CHICONY — Investor Presentation 2021

May 6, 2021

群光電子

1Q21電話會議
2021年5月6日

Safe Harbor Notice

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

群光全球製造網

台北總部

吳江

東莞

泰國
重慶

泰國新廠今年開始運轉

群光泰國新廠
員工超過千名

今年營收至少占總營收15%

產品主要包含影像產品，以及往統與滑鼠產品

全產能約可達NT$250億元產值

已獲得8年免稅資格

泰國人力素質佳，流動性亦較低

世界第一名領導廠商

2020年NB鍵盤、影像模組以及電源供應器市占率紛紛上揚

38%
41%
2020年市佔率第一名
43%
48%
25%

穩定的股利分派政策

Chicony	2016	2017	2018	2019	2020
EPS	5.24	5.9	5.22	8.45	7.80
Cash Dividend	4.25	4.45	3.80	5.90	5.5
Stock Dividend	0.05	0.05	0	0	0
Dividend Payout %	82%	76%	73%	70%	71%
Cash Yield Rate %	5.25	6.1%	4.8%	7.1	5.2%

Source: Cmoney

Notes:

Source: Cmoney, delete 2013

用除息前一天價格去計算

1Q21財務報告

1Q21營業利益成長強勁，帶動 EPS 達NT$2.23

百萬NT$	1Q 2021		4Q 2020		QoQ %	1Q 2020		YoY %
營業收入	25,137	100.0	25,455	100.0	-1.2	18,110	100.0	38.8
營業成本	(20,741)	(82.5)	(20,967)	(82.4)		(15,296)	(84.5)
營業毛利	4,396	17.5	4,487	17.6	-2.0	2,814	15.5	56.2
營業費用	(2,547)	(10.1)	(3,166)	(12.4)		(1,528)	(8.4)
營業利益	1,849	7.4	1,321	5.2	40.0	1,286	7.1	43.8
營業外收入及支出	504 1	2.0	821	3.2		(1,163)	(6.4)
稅前淨利	2,353	9.4	2,143	8.4	9.8	123	0.7	1818.1
所得稅費用	(464)	(1.8)	(594)	(2.3)		(44)	(0.2)
淨利	1,569	6.2	1,251	4.9	25.4	40	0.2	3808.9
EPS	2.23		1.78		25.3	0.06		3616.7

Note 1: 4Q20新鉅科市場評價利益為NT$276M, 1Q21為NT$141M.

Notes:

Delete QoQ

1Q21營業利益率創14年同期新高

1Q20/1Q21 毛利率與營業利益率
1Q21 毛利率創下12年同期新高
%
1Q21/4Q20毛利率與營業利益率
1Q21 營業利益率提升2.2百分點YoY，主要歸功於SG&A控制符合預期
%

Notes:

NTD up 3% QoQ, around 90% of NSB is in USD. Major impact
RMB up 6% QoQ

Delete right half

1Q21營運概況

1Q21營收跳增 39% YoY

NT$M

展望

2021年電競NB出貨量預估成長 16% YoY
根據IDC研究顯示，全球電競PC與螢幕2020年出貨量創新高

儘管受到面板短缺影響，因電競NB可用於工作與娛樂，得到消費者青睞，於2020年創紀錄成長26.9%.
| 數量:百萬台 | 2020 | 2021 | 2025 | CAGR |
| --- | --- | --- | --- | --- |
| 桌上型電腦 | 16.7 | 17.5 | 15.7 | -1.2% |
| 筆記型電腦 | 24.0 | 27.9 | 33.7 | 7.0% |
| 螢幕 | 14.3 | 19.7 | 23.5 | 10.5% |
| 總計 | 55.0 | 65.1 | 72.9 | 5.8% |
Source: IDC, April 2021

Notes:

29 Mar 2021
Global Gaming PC and Monitor Market Hit New Record High in 2020, According to IDC
NEEDHAM, Mass., March 29, 2021 – Throughout 2020, the global pandemic created new opportunities for many consumer technologies and gaming PCs and monitors have arguably been among the greatest beneficiaries. As consumers spent more hours at home and fewer dollars outside, shipments of gaming PCs and monitors grew 26.8% year-over-year in 2020 to 55 million units, according to the International Data Corporation (IDC) Worldwide Quarterly Gaming Tracker. The growth rate and unit volume were the fastest and largest numbers recorded since IDC began tracking this market in 2016.
Aside from the sheer volume, 2020 brought other milestones that could alter future trends. North America and Western Europe combined overtook Asia/Pacific (including Japan) as the largest market for the first time, largely due to lockdown-induced demand. Gaming notebooks remained the biggest volume driver through a year marked by home restrictions. Despite being affected by display panel shortages through much of the year, gaming notebooks grew a record 26.9% in 2020 as consumers appreciated their versatility for both work and play. In parallel with PCs, gaming monitors also reached new heights in 2020, growing more than 77% compared to 2019 with shipments reaching 14.3 million units.
Looking ahead, IDC expects the gaming market to remain a bright spot after the overall PC market returns to more normal replacement cycles after the pandemic. While gaming desktops will continue to fade in favor of notebooks, their demise will be more than made up for by notebooks and monitors. For example, IDC expects gaming monitor volume will exceed that of gaming desktops for the first time in 2021. Even as gaming desktops increasingly fall out of favor, except for the DIY and hardcore gaming segments, growing monitor attach rates to gaming notebooks means the gaming monitor market is expected to see a five-year compound annual growth rate (CAGR) of over 10%. IDC expects this momentum to carry forward as global volumes reach 72.9 million in 2025 with a CAGR of 5.8%.
"Unfortunately, the supply of gaming PCs has tumbled recently and while crypto-mining may be partially to blame, the sheer demand for these products and growth in the player base is more likely the root cause of the shortages," said Jitesh Ubrani research manager for IDC's Worldwide Mobile and Consumer Device Trackers. "New GPUs, new games, added support for ray-tracing, and the growth in demand have also led to an increase in average selling prices during 2020 and will likely remain at these elevated levels in 2021."
"Much like the notebook market, monitors also faced panel component shortages and surging demand," said Jay Chou, research manager for IDC’s Worldwide PC Monitor Tracker. "OEMs have to be wise about where to allocate scarce resources and it makes sense to meet gaming display demand as commercial buying and office occupancy in many markets remains weak. IDC expects gaming monitors to capture an increasingly larger share of the total monitor market in the years ahead."

智慧家庭裝置出貨量之年複合成長率，於2022~2025年預計可達12%，因為消費者對家庭自動化與環境計算(Ambient Computing)接受度提高

2020年每4個美國人，就有1個第一次購買智慧家庭科技產品

By SafeWise, March 2021
儘管2020年面對諸如高失業率、不平均的經濟復甦以及封鎖的措施的挑戰，全球智慧家庭裝置的銷售在新冠疫情下仍然維持相當的韌性
2020年全球智慧家庭裝置出貨量成長4.5%，達到 約8億台

Source: IDC, March 2021

Notes:

NEEDHAM, Mass., March 26, 2021 – Worldwide shipments of smart home devices reached 801.5 million units in 2020, an increase of 4.5% over 2019, according to the International Data Corporation (IDC) Worldwide Quarterly Smart Home Device Tracker. Shipments are forecast to surpass 1.4 billion in 2025 with a five-year compound annual growth rate (CAGR) of 12.2% as consumers seek out additional conveniences brought about by home automation products and ambient computing through smart speakers and other products continues to rise.
"Sales of smart home devices have remained fairly resilient during the global Covid-19 pandemic," said Adam Wright, senior research analyst, Smart Home. "The market faced some challenges in 2020, the result of high unemployment, an uneven economic recovery, and lockdown measures, among other factors. But nonetheless, 2020 saw positive year-over-year growth across all device categories. Consumers have shifted their spending priorities from other areas like vacations, going out to eat, or visiting cinemas to focus on adding more comfort, conveniences, and entertainment at home. As such, we have seen that smart home devices like streaming sticks, smart speakers, security devices, smart lights, and others have performed well over the past year."
The United States will represent the lion's share of unit shipments during the next several years and will grow at a compound annual growth rate of 3.8% over the forecast period with more than 451.3 million units shipped in 2025. China will be the second largest market by shipment volume through 2023 but will overtake the United States by the end of 2024 with its five-year CAGR of 21.9%. Canada and Western Europe will experience five-year growth rates of 17.7% and 14.7% respectively.
"While developed markets will undoubtedly lead in terms of shipment volumes, emerging markets such as India and Latin America are expected to quickly become the next battle grounds for companies such as Google and Amazon who currently dominate the smart home market," said Jitesh Ubrani, research manager for IDC's Mobile and Consumer Device Trackers. "The emergence of newer vendors, particularly tier 2 and 3 smartphone brands, will also help drive additional competition within the home."
Video entertainment devices are expected to deliver the largest volume of shipments, accounting for 27.6% of all shipments in 2025 as falling prices and advances in functionality – such as 8K, higher refresh rates, HDR, larger sizes, and integration with smart assistants and streaming platforms – lead many consumers to upgrade their television sets. Home monitoring/security devices like smart cameras and smart locks will account for 21.2% of the shipments in 2025 with a CAGR of 13.0%. Growth in smart speakers and displays is expected to slow over the next few years as the installed base of these devices approaches maturation and consumers look to other form factors to access smart assistants in the home, such as thermostats, appliances, and TVs to name a few.
Inhibiting the market's growth over the next several years are ongoing concerns about security and privacy, consumers' price sensitivity to upfront and ongoing costs of devices and services, and the economic uncertainty stemming from the volatility of labor and financial markets across the world.