On the 20th, Seetel held a pre-IPO performance presentation. Following the event, SinoPac Investment Service issued a report stating that, considering Seetel’s highly integrated hardware and software technologies, the growing shipment volume of its systems will further scale its high-margin EMS services and operations outsourcing to bring long-term and stable profitability. In addition, its high-purity MIT (Made in Taiwan) products are advantageous for securing overseas orders. The business outlook is optimistic, with the projected revenue exceeding NT$10 billion this year and after-tax EPS estimated to reach $18.
The performance presentation was packed and the Company also set up an exhibition outside the venue to showcase its industry-academic collaboration products, including the smart microgrid control application developed with National Central University, and the next-generation power battery modules jointly developed and assembled for the NTU racing team.
Seetel's revenue in 2024 was NT$430 million, gross profit margin was 23.5%, net loss after tax was NT$13 million and net loss per share was NT$0.26. In 2025, Seetel has two large E-dReg energy storage project sites in Kaohsiung scheduled for completion within one year. Revenue will be recognized progressively in line with construction milestones to drive operational growth.
In addition, battery module manufacturer Aurosi Precision currently operates two battery production lines with a combined manufacturing capacity of 3GWh for modules and cabinets, and began mass production and shipment in the fourth quarter of last year. Aurosi’s battery order visibility remains high. Aside from fulfilling domestic orders in Taiwan, the Company also plans to expand into overseas markets, with shipments expected to exceed 800MWh in 2025.
Furthermore, as battery shipment volumes increase, high-margin EMS and maintenance services are also expected to grow in tandem. According to forecasts by SinoPac, Seetel’s 2025 revenue is expected to surpass NT$10 billion. With changes in product mix, gross margin is projected at 13.4% and the Company is expected to return to profitability for the full year, with after-tax earnings per share of NT$18.
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