CST — Interim / Quarterly Report 2019

Aug 13, 2019

August 14, 2019

正新橡膠工業股份有限公司 CHENG SHIN RUBBER IND. CO., LTD. 法人說明會 Investor Conference

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We Deliver Performance[TM]

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免責聲明

Safe Harbor Notice

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本簡報是建立於本公司從各項來源所取得之資訊。有些
資訊可能受未來不確定性因素影響，致使與原先本公司
對於未來前景的說明迥異。未來若有變更或調整時，請
以公開資訊觀測站公告資訊為依據。

This presentation is based on the information obtained from various sources which the Company believes to be reliable. But at some point in the future, there are a variety of factors which could cause actual results to differ materially from those statements. Therefore, please refer to the information on MOPS website as the main basis if any adjustment has been made. (http://mops.twse.com.tw)

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We Deliver Performance[TM]

與會人員 Participants

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 廖正耀副總經理 Mr. Liao, Cheng Yao / Vice President  羅永勵副總經理 Mr. Lo, Yung Li / Vice President

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We Deliver Performance[TM]

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公司簡介 Company Introduction

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公司簡介 Company Introduction

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• 創立日期： 1967 年 1 月

Foundation ： Jan., 1967

• 上市日期： 1987 年 12 月 IPO ： Dec., 1987

• 營運總部：台灣彰化

• Headquarter ： Chunghwa, Taiwan

• 資本額：新台幣 324.14 億元

• Capital ： NT$32.414 billion

• 董事長：羅才仁

• Chairman ： Lo, Tsai-Jen

• 全球輪胎排名第九名

• Global top 9 of tire makers

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• 員工數：台灣 6,340 人；集團 29,572 人

Number of employees ： 6,340 (Taiwan) ； 29,572 (Global)

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資料基準日 (Base Date) ： 2019-06-30
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We Deliver Performance[TM]

全球生產基地 Production Plants

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中國正新 (CSTC) 重慶正新 (CSTS) 印度正新 (MRI) 台灣正新 (CST) 11 座 泰國正新 (MIT) 輪胎製造工廠 越南正新 (CSV) 廈門正新 (XCS) (11 Production Plants) 廈門海燕 (CSTP) 印尼正新 (PTM) 漳州正新 (CSTZ) 正新實業 (CSTE)

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註 1: 台灣正新為營運總部

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Note ： CST is the Headquarter

We Deliver Performance[TM]

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集團生產配置 Production Configuration

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	台灣 正新 (CST)	廈門 正新 (XCS)	中國 正新 (CSTC)	廈門 海燕 (CSTP)	正新 實業 (CSTE)	正新 重慶 (CSTS)	漳州 正新 (CSTZ)	泰國 正新 (MIT)	越南 正新 (CSV)	印度 正新 (MRI)	印尼 正新 (PTM)
輻射層汽車外胎 (PCR)	◎	◎	◎			◎		◎
輻射層卡車外胎 (TBR)	◎		◎	◎				◎
機車外胎 (MC)	◎	◎					◎		◎	◎	◎
自行車外胎 (BC)	◎	◎					◎
內胎 (TUBE)	◎				◎				◎	◎	◎
其他 (OTHERS)	◎	◎					◎		◎

資料基準日 (Base Date) ： 2019-06-30

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集團設備產能 Production Capacity

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單位：千條 / 日 Unit ： thousand pcs / day

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OTHERS ： 95
TBR ： 21
TUBE ： 541
PCR ： 182
Total ： 1,339
• TUBE ：內胎
BC ： 256 • BC ：自行車外胎
• MC ：機車外胎
• PCR ：輻射層汽車外胎
MC ： 244 • TBR ：輻射層卡車外胎
• OTHERS ：其他
資料基準日 (Base Date) ： 2019-06-30
[[TM]] 7
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We Deliver Performance [[TM]]
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Maxxis 屢獲國際肯定 Maxxis Awards

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台灣 20 大國際品牌

- 福建奔馳賓士優秀供應商 中國年度操控輪胎大獎 中國汽車雜誌輪胎王中王大賞 汽車族雜誌中國年度車輪獎 澳洲 4X4 雜誌評測第一名

澳洲 BAUER MOTORING Wheels 雜誌輪胎測試第一名 澳洲 Driving Solutions 雜誌性能測試第一名 歐洲 Professional Driver 雜誌評價第三名 德國 AUTO ZEITUNG 雜誌評測第三名

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We Deliver Performance[TM]

瑪吉斯各項活動 Maxxis Activities

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MXGP
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營運成果 Operating Results

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We Deliver Performance[TM]

營運成果摘要 Operating Results

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單位：新台幣億元 Unit ： NT$ 100 million

營業收入 Net revenue TWD553 億 (-1.07%)

2018H1

營業收入 Net revenue TWD 559 億元

2018H1

營業成本 Cost of good sold TWD 428 億元

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2018H1 營業淨利 Operating profit TWD 47 億元

資料來源 : 正新橡膠合併財報

Source ： CSTG Financial Report We Deliver Performance[TM]

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合併綜合損益表摘要

Statements of Comprehensive Income Overview (Consolidated)

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單位：新台幣百萬元 Unit：NT$ million	2018H1 金額(Amount)	%	2019H1 金額(Amount)	%
營業收入(Net revenue)	55,896	100	55,256	100
營業成本(Cost of good sold)	(42,772)	(77)	(42,803)	(77)
營業毛利(Gross profit)	13,124	23	12,453	23
營業費用(Operating expenses)	(8,456)	(15)	(8,289)	(15)
營業淨利(Operating profit)	4,668	8	4,164	8
營業外淨支出 (Non-operating gains & losses)	(678)	(1)	(8)	(-)
稅前淨利(Income before tax)	3,990	7	4,156	8
本期淨利(Net Income)	2,611	4	2,768	5
稅後每股盈餘(元) (EPS；NT$)	0.80		0.85

資料來源 : 正新橡膠合併財報

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Source ： CSTG Financial Report

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We Deliver Performance[TM]

合併資產負債表摘要 Balance Sheet Overview (Consolidated)

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單位：新台幣百萬元 Unit：NT$ million	2018H1 金額(Amount)	%	2019H1 金額(Amount)	%
現金及約當現金 (Cash and cash equivalents)	33,770	18	26,503	15
存貨 (Inventories)	19,445	11	18,407	11
不動產、廠房及設備 (Net property, plant and equipment)	105,221	57	102,663	59
資產總額 (Total assets)	184,318	100	172,468	100
流動負債 (Current liabilities)	50,722	28	48,820	29
長期借款&公司債 (Long-term debts & corporate bonds)	49,395	26	38,496	22
股東權益 (Total shareholder’s equity )	82,891	46	79,818	46
負債及股東權益總額 (Total liabilities and shareholder's equity)	184,318	100	172,468	100

資料來源：正新橡膠合併財報 (Source ： CSTG Financial Report) We Deliver Performance[TM] 13

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合併現金流量表摘要

Statement of Cash Flow Overview (Consolidated)

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單位：新台幣百萬元 Unit：NT$ million	2018H1 金額(Amount)	2019H1 金額(Amount)
營業活動之現金流入 (CASH FLOWS FORM OPERATING ACTIVITIES )	4,685	10,195
合併稅前淨利 (Net income before tax)	3,989	4,156
投資活動之現金流出 (CASH FLOWS FORM INVESTING ACTIVITIES)	(6,933)	(4,414)
取得不動產、廠房及設備 (Acquisitions of property, plant and equipment)	(7,114)	(4,529)
籌資活動之現金流入 (CASH FLOWS FROM FINANCING ACTIVITIES)	4,128	(7,107)
借款淨增加(減少) (Increase (decrease) in loans)	4,134	(7,048)
本期現金及約當現金增加數 (Increase in cash and cash equivalents)	2,852	(1,307)
期末現金及約當現金餘額 (Cash and cash equivalents at the end of year)	33,770	26,503

資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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合併營收 Revenues (Consolidated)

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單位：新台幣百萬元 Unit ： NT$ million

-1.14% 2018H1 2019H1

【營收差異 -1.14% 原因】 (Reasons of revenues decrease 1.14%) 同期比較 (YoY) ：  價格與匯率影響： -0.80% (Price & exchange rate effect ： -0.80%)  數量影響： 0.47% (Quantity effect ： 0.47%)  其他影響： -0.81% (Other effect ： -0.81%)

資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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各廠營收同期比較

YoY Revenues (Consolidated)

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單位：新台幣億元
Unit：NT$ 100 million	2018H1	2019H1

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資料來源 : 正新橡膠合併財報

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Source ： CSTG Financial Report

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We Deliver Performance[TM]

集團銷售分析 ( 依廠別 ) Revenues by Subsidiary

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單位：營收金額佔比 Unit ： % of sales  2018H1  2019H1

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YoY ▼ 1.8% ▲ 0.1% ▼ 0.1% ▼ 0.3% ▲ 0.4% ▲ 0.6% ▼ 1.3% ▲ 0.4% ▲ 2.0%

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資料來源：正新橡膠合併財報 Source ： CSTG Financial Report

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集團銷售分析 ( 依區域 ) Revenues by Region

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單位：營收金額佔比
Unit ： % of sales 中國大陸
(China)
歐洲 55.0% ( ▼ 1.5%)
(Europe)
-2.7%
6.6% ( ▼ 0.6%)
-7.4%
台灣 美洲
(Taiwan) (America)
6.0% ( ▲ 0.1%) 12.7% ( ▲ 1.3%)
+1.3% +11.3%
-
中東 非洲 亞太
(M. East & Africa) (Asia Pacific)
4.6% ( ▲ 0.6%) 15.1% ( ▲ 0.1%)
+0.2%
+15.7%
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資料來源 : 正新集團自結報表 (2019H1) Source ： CSTG Non-audited Financial Report (2019H1) We Deliver Performance[TM] 18

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合併產品別銷售金額同期比較

YoY Revenues by Products (Consolidated)

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單位：營收金額佔比 Unit ： % of sales

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PCR TBR MC BC OTHER TUBE
39.8% ( ▼ 1.3%) 22.1% ( ▲ 0.6%) 11.7% ( ▲ 0.3%) 8.4% ( ▲ 0.3%) 11.4% ( ▼ 0.3%) 6.6% ( ▲ 0.4%)
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-3.1% +2.7% +2.4% +3.3% -2.8% +6.9%
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資料來源 : 正新集團自結報表 (2019H1)

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Source ： CSTG Non-audited Financial Report (2019H1) We Deliver Performance[TM]

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合併產品別銷售量同期比較

YoY Quantities by Products (Consolidated)

單位：百萬條 Unit ： million pcs

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PCR TBR MC BC OTHER TUBE
19.0 2.5 19.7 41.1 10.2 91.7
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PCR,
40.9%
-6.4% +2.6% +7.6% +4.9%
+4.2% +8.5%
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資料來源 : 正新集團自結報表 (2019H1)

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Source ： CSTG Non-audited Financial Report (2019H1) We Deliver Performance[TM]

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17 吋以上輪胎銷售同期比較 YoY ≧ 17” PCR Sales (Consolidated)

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單位： 17 吋以上 PCR 銷售金額佔比 Unit ： ≧ 17” % of PCR sales amount 2018H1 2019H1 28.8% 31.3% 2.5% ≧ 17” 單位： 17 吋以上 PCR 銷售數量佔比 Unit ： ≧ 17” % of PCR sales volume 2018H1 2019H1 21.4% 22.9% 1.5%

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合併營業毛利率 Gross Profit Rate (Consolidated)

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【營業毛利率差異 - 0.94% 原因】 (Reasons of gross profit rate decrease 0.94%)

同期比較 (YoY) ：

• 原料成本影響： 1.12% (Material cost effect ： 1.12%)

• 製造費用影響： -1.85%

• (Manufacturing expense effect ： -1.85%)

2018H1 2019H1

資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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2019 上半年原料成本 Material Cost in 2019H1

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Brent ,
in USD
11%
鋼絲 & 鋼絲簾布
Steel & Steel Cord Fabric
12%
23% BR0150 ,
尼龍簾布 人造膠 in NTD/kg RSS3 ,
Nylon Cord Fabric Synthetic Rubber in NTD/kg
15%
碳煙 22%
Carbon 生膠
Natural Rubber
SBR1502 ,
in NTD/kg
17%
化學藥品
Chemicals
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資料來源： CIP 商品行情網 (http://cip.chinatimes.com/) Source ： http://cip.chinatimes.com/

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合併營業淨利率 Operating Income Rate (Consolidated)

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【營業淨利率差異 - 0.82% 原因】 (Reasons of operating income rate decrease 0.82%) 同期比較 (YoY) ：

• 營業費用率影響： 0.12% (Operating expense rate effect ： 0.12%)

• 營業毛利率影響 -0.94% (Gross profit rate effect ： -0.94%)

2018H1 2019H1

資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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歸屬於母公司合併本期淨利率

Net Income Rate – Attributable to shareholders of the parent (Consolidated)

2018H1 2019H1

• 【本期淨利率差異 0.34% 原因】 (Reasons of net income rate decrease 0.34%)

• 同期比較 (YoY) ：  所得稅率影響： -0.04% (Income tax rate effect ： -0.04%)

• 業外淨支出率影響： 1.20% (Non-operating rate effect ： 1.20%)

• 營業費用率影響： 0.12% (Operating expense rate effect ： 0.12%)

• 營業毛利率影響： -0.94% (Gross profit rate effect ： -0.94%)

資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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We Deliver Performance[TM]

合併每股淨利 EPS (Consolidated)

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單位：新台幣元
Unit ： NT$
6.25%
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2018H1 2019H1
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資料來源：正新橡膠合併財報

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Source ： CSTG Financial Report

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集團內外銷比率

Revenues by Domestic & Foreign Sales

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資料來源：正新集團自結報表 (2019H1)

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Source ： CSTG Non-audited Financial Report (2019H1)

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集團 OE/RE 比率

Revenues by OE & RE Customer

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 組車廠 (OE)

 經銷商 (RE)

資料來源：正新集團自結報表 (2019H1)

Source ： CSTG Non-audited Financial Report (2019H1)

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2019 上半年營運摘要 2019 H1 Operating Overview

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單位：新台幣億元 Unit ： NT$100 million

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其他 稅
營業收入 Others Tax
Income
(0.01) 27.7
26.1
(5.8)
成本
Cost
(0.3) 1.7
2018H1 2019H1
(1.6)
Net Profit Net Profit
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We Deliver Performance[TM]

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再次感謝各位投資人蒞臨 及對本公司之支持與愛護 Thanks for coming and kindly appreciate your support.

公司網站： http://www.cst.com.tw/ CST website

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We Deliver Performance[TM]