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Advantech — Call Transcript 2020
May 13, 2020
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研華公司 1Q20 營運結果電話會議
May 2020
Safe Harbor Notice
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This presentation contains forward-looking statements and is subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements.
The projections should not be interpreted as legally binding commitments, but rather as flexible information subject to change occasionally.
2
1Q20 營運結果
| NT$ mn | 1Q18 | 2Q18 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 |
|---|---|---|---|---|---|---|---|---|---|
| 營收 | 11,355 12,645 12,360 12,366 |
12,301 13,976 14,382 13,486 |
11,272 | ||||||
| QoQ% | -3% 11% -2% 0% |
-1% 14% 3% -6% |
-16% | ||||||
| YoY% | 13% 11% 10% 5% |
8% 11% 16% 9% |
-8% | ||||||
| 營業毛利 | 4,338 4,792 4,760 4,772 |
4,724 5,410 5,697 5,268 |
4,395 | ||||||
| 毛利率% | 38.2% 37.9% 38.5% 38.6% |
38.4% 38.7% 39.6% 39.1% |
39.0% | ||||||
| 營業費用 | 2,696 2,851 2,858 2,799 |
2,866 3,078 3,064 2,858 |
2,742 | ||||||
| 營業利潤 | 1,643 1,941 1,902 1,974 |
1,858 2,333 2,633 2,410 |
1,654 | ||||||
| 營業利潤率% | 14.5% 15.4% 15.4% 16.0% |
15.1% 16.7% 18.3% 17.9% |
14.7% | ||||||
| 業外收入與費用 | 99 87 265 76 |
196 89 86 -297 |
-39 | ||||||
| 稅前獲利 | 1,741 2,029 2,167 2,050 |
2,055 2,422 2,718 2,113 |
1,621 | ||||||
| 所得稅費用 | 374 434 458 412 |
432 513 561 409 |
340 | ||||||
| 有效稅率 | 21.5% 21.4% 21.1% 20.1% |
21.0% 21.2% 20.6% 19.4% |
21.0% | ||||||
| 稅後淨利 | 1,363 1,584 1,710 1,633 |
1,617 1,894 2,140 1,700 |
1,295 | ||||||
| QoQ% | -17% 16% 8% -5% |
-1% 17% 13% -21% |
-24% | ||||||
| YoY% | 10% 10% 7% 0% |
19% 20% 25% 4% |
-20% | ||||||
| 每股盈餘(NT$) | 1.95 2.27 2.45 2.34 |
2.31 2.71 3.06 2.43 |
1.85 |
In non-operating side, Advantech booked NT$33mn investment loss in 1Q20, v.s. a fixed asset disposal gain and investment profit in 1Q19.
3
1Q20 地區營收表現
| USD$M | 1Q20 | 1Q19 | 1Q19 | YoY % | Rev % | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 北美地區 | 113 | 118 | -5% | 30% | |||||||||
| 歐洲地區 | 70 | 77 | -10% | 19% | |||||||||
| 中國地區 | 68 | 84 | -20% | 18% | |||||||||
| 北亞地區 | 41 | 40 | +3% | 11% | |||||||||
| 台灣地區 | 30 | 23 | +32% | 8% | |||||||||
| 其他亞洲以及新興市場 | 32 | 36 | -10% | 9% | |||||||||
| 其他 | 22 | 22 | -2% | 6% | |||||||||
| 營收總額 | 375 | 400 | -6% | 100% | |||||||||
| 北美地區 | 中國地區 | 其他亞洲與新興市場 | |||||||||||
| • | Industrial IoT, Healthcare and Logistic | • | Most segments dropped significantly YoY, | AAU/NZ: | $3.2M | GR%: | -2.8% | ||||||
| • | business performed resilient in 1Q20. Embedded Biz dropped single digit YoY in 1Q20. |
• | due to Factory shutdown and logistic constrain in 1Q20. Embedded IoT segment still reported YoY |
ASEAN: India |
$8.7M $3.3M |
GR%: GR%: |
+10.3% -26.7% |
||||||
| 歐洲地區 | 北亞地區 growth in 1Q20. |
Russia LATAM |
$2.6M $2.9M |
GR%: GR%: |
-38.0% +7.4% |
||||||||
| • | The decline was across the board but logistic sector performed solid in 1Q20. |
AJP: $8.3M ATJ*: $19.2M |
GR%: GR%: |
-8.3% | ME&A | $11.3M | GR%: | -10.3% | |||||
| AKR : $15.4M |
GR%: | +2.4% |
4
1Q20 事業部個別營運表現
| US$ mn | US$ mn | 營收 年成長 營收貢獻 |
毛利率區間 | 營業利益 營業利潤率 |
|
|---|---|---|---|---|---|
| 工控物聯網事業群 | 115 -9% 31% |
48~53% | 21 18.3% |
||
| 嵌入式運算物聯網事業群 | 99 -2% 26% |
33~38% | 13 12.9% |
||
| 設計製造 服務事業群 |
應用電腦事業群 | 52 -6% 14% |
25~35% | 6 11.3% |
|
| *物聯雲事業群 | 35 -17% 9% |
38~42% | 5 14.7% |
||
| 服務物聯網事業群 | 33 -12% 9% |
38~43% | 2 6.3% |
||
| 全球服務事業群 | 41 -12% 11% |
23~28% | 5 12.2% |
||
| 其他未分配費用 | 3 | ||||
| 合計 | 375 -6% 100% |
55 14.7% |
• * 網路暨通訊事業群於2019年10月更名為物聯雲事業群
• 嵌入式運算物聯網事業群與應用電腦事業群表現相對穩定
- 其他產品部門在1Q20受到零組件缺貨的影響，包括機廂，電源供應器，電線與連接器，預期缺貨影響
將在五月中之後趨緩。
5
營運資金與資產負債表
| NT$ mn | 3Q17 | 4Q17 | 1Q18 | 2Q18 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 現金循環週期 | |||||||||||||||
| 存貨 | 6,587 6,242 6,818 7,174 7,600 7,558 |
8,179 | 8,446 8,089 |
7,783 | 9,093 | ||||||||||
| 應收帳款 | 7,534 7,866 7,797 8,358 8,346 8,351 |
8,683 | 9,209 9,526 |
8,832 | 8,012 | ||||||||||
| 應付帳款 | 5,173 5,281 5,376 6,251 6,248 5,811 |
5,756 | 6,519 4,981 |
4,799 | 5,291 | ||||||||||
| 存貨週轉天數 | 84 81 85 81 88 91 |
95 | 88 87 |
88 | 112 | ||||||||||
| 應收帳款周轉天數 | 61 61 62 60 61 61 |
64 | 60 60 |
60 | 65 | ||||||||||
| 應付帳款週轉天數 | 69 67 70 72 75 70 |
69 | 69 52 |
53 | 70 | ||||||||||
| 現金循環週期 | 76 75 77 69 75 83 |
90 | 79 95 |
94 | 106 | ||||||||||
| 資產負債表 | |||||||||||||||
| 現金與約當現金 | 6,967 8,541 8,829 10,456 7,178 8,884 |
9,304 | 11,446 7,103 |
10,061 | 11,021 | ||||||||||
| 資產總額 | 38,797 40,704 42,324 45,345 42,286 43,940 |
46,864 | 49,654 45,391 |
47,216 | 49,007 | ||||||||||
| 短期借款 | 257 8 36 25 18 97 |
633 | 524 502 |
458 | 487 | ||||||||||
| 長期借款 | 106 114 81 81 81 46 |
439 | 387 334 |
278 | 290 | ||||||||||
| 權益總額 | 26,171 27,760 29,411 26,475 28,108 29,543 |
31,642 | 28,994 30,971 |
32,731 | 28,640 | ||||||||||
| 資本支出 | (170) (220) (158) (130) (246) (157) |
(189) | (214) (229) |
(329) | (213) | ||||||||||
| 折舊與攤銷 | 196 162 187 177 203 148 |
274 | 254 287 |
167 | 265 | ||||||||||
| 投資現金流量總額 | 3,064 1,337 (609) (476) (31) (666) |
(814) | (176) (342) |
(475) | (730) |
The factory shutdown in February and logistic control afterword led an increase of inventory days in 1Q20. Advantech expect the overall cash conversion cycle will go back to normal level in 2Q20
6
Global WFH & RBU Operational Status Update-1/2
Global WFH Status Update
| Region | Great China US Europe North Asia ASEAN/ Aintercon |
|---|---|
| Working Status |
Normal Partial WFH Partial WFH Partial WFH Partial WFH |
| Special Remark |
o The offices in China, Taiwan and Korea stay at normal operation. Other regional offices keepwork-from-homes. o Only few functionality operates upon special approvals, includingappeal essential servicesfor warehouse, CTOS operations, customers services as well (FAE) |
7
Global WFH & RBU Operational Status Update-2/2
Regional Operation Status
| Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status | Regional Operation Status |
|---|---|---|---|---|---|---|---|---|
| Update: 4/28/2020 |
||||||||
| Region | Great China | US | Europe | Japan | ||||
| Location | Kunshan | Taipei | Milpitas | Ottawa | Eindhoven | Warsaw | Munich | Fukuoka |
| Operation | Normal | Normal | Normal | Normal | Normal | Normal | Normal | Normal |
| Available Capacity Output % |
100% | 120% | 75-85% | 80% | 95-110% | 95-110% | 95-110% | 100% |
| Shipping Status |
• Most region remains normal • India shipping closed due to lockdown policy until May 3rd |
o Globally, there are three Advantech employee confirmed positively of COVID-19 so far. Two are based in Brazil and One is based in UK. One is totally recovered and two are getting better now.
8
2Q20 營運展望 營收, 毛利率與營業利益率
基於當前營運狀況與平均匯率 30.0 的假設, 研華公司預期第一季的營運 展望如下:
項目 2Q20 預估數 合併營收 US$ 450M ~ 470M 毛利率 37.0% ~ 39.0% 營業利益率 16.5% ~ 18.5%
9