巨大機械工業股份有限公司

Abstract

隨著2019年COVID-19疫情席捲全球，各產業紛紛遭受到嚴峻的衝擊。作為臺灣腳踏車產業的領導企業，巨大機械工業股份有限公司(以下簡稱「巨大」)，也在這次危機中經歷了經營策略的挑戰。隨著疫情改變了人們的生活方式，為自行車產業帶來了一波新的熱潮，在全球自行車需求量急遽飆升、零組件市場供應鏈斷裂的情況下，巨大憑藉大量的庫存迅速搶佔市場，成為當時腳踏車產業的大贏家。然而，一份巨大公司在2022年12月13日發函給下游零件供應商要求延長付款票期45天的信件被曝光，揭示了巨大在財務週轉上的困難。 本篇報告以巨大機械為研究對象，透過公開資訊觀測站提供上市企業的財務資訊，蒐集並分析相關財務資訊如流動比率、速動比率、存貨週轉率、應收款項週轉率、資產報酬率等財務指標，並與運動休閒產業的平均值進行比較。透過分析結果得知，疫情期間巨大集團雖因高庫存滿足了市場需求，實現營收大幅增長；然而，隨著市場需求回落導致存貨週轉率下降，平均銷貨日數與收現日數上升，經營效率下滑，引發了現金流的巨大壓力，巨大公司的財務壓力逐漸浮現。 基於分析結果，我們分別提出了短期與長期的策略建議。短期建議巨大公司處置閒置資產以提升流動性，並加強存貨管理與需求預測；長期則建議透過縮短客戶付款期限以提升資金回收效率，並適度增加高風險高報酬的投資比例，以優化資本結構。

With the outbreak of the COVID-19 pandemic in 2019, various industries were severely impacted. As a leading company in Taiwan's bicycle industry, Giant Manufacturing Co., Ltd. (hereafter referred to as "Giant") also faced challenges in its business strategy during this crisis. As the pandemic changed people's lifestyles, a new wave of demand emerged for the bicycle industry. With a sharp surge in global bicycle demand and supply chain disruptions in the component market, Giant quickly captured the market by leveraging its large inventory, becoming a major winner in the bicycle industry at that time. However, a letter sent by Giant to its downstream suppliers on December 13, 2022, requesting an extension of the payment term by 45 days, was exposed, revealing financial difficulties in the company's cash flow management. This report uses Giant Manufacturing as the research subject and analyzes its financial information, such as the current ratio, quick ratio, inventory turnover ratio, receivables turnover ratio, and return on assets, which are publicly available on the Taiwan Stock Exchange. These financial indicators are compared with the industry average of the sports and leisure sector. The analysis reveals that although Giant's group saw significant revenue growth during the pandemic due to high inventory meeting market demand, the subsequent decline in market demand led to a reduction in inventory turnover, an increase in the average number of days for sales and receivables collection, and a decline in operational efficiency. This caused significant pressure on cash flow, and the financial strain on Giant gradually became apparent. Based on the analysis, we provide short-term and long-term strategic recommendations. In the short term, it is recommended that Giant dispose of idle assets to improve liquidity, strengthen inventory management, and enhance demand forecasting. In the long term, it is advised that Giant shorten customer payment terms to improve cash recovery efficiency and moderately increase investments with higher risk and return to optimize the capital structure.