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LU HAI Interim / Quarterly Report 2021

Jan 20, 2021

51977_rns_2021-01-20_d48c7021-e90c-45ba-a785-de43a5fe644f.pdf

Interim / Quarterly Report

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六暉控股股份有限公司 LU HAI HOLDING CORP. 六暉 -KY(2115) Business Review

Safe Harbor Notice

This presentation and discussion contain certain forward-looking statements with respect to the result of operation, financial condition and current The statement are expectation. forward-looking subject to know and unknown uncertainties and risks that could cause actual results to differ materially from those expressed or implied by such statements. Therefore, please refer to the information on MOPS website as the main basis if has been made. LUHAI any adjustment undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date. ( http://mops.twse.com.tw)

1

Company Profile

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Foundation ： 2009.10.19 Stock Listing ： 2013.12.25

Capital NTD 903.66 million

Production Valves, about 80 % Accessories and others, about 20%

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Chairman/General Manager Simon Hsu

Number of employees 1,439 人 (As of Dec. 2020)

Production Capacity 66 million pcs / Month

2

Global Locations

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XH
XH
LH
(XINLING)
(GUANKOU)
1983
1990
2000
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LUH HAI HOLDING CORP. (TAIWAN

XIAMEN XIAHUI RUBBER METAL

XIAMEN XIAHUI RUBBER METAL

BRANCH)/LU HAI INDUSTRIAL CORP.

  1. Location ： Taiwan

INDUSTRIAL CO., LTD (PLANT XINLING)

  1. Location ： Jimei District, Xiamen China

INDUSTRIAL CO., LTD (PLANT GUANKOU)

  1. Location ： Jimei District, Xiamen China

  2. Land area ： 4,899 ㎡

  3. Land area : 12,820 m²

  4. Land area : 16,438 m²

  5. Product Category ： Taiwan market’s valve

  6. Sales Market ： 100% sale to Taiwan

  7. Majority Product Category : Bicycle. Motorcycle. Electric motorcycle.

  8. Sales Market : 40% for domestic (South China). 60% For sale abroad.

  9. Majority Product Category : TPMS Valves. Precision machining accessories.

3

XIAHUI New Plant

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Land area ： 54,784m2
Gross floor area ： 90,240m2
Floor area ratio ： 1.64
Building density ： 57%
XH
(GUANKOU)
2000
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XH
(XINLING)
1990
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XH
(GUANKOU)
2000
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4

Global Locations

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KH
1997
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LUHAI RUBBER METAL INDUSTRIAL

(KUNSHAN) CO., LTD.

  1. Location ： Kun Shan, Jiangsu China

  2. Majority Product Category : Passenger Car.

  3. Light Truck. Truck. Agricultural & OTR

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IH
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2011

PT. LUHAI INDUSTRIAL

  1. Location ： Serang, Indonesia

  2. Land area : 57,777 m²

  3. Majority Product Category : Motorcycle

  4. Sales Market : Indonesia (ASEAN and Moslem market)

  1. Sales Market : 70% for domestic (East China

  2. and North China) 30% For sale abroad.

5

KUNSHAN New Plant

Land area ： 24,015.8m[2]

KH

1997

6

Main Products

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Bicycle Valves Series
Motorcycle Valves Series
Passenger Car
Valves Series
Truck, Bus, Agricultural
& OTR Valves Series
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7

TPMS Valve

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TPMS Legislation
RUSSIAN
2016.01
EUROPE
JAPAN unknown
AMERICA 2012.11
2005.10 CHINA KOREA 2013.01
2020 TAIWAN
2016.07
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8

Material Trend

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Copper Aluminum
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Rubber
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Copper (LME)

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3/23 4,625
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Rubber (SHFE)

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9

Niche Business Model and Production Process

  • Achieve economies of scale, renowned brand and leader manufacturer in the field.

  • Possess well-appointed production line and be able to provide one-stop shopping service.

  • Focus on own field. Only develop market with customer, never compete with customer.

  • Reclaim own copper scrap. That is to decrease cost and ensure copper quality.

  • The electroplating and rubber mixing is all done by our own factory, thus, ensuring product quality.

  • High automation level, attaching great importance to EH&S.

  • Possess three production bases where located in China and Indonesia. Group production could be allocated flexibly.

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Material Threading Multiple Post-
Forging Washing
cutting rolling processing processing
Material Rubber
Electroplating
cutting mixing
Rivet and
Rivet Third-
Coarsening Curing valve Washing
removing processing
inserting
Goods
Bending Inspection Packing
outgoing
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10

Financial Results

NTD thousand

NTD thousand
2017
2018
2019		 2020
Nine months
ended
2019
Nine months
ended
YoY(%)
Revenue
2,647,010
2,628,778
2,716,889		 1,767,427
2,034,345
-13.12
Gross Profit
681,005
561,055
615,058		 401,090
444,750
-9.82
Gross Profit%
25.73
21.34
22.6		 22.69
21.86
Operation Expense
285,804
291,713
302,423		 214,473
227,182
-5.59
Operation
Expense%
10.80
11.10
11.13		 12.13
11.17
Operating Profit
395,201
269,342
312,635		 186,617
217,568
-14.23
Operations Profit%
14.93
10.25
11.51		 10.56
10.69
Net Income
274,152
208,463
241,910		 481,893
171,698
180.66
Net Income%
10.36
7.93
8.90		 27.27
8.44
Capital
819,650
819,650
860,632		 903,664
860,632
EPS
3.35
2.54
2.81		 5.33
1.90
180.53
Dividend
1.5
1+0.5
2.2+0.5		 Exclude relocation profit, EPS 1.75

11

NTD thousand

Financial Results

NTD thousand
2017
2018
2019		 2020
Nine months
ended
2019
Nine months
ended
Cash and cash
equivalents
927,331
824,221
1,122,302		 705,437
804,246
Accounts/Note
receivables
627,733
666,059
634,681		 686,096
665,582
Inventories
627,128
565,263
615,928		 560,117
534,940
Property, plant and
equipment
634,053
723,273
1,148,538		 1,443,737
990,057
Total assets
3,282,097
3,383,863
4,146,656		 4,178,808
3,507,308
Debt ratio(%)
33.05
34.17
44.51		 39.09
35.54
The Net Asset Value of
Each Share
26.81
27.18
26.73		 28.16
26.27
CASH FLOWS FROM
OPERATING ACTIVITIES
244,282
322,913
283,441		 229,038
215,078
CASH FLOWS FROM
INVESTING ACTIVITIES
(214,547)
(340,155)
121,249		 (540,414)
(240,653)
CASH FLOWS FROM
FINANCING ACTIVITIES
22,865
(74,483)
(61,778)		 (98,189)
28,570

12

Financial Results

NTD thousand Revenue
2016
2017
2018		 Revenue
2016
2017
2018		 2019
2020
Q1
617,421
679,120
627,683		 673,385
530,954
Q2
664,226
663,527
644,679		 662,636
498,191
Q3
639,234
638,372
670,075		 698,324
738,282
Q4
685,701
665,991
686,341		 682,544
834,830
Total
2,606,582
2,647,010
2,628,778		 2,716,889
2,602,257
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000		 -
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Q1
Q2
Q3
Q4
2016
2017
2018
2019
2020
NTD thousand		 1
2
3
4
5
6
7
8
9 10 11 12
Monthly revenue
2019
2020

13

Financial Results

Gross Profit (NTD thousand)

Gross Profit (%)

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Q1 155,248 192,125 123,139 144,351 121,143 25.14 28.29 19.62 21.44 22.82 Q2 170,507 172,497 126,966 146,828 103,205 25.67 26.00 19.69 22.16 20,72 Q3 167,761 149,156 147,469 153,571 176,742 26.24 23.37 22.01 21.99 23.94 Q4 188,662 167,227 163,481 170,308 27.51 25.11 23.82 24.95

Gross Profit rate increase 0.83%

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22.69%
21.86%
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： 2019/2020 Nine months ended Comparison

  • Copper Cost declined, ASC declined

  • Covid-19 effect from Feb. to May 2020

  • Foreign Exchange effect little

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2019 2020
Nine months ended Nine months ended
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14

Financial Results

ial Results
Operating Profit(NTD thousand) Operating Profit(%)
2016
2017
2018
2019
2020		 2016
2017
2018
2019
2020
Q1
86,912 120,369 52,558
75,673
50,695		 14.08
17.72
8.37
11.24
9.55
Q2
107,297 102,190 52,135
74,111
28,218		 16.15
15.40
8.09
11.18
5.66
Q3
100,617 79,070
70,074
67,784
107,704		 15.74
12.39
10.46
9.71
14.59
Q4
111,217 93,572
94,574
95,067		 16.22
14.05
13.78
13.93

Exclude relocation profit, 2020Q2 Operating Profit is 42,652 thousand; 2020Q2 net income is 40,122 thousand, net income rate is 8.05%

Net Income(NTD thousand) Net Income(%)
2016
2017
2018
2019
2020		 2016
2017
2018
2019
2020
Q1
65,530
86,399
29,316
54,694
39,761		 10.61
12.72
4.67
8.12
7.49
Q2
84,386
74,226
47,606
49,749
364,279		 12.70
11.19
7.38
7.51
73.12
Q3
79,801
55,861
55,094
67,255
77,853		 12.48
8.75
8.22
9.63
10.55
Q4
88,689
57,666
76,447
70,212		 12.93
8.66
11.14
10.29

15

Financial Results

2017 2018 2019 2020Q2 2020Q3
Capital Debts ratio 33.05 34.17 44.52 36.18 39.10
structure
analysis (%)		 Long term funds to
fixed assets		 373.34 389.66 243.85 244.58 240.28
Liquidity Current ratio 268.74 423.90 203.02 337.45 345.38
analysis (%) Quick ratio 196.85 316.68 153.18 248.67 260.30
Average collection
turnover (days)		 94 92 89 101 103
Operating
performance
analysis		 Average inventory
turnover (days)		 102 109 106 137 122
Average payables
turnovers(days)		 7.88 7.63 7.53 8.92 6.84
Return on Return on assets(%) 8.94 6.51 6.67 20.47 15.59
investment Return on equity(%) 12.93 9.42 10.68 34.12 26.52
analysis (%) Net income(%) 10.36 7.93 8.90 39.26 27.27

16

Revenue Breakdown by product category

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2018
2020
17.56% 19.87%
Nine months ended
7.47%
5.30% 配件及其他
Accessories and others
14.55% 35.26% 18.58% 腳踏車 BC
23.01%
TPMS 類
7.10%
汽車 PC 4.85%
2019
機車、電動摩托車
12.32% 、
MC Electric MC
34.14%
17.85% 20.82% 卡車及非道路用車
、 、 、
T/B L/T AG Otr
7.78%
4.16%
13.77%
35.61%
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17

QoQ Quantities by Products (Nine months ended)

Unit ： thousand pcs

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機車、電動摩托車 卡車及非道路用車
腳踏車 (BC) 汽車 (PC) TPMS
(MC, E-MC) (T/B, L/T, AG, OTR)
+1.06% -11.05% -21.15% 12.03% -2.55%
8,947
145,868 212,310 24,016
15,225
8,719
144,340 12,005 21,437
188,841
2019 2020 2019 2020 2019 2020 2019 2020 2019 2020
前三季 前三季 前三季 前三季 前三季 前三季 前三季 前三季 前三季 前三季
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18

QoQ Quantities by Products

Unit ： thousand pcs

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機車、電動摩托車 卡車及非道路用車
腳踏車 (BC) 汽車 (PC) TPMS
(MC, E-MC) (T/B, L/T, AG, OTR)
+32.96% +57.15% +39.28% -7.45% +90.64%
79,409 4,276
63,297 8,005
4,521
47,605 3,246 7,409
2,243
50,532
2020Q2 2020Q3 2020Q2 2020Q3 2020Q2 2020Q3 2020Q2 2020Q3 2020Q2 2020Q3
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19

Revenue Breakdown by Locations (Nine months ended)

2019 前三季營業收入占比 2020 前三季營業收入占比

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76.63%
71.84%
Revenue 20.79% 23.80% 26.83%
12.32% 15.03%
2.71%
-19.14%
-30.82%
六暉控股公司 (LHH) 廈暉公司 (XH) 昆山六暉 (KH) PT.LUHAI 調整及沖銷
與其他 (Other)
YoY ▲ 295.00% ▼ 7.33% ▼ 37.17% ▼ 2.06% ▼ 39.85%
2019 前三季稅前淨利占比 2020 前三季稅前淨利占比
75.35%
70.86%
Income
before tax 23.60% 21.23%
8.60% 11.07%
-6.94% -2.93% -0.71% -0.14%
六暉控股公司 (LHH) 廈暉公司 (XH) 昆山六暉 (KH) PT.LUHAI 調整及沖銷
與其他 (Other)
YoY ▼ 19.06% ▼ 11.54% ▲ 28463.77% ▲ 14.41% ▼ 103.54%
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YoY

20

Revenue Breakdown by Area (Nine months ended)

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中國 China 印尼 Indonesia 其他 others
2020 前三季 43.50% 27.39% 29.11%
42.84% 43.50%
2019 前三季 42.84% 27.77% 29.39%
2019 前三季 2020 前三季
中國 China 27.77% 27.39%
29.39% 29.11%
2019 前三季 2020 前三季
2019 前三季 2020 前三季
印尼 Indonesia
其他 others
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21

Financial Results

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111,077
96,239
90,046
85,669
82,801 28.16
Net Value
Depreciation 27.44 per share(NTD)
27.18
(NTD thousand)
26.81
26.73
2016 2017 2018 2019 2020 前三季 2016 2017 2018 2019 2020 前三季
Nine months ended Nine months ended
44.52%
39.10%
18.42%
32.51% 33.05% 34.17% 16.82% 16.57% 17.40% EBITDA
15.00%
Margin
Debts ratio (Exclude
relocation
profit)
2016 2017 2018 2019 2018 2019 2020Q1 2020Q2 2020Q3
2020 前三季
Nine months ended
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22

Financial Results

NTD thousand

NTD thousand
Foreign
Exchange
2016
2017
2018
2019		 2020
Nine months
ended
2019
Nine months
ended
Gain/(Loss)
14,325
(17,681)
4,907
26,263		 (5,533)
22,004
Sales %
0.55
(0.67)
0.19
0.97		 (0.31)
1.08

USD/RMB

USD/INR

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7.4000
7.2000
7.0000
6.8000
6.6000
6.4000
6.2000
6.0000
5.8000
1 月 2 月 3 月 4 月 5 月 6 月 7 月 8 月 9 月 10 月 11 月 12 月
2020 年 2019 年 2018 年 2017 年 2016 年
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17,000
16,000
15,000
14,000
13,000
12,000
11,000
10,000
1 月 2 月 3 月 4 月 5 月 6 月 7 月 8 月 9 月 10 月 11 月 12 月
2020 年 2019 年 2018 年 2017 年 2016 年
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23

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THANK YOU!! 全球產量第一 台灣氣門嘴領導品牌 We Deliver the Best Quality & High-end Technology from Taiwan.

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六暉控股股份有限公司 LU HAI HOLDING CORP.

http://www.luhai.com.tw E-mail://[email protected]

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