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SINBON Electronics Interim / Quarterly Report 2018
52256_rns_2018-06-07_eedb7c52-7dd8-46e1-b516-1bc042006506.pdf
Interim / Quarterly Report
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SINBON 2018Q1 RESULTS & PROSPECTS
Prepared by Finance Department 2018/6
Safe Harbor Notice
This presentation contains forward looking statements and is subject to significant risks and uncertainties.
Actual results may differ materially from those in the forward looking statements.
SINBON AT A GLANCE
Solution Provider
As an integrated SOLUTION PROVIDER in the "MAGIC" industries, it's our mission to create increasing value through continuous development on technologies and services to our customers worldwide.
Listed on Taiwan Stock Exchange (Code # 3023)
4000↑
Worldwide employees
NEVER STOP INNOVATING
Milestone
CREATE VALUE TO CUSTOMER
Value-added Solution
MAKE CABLE INVINCIBLE
Cable Assembly
CAPABILITY & STRENGTH
- Soldering : 16 AWG 44 AWG wire
- Crimping : 4/0 AWG 34 AWG wire / Max:240 mm2
- Molding : PE / PVC / TPE / ABS / TPO / PU / TPU
- Excellent at over molding and low pressure molding
- Multiple wires or cables assembled together
- Sourcing and verification of alternative materials
- Automated processes
BE SMART THAN JUST A CABLE
PCB Assembly
FEATURES
- •DIP and SMT process capability
- Single sided, double sided
- BGA rework station
- Lean production
- SMT Error Prevention System (EPS)
-
•Includes ICT, AOI, J-TAG, SPI, and other regular tests
-
PCB size : 50x50mm~460x510mm
- Chip size : QFP, BGA, µ BGA, CSP (Max.:100*100mm)
- Chip dimensions: 0201 (inch)
- Mounting accuracy: ± 0.035 mm ~ 0.08 mm/chip (Cpk≧1.33)
DESIGN FOR MANUFACTURING Box Build
Electronic Engineering
Power management / Interface data transmission / Remote side charging function / Board level design / Radio frequency technology
Firmware Capabilities MCU firmware design / Device driver / OS porting / Boot loader development
Software Capabilities AP design (PC / mobile) / Web service design / Data base design
Mechanical Design ME customized design / Tooling services / ID customized design / 3D modeling
Auto Test Test AP design / Real time data display / Fixture design
Design Quality Engineering Function validation / Reliability validation / EMC / Safety validation
Global Service Network
MIAOLI FACTORY
Taiwan
FEATURES
Cable assembly PCB assembly High mix low volume Clean room
AVAILABLE SPACE
7,262 m2
MANPOWER
300
STANDARD COMPLIANCE
AS 9100 GMP IECQ IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 14001 ISO 14064-1 OHSAS 18001 SA 8000 TS 16949 UL
TATABÁNYA FACTORY
Hungary
FEATURES
Fiber optic cable assembly Copper cable assembly High mix low volume High volume
AVAILABLE SPACE
4,600 m2
MANPOWER
200
STANDARD COMPLIANCE
ISO 9001 ISO 14001 IPC-620, class 2 ISO 26000 (In preparation) TS 16949 (In preparation)
DAYTON FACTORY USA
FEATURES
Cable assembly PCB assembly Ball grid array assembly Hybrid assembly Value-added service
AVAILABLE SPACE
4,645 m2
MANPOWER
90
STANDARD COMPLIANCE
ISO 9001 IPC-610, class 2 IPC-620, class 2 ISO 13485 (In preparation)
BEIJING FACTORY
China
FEATURES
Cable assembly PCB assembly Box build HV cable lab High mix low volume
AVAILABLE SPACE
9,915 m2
MANPOWER
600
STANDARD COMPLIANCE
Green Partner (Sony) IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 13485 ISO 14001 OHSAS 18001 UL
JIANGYIN FACTORY
China
FEATURES
Cable assembly PCB assembly Box build Raw cable factory Tooling center Laboratory High mix low volume High volume low mix
AVAILABLE SPACE
Factory I – 13,000 m2 Factory II – 21,450 m2 Factory III – 2,000 m2
MANPOWER
2,300
STANDARD COMPLIANCE
AS 9100 Eco-Partner FDA Green Partner IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 14001 ISO 13485 MedAccred TS 16949 UL
TONGCHENG FACTORY
T O N G C H E N G
China
Cable assembly Tooling center Laboratory
STANDARD COMPLIANCE
EICC Green Partner (Canon) ISO 9001 ISO14001 TS 16949 UL
AVAILABLE SPACE
6,000 m2
MANPOWER
400
DISTRIBUTION IN GREAT CHINA
STRATEGY PARTNERS
Components HIROSE NDK Prisemi (芯導) Awinic (艾為) MEMChip (芯巧) Chipsailing (芯启航)
RF Solutions INPAQ (佳邦) Antenova Acsip (群登) Quetel (移遠通信) SIM (晨訊) SparkLAN (速連通訊)
Financial Focus
MONTHLY REVENUE
Non-audited and Consolidated
| 2018 | 2017 | 2016 | 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1,192,179 | 1,151,241 | 1,237,837 | 1,042,379 | |||||||
| 1,080,475 | 1,044,775 | 1,010,416 | 911,258 | |||||||
| 1,263,544 | 1,086,436 | 1,118,070 | 1,053,172 | |||||||
| 1,284,709 | 1,031,539 | 1,142,696 | 1,073,415 | |||||||
| 1,320,190 | 1,112,308 | 1,156,504 | 1,032,846 | |||||||
| 1,203,510 | 1,167,868 | 1,034,087 | ||||||||
| 1,208,239 | 1,069,748 | 1,055,491 | ||||||||
| 1,214,617 | 1,088,207 | 1,083,968 | ||||||||
| 1,250,674 | 1,102,747 | 1,085,092 | ||||||||
| 1,113,106 | 1,047,481 | 1,018,131 | ||||||||
| 1,135,489 | 1,054,954 | 963,901 | ||||||||
| 1,035,184 | 1,019,057 | 935,084 | ||||||||
| 6,141,097 | 13,587,118 | 13,215,585 | 12,288,823 | |||||||
| PS: All are non-audited monthly amounts |
LAST 5 YEARS RESULT HIGHLIGHT
Audited
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| (NTD in thousand) | Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Net Sales | 10,555,261 | 11,642,719 | 12,111,258 | 12,925,843 | 13,061,439 |
| YOY(%) | 5.43% | 10.30% | 4.02% | 6.73% | 1.05% |
| COGS | (8,287,168) | (9,112,319) | (9,389,101) | (9,716,741) | (9,781,088) |
| Gross Profit | 2,268,093 | 2,530,400 | 2,722,157 | 3,209,102 | 3,280,351 |
| Gross Profit(%) | 21.49% | 21.73% | 22.48% | 24.83% | 25.11% |
| Operating Expenses | (1,535,095) | (1,579,810) | (1,655,368) | (1,790,898) | (1,887,205) |
| Operation Income | 732,998 | 950,590 | 1,066,789 | 1,418,204 | 1,393,146 |
| Operaion Profit(%) | 6.94% | 8.16% | 8.81% | 10.97% | 10.67% |
| Net Non-operating P/L | 134,046 | 92,932 | 303,220 | 178,840 | 226,398 |
| Income before Taxes | 867,044 | 1,043,522 | 1,370,009 | 1,597,044 | 1,619,544 |
| Income Taxes | (258,618) | (268,575) | (415,906) | (435,309) | (395,456) |
| Less: Minority Interests | (54,837) | (18,805) | (16,092) | 4,349 | (2,383) |
| Net Income | 663,263 | 793,752 | 970,195 | 1,157,386 | 1,226,471 |
| Net Profit(%) | 6.28% | 6.82% | 8.01% | 8.95% | 9.39% |
| Outstanding Shares('000) | 207,671 | 207,671 | 214,224 | 225,416 | 225,416 |
| Basic EPS(NTD) | 3.20 | 3.82 | 4.53 | 5.15 | 5.44 |
LAST 5 QUARTERS RESULT HIGHLIGHT
Audited or Reviewed
| (NTD in thousand) | Q1'18 | Q4'17 | Q3'17 | Q2'17 | Q1'17 |
|---|---|---|---|---|---|
| Net Sales | 3,486,218 | 3,009,396 | 3,506,985 | 3,331,157 | 3,213,901 |
| Gross Profit | 875,685 | 756,511 | 875,480 | 851,409 | 796,951 |
| Gross Profit % | 25.12% | 25.14% | 24.96% | 25.56% | 24.80% |
| Operation Income | 340,156 | 196,976 | 434,806 | 366,732 | 394,632 |
| Non-operating Income | 9,217 | 120,366 | 33,785 | 114,276 | 4,764 |
| Non-operating Expenses | (30, 314) | (13, 135) | (7, 320) | (5,603) | (20, 735) |
| Income before Taxes | 319,059 | 304,207 | 461,271 | 475,405 | 378,661 |
| Income Taxes | (47,911) | (63, 418) | (107, 547) | (130, 938) | (93, 553) |
| Minority Interests | (5, 413) | (12, 670) | 2,810 | 4,306 | 3,171 |
| Net Income | 276,561 | 253,460 | 350,914 | 340,160 | 281,937 |
| Net Profit % | 7.93% | 8.42% | 10.01% | 10.21% | 8.77% |
| EPS (NTD in dollars) | 1.23 | 1.12. | 1.56 | 1.51 | 1.25 |
| Stockholders' Equity | 6,311,637 | 6,084,637 | 5,815,886 | 5,375,557 | 5,789,704 |
| ROE (quaterly) | 4.38% | 4.17% | 6.03% | 6.33% | 4.87% |
REVENUES BY MARKET SEGMENT (YEARLY)
| Unit:NTD in thousand | 2017 | 2016 | % | ||
|---|---|---|---|---|---|
| Industry | Sub-Total | Sub-Total | Increase (Decrease) |
||
| GREEN ENERGY | 2,522,430 | 2,438,450 | 83,980 | 3 % |
|
| INDUSTRIAL APPLICATION | 3,693,855 | 3,538,380 | 155,475 | 4 % |
|
| MEDICAL HEALTH | 1,195,107 | 1,285,611 | (90,504) | -7% | |
| AUTOMOTIVE | 1,304,426 | 1,257,729 | 46,697 | 4 % |
|
| COMMUNICATION | 4,345,621 | 4,405,673 | (60,052) | -1% | |
| Total | 13,061,439 | 12,925,843 | 135,596 | 1 % |
|
REVENUES BY MARKET SEGMENT (YTD)
| Unit:NTD in thousand | 2018 Jan ~ May | 2017 Jan ~ May | |||
|---|---|---|---|---|---|
| Industry | Sub-Total | Sub-Total | Increase (Decrease) |
% | |
| GREEN ENERGY | 1,364,082 | 1,013,727 | 350,355 | 35% | |
| INDUSTRIAL APPLICATION | 1,856,516 | 1,707,135 | 149,381 | 9 % |
|
| MEDICAL HEALTH | 538,749 | 452,845 | 85,904 | 19% | |
| AUTOMOTIVE | 611,251 | 542,392 | 68,860 | 13% | |
| COMMUNICATION | 1,770,499 | 1,710,200 | 60,298 | 4 % |
|
| Total | 6,141,097 | 5,426,299 | 714,798 | 13% |
FINANCIAL RATIO
| Ratio | 2013 | 2014 | 2015 | 2016 | 2017 | 2018Q1 |
|---|---|---|---|---|---|---|
| Debt Ratio | 50.42% | 51.52% | 49.27% | 47.85% | 49.71% | 48.01% |
| Long-term funds to property, plant and equipment Ratio |
321.56% | 349.93% | 397.86% | 432.88% | 474.09% | 476.20% |
| Current Ratio | 164.03% | 165.75% | 166.75% | 174.54% | 177.53% | 186.13% |
| Quick Ratio | 123.72% | 121.24% | 122.32% | 130.90% | 125.04% | 126.39% |
| Times Interest Earned Ratio | 24.39 | 26.71 | 36.81 | 57.74 | 55.41 | 42.79 |
| A/R Turnover | 3.59 | 3.76 | 3.94 | 4.14 | 3.85 | 3.95 |
| A/P Turnover | 4.77 | 4.52 | 5.01 | 4.91 | 4.92 | 4.86 |
| Inventory Turnover | 4.96 | 4.93 | 4.57 | 4.38 | 4.08 | 3.72 |
| Property ,plant and equipment turnover | 6.69 | 7.53 | 8.03 | 9.08 | 8.79 | 9.11 |
| Total Assets Turnover | 1.12 | 1.17 | 1.09 | 1.16 | 1.04 | 1.11 |
| ROA | 7.00% | 8.14% | 9.13% | 10.68% | 10.69% | 8.86% |
| ROE | 13.88% | 15.92% | 17.80% | 20.35% | 20.27% | 16.65% |
| Profit before tax to capital | 41.75% | 50.25% | 62.95% | 70.85% | 71.85% | 56.62% |
| Net Profit Rate | 5.76% | 6.66% | 7.88% | 8.99% | 9.39% | 7.78% |
| Basic EPS (NT\$) | 3.20 | 3.82 | 4.53 | 5.15 | 5.44 | 1.23 |
PS: You may download completed financial statements at http://www.sinbon.com/investor-relations/financial-statement/
Financial Records
REVENUE ACHIEVEMENTS
NTD in thousand
Revenue
PROFITABILITY
NTD in thousand
LAST 5-YEAR DIVIDEND POLICY
| 2013 | 2014 | 2015 | 2016 | 2017(F) | |
|---|---|---|---|---|---|
| EPS (NT\$) | 3.2 | 3.82 | 4.53 | 5.15 | 5.44 |
| Cash Dividend (NT\$) | 2.50 | 2.80 | 3.10 | 3.70 | 4.00 |
| Stock Dividend (NT\$) | 0.00 | 0.20 | 0.30 | 0.00 | 0.00 |
| Total Dividend | 2.50 | 3.00 | 3.40 | 3.70 | 4.00 |
| Payout Ratio | 78% | 79% | 75% | 72% | 74% |
| Annual Avg. Stock Price | 30.52 | 48.9 | 53.82 | 69.3 | 75.83 |
| Yield | 8.19% | 6.13% | 6.32% | 5.34% | 5.27% |
| 5.15 | 5.44 | ||||
| 3.2 | 3.82 | 4.53 | 4.00 | ||
| 2.50 | 2.80 | 3.10 | 3.70 | ||
| 0.00 | 0.00 | ||||
| 2013 | 2014 | 2015 | 2016 | 2017 |
Business Outlook
DO THE MAGIC+
Solution Services in Five Fields
Medical Health Automotive & Aviation Green Energy Industrial Application Communication
Intelligent / Integrated / International
APPLICATIONS
Diagnostic Imaging Equipment Aesthetic Equipment Patient Monitor Fitness Equipment Electric Bicycle Massage Equipment
MAJOR CUSTOMERS
Carestream Family GE Healthcare JOHNSON Lumenis Medtronic Neusoft Philips Toshiba United Imaging
AUTOMOTIVE & AVIATION
Electric Vehicle Charging System Automotive Applications Parking-related System Motorsport Aviation
APPLICATIONS MAJOR CUSTOMERS
Delphi Denso Fujitsu Honda HTK Lear Magna Mitsubishi Nissan TTE
Wind Energy Solar Energy Smart Grid
APPLICATIONS MAJOR CUSTOMERS
APS Enphase Envision Gamesa GE Goldwind Guoxuan High-tech NEGO Siemens SunPower Trinasolar Vestas
INDUSTRIAL APPLICATION
Energy Distribution Automation & Control Construction & Transportation Industrial Robot High Precision Equipment
Material Handling Field Engineering Safety & Security Data Capture
APPLICATIONS MAJOR CUSTOMERS
ASML Datalogic Dover HAAS Honeywell Hussmann Parker Schneider Siemens Trimble Xplore Zebra
COMMUNICATION
RF Applications Mobile Device Digital Home Antennas (design & manufacturing) IoT (consumer & industrial) Data Centers Telecom Fiber Optics
APPLICATIONS MAJOR CUSTOMERS
ASUS Belden CommScope Datwyler DJI Garmin Hisense Lenovo Letv Logitech R&M Vivo
OUR MAGIC SERVICE TO MEET YOUR NEEDS
Business Coverage
