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FocalTech — Investor Presentation 2018
Feb 9, 2018
52342_rns_2018-02-09_b36fcba2-ce9a-4531-a8ca-da4c58273d14.pdf
Investor Presentation
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FocalTech 敦泰電子 (Ticker 3545TT) Investor Conference 法人說明會 2018/02/09
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本簡報之內容可能包括本公司基於從各項來源所取得的資訊， 對於營運、財務 狀況與企業發展情形的前瞻性預估。
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This presentation may contain “forward-looking statements” which may include projections on future results of operations, financial condition, and business prospects based on our own information and other sources.
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因為包括但不限於市場需求、 價格波動、 競爭態勢、 供應鏈 變動、全球經濟 局勢、 匯率波動及其他本公司無控制力之風險 等各種因素，實際的營運、財務 狀況與企業發展情形，可能會 與本公司於預測中明示或默示敘述有差異。
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The actual results of operations, financial condition, and business prospects may differ from those explicitly or implicitly indicated in those forward-looking statements for a variety of reasons, including but not limited to market demand, price fluctuations, competition, supply chain issues, global economic conditions, exchange rate fluctuation and other risks and factors beyond FocalTech’s controls.
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本簡報之內容若有對未來之前瞻性預估，僅反映本公司於發佈當時之看法。本 公司並無義務於日後情況變更時，更新前瞻預估。
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The forward-looking statements in this presentation, if any, only reflect the current view of FocalTech as of the date of its release. FocalTech undertakes no obligation to update those forward-looking statements for events or circumstances that occur subsequently.
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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- Revenue of Q4 is NT$2.77B, which represents a 15% QoQ decline and 3% YoY increase. This seasonal decline is consistent with the 14% decrease in smart phone shipment by mainland phone manufacturers in Q4.
2017年第4季營收27.7億元，受到智慧手機市場季節性需求疲弱影響，較上季減 少15%，相較2016年Q4 ，則有3%成長。
- Market survey also reported a 4% reduction of yearly smartphone shipment by mainland phone manufacturers in 2017. Our yearly revenue demonstrated a 4% increase in revenue on US dollar basis. However, due to the appreciation of NTD, the revenue is recorded at NT$10.8 billion, which represents a 2% decrease comparing to last year. The operating profit is NT$205 million, close to 2016, due to similar margin and operating expenses.
即使2017年大陸手機總出貨量呈現微幅下滑，敦泰2017年度美元計價之營業收 入仍高於2016年，但受台幣升值影響，2017年台幣營收反較前一年度減少2%至 108億元。因年度綜合毛利率及營業費用與去年相當，故稅前淨利也與2016年相 近為2億5佰萬。
CONFIDENTIAL @2017 FocalTech Systems Co., Ltd. All rights reserved
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Affected by Trump tax reform at the end of 2017, the U.S. subsidiary recognized income tax expense of NTD 246 million, which resulted in a yearly loss of NTD 103 million. The unexpected income tax recognized in 2017 is a one-time effect. In subsequent years, income tax expense will follow the new law and it is expected to be at rather insignificant level.
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受到美國川普政府新稅改法案影響，美國子公司必須在2017年第四季認列一項 特殊的所得稅費用2.46億元，造成全年度虧損1.03億元。本年度增額認列之所得 稅費用係針對2017年及以前年度盈餘之一次性徵收，後續年度依據美國政府新 稅改法案計算，對公司未來影響將不再具有重大性。
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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| Unit in NT$ Million /單位:新台幣佰萬元 | Unit in NT$ Million /單位:新台幣佰萬元 | Unit in NT$ Million /單位:新台幣佰萬元 | Unit in NT$ Million /單位:新台幣佰萬元 | Unit in NT$ Million /單位:新台幣佰萬元 | Unit in NT$ Million /單位:新台幣佰萬元 |
|---|---|---|---|---|---|
| 17' 4Q | 17' 3Q | QoQ | 16' 4Q | YoY | |
| Revenue/營業收入 | 2,775 | 3,265 | -15% |
2,694 | 3% |
| Gross Profit/營業毛利 | 567 | 673 |
-16% |
627 | -10% |
| Gross Margin/營業毛利率 | 20.4% | 20.6% | ↓20 bps | 23.3% | ↓290 bps |
| Operating Expense/營業費用 | 557 | 543 |
3% |
515 | 8% |
| Operating Income/營業淨利 | 10 | 129 |
-92% |
112 |
-91% |
| Non Operating Income/營業外收入 | 18 | 22 |
47 | ||
| Profit before Tax/稅前淨利 | 28 | 151 |
-80% |
158 |
-81% |
| Profit after Tax/稅後淨利 | (260) | 134 |
-294% |
145 |
-279% |
| EPS(Basic)/每股盈餘(基本) | (0.87) | 0.49 |
0.50 |
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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Unit in NT$ Million /單位: 新台幣佰萬元
| 2017 | 2016 | YoY | |
|---|---|---|---|
| Revenue/營業收入 | 10,798 | 11,018 | -2.0% |
| Gross Profit/營業毛利 | 2,270 | 2,266 | 0.2% |
| Gross Margin/營業毛利率 | 21.0% | 20.6% |
↑40 bps |
| OperatingExpense/營業費用 | 2,108 | 2,059 | 2.4% |
| Operating Income/營業淨利 | 162 | 207 |
-21.9% |
| Non OperatingIncome/營業外收入 | 42 | 34 |
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| Profit before Tax/稅前淨利 | 204 | 241 |
-15% |
| Profit after Tax/稅後淨利 | (103) | 210 | -149% |
| EPS(Basic)/ 每股盈餘(基本) | (0.28) | 0.73 |
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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Unit in NT$ Million /單位: 新台幣佰萬元
| 2017.12.31 | 2017.9.30 | QoQ | ||
|---|---|---|---|---|
| Cash & Market Securities/現金及其他金融資產 | 4,018 | 4,806 | -16% | |
| Accounts Receivable/應收帳款 | 1,258 | 1,496 | -16% | |
| Inventory/存貨 | 2,686 | 3,345 | -20% | |
| Other Current Assets/其他流動資產 | 212 | 221 | -4% |
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| Other Non Current Asset/其他非流動資產 | 5,371 | 5,438 | -1% | |
| Total Assets/資產總計 | 13,544 | 15,307 | -12% | |
| Current Liabilities/流動負債 | 2,544 | 3,848 | -44% | |
| Non Current Liabilities/非流動負債 | 257 | 416 | 57% |
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| Total Equity/權益總計 | 10,743 | 11,042 | -3% |
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| Total Liabilities and Owners' Equity/負債與權益 | 13,544 | 15,307 | -12% | |
| Net Worth per share/每股淨值 | 35.98 | 36.98 | ||
| AR Days (Annual Basis) | 44 | 47 | ||
| InventoryDays (Annual Basis) | 112 | 127 |
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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- Due to the reduction in working days during Chinese New Year, the component demand is typically low in the first quarter. Therefore, the revenue in Q1 of 2018 is expected to have limited decrease from the fourth quarter of 2017 due to the IDC shipment.
根據歷史經驗，因春節影響，工作天數減少，大陸手機的生產量將在第一季來 到全年度低點，故預計2018年第一季營收，將較2017年第四季下降，但因有IDC 的支撐，下降幅度有限。
Looking forward to 2018, with the trend of larger aspect ratio in display panel, continuous promotion by the panel supply chain and by the handset brands, the penetration of full in-cell panels will continue to accelerate. IDC products will become one of the Company's major operating momentum in 2018. 展望2018年，儘管智慧手機市場已趨飽合，但因手機面板屏佔比的改變，加上 面板供應鏈及手機品牌商的擴大採用，全內嵌式面板滲透率將持續增長，IDC產 品將成為本公司2018年營運成長動能的主力之一。
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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In order to expand the business, FocalTech continues to widen the applications with traditional out-cell products. This includes home appliances, industrial control, automotive and other applications using medium to large display panels. 原有產品線方面，敦泰將持續深化既有手機、平板、穿戴等市場之外，已開 始擴展應用至家電、工控及車用等各類市場，擴大公司營運及獲利的新能量。
- AMOLED display technology is the focus of future investments by major panel makers. FocalTech has already started the development of touch controllers and display drivers in this field. Presently, products of touch controller have reached the level of mass production for smart phones and wearable devices.
AMOLED顯示面板是目前各面板廠新技術、新產線的投資重心，敦泰投入開 發AMOLED顯示面板相關之觸控與驅動的晶片產品，目前在觸控方面已有初 步成果並已開始量產。
CONFIDENTIAL @2017 FocalTech Systems Co., Ltd. All rights reserved
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- The arrival of high display-to-panel ratio requirement for the smartphone is leaving little or no room for the fingerprint sensor on the front panel. An industry-wide R&D effort has been underway in order to find a solution to this problem.
隨著智慧型手機高屏占比設計風潮，手機正面已無空間可放置指紋辨識感測 器。產業鏈正投入龐大資源，冀望尋找適當的解決方案。
- Last month, FocalTech reported a breakthrough to sense the fingerprint on the display panel by optical approach. In particular, our method can facilitate fingerprint sensing either with AMOLED panel or LCD panel, which supports multiple area sensing.
上個月，敦泰發表光學式屏內指紋感測方案，支援屏下多點指紋讀取，可同 時用於 AMOLED 及 LCD 顯示屏體的手機，是產業前所未有的創新，讓全螢幕手 機正面指紋解鎖功能得以實現。
- In addition to fingerprint sensing, our optical technology also provides biometric measuring capacity such as pulse rate and blood pressure. We also demonstrated a non-invasive way of measuring blood sugar level with a smartphone. 除了指紋感測，敦泰的光學技術可提供多樣化的生物訊號量測功能，例如心 率、血壓與非侵入式血糖偵測。
CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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@2017 FocalTech Systems Co., Ltd. All rights reserved
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Louis Vuitton
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CONFIDENTIAL
@2017 FocalTech Systems Co., Ltd. All rights reserved
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Thank you !
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Copyright © 2017 FocalTech Systems Co., Ltd. All Rights Reserved. The information in this document may contain predictive statements including, without limitation, statements regarding the future financial and operating results, future product portfolio, new technology, etc. There are a number of factors that could cause actual results and developments to differ materially from those contained in the predictive statements. Therefore, such information is provided for reference purpose only and constitutes neither an offer nor an acceptance. FocalTech makes no warranties, express, implied or otherwise, regarding the accuracy or completeness of those information. FocalTech may change the information at any time without keeping recipients updated of any information contained in this document.
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