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SINBON Electronics Regulatory Filings 2020
52256_rns_2020-10-26_0b26712a-aa3a-426c-b392-d54699aded94.pdf
Regulatory Filings
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SINBON 2020 Q3 RESULTS & PROSPECTS
Prepared by Finance Department 2020/10
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)
in Asia, Europe, America
100↑ Branded customers
5000↑
Worldwide employees
HOW SATISFIED ARE OUR CUSTOMERS WITH
2019 SINBON TOP 100 Customer Survey
Recommend Rate by Promoter Percentage of Top 100 recommend by promoters
Customer Retention How long we have been trading with our Top 100 customers
We have been trading Over 10 years with 44% of customers
We develop new customers with 3 years in average (Customer service)
-Customized Automation
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 Box build High mix low volume Clean room Automated storage & retrieval system
AVAILABLE SPACE
Factory I – 7,262 m2 Factory II – 4,390 m2
MANPOWER
300
STANDARD COMPLIANCE
AS 9100 IECQ IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 13485 ISO 14001 ISO 14064-1 ISO 45001 SA 8000 IATF 16949 UL
TATABÁNYA FACTORY
Hungary
FEATURES
Fiber optic cable assembly Copper cable assembly Customized cable printing Overmolding High mix low volume High volume
AVAILABLE SPACE
3,800 m2
MANPOWER
200
STANDARD COMPLIANCE
ISO 9001 ISO 14001 ISO 13485 ISO 26000 IPC-610, Class 2 JSTD 001, Class 1-3 UL IATF 16949
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 ISO 13485 IPC-610, class 2 IPC-620, class 2
UL
BEIJING FACTORY
China
FEATURES
Cable assembly PCB assembly Box build HV cable lab High mix low volume
STANDARD COMPLIANCE
IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 14001 ISO 45001 UL Chinese High-tech Enterprise
AVAILABLE SPACE 15,879.1 m2
MANPOWER
600
JIANGYIN FACTORY
China
FEATURES
Cable assembly PCB assembly Box build Raw cable factory Tooling center Laboratory High mix low volume High volume low mix Clean room
AVAILABLE SPACE
Factory I – 13,000 m2 Factory II – 21,450 m2 Factory III – 2,000 m2 Factory IV - 14,850m2 (2020 Q4)
MANPOWER
3,300
STANDARD COMPLIANCE
AS 9100 IPC-610, Class 2 IPC-620, Class 2 ISO 9001 ISO 14001 ISO 13485 MedAccred IATF 16949 UL FDA Chinese High-tech Enterprise
TONGCHENG FACTORY
T O N G C H E N G
China
Cable assembly Tooling center Laboratory
AVAILABLE SPACE
Factory I – 6,000 m2 Factory II – 22,490 m2
MANPOWER
400
STANDARD COMPLIANCE
EICC ISO 9001 ISO14001 IATF 16949 IPC620 UL Chinese High-tech Enterprise
Financial Focus
MONTHLY REVENUE
Non-audited and Consolidated
(Expressed in Thousands of NTD)
| 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|
| Jan | 1,554,934 | 1,327,632 1,192,179 | 1,151,241 | |
| Feb | 1,334,794 | 1,206,314 1,080,475 | 1,044,775 | |
| Mar | 1,622,667 | 1,520,619 1,263,544 | 1,086,436 | |
| Apr | 1,732,956 | 1,588,031 1,284,709 | 1,031,539 | |
| May | 1,774,854 | 1,621,820 | 1,320,190 | 1,112,308 |
| Jun | 1,835,635 | 1,680,489 1,402,581 | 1,203,510 | |
| Jul | 1,909,058 | 1,701,798 | 1,425,256 | 1,208,239 |
| Aug | 1,960,929 | 1,706,013 | 1,470,550 | 1,214,617 |
| Sep | 2,053,416 | 1,708,535 | 1,507,963 | 1,250,674 |
| Oct | 1,421,478 | 1,406,590 | 1,113,106 | |
| Nov | 1,373,082 | 1,308,573 | 1,135,489 | |
| Dec | 1,316,636 1,152,609 | 1,035,184 | ||
| Total | 15,779,243 18,172,447 15,815,219 13,587,118 |
LAST 5 YEARS RESULT HIGHLIGHT
Audited
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| (Expressed in Thousands of NTD) |
Consolidated | Consolidated | Consolidated | Consolidated | Consolidated |
| Net Sales | 17,886,170 | 15,645,253 | 13,061,439 | 12,925,843 | 12,111,258 |
| YOY(%) | 14.32% | 19.78% | 1.05% | 6.73% | 4.02% |
| COGS | (13,296,502) | (11,725,308) | (9,781,088) | (9,716,741) | (9,389,101) |
| Gross Profit | 4,589,668 | 3,919,945 | 3,280,351 | 3,209,102 | 2,722,157 |
| Gross Profit(%) | 25.66% | 25.06% | 25.11% | 24.83% | 22.48% |
| Operating Expenses | (2,696,910) | (2,288,256) | (1,887,205) | (1,790,898) | (1,655,368) |
| Operation Income | 1,892,758 | 1,631,689 | 1,393,146 | 1,418,204 | 1,066,789 |
| Operaion Profit(%) | 10.58% | 10.43% | 10.67% | 10.97% | 8.81% |
| Net Non-operating P/L | 276,405 | 288,379 | 226,398 | 178,840 | 303,220 |
| Income before Taxes | 2,169,163 | 1,920,068 | 1,619,544 | 1,597,044 | 1,370,009 |
| Income Taxes | (491,312) | (548,539) | (395,456) | (435,309) | (415,906) |
| Less: Minority Interests | (40,660) | (41,948) | (2,383) | 4,349 | (16,092) |
| Net Income | 1,718,511 | 1,413,477 | 1,226,471 | 1,157,386 | 970,195 |
| Net Profit(%) | 9.61% | 9.03% | 9.39% | 8.95% | 8.01% |
| Outstanding Shares('000) | 232,524 | 225,727 | 225,416 | 225,416 | 214,224 |
| Basic EPS(NTD) | 7.47 | 6.26 | 5.44 | 5.15 | 4.53 |
| Equities | 7,517,407 | 6,572,643 | 6,084,637 | 5,732,732 | 5,583,341 |
| ROE(%) | 22.86% | 21.51% | 20.16% | 20.19% | 17.38% |
LAST 5 QUARTERS RESULT HIGHLIGHT
Audited or Reviewed
| (Expressed in Thousands of NTD) | Q3'20 | Q2'20 | Q1'20 | Q4'19 | Q3'19 |
|---|---|---|---|---|---|
| Net Sales | 5,898,213 | 5,288,141 | 4,483,189 | 4,013,389 | 5,032,980 |
| Gross Profit | 1,523,651 | 1,389,593 | 1,153,086 | 1,032,885 | 1,284,327 |
| Gross Profit % | 25.83% | 26.28% | 25.72% | 25.74% | 25.52% |
| Operation Income | 806,952 | 673,422 | 555,682 | 303,063 | 572,240 |
| Non-operating Income | 102,969 | 129,029 | 69,972 | 10,738 | 155,779 |
| Non-operating Expenses | (105,707) | (9,232) | (50,796) | (14,745) | (12,605) |
| Income before Taxes | 804,214 | 793,219 | 574,858 | 299,056 | 715,414 |
| Income Taxes | (154,215) | (178,537) | (140,104) | (27,169) | (167,303) |
| Minority Interests | 29,380 | 27,557 | (13,464) | (21,615) | (2,431) |
| Net Income | 620,619 | 587,125 | 448,218 | 293,502 | 550,542 |
| Net Profit % | 10.52% | 11.10% | 10.00% | 7.31% | 10.94% |
| EPS (in NT Dollars) |
2.67 | 2.52 | 1.93 | 1.26 | 2.38 |
| Stockholders' Equity | 8,092,979 | 7,233,853 | 7,970,325 | 7,517,407 | 7,285,176 |
| ROE (by quarterly) | 7.67% | 8.12% | 5.62% | 3.90% | 7.56% |
REVENUES BY MARKET SEGMENT (QUARTERLY)
(Expressed in Thousands of NTD)
| Industry | 2020 Q3 |
2019 Q3 |
Increase (Decrease) |
% |
|---|---|---|---|---|
| GREEN ENERGY | 4,727,519 | 3,897,392 | 830,127 | 21% |
| INDUSTRIAL APPLICATION | 4,257,871 | 3,891,358 | 366,513 | 9% |
| MEDICAL HEALTH | 1,533,401 | 1,253,146 | 280,255 | 22% |
| AUTOMOTIVE | 1,179,614 | 1,158,313 | 21,301 | 2% |
| COMMUNICATION | 3,971,138 | 3,672,572 | 298,566 | 8% |
| Total | 15,669,543 | 13,872,781 | 1,796,762 | 13% |
PERCENTAGE OF REVENUES BY MARKET SEGMENT
REVENUES BY MARKET SEGMENT (YEARLY)
(Expressed in Thousands of NTD)
| Industry | 2019 | 2018 | Increase (Decrease) |
% |
|---|---|---|---|---|
| GREEN ENERGY | 4,710,829 | 3,672,134 | 1,038,695 | 28% |
| INDUSTRIAL APPLICATION | 5,047,520 | 4,088,135 | 959,385 | 23% |
| MEDICAL HEALTH | 1,649,155 | 1,457,058 | 192,097 | 13% |
| AUTOMOTIVE | 1,577,319 | 1,557,368 | 19,951 | 1% |
| COMMUNICATION | 4,901,347 | 4,870,558 | 30,790 | 1% |
| Total | 17,886,170 | 15,645,253 | 2,240,917 | 14% |
PERCENTAGE OF REVENUES BY MARKET SEGMENT
FINANCIAL RATIO
| Ratio | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
|---|---|---|---|---|---|---|---|
| Debt Ratio | 50.42% | 51.52% | 49.27% | 47.85% | 49.71% | 52.14% | 54.63% |
| Long-term Funds to Property, Plant and Equipment Ratio |
321.56% | 349.93% | 397.86% | 432.88% | 474.09% | 389.43% | 375.06% |
| Current Ratio | 164.03% | 165.75% | 166.75% | 174.54% | 177.53% | 162.74% | 153.79% |
| Quick Ratio | 123.72% | 121.24% | 122.32% | 130.90% | 125.04% | 108.69% | 100.36% |
| Times Interest Earned Ratio | 24.39 | 26.71 | 36.81 | 57.74 | 55.41 | 45.27 | 45.30 |
| A/R Turnover | 3.59 | 3.76 | 3.94 | 4.14 | 3.85 | 3.88 | 3.76 |
| A/P Turnover | 4.77 | 4.52 | 5.01 | 4.91 | 4.92 | 4.67 | 3.54 |
| Inventory Turnover | 4.96 | 4.93 | 4.57 | 4.38 | 4.08 | 3.77 | 3.31 |
| Property, Plant and Equipment Turnover | 6.69 | 7.53 | 8.03 | 9.08 | 8.79 | 8.44 | 8.30 |
| Total Assets Turnover | 1.12 | 1.17 | 1.09 | 1.16 | 1.04 | 1.10 | 1.04 |
| ROA | 7.00% | 8.14% | 9.13% | 10.68% | 10.69% | 9.95% | 10.00% |
| ROE | 13.88% | 15.92% | 17.80% | 20.35% | 20.27% | 20.80% | 22.86% |
| Profit before Tax to Capital | 41.75% | 50.25% | 62.95% | 70.85% | 71.85% | 85.06% | 93.29% |
| Net Profit Rate | 5.76% | 6.66% | 7.88% | 8.99% | 9.39% | 9.03% | 9.61% |
| Basic EPS (NT\$) The relevant information is as follows : http://www.sinbon.com/investor-relations/financial-statement/ |
3.20 | 3.82 | 4.53 | 5.15 | 5.44 | 6.26 | 7.47 |
Financial Records
REVENUE 2013-2020Q3
NTD Million
10,555 11,643 12,111 12,925 14,534 17,886 15,779 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2013 2014 2015 2016 2017 2018 2019 2020Q3 15,645
Copyright © 2017 SINBON Electronics Co., Ltd. All rights reserved.
GROSS PROFIT 2013-2020Q3
21.49% 21.73% 22.48% 24.83% 25.11% 25.06% 25.66% 25.95% 19% 20% 21% 22% 23% 24% 25% 26% 27% 2013 2014 2015 2016 2017 2018 2019 2020Q3 Gross Profit Rate (%)
Copyright © 2017 SINBON Electronics Co., Ltd. All rights reserved.
NET INCOME 2013-2020Q3
19
DIVIDEND POLICY 2014-2019
Dividend
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|---|
| EPS(NT\$) | 3.82 | 4.53 | 5.15 | 5.44 | 6.26 | 7.47 |
| Cash Dividend(NT\$) |
2.80 | 3.10 | 3.70 | 4.00 | 4.50 | 5.30 |
| Stock Dividend(NT\$) |
0.20 | 0.30 | 0.00 | 0.00 | 0.00 | 0.00 |
| SUM | 3.00 | 3.40 | 3.70 | 4.00 | 4.50 | 5.30 |
| Payout Ratio | 79% | 75% | 72% | 74% | 72% | 71% |
| Year-end Stock Price |
48.9 | 53.82 | 69.3 | 86.3 | 82.8 | 124.0 |
| Yield Rate | 6.13% | 6.32% | 5.34% | 4.63% | 5.43% | 4.27% |
Business Outlook
DO THE MAGIC+
Solution Services in Five Fields
Medical Health Automotive Green Energy Industrial Application Communication
Intelligent / Integrated / International
PROVIDE INTEGRATED SOLUTION FOR YOU
MEDICAL HEALTH
APPLICATIONS
Diagnostic Imaging Equipment Aesthetic Equipment Patient Monitor Fitness Equipment Electric Bicycle Massage Equipment
MAJOR CUSTOMERS
Cardinal Health Carestream GE Healthcare Lumenis Medtronic Mindray Natus Medical Neusoft
Nox Medical Philips Toshiba United Imaging Spacelabs Stryker Wandong
AUTOMOTIVE
Electric Vehicle Charging System Automotive Applications Parking-related System Motorsport Aviation
APPLICATIONS MAJOR CUSTOMERS
Delphi Denso Fujitsu Guoxuan High-tech Honda HTK Lear Magna Mitsubishi Nissan TTE
Wind Energy Solar Energy Smart Grid
APPLICATIONS MAJOR CUSTOMERS
Enphase Envision Gamesa GE Goldwind 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 E-bike's ECU
APPLICATIONS MAJOR CUSTOMERS
ASUS Belden CommScope Datwyler DJI Garmin Hisense Lenovo Logitech Quanta R&M Vivo VanMoof
OUR MAGIC SERVICE TO MEET YOUR NEEDS
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