AHI Journal營建與公共工程案量齊發：三洋實業奪國道 7 號 87.7 億案額、鉅陞都更聯貸超額認購 124.5%Construction and Public Works Gather Pace: Sanyang Industrial Subsidiary Secures NT$8.77 Billion National Freeway 7 Deal, Maxima-Led Urban Renewal Syndicated Loan 124.5% Oversubscribed
三洋實業旗下上鋌營造取得 100 億級公共工程合約，鉅陞與長耀合推之桃園都更案亦獲公私銀行團 82 億元聯貸支持。Sanyang Industrial subsidiary Sun-Ting Construction lands a multi-billion public works contract, while Maxima's joint Taoyuan urban renewal project with Chanyao secures an NT$8.2 billion syndicated facility from public and private lenders.
前情提要Previously本刊第 3 次談Our take #3 on 建材營造
本篇重點：The key points:
- 三洋實業旗下上鋌營造與泛亞工程合攬國道 7 號小港路段標案，總額 179 億元，上鋌占比 49%。Sanyang Industrial subsidiary Sun-Ting Construction, in a joint venture with Pan Asia Corporation, won the National Freeway 7 Siaogang section project valued at NT$17.9 billion, with Sun-Ting holding a 49% share.
- 國道 7 號新建工程第C705S標預計於 2031 年 9 月完工，工期長達數年。Contract C705S of the National Freeway 7 construction project is scheduled for completion in September 2031, spanning a multi-year construction schedule.
- 鉅陞攜手長耀建築辦理桃園市會稽段都更案 82 億元聯貸，獲銀行團超額認購 124.5%。Maxima joined forces with Chanyao Construction for an NT$8.2 billion syndicated loan for the Huiji section urban renewal project in Taoyuan City, with bank subscriptions reaching 124.5% of the target.
- 土地銀行與永豐銀行擔任共同統籌主辦行，提供該案 5 年期授信額度。Land Bank of Taiwan and Bank SinoPac served as joint mandated lead arrangers, providing a five-year credit facility for the project.
當日建材營造產業聚焦於大型合建與公共工程之資金與接單動能。三洋實業旗下營造廠採聯合承攬模式切入重大交通建設，鉅陞則鎖定桃園都會區都更危老案源，金融體系對大型都更開發案的授信態度成為推動案量關鍵。The building materials and construction sector focused on funding and contract momentum across large-scale joint developments and public infrastructure. A construction subsidiary of Sanyang Industrial tapped into major transportation works via a joint venture, while Maxima targeted urban renewal and unsafe building reconstruction in the Taoyuan metropolitan area. The banking system's lending appetite for large urban renewal projects remains pivotal in driving project volume.
三洋實業（1472）Sanyang Industrial (1472)
三洋實業（1472）旗下上鋌營造宣布最新接單進展。上鋌營造與泛亞工程採取聯合承攬方式，共同投標交通部高速公路局主辦標案。團隊成功取得國道 7 號高雄路段新建工程第C705S標小港路段標案。該工程總得標金額約為新台幣 179 億元。依雙方合約協議，上鋌營造承攬占比為 49%。上鋌營造對應的分攤案額約為 87.71 億元。全案工程預計完工時點為 2031 年 9 月。Sun-Ting Construction, a subsidiary of Sanyang Industrial (1472), announced a major contract win, successfully securing the "National Freeway 7 Kaohsiung Section New Construction Project Contract C705S (Siaogang Section)" tendered by the Freeway Bureau of the Ministry of Transportation and Communications, under a joint venture with Pan Asia Corporation. The total bid value reached approximately NT$17.9 billion. Under the joint venture agreement, Sun-Ting Construction holds a 49% share, representing a contract value of roughly NT$8.771 billion. The entire project is slated for completion in September 2031.
三洋實業早期以紡織纖維製品為主要業務。公司近年透過轉投資營造事業，積極開拓公共工程領域。國道 7 號新建工程屬於南部重大交通基礎設施。標案工期橫跨數年，顯示旗下營造事業具備承接大型基礎工程之承攬能力。該項長工期工程款項，預期將由公司依據工程實際施作進度分期認列營收。Sanyang Industrial initially operated in textile fiber products before aggressively expanding into public works in recent years through equity investments in construction entities. Contract C705S forms part of a major transport infrastructure initiative in southern Taiwan, carrying a construction timeline that spans several years. The win confirms the construction subsidiary's ability to undertake large-scale infrastructure projects. Revenue from this long-duration contract is expected to be recognized in phases based on actual percentage of completion.
鉅陞（5529）Maxima (5529)
鉅陞（5529）持續瞄準大台北與桃園都會區之都市更新需求。團隊同步锁定都會區的危老重建商機，全力推進桃園市桃園區會稽段都市更新事業計畫案。鉅陞集團為籌措開發所需資金，這次偕同長耀建築集團共同合作。雙方委由土地銀行與永豐銀行擔任共同統籌主辦行。主辦行共同規劃並辦理 5 年期新台幣 82 億元之聯合授信案。Maxima (5529) advanced its "Huiji Section Urban Renewal Project in Taoyuan District, Taoyuan City," targeting urban renewal and unsafe building reconstruction demand in the Greater Taipei and Taoyuan metropolitan areas. To fund the development, the Maxima group partnered with the Chanyao Construction group, appointing Land Bank of Taiwan and Bank SinoPac as joint mandated lead arrangers to structure and execute a five-year, NT$8.2 billion syndicated loan facility.
公股金融機構及各參貸銀行熱烈支持該項聯貸案。該案最終獲得超額認購達 124.5%，各方已順利完成簽約。鉅陞近年聚焦都會核心地段之危老都更開發業務。此案座落於桃園市精華發展區塊。本次 82 億元資金全數到位，將全力支應後續都更基地整合。這筆資金也將為工程興建及開發營運所需提供流動性支持。Backing from state-run financial institutions and participating commercial banks pushed subscriptions to 124.5% of the target, leading to a successful signing. Maxima has focused in recent years on redeveloping aging structures in prime urban cores. Located in a high-growth sector of Taoyuan City, the NT$8.2 billion facility provides the necessary liquidity to support site consolidation, engineering construction, and ongoing operational development.
本刊觀點：The Journal's View: 營建業的接單規模與資金募集呈現分流落實。三洋實業透過子公司切入近 180 億元的國家級重大交通建設，鉅陞則取得公股與民營銀行聯手支持的 82 億元都更授信案，反映出具備實體開發與公共工程資格的業者仍能維持金流與案源。
然而，市場共識往往將取得聯貸與標案視為實質收益保證，這裡存在一個執行裂縫：三洋實業取得的國道 7 號標案完工期程遠至 2031 年 9 月，這筆 100 億級訂單在工程物理進度與工期拉長下，認列節奏極度分散，材料物價波動亦可能侵蝕長期獲利；鉅陞的聯貸案超額認購 124.5%僅代表金融機構在前端授信的額度支持，都更案能否如期轉化為銷售與完工入帳，仍受營建成本與去化速度制約。
本刊認為，已發生的授信與得標僅確立了中長期的案量基礎，尚未證實其現金流的最終轉換率。
Order intake and capital raising in the construction sector are developing along separate tracks.Sanyang Industrial used its subsidiary to break into a major national transport project valued at nearly NT$18 billion, while Maxima secured an NT$8.2 billion credit facility backed by state-owned and private lenders.
This demonstrates that developers with tangible construction and civil engineering qualifications continue to preserve cash flows and project backlogs.
However, consensus often treats syndicated loans and contract wins as guaranteed returns, which overlooks an execution gap: the National Freeway 7 contract secured by Sanyang Industrial has a completion deadline stretching to September 2031.
With such an extended physical construction schedule, revenue recognition will be heavily diluted over time, and raw material cost fluctuations could erode long-term profitability.
For Maxima, the 124.5% oversubscription simply indicates front-end credit support from lenders; whether the renewal project converts into sales and realized completions remains constrained by construction costs and absorption rates.
In the Journal's view, finalized loan agreements and contract wins establish a medium-to-long-term operational baseline, but they have yet to confirm the ultimate cash conversion rate.
接下來看什麼：What to watch:
- 三洋實業旗下上鋌營造取得之國道 7 號工程款於各期工程進度的認列時程。The revenue recognition timeline for Sun-Ting Construction's share of the National Freeway 7 project across its milestone phases.
- 鉅陞與長耀合作之桃園市會稽段都更案於 5 年聯貸期內的動工與推案時點。Groundbreaking and presale timing for Maxima and Chanyao's Huiji section renewal project in Taoyuan during the five-year loan facility term.
- 三洋實業國道 7 號C705S標案在 2031 年 9 月表定完工前的工程進度執行狀況。Execution progress on Sanyang Industrial's National Freeway 7 Contract C705S ahead of the scheduled September 2031 completion date.
圖表與數字以公開行情與營收面板另行計算，行情資料日 2026-09-11。Charts and figures are computed from public price and revenue panels; market data as of 2026-09-11.
