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RECHI Investor Presentation 2016

Sep 1, 2016

52399_rns_2016-09-01_ef680809-5b76-41af-9035-fce6c65495c2.pdf

Investor Presentation

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法說會報告

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公司簡介

營運成果

市場現況與競爭優勢

未來展望

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公司簡介

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主要股東

聲寶股份有限公司 中國鋼鐵股份有限公司 日商夏普株式會社 台灣保來得股份有限公司 國際電化商品股份有限公司

27.03% 4.91% 4.86% 2.09% 1.71%

截至2016/6/2

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組織圖

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瑞智精密股份有限公司
100% 100% 45%
瑞展投資股份有限公司 RechiHoldings Co., Ltd. 瑞展動能股份有限公司
100%
100% 100%
100% RechiInternational Rechi Investments 77.78% 100% Dyna Rechi
Holdings Co., Ltd. Holdings Co., Ltd. Holdings Co., Ltd.
100% 100% 100%
東莞瑞智 GR Holdings 瑞智(青島) TCL瑞智(惠州) 瑞智(九江) 瑞展動能(九江)
壓縮機有限公司 (Hong Kong) Limited 精密機電有限公司 制冷設備有限公司 精密機電有限公司 有限公司
100% 50% 50% 67.86% 25%
瑞智制冷機器 青島瑞智 瑞智精密機械
(東莞)有限公司 機電銷售有限公司 (惠州)有限公司
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營運據點

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占地面積: 151,016m [2] 占地面積: 29,652m [2]
青島廠區:壓縮機生產基地 觀音廠區:營運總部與研發中心
青島
桃園
占地面積: 298,149m [2]
九江
華北銷售辦事處
美國辦事處
華中銷售辦事處
印度辦事處 華南銷售辦事處
九江廠區:壓縮機、直流無刷馬達生產基地
虎門 屏東
惠州
占地面積: 20,000m [2]
占地面積: 34,194m [2] 占地面積: 160,000m [2]
虎門廠區:壓縮機馬達生產基地 惠州廠區:壓縮機生產基地 屏東廠區:直流無刷馬達生產基地
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瑞智發展歷程

2020

2016

挑戰壓縮機累積 產銷量達2億台

2014

累積至2016/7月 銷售量:129,538,887台 生產量:130,675,435台

壓縮機累積 2011 產銷量達1億台 壓縮機銷售量 突破1,000萬台/年

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2020
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2016
2015
2014
2013
2011 39F
R290 環保冷媒
定頻壓縮機
2006 44F / 50F 20F/28F
R32環保冷媒 R134a冷媒
44F 迴轉式壓縮機 迷你變頻壓縮機
R410A 環保冷媒
DC雙缸變頻壓縮機
39F
R134a冷媒
迴轉式壓縮機
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與工研院技術合作 成立 R計畫

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1989
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營運成果

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壓縮機銷售量比例

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歐洲
28%
中國
北美
日本
13%
24% 中東 5%
2%
台灣
印度
3%
2%
東南亞
南美
15%
8%
*資料統計:2015年
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熱泵乾衣機用壓縮機銷售量

★歐洲熱泵乾衣機使用RECHI壓縮機市佔率達8成以上

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單位:萬台

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300
250 233
196
200
150 131
106
100
75
46
50
0
'10 '11 '12 '13 '14 '15 '16(F) '17(F) '18(F) '19(F)
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歷年營收成長

單位:NT$佰萬元

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歷年利潤變化

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資產報酬率及股東權益報酬率

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單位:NT$佰萬元

現金流量及資本支出

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股利政策

2011 2012 2013 2014 2015
每股盈餘(元) 2.03 2.21 2.02 2.30 1.86
股票股利(元) 0.3 0.3 0.3 - -
現金股利(元) 1.2 1.5 1.5 2 1.6
現金支付率(%) 59.1 67.9 74.3 87 86
現金回報率* 5.1 5.6 5.1 8.6 6.2
  • 以當年除息前股價為準

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綜合損益表 綜合損益表 綜合損益表
單位:NT$仟元
2016H1 2015H1 差異 %
銷售量(台) 7,712,256 6,805,958 906,298 13.3
銷貨收入 9,455,705 100 8,891,415 100 564,290 6.3
銷貨成本 -7,277,781 -77.0 -7,343,439 -82.6 65,658 -0.9
銷貨毛利 2,177,924 23.0 1,547,976 17.4 629,948 40.7
營業費用 -919,086 -9.7 -795,063 -8.9 -124,023 15.6
營業淨利 1,258,838 13.3 752,913 8.5 505,925 67.2
稅前淨利 1,265,655 13.4 807,660 9.1 457,995 56.7
所得稅費用 -374,975 -4.0 -229,494 -2.6 -145,481 63.4
合併總純益 890,680 9.4 578,166 6.5 312,514 54.1
*財報數字系經由會計師查核簽證

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資產負債表 資產負債表 資產負債表
單位:NT$仟元
2016H1 2015H1 差異 %
現金及約當現金 3,098,466 15 4,222,599 19 -1,124,133 -27
應收帳款 3,449,333 16 4,062,194 18 -612,861 -15
存貨 1,765,102 8 1,793,366 8 -28,264 -2
固定資產 5,994,509 28 5,776,715 26 217,794 4
資產合計 21,088,180 100 22,338,752 100 -1,250,572 -6
流動負債 10,069,208 48 10,944,819 49 -875,611 -8
長期借款 251,028 1 925,800 4 -674,772 -73
負債合計 12,054,624 57 12,852,982 58 -798,358 -6
股東權益合計 9,033,556 43 9,485,770 42 -452,214 -5

*財報數字系經由會計師查核簽證

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現金流量表

單位:NT$仟元

2016H1 2015H1

期初現金 4,242,008 4,598,024 營運活動之淨現金流入 640,519 526,567

營運活動之淨現金流入 投資活動之淨現金流入 短期借款和應付短期票券 長期借款 其他 期末現金餘額

-362,347 -1,271,210 -644,096 425,486 -72,853 0 -704,765 -56,268 3,098,466 4,222,599

*財報數字系經由會計師查核簽證

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市場現況與競爭優勢

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全球家用空調市場發展預期

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銷售量 成長率
單位:萬台
18000 40.0%
15856
16000 14614
30.0%
13469
14000
12415
12000 20.0%
10000
10.0%
8000
6000 0.0%
4000
-10.0%
2000
0 -20.0%
'10 '11 '12 '13 '14 '15 '16 '17(F) '18(F) '19(F) '20(F)
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冷年統計期間:前一年8月1日起~當年7月31日止 資料來源:產業在線、桓泰研究、GI

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中國前十大空調品牌銷售量

單位:萬台

企業 2016年
(上半年)
同比增長
(上半年)
2015年 同比增長 2014年 同比增長 2013年 同比增長 2012年
格力 1572 -23.6% 3620 -7.8% 3927 2.0% 3851 3.1% 3734
美的 1383 -27.3% 2712 -6.7% 2906 8.3% 2684 11.0% 2419
海爾 416 -13.4% 754 -13.3% 869 2.3% 850 14.1% 745
志高 349 5.2% 495 -8.2% 539 -1.1% 546 13.6% 480
奧克斯 420 45.9% 479 8.5% 441 5.8% 417 -2.0% 425
TCL 394 25.2% 465 -4.6% 487 11.3% 438 23.8% 354
科龍 188 -8.6% 309 -16.2% 369 11.9% 330 16.9% 282
LG 146 -28.7% 258 -4.1% 270 -12.6% 309 -7.5% 333
松下 133 -24.6% 253 -11.2% 285 1.4% 281 -25.8% 379
長虹 172 14.3% 220 3.7% 212 8.8% 195 15.6% 168
其他 624 -6.8% 1091 -16.2% 1302 7.2% 1214 11.0% 1094
總計 5796 -14.5% 10655 -8.2% 11606 4.5% 11112 6.7% 10412

資料來源:產業在線

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中國前十大壓縮機品牌銷售量

單位:萬台

企業 2016年
(上半年)
同比增長
(上半年)
2015年 同比增長 2014年 同比增長 2013年 同比增長 2012年
美芝 2740 -5.4% 4241 -3.8% 4408 25.9% 3502 35.1% 2593
淩達 1305 -16.6% 3055 -15.4% 3613 32.8% 2721 14.3% 2381
海立 1005 9.0% 1511 -16.5% 1811 9.7% 1650 7.1% 1540
瑞智 771 13.3% 1238 -8.4% 1351 9.3% 1236 13.0% 1094
松下 492 -8.6% 887 -19.4% 1101 6.5% 1034 -5.1% 1089
LG 373 4.7% 554 -11.8% 628 9.4% 574 -17.6% 697
三菱 335 1.5% 545 -11.8% 618 13.4% 545 2.8% 530
三星 217 6.9% 320 -31.3% 466 -4.1% 486 -1.0% 491
慶安 175 10.4% 320 -23.2% 416 8.0% 385 -35.8% 600
中航機電三洋 157 14.1% 239 -16.9% 287 -23.1% 374 2.0% 366
其他 232 -4.7% 452 -18.3% 553 14.7% 482 36.2% 354
總計 7802 -2.9% 13362 -12.4% 15252 17.4% 12989 10.7% 11736

資料來源:產業在線

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競爭優勢-市場面

★擁有遍佈全球的行銷通路 -產品行銷全球28個國家,148個客戶

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競爭優勢-生產面

★生產技術與生產效率領先行業 ★具有產品成本優勢 ★擁有優異的產品品質

-受日系(DAIKIN)、歐系(MIELE)等大廠肯定

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九江機電園區
初期産能 200萬
壓縮機 青島廠區
最終產能 600萬
壓縮機 900萬
初期産能 150萬
BLDC
泵 600萬
馬達
最終產能 2100萬
馬 達 600萬
TCL 惠州廠區
觀音廠區
壓縮機 600萬
泵 300萬
泵 600萬
馬達 360萬
屏東廠區
虎門廠區 BLDC 初期産能 150萬
馬達
馬達 500萬 最終產能 300萬
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競爭優勢-產品面

高能效 靜音化

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高能效 靜音化
★北美空調及除濕機
Energy Star 能效標準
※ 聲學分析設計
★印度空調
★台灣及中國空調 五星能效標準 ※ 流體噪音分析設計
※ 結構分析設計
一級能效標準
★歐洲乾衣機
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★北美空調及除濕機 Energy Star 能效標準

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※ 流體噪音分析設計
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★歐洲乾衣機 A+++ -20%能效標準

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※ 消音罩優化設計
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製冷 製熱 乾燥 除濕
空調3.5kW應用
重量
減少 一對一/ 一對多
分離式空調
62% 熱泵乾衣機
熱泵洗碗機
50/60 Hz
單元式空調 商用/家用熱泵熱水器
變頻化 高頻化 除濕機
車頂空調
滾筒式洗衣機(洗脫烘)
15~120 r.p.s. 小型化 應用多元化 移動式空調
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競爭優勢-研發面

★優秀專業研發團隊:研發資歷平均7年以上(碩博士33%)

  • ★高精密測試設備與實驗室:擁有高精密熱量測試設備26台、振動噪音實驗室11台、 信賴性測試設備18台、壓縮機堵轉設備14台

  • ★外部產學合作與技術交流:工研院、中科院、金工中心、交大、央大、成大、宜 大、屏科大等單位

年份 研發人力 佔比
2015 305 5.7%
2014 275 5.3%
2013 242 4.3%
2012 157 3.2%
2011 113 2.3%
2010 95 2.2%
2009 81 2.0%
2008 78 3.3%

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單位:NT$仟元 研發費用 研發費用佔營收比
500,000 467,373 3.50%
450,000 420,020
3.00%
400,000
2.99%
350,000 2.50%
292,680
2.32%
300,000
2.00%
250,000 1.78%
1.40% 1.50%
200,000
1.31%
150,000 1.00%
1.09%
100,000 0.93% 0.93%
0.50%
50,000
0 0.00%
'08 '09 '10 '11 '12 '13 '14 '15
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未來展望

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發展策略
創造
追求
新節能市場機會
價值革新
技術 市場
革新 需求
策略
新節能產品
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中長期銷售計畫

壓縮機

BLDC馬達

單位:萬台

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單位:萬台
2,500
銷售累計達成2億台 空調 非空調
2,000 800
160
600
1,500
140
400
1,000
600
200 100 400
500
50
160
70
0
-
'17(F) '18(F) '19(F) '20(F)
'12 '13 '14 '15 '16(F) '17(F) '18(F) '19(F) '20(F)
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中長期銷售計畫

其他事業 2020年目標營收佔比7.5%

★積極拓展壓縮機 馬達市場

壓縮機馬達 外賣事業

★加速拓展成為台灣 市場領導品牌 ★異業結盟 熱泵熱水器 ★拓展外銷市場 事業

★建構模組化產品銷售 -壓縮機模組產品 -BLDC馬達模組產品

模組化 事業

★積極拓展汽車零件 精密加工 精密加工 事業★利用現有研磨設備 積極開發前瞻性的 精密加工產品

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中長期產能規劃

★加速建構九江廠產能佈局

★積極轉型成為智慧化工廠 ★觀音廠建構模組化事業生產線 ★未來重點評估區域-印度市場

壓縮機

單位:萬台

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惠州廠 青島廠 九江廠
2500
2000
600 600 600
400
200
1500
1000 900 900 900 900 900 900 900
500
600 600 600 600 600 600 600
0
'14 '15 '16(F) '17(F) '18(F) '19(F) '20(F)
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BLDC馬達

單位:萬台

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九江廠 屏東廠
1,000
300
800
150
600
400 813
150
600
150
200
288
158
0
'17(F) '18(F) '19(F) '20(F)
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中長期產品開發

多聯機用變頻壓縮機系列開發 第三代環保冷媒壓縮機產品研發

微型壓縮機產品研發

空調用BLDC馬達產品系列化開發 非空調用BLDC馬達產品開發

具有顛覆性創新的終端產品及模組化產品開發

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集團管理系統大改造

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提升公司競爭力
企業組織改造 企業流程與系統改造 工廠智慧化
◆檢討集團組織架構,從稅
◆提升流程效率 ◆生產智慧化
務觀點配合營運模式思考
◆減少人工作業 ◆製程標準化
檢化之可能
◆提升集團式組織運作效率, ◆表單一致化與電腦化 ◆設備自動化
包括營運總部、管制中心
◆管理報表示適用性檢視 ◆生產資訊與履歷完整建立
與各廠運作跟分工模式
◆提升系統應用 與分析
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創造節能產業的無限可能 成為前瞻節能產品的頂尖提供者

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