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濟南大自然新材料
4763 TT
1Q20 法說會簡報
2020年5月
Notes:
2020年第一季財務成果
影響獲利表現的因素
2020年第一季主要財務表現
生產和出貨不受疫情影響，產能利用率高達98%。
產品銷售價格穩定，然原物料價格較低，對我們有利。
我們的產品銷售予更多新客戶及新市場，市佔率持續擴張。
第一季有效稅率為9.7%而去年第四季為24.5%1。 去年第四季因有一次性稅務調整而使稅率偏高。
2020年第一季營收為新台幣5億2千萬元，年成長14.5%。
絲束營收年成長23%，醋片營收則衰退8%。
主要財務表現：
毛利率為33.1%，連續四個季度超過30%。
營業利益率為20.1%，連續兩個季度超過20%。
淨利(未包含可轉債評價的未實現損益)為新台幣1億1百萬元，年成長70%1。
每股盈餘(未包含可轉債評價的未實現損益)為新台幣2.0元1。
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註1:去除2017年第二季發行的可轉債評價的未實現損益，以更佳反映核心獲利能力。
Notes:
2020年有潛力超越2019年表現
基本面維持強勁
01
訂單能見度到9月。在過去兩個月，我們贏得中國、台灣以及敘利亞菸廠的訂單。
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我們於四月增加一千噸的絲束產能並將於六、七月增加五千噸 的醋片產能。亦即絲束產能將增加約8%，醋片產能增加約25%。
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絲束的銷售價格預期將在今年提高2-3%，同時主要原物料木漿的價格預期穩定於2019年水準之下。材料已經簽訂2020年全年的木漿合約，價格已鎖定。
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Notes:
預期材料五月起重拾營收成長動能
四月營收月減21%至新台幣1億5千2百萬元。今年一月至四月累計營收達新台幣6億7千6百萬元，年成長7%。由於以下因素，我們預期將於五月重拾成長動能：
四月份因增加一千噸絲束產能，絲束廠停產七天，影響四月營收下滑。而由於去除了停產影響並加入新產線，我們預期五月絲束營收將恢復成長。
絲束
中菸的兩千噸醋片訂單將集中在五至八月交貨。此外，下游膠粒及膠板廠已恢復生產。他們預期歐洲眼鏡框製造商庫存回補及旺季的訂單需求，可自六月起回復，並持續到今年下半年，然而需求力道可能相較一般年份和緩。
醋片
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Notes:
| 項目 | 內容 |
|---|---|
| 土地面積 | 100畝 |
| 土地成本 | 新台幣4千5百萬元 |
| 廠房及設備 | 新台幣1億2千5百萬元 |
| 預計每年折舊費用 | 約新台幣1千4百萬元 |
| 預計節省成本 | 每噸醋片減少6-7%* |
| 完工日期 | 2020年12月底 |
| 產能 | 5萬噸 |
| 目前每年自用量 | 3萬5千噸 |
| 材料將往上游整合，投入醋酐生產。 |
預期將花費大約新台幣1億7千萬，建造5萬噸的產能。
往上游
整合
投入醋酐
生產
我們預期將會減少6-7%的生產成本。*更重要的是，材料預期獲利將來不受醋酐現貨價格走勢影響，更為穩定。
土地面積大小能夠滿足未來產能擴充之需。
*以目前的醋酐現貨價為基準
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營收結構
Chart:
| Category | 2020年1至3月 |
|---|---|
| 絲束 | 0.7818939199417321 |
| 醋片 | 0.218106080058268 |
Chart:
| Category | 2019年1至3月 |
|---|---|
| 絲束 | 0.726983781468878 |
| 醋片 | 0.2730162185311221 |
| 20 |
Notes:
營收及利潤趨勢
2020年第一季營收為新台幣5億2千4百萬元，較去年同期成長15%。
由於生產效率的改善、垂直整合醋片廠、營收成長強勁及原物料價格趨穩，毛利率及營業利益率自2018第二季以來持續上升。
2020年第一季毛利率為33.1%，連續四個季度超過30%。營業利益率為20.1%。淨利率則為19.2%，較2019年第四季16.1%增加，為歷史新高。2019第四季因有一次性稅務調整而使稅率偏高，2020年第一季所得稅費回到比較正常的水準。
Chart: 季營收趨勢
| Category | 營收 | 營收年成長率 |
|---|---|---|
| 2Q18 | 414.866 | 0.20495148140725705 |
| 3Q18 | 423.277 | -0.012212083732001555 |
| 4Q18 | 465.716 | -0.20023767082590604 |
| 1Q19 | 457.74 | 0.05146611230431741 |
| 2Q19 | 549.33 | 0.324114292325715 |
| 3Q19 | 561.26 | 0.3259874739236954 |
| 4Q19 | 606.66 | 0.3026393767875699 |
| 1Q20 | 524.292 | 0.1453925809411456 |
Chart: 季利潤趨勢
| Category | 毛利率 | 營業利益率 | 淨利率* |
|---|---|---|---|
| 2Q18 | 0.19478819667073227 | 0.03578745908317384 | 0.08074896472595972 |
| 3Q18 | 0.2678978541238952 | 0.12352194898376241 | 0.12087592758406435 |
| 4Q18 | 0.2855302373120099 | 0.12456518564962338 | 0.13630839395683206 |
| 1Q19 | 0.26143443876436406 | 0.11508498274129418 | 0.12933761524009263 |
| 2Q19 | 0.30838293921686416 | 0.19587679536890393 | 0.16815575337228986 |
| 3Q19 | 0.30402843601895735 | 0.1749973274418273 | 0.14349499340768987 |
| 4Q19 | 0.3519549665380938 | 0.2186480071209574 | 0.16065506214354003 |
| 1Q20 | 0.33053527423649415 | 0.2009681627795198 | 0.1923851594149825 |
| *註：淨利率去除2017年第二季發行的可轉債評價的未實現損益相關影響。 | |||
| 7 | |||
| 20 |
Notes:
獲利及成長趨勢
2020年第一季營業利益為新台幣1億零5百萬元，較去年同期成長100%。
2020年第一季淨利為新台幣1億零1百萬元，較去年同期成長70%。每股盈餘為新台幣2.00元，年成長率為55%。淨利及每股盈餘連續七個季度較去年同期成長。
Chart: 獲利及成長趨勢
| Category | 營業利益 | 母公司業主淨利* | 淨利年成長率* |
|---|---|---|---|
| 2Q18 | 14.847 | 33.5 | -0.3534565947427336 |
| 3Q18 | 52.284 | 51.164 | 0.7910803052579991 |
| 4Q18 | 58.012 | 63.481 | 0.3602682780491986 |
| 1Q19 | 52.679 | 59.203 | 1.6968068145583755 |
| 2Q19 | 107.601 | 92.37299999999999 | 1.7574029850746267 |
| 3Q19 | 98.219 | 80.53800000000001 | 0.5741146118364477 |
| 4Q19 | 132.645 | 97.463 | 0.5353097777287692 |
| 1Q20 | 105.366 | 100.866 | 0.7037312298363259 |
Chart:
| Category | 每股盈餘* |
|---|---|
| 2Q18 | 0.7207401032702238 |
| 3Q18 | 1.1007745266781412 |
| 4Q18 | 1.3670643466276164 |
| 1Q19 | 1.2877215878194672 |
| 2Q19 | 2.009550329584267 |
| 3Q19 | 1.592793291669963 |
| 4Q19 | 1.9274413637622116 |
| 1Q20 | 1.995094645647487 |
| 新台幣/元 | |
| *註：淨利、每股淨利及相關成長率，均去除2017年第二季發行的可轉債評價的未實現損益相關影響。 | |
| 8 | |
| 20 |
Notes:
損益表 – 2020年第一季
| 新台幣/百萬 元 | 1Q20 | 4Q19 | 1Q19 | QoQ (%) | YoY (%) |
| --- | --- | --- | --- | --- | --- |
| 營業收入 | 524 | 607 | 458 | -14 | 15 |
| 營業毛利 | 173 | 214 | 120 | -19 | 45 |
| 營業毛利率 | 33.1% | 35.2% | 26.1% | | |
| 營業費用 | 68 | 81 | 67 | -16 | 1 |
| 營業費用率 | 13.0% | 13.3% | 14.6% | | |
| 營業利益 | 105 | 133 | 53 | -21 | 100 |
| 營業利益率 | 20.1% | 21.9% | 11.5% | | |
| 可轉債評價利益及損失 | 25 | 5 | 10 | | |
| 其他營業外收支淨額 | 9 | (4) | 1 | | |
| 稅前淨利 | 139 | 133 | 64 | 4 | 118 |
| 所得稅費用 | 11 | 32 | (1) | | |
| 非控制權益 | 2 | 0 | (5) | | |
| 母公司業主淨利 | 126 | 102 | 70 | 23 | 81 |
| 淨利率 | 24.1% | 16.8% | 15.2% | | |
| 每股盈餘（元） | 2.50 | 2.02 | 1.38 | 24 | 81 |
| | | | | | |
| 股東權益報酬率（非年化） | 9.8% | 8.4% | 5.7% | | |
| 折舊費用 | 26 | 25 | 24 | | |
| 資本支出 | 17 | 52 | 30 | | |
| | | | | | |
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Notes:
資產負債表 – 2020年第一季
| 新台幣/百萬 元 | 2020/03/30 | | 2019/12/21 | | 2019/03/30 | |
| --- | --- | --- | --- | --- | --- | --- |
| | $ | % | $ | % | $ | % |
| 現金及約當現金 | 661 | 25 | 589 | 23 | 204 | 9 |
| 應收票據及帳款淨額 | 541 | 20 | 438 | 17 | 379 | 16 |
| 存貨 | 287 | 11 | 243 | 9 | 307 | 13 |
| 其他流動資產 | 156 | 6 | 260 | 10 | 318 | 13 |
| 固定資產 | 800 | 30 | 827 | 32 | 878 | 37 |
| 其他長期資產 | 229 | 8 | 230 | 9 | 280 | 12 |
| 資產總計 | 2,673 | 100 | 2,586 | 100 | 2,366 | 100 |
| | | | | | | |
| 一年內到期應付公司債 | 461 | 17 | 457 | 18 | 0 | 0 |
| 其他流動負債 | 764 | 29 | 748 | 29 | 489 | 21 |
| 應付公司債 | 0 | 0 | 0 | 0 | 444 | 19 |
| 其他非流動負債 | 9 | 0 | 9 | 0 | 46 | 2 |
| 負債總計 | 1,234 | 46 | 1,214 | 47 | 979 | 41 |
| 普通股股本 | 511 | | 511 | | 465 | |
| 權益總計 | 1,439 | 54 | 1,373 | 53 | 1,386 | 59 |
| 每股淨值（元） | 26.5 | | 24.9 | | 27.6 | |
| 財務指標 | | | | | | |
| 流動比率（流動資產/流動負債） | 134% | | 127% | | 247% | |
| 淨負債權益比率 | 7% | | 5% | | 27% | |
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免責聲明
The information contained in this confidential document ("Presentation") has been prepared by Jinan Acetate Chemical Co., Ltd. (Cayman) (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers gives, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision or supplement thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers takes any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness or injury of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation or the information.
Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved by the Company to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.
This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, general economic, market or business conditions and other unforeseen events. Prospective Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.
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Notes:
Thank You
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