracking Fisheye

1/2.5" CMOS 1/2.5" CMOS

5 2

10 30

5 6

1/2.5”CMOS 5 10 Wide Angle Lens Dewarping 監看各個所需之角度 透過我們的軟體可將魚眼鏡頭的影像轉換成一般傳 , 統之影像型態 7 9 8 PT PTZ 1/3" CMOS 1/4" CCD 1 Pal 15 25

Speed dome 1/2.8" CMOS 2 30 360°平移控制能力及-10°~190°垂直控制能力,最高支援 256 個預設點及支 援定義 8 組路線,4 組自動平移模式及 4 組巡航功能。

四、產品圖像 Box Bullet

Fixed dome

Mini Fixed dome

Cube

Fisheye

PT

PTZ

Speed dome

五、產品總評 VMS 產品技術包括進階影像分析、影像擷取、影音壓縮領先同業,而 CMS 亦是 同業中少有。軟體的優勢有三: 一、技術領先、不定期升級 二、皆可排除攝影機獨立販售、能套用他牌攝影機 三、配合自家攝影機效果更佳,拉抬自家攝影機銷售 優勢三應為軟體開發的最主要目的,與近年來監控系統趨勢相同,但他牌多為硬 體自製、軟體外包或軟體自製、硬體外包,而 Geovison 兩者皆有,更具整合性。 VMS 多搭配攝影機、DVR, NVR 銷售,只要購買硬體即可免費安裝 VMS,故 VMS 在營收上沒有顯性的貢獻;CMS 較具有獨立販售的能力 硬體銷售由 IP cam 和 DVR(除整機之外亦有卡片型式)各據約 50%、45%,其餘為 獨立販售的 CMS,主要為中央監控中心、車牌辨識、門禁控制、POS/ATM。CMS 獨立販售營收貢獻實不高,若沒有搭配攝影機販售的能力,那應是不佳的投資。 IP cam 硬體品質位居同業平均,但影音壓縮能力較佳,亦可搭載自家 VMS(例如 魚眼數位物體追蹤技術),產品種類亦屬完整,因此具有競爭力。

肆、原料供應、生產與銷售
一、企業組織 旗下重要公司 母公司 奇偶科技股份有限公司 國內子公司 愛現科技股份有限公司 海外子公司 USA Vision Systems,Inc. EUROPE Vision Systems S.R.O 株式會社GeoVision GEOVISION BRAZIL REPRESENTACAO ESERVICOS LTDA. 奇偶信息科技(上海)有限公司 美國加州 捷克布拉格 日本東京 巴西聖保羅 中國上海 北美銷售 歐洲銷售 日本銷售 南美銷售 軟體製作銷售 生產 研發、生產、銷售 所在地 主要業務

Geovision 母公司負責大部分的生產製造,2010 年 2 月為「擴充產品線, 增加監 控相關市場多元發展」 而收購愛現科技 51%股權 其營業項目為燈箱式外觀設計、 , 背光模組廣告顯示器、方形外觀設計、廣告多媒體顯示器、廣告多媒體播放機、 廣告多媒體播放機、液晶廣告多媒體顯示器。2008 年一月成立英國分公司,但 在 2010 年 12 月因營運不善而清算結束之。 二、生產流程

三、原料供應 主要進貨原料:IC零件、Lens。因主要銷售產品由99 年卡片為主轉為100 年IP 產 品銷售比例提升,故卡片中主動元件供應商艾睿下降,而IP 產品中IC 供應商文 曄大幅提升所致。主要供應商表列如下:
主要供應商 2010 項目 名稱 金額 占進貨 淨額%
卡片主動元件

2011 名稱 金額 占進貨 淨額% 文曄 艾睿 其他 進貨 淨額 66,940 29,312
430,144 526,396

2012Q1 名稱 金額 占進貨 淨額% 文曄 艾睿 其他 進貨 淨額 20,854 2,801
132,151 155,806

艾睿 文曄

45,697 14,081
420,200 479,977

10 3 87 100

13 6 81 100

13 2 85 100

IC 其他 進貨淨額

Geovision 在 2011 年期末除與艾睿、文曄科技購料之外,尚與以下非關聯公司有 賒購紀錄,應皆為供應商: 供應商 商杰 鑫盈科技 業務 電子零件代理 商 PCB 製造 所在地 新北三重 桃園蘆竹 賒購金額 10,027 5,869

每一零星供應商餘額均未超過本科目金額5% 2011 年各種進貨如下 可見總進貨 5.26 億元 其中原料進料比例最高 佔 93.56%, , , , 進貨成本占營業成本 85.17%,其餘為各項費用。 2011 各種進貨 項目 期初原料 原料 在製品 製成品 商品 期末原料 營業成本 總進貨 進貨/營業成本 四、生產 生產量值 2010 產量(套) 產值 2011 產量(套) 產值 進料 進貨行為 金額 120,101 492,481 93.56% 3.81% 0.48% 1.37% 0.79% 商品轉入 20,068 進貨 2,507 進貨 7,194 135,496 618,087 526,396 85.17% 100.00% 購入商品 4146 佔總進貨比例

133,922 314,358 253,784 656,789 以委外加工方式生產,2011~2012 年代工合約與公司資訊如下表: 代工廠商 智鼎電子 貿特科技 日昭電子 上旺科技 鑫亞通信
6

契約起訖日期 100.08.31~101.08.30 SMT

業務

所在地 新北市龜山 新北市中和 新北市新莊 新北市中和 新北市新店

6

100.08.31~101.08.30 SMT 100.08.31~101.08.30 SMT、測試
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100.08.31~101.08.30 SMT、DIP組裝測試 100.08.03~101.08.02 天線、同軸電纜

年報中原載為”智鼎公司”,推測應為智鼎科技旗下的智鼎電子

根據上表,推測代工業務集中在 SMT,因此 DVR 大部分生產流程皆可外包,除 此之外的 IP cam 生產,包括組裝、光學等等應仍是自製。製造人員不多,但有 增加的趨勢,顯示自行生產的規模逐漸擴大,應是生產 IP cam。 因看好IP CAM市場的成長性,奇偶也大幅擴編IP CAM的團隊及產能,將IP CAM的 生產基地由七五○坪擴大至一五○○坪,提升了一倍的空間,月產能可由現在的 一萬台拉高到一.五萬台至二萬台,並持續推出新產品;估計年底時,IP CAM的 新產品可達到五○款,該項產品的單月營收也可望自一億元起跳,較一一年成長 逾倍,使其一二年的出貨量達到一○萬台以上,並有挑戰十一萬至十二萬台的實 力,成長逾五成,營收比重也可望進一步推升至四五%,與DVR形成兩大主力產 品。 8 五、銷售 2010 內銷 量 7,416 值 量 外銷 值 量 內銷 值 量 2011 外銷 值

31,519 170,553 1,166,100 7,266 2010 佔營收比例 49% 33% 12% 3% 97% 3% 100%

38,407 234,436 1,494,105 2011 佔營收比例% 45% 37% 12% 3% 97% 3% 100%

銷售金額 外銷 美洲 歐洲 亞洲 其他 小計 內銷 合計 581,137 395,127 148,342 41,494 1,166,100 31,519 1,197,619

銷售金額 695,056 563,848 183,456 51,745 1,494,105 38,407 1,532,512

台灣區銷售由學琳科技代理 9,學琳科技成立於 2002 年,經營完全依賴販售 Geovision之業務。南美洲網路基礎建設未臻普及,當地的安控系統專案仍以DVR 架構為主,也是奇偶DVR產品中最大客戶。

7

年報中原載為”鑫亞公司”,推測應為鑫亞通信。同名公司有鑫亞國際,公司於台中大雅,經營 國際金屬代理 8 先探周刊。2011.12.30 9 學琳科技網站 www.twvision.com.tw/

Geovision 在 2011 年期末與以下非關聯公司有賒銷紀錄,應皆為經銷商: 經銷商 SAS Storvision 學琳科技 Unife Comercio Exterior Ltda.
Simples Solutions Comercio de Equipamentos Eletronicos Ltda

所在地 法國 台灣 巴西 巴西 不明

賒銷金額 22,534 8,407 6,574 5,479 3,565

AstroVision Tec.Com e Serv. Eletr.Ltda. 每一零星客戶餘額均未超過本科目金額5%。 母公司主要銷貨客戶名單如下:
母公司主要銷貨客戶名單 2010 項目 名稱 金額 占銷 貨淨 額 1 2 3 USA Vision Europe Vision 其他 銷貨 金額 586,923 1,197,619 49% 100% 236,189 20% 374,507 31% USA Vision Europe Vision 其他 銷貨 金額 696,492 1,532,512 46% 100% 339,576 22% 496,444 名稱 2011 金額 占銷 貨淨 額 32%

2012Q1 名稱 金額 占銷貨 淨

USA Vision Europe Vision 其他 銷貨 金額

160,791 73,770 157,479 392,040

41% 19% 40% 100%

地區別客戶收入如下:以美國為主,佔比例約總營收 29%。 客戶收入─地區別 國家 美國 法國 日本 台灣 其他 合計 2011 營收 2010 營收 非流動資產 482,228 79,920 72,392 38,550 985,864 1,658,954 354,509 44,514 64,990 32,223 810,031 1,306,267 117,715 0 8,489 71,321 2,389 199,914

參、財務研究
會計年度 季別 月份 Q1 1~3 Q2 Q3 Q4 10~12 4~6 7~10 施行 IFRS 時間

自 101 年初逐步採用 IFRS,預計 102 年開始採用 一、基本資產及損益 基本損益 (億)
6 5 4 3 2 1 0 2010Q1 2011Q1 2012Q1 2012Q2 Revenue Gross profit Profit before tax Gross profit margin 68% 65.90% 65.49% 64.07% 61.21% 63.61% 60.62% 66% 64% 62% 59.55% 58.97% 57.49% 60% 58% 56% 54% 52% 50%

56.22%

Growth 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 Revenue 21% 24% 25% 38% 21% 22% Gross profit 17% 14% 16% 32% 7% 16% Profit before tax 78% 39% 11% 322% -13% 16% 營收自 2010 年起穩定成長,但因為 IP cam 營收比重逐漸提升至 50%,毛利率逐 漸下降,整體來說毛利高於同業,若 IPcam 營收比重繼續提升,則毛利率應仍有 下探空間。營收雖穩定成長,毛利與淨利的成長卻不成比例,可見高毛利的 DVR 銷售金額正逐漸下降,營收成長大部分來自低毛利的 IPcam。 2010Q4 的稅前利潤大幅下降原因來自 6,071 萬的台幣升值匯兌損失 令 Geovision , 損失極大,類似情事在台灣同業中亦有發生;這也導致 2011Q4 的稅前利潤成長 率爆量。

2012Q2 各種利潤皆有不錯的表現,毛利率也逆勢回升 ,應是因為 DVR 銷售有 所回升:3 月份時 DVR 與卡片出到巴西的貨,因當地海關作業而延宕未入關,至 少影響 1000~2000 片的數量,此貨應計入 Q2 營收。 基本資產

PPE 6% Trade receivables 7% Inventories 19%

Cash and cash equivalents 60%

(億)
14 12 10 8 6 4 2 0

Cash and cash equivalents

Inventories

Trade receivables

PPE

2010Q2

2011Q2

2012Q2

流動資產佔資產約 90%,其中現金(60%)比例極高,遠高於同業;另外,應收帳 款(7%)低於同業,存貨(19%)與同業相似。固定資產(6%)低於同業,多為土地、 房屋建築,設備少,這是因為 Geovision 以軟體研發為核心技術、生產外包。研 發的無形資產皆認入研發費用、營業成本,除非申請專利,否則並未列入無形 資產中。 流動資產、現金、固定資產的比例與 Vivotek 幾乎完全相同,惟存貨比例較高、

應收帳款比例較低,推測因為 Geovision 銷售較不依賴代理商(換個角度說,是通 路尚未健全),故須自行囤積存貨,而銷售傾向收現。 現金水位固定在 Q4 下降,是因為現金股利發放。存貨金額逐漸提高,應是營收 成長的備貨考量;PPE 無增長,現金應多以研發費用的方式投入再生產。 基本負債及股東權益
Trade payables 5% Other Short-Term Liabilities 11%

Equity 84%
Geovision 在 2008.12.29 曾發行三年期無息有擔保可轉換公司債 3 億元,此債在 2011Q4 已全數消滅,2012Q1 完全沒有付息短期借款及長期借款,無利息費用 的支出,僅有少量的流動負債,資金來源主要來自股東權益,財務槓桿保守。

三、Profitability 淨資產之獲利與財務槓桿 (億)
20 15 10 5 0 2010Q2 -5 -10 -15 2010Q2 Operating ROA Effective interest rate after tax Spread 18.6% -0.1% 18.7% 158.2% -0.1% 158.3% 5.2% -0.2% 5.3% 2011Q1 2012Q2 Net assets Net Debt Equity ROA Operating ROA Financial leverage gain 40% 30% 20% 10% 0% -10% -20% -30% 2011Q1 20.6% -0.2% 20.8% 15.5% -0.1% 15.5% 30.2% -0.1% 30.3% 16.2% 0.1% 16.1% 2012Q1 15.3% 0.2% 15.1% 5.2% 20.6% 7.4% 15.5% 6.1% 30.2% 15.3% 5.1% 2012Q1

1.7% 2010Q4

5.1%

2011Q2

2010Q1,Q2,Q3 的 ROA 等資料因可轉換公司債尚在長期負債項,固有嚴重扭曲, 故在折線圖中不列出。 因為現金持有比率極高、無付息負債,所以 Net assets 被壓至極低,Net debt 為 負值,為負槓桿。OROA 大於 ROA,在經營上雖極具流動性,但或許過於保守, 資金成本高,浪費了高利差。 OROA 高於同業平均,但 ROA 低於同業平均(,可見在營業獲利方面成功,但因 為現金持有量過高、槓桿保守而大低報酬,雖獲利規模大,但將現有的資產規 模納入考量,並不出色。

四、Operating management 毛利率及各項費用率
Gross profit margin R&D expenses Administrative expenses 70% 60% 50% 40% 30% 20% 10% 0% 2010Q1 2011Q1 2012Q1 2012Q2 14.22% 13.13% 15.07% 15.14% 18.12% SG&A Selling and distribution expenses

12.09% 13.79% 13.02% 12.64%

毛利率因 IPcam 營收比重上升而逐漸下降,前已述及。SG&A 比率位居同業平均。 研發費用高於同業平均,但毛利率亦高於同業平均,原因有二,一,顯示研發有 成,品牌價值高,能維持較高的售價;二,軟體銷售毛利近乎 100%。 三、Investing management Geovision在2008.12.29曾發行三年期無息有擔保可轉換公司債3億元作為辦公場 所購置、辦公場所裝潢經費,以面額之100.5%溢價發行,募集總金額為301,500 仟元。轉換選擇權歸於債券持有人,僵固期三個月,另外,債券持有人得於本轉 換公司債發行滿二年及到期日時 要求本公司分別以票面金額之 10 5 . 0 6 2 5 % , 及票面金額將其所持有之轉換公司債買回。 此公司債的債部分原本認為長期負債,後轉為短期借款,自2010Q2開始陸續轉 換為普通股,亦有現金買回者,在2011Q4期末以全部消滅。 此公司債發行後因完本計畫購買的標的物價格過高,遲至100Q2仍而未使用,故 其中2億轉為開發及製造IP-Cam相關產品、1億轉為對美國子公司USA VISIONSYSTEMS, INC增資。此資金使用在100Q4期末前完全執行,但固定資產帳 面淨值並未提升,故推測此資金對IP-Cam的投入主要在研發費用上。

此後討論其它資產項目的投資結果。 銷貨相關周轉率
Operating working capital to sales turnover Net non-current asset turnover Days' receivables Days' inventories 250 200 150 100 50 2010Q2 2011Q1 2012Q2 0 2010Q2 2011Q1 2012Q2 Days' payables

(天)

(億)
8 6 4 2 0 (2) (4)

PPE turnover

資產 turnover 與同業相似。固定資產幾乎無變動,2012Q2 turnover 的成長來自 營收成長。固定資產因為生產外包,並不需要處於高水位,並非不積極投資。 存貨天數高於同業,是因為毛利率較高,COGS 較低的關係,而 2011Q2 起存貨 天數的下降便是因為毛利率逐漸降低,此線漂亮的誇張,因為在 2011Q1 潛存火 水位不斷上升以為 IP cam 備貨,而 2011Q2 後存貨水位已不再上升,COGS 卻仍 欲在上升,故存貨天數穩定下降已結束。由此可推測對於新的 IP cam + DVR 經營 型態,存貨天數的穩定水位應落在 150 天至 110 天之間。 各項存貨
Raw materials and supplies Work in progess

各項存貨及銷售成長率
Sales Inventories Raw materials and supplies Work in progess Finished goods 400% 300% 200% 100% 0% 2011Q2 2011Q4 2012Q2

(億)
1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2010Q2

Finished goods

2011Q1

2012Q2

-100%

QoQ 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 Sales 23.66% 25.21% 37.50% 20.76% 22.42% Inventories 171.99% 92.61% 42.77% 36.10% 4.41% Raw materials and supplies 140.96% 49.86% 4.81% 4.26% -2.81% Work in progess 309.77% 163.84% 38.89% 43.12% -13.74% Finished goods 126.08% 111.08% 113.32% 79.17% 35.67% 同樣因為毛利率高的關係,各項存貨的成長率皆高於銷貨成長率,直到 2012Q2 才落後。 由於存貨的備料集中在 2010Q2~Q4 之間(由 6,324 萬成長至 1.2 億),之後的存貨 水位在 1.3 億之間搖擺,變動不大,故存貨成長率在 2011Q4 後回穩,與銷售成 長率類似。2012Q2 各項存貨配置屬於正常狀況,應沒有存貨問題、斷料問題。

五、國內外損益 國內外收入及損益 (億)
2.5 2.0 1.5 1.0 0.5 0.0 2010Q1 2010Q1 2010Q2 2010Q3 2011Q1 2012Q1 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 台灣 外部收入 內部收入 部門收入 部門損益 127,209 144,566 144,327 139,118 144,540 168,443 157,018 190,900 151,278 132,064 182,846 154,618 172,871 189,129 225,020 186,329 271,131 240,762 259,273 327,412 298,945 311,989 333,669 393,463 343,347 462,031 392,040 89,315 91,956 153,068 37,546 148,051 124,298 154,497 143,528 126,582 美國分公司 外部收入 部門損益 89,534 105,983 112,084 103,122 120,719 134,734 150,519 150,509 178,597 (1,346) 65,062 2,405 19,611 (8,209) (2,540) 58,493 (1,502) 21,565 (638) 58,678 2,518 22,591 (2,790) 捷克分公司 外部收入 部門損益 72,864 (115) 其它 外部收入 部門損益 21,460 (1,590) 19,213 (6,689) 18,951 3,875 22,205 (1,482) 20,411 (2,078) 15,748 (3,865) 80,032 1,189 86,713 2,137 93,077 100,970 1,850 (155) 94,544 4,152 804 (295) 1,841 (1,726) 3,545 台灣 美國 捷克 其它

7,881 (18,857)

海外分公司的外部收入皆列入台灣母公司的內部收入。 台灣、美國、捷克分公司的營收都有類似幅度的穩定成長,但其它分公司(東京、 巴西、愛現科技等)營收不見起色。由於合併營收成長主要來自 IP cam,推測營 收不見成長的公司應以較低階的 DVR 為主要商品(開發中市場如南美、中國),尚 無法推銷 IP cam,而歐美市場對 IP cam 需求較大。 美國分公司在 2010 歷經虧損,能轉虧為盈應是得力於 IP cam 銷售。

六、股東權益 Geovision 向以高現金股利著稱,在 2010 和 2011 分別發放現金股利 3.85 億、2.4 億,2012 年預計發放每股現金股利 7 元,以 2012.3.31 流通在外股數 56,149,990 計算 現金股利共 3.9 億 2011 2012 年之現金股利發放率分別為 18.37% 23.69%, , , 、 、 高於同業。 惟股東現金股利的需求將影響公司的永續發展潛力,現金的積存也對公司經營有 所限制,對照現金水位變化,可發現為了發放股利,必須積存大量現金。 七、財務研究總評 Geovision 財務策略屬於保守,與 Hikvision, Vivotek 相似,現金持有量極高、固定 資產幾無增長 負債比極低 而 ROA 低於同業 現金股利發放率高 可見 Geovison , , 、 , 在成功轉型 IP cam 廠商之後,短期策略以產生現金流量、安全保守地維護股東 權益為主。 因為 SMT 製程外包,現金的支出除了業務需求、薪資需求外,應主要投入在研 發費用,至於固定資產方面,轉移至 IP cam 時購進一批後,應不再有需求,故 沒有增加資本支出並非不積極投資。轉移至 IP cam 時曾發行可轉債,可見 Geovision 並非沒有舉債意願,只是需要時機,對現階段的 Geovision 而言,提升 軟體研發優勢是比較重要的。 在營收的部分,表現相當亮眼,但若 DVR 營收比重下降,將進一步侵蝕毛利, 有兩解:一、持續投入研發、銷售 DVR 以維護 DVR 營收,二、進行資本支出完 全自製 IP cam 或研發低成本的替代方案,降低生產 IP cam 的成本,提升 IP cam 毛利。若毛利持續下降,則辛苦累積的營收將被侵蝕,淨利不一定會有所成長。 在淨利部分尚須注意以及可能的台幣升值匯兌損失。 歐美銷售不畏世界景氣衰退而成長,顯示高端市場的強勁需求,也顯示維持研發 品質的重要,是必須持續投資的;較低階的 DVR 仍是可以努力的部分。 Geovision一個月來股價雖在低檔,但三大法人共計買超 260 張 10,顯示市場信心 足夠,對未來預期樂觀。

10

20127.9 ~ 2012.8.6 外資共買超 204 張、投信共買超 83 張、自營商共賣超 27 張

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