PARPRO — Investor Presentation 2018

Aug 21, 2018

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Partners in Production and Design

PARPRO 事欣科技投資關係 Johnny Liao, Chairman Thomas Sparrvik, CEO Ellen Tseng, Strategic Investment August 2018

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簡報內容
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PARPRO 簡介 我們的實績 市場機會 策略計畫 財務狀況

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2 |

August 2018

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Safe Harbor
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Disclaimer

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PARPRO 的簡報包含具有重大風險和不確定性的前瞻性聲明。前瞻性陳述通常與 未來的事件或未來的財務或經營業績有關。在這種情況下 , 您可以識別前瞻性語句 , “ ” “ ” “ ” “ ” “ ” 、 、 、 、 、 因為它們包含諸如 可能 ” 之類的單詞 , “ 將會 應該 預期 計畫 預測 “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” “ ” 、 、 、 、 、 、 、 、 可能 打算 目標 專案 盤算 相信 估計 預估 潛在 或 “ 繼 續 ”, 或這些詞或其他類似的術語或這些意思相反或負面的詞 , 涵蓋我們的期望 , 策略 , 計畫或意圖。

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由於一些重要因素造成的風險和不確定性 , 實際結果可能與前瞻性聲明中所包含的 內容有重大差異。這些因素包括但不限於 : 我們競爭激烈的環境 ; 我們業務的週期性 性質 ; 我們開發新產品的能力 ; 以及我們在新業務發展中的成功執行等等。

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• 本簡報中的所有前瞻性聲明都是根據截至目前可獲取資訊為基礎的 , 我們不承擔任 何義務更新這些前瞻性聲明 , 及更新未來的事件 , 同樣的 , 我們也不承擔任何義務更 新實際結果可能與前瞻性聲明中預期的內容有重大差異的原因 , 即使將來我們取得 新的資訊。

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3 | August 2018

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PARPRO 簡介
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綜觀

• 台灣

• 加州 (2)

• • 內華達

• • 墨西哥

4916:TW – – 市值 美國總部 台幣 28 億 + Santa Ana, 加州 員工數 700+ 創立於 全球 2001 全球策略再造 航太 / 國防 於 通訊 2012 博弈 醫療 集團營收 工業 交通運輸 台幣 55 億 + (2017)

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Partners in Production and Design

全服務嵌入式設計和製造公司 , 著重提供 ODM 解決方案 .

創立自 2001 年起 , 而 2012 年啟動全新的全球策略，提供專 業代工製造 , 設計和製造以電腦處理器為主的嵌入式解決 方案 , 提供 OEM 在各種垂直市場之服務。

。

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Aerospace Medical Defense Aerospace

Quality Aerospace

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公司歷史
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主要里程碑

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PARPRO 是具有紮實的策略與架構的 ODM 公司 , 垂直市場應用主要著重於航太 / 國 防 , 博弈 , 醫療設備 , 通訊和工業相關應用領域。

具備併購與成長相互補業務的優良記錄。

關鍵客戶認同 PARPRO 策略 , 在 2018 年即展現強勁的有機成長率。

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持續有機成長/
併購 ??
有機成長 /
組織改造 強健獲利
併購
Cal Quality
PARPRO 併購 (PTI)
併購 JumpGen, CA 2019
啟動 EMT West (PTI-DC)
新全球化策略 股票上市 (PNV) 2018
Taiwan Stock Exchange (TW:4916) 2017
併購 2016
AP PARPRO, Mexico(PMX)(PMX) 2014
2013
2013
2012
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併購 創立年 Previously known as AP PARPRO, Mexico(PMX)(PMX) Pilot Electronics Corp (PTW) 2012 2001

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PARPRO 地點
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PARPRO, INC. Organization cross-functions Global Supply Chain • Finance • IT • HR • Marketing˙

PARPRO Technologies (PTI) (Santa Ana, CA)

• Custom PCB Assembly

• System Builds

• Assembly

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• 700+ employees worldwide with US headquarters in Santa Ana, CA

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PARPRO UK
Sales
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PARPRO Taiwan (PTW)

• SMT

• Integration

• Asian Supply Chain

PARPRO Technologies

Design Center (PTI-DC) (San Diego, CA)

• Engineering Design Center

• Embedded Hardware / Systems

PARPRO Mexico (PMX)

• Cable & Harness Assembly

• Integration

• Metal Works

• • Assembly

PARPRO Nevada (PNV)

• Sheet Metal Fabrication

• Integration & Test

• Powder Coating/Lamination

• • Assembly

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經驗豐富的管理團隊
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Executive Management

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Johnny Liao 董事長 Chairman

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• Parpro founder and chairman

• Anderson chairman

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Thomas Sparrvik Chief Executive Officer

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• 25+ Years as International Senior Executive

• CEO, Kontron – 12 Years

• • M.Sc.E.E., MBA

• Retired Army Captain

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Eduardo Serrano CFO Americas / PARPRO Mexico

• 20+ Years Corporate Finance Executive

• KPMG, Sony, J.I. Case, International Rectifier

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Ellen Tseng

VP, Strategic Investment

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• 20+ Years experience at leading global investment banks and technology companies

• Morgan Stanley, Nomura, Intel, Philips

Business Units Leaders & Management

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Keith Knight PARPRO Technologies, CA

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• 20 Years Exec. Manufacturing Operations Experience

• High Growth OEM & EMS Environments

• Emulex, Sanmina

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Rich Ramonis PARPRO Nevada

Jorge Richardson Electrical (PMX)

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• 25+ Years Operations, Supply Chain, Purchasing Executive – Multi-National Manufacturing and Technology

• 25 Years Senior Mgt. in Aerospace Industry

• • Lean Manufacturing & Quality Systems Expert

• Bally, Arrow Electronics

Mike Orozco Metals (PMX/PNV)

• 25+ Years in Sheet Metal and Contract Manufacturing Operations/Mgt.

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Robert Bezy PARPRO Taiwan

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• 20 Years Exec. International Manufacturing Operations Experience

• Jabil, Kontron

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Ken Haney Global Sales & Marketing

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• 20 Years Executive Sales Mgt.

• • Developed/managed $1.5B Sales Division

• Kontron, Sanmina

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商業模式 優勢
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利用我們的內部設計和製造中心

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透過內部協調 ( 設計、樣機、生產等 ) 以節省時間。 透過對計畫清楚呈現掌控和理解以縮短交期。

透過在整個價值鏈中減少多層廠商獲利層層堆疊以最優化成本。

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Embedded
Systems
Cable
House
Metal
減少
House 4-5 廠商
成 1個
Contract
Manufacturer
Integrator
Integrator
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8 | August 2018

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商業模式 – ODM 服務
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設計、研發工程和製造

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製造產品包含從開始 - 設計 , 研發工程 , 程式設計 , 模具 , 測試和後勤物流。 PARPRO 可以參與產品生命週期中的任何一時間點。

Program Management

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TOOLING
FIRST ARTICLE
MANUFACTURING SETUP
ELECTRONIC
ENGINEERING
INDUSTRIAL
PCB PRODUCTION
DESIGN &
SYSTEM
MECHANICAL PCBA ASSEMBLY
ARCHITECTURE
ENGINEERING
CABLE ASSEMBLY
PLASTIC/ METAL HOUSING
FULL SYSTEM INTEGRATION
DESIGN COMMERCIALIZE MANUFACTURE FULFILL SUSTAIN SERVICE
PCB DESIGN LOGISTICS
CERTIFICATIONS PROCUREMENTS
PROTOTYPING & DVT QUALITY CONTROL
PRODUCTION TESTING ORDER FULFILLMENT & INVENTORY CONTROL RMA/ Service
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競爭差異化優勢
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PARPRO 差異化

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FLEXIBLE US BASED EMS GLOBAL SUPPLY CERTIFICATIONS/
EXPERTISE OF ALL OR ONE
BUSINESS MODEL ENGINEERING USA / ASIA CHAIN STANDARDS - ODM Solution Provider
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彈性化商業模式

• 專為滿足客戶要求而量身定做的一對一服務的專業技能

• 美國為主研發工程與製造

• 美國為主 ,100% 擁有的研發工程和設計 / 集成混合技術 (integrated mixed technologies)

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• 電子代工 EMS – 北美與亞洲

• 無論任何數量或任何採購戰略 , 我們的製造皆提供競爭力

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全球供應鏈

• 低成本國家或區域供應鏈 , 以北美為基礎的研發工程和全球整合、生產、物流和 fulfillment

• 多項專業認證

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Quality Aerospace

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Medical
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Military
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Aerospace
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Aerospace
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我們的95% 客戶與終端客戶是在川普圍牆內, 不受美中貿易戰與政治氛圍的影響

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市場需求 / 焦點市場
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目標市場共同性

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Parietal 工程支援
高度規範 Parietal
Lobe
許多情況下工程支援設
高度規範 (FAA, FDA,Lobe 博弈委 計和製造 , 與美國基礎研
員會 , 聯邦政府 , ITAR)- 昂貴的 發工程是非常重要的
進入成本 , 認證要求
Parietal
北美製造
Lobe
許多情況下需要製造地點
Parietal 流程控制
在北美
Lobe 流程 / 修訂控制至上
品質與可靠性
品質和可靠性非常重要
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目標客戶總則
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PARPRO 具獨特的能力 , 以滿足我們的客戶所賦予的挑戰

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多樣式 (HIGH-mix)/ 或
技術性產品 低中高數量要求
促進外包和夥伴關係
要求高可靠性、彈性
和服務
重視長期關係
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我們的專長領域
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製造

工程

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航太 / 國防 博弈 / 醫療設備 通訊 / 工業 / 嵌入式設計與
資料儲存
信息娛樂 其他 工程
• Cable/Wire Harnesses • Gaming Boards/ • PCB Assembly • Data Center Switch, • Industrial Automation • System Design
• Electromechanical Embedded Solutions • Embedded Medical Appliances • Smart Devices • Schematic Capture
Assemblies • Gaming Kiosks/Slot Platforms & Systems • Storage Array • Transportation and PCB Design
• Chassis/Enclosures Machines/Cabinets Controllers Systems • Mechanical Design
• Integration • Player Tracking • Deep Packet • EV Systems • Firmware Design
• Control Systems • Vending Machines Inspection, Load Balancing
• Interactive/Self-serve
Kiosks
少量 , 多樣 中等數量 , 中等樣式
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高度複雜度

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應用領域
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PARPRO 核心優勢

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Medical
Devices Flight
Control
Networking
Mission Critical
Systems Vehicle Tracking
Gaming &
Infotainment
Smart Inflight
Telecom &
Weapons Entertainment
Data Center
Secure
Communications
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多角化
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透過併購實現業務多樣化 & 交叉銷售

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Industrial/Other,
24
2016
Industrial, 20
Defense, 60
Medical, 16
Industrial, 2014Communications,
30 40
Medical, 10 Industrial, 5 2012 Gaming, 50 2013 Industrial, 50
Defense/
2011 Aerospace, Aerospace, 40
70 Time
Gaming, 85
Pilot Electronics (TW) PARPRO Mexico (MX) PARPRO Nevada (USA) PARPRO Design Center (USA) PARPRO Technologies (USA)
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Pilot Electronics (TW) PARPRO Mexico (MX) PARPRO Nevada (USA)

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PARPRO Design Center (USA)
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PARPRO Technologies (USA)
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Contract Manufacturing

Contract Manufacturing

Founded PARPRO Inc - 2012

• SMT - Cable & Harness - Sheet Metal Fabrication

• • Assembly Assembly - Integration - Asian Supply Chain - Integration - Assembly - Metal Works - Assembly

• Design & Engineering - Embedded Hardware - Embedded Systems

Electronic Manufacturing Services

• Custom PCB Assembly

• • System Builds - Assembly

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多角化
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透過併購實現業務多樣化 & 交叉銷售

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Industrial/Other,
24
Medical, 16 2016
Industrial, 10
Defense, 60
Gaming, 34 Medical, 16
Industrial, Communications/ 2014
30 Gaming, 36Industrial, 12 Today Communications, 40
2013
Medical, 10 Industrial, 5 2012 Industrial, Aerospace, 40Defense/
50
2011 Aerospace,
70
Gaming, 85
Aerospace/Defense, 38
Pilot Electronics (TW) PARPRO Mexico (MX) PARPRO Nevada (USA) PARPRO Design Center (USA) PARPRO Technologies (USA)
Founded PARPRO Inc - 2012 Contract Manufacturing Contract Manufacturing Design & Engineering Electronic Manufacturing
- SMT - Cable & Harness - Sheet Metal Fabrication - Embedded Hardware Services
- Assembly Assembly - Integration - Embedded Systems - Custom PCB Assembly
- Asian Supply Chain - Integration - Assembly - System Builds
- Metal Works - Assembly
- Assembly
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18 | August 2018

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投資亮點
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經驗豐富的管理團隊 ( 併購經驗 )

知名的業者可切入大的 , 具成長性和有吸引力的市場 與不同的客戶群建立緊密的關係 全面的能力和服務 顯著的成長機會 誘人的現金流成長前景

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成長機會
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我們核心市場的有利趨勢

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Aerospace & Defense

• Connectivity

• Trust & Security

• Unmanned Vehicles & Robotics

• Product Longevity – long term availability

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 Communications

• Content Delivery Networks

• Internet of Things/Big Data

• SDN/NFV – Cable & Telecom service providvers, ISVs, Cloud, and CDN Service Providers

• HA Cloud Data Centers

• New support and remote equipment access services

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Gaming

• Player Tracking: Player experience – game to player

• Mobile Gaming

• Cloud Infrastructure: online gaming, big data management, video surveillance

• Intelligent Vending Machines: remove inventory management, customer focus and target marketing

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Medical

• Increasing investment in diagnostic technology & software

• Digital Healthcare

• Patient Diagnosis Imaging / Clinical Care

• Digital Hospital: digital patient records, remote healthcare, patient flow

• Home Health

• Rural Healthcare – Emerging markets

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Industrial/Transportation

• Control – Inform – Interact

• Electric vehicles

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市場成長性 全球商用客機
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 PARPRO 目前為大型機 艙解決方案公司,如提供 機構控制元件。

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Boeing Commercial Aviation Market Forecast 2015-2034 infographic

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未來 12-24 月
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墨西哥 – ‘ 擴產 ’
提華納為墨西哥航太產業生產重鎮
期待強勁成長 ( 有機成長 )
擴大在美國和歐洲的其他地區版圖 / 客戶群
客戶交互交流與橫向銷售
繼續評估相關併購
整合 & 各部門綜效
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25 | August 2018

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新廠 – PARPRO 墨西哥
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預期第三季 , 2018

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背景
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墨西哥新廠 - 2018

新設施 – 13 萬平方英呎

新地點優點

• 對當前和未來員工均有利為方便的位置 具擴充性 較彈性條件

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將利用新的設施作為 PTI/Santa Ana 的一個整合中心

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目標是節省 2019 開始財政年度 $ 2 + 百萬美元

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2018 訂單能見度高

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27 | August 18
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-
市場成長性 墨西哥
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墨西哥生產

• 航太與國防

• • 墨西哥航太工業是對美國、中國、新加坡、 臺灣和韓國出口第六大供應商

• • 提華納全球製造中心 - 具 50 年的航航太活動 • PARPRO 墨西哥已經有了強大的立足點

• 電子 (Electronics) 醫療設備

• • 墨西哥目前是僅次於中國 , 對美 • 下加利福尼亞 (( 墨西哥最北部的州 ) 是北 國第二大電子產品供應商 美最大的集中醫療設備製造地

• • PARPRO 核心優勢與拓展領域 • 92.5% 的醫療器械製造在提華納出口到 美國

• • PARPRO 核心優勢

• 根據 KPMG 年度競爭方案報告 , 墨西哥目前 在最低營業成本排名第一位。

• 28 | August 2018

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墨西哥擴產 - 2018
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墨西哥與中國工資比較

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29 | August 18

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30 | August 2018

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財務績效
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高度多樣化的垂直市場比重和分散的地理區域

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Medical, 16
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Taiwan, 18
By Location
Mexico, 17
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Gaming, 34

By market Communications/ Industrial, 12 Aerospace/Defense, 38

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USA, 65
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基於 2017 生產值拆分百分比 90-95% 的客戶都在北美 , 少數在歐洲

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31 | August 2018

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PARPRO 合併損益表 (2Q, 2018)
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						*衡量期間調整後
NT$百萬	2Q18	1Q18	2Q17	QoQ	YoY	2Q17
營收	2,230	2,074	1,025	8%	118%	1,025
營業毛利	560	470	199	19%	182%	199
營業利益	125	76	43	65%	194%	43
營業外利益	17	-2	46	NM	-63%	97
稅前利益	143	74	89	93%	61%	139
稅後利益	116	61	67	90%	73%	117
非控制權益	34	20	21	69%	64%	21
淨利	82	41	46	101%	77%	96

獲利能力
毛利率	25.1%	22.7%	19.4%	19.4%
營業利益率	5.6%	3.6%	4.2%	4.2%
稅前利益率	6.4%	3.6%	8.7%	13.6%
淨利率	3.7%	2.0%	4.5%	9.4%

• 備註 : 合併會計師核閱財務報表 , 合併恩德 (1528.TW)

• 衡量期間調整後 2Q17 與 2Q17 結果差異乃調整併入恩德所產生的廉價購買利益 ( 原本於去年第四季認列 )

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32 | August 2018

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PARPRO 損益表 (2Q, 2018)
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NT$百萬	2Q18		1Q18		2Q17		QoQ	YoY
營收		920		813		646	13%	42%
營業毛利		178		149		127	20%	40%
營業利益		79		59		27	35%	198%
營業外利益		16		-3		42	NM	-62%
稅前利益		95		56		69	69%	38%
淨利		82		41		46	101%	77%

獲利能力

獲利能力
毛利率	19.3%	18.3%	19.7%
營業利益率	8.6%	7.3%	4.1%
稅前利益率	10.3%	6.9%	10.7%
淨利率	8.9%	5.0%	7.2%

備註 : 僅 PARPRO 主體 ( 非核閱財務報表 )

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33 | August 2018

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Parpro 營收與營業利益
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- 2018 上半年 年成長

營收 (NT$ 百萬 )

營業利益 (NT$ 百萬 )

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1H2018
2017
2016
2015
- 500 1,000 1,500 2,000 2,500 3,000
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1H2018
2017
2016
2015
(50) - 50 100 150 200
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1H2018 營收同期成長率

1H2018 營業利益同期成長率

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+31%

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+132%

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• 備註 : PARPRO 主體 , 不含恩德

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34 | August 18

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PARPRO ：獲利力狀況
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PARPRO: 毛利率近期漸趨於穩定

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30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
2013 2014 2015 2016 2017 1Q2018 2Q2018
Gross Margin Gross margin(exclude Anderson)
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PARPRO: 稅前息前獲利率 (EBIT margin) 強勢回升

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12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2013 2014 2015 2016 2017 1Q2018 2Q2018
-2.0%
EBIT Margin EBIT margin(exclude Anderson)
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35 | June 13, 2018

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PARPRO: 淨利與每股盈餘
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PARPRO: 淨利 (Net profit) & 每股盈餘 (EPS)

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200 2.50
2.00
150
1.50
100
1.00
50
0.50
0
0.00
2013 2014 2015 2016 2017 1H2018
(50) (0.50)
Net profit(NT$m) Adjusted EPS(NT$)
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PARPRO: 稅前利益率 (Pretax margin)/ 淨利率 (Net margin)

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12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2013 2014 2015 2016 2017 1Q2018 2Q2018
-2.0%
-4.0%
Pretax Margin Net Margin Pretax Margin(exclude Anderson) Net Margin(exclude Anderson)
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36 | August 18

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PARPRO: 資產負債表概況
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(NT$百萬)	2016	2017(合併恩德)	1H2018(合併恩德)
流動資產	1,377	5,613	6,267
總資產	2,671	8,409	9,104
總負債	1,477	4,873	5,434
股東權益	1,193	3,536	3,671
總負債與權益	2,671	8,409	9,104

備註 : 合併會計師核閱財務報表 , 合併恩德 (1528.TW)

(NT$百萬) 2016 2017( 不含恩德) 1H2018(不含恩德) 流動資產 1,377 1,384 1,825 總資產 2,671 2,722 3,165 總負債 1,477 1,514 1,833 股東權益 1,193 1,208 1,332 總負債與權益 2,671 2,722 3,165	2016	2017( 不含恩德)	1H2018(不含恩德)
	1,377	1,384	1,825
	2,671	2,722	3,165
	1,477	1,514	1,833
	1,193	1,208	1,332
	2,671	2,722	3,165

備註 : 僅 PARPRO 主體 ( 非核閱財務報表 )

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37 | August 2018

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Parpro : 股利配發歷史
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年度/項目	每股股利	每股股利	除權息交易日	基準日	發放日	股東會日期	每股盈餘
	股票股利	現金股利
2017	0	0.9890923	2018/8/16	2018/8/22	2018/9/7	2018/5/30	1.06
2016	1	1	2017/7/3	2017/7/9	2017/8/4	2017/5/26	2.01
2015	0	0.5	2016/6/27	2016/7/3	2016/7/21	2016/5/27	(0.39)
2014	0	1.5	2015/7/3	2015/7/11	2015/7/29	2015/6/3	0.16
2013	0	2	2014/6/19	2014/06/25	2014/07/09	2014/5/30	2.51
2012	14	3	2013/5/29	2013/06/04	2013/07/10	2013/4/18	7.54
2011	0.5	5	2012/8/2	2012/08/10	2012/08/24	2012/5/30	12.44

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38 | August 2018

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Thank You – Q&A
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PARPRO TEAMWORK

The strength of the team is in each individual member… the strength of each member is in the team.

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