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Back中國車市雙跌衝擊台股零組件供應鏈 多家廠商陷虧損 怡利電皇田靠海外市場逆勢成長
中國車市雙跌衝擊台股零組件供應鏈 多家廠商陷虧損 怡利電皇田靠海外市場逆勢成長
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自由时报1 hour agoBusiness2 min readChinaView translation

中國車市雙跌衝擊台股零組件供應鏈 多家廠商陷虧損 怡利電皇田靠海外市場逆勢成長

中國車市零售額下降台股供應鏈

Quick Look

中國今年前8月汽車零售額年減18.5%，面臨銷量與價格雙下滑。高度依賴中國市場的台股零組件供應鏈，英利-KY、廣華-KY、同致電子、精確等公司因中國子公司大幅虧損而獲利衰退或陷入赤字；相比之下，怡利電透過東南亞市場強勢成長抵銷中國虧損，皇田則依賴歐美與全球外銷訂單維持盈餘，顯示出分散市場風險的重要性。

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Why It Matters

中國是全球最大汽車市場，台股多家零組件廠商高度依賴中國訂單。近年中國新能源車快速成長，但同時引發激烈價格戰，車廠將降壓力轉嫁至供應商，導致零組件毛利率被壓縮。

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〔記者高嘉和/台北報導〕中國今年前8月汽車類零售額年減18.5%，深陷銷量與價格的「雙跌」。高度依賴中國車市的台股零組件供應鏈，包括英利-KY、廣華-KY、同致與精確等，不是獲利衰退、就是深陷虧損；而怡利電積極拓展東南亞市場有成，抵銷倚賴單一市場風險，皇田則靠著歐美與全球外銷訂單支撐，也擋住了中國市場寒冬。

根據2026年上半年合併財報，生產汽車車身結構金屬及非金屬零部件的英利-KY，核心中國子公司「長春英利汽車工業」大幅虧損3.56億元，「佛山英利汽車部件」也虧損1.57億元；在中國車市價格戰下，車廠將降價壓力往上游供應商轉嫁，英利-KY承受不小壓力。

主攻汽車內飾件的廣華-KY，主力中國子公司「東莞廣澤汽車飾件」上半年虧損達2.26億元，「東莞模諾汽車飾件有限公司」也虧損1015萬元；因中國本土供應商崛起，內飾件替代性增強，面臨訂單流失與價格雙殺難題。

知名的倒車雷達與先進駕駛輔助系統（ADAS）供應商的同致電子，受到中國新能源車在智能化配備上的極度「內捲」，相關系統價格被大幅砍殺，上半年整體由盈轉虧，稅後淨損達1.49億元；主要子公司「同致電子科技（廈門）」上半年認列1.62億元虧損；儘管「同致電子科技（昆山）」仍有1906萬元的微幅獲利，仍無法彌補。

精確近年切入新能源車電池盒市場，原本受到市場期待，但上半年整體稅後淨利僅剩899萬元，較去年同期1.33億元明顯縮水。中國多數子公司陷入虧損，例如「東台精玖旺硬質合金」虧損4071萬元、「湖北精確新能源」虧損2173萬元、「廣州精確新能源」虧損1689萬元。

生產抬頭顯示器（HUD）及車載影音導航主機的怡利電，2026年上半年稅後淨利達2.02億元，較去年同期的7293萬元大幅成長。雖然中國子公司「怡利電子科技（江蘇）」受到市場內捲影響而虧損3637萬元，但怡利電「泰國怡利」上半年狂賺2.37億元，不僅完全填補中國市場的虧損，更帶動集團獲利創下新高。

全球前三大汽車捲簾製造商的皇田，產品在全球擁有極高市佔率與規模經濟，面臨中國車廠降價壓力時，仍擁有較好議價能力。2026年上半年，皇田整體稅後淨利為1.84億元，優於去年同期的1.57億元。其重要子公司「昆山皇田汽車配件」在上半年依然穩健貢獻4076萬元的淨利，主要是來自歐美與全球外銷訂單的穩定支撐。

一手掌握經濟脈動 點我訂閱自由財經Youtube頻道

What to Watch

AI outlook — possibilities, not facts

  • 怡利電將持續加大在東南亞的投資，以鞏固其海外市場成長動能

    Likely · Within months

  • 皇田將繼續依賴歐美與全球外銷訂單，而非加大在中國市場的布局

    Likely · Within months

Open Questions

  • 中國車價戰何時會趨於緩和？
  • 台股零組件廠商將如何調整產能佈局以降低對中國市場依賴？
  • 東南亞市場是否能長期成為台廠第二成長引擎？

Related Topics

中國車市
Organizations英利-KY長春英利汽車工業佛山英利汽車部件廣華-KY
Places中國台灣長春佛山
Topics零售額下降台股供應鏈英利-KY廣華-KY同致電子精確
This article was originally published by 自由时报.

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