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Advantech — Investor Presentation 2021
Mar 15, 2021
52053_rns_2021-03-15_7855d265-e113-4f2b-86ce-2106d61f7c63.pdf
Investor Presentation
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研華公司 2021 上半年法人說明會
Mar, 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 forward-looking statements.
The projections should not be interpreted as legally binding commitments, but rather as flexible information subject to change occasionally.
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4Q20 & FY2020 Result Summary
| NT$ mn | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 FY2020 |
YoY |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales QoQ% YoY% |
12,301 -1% 8% |
13,976 14% 11% |
14,382 3% 16% |
13,486 -6% 9% |
11,272 -16% -8% |
14,018 13,050 24% -7% 0% -9% |
12,779 51,119 -2% -5% |
-6% | |
| Gross Profit Gross Margins% |
4,724 38.4% |
5,410 38.7% |
5,697 39.6% |
5,268 39.1% |
4,395 39.0% |
5,766 5,192 41.1% 39.8% |
5,043 20,397 39.5% 39.9% |
-3% | |
| OperatingExpense | 2,872 | 3,079 | 3,070 | 2,845 | 2,742 | 2,925 2,928 |
2,765 11,359 |
-4% | |
| Operating Profit Operating Margin% |
1,852 2,331 2,627 2,423 15.1% 16.7% 18.3% 17.9% |
1,654 2,841 2,264 14.7% 20.3% 17.4% |
2,278 9,037 17.8% 17.7% |
-2% | |||||
| No-operatingIncome | 196 89 86 -297 |
-33 118 202 |
-195 92 |
24% | |||||
| Pretax Profit | 2,048 2,420 2,713 2,126 |
1,621 2,959 2,466 |
2,083 9,129 |
-2% | |||||
| Tax Expenses | 432 513 561 409 |
340 621 511 |
353 1,825 |
-5% | |||||
| Effective Tax Rate | 21.1% 21.2% 20.7% 19.4% |
21.0% 21.0% 20.7% |
16.9% 20.0% |
||||||
| Net Income | 1,613 1,892 2,136 1,700 |
1,295 2,308 1,941 |
1,704 7,248 |
-1% | |||||
| YoY% | 18% 19% 25% 4% |
-20% 22% -9% |
0% | ||||||
| EPS(NT$) | 2.10 2.46 2.78 2.21 |
1.68 2.99 2.52 |
2.21 9.40 |
-2% |
-
Advantech booked NT$246mn impairment loss in 4Q20.
-
Effective tax was 20.0% in 2020.
FY2020 Performance by Region
Local Sales: US 1,730.0M, -1%
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US$M Y2019 Y2020 GR% Rev. Portion
North America 507.4 497.9 -2% 29%
Europe 300.8 279.3 -7% 16%
China 409.4 422.5 +3% 24%
North Asia 189.3 175.6 -7% 10%
Taiwan 100.5 104.5 +4% 6%
Asia & InterCon 141.9 146.9 +4% 8%
Others 106.7 103.3 -3% 6%
Total 1,756.0 1,730.0 -1% 100%
Others North Asia Asia & InterCon
Asia
6%
& Intercon AJP: 104.8M GR%: -16%
AAU/NZ: 15.8M GR%: +17%
8% North
Taiwan AKR : 70.8M GR%: +9%
America ASEAN: 38.3M GR%: +6%
6%
29% India 12.0M GR%: -17%
North Asia Russia 14.8M GR%: -2%
10%
LATAM 16.2M GR%: +5%
ME&A 48.4M GR%: +7%
Europe ROW 1.5M GR%: -17%
China
16%
24%
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FY2020 Performance By SBG
| Y20 US$ mn |
Y20 US$ mn |
Revenues YoY |
Rev. % | Gross Margin Range |
Operating Profit OP Margin |
|---|---|---|---|---|---|
| 工控物聯網事業群 | 578 4% |
33% | 45~50% | 169 29.2% |
|
| 嵌入式運算物聯網事業群 | 412 -7% |
24% | 35~40% | 78 19.0% |
|
| 設計製造 服務事業群 |
應用電腦事業群 | 224 0% |
13% | 30~35% | 32 14.3% |
| 網路暨通訊事業群 | 171 -15% |
10% | 35~40% | 37 21.8% |
|
| 服務物聯網事業群 | 146 -1% |
8% | 40~45% | 15 10.1% |
|
| 全球服務事業群 | 198 0% |
11% | 30~35% | 26 13.2% |
|
| 其他未分配費用 | -48 | ||||
| 合計 | 1,730 -1% |
100% | 309 17.9% |
5
Y2020 Working Capital and Balance Sheet
| NT$ mn | NT$ mn | 1Q19 | 2Q19 | 3Q19 | 4Q19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Cycle | |||||||||
Inventory |
8,179 | 8,446 | 8,089 | 7,783 | 9,093 | 9,695 | 8,523 | 7,814 | |
| Account receivable | 8,683 | 9,209 | 9,526 | 8,832 | 8,012 | 9,617 | 8,734 | 8,781 | |
| Account payable | 5,756 | 6,519 | 4,981 | 4,799 | 5,291 | 5,455 | 3,737 | 4,326 | |
| INturnover | 93 | 87 | 86 | 87 | 110 | 102 | 104 | 95 | |
| ARturnover | 62 | 58 | 59 | 61 | 67 | 57 | 63 | 62 | |
| APturnover | 69 | 64 | 60 | 54 | 66 | 59 | 53 | 47 | |
| CCC | 87 | 80 | 85 | 95 | 112 | 100 | 115 | 110 | |
| BS | |||||||||
| Cash& Cash Equivalents | 9,304 | 11,446 | 7,103 | 10,061 | 11,013 | 12,161 | 9,792 | 13,132 | |
| Cash | 7,076 | 6,641 | 5,559 | 6,004 | 4,966 | 6,064 | 6,380 | 7,497 | |
| Marketable Sec. & S/T Investment |
2,229 | 4,805 | 1,544 | 4,057 | 6,047 | 6,096 | 3,412 | 5,635 | |
| Totalasset | 46,864 | 49,654 | 45,391 | 47,216 | 49,007 | 52,444 | 47,775 | 50,199 | |
| STdebt | 633 | 524 | 502 | 458 | 493 | 484 | 514 | 405 | |
| LTdebt | 439 | 387 | 334 | 278 | 290 | 198 | 143 | 88 | |
| Total equity | 31,642 | 28,994 | 30,971 | 32,731 | 28,640 | 30,904 | 33,036 | 35,046 | |
| Capex | (189) | (214) | (229) | (329) | (213) | (346) | (231) | 170 | |
| D&A | 275 | 255 | 289 | 167 | 265 | 219 | 254 | 231 | |
| Total Investment CF | (814) | (176) | (342) | (475) | (730) | 250 | (885) | 556 |
The DoH was 8 days higher while AR turnover rate was flat compared with Y2019
FY2020 Dividend Per Share – NT$ 7.1 Cash
Cash Dividend Payout Ratio: ~75% of EPS
- When the firm achieves double digit top-line and bottom-line growth in the year, the board would propose to pay additional stock dividend.
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|---|
| Cash Payout Ratio | 74.3% | 81.5% | 74.7% | 75.3% | 74.2% | |
| Dividend (NT$/share) | 6.0 | 7.3 | 6.6 | 6.8 | 8.8 | |
| Cash per Share | 6.0 | 6.3 | 6.6 | 6.8 | 7.8 | |
| Stock per Share | 0.0 | 1.0 | 0.0 | 0.0 | 1.0 | |
| EPS (NT$) | 6.68 | 7.41 | 8.04 | 8.19 | 9.55 |
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1Q21 營運展望
基於當前營運狀況與平均匯率 28.3 的假設, 研華公司預期第1季的營運展 望如下:
項目 1Q 預估數 合併營收 US$ 430 - 450 M 毛利率 38.0% - 40.0% 營業利潤率 16.0% - 18.0%
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