KYE — Investor Presentation 2018

Nov 22, 2018

107 年昆盈公司營運概況報告 KYE Review 2018

財會處副總高安民 Kevin Kao / Finance VP

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107.11.22. Nov. 22, 2018

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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 2018  合併資產負債 Consolidated B/S for Q3 2018  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 (Nov. 22, 2018) ： 新台幣 23.45 億

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• 股東結構 Major shareholder (Oct. 31, 2018): 董監事 Board ( 10.5% )

• 外資 Foreign Institutional Investors ( 5.8%-5.9% ) ; 國內法人 Institutional Investor ( 15%-16% )

• 2018 Q1-Q3 營業收入 Revenues : 新台幣 14.8 億 NT$1.48 bn ( 年減 yoy -20.3%)

• 員工人數 Employees (10/31/2018) : 230

• 台北 Taipei: 80, 海外行銷子公司 Marketing subsidiary: 10, 東莞工廠 Factory: 140)

• 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)

• 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 : 喇叭/藍芽喇叭 Speakers/BT , 耳機麥克風

• 海外行銷子公司 Selling Subsidiaries : 北美 US(2), 中國 China

• 海外行銷代表 Marketing PM

阿根廷 Argentina, 智利 Chile, 哥倫比亞 Colombia,

• 墨 Mexico, 俄 Russia, 烏克蘭 Ukrainian

• 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 2018

新台幣百萬元 in millions of NT$

項目 Items	2018Q3	2018Q3	2017Q3	2017Q3	YOY%	QOQ%	2018 Q1-Q3	2018 Q1-Q3	YOY%
營業收入Net Sales	521	100%	616	100%	(15.4%)	5.2%	1,480	100%	(20.3%)
營業成本COGS	398	76.4%	464	75.4%	(14.2%)	4.1%	1,160	78.4%	(20.5%)
營業毛利Gross Profit	123	23.6%	152	24.6%	(18.9%)	9.3%	320	21.6%	(19.6%)
營業費用 Operating Expense	114	21.9%	131	21.2%	(12.5%)	(7.4%)	361	24.4%	(14.8%)
營業利益 Operating Income	9	1.7%	21	3.4%	(58.6%)	180%	(41)	(2.8%)	(59.5%)
營業外收支 Non-Operating	16	3.1%	31	5.0%	**(47.8%) **	(52.1%)	159	10.8%	158%
稅前淨利 Income before Tax	25	4.7%	52	8.4%	(52.2%)	(6.7%)	119	8.0%	229%
稅後淨利 Net Income	17	3.3%	54	8.8%	**(68.4%) **	(20.7%)	106	7.1%	174%
每股淨利 EPS (After-tax)*	0.07		0.22				0.45

Note* ： EPS are based on the weighted average shares outstanding of 237,469K and 255,822K shares in Q1-Q3 2018 and 2017. 每股盈餘係以 2018 及 2017 前三季加權平均股本 $23.7 億及 $25.6** 億計算

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季營收走勢 Quarterly Revenues Trend

新台幣千元 in thousand NT$

1,800,000 1,600,000 1,400,000 1,200,000 1,000,000 Q1 Q2 800,000 Q3 600,000 Q4 400,000 200,000 - 2015 2016 2017 2018 營收 (Sales) Q1 Q2 Q3 Q4 2015 1,531,923 1,562,415 1,409,791 1,287,703 2016 882,473 955,432 869,378 942,824 2017 635,723 606,340 615,896 472,865 2018 -3430,176 528,707 521,295

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季毛利率趨勢 Quarterly Gross Margin

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26%
24%
22%
20%
Q1
18%
Q2
16% Q3
Q4
14%
12%
10%
2015 2016 2017 2018
毛利率 Q1 Q2 Q3 Q4
2015 20.86% 19.98% 19.59% 19.46%
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%
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合併資產負債 Consolidated B/S for Q3 2018

in millions of NT$

項目items& 比較Comparison	2018 Q3	2018 Q3	2018 Q2	2018 Q2	2017 Q3	2017 Q3
現金/約當現金Cash & Equiv.	1,243	24.8%	1,418	29.3%	1,697	32.6%
金融資產Financial Assets	1,042	20.8%	718	14.8%	578	11.1%
應收帳款/票據Net AR	253	5.1%	200	4.1%	327	6.3%
存貨Inventories	188	3.8%	186	3.8%	258	5.0%
非流動資產Non current Asset	3,047	60.8%	2,779	57.4%	2,215	42.6%
長短期銀行借款Bank Loan	1,069	21.3%	931	19.2%	1,022	19.6%
應付帳款及票據Net AP	164	3.3%	127	2.6%	257	4.9%
股東權益Equity	3,401	67.9%	3,401	70.3%	3,463	66.6%
每股淨值NAV/share	NT$14.3		NT$14.3		NT$14.4
資產總計Total Assets	5,010	100% -3-	4,841	100%	5,204	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$1.2Bn)

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

• 營運週期縮短至 96 天 (Stable Cash Conversion Cycle improves to 96 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	15	16	17	18 Q3
資本結構Capital Structure	負債比率Debts to Assets ratio(%)	29.9	34.3	32.7	31.5
流動性分析 Liquidity Analysis	流動比率Current ratio(%)	237.6	194.0	198.0	175.1
	速動比率Quick ratio(%)	181.3	164.1	159.0	148.6
經營效能 Operatingperformance	帳款回收天數AR collection days	58.0	54.0	49.0	43.0
	銷貨天數Inventory Turnover days	88.0	75.0	80.0	53.0
獲利能力 Profitability	股東權益報酬率ROE(%)	2.19%	-7.68%	1.38%	3.09%
	每股淨利EPS(nt$/share)	0.30	1.09 -	0.19	0.45
現金流量 Cash Flows	現金流量比率Cash Flows Ratio	55.2%	21.2%	-20.4%	3.2%
	獲利現金轉換率Cash Convert Ratio	-164.7%	137.2%	n.a.	188.7%

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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 2018 Q3

						2018 Q3	2018 Q3
				營收合計新台幣5.21億
				(Total		Revenue : NT$ 521MN)
	% of Sales	yoy %					Russia &
俄羅斯與獨立國協						M.E.A., 5.3%	CIS, 13.3%
Russia & CIS	13.3%	32.1%	Asia,
			19.1%
歐洲**Europe **	19.8%	-30.0%						Europe, 19.8%
美國US	1.7%	-52.1%
拉丁美洲
Latin America	40.8%	-25.9%
亞洲Asia	19.1%	-13.4%
中東非M.E.A	5.3%	-12.3%		Lati				S 17%

Latin America, 40.8%

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區域銷售分佈 Regional Sales Allocation 2018 Q1-Q3

	% of Sales	yoy %
俄羅斯與獨立國協 Russia & CIS	11.8%	7.9%
歐洲**Europe **	21.6%	-10.2%
美國US	1.9%	-61.0%
拉丁美洲 Latin America	39.1%	-32.7%
亞洲Asia	20.2%	-44.7%
中東非M.E.A	5.3%	-45.7%

2018 Q1-Q3 營收合計新台幣 14.8 億 (Total Revenue : NT$ 1.48 BN)

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Russia &
M.E.A.,
CIS,
5.3%
Asia, 11.8%
20.2%
Europe,
21.6%
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Latin US, 1.9%
America,
39.1%
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產品別銷售組合 Product Portfolio 2018 Q3

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Mobility, 5.8%
Gaming, 10.2%
Mouse, 36.0%
Headset, 3.5%
Video, 3.6%
Speaker, 9.3%
Keyboard, 31.6%
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產品別銷售組合 Product Portfolio 2018 Q1-Q3

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Mobility, 4.7% Card Reader, Gaming, 10.3% 1.2% Headset, 3.1% Mouse, 35.8% Video, 4.4% Speaker, 9.7% Keyboard, 30.7%

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產品別銷售彙總 Sales by products 2017 Q1-Q3

	2018 Q3	2018 Q3	2018 Q1-Q3	2018 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	-1.0%	-1.7%	-19.9%	-19.9%
無線滑鼠Wireless Mouse	15.2%	10.6%	-18.3%	-18.1%
有線鍵盤Wired KB	16.4%	13.9%	-11.0%	-13.0%
無線鍵盤Wireless KB	-50.6%	-49.7%	-35.9%	-35.3%
喇叭Speaker	-28.8%	-29.1%	-38.5%	-36.5%
耳機麥克風Headset	-0.9%	24.0%	-35.3%	-26.2%
遊戲類裝置Gaming	-16.0%	-18.3%	-16.6%	-22.4%
行動裝置Mobility	-54.6%	-75.1%	-58.4%	-76.4%
影像產品Image Product	-6.7%	-16.3%	-31.2%	-60.3%

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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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行動裝置電容筆 Pen for Mobility Devices

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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

• 墨西哥 Mexico

• 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

• 多項國際設計大獎贏家及專利數量

• Red dot, IF,& CES Design Award Winner & 1,000+ patents around the world as of Sep. 30., 17 (500+ for mice)

• 堅強財務面及資金轉換能力

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**

• 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

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

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Q & A

Thank You!

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