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Macronix — Investor Presentation 2021
Nov 15, 2021
52013_rns_2021-11-15_85c4ce96-a2cd-4688-b5a4-6b30cfb82768.pdf
Investor Presentation
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旺宏電子 2021 年第三季法人說明會
October 26, 2021
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免責聲明
本簡報與會議中之討論內容包含有關於旺宏電子(股)公司營運、財務狀況與對未來
預期之前瞻性描述，此前瞻性描述將受到已知與未知不確定因素與風險的影響，而造成
。
實際結果與前瞻性描述中預期或暗示的結果可能存在重大差異
前述之不確定性因素與風險包含但不限於競爭產品/價格競爭的影響、客戶對公司
產品設計之接受度、公司即時的引進新技術、公司對新產品的即時量產能力、整體半導
。
體產業供需的轉變、產能過剩、產能供給、終端市場的財務狀況及其他等等風險
本簡報與會議內容中之前瞻性描述乃反映目前本公司對整體營運之看法，旺宏電子
(股)免除日後更新、通知之責任。
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3Q21 營收續創新高，毛利增長強勁
2021 第三季 2021 第三季 2021 第二季 2020 第三季 核閱數 Pro Forma* 核閱數 核閱數
營收淨額 NT$ 15.0 NT$ 15.0 NT$ 11.4 NT$ 11.0 (NT$ 十億 )
營業毛利率 42.9% 44.1%
39.1%
35.9%
營業淨利率 23.4% 26.2%
20.2%
17.1%
*Pro Forma – 擬制性財務數字，不包含單一事件之影響
不包含出售6吋廠房所有相關影響數
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穩健的財務業績
單位：新台幣佰萬元3Q21 3Q21 2Q21 3Q20 (每股盈餘為元)核閱數Pro Forma* 核閱數核閱數營業收入淨額14,974 14,974 11,426 10,957 營業毛利6,421 6,607 4,466 3,934 營業毛利率42.9% 44.1% 39.1% 35.9% 營業費用(2,924) (2,685) (2,160) (2,063) 營業淨利3,497 3,923 2,305 1,870 營業淨利率23.4% 26.2% 20.2% 17.1% 營業外收(支)2,625 120 (131) (9) 稅前淨利6,122 4,043 2,174 1,861 所得稅費用(693) (508) (248) (244) 本期淨利5,430 3,535 1,925 1,618 基本每股盈餘-- NT$ 2.941.92 1.04 0.88 EBITDA 7,263 5,184 3,289 2,905 EBITDA % 49% 35% 29% 27% 流通在外加權平均股數1,844 1,844 1,844 1,838 |
3Q21 3Q21 2Q21 3Q20 核閱數Pro Forma* 核閱數核閱數 |
QoQ YoY Change Change 31% 37% 44% 63% 3.8ppt 7.0ppt 35% 42% 52% 87% 3.2ppt 6.3ppt 182% 229% 182% 236% |
|---|---|---|
| 14,974 14,974 11,426 10,957 6,421 6,607 4,466 3,934 42.9% 44.1% 39.1% 35.9% (2,924) (2,685) (2,160) (2,063) 3,497 3,923 2,305 1,870 23.4% 26.2% 20.2% 17.1% 2,625 120 (131) (9) 6,122 4,043 2,174 1,861 (693) (508) (248) (244) 5,430 3,535 1,925 1,618 |
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不包含出售6吋廠房所有相關影響數
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21YTD 營收成長 22% Y/Y ，毛利率攀升 5.3 個百分點
單位：新台幣佰萬元(每股盈餘為元)'21 YTD 核閱數'21 YTD Pro Forma* '20 YTD 核閱數營業收入淨額36,028 36,028 29,643 營業毛利14,187 14,374 10,122 營業毛利率39.4% 39.9% 34.1% 營業費用(7,217) (6,978) (5,693) 營業淨利6,970 7,396 4,430 營業淨利率19.3% 20.5% 14.9% 營業外收(支)2,317 (188) 59 稅前淨利9,287 7,208 4,488 所得稅費用(1,016) (831) (318) 本期淨利8,271 6,377 4,170 基本每股盈餘 --NT$ 4.483.46 2.27 |
'21 YTD核閱數'21 YTD Pro Forma* '20 YTD 核閱數 |
YoY Change 22% 40% 5.3ppt 27% 57% 4.4ppt 107% 98% |
|---|---|---|
| 36,028 36,028 29,643 14,187 14,374 10,122 39.4% 39.9% 34.1% (7,217) (6,978) (5,693) 6,970 7,396 4,430 19.3% 20.5% 14.9% 2,317 (188) 59 9,287 7,208 4,488 (1,016) (831) (318) 8,271 6,377 4,170 |
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不包含出售6吋廠房所有相關影響數
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營收及毛利持續成長
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Sales 2018 2019 2020
NTD M Margin%
36,953M 34,995M 39,801M
16,000 80%
14,974
11,906
12,000 11,426 60%
10,957
10,030 10,158 9,627
9,581 9,415 9,271
9,061 8,880 8,981
8,000 45% 7,479 40%
43%
42%
6,029 39%
36%
35% 35%
34%
32%
31%
30%
28%
27%
4,000 25% 26% 20%
0 0%
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
Net Sales Gross Margin%
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公司價值持續提升
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3Q21 3Q20
每股盈餘 -- NT$ 2.94 0.88
每股淨值 -- NT$ 23.21 18.71
每股盈餘
每股淨值
NTD NTD
2.94
3.0 25.0
2.90
23.21
2.0 21.2
1.92
19.52 [20.18]
1.04 18.71
1.0 18.07
17.78
0.67 [0.72 ] [0.88 ] 0.63
0.50
16.0
0.0
1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
20Q1 Q2 Q3 Q4 21Q1 Q2 Q3
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健康的資產負債表及負債比
單位：新台幣佰萬元 |
09/30'21 | 06/30'21 | 09/30'20 |
|---|---|---|---|
(每股淨值為元) |
核閱數 |
核閱數 |
核閱數 |
現金及約當現金 |
15,152 | 11,796 | 7,798 |
存貨(淨額) |
13,313 | 14,009 | 12,485 |
固定資產 |
31,320 | 30,428 | 30,812 |
總資產 |
73,694 | 66,883 | 62,528 |
短期應討息負債 |
4,706 | 4,847 | 4,462 |
長期應計息負債 |
6,707 | 8,059 | 10,030 |
總負債 |
30,662 | 27,571 | 27,838 |
負債佔資產比率(%) |
41.6% | 41.2% | 44.5% |
股東權益 |
43,032 | 39,311 | 34,691 |
每股淨值-- NT$ |
23.21 | 21.20 | 18.71 |
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自由現金流量穩定成長
單位：新台幣佰萬元 |
3Q21核閱數 |
2Q21核閱數 |
3Q20核閱數 |
|---|---|---|---|
營業活動之淨現金流入 |
4,217 | 2,851 | 1,486 |
折舊 & 攤銷 |
1,086 | 1,056 | 977 |
投資活動之淨現金流入(出) |
636 | (453) | (2,573) |
資本支出 |
(1,198) | (520) | (2,577) |
籌資活動之淨現金流入(出) |
(1,521) | (875) | (997) |
現金及約當現金淨增加(減少)* |
3,356 | 1,426 | (2,092) |
期末現金及約當現金餘額 |
15,152 | 11,796 | 7,798 |
自由現金流量** |
3,019 | 2,332 | (1,091) |
-
現金淨變動包含匯率變動之影響數 -
**
自由現金流量=營業活動現金流量-資本支出
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- 2021 年第三季銷售額分析 產品別 ( 母公司 )
單位：新台幣佰萬元
16,000
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9% 15%
9%
14%
12,000 9% 20%
9% 16%
26%
52% QoQ YoY
48
11% Change Change
8,000 11% 11%48% %
38%
NAND +25% +122%
50%
44%
53%
NOR +34% +84%
58%
63%
ROM +36% -17%
4,000
46% 25% 32%28% FBG -1% +11%
28%3 22%
17%27% * FBG (foundry business group)
8% 9%7% 6%8%
7% 7% 5%
0
3Q20 2Q21 3Q21
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營運現況 - ROM
ROM business
• 第三季為正常旺季，出貨位元量較上季增加 36%
500
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421
Density shipment index: 2017Q1 =100
314
296
285
276
269
214 224 217
189 198
165
153
136
121
100
81
77
45
0
1Q17 2Q 3Q 4Q 1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 21Q1 2Q 3Q
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250
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營運現況 - NOR
NOR business
-
3Q21
位元出貨量持續保持新高，較上季增加19%，較去年同期增加63% -
55nm
佔2021第三季位元出貨量50%+ -
價格調漲來自於所有應用需求強勁
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Density shipment index: 2017Q1 =100 ≧75 nm 197
200
55 nm
165
155
132
123 124 121 118
[109] 107
[113]
100 [106]
100 89 94
84 80
79 78
0
1Q17 2Q 3Q 4Q 1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
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營運現況 – NOR ( 母公司 )
NOR business
-
持續提升55nm及更先進製程的產能 -
中低容量產品由75nm移轉至68nm
NTD %
NOR breakdown by density
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14%
22%
31%
36% 35%
40% 41%
High
49%
45%
40%
38% 39% 34% Mid
35%
(32Mb~128Mb)
37%
33%
29%
26% 26% 26%
24%
Low
'17 '18 '19 '20 1Q21 2Q 3Q
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營運現況 – high density NOR ( 母公司 )
High density NOR business
強勁的需求來自5G、車用電子、醫療、伺服器及數據中心
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475
397
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475
Density shipment index: 2018Q1 =100
397
327
283 283
257
256
207
201
169
149
137
127 126
100
0
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
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400
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200
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營運現況 - NOR ( 母公司 )
2Q21 NOR 營收-產品應用
3Q21 NOR 營收-產品應用
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消費性電子 ,
通訊相關 ,
17%
27%
電腦相關 ,
工規 / 醫療 車用電子 ,
28%
/ 航太 , 13%
15%
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消費性電子 , 通訊相關 ,
15% 31%
電腦相關 ,
車用電子 ,
工規 / 醫
27%
11%
療 / 航太 ,
16%
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* 通訊相關:包含手機應用
3Q21 NOR 營收分析-產品應用
電腦相關 消費性電子 通訊相關 車用電子 工規/醫療/航太 +32% QoQ +18% QoQ +51% QoQ +13% QoQ +46% QoQ +134% YoY +113% YoY +39% YoY +56% YoY +161% YoY
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轉型至較小周期波動的應用
營收指數 : 1Q17 Total =100
NOR 營收指數
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200
PC & CONS Non PC & CONS
100
0
1Q17 1Q18 1Q19 1Q20 1Q21 3Q
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PC ： DTPC 、 NB 、 Web Cam 、 Monitors 、 Tablet
CONS ： Printers/MFP 、 TV 、 Audio 、 Game Consoles 、 Pachinko 、 STB 、 Ela Toys 、 Video
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營運現況 – SLC NAND ( 母公司 )
SLC NAND business
-
19nm
佔2021第三季位元出貨量56% -
36nm
主要應用於車用和工規(長期供應產品) -
強勁的需求來自安控、機上盒和伺服器
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≧36 nm
Density shipment index: 2019Q1 =100
19 nm
300
278
209
185
200 174
157 158
128
100 [111 ] [131 ] 101
100
0
1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
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與 IBM 之合作開發計畫
• 旺宏加入成為 IBM 人工智能中心之會員
合作研發Phase Change Memory (PCM)-based類比人工智能技術
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For more information regarding Macronix http://www.macronix.com
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For all inquiries, suggestions and comments [email protected]