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SINBON Electronics — Interim / Quarterly Report 2015
Jun 23, 2015
52256_rns_2015-06-23_695aacec-7886-4afe-a63a-63cef11d4e44.pdf
Interim / Quarterly Report
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SINBON 2015Q1 Results & Prospects
Prepared By Finance Department 2015/6/05
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Safe Harbor Notice
This presentation contains forward looking statements
and is subject to significant risks and uncertainties.
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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SINBON Briefing Year to Date Performance Financial Records Business Outlook
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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SINBON Briefing
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Who We Are
Founded in 1989, we are a solution provider of electronic integration, covering component design, manufacturing, distribution services aswell as wireless component.
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Founding year: 1989
Legal status: Listed on Taiwan Stock
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Business Trend
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Data Capture
LCD Panel
Mobile Phone
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Medial Health Industrial Field Green Energy
Automotive
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Notebook PC
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Consumer Electronics Industries > > > (Standard & limited profit )
Niche Market & Industrial field (customized with value-added)
Key technology & capacity for
Core competitiveness
vertical integration
-
PCB
-
C a bl e ssem A bl y
-
EE, ME, Soft Ware, and Firm Ware Engineering
-
Raw Cable
-
Value sourcing platform
-
Tooling Design
-
.
-
Swift & Integrated Service, etc
-
Module Design, etc.
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Business Coverage
Field
Industrial A utomot ve i C ommun cat on i i G reen nergy E M e di ca l H ea t l h App ication l
Cable Assembly
PCB Assembly
Sub-unit / Box Build Connectors/ Components
Notes: Components refer to HRS connector, Crystal & Oscillator, GPS A.T., Hinge. Passive C.P., SIM Switch IC., GPS C.P., Zener Diode, Cable chute, Compatible connector, etc.
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Major Customers
Medical Health
Industrial Application
Automotive -
Green Energy
Communication
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
SINBON’s Successful Cooperation with ASML
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PCB Assembly
Sheet Metals Power Supply
Bundles in Chain Service Unit Control Box
B un dl e ssem A bl y NPI Cables & Bundles Wet Vacuum Control Rack
Cable Assembly
(Internal Use) Track User Interface Box Cabinet
(External Use)
Number of 104 118
81
34
Buy Items
2007 2010 2013 2014 2014 Q2
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*NPI = New Product Introduction
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
SINBON’s Successful Cooperation with Symbol (Motorola)
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Box-Build
Cable + PCB Assembly
Cable Assembly � Barcode Scanner Data Cable � Terminal Charging Cradle
� Terminal Data Cable � Terminal Battery Charger
� Barcode Scanner Data Cable
� Terminal Car Charger
1999 2004 2011 2014
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
SINBON’s Successful Cooperation with Datalogic
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Cable
Assembly
70%
PCB Assembly + Box-Build
Cable + PCB Assembly � PCBA for Laser Marking Device
Cable Assembly � CCD Barcode Scanner
� Laser Barcode Scanner
� Barcode Scanner Cable � Laser Scanner Accessory
� Hand-held Scanner Cable � Hand-held Scanner Accessory � Mobile Computer Battery Charger
� Mobile Computer Cable � Connectivity Box
2003 2007 2008 2014
Complexity
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
SINBON’s Successful Cooperation with Trimble
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Great Honor A Trustworthy Partner A Value-Added Service Partner
Became For the first time, Trimble decided to SINBON can solve customer’s problem
preferred supplier manufacturer their product out side of USA which pursued them for a long time
2006 2008 2010 2011 2013
Custom Connector
Cable for Survey Cable for Cable + PCBA for
& Solution
Instrument Agriculture Mobile Resource
Application Management
Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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SINBON’s Successful Cooperation with GE
2003-2013: Received Best supplier/ Best quality and management/ Excellent in compliance awards
Supplied control Supplied ca bl e & power Cable cable harness (2010) 2009 2010
Won GE B e iji ng “ B es t Supplier” award
Entered supply chain of GE Power & Water, Energy Management, Oil & Gas, Transportation in 2003
Processed GE Beijing supplied 1995 1998 2001 2002 2003 2007 material
2013
GE service coverage : China (Beijing,
Achieved salesWuxi, Chengdu); USA( Waukesha); India;of$18M Brazil; Finland; Singapore; Vietnam; Germany; Poland; Canada; Japan
Signed OEM Upgraded to a Strategic agreement with Cable Assembly GE Beijing Supplier by GE global
Entered supply chain of GE HC in 2002
Supplied customized cable
assembly for the diagnostic
equipment, such as X-ray,
,
surgery , LSS, lunarultrasound,
patient monitor, MR, and CT
OEM ODM PCBA for Cable + PCBA GE HC
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Success Story with GOLDWIND
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D-SUB Cable
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M12
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Excellent
Service Awards
Nacelle
2015
2014
2009
2010
2011
Converter & Control System
Converter Total Solution (OEM)
Control System • Box Build
Converter
Pitch
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• Raw Cable • Cable Assembly • Own Brand Raw • M12 Sensor Cable
• Received UL and CE
D-SUB Cable
Converter Cable
certificate
Assembly •
PCB Assembly
Started to ship
GOLDWIND’s overseas
factories.
$ 11.6M
$ 5.7M
$ 80K (USD)
$ 1.2M
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Hub (Pitch) Converter
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Global Service Network
UK
USA
Korea
China Japan
Taiwan
Headquarter
Headquarter Sales / Marketing Offices Manufacturing Sites R&D Offices Hubs
-Taipei, Taiwan -Seattle, USA -Taipei, Taiwan -Miaoli, Taiwan -Taipei, Taiwan -Seattle, USA
-New York, USA -Beijing, China -Beijing, China -Beijing, China -Nashville, USA
-Chicago, USA -Qingdao, China -Jiangyin, China -Jiangyin, China -Orlando, USA
- - - -
Nashville , USA Jiangyin, China Tongcheng , China Tongcheng , China
-Manchester, UK -Shanghai, China -Nashville, USA
-Nagoya, Japan -Tongcheng, China
-Inchon, Korea -Shenzhen, China
-Xiamen, China
-Chongqing, China (Planning)
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Manufacturing Site
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Beijing
Cable PCBA
Jiangyin
Cable PCBA
Miaoli Beijing Tongcheng
Cable
Jiangyin plant I Jiangyin plant II Jiangyin raw cable Miaoli Cable PCBA
plant
Tongcheng
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Beijing Manufacturing Plant
-
Features: Cable Assembly High Mix Low Volume (ex. medical, industrial…)
-
Space: 84,122 ft
[2] -
Manpower: 508
-
Workmanship Standard Compliance: IPC-610, Class2 ISO 9001 IPC-620, Class 2 ISO 14001 UL ISO 13485 OHSAS 18001:2007 Green Partner (Sony)
Back
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Jiangyin Manufacturing Plant
� Features: Cable / PCBA / Box build High Mix Low Volume / High Volume Low Mix (cover diverse industries)
� Space: Plant I- 139,933 ft 2 , II- 230,890 ft 2 , III- 21,528 ft 2
� Manpower: 2,612
� Workmanship Standard Compliance: IPC-620, Class 2 ISO 9001 Eco-Partner IPC-610, Class 2 ISO 14001 UL TS 16949 ISO 13485 Green Partner
Back
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Tongchen Manufacturing Plant
-
Features: Cable Assembly High Volume Low Mix (ex. IT, consumer electronics, industrial control machine and vehicle fields…)
-
Space: 64,585 ft
[2] -
Manpower: 550
-
Workmanship Standard Compliance:
-
ISO 9001 IPC-620 EICC ISO14001 UL Green Partner (Canon)
Back
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Miaoli Manufacturing Plant
-
Features: Cable Assembly PCB Assembly High Mix Low Volume (ex. industrial, semiconductor, auto charger…)
-
Available Space: 78,168 ft
[2] -
Manpower: 223
-
Workmanship Standard Compliance: IPC-610, Class 2 IECQ ISO 13485 IPC-620, Class 2 UL ISO 9001 ISO 14001 GMP ISO 14064-1
Back
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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Year To Date Performance
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Monthly Consolidated Revenue
| NTD K | NTD K | NTD K | NTD K | NTD K |
|---|---|---|---|---|
| 2015 | 2014 | 2013 | 2012 | |
| Jan | 1,042,379 | 900,690 | 817,202 | 710,024 |
| Feb | 911,258 | 890,092 | 618,017 | 710,494 |
| M ar |
1 053 172 , , |
953 343 , |
884 096 , |
857 285 , |
| Apr | 1,073,415 | 991,292 | 889,810 | 865,605 |
| May | 1,032,846 | 1,010,481 | 909,831 | 810,160 |
| Jun | 1,016,112 | 900,822 | 785,943 | |
| Jul | 1,018,059 | 972,033 | 873,665 | |
| Aug | 982,600 | 981,045 | 880,119 | |
| Sep | 996,911 | 942,015 | 907,480 | |
| Oct | 972,004 | 900,100 | 910,252 | |
| Nov | 972,399 | 908,235 | 877,776 | |
| Dec | 943,307 | 853,057 | 824,000 | |
| 5,113,070 | 11,647,291 | 10,576,263 | 10,012,803 |
PS: All are non-audited monthly numbers
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1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2015 2014 2013
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Last 5 Quarters Result Highlight
| (NTD in thousand) Net Sales Gross Profit Gross Profit % Operation Income Non-operating Income Non-operating Expenses Income before Taxes Income Taxes Minority Interests Net Income Net Profit % EPS(NTD in dollars) Stockholders' Equity ROE(quaterly) |
Q1'15 3,006,333 675,009 22.45% 265,218 64,030 (9,473) 319,775 (82,794) (1,680) 238,661 7.94% 1.15 5,210,995 4.58% |
Q4'14 2,892,166 628,018 21.71% 188,842 (1,101) (24,072) 163,669 (24,763) (8,822) 147,728 5.11% 0.70 5,019,057 2.94% |
Q3'14 | Q2'14 Q1'14 3,019,801 2,741,173 656,010 596,831 21.72% 21.77% 283,381 220,717 39,728 62,888 (8,364) (8,562) 314,745 275,043 (99,943) (78,715) (5,101) (4,460) 219,903 200,788 7.28% 7.32% 1.06 0.97 4,482,739 4,811,817 4.91% 4.17% |
|---|---|---|---|---|
| 2,989,579 649,541 21.73% 257,650 41,242 (8,827) 290,065 (65,154) (422) |
||||
| 225,333 | ||||
| 7.54% | ||||
| 1.09 | ||||
| 4,756,643 4.74% |
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Revenues by Market Segment I
| Unit:NTD in thousand | 2014 | 2013 | Increase (Decrease) |
% | |
|---|---|---|---|---|---|
| Industry | Sub-Total | Sub-Total | |||
| GREEN ENERGY | 2,047,192 | 1,774,024 | 273,168 | 15% | |
| INDUSTRIAL APPLICATION | 2787939 | 2 123 872 , , |
664 067 , |
31% | |
, , |
|||||
| MEDICAL HEALTH | 1,251,082 | 1,263,267 | (12,186) | -1% | |
| AUTOMOTIVE | 1,233,171 | 887,291 | 345,881 | 39% | |
| COMMUNICATION | 4,323,335 | 4,506,807 | (183,471) | -4% | |
| Total | 11,642,719 | 10,555,261 | 1,087,458 | 10% | |
| Unit:NTD in thousand | 2015 Jan ~ Mar | 2014 Jan ~ Mar | Increase (Decrease) |
% | |
| Industry | Sub-Total | Sub-Total | |||
| GREEN ENERGY | 444 099 , |
248 900 , |
56% | ||
| 692 999 , |
|||||
| INDUSTRIAL APPLICATION | 923,555 | 693,494 | 230,061 | 33% | |
| MEDICAL HEALTH | 302,881 | 324,929 | (22,048) | -7% | |
| AUTOMOTIVE | 285,654 | 308,962 | (23,308) | -8% | |
| COMMUNICATION | 801,243 | 969,689 | (168,446) | -17% | |
| Total | 3,006,333 | 2,741,173 | 265,160 | 10% |
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Revenues by Market Segment II
2014 Revenue by Market Segment
2013 Revenue by Market Segment
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GREEN ENERGY
COMMUNICATION 17% COMMUNICATION GREEN ENERGY
37% 43% 17%
MEDICAL HEALTH
AUTOMOTIVE MEDICAL HEALTH AUTOMOTIVE 12% INDUSTRIAL APPLICATION
11% 11% INDUSTRIAL APPLICATION 8% 20%
24%
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2015 Jan ~ Mar Revenue by Market Segment
2014 Jan ~ Mar Revenue by Market Segment
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COMMUNICATION
GREEN ENERGY
27%
23%
AUTOMOTIVE
9%
MEDICAL HEALTH
10%
INDUSTRIAL APPLICATION
31%
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COMMUNICATION
36 % GREEN ENERGY
16%
AUTOMOTIVE
11% MEDICAL HEALTH
INDUSTRIAL APPLICATION
12%
25%
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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Financial Ratio
| Ratio 2010 2011 2012 2013 2014 2015Q1 |
|
|---|---|
--
PS: You may download completed financial statements at http://www.sinbon.com/investorrelations/financialstatement/
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Trend of ROA & ROE
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20.00
18.00
16.00
14.00
12.00
ROE
10.00
ROA
8.00
6.00
4.00
2.00
0.00
2010 2011 2012 2013 2014 2015Q1
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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Financial Records
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Revenue Achievements
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Revenue
11,642,719
10,011,618 [10,555,261] NTD in thousand
8,922,135
8,347,023
2010 2011 2012 2013 2014
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Profitability
Gross Profit
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21.73%
21.36% 21.30% 21.50% 21.49%
2,152,815 2,268,093 2 , 530 , 400
1,782,557 1,900,476
2010 2011 2012 2013 2014
Net Profit
6.82%
6.28%
5.01% 5.48%
4.83%
793,752
663,263
548,495
447,031
402,864
2010 2011 2012 2013 2014
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NTD i n t h ousan d
NTD in thousand
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Last 5-Year Dividend Policy
20102011201220132014EPS(NT$)2.252.492.923.23.82Cash Dividend(NT$)1.701.702.002.502.80Stock Dividend(NT$)0.000.000.000.000.20SUM1 701 702 002 503 00.....Payout Ratio76%68%68%78%79%2.25 2.49 2.92 3.2 3.82 1.70 1.70 2.00 2.50 2.80 0.20 2010 2011 2012 2013 2014 EPS (NT$) Cash Dividend (NT$) Stock Dividend (NT$) |
|
|---|---|
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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Business Outlook
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Business Coverage
MAGIC
Medical Green Industrial Automotive Communication Health Energy Application
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Medical Health
Application
Positron Emission Tomography
Ultrasound Equipment
Major Customers
Magnetic esonance mag ngR I i Patient Monitor
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Radiography (X-Ray)
Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Application
Automotive
Major Customers
Automotive uA dio & Video systems
Parking Related Device
Oxygen Sensor
Car Charger - Industr ai l
EV Charger
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Green Energy
Application
Major Customers
Solar (Micro-inverter, Central inverter, DC-Converter)
Wind Turbine (Hub, Nacelle, Tower, Tower base)
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Industrial Application
Application
Major Customers
Energy Distribution
Electrical Control Industrial Cooling Cabinet System Automation and Control Nuclear Power Cabinet Sensor Control Diagnostic Equipment
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Industrial Application
Application Construction & Transportation Agriculture Equipment Marking and Image Industrial Printing Coding Equipment
Major Customers
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Industrial Application
Application
Major Customers
Semiconductor Equipment
Cradle and PDA
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
Communication
Application
Major Customers
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RF Cable And Antenna For Industrial PDA/ Smart Phone/ Tablet PC/ WLAN/EReader/Gaming Machine
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.
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Copyright © 2012 SINBON Electronics Co., Ltd. All rights reserved.