CHICONY — Call Transcript 2020

Mar 10, 2020

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CHICONY ELECTRONICS

4Q19 電話會議

二Ｏ二Ｏ年三月十日

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Safe Harbor Notice

Chicony’s statement of its current expectations are forwardlooking statements which are subject to significant risks and uncertainties. Actual results may differ materially from those . contained in any forward-looking statements

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世界第一名領導廠商

群光持續達成領先地位

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37%
筆電鍵盤
32% 桌機鍵盤
2019 年全球
市占第一名
42%
筆電照相模組
47%
筆電電源產品
30%
網路監控攝影機
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4Q19 營收達 NT$246 億元

 4Q19 營收年成長 5.1% ， 季成長 -5.9%

2016~2019 季度營收 2016 2017 2018 2019 26,186

百萬新台幣

30,000 25,000

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22,551

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19,177

20,000 15,000 10,000

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5,000

0

24,638

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1Q

2Q

3Q

4Q

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， 2019 營收創新高達 NT$926 億元 年成長 6.1%

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百萬新台幣
2005~2019 營收
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100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
200520062007200820092010201120122013201420152016201720182019
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92,552
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自 2016 年起營收比重結構逐漸轉變 多樣化的智慧家庭產品成為營收成長主力

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非 PC 營收比重 %
運動攝影機
60%
58%
56%
54% 53% 53%
遊戲機
51%
52%
51%
50%
50%
電競筆電
48%
2015 2016 2017 2018 2019
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2019 EPS NT$8.45 創歷史新高

Chicony EPS 2005 – 2019

NT$

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10.0
8.45
8.0
6.0 5.76 5.52 [5.85] [6.06] [6.62] 5.97 5.81 [6.19] 5.63 5.21 5.89 5.22
3.82
4.0
1.6
2.0
0.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
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穩定的股利分派政策

Chicony	2014	2015	2016	2017	2018	2019
EPS	6.22	5.79	5.24	5.9	5.22	8.45
Cash Dividend	4.65	4.3	4.25	4.45	3.80	5.90
Stock Dividend	0.05	0.05	0.05	0.05	0	0
Dividend Payout %	76%	75%	82%	76%	73%	70%
Cash Yield Rate %	5.43	5.79	5.25	6.1%	4.8%	7.3*

Source: Cmoney Note*: Based on stock price closed on March 9[th] , 2020

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2019 財務報告

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2019 營業利益率上升至 6.8%; NT$8.45 EPS 創歷史 新高

新高
百萬NT$	2019 2018 YoY %
營業收入	92,552 100.0 87,260 100.0 6.1
營業成本	(76,271) (82.4) (74,644) (85.5)
營業毛利	16,281 17.6 12,617 14.5 29.0
營業費用	(10,012) (10.8) (7,967) (9.1)
營業利益	6,269 6.8 4,650 5.3 34.8
營業外收入及支出	1,919 2.1 386 0.4
稅前淨利	8,189 8.8 5,035 5.8 62.6
所得稅費用	(1,386) (1.5) (1,057) (1.2)
淨利	5,839 6.3 3,591 4.1 62.6
EPS	8.45 5.22 61.9

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2019 營運概況

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4Q19 高單價鍵盤表現優異

4Q19 營收比重

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高單價
其他,
5% 鍵盤 ,
21% 鍵盤 35%
電源 ,
32%
PC 鍵盤 ,
14%
影像 ,
28%
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營收%	4Q19	YoY
高單價鍵盤	21%	19%
PC鍵盤	14%	5%
影像	28%	-2%
電源	32%	6%

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電源、 影像以及高單價鍵盤產品於 2019 年表現出色

2019 營收比重

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其他
, 4 高單價鍵
鍵盤 33%
盤, 19%
電源,
34% PC 鍵盤 ,
14%
影像,
28%
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營收%	2019	YoY
高單價鍵盤	19%	9%
PC鍵盤	14%	0%
影像	28%	7%
電源	34%	10%

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， 2019 年智慧家庭相關營收成長 21% YoY 電競 PC 相關產 品營收成長 19% YoY

	2019營收% YoY	2019營收% YoY	2019營收% YoY
PC	47% 7%
非PC	遊戲類相關 12% 11%
	IOT 35% 10%
	網通產品&其他 6% -26%
總計		100% 6%
分類 PC 非PC
			相關產品
			桌機、筆電、平板電腦相關產品
		遊戲類相關	遊戲機、電競PC
		IOT	智慧家庭、智慧樓宇、車用電子、雲端運算、運動攝影機、智慧型手機、無人 機等
		網通產品& 其他	網通產品、 通路管理、其他

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2019 營運亮點

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2019 年 LED 背光筆電鍵盤營收成長 15% YoY

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LED 背光筆電鍵盤滲透率
40%
35%
33%
35%
30%
26%
25%
20%
15%
15%
10%
5%
0%
2016 2017 2018 2019
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、 2019 年電競筆電電源 電競鍵盤營收一共成長 19% YoY

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百萬新台幣 電競 PC 產品營收 電競 PC
營收 %
電競PC 電競PC %
8.6%
9,000 9%
8%
8,000 8%
7,000 7%
6%
6,000 6%
5,000 5%
4%
4,000 4%
3,000 3%
2,000 2%
1%
1,000 1%
0 0%
2015 2016 2017 2018 2019
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2019 年智慧家庭相關產品營收成長 21%

智慧家庭相關產品營收
智慧家庭智慧家庭%

百萬新台幣

智慧家庭營收 %

25%

25,000

21%

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19%
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20%

20,000 15,000

15% 10%

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13%
7%
4%
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10,000

5%

5,000

0%

0

2015

2016

2017

2018

2019

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， 智慧家庭營收成長快速 其中一位國際級大客戶佔公 ， 司營收比重於 4Q19 排名第一 於全年排名第四

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2019
2018
類別 客戶 營收 %
2017
2016
類別 Revenue Clients Revenue %
類別 Clients
類別 Clients Revenue % 1 PC % A 12~15 %
~
1 PC A 12 15%
1 PC HP 15.77
1 PC HP 15.88
2 PC B 12~15%
2 PC 2 PC Lenovo 2 PC 13.50 Lenovo 13.85 B 12~15%
Microsof
3 PC + CE Microsoft 10.52
3 PC + CE 3 PC 3 PC 10.44 C C 10~12% 12~15%
t
4 PC Dell 9.49
4 PC 4 PC + CE Dell 10.19 D 9~10%
~
4 [Smart ] D 10 12%
5 PC +CE Asus 4.61 Home
5 PC +CE Logitech 4.94
5 [Smart ] E 9~10%
Home
5 PC + CE E 10~12 %
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Note: PC= Personal Computing; CE=Consumer Electronics 消費性電 子; Smart Home= 智慧家庭

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未來展望

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智慧門鈴帶動 2019 年全球智慧家庭攝影機市場成長至 79 億美元

• Strategy Analytics 預測 2023 年全球消費性攝影機銷售量將會超越 1.1 億台 ， 複合年均成長率為 19.8%

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互動式安全提升美國智慧家庭普及率

智慧家庭

– 前 10 大智慧家庭裝置

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Source: Strategy Analytics, November 2019

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2020 展望

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智慧家庭 /
智慧辦公室
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 高單價鍵盤帶動鍵盤營收成長

• LED 背光筆電鍵盤滲透率持續攀升

• 電競市場持續成長帶動電競鍵盤

• 平板電腦 /2-in-1 裝置鍵盤需求穩健

 智慧家庭 / 智慧辦公室

• 2020 年將推出一系列聯網智慧攝影機以及智慧門鈴產品

• 智慧家庭影像產品客戶群拓展全球有成

• 視訊會議新商機

 泰國產能持續增加

• 泰國租賃廠房順利生產智慧家庭影像產品

• 泰國自建廠房 4Q20 可接棒量產

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