CSRC — Investor Presentation 2019

May 13, 2019

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2019 Q1 國際中橡投資控股股份有限公司 法人說明會

免責聲明

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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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國際中橡全球營運分佈

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E-ONE MOLI
AMERICA Brussels, Belgium Liaoning, Mainland China
EUROPE/MEA ASIA
Anhui, Mainland China
Barberton, OH Chongqing, Mainland China
Taipei, Taiwan
Phenix City, AL
Sunray, TX
Kaohsiung, Taiwan
Ponca City, OK Kemya, Saudi Arabia E-ONE MOLI
Houston, TX New Delhi, India
Gujarat, India
Manufacturing Sites
Expansion Site
Technology Centers
Licensee Manufacturing Site
Offices
E-ONE MOLI
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01 碳黑事業群 02 電池事業群 03 2019年第一季營運成果

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O1 碳黑事業群

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碳黑製造商產能排名

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MT (‘000)
India
85
Taiwan
USA
2,133 120
2,050 305
Mainland China
285
1,211
1,155
941
795795
515 505
400
Cabot Birla Orion Black Cat Tokai & Sid CSRC PCBL OMSK Longxing
Richardson
Tokai completed acquisition of Sid Richardson in Sept. 2018
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Source : Notch Consulting Inc., 2018

碳黑市場需求與供應

Worldwide

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Supply Demand CAGR
Demand CAGR = 2.8%
2017 2018 2019 2020 2021 2022
Mainland China India
CAGR Supply Demand CAGR Supply Demand CAGR
Demand CAGR = 3.6% Demand CAGR = 4.9%
2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022
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North America
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Supply Demand CAGR
Demand CAGR = 3.1%
2017 2018 2019 2020 2021 2022
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Source : Future Markets & Notch Consulting Inc., 2018

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輪胎與非輪胎碳黑之需求成長率

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North America CAGR 1.6% Asia CAGR 3.9%
Worldwide CAGR CAGR
Demand ‘14-’17 ‘17-’22
Tire 2.9% 2.7% 694 752 1979 2400
2017 2022 2017 2022
Non-Tire 2.3% 3.1% Non-tire CAGR Non-tire CAGR
Mainland China CAGR 4.4% India CAGR 3.5%
1155 1430 166 197
2017 2022 2017 2022
Non-tire CAGR Non-tire CAGR
Source : Notch Consulting Inc., 2018 Unit: MT (‘000)
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回顧與展望

• 中國： Estimated GP/Mt among

• • 不確定因素預期將延續至2019 Chinese Makers 年第二季 4Q/18 1Q/19

• • 輪胎市場需求減緩 Source: BAIINFO.COM Inc., 4/11/2019

• 美國： • 碳黑需求持續成長，預計 可延續到2019年 印度：

• • 台灣： 因應需求量成長，碳黑業 • 碳黑市場需求強勁。碳黑供 • 改善汽電共生設備，提升

• 者陸續漲價 給量將逐年增加 產能利用率

• • 碳黑售價受中國低價進口影 • 預期2019年碳黑產量將較

• 響 2018年增加

Estimated GP/Mt among Chinese Makers 1Q/19 Source: BAIINFO.COM Inc., 4/11/2019

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高價值應用

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特殊應用
非輪胎橡膠
應用
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非輪胎客戶與銷量

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Compounder Mechanical Rubber Goods

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Plastics
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Tire/Non-Tire Sales Volume %
Non-Tire
23% 28%
Volume 13%↑
77% 72%
2017 2018
Tire Non-tire
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朝向高值化產品發展

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研發能力
善用研發能力開發各式碳黑產品
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需求成長 非輪胎橡膠需求 成長率預期將高於 輪胎橡膠

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研發投資
需求增加 多元化發展
利基型
高值化碳黑
碳黑產品 發展利基型碳黑產品
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多元化發展 產品應用、產品組合、 客戶群之多元化發展

碳黑產品創新研發

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2017 2018 2019 2020 Onward

台灣、印度成立 發展低滾阻輪胎用 開拓非輪胎橡膠之 發展特殊應用 研發中心 之碳黑 應用

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印度擴廠

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新廠進度
•
基礎設計已完成
•
• 土地已取得，目前整地中
地理位置優勢
•
客戶與原料之群聚效應
• Dahej,
完善基礎建設 商業模式
Gujarat
•
經濟成長
殘餘物
•
友善投資環境
電力 碳黑 外售
自用
蒸氣
外售
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SOx與NOx之降低率

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Anhui, Mainland China Liaoning, Mainland China Chongqing, Mainland China
1992-2019 2001-2019 2011-2019
SOx 96 %↓ SOx 70 %↓ SOx 91 %↓
NOx 91 %↓ NOx 57 %↓ NOx 34 %↓
AMERICA Liaoning, Mainland China
EUROPE/MEA ASIA
Anhui, Mainland China
Sunray, TX
Chongqing, Mainland China
Ponca City, OK Phenix City, AL
Ponca & Phenix City, USA New Delhi, India Kaohsiung, Taiwan
2022~ 1986-2019 1992-2019
SOx 130 ppm↓ SOx 58 %↓ SOx 99 %↓
NOx 38 ppm↓ NOx 24 %↓ NOx 73 %↓
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企業永續發展

Top 23% EcoVadis 2019 Ratings

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O2 電池事業群

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市場生態

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高鎳三元材料 快速充放電 電池儲能系統

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鋰離子電池市場趨勢(MWh 容量基礎)

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|||
|---|---|
|MWh/CY|LiB market trend by major applications|
|2000,000|
|180,000|
|160,000|
|140,000|
|120,000|
|100,000|
|80,000|
|60,000|
|40,000|
|20,000|
|0|
|2017 2018E 2019F|2020F 2021F 2022F 2023F|
|Other portables: 平板電腦, 數位相機, 攝影機, 攜帶式播放器, 遊戲機&周邊設備|
|Other power Apps: 電動工具,電鬍刀& 牙刷, 電動自行車, 吸塵器|
|Others: 行動電源, 儲能系統等|

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Source: TSR report, 2018Q4

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市場地位及相關應用

電子交通 儲能系統 • 電動車 • 調頻調幅 • 電動巴士/電動貨車 • 快速充電 • 電動摩托車 • 輔助服務 2500 • 電動速可達 (1MW, 15分鐘內放電) • 電動自行車 • P45A 需量反應 • 無人飛行器 • P42A 資料中心電池備援系統 2000 • 電動船 15Ah Japanese maker • 汽車起停系統 5G 通訊 Korean maker • 儲能系統基站 1500 動力應用 家用& 個人裝置 • • 園藝工具 電鬍刀&牙刷 1000 • • 後背電動工具包 100 200 300 吸塵器 • Energy density, Wh/kg 醫療用病患監視器

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高功率電池應用

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電動車 Uber 電動自行車 電動機車
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1MWh 儲能系統(龍井案)
無人機 Uber 飛行車
Dyson 吸塵器 園藝工具 醫療外支架輔具
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1MWh 儲能系統(工研院)

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太空維生系統 21

2019年及未來持續發展動力

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技術及競爭優勢

• 正極: 高鎳三元材料

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• 負極:矽碳材料

• 高安全隔離膜

• 高機能電解液

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與供應商合作開發下世代高階材料 增強研發能力及人力 以先進的生產設備提供準確性及生產力

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營運成果
營業收入 稅後淨利
NTD million NTD million
972
963
904
782
170
624 120
0.74
35 33
1Q 18 2Q 18 3Q 18 4Q 18 1Q 19 1Q 18 2Q 18 3Q 18 4Q 18 1Q 19
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O3 2019年第一季營運成果

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1Q 2019 營運成果

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營業收入
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NTD million

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毛利及毛利率
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NTD million
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Gross Margin Gross Margin %

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20,114 24,432
5,435 6,069
1Q/2018 1Q/2019 2017 2018
EBITDA & %
NTD million
EBITDA EBITDA %
24% 23% 23% 24%
1,317 1,419 4,701 5,846
1Q/2018 1Q/2019 2017 2018
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27%
28%
28% 26%
1,511 1,579 5,570 6,577
1Q/2018 1Q/2019 2017 2018
淨利及EPS
NTD million
Net Income Basic EPS (NT$)
4.18
3.35
1.17
0.88
794 755 2,273 2,994
1Q/2018 1Q/2019 2017 2018
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1Q 2019 部門別營運成果

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NTD Million NTD Million
營業收入 營業利益
962 1,018 3,987
3,881
624 782 3,463
2,125
3,679
915
962
3,134
3,849 4,262 14,082 16,944
15 330
26
181
150 510 668
1Q/2018 1Q/2019 2017 2018 1Q/2018 1Q/2019 -21 2017 2018
Carbon Black Battery Biotech Carbon Black Battery Biotech
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碳黑營收及毛利率

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15.8% 15.6%
10.4% 9.2% 12.2% 11.5% 10.2%
6.2%
4,524
4,303 4,268 4,262
3,849
3,719
3,514
3,405
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19
Sales GM %
NTD million
GM %
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財務指標

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3 流動比率
2.6
2.5
2.3
2.2
2.0
2
財務槓桿
80%
1
2015 2016 2017 2018 1Q/2019
60%
50 % 負債比率 ( L/A)
44
40% 40 38 37
32.1% 35 36
28.4%
26.9% 24.5%
24.2%
30
20%
2015 2016 2017 2018 1Q/2019
0% 50 每股淨值
2015 2016 2017 2018 1Q/2019
40 36.2
34.5
31.4 31.8
29.0
30
20
2015 2016 2017 2018 1Q/2019
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We Appreciate Your Listening! csrcir@csrcgroup.com

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