CSRC — Interim / Quarterly Report 2018

Nov 19, 2018

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2018 Q3 e 國際中橡投資控股股份有限公司 法人說明會

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Carbon,

source of life, foundation of civilization 碳乃生命之源，文明之本

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Carbon Black moves civilization 碳黑是文明進步的滾輪

願景

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願景 讓文明與自然共存 使命 能源再生自然共生

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– CSRC Group A circular economy and green life sustainable company

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國際中橡碳黑產業全球營運分佈

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E-ONE MOLI
AMERICA Brussels, Belgium Liaoning, China
EUROPE/MEA ASIA
Anhui, China
Barberton, OH Chongqing, China
Taipei, Taiwan
Phenix City, AL
Sunray, TX
Kaoshiung, Taiwan
Ponca City, OK Kemya, Saudi Arabia E-ONE MOLI
Houston, TX New Delhi, India
Gujarat, India
Manufacturing Sites
Technology Centers
Licensee Manufacturing Site
Offices
E-ONE MOLI
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MT (‘000)
India
85
Taiwan America
120 305
China
285
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全球主要碳黑製造商產能排名

2,133 2,050 China 285 1,211 1,155 941 795 515 505 400 Cabot Birla Orion Black Cat Tokai & Sid CSRC PCBL OMSK Longxing Richardson Tokai completed acquisition Sid Richardson in Sept.

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Source : Notch Consulting Group, 2018

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議程

01 產業概況 02 營運展望 03 2018第三季營運成果

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產業概況[01]

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碳黑產業概觀

擴大規模為產業未來趨勢

MT (‘000)

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25,000 3.2% 3.2%
3.2% 3.2%
20,000 3.2% 3.2%
3.2%
15,000 3.1% 3.1%
3.1%
3.1% 3.1%
10,000 3.1%
3.1%
5,000 3.0%
3.0%
0 3.0%
2018 2019 2020 2021 2022
Demand Growth %
North America ASIA W. Europe
3,000 5.0%5,000 5.0%
3.5%
3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.1% 3.1% 3.1% 3000 5.0%
3.0% 3.0%
2,500 3.0%4,000 3.0% 2500 2.5% 2.5% 2.7%
2,000
1.0%3,000 1.0% 2000
1,500
1500 0.0%
-1.0%2,000 -1.0%
1,000
1000
500 -3.0%1,000 -3.0%
500
0 -5.0% 0 -5.0% 0 -5.0%
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Demand Growth % Demand Growth %
Demand Growth %
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Source: Future Markets “The Global Market for Carbon Black 2018”

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特殊碳黑概觀 開發高價值的特殊碳黑產品

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SCB Worldwide
3500 8% 8% 8% 7% 7% 10%
2292 2459
2500 2133 5%
1975
1832
1500 1094 1148 1208 1265 1325 0%
500 -5%
-500 2018 2019 2020 2021 2022 -10%
Value (USD M) Volume (kt) Value Growth Rate
Value (USD Value (USD
SCB by Application 1500 SCB by Region
M) M)
2000
1000
1500
1000
500
500
0
0
2018 2019 2020 2021 2022
2018 2019 2020 2021 2022
Plastics Inks Coatings Other
N. America Europe APAC ROW
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Source: Lucintel-Global Specialty Carbon Black Market Trends Forecast and Opportunity Analysis 2018

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高價值的碳黑

• Cable Wire

High Performance Tire

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Low Rolling Resistance Tire

• Low Grit

• • High color plastics

Plastics

• Fiber

• Conductive CB Long Run Tire Coating

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營運展望

02

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循環經濟

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全球化 未來展望

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碳黑是循環經濟

排放控制系統

將工業廢棄物轉化成原料

• 大量減少 SOx, NOx, PM 排放

• 石化工業

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• 煤化工業/ 鋼鐵業

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能源再生

• 回收並再生能源

• • 蒸氣

• • 電力 可供台北市 17天之用電量

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Source: Taipei City Government

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致力與自然共存

嚴格的汙染控制標準

先進的汙染控制系統

台灣 Nox, PM 中國 Sox, Nox, PM Sox, Nox, PM 美國 (consent decree) 印度 NCR zone PM issue

SNCR  SCR De-Sox, SNCRSCR De-Sox, SCR Investing in advanced system at new plant (De-Sox, SCR) 台灣 : 1 座施工中 中國 : 2 座完成 , 2 座試運轉中 美國 : 1 座試運轉中 印度 : 新廠設計中

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SOx與NOx之降低率

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Anhui, China Liaoning, China
Phenix City, AL
Commissioning Commissioning
SOx 90 %↓ SOx 90 %↓
NOx 90 %↓ NOx 90 %↓
AMERICA Liaoning, China
EUROPE/MEA ASIA
Anhui, China
Chongqing, China
Sunray, TX
New Delhi, India
New Delhi, India
Gujarat, India Chongqing, China Kaohsiung, Taiwan
Ponca City, OK
Designed Established Under Construction
Commissioning
SOx 96 %↓ SOx 95 %↓ SOx 90 %↓ SOx 90 %↓
NOx 95 %↓ NOx 95 %↓ NOx 90 %↓ NOx 90 %↓
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社會參與 取之於社會，用之於社會

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IMO 限定硫含量上限之影響

2016年10月，IMO決議在2020年前，航運業者需將其所用之燃料 油含硫量，由3.5%降至0.5%

 低硫量油需求增高

• 高硫量油需求減低

• 將持續觀察價格變化對中橡之影響

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循環經濟 全球化 未來展望

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國際化

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國際人才
國際化品牌
國際研發資源整合 全球客戶服務整合
全球原料油資源整合
國際化管理體系
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循環經濟

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全球化 未來展望

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轉型為投資控股公司

林園先進材料 科技股份有限公司

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碳煙事
業群
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國際中橡 投資控股 股份有限公司

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中橡炭黑印度廠
CCIL
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鋰電池
事業群
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生技
全循環經濟股份有限公司
事業群
Synpac
(North Carolina),Inc.
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• 優化內部管理

• 產業資訊透明

• 提升各事業體戰略至更高層級

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印度擴廠

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產能 第一階段- 150,000 噸 (總計450,000 噸) • 產品 碳黑 (橡膠碳黑與特碳) • 蒸氣 • 電力 預計資本支 第一階段- USD 83 百萬 出 預計三階段 預期時程 第一階段將在2021年前完成

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•
地理位置優勢
•
客戶與原料之群聚效應
Dahej,
•
Gujarat 完善基礎建設
•
經濟成長
•
友善投資環境
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鋰電池

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擴產計畫

新產能 18 百萬顆/月

將在2020年前達成

– 產能翻倍 9 百萬顆/月 將在2019年一月前達成 達到 透過人才管理、製程優化、 4.5 百萬顆/月 研發與設備投資

減資 850 百萬 增資 3,500 百萬

股本: 3,013 百萬-> 5,663 百萬 預計2019第一季前完成

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2019新產品:

鋰電池

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21700:

• P42A: 4.2Ah/45A

產品策略: 1. Niche Market

• M50A: 5Ah/20A

18650:

1. High Capacity with Extremely High Power

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• P28A: 2.8Ah/35A

• M30A: 3Ah/10A

• M35A: 3.5Ah/10A

• 產品應用:

• Home Appliances

• • Medical & Military

• • ESS

• Power and Outdoor Solution

• • Personal Device

• • E-Bike

• • Aerospace & Seismic

• • BBU for Data Center

• • E-Call

• • 5G

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投資未來
資源整合
• •
研發中心投資 高效能碳黑
• •
人才與技術投資 特殊碳黑
• •
新藥研發投資 電動汽車用碳黑
•
• 下世代電池
全球技術資源整合
研發投資
開創利基商品
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03 2018 第三季營運成果

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Q3/2018 營運成果

毛利及毛利率

營業收入

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NTD million Gross Margin Gross Margin %
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NTD million

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20,114
18,149
15,889
14,843
FY FY 1-3Q/ 1-3Q/
2016 2017 2017 2018
EBITDA
NTD million EBITDA EBITDA / Sales
24% 23% 26% 26%
4,701 4,692
3,876 3,854
FY FY 1-3Q/ 1-3Q/
2016 2017 2017 2018
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29% 28% 28% 28%
5,570 5,051
4,570 4,186
FY FY 1-3Q/ 1-3Q/
2016 2017 2017 2018
淨利及EPS
NTD million Net Income Basic EPS (NT$)
3.88
3.69
2.84
2.39
2,820
2,300
1,960
1,414
FY FY 1-3Q/ 1-3Q/
2016 2017 2017 2018
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產業部門別營業利益

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NTD Million
75%
2788
3134
3233
206 6%
721 19%
510
-108
Y2016 Y2017 -21 1-3Q 2018
-209
碳煙事業群 電池事業群 生技事業群
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碳煙營收及毛利率

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NTD million GM %

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流動比率
3
2.3
2.2
2.0 2.0 2.0
2
1
Y2014 Y2015 Y2016 Y2017 Y2018Q3
% 負債比率( L/A)
50
44
42
38
37 37
40
30
Y2014 Y2015 Y2016 Y2017 Y2018Q3
每股淨值
50
36.2
40 34.3
31.4 31.8
29.0
30
20
Y2014 Y2015 Y2016 Y2017 Y20183Q
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重要財務指標

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財務槓桿 (%)
40%
32.1%
30.1%
30% 28.4%
27.6%
26.9%
20%
Y2014 Y2015 Y2016 Y2017 20183Q
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THANK YOU csrcir@csrcgroup.com

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本文件中包含的前瞻性陳述有風險和不確定性，實際結果可能會與這些前瞻性 聲明中明示或暗示的內容大不相同。 國際中橡投資控股股份有限公司對這些前瞻性陳述的準確性和完整性不作任何 聲明或保證，國際中橡投資控股股份有限公司也不承擔更新任何前瞻性陳述的 義務，無論是新的信息還是未來的事件。

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