Advantech — Interim / Quarterly Report 2021

Nov 3, 2021

研華公司 3Q21 營運結果線上會議

Nov. 3[rd] , 2021

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 forwardlooking statements.

 The projections should not be interpreted as legally binding commitments, but rather as flexible information subject to change occasionally.

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3Q21 營運結果

NT$ mn 1Q19	NT$ mn 1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21 2Q21	3Q21	YT3Q 21 YoY
營收	12,301 13,976 14,382 13,486				11,272 **14,018 13,050 12,779 **				13,161 14,210	15,507	42,878 12%
QoQ%	-1% 14% 3% -6%				-16% 24% -7% -2%				3% 8%	9%
YoY%	8% 11% 16% 9%				-8% 0% -9% -5%				17% 1%	19%
營業毛利	4,724 5,410 5,697 5,268				4,395 5,766 5,192 5,043				5,209 5,217	5,706	16,132 5%
毛利率%	38.4% 38.7% 39.6% 39.1%				39.0% 41.1% 39.8% 39.5%				39.6% 36.7%	36.8%	37.6%
營業費用	2,872 3,079 3,070 2,845				2,742 2,925 2,928 2,765				2,922 3,020	3,098	9,040 5%
營業利潤	1,852 2,331 2,627 2,423				1,654 2,841 2,264 2,278				2,287 2,197	2,608	7,092 5%
營業利潤率%	15.1% 16.7% 18.3% 17.9%				14.7% 20.3% 17.4% 17.8%				17.4% 15.5%	16.8%	16.5%
業外收入與費用	196 89 86 -297				-33 118 202 -195				130 80	275	485 69%
稅前獲利	2,048 2,420 2,713 2,126				1,621 2,959 2,466 2,083				2,417 2,277	2,883	7,577 8%
所得稅費用	432 513 561 409				340 621 511 353				488 462	596	1,546 5%
有效稅率	21.1% 21.2% 20.7% 19.4%				21.0% 21.0% 20.7% 16.9%				20.2% 20.3%	20.7%	20.4%
稅後淨利	1,613 1,892 2,136 1,700				1,295 2,308 1,941 1,704				1,913 1,790	2,274	5,977 8%
YoY%	18% 19% 25% 4%				-20% 22% -9% 0%				48% -22%	17%	8%
每股盈餘(NT$)	2.10 2.46 2.78 2.21				1.68 2.99 2.52 2.21				2.48 2.31	2.95	7.74 8%

• 3Q21 營業利益季增19% 主因為：1) 毛利率微幅改善; 2) 營運槓桿效益

• 2021年前三季業外收益年增 69% 因認列：1) 處份東湖廠獲利 NT$8,500萬; 2) 金融資產收益NT$4,400萬

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3Q21 地區營收表現

USD$mn	YT3Q 21	YT3Q 20	YoY %	Rev %
北美地區	396	375	6%	26%
歐洲地區	248	211	17%	16%
中國地區	415	304	37%	27%
北亞地區	144	132	9%	10%
台灣地區	96	79	21%	6%
其他亞洲以及新興市場	148	107	38%	10%
其他	78	69	13%	5%
營業總額	1,525	1,277	19%	100%
Asia & InterCon AAU/NZ $13.3M GR%: +4% ASEAN $36.0M GR%: +27% India $11.3M GR%: +36% Russia $10.4M GR%: -11% LATAM $11.7M GR%: -12% ME&A $63.9M GR%: +103% ROW $ 1.3M GR%: +3.6% North Asia AJP: $31.9M GR%: +14% ATJ: $48.8M GR%: -6% AKR : $63.8M GR%: +22% North America 26% Europe 16% China 27% North Asia 10% Taiwan 6% Asia & Intercon 10% Others 5% 2021前3季 USD$mn USD$mn

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3Q21 事業部個別營運表現

YT3Q 2021 US$ mn	YT3Q 2021 US$ mn	YT3Q 2021 US$ mn	Revenue	YoY	Rev. %	**Gross Margin **	Operating Profit	OP Margin
	Industrial IOT		533	+35%	35%	45~50%	161	30.1%
	Embedded IOT		358	+15%	24%	30~35%	63	17.6%
	**Allied DMS **	Applied Computing	157	-7%	10%	25~30%	18	11.4%
		Cloud IOT	156	+9%	10%	35~40%	26	16.7%
	Service IOT		136	+27%	9%	40~45%	12	9.1%
	Advantech Service Plus (AS+)		185	+28%	12%	25~30%	26	14.2%
Other unallocated expenses							-54
Total			1,525	+19%	100%		252	16.5%

• IIoT +35% YoY ：受惠於中國市場基建商機及半導體產業智慧製造升級趨勢，成長強勁

• SIoT +27% YoY：受惠於醫療專案帶動

• ACG -7% YoY ：因專案結束及 ATJ 表現不佳所致

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營運資金與資產負債表

NT$ mn	NT$ mn	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21
Cash Cycle
Inventory		8,446 8,089 7,783			9,093 9,695		8,523	7,814	8,846	10,713	12,590
Account receivable		9,209 9,526 8,832			8,012 9,617		8,734	8,781	8,978	10,157	10,427
Accountpayable		6,519 4,981 4,886			4,799 5,455		3,737	4,326	5,731	7,782	7,234
	IN turnover	87 86 87			110 102		104	95	94	98	107
	AR turnover	58 59 61			67 57		63	62	61	61	60
	AP turnover	64 60 54			63 66		53	47	57	68	69
	CCC	80 85 94			114 93		115	110	98	91	98
BS
Cash & Cash Equivalents		11,446 7,103 9,960			9,023 12,161		9,792	13,132	14,508	14,774	9,390
Cash		6,641 5,559 6,004			4,966 6,064		6,380	7,497	7,786	7,772	7,036
Marketable Sec. & S/T Investment		4,805 1,544 3,956			4,057 6,096		3,412	5,635	6,722	7,002	2,354
Total asset		49,654 45,391 47,216			49,007 52,444		47,775	50,199	53,576	57,314	53,986
ST debt		524 502 458			493 484		514	405	429	402	488
LT debt		387 334 278			290 198		143	88	241	166	108
Totalequity		28,994 30,971 32,731			28,640 30,904		33,036	35,046	31,896	33,556	35,679
Capex		(214) (229) (329)			(213) (346)		(231)	170	(236)	(192)	(252)
D&A		255 289 163			265 206		254	206	252	274	298
Total Investment CF		(176) (342) (475)			(730) 250		(885)	556	(396)	(349)	(230)

 存貨週轉天數高於歷史水準：零組件缺料持續影響，公司積極備料以因應出貨準備

- 營運展望 營收 毛利率與營業利益率 4Q21 ,

基於當前營運狀況與平均匯率 27.9 的假設 , 研華公司預期第四季的營運展 望如下 :

Items 4Q21 Estimation Consolidated Revenue US$ 530M ~ 550M Gross Margin 36.5% ~ 38.5% Operating Margin 16.0% ~ 18.0%

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Q & A

Co-Creating the Future of the IoT World