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CHROMA — Call Transcript 2020
Apr 29, 2020
52029_rns_2020-04-29_0632a44c-34aa-4ac2-89e7-a2ae37608363.pdf
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致茂電子股份有限公司
2020年第1季公司業績說明電話會議
財務長 應正
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2020年04月29日
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1
Disclaimer
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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.
This presentation and the information contained herein are the property of Chroma Ate Inc.
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2
議程
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• 公司簡介 • 財務數據 • 營運概況 • 問與答
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3
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公司簡介
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4
公司簡介
- 致茂電子成立於1984，為自有品牌之自動化量測解決
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致茂主體合併營收
日茂新材料合併營收 威光自動化合併營收
其他
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方案供應商。商品包含提供產業相關之檢測儀器與設
備及整合性自動化測試解決方案。
-
經營宗旨：精密、可靠、創新。
-
致茂集團包含致茂主體，威光自動化及日茂新材料三
個事業體。
-
2019年合併營收為139億新台幣。
-
2019年淨利為19億新台幣。
-
致茂集團截至2020年3月底員工總數為2,981人。
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16,931
14,901
13,910
17% 29% 7%
11,624
15%
3% 14%
12%
9,692
20%
13%
24%
58% 74% 66% 57% 76%
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2015
2016
2017
2018
2019
5
財務表現
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集團合併總營收 集團合併
營業毛利率
16,931
14,901
13,910
11,624
9,692
47% 47% 47%
44% 44%
2015 2016 2017 2018 2019
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總營收 研發費用
營業毛利
致茂母公司
研發費用佔營收比
8,111
8,018
7,547
7,233
56%
52% 52%
51% 51%
4,539
Chroma Employees ： 1,731 (R&D 39%)
17%
15%
14%
13% 13%
937 1,085 1,143 1,172
784
2015 2016 2017 2018 2019
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2019
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財務表現
股東權益報酬率
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22%
18%
17%
13% 13%
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2015 2016 2017 2018 2019
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股利政策
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基本每股盈餘 現金股利
配發比率
6.41 6.22
4.53 4.50 4.48
4.20
3.28
3.30
3.00
2.40
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2015
2016
2017
2018
2019
7
致茂電子全球據點
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50 93 EST. 1999 EST. 2017 EST. 2008 EST. 2018 EST. 1993 EST. 2001
Operation Distributors
Sites
Netherlands: Germany: Japan: Korea: United States: United States:
Ede Augsburg Shin-Yokohama/ Pangyo Irvine, CA Foothill Ranch, CA
Nagoya/ Osaka Santa Clara, CA Marlborough, MA
Chandler, AZ Mexico：
Ciudad Juarez
EST. 1998 EST. 1999 EST. 2000 EST. 2001 EST. 2003 EST. 2009
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EST. 1998 EST. 1999 EST. 2000 EST. 2001
China/ Shenzhen China/ Beijing China/ Shanghai China/ Dongguan
EST. 2006 EST. 2011 EST. 2011
China/ Suzhou China/ Xiamen China/ Chongqing
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Taiwan: Taoyuan (Headquarters)
Taiwan: Hsinchu Taiwan: Kaohsiung
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EST. 2016
Others:
India: New Delhi/ Mumbai/ Bangalore
Thailand: Bangkok
Vietnam: Hanoi/ Ho Chi Minh
Malaysia: Kuala Lumpur/ Penang
Philippines: Manila/ Cebu
Quantel：Singapore Indonesia: Jakartar
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Others: Qingdao/ Zhengzhou/ Xian/Hefei/ Chengdu/ Wuhan/ Hangzhou/ Guangzhou/ Hong Kong
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財務數據
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2020年第1季合併損益表摘要
| 合併損益表 (單位:佰萬新台幣，除每股盈餘為新台幣元) |
2020.1Q % |
2019.1Q % YoY % |
|
|---|---|---|---|
| 淨營業收入 | 3,371 100% |
2,742 100% 23% |
|
| 量測儀器事業部之合併營收(淨值) | 2,557 76% |
2,023 74% 26% |
|
| 威光自動化事業部之合併營收 | 177 5% |
274 10% (35%) |
|
| 日茂特殊材料事業部之合併營收 | 559 17% |
395 14% 42% |
|
| 其他 | 78 2% |
50 2% 56% |
|
| 營業成本 | (1,625) (48%) |
(1,425) (52%) 14% |
|
| 營業毛利 | 1,746 52% |
1,317 48% 33% |
|
| 營業費用 推銷管理費用 研發費用 |
(884) (26%) (314) (9%) |
(733) (26%) 21% (295) (11%) 6% |
|
| 營業淨利 | 548 16% |
289 11% 90% |
|
| 營業外收入及支出 | 59 2% |
72 2% (18%) |
|
| 稅前淨利 所得稅費用 |
607 18% (121) (4%) |
361 13% 68% (64) (2%) 89% |
|
| 本期淨利 | 486 14% |
297 11% 64% |
|
| 其他綜合損益淨額 | (64) (2%) |
67 2% n/a |
|
| 綜合損益總額 | $ 422 12% |
$ 364 13% 16% |
|
| 淨利歸屬於: 本公司業主 非控制權益 |
471 14% 15 - |
296 11% 59% 1 - n/a |
|
| $ 486 14% |
$ 297 11% 64% |
||
| 每股盈餘(基本) | $ 1.13 | $ 0.72 57% |
|
| 每股盈餘(稀釋) | $ 1.12 | $ 0.71 58% |
|
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10
資產負債摘要及財務指標
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| 集團合併(單位：佰萬新台幣) | 2020. 3 月 |
2019. 12 月 |
+ / - % | |
|---|---|---|---|---|
| 資產負債摘要 | ||||
| 現金及流動金融資產 | 3,728 | 3,455 | 8% | |
| 存貨 | 2,980 | 2,665 | 12% | |
| 短期負債 | 2,168 | 2,381 | - 9% | |
| 長期負債 | 2,691 | 2,422 | 11% | |
| 股東權益 | 13,989 | 14,785 | - 5% | |
| 總資產 | 25,476 | 25,437 | - | |
| 存貨週轉天數 | 156 | 127 | ||
| 應收帳款週轉天數 | 136 | 133 | ||
| 應付帳款週轉天數 | 145 | 129 | ||
| 淨負債資產比(%) | 8% | 9% | ||
| 股東權益報酬率(%) | 13% | 13% | ||
| 資產報酬率(%) | 7% | 8% | ||
| 現金流量(單位：佰萬新台幣) | 2020.1Q | 2019.1Q | YoY | |
| 未計利息稅項折舊及攤銷 | 732 | 486 | 51% | |
| 營業現金流入 | 619 | 500 | 24% | |
| 自由現金流量 | 442 | 388 | 14% |
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股東報酬率及資產報酬率皆已年化。
自由現金流量 = 營運活動之淨現金流入 + ( 投資活動之淨現金流出 ) 。
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11
本季重點摘要
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第 1 季重點摘要
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- 總營業收入 : $20.5 億新台幣，
季下滑 20% ，年成長 33%
-
營業毛利率 : 55%
-
營業利益率 : 25%
-
淨利 : $4.71 億新台幣，
季減少 22% ，年成長 59%
-
2020 年第 1 季摘要 :
-
本季主要成長動能來自於半導體
及 Photonics 測試解決方案，分別
較上季增長 4% 及較去年同期成長
-
。
-
78%
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營業收入 營業毛利
營業利益率
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2,571
2,053
2,037
1,961
1,541
55% 55%
51% 52%
47%
25%
23%
20% 21%
19%
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2020.1Q
2019.1Q 2019.2Q
2019.3Q 2019.4Q
12
2020年第1季損益表摘要(母公司)
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2020.1Q % 2019.4Q % QoQ 2019.1Q % YoY
損益表摘要 ( 母公司 )
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| 2020.1Q % |
2020.1Q % |
|
|---|---|---|
| (單位:佰萬新台幣，除每股盈餘為新台幣元) | % % |
|
| 淨營業收入 | 2,053 100% |
2,571 100% (20%) 1,541 100% 33% |
| 營業成本 | (929) (45%) |
(1,370) (53%) (32%) (696) (45%) 33% |
| 營業毛利 | 1,124 55% |
1,201 47% (6%) 845 55% 33% |
| 營業費用 推銷管理費用 研發費用 |
(342) (16%) (278) (14%) |
(339) (13%) 1% (291) (19%) 18% (311) (13%) (11%) (265) (17%) 5% |
| 營業淨利 | 504 25% |
551 21% (9%) 289 19% 74% |
| 營業外收入及支出 | 63 3% |
195 8% (68%) 53 3% 19% |
| 稅前淨利 | 567 28% |
746 29% (24%) 342 22% 66% |
| 所得稅費用 | (96) (5%) |
(142) (6%) (32%) (46) (3%) 109% |
| 本期淨利 | $ 471 23% |
$ 604 23% (22%) $ 296 19% 59% |
| 其他綜合損益淨額 | (61) (3%) |
(211) (8%) (71%) 66 4% n/a |
| 綜合損益總額 | $ 410 20% |
$ 393 15% 4% $ 362 23% 13% |
| 每股盈餘(基本) | $ 1.13 | $ 1.45 (22%) $ 0.72 57% |
| 每股盈餘(稀釋) | $ 1.12 | $ 1.43 (22%) $ 0.71 58% |
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100% 持有之子公司淨利認列，日茂為獲利 1 仟 1 佰萬新台幣 ( 季增長 175% ，年成長 38%) ，威光為虧損 7 仟 3 佰萬新台幣。
13
資產負債摘要及財務指標
母公司 ( 單位：佰萬新台幣 )
2020. 3 月 2019. 12 月
+ / - %
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| 母公司(單位：佰萬新台幣) | 2020. 3 月 |
2019. 12 月 |
+ / - % | |
|---|---|---|---|---|
| 資產負債摘要 | ||||
| 現金及流動金融資產 | 606 | 459 | 32% | |
| 存貨 | 2,308 | 2,026 | 14% | |
| 短期負債 | 1,400 | 1,615 | - | 13% |
| 長期負債 | 2,500 | 2,285 | 9% | |
| 股東權益 | 13,681 | 14,489 | - 5% | |
| 總資產 | 22,006 | 21,807 | 1% | |
| 存貨週轉天數 | 210 | 178 | ||
| 應收帳款週轉天數 | 123 | 123 | ||
| 應付帳款週轉天數 | 122 | 102 | ||
| 淨負債資產比(%) | 23% | 24% | ||
| 股東權益報酬率(%) | 13% | 13% | ||
| 資產報酬率(%) | 9% | 9% |
| 現金流量(單位：佰萬新台幣) | 2020. 1Q | 2019.1Q | YoY |
|---|---|---|---|
| 未計利息稅項折舊及攤銷 | 629 | 402 | 56% |
| 營業現金流入 | 378 | 451 | (16%) |
| 自由現金流量 | 120 | 428 | (72%) |
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股東報酬率及資產報酬率皆已年化。
自由現金流量 = 營運活動之淨現金流入 + ( 投資活動之淨現金流出 ) 。
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14
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營運概況
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2020年第1季單季產品銷售佔比與合併營收明細
| (單位:百萬新台幣) 量測及自動化檢測設備 半導體/ Photonics 測試解決方案 Turnkey Solutions 其它 母公司營業收入 +量測事業體海外據點及測試設備相關子公司 致茂電子 (含海外量測事業子公司) 威光自動化 日茂新材料 其它 集團合併營收 |
(單位:百萬新台幣) 量測及自動化檢測設備 半導體/ Photonics 測試解決方案 Turnkey Solutions 其它 母公司營業收入 +量測事業體海外據點及測試設備相關子公司 致茂電子 (含海外量測事業子公司) 威光自動化 日茂新材料 其它 集團合併營收 |
(單位:百萬新台幣) 量測及自動化檢測設備 半導體/ Photonics 測試解決方案 Turnkey Solutions 其它 母公司營業收入 +量測事業體海外據點及測試設備相關子公司 致茂電子 (含海外量測事業子公司) 威光自動化 日茂新材料 其它 集團合併營收 |
2020.1Q % QoQ YoY |
2019 % |
|---|---|---|---|---|
| 量測及自動化檢測設備 半導體/ Photonics 測試解決方案 Turnkey Solutions 其它 母公司營業收入 +量測事業體海外據點及測試設備相關子公司 致茂電子 |
量測及自動化檢測設備 | 1,168 57% (11%) 24% |
4,605 57% |
|
| 半導體/ Photonics 測試解決方案 | 682 33% 4% 78% |
2,311 28% |
||
| Turnkey Solutions | 55 3% (87%) (45%) |
632 8% |
||
| 其它 | 148 7% (23%) 29% |
563 7% |
||
| 母公司營業收入 | 2,053 100% (20%) 33% |
8,111 100% |
||
| +量測事業體海外據點及測試設備相關子公司 | 504 (41%) 5% |
2,435 | ||
| 2557 76% (25%) 26% |
10546 76% |
|||
| , 177 5% (43%) (35%) 559 17% (16%) 42% 78 2% (5%) 56% |
, 1,009 7% 2,097 15% 258 2% |
|||
| 3,371 100% (25%) 23% |
13,910 100% |
|||
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2020 年營運展望
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。 致茂電子集團 2020 年第 1 季累計合併營收達 34 億新台幣，較上季下滑 25% ，但較去年同期成長 23% 母公司量測事業體 2020 年第 1 季營收創第 1 季新高紀錄達 21 億新台幣，較上季減少 20% ，但較去年同 。 期增長 33% ，半導體及 Photonics 測試解決方案為主要營收成長動能，該產品線較去年同期成長 78%
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2020 年營運展望
-
現今 AIoT 正處於快速發展階段，將提高高性能晶片之需求，如 CPU/GPU, Sensors, RF connections 等，有助於致茂今年半導體相關測試設備之營收成長，主要來自於 :
-
IC 產品的可靠性測試 : Burn-in Test 及 SLT Test 。
-
3D 感測元件所需之 VCSEL / ToF 測試設備。
-
光纖通訊檢測設備。
-
RF 及 MCU 之整合性測試解決方案聚焦於真無線藍芽耳機市場
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量測及自動化檢測設備將聚焦於綠能科技相關之檢測設備，包含電動車相關零組件、電池模塊 與模組、智慧電網及 5G / 伺服器等相關產業之電力電子測試需求。
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兆晟奈米科技所研發之 In-line Nanoparicle Monitoring System ，以突破創新的奈米粒子量測技 術可精準量測至 3 奈米粒子大小及數量分布，目前已獲晶圓代工客戶之認證採用。
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