KYE — Interim / Quarterly Report 2019

Dec 11, 2019

108 年昆盈公司營運概況報告 KYE Review 2019

財會處副總高安民 Kevin Kao / Finance VP

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108.12. 11. Dec. 11, 2019

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簡報大綱 Outline

 公司概況 Company Overview

 財務概況 Financial Overview  合併綜合損益表 Consolidated P/L for Q3 2019  合併資產負債 Consolidated B/S for Q3 2019  財務比率 Financial Ratio Summary  營運概況 Business Operation  主要產品與應用 Main Products & Application  轉型重回成長策略 Turnaround Strategy  競爭優劣勢與機會威脅分析 SWOT Analysis  Q&A

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公司概況 Company Overview

• 營運總部 Headquarter : 台灣新北市 New Taipei City, Taiwan, R,O.C.

• 成立時間 Founded : 11/3/1983 November 3, 1983

• 流通在外股本 Capital outstanding (Dec. 11, 2019) ： 新台幣 23.45 億

• NT$2.345 billion

• 股東結構 Major shareholder (Nov. 30, 2019): 董監事 Board ( 8.8%-9.0% ) 外資 Foreign Institutional Investors ( 5.8%-5.9% ) ; 國內法人 Institutional Investor ( 13%-15% )

• 2019 Q1-Q3 營收 Revenues : 新台幣 11.7 億 NT$1.17 bn ( 年減 yoy -20.7%)

• 員工人數 Employees (9/30/2019) : 183

• 台北 Taipei: 64, 海外行銷子公司 Subsidiary: 5, 東莞工廠 Factory: 114

• 核心技術 Core technology

輸入裝置 Input Device : 滑鼠 Mice, 鍵盤 K/B, 手寫數位板 Tablet (Digitizer), 電容筆 Pen , 讀卡機 (Card Reader)

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• 影像 Image : 行車記錄器 DVR, 網路相機及相機模組 Web Cam, Cam Module

• 聲音輸出 Acoustic products : 藍芽喇叭 BT Speakers, 耳機麥克風 Headsets

• 海外行銷子公司 Selling Subsidiaries : 北美 US, 中國 China

• 海外行銷代表 Marketing PM : 俄 Russia,

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• 工廠 Factory : 中國廣東東莞 Dong Guan Guang Dong , China

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合併綜合損益表 Consolidated P/L for Q3 2019

新台幣百萬元 in millions of NT$

項目 Items	2019Q3	2019Q3	2018Q3	2018Q3	YOY%	QOQ%	2019 Q1-Q3	2019 Q1-Q3	YOY%
營業收入Net Sales	452	100%	521	100%	(13.3%)	22.0%	1,174	100%	(20.7%)
營業成本COGS	328	72.5%	398	76.4%	(17.8%)	26.0%	840	71.5%	(27.6%)
營業毛利Gross Profit	124	27.5%	123	23.6%	1.2%	12.6%	334	28.5%	(4.4%)
營業費用 Operating Expense	108	24.0%	114	21.9%	(5.1%)	7.6%	302	25.7%	(16.4%)
營業利益 Operating Income	16	3.5%	9	1.7%	84.2%	64.8%	32	2.8%	179%
營業外收支 Non-Operating	10	2.2%	16	3.1%	(39.2%)	(6.9%)	25	2.1%	(84.5%)
稅前淨利 Income before Tax	26	5.7%	25	4.7%	4.2%	5.7%	57	4.9%	(51.8%)
稅後淨利 Net Income	11	2.5%	17	3.3%	(33.7%)	2.5%	30	2.6%	(71.5%)
每股淨利 EPS (After-tax)*	0.05		0.07				0.13

Note* ： EPS are based on the weighted average shares outstanding of 234,538K shares in Q1-Q3 2019 and 2018. 每股盈餘係以 2019 及 2018 前三季加權平均股本 $23.45** 億計算

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季營收走勢 Quarterly Revenues Trend

新台幣千元 in thousand NT$

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1,200,000
季營收
NT$ 仟元
1,000,000
800,000
600,000 Q1
Q2
400,000 Q3
Q4
200,000
-
2016 2017 2018 2019
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季毛利率趨勢 Quarterly Gross Margin

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35%
營運概況 ( 毛利率 )
毛利率
30%
25%
Q1
20% Q2
Q3
Q4
15%
10%
2016 2017 2018 2019
毛利率 Q1 Q2 Q3 Q4
2016 21.36% 20.55% 19.22% 14.67%
2017 16.96% 22.86% 24.61% 21.85%
2018 19.71% 21.27% 23.58% 23.75%
2019 28.23% 29.84% 27.53%
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合併資產負債 Consolidated B/S for Q3 2019

in millions of NT$

項目items& 比較Comparison	2019 Q3	2019 Q3	2019 Q4	2019 Q4	2018 Q3	2018 Q3
現金/約當現金Cash & Equiv.	1,082	24.3%	1,296	27.8%	1,243	24.8%
金融資產Financial Assets	433	9.7%	722	15.5%	1,042	20.8%
應收帳款/票據Net AR	192	4.3%	200	4.3%	253	5.1%
存貨Inventories	178	4.0%	179	3.8%	188	3.8%
非流動資產Non current Asset	2,683	60.3%	2,779	59.6%	3,047	60.8%
長短期銀行借款Bank Loan	963	21.7%	1,062	22.8%	1,069	21.3%
應付帳款及票據Net AP	168	3.8%	161	3.5%	164	3.3%
股東權益Equity	2,945	66.2%	3,137	67.2%	3,401	67.9%
每股淨值NAV/share	NT$12.6		NT$13.4		NT$14.3
資產總計Total Assets	4,449	100% -3-	4,665	100%	5,010	100%

財務比率 Financial Ratio Summary

• 健康的負債比率及資金水位 (Healthy Debts ratio and Adequate Cash Balance >NT$1Bn)

• 逐步提升的短期流動能力 (Solid Short-term Liquidity)

• 營運週期縮短至 90 天 (Stable Cash Conversion Cycle improves to 90 days)

• 仍疲弱的營運動能及獲利能力 (Still weak momentum and profitability)

項目Items	Financial Ratio/Year	16	17	18	19 Q3
資本結構Capital Structure	負債比率Debts to Assets ratio(%)	34.3	32.7	32.1	33.1
流動性分析 Liquidity Analysis	流動比率Current ratio(%)	194.0	198.0	181.0	171.4
	速動比率Quick ratio(%)	164.1	176.0	162.0	147.6
經營效能 Operatingperformance	帳款回收天數AR collection days	54.0	49.0	39.0	37.0
	銷貨天數Inventory Turnover days	75.0	80.0	65.0	53.0
獲利能力 Profitability	股東權益報酬率ROE(%)	-7.68%	1.38%	2.90%	1.02%
	每股淨利EPS(nt$/share)	1.09 -	0.19	0.40	0.13
現金流量 Cash Flows	現金流量比率Cash Flows Ratio	21.2%	-20.4%	22.2%	0.6%
	獲利現金轉換率Cash Convert Ratio	137.2%	n.a.	n.a.	n.a.

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2017 Q1-Q3 (Total Revenue : NT$ 1.86 BN)

% of (Total Revenue : NT$ 1.86 BN) Sales o % y y 俄羅斯與獨立國協 營運概況 ~~Busin~~ ess Operation Russia & W.E & S.E.,9.0% Russia & CIS 15.0% -17.8% CIS & E.E., 15.0% M.E.A, 歐洲 Europe 9.0% -5.5% 39.4% 美國 US 10.6% 40.1% 拉丁美洲 Latin America 26.0% -7.4% US, 10.6 Latin 亞洲 Asia 26.0% -7.4% America, 26.0% 中東非 M.E.A 39.4% -0.5% 合計計 Total Sales 100.0% -0.9%

美國 US 拉丁美洲 Latin America 亞洲 Asia 中東非 M.E.A 合計計 Total Sales

US, 10.6

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- 營運模式 生產面 Business Model-Product

產品別Products	營運模式Business
滑鼠Mouse	自製Self-manufacturing
鍵盤K/B	自研+外購Self-design & Out-sourcing
喇叭Speaker	自製外購並行Self-manufacturing & Out-sourcing
耳機Headset	自研+外購Self-design & Out-sourcing
遊戲類週邊Gaming Products	自製外購並行Self-manufacturing & Out-sourcing
行動裝置週邊Mobility	自製外購並行Self-manufacturing & Out-sourcing
影像產品Image Products	自製Self-manufacturing
記憶體讀卡機Card Reader	自製Self-manufacturing

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區域銷售分佈 Regional Sales Allocation 2019 Q3

	% of Sales
俄羅斯與獨立國協 Russia & CIS	10.3%
歐洲**Europe **	26.8%
美國US	1.6%
拉丁美洲 Latin America	36.5%
亞洲Asia	19.1%
中東非M.E.A	5.7%

2019 Q3 營收合計新台幣 4.52 億 (Total Revenue : NT$ 452MN)

Russia & M.E.A., CIS, 5.7% 10.3% Asia, Europe, 19.1% 26.8% Latin America, US, 1.6%

Latin America, 36.5%

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區域銷售分佈 Regional Sales Allocation 2019 Q1-Q3

	% of Sales
俄羅斯與獨立國協 Russia & CIS	10.6%
歐洲**Europe **	22.9%
美國US	1.2%
拉丁美洲 Latin America	39.5%
亞洲Asia	19.4%
中東非M.E.A	6.4%

2019 Q1-Q3 營收合計新台幣 11.7 億 (Total Revenue : NT$ 1.17 BN)

Russia & M.E.A., CIS, 6.4% 10.6% Asia, 19.4% Europe, 22.9%

Latin America, 39.5%

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產品別銷售組合 Product Portfolio 2019 Q3

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Gaming, 8.3%
Headset, 2.3% Mobility, 1.5%
Mouse, 38.9%
Video, 6.4%
Speaker, 10.1%
Keyboard, 32.5%
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產品別銷售組合 Product Portfolio 2019 Q1-Q3

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Headset, 2.8% Gaming, 7.3% Mobility, 1.8%
Video, 5.9% Mouse, 40.1%
Speaker, 9.9%
Keyboard, 32.1%
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產品別銷售彙總 Sales by products 2019 Q1-Q3

	2019 Q3	2019 Q3	2019 Q1-Q3	2019 Q1-Q3
產品PRODUCTS	數量Units yoy	金額Revenues yoy	數量Units yoy	金額Revenues yoy
有線滑鼠Wired Mouse	-16.8%	-13.9%	-26.9%	-23.5%
無線滑鼠Wireless Mouse	-31.1%	-31.8%	-24.0%	-23.8%
有線鍵盤Wired KB	-41.2%	-35.2%	-37.2%	-29.5%
無線鍵盤Wireless KB	0.3%	1.6%	-26.8%	-24.2%
喇叭Speaker	-21.4%	-22.9%	-26.1%	-29.7%
耳機麥克風Headset	-36.9%	-52.5%	-32.7%	-37.1%
遊戲類裝置Gaming	-38.1%	-42.0%	-44.1%	-51.2%
影像產品Image Product	10.4%	25.7%	-3.7%	-7.6%

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主要產品與應用 Main Products & Application

Factories : plant A

Production Space : 24,900 ㎡ Yearly Capacity : 30 million pcs Yearly output value: 230 million USD Products Output Capacity Mice/K+M ： 5mn/m DV ： 12XLines 450k/m Card Reader ： 2mn/m Digitizer ： 50k/m Robotic Vacuum : 10k/m Other product : 50k/m

Factories : plant B Production Space : 45,000 ㎡ Yearly Capacity : 50 million pcs Yearly output value: 450 million USD

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節能可充電環保滑鼠 ECO Mouse

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智能鍵盤 Smart Key Board

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遊戲週邊 GX Gaming Series Product

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藍芽喇叭 / 行動劇院 BT Speaker / Mobile Theater

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一 回歸成長引擎 Growth Engines ( )

• 歐洲 Europe

• 俄羅斯與獨立國協 Russia & CIS

• 西歐 Well-developing Europe

• 中歐 / 東歐 Central / Eastern Europe

• Asia Pacific & MEA

• 菲律賓 Philippine

• 印尼 Indonesia

• 越南 Vietnam

• 泰國 Thailand

 美洲 America

• 巴西 Brazil

• 中東 Middle East

• 南非 South Africa

• 厄瓜多與秘魯 Ecuador & Peru

• 哥倫比亞 Columbia

• 阿根廷 Argentina

• 智利 Chile

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二 回歸成長引擎 Growth Engines ( )

• 轉型成長策略 Turnaround Strategies

 產品 Products

• 數位時代連結 Living in Digital Age

• 物超所值：方便、好用、高品質 Value for Money ： Convenient, Easy to Use, High Quality

• 組合式產品 K+M / K+M+S / M+H /

• Gaming KMH Combo

• 節能充電式環保滑鼠 ECO mouse

• 智能鍵盤 Smart KB

• 行動劇院 Mobile Theater

• 專注品牌

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• 藍芽喇叭與耳機 BT Speaker & Headset

• 遊戲週邊 Gaming Devices

Focus on Genius/GX Gaming brand

• 手寫電容筆 Pen for Mobility Devices

• 靈活給力的行銷策略與資源

• Marketing Funds Support

• 網路相機 Full High Difination Webcam

• 實虛通路並行

Real & e-commerce

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競爭優劣勢機會威脅分析 SWOT Analysis

競爭優勢 Strength

• 完整齊全產品線及搭售組合 Products Profolio and Combo Mix

• 新興市場品牌知名度、客戶及綿密銷售網

• Brand awareness, customer base & sells channel in emerging markets

• 堅強財務面及資金轉換能力

• Solid financial & cash conversion

競爭劣勢 Weakness

• 持續攀升的原物料&製造成本及匯率波動

• Climbing raw material and OH cost, volatile currency fluctuation

• 整體營運及產品銷售未達經濟規模

• Still under economic business scale

• 多元化品牌產品管理模式複雜 Complicate business management

機會 Oppertunity

• 創新產品的吸引力 Eco Mouse

• 軟硬體結合創造市場新需求

Smart Genius APP turns Genius Mouse, Keyboard, Pen into SMART DEVICES to draw new demand.

• 新市場及人口紅利國家地區新通路的切入 帶來業績增長

• Increasing shipment from new regions or demographic dividends countries with .

• new channels penetration

威脅 Threats

• 中美貿易戰的全球衝擊 Trade Battle

• 產品屬成熟產業，無成長性，轉型不易

• Mature industry, slow even no growth

• 仿冒品、白牌及當地品牌三重夾擊 Fake, naked, and local brand severe competition