CHROMA — Interim / Quarterly Report 2016

Jun 15, 2016

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致茂電子股份有限公司

2016 年第 1 季公司概況

財務長 應正

2016 年 4 月 28 日

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Disclaimer

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 forwardlooking 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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議程

• 公司簡介 • 財務數據 • 營運概況 • 問與答

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公司簡介

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公司簡介

• 致茂電子成立於 1984 ，為自有品牌之自動化檢測

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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

• 解決方案供應商。商品包含提供產業相關之檢測

14,148

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。

• 2015 年合併營收為 9.7 億新台幣。

• 2015 年淨利為 1.2 億新台幣。

• 致茂電子執行長 黃欽明先生獲美國「哈佛商業評

論」選為 2016 年台灣最佳執行長 50 強。

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8%
11,644
5%
10,171 10,307
9,692
7%
48%
15%
13%
48% 29%
24%
34%
41% 44% 47% 60% 58%
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2011

2012

2013

2014 2015

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「哈佛商業評論」2016年台灣執行長50強

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Harvard Business Review

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No.38
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No.13
1,011%
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2016

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No.70
NTD
34.5b
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整體 股東報酬率 市值增長

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財務表現

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集團合併總營收 集團合併 總營收 研發費用
營業毛利
營業毛利率
研發費用佔營收比
致茂主體
56%
55%
54% 54%
14,148
5,338
5,135
52%
44%
4,539
11,644 37% 39%
4,174
3,926
10,307
10,171
28% 29% 9,692
17%
16%
15% 15%
12%
784
755
630 637 631
致茂母公司員工數： 1,447  ( 研發人員比重 39%)
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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財務表現

股東權益報酬率

股利政策

每股盈餘 現金股利 股票股利 配發比率

4.06

19%

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15%
14%
13%
12%
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3.51
3.28
3.21
2.52 2.60
2.50 2.50
2.40
2.00
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2014

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股利將經公司股東會決議後配發之 .
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2011 2012 2013 2014 2015

**2015 ***

2011 2012 2013

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致茂電子全球據點

Global Employees ： 2,310  , Branch Offices x17, Distributors x68

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US :
Irvine/ Santa Clara/
Foothill Ranch, CA
Hong Kong : Neworld Tempe, AZ
Europe : Netherlands
SE Asia: Singapore Japan: Yokohama
China : Beijing / Nanjing / Shanghai / Suzhou
Chongqing / Xiamen / Shenzhen / Dongguan
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財務數據

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2016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) (未經核閱)		2016.1Q %		2015.1Q % YoY %
	淨營業收入		2,610 100%		1,924 100% 36%
	量測儀器事業部之合併營收(淨值)		1,904 73%		1,065 56% 79%
	威光自動化事業部之合併營收		41 2%		161 8% (75%)
	日茂特殊材料事業部之合併營收		568 22%		595 31% (5%)
	其他		97 3%		103 5% (6%)
	營業成本		(1,456) (56%)		(1,127) (59%) 29%
	營業毛利		1,154 44%		797 41% 45%
	營業費用 推銷管理費用 研發費用		(533) (20%) (237) (9%)		(472) (25%) 13% (194) (10%) 22%
	營業淨利		384 15%		131 6% 193%
	營業外收入及支出		(12) (1%)		12 1% n/a
	稅前淨利 所得稅費用		372 14% (66) (2%)		143 7% 160% (30) (1%) 120%
	本期淨利		$ 306 12%		113 6% 171%
	其他綜合損益淨額		(21) (1%)		(51) (3%) (59%)
	綜合損益總額		$ 285 11%		$ 62 3% 360%
	淨利歸屬於: 本公司業主 非控制權益		321 12% (15) -		123 6% 161% (10) - 50%
			$ 306 12%		$ 113 6% 171%
	每股盈餘		$ 0.85		$ 0.33 158%
			$ 0.80		$ 0.32 150%
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資產負債摘要及財務指標

集團合併 (單位：佰萬新台幣) (未經核閱) 資產負債摘要 現金及流動金融資產 存貨 短期負債 長期負債 股東權益	集團合併 (單位：佰萬新台幣) (未經核閱) 資產負債摘要 現金及流動金融資產 存貨 短期負債 長期負債 股東權益		2016. 3月 5,323 1,779 577 2,880 9,872	2015. 12月 + / - % 5,116 4% 1,636 9% 333 73% 3,142 - 8% 9,531 4%
總資產			16,539	16,060 3%
存貨週轉天數 應收帳款週轉天數 應付帳款週轉天數 淨負債資產比(%)			106 85 93 Negative	108 108 91 Negative
股東權益報酬率(%)			13%	13%
資產報酬率(%)			8%	8%
現金流量 (單位：佰萬新台幣) 未計利息稅項折舊及攤銷 營業現金流入	2016.第1季 468 391	2015.第1季 234 807		年成長 100% (52%)
自由現金流量	(240)	534		n/a

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股東報酬率及資產報酬率皆已年化。

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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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本季重點摘要

第 1 季重點摘要

• 總營業收入 : $16 億新台幣，

季成長 39% ，年增加 91%

• 營業毛利率 : 50%

• 營業利益率 : 23%

• 淨利 : $3.2 億新台幣，

季成長 28% ，年增加 161%

• 2016 年第 1 季摘要 :

• 本季營收創歷史第三高

• 主要成長來自於 Turnkey

Solutions ， 較上季成長 403% 。

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營業收入 營業毛利
營業利益率
1,654
1,356
1,193
57% 1,126 57%
55%
53%
50%
864
23%
22%
20%
16%
13%
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2015.1Q 2015.2Q

2015.3Q 2015.4Q 2016.1Q

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2016年第1季損益表摘要(母公司)

	損益表摘要(母公司) (單位:佰萬新台幣，除每股盈餘為新台幣元) (未經核閱)		2016.1Q %		2015.4Q % QoQ 2015.1Q % YoY % %
	淨營業收入		1,654 100%		1,193 100% 39% 864 100% 91%
	營業成本		(821) (50%)		(515) (43%) 59% (369) (43%) 122%
	營業毛利		833 50%		678 57% 23% 495 57% 68%
	營業費用 推銷管理費用 研發費用		(234) (14%) (213) (13%)		(237) (20%) (1%) (210) (24%) 11% (204) (17%) 4% (176) (20%) 21%
	營業淨利		386 23%		237 20% 63% 109 13% 254%
	營業外收入及支出		(7) -		50 4% n/a 31 4% n/a
	稅前淨利		379 23%		287 24% 32% 140 16% 171%
	所得稅費用		(58) (4%)		(37) (3%) 57% (17) (2%) 241%
	本期淨利		$ 321 19%		$ 250 21% 28% $ 123 14% 161%
	其他綜合損益淨額		(20) (1%)		(101) (9%) n/a (51) (6%) (61%)
	綜合損益總額		$ 301 18%		$ 149 12% 102% $ 72 8% 318%
	每股盈餘(基本)		$ 0.85		$ 0.66 29% $ 0.33 158%
	每股盈餘(稀釋)		$ 0.80		$ 0.62 29% $ 0.32 150%

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100% 持有之子公司淨利認列，日茂為獲利為 1 仟 2 佰萬新台幣 ( 季增加 9% ，年持平 ) ，威光為虧損 4 佰萬新台幣。

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資產負債摘要及財務指標

未合併 (單位：佰萬新台幣) (未經核閱) 資產負債摘要 現金及流動金融資產 存貨 短期負債 長期負債 股東權益			2016. 3月 2,822 1,400 348 2,730 9,766	2015. 12月 + / - % 2,703 4% 1,301 8% 101 245% 2,988 - 9% 9,410 4%
總資產			14,726	13,965 5%
存貨週轉天數 應收帳款週轉天數 應付帳款週轉天數 淨負債資產比(%)			148 102 81 2%	231 159 101 4%
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) 未計利息稅項折舊及攤銷 營業現金流入	2016.第1季 425 276	2015.第4季 333 718		季成長 年成長 28% 128% (62%) (34%)
自由現金流量	(487)	423		n/a n/a

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股東報酬率及資產報酬率皆已年化。

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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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營運概況

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各產品線銷售佔比

(單位:百萬新台幣) 量測及自動化檢測設備 半導體測試解決方案 Turnkey Solutions 其它		2016.1Q % QoQ 739 45% (2%) 144 9% (36%) 714 43% 403% 57 3% (19%)		2015.1Q % 646 75% 152 18% 28 3% 38 4%	YoY 14% (5%) n/a 50%
Total		1,654 100% 39%		864 100%	91%

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銷售佔比 (累計)

A Turnkey Solution and Intelligent Automation Line Provider

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母公司
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其他 半導體測試解決方案 Turnkey Solutions

半導體測試解決方案

量測及自動化檢測設備

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4,174 3,926 5,135 4,539 1,654
6% 5% 4% 4% 3%
9% 12% 43%
10% 18%
17% 21% 17%
21%
9%
63% 67% 65% 57% 45%
2012 2013 2014 2015 2016.1Q
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合併營收佔比

(單位:百萬新台幣) 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		2016.1Q % QoQ 1,904 73% 22% 41 2% (87%) 568 22% (3%) 97 3% (10%)		2015.1Q % YoY 1,065 55% 79% 161 9% (75%) 595 31% (5%) 103 5% (6%)
集團合併營收		2,610 100% 2%		1,924 100% 36%

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2016 年展望

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隨著潔淨科技產業投資與資本支出持續增加，尤其是電動車電池及太陽能的 需求大幅提升，致茂電子第 1 季母公司營收創歷史第三高，季成長與年成長分 別為 39% 及 91% 。主要成長來自於 Turnkey Solutions 之銷售貢獻，第 1 季營業 額已超越去年水準，達 2015 年 Turnkey Solutions 整體銷售的 1.3 倍。而量測及 。 自動化檢測設備也較去年成長 14%

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公司表示今年營收仍按以往的淡旺季模式由第 2 季開始進入旺季，預期第 2 季 營收將持續成長，主要成長動能將來自於 Turnkey Solutions ( 電動車之動力鋰 電池需求 ) 及量測及自動化檢測設備之銷售。

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Test Instruments & ATS (1/2)

TECHNOLOGY

System Integration, GB/T 18487.1 System Integration Automated AC Type: 1~40KW, USB Power Delivery Emulator Testing DC Type: 10~200KW Power/Comm./Protection Test High Voltage Solar Array Simulator High Transient Linear Load: 10us Power/Battery Voc :1000 – 1500V , Isc: Up to 150A High Power Density: 6kW@4U Testing Power Rating: 22kW – 225kW Passive Impedance Measurement Impulse & Hi-pot test with Vacuum Comp. Testing Wide Freq. range: 30MHz 7 in 1 (ACW/DCW/IR/IWT/DCR/L/Q Phase) ’15 ‘16 EVSE/ Battery/ PV/ USB PD/ Monitor/3C Adapter & Charger/Portable & Wearable Device/ Motor MARKET USB PD USB PD AC/DC EVSE ATS Emulator ATS 8020 8000 High Power DC Load 150~1200V,4~24kW 1500V Solar Array 632XXA Simulator HF LCR Meter Motor Stator SOLUTION 11050-30M

Motor Stator Test System

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Test Instruments & ATS (2/2)

TECHNOLOGY

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5K x 3K@60Hz
FPD Testing 8K x 4K@60Hz
5.4Gbps lane rate
High Capacity Burn-in High Temperature Uniformity
Optical Testing
Max. 1,280 DUT, up to 120 ℃ ± 0.5 ℃ temperature stability
High Precision PXI DPS High Precision PXI SMU/CMU
PXI SMU/CMU
4 CH/Slot, 600k sampling rate Ultra high resolution
’15 ‘16
MARKET HD Display/ Fiber Communication/ Mobile Phone/ Component Manufacturing/ Semiconductor/ LED
FPD Tester 27014 8K FPD Tester
TO-CAN/CoC TOSA/BOSA
Burn In System Temp. Control
58603 System
58691
PXIe
PXI e SMU
SMU/CMU
52304
SOLUTION 52XXX
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Semiconductor Test Solutions

TECHNOLOGY

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High Parallel Sites Testing High Multi-site Testing
Logic Testing
1024 digital pins, 200Mbps 512 sites supported
High parallel sites for ADC/DAC testing
Analog Testing
16 bits 32 CH, 32 CH DIG, per card
IC Testing Thermal Engine
Handler Nitro-TEC (Liquid Nitrogen)
’15 ‘16
MARKET IC – SoC/ MCU/ PMIC/ Sensors (touch-screen, fingerprint) / Connectivity (WiFi, BT)
SoC Test System
High Density Instrument 3650-EX
HDADDA
Full Range Active
Thermal Control
Handler 3160-F
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SOLUTION

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Turnkey Solutions

TECHNOLOGY

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Integrated System
Automation
Automation
Collaborative Robotic Application
Battery Regenerative CH/DCH System ,
Formation Negative Pressure Formation
MES Intelligent Process System
’15
‘16
MARKET Industry 4.0 – Battery Cell Formation/ Battery Pack Auto Assembly/ IT/ICT Auto Test Line/ Smart Factory
Battery Pack Automatic
Automated Optical
Assembly Line
Measurement System
Smart Conveyer
Battery Cell Formation
5703
System 17000
Intelligent Battery
SOLUTION Process System
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www.chromaate.com

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let’s make a better world.

Thank You!

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