Primax — Interim / Quarterly Report 2021

Dec 2, 2021

PRIMAX ELECTRONICS

QUARTERLY FINANCIAL RESULTS | TAIWAN | 28 OCTOBER 2021

For More Information Please Contact

Ellen Tseng

Director | Investor Relations | Taiwan IR@primax.com.tw

Dave Chiou Investor Relations | Taiwan

投資人關係
致伸科技2021 第三季財務報告

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PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

INVESTOR RELATIONS & QUARTERLY UPDATE I 1

PRIMAX ELECTRONICS

QUARTERLY FINANCIAL RESULTS | TAIWAN | 28 OCTOBER 2021

Primax Speakers

YY Hsiao

Senior Vice President | CFO | Taiwan

Meeting Agenda

Safe Harbor And Disclaimer

Ellen Tseng

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Director | Investor Relations |
Taiwan Quarterly Results
& Highlights
20’
Trend & Growth
Opportunities
15’
Investor Questions
& Feedback
10’
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致伸科技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。

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:致伸科技競爭激烈的環境、致
伸科技業務的週期性性質、致伸科技開發新產品的能力、以及致伸科技在新業
務發展中的成功執行等等。

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，致伸科技
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，致伸科技
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，即使將來致伸科技取得新的資訊。

Copyright © 2021 Primax Electronics

INVESTOR RELATIONS & QUARTERLY UPDATE I 2

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸第三季亮點

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季營收( NTD 百萬) 季營收比重(%)
第三季每股盈餘為 NTD 1.50 25,291 25,014 37% 35% 39% 52% 29% 28% 31%
季增率10% 13,641 16,704 13,524 16,251 18,907 [19,559 ] 17,159 16,448 17,669 10%13% 17%6% 14%4% 5% 12%6% 14%6% 14%6%
12%
前三季每股盈餘
為 NTD 4.00 40% 41% 43% 53% 52% 49%
31%
年增率16%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Interface VT Business Equipment Audio
季營收年成長率(%) 季營收季成長率(%)
•
視覺需求主要來自於強勁汽車ADAS
，產品結構的調整 35% 51%
29%
27%
• 智慧裝置介面年增率放緩主因去年 22% 20%
15% 16%
第三季的高基期 13% 7%
3%
• 1%
商業設備需求成長強勁穩健，主因
返回辦公室需求 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
-1%
-12% -4%
• 受限於零組件的缺料，聲學第三季 -1% -3% -7% -26%
度營收低於預期 -25% [-22%] -46%
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INVESTOR RELATIONS & QUARTERLY UPDATE I 3

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸財務簡覽表

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致伸第三季亮點─稅前利益、毛利率、營業利益率、每股盈餘、股東權益報酬率、資產報酬率
稅前利益 毛利率 營業利益率 每股盈餘 稅後利益率 稅後利益率
季增率(%) (%) (%) 季增率(%) (%) 季增(百分點)
9.3% 13.5% 4.2% 9.5% 3.9% 0.1
季度每股盈餘( NTD ) 股東權益報酬率 & 資產報酬率(%)
1.72 1.73 17.2% 2016 2017 2018 2019 2020
1.35 1.37 1.50 16.3% 15.4%
13.7%
1.13 1.13 13.0%
0.93
0.80 0.82
0.62
5.4% 5.9% 4.8% 5.0% 4.2%
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
受限於零組件的缺料，致伸第三季度營收略低於客戶需求， 致伸2016-2020 致伸2016-2020
壓制第三季每股盈餘成長率 股東權益報酬率 資產報酬率
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INVESTOR RELATIONS & QUARTERLY UPDATE I 4

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸損益表

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毛利率(%)
13.3% 13.5%
13.0%
12.5%
11.7%
11.3% 11.3%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
營業利益率(%)
4.7%
4.1% 4.0% 4.2%
3.5%
2.4%
1.5%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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(NTD 百萬)	3Q 2021	2Q 2021	3Q 2020	QoQ	YoY
淨營收 銷貨成本	17,669 15,285	16,448 14,257	18,907 16,452	7.4%	-6.5%
營業毛利	2,384	2,191	2,454	8.8%	-2.9%
毛利率(%)	13.5%	13.3%	13.0%	0.2 ppt	0.5 ppt
營業費用	1,646	1,533	1,558	7.4%	5.6%
營業費用率(%)	9.3%	9.3%	8.2%	0.0 ppt	1.1 ppt
營業利益	738	658	896	12.3%	-17.6%
營業利益率(%)	4.2%	4.0%	4.7%	0.2 ppt	-0.5 ppt
業外收益	130	137	168
稅前利益	868	795	1,063	9.3%	-18.3%
所得稅	182	167	235
淨利	686	627	828	9.4%	-17.1%
淨利率(%)	3.9%	3.8%	4.4%	0.1 ppt	-0.5 ppt
淨利歸屬母公司業主	672	611	773	9.9%	-13.1%
每股盈餘(NTD)	1.50	1.37	1.73	9.5%	-13.3%

INVESTOR RELATIONS & QUARTERLY UPDATE I 5

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致伸資產負債表

流動比率 & 負債比(%)

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120% 118% 120% 126% 126% 121% 120%
71% 70% 71% 67% 70% 72% 71%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Current Ratio Total Liabilities-To-Assets Ratio
3Q21 資產負債表指標(日)
應收帳款天數 應付帳款天數
83 117
庫存天數 現金轉換週期
66 31
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	(NTD 百萬)	3Q 2021	2Q 2021	1Q 2021	4Q 2020	3Q 2020
	現金	5,176	5,127	6,167	6,935	10,839
	應收帳款與票據	14,007	13,207	12,145	13,579	14,807
	庫存	12,709	11,225	10,242	10,247	8,790
	流動資產	40,288	40,748	39,547	35,110	37,470
	固定資產	7,333	6,601	6,497	6,542	6,505
	總資產	53,934	53,590	52,646	47,307	50,179
	應付帳款與票據	15,965	14,556	15,205	19,001	17,114
	短期借款	9,975	10,334	8,662	905	6,530
	其他 流動負債	288 33,528	275 33,644	121 31,316	75 27,941	0 31,201
	長期借款	1,112	1,147	1,334	681	364
	總負債	38,202	38,518	36,707	31,806	35,403
	股東權益	15,731	15,072	15,939	15,501	14,776

INVESTOR RELATIONS & QUARTERLY UPDATE I 6

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸現金流量表

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營運活動現金流量( NTD 百萬)
6,628
3,961
3,412
2,268
1,787
2016 2017 2018 2019 2020
資本支出( NTD 百萬)
3,485
2,689
1,913
1,202
1,034
2016 2017 2018 2019 2020
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	(NTD 百萬)	3Q21 YTD	2Q21 YTD	1Q21 YTD	4Q20 YTD	3Q20 YTD
	營業活動之現金流量	(7,198)	(10,500)	(8,572)	3,961	2,049
	- 稅前淨利	2,297	1,429	634	2,478	1,931
	- 折舊與攤提	1,475	1,000	515	2,230	1,682
	- 應收票據與帳款	(425)	373	1,434	5,630	4,413
	- 應付票據與帳款	(3,036)	(4,445)	(3,796)	(4,744)	(6,630)
	- 庫存	(2,563)	(1,015)	14	(39)	1,416
	- 其他營業活動	(4,946)	(7,842)	(7,373)	(1,594)	(763)
	投資活動之現金流量	(2,562)	(1,148)	(517)	(2,796)	(2,131)
	- 固定資產	(2,490)	(1,157)	(533)	(2,689)	(2,008)
	- 其他投資活動	(72)	9	17	(107)	(123)
	財務活動之現金流量	8171	9,969	8,390	(975)	4,330
	- 短期借款	9,070	9,429	7,757	(187)	5,438
	- 長期借款	645	666	700	577	186
	- 現金股利	(1,355)				(1,077)
	- 其他財務活動	(189)	(126)	(66)	(288)	(216)
	本期淨現金增加數	(1,589)	(1,678)	(699)	190	4,247
	匯率變動隻影響	(170)	(130)	(70)	44	(109)
	期初現金餘額	6,935	6,935	6,935	6,701	6,701
	期末現金餘額	5,176	5,127	6,167	6,935	10,839

INVESTOR RELATIONS & QUARTERLY UPDATE I 7

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸現金股利、殖利率、財務報告行事曆

每股現金股利( NTD )

現金股利發放率 & 殖利率(%)

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3.20
3.00
2.50 2.40 2.40
2.10
2015 2016 2017 2018 2019 2020
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70% 70%
61%
57%
50%
30
5.2% 5.3%
5.0%
4.4%
4.0% 殖利率全部基
於6 月30 日收
2016 2017 2018 2019 2020 盤價
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2021 財務報告行事曆及公司治理與ESG 獎章

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公司治理與
1Q 2021 Results 2Q 2021 Results 3Q 2021 Results ESG 獎章
March 30, 2021 July 29, 2021 October 28, 2021
• 台灣上市公司治理評鑑前
5%
(2016, 2017, 2019, 2020)
• TCSA 綜合績效獎-臺灣
• TOP50 永續企業獎、企業
Annual General Dividend Payment 4Q 2021 & Annual 永續報告獎白金獎
Meeting Results
September 10, 2021
July 13, 2021 TBD, 2022 • SGS 永續菁英獎
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INVESTOR RELATIONS & QUARTERLY UPDATE I 8

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸2021 第四季營運展望

聲學

營收展望 智慧裝置介面 / 商用設備 視覺影像 聲學 致伸預計 智慧裝置第四季度營收 警用相機在第四季度將 消費聲學產品和智慧聲 2021 第四季 將維持雙位數的年成長 呈現高複甦成長率，擺 學產品是第四季營收成 度營收將較 率。新事業產品的比重 脫2021 年上半年度的緩 長的動能。 致伸營收展望 第三季呈現 在下半年將持續增長。 慢成長。 雙位數的成 長率。 受惠於去年較低的基期 車用ADAS 相機模組需求 聲學產品第四季營收， 聲學產品出貨旺季，訂 及返回辦公室的需求， T 將保持合理成長率，而 因季節性需求和第三季 印表機及多功能事務機 智能手機相機模組收入 零組件缺料產品出貨遞 單可望強勁上升(如零組 的需求在第四季將呈現 和組合將持續下降。 延，將呈現強勁的雙位 件缺料可以視時機紓 強勁的高年成長率。 數季成長率。 解)。

智慧裝置/商用設備

智慧裝置/商用設備視覺影像
智慧裝置/ 商用設備第四第四季度的獲利成長動能將主要來
致伸獲利展望季受惠於較高毛利率的新自汽車ADAS 貢獻的增加。
產品以及印表機及多功能
第四季因消費聲學產品事務機的強勁需求，獲利
的比重增加，毛利率將將呈現高的年成長率。
略低於第三季，但是營
業利益率將較上一季至
少持平或提升

聲學

第四季聲學的毛利率會比第三季度 低，因消費聲學和智慧音箱產品營 收比重增加。但是相較去年同期， 第四季聲學的毛利率仍然有 2-3 個 百分點的年增長─ 因減少低毛 利產品線，會轉化為較去年同期高 的毛利率。

INVESTOR RELATIONS & QUARTERLY UPDATE I 9

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致伸2021 策略與展望

致伸目標與策略

深化三感合一策略

持續擴展於智能化新產品廣泛應
用而挹注新成長動能，高附加價
值新產品比重預期逐年增加，如
智慧物聯網與智慧家庭等

整體獲利年成長率將優 於營收成長率

主因產品與客戶比重優化，毛利
率與營業利益率改善

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智慧介面裝置

居家辦公帶動電腦周邊和電競
相關產品需求仍持續強勁，
新產品如智慧家庭、擴充基
座、無線充電成長性高

視覺影像

汽車 ADAS 感測相機模組 (應用於電動車與 ADAS 先進 駕駛輔助系統) 也預期受惠 美系電動車大廠高成長動能 而有倍數成長，亦增加較高 毛利率非智慧手機相機模組 整體比重

聲學

主要受惠家用娛樂音響系統
與視訊會議需求續揚帶動營
收與新案出貨，聲學產品將
持續增加高階產品比重並優
化客戶組合，獲利較去年明
顯改善

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增加高附加價值產品

致伸策略為逐漸增加商用與工業
用等智慧物聯網貢獻(例如車隊
管理警用配戴相機) 和智慧家
庭(智慧門鎖與智慧門鈴), 為
未來成長動能

升級製造能力

邁向智慧製造與工業 4.0 思維引 導製造，致力於增加效率與降 低成本

分散產能

目標為降低生產地風險，泰國自
建廠預計第四季底進駐，將成中
國外最大製造基地

INVESTOR RELATIONS & QUARTERLY UPDATE I 10

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致伸綜覽與長期成長策略

2020 集團數字 複合成長率 1989-2020

• 營收= 新台幣 682.4 億 淨利= 新台幣 19.2 億

• 營收= 15%

• 淨利= 14%

 





1984 成立，長期成長策略為 全球員工17,000+

• 掌握智能化世界趨勢

• 三感合一策略

• 附加價值優於規模

• 多元性以減少風險

穩定收益

• 50%+ 股利發放率

• 4-6% 殖利率







公司治理 & 永續投資 (ESG)

穩健財務績效

• 公司治理評鑑前 5% (2016, 2017, 2019, 2020)

• 高股東權益報酬率 (5年平均15.6%)

• 天下雜誌高排名 CSR/ESG (#38)

• • SGS 年度永續菁英獎

• TCSA 台灣 TOP 50 永續企業獎及 企業永續報告獎電子資訊製造白 金獎

INVESTOR RELATIONS & QUARTERLY UPDATE I 11

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差異化與核心競爭力

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• 長期再投資 ODM 設計服務供應商 遠離低毛利 多角化分散  定位為關鍵 (go to)  中國、泰國與捷

• 年以來長期  遠離 me-too 生意 ODM 設計服務供 克製造  往高毛利產品

• 應商  新加坡財務中心  美國早期參與研

• 原廠委託設計服  尋找需要長期與 發工程團隊

• 藉產品生命週期 務供應商 可靠的硬體供應  英國研發中心

• 彈性方法和雄厚 商的雲端服務供  台灣研發與試產

• 新技術發展 的長期客戶關係 應商為客戶 地點

獨特定位

• 三感合一策略  1984 年以來長期

• 附加價值優於規 優良紀錄

• 模

• 一站式解決方案  藉產品生命週期

• 供應商 轉變達成

• 視覺影像，聲學，  新技術發展

• 人機介面

INVESTOR RELATIONS & QUARTERLY UPDATE I 12

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產品組合與應用

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2020
分類 產品組合 歷史區界
營收比重
29-48% 39
Smart Lock Wireless Docking Gaming Mouse Mouse & Keyboard Gaming Controller [Smart Remote] Trackpad
智慧裝置介面 Charging & Keyboard
14-30% 14
視覺影像 Dash Camera Police Body Camera ADAS Camera Camera Module Multi-Camera Ultra-Slim 360 Cam 4K 360 Cam
6-13% 6
商用設備 Surveillance MFP Thermal Printer Scanner / ADF Mobile Photo Printer
15-51% 42
Conference TWS Headphones Smart Portable Home Audio Loud Speaker Transducer
聲學 Products Speaker Speaker
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INVESTOR RELATIONS & QUARTERLY UPDATE I 13

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

產品多角化的持續性成功

1999 Scanner

Silitek (Chicony), Mustek, Avision, UMAX, Microtek

2005 Printer Kinpo, Hon Hai

2007 Keyboard 2015 Auto

Genius, Darfon, LG Innotek, Chicony, Lite-on Tech, Semco Ichia, Sunrex, BTC*

1984 Telephone Jack 2000 Mouse 2006 Camera Module Genius, Darfon, Chicony, Kinpo, Hon Hai, Chicony, Lite-on Tech, Ichia, Sunrex, BTC* Lite-on Tech

2006 Camera Module

2010 Audio

Eastern Tech, GGEC, Inventec, Merry, Luxshare, Goertek

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Revenue (NTD billion) Adjusted ROE 35% 35%
15%
19% 16% 16% 17% 14% 13%
14% 8% 10% 13% 7% 12% 16% 8% 16%
3% 2%
-4%
-26%
12.6 11.4 11.2 11.6 17.3 16.0 18.4 13.7 18.7 21.6 28.8 41.1 47.3 43.1 42.3 52.2 63.5 64.3 60.7 64.8 80.6 68.2
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Note: (1) Companies with an asterisk are delisted or no longer in business. (2) Primax’s 2008-2016 ROE is calculated on a conservative basis, adding back NTD 1.2 billion in goodwill that was written down before re-listing. PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS INVESTOR RELATIONS & QUARTERLY UPDATE I

INVESTOR RELATIONS & QUARTERLY UPDATE I 14

三感合一硬體解決方案供應商

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3 Senses In 1:
Audio, Visual, Interface
Auto & EV
WFH Smart Home Visual (ADAS)
Conference Webcam Smart Access (Lock / Doorbell) Audio
WFH IoT / AIoT Smart Home 5G / Cloud / AI Auto & EV Audio
IoT / AIoT
5G / Cloud / AI Audio
Fleet Management
Fleet Management New Audio
Smart Access
Surveillance
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PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

智慧裝置介面成長來自物聯網應用

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Tuning Integration Compatibility
Capability Capability
Computing Data Transfer Sensing Power
Smarter Interface Core Technology
Devices AET & Lab 2.0
Docking Smart Access Webcam Content Creation Products Mouse Keyboard Trackpad
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INVESTOR RELATIONS & QUARTERLY UPDATE I 16

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

高附加價值視覺影像

From module to system / sub-system

Higher value add / higher ASP / mid-volume

Full spectrum of Robot, machine integration vision, and wearable Capability: optical, ME, EE, FW, audio and video, and RF

Automotive, fleet management, surveillance, and conference

Diversifying into non-smartphone CCM which includes auto, surveillance, conference, and door lock and doorbell

INVESTOR RELATIONS & QUARTERLY UPDATE I 17

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

聲學產品具優越定位

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Professional Audio
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Events, concert, studio, commercial, and other audio equipment

Conference Products & Live Sound

Primax + Tymphany synergy is well positioned to capture market growth opportunity Automotive EV and ADAS driven

Speaker / OTE Headphone

Be the go to supplier for major international brands, where the industry’s entry barrier is based on scale and expertise

IoT / Transducers Automated manufacturing process + acoustic expertise

TWS (True Wireless Stereo) Robust market growth opportunity and a proven track record

INVESTOR RELATIONS & QUARTERLY UPDATE I 18

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

致伸主要投資觀點

Growth Opportunities

3 senses in 1 strategy

Car electronics (EV / ADAS), fleet management, surveillance, and smart door lock and doorbell

Capitalizing On Mega Trends

AIoT, smart home, 5G / cloud / AI, auto and new audio

Margin Expansions

Better product mix, increase new businesses, and focus on low-medium volume but higher margin and / or ASP products

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3 4
Margin Capital
Capital Deployment
2 Trend 5
Shareholder
ECONOMIC LEGAL
Growth CSR / ESG
Shareholder Return
1 6
entities in Taiwan
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Increase dividend payout, less capex and strong free cash flow generating ability

Historically paid out 50-70% of earnings, with ROIC > 13% and ROE at about 15%

Commitment To CSR / ESG

Management has strong commitment to CSR / ESG, and Primax is oftened ranked as one of the best CSR /ESG listed entities in Taiwan

INVESTOR RELATIONS & QUARTERLY UPDATE I 19

PRIMAX | COPYRIGHT © 2021 PRIMAX ELECTRONICS

Primax Electronics Headquarter

Taipei City

No. 669, Ruiguang Road, Neihu District 114 Taipei City, Taiwan +(886 2) 2798 9008 IR@primax.com.tw

About Primax Electronics

Primiax Electronics was founded in 1984 and is a leading supplier of IT, electronic and consumer solutions. The company is headquartered at Neihu Technology Park in Taipei City. Guided by the principle of "Global Operations with R&D and Smart Manufacturing in Taiwan", Primax now operates across Asia, The Americas and Europe. Highly-efficient production sites have been established in Taiwan, China and Thailand and the company has over 10,000 employees worldwide.

Seeing the potential of cloud technology and IoT, Primax has successfully developed human-machine interface products with touch, voice control, gesture recognition and wearable functions. Vision and video products have achieved notable successes in smart surveillance systems, mobile devices, smart homes, and advanced driver assistance systems. Our insistence on maintaining high yields as well as high quality in manufacturing and development is backed by our technical expertise. Our implementation of smart system engineering has also made us an indispensable partner for leading international brands and has allowed us to build up the energy needed for future growth. For the latest news from Primax Electronics, visit our website or follow us on

Safe Harbor And Disclaimer

Primax’s presentation contains forward-looking statements subject to significant risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In this context, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

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Actual results may differ materially from those contained in the forward-looking statements due to risk and uncertainties resulting from a number of important factors. Such factors include, but are not limited to: our highly competitive environment; the cyclical nature of our business; our ability to develop new products; and our successful execution in new business developments, and etc. All forward-looking statements in this presentation are based on information available to us as of the date hereof, we undertake no obligation to update these forward-looking statements for new information, future events, otherwise, or update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.

Copyright © 2021 Primax Electronics