SUNON — Annual Report 2024

Mar 6, 2025

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2024 Q4 Operating Results SUNONwealth Electric Machine Industry Co., Ltd. 2421.TW / 2421 TT

Disclaimer

The information or opinions contained in this document are based on expectations of current conditions and prediction on future events made by SUNONWEALTH ELECTRIC MACHINE INDUSTRY CO., LTD. (hereinafter referred to as “the Company”), which no representation or warranty, express or implied, is made as to its fairness, accuracy, completeness or timeliness. The information in this document only reflects the Company's view of the future as of the date hereof and is subject to change or adjustment in the future. And the Company assumes no obligation to notify or update it at any time unless otherwise required by the applicable laws. Neither the Company nor any of its subsidiaries, affiliates or representatives shall be liable for any direct or indirect damages arising out of the contents of this document, or any action taken as a result of reference to such contents.

The information contained in this document may express the Company's confidence in and expectations for its future vision, but these forward-looking statements are based on a number of factors relating to the Company's operations and are subject to unknown risks, uncertainties and other factors, and as a result, the actual results may differ materially from those in the forward-looking statements set forth above.

No part of this document may be copied, redistributed or transmitted, directly or indirectly, to any other person (whether inside or outside the Company) or published (in part or in whole) for any purpose.

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Quarterly Revenue
In B. NT
4.03
4.00
3.86
3.68
3.79
3.72
3.66
3.50 3.60
3.54
3.48 3.48
3.40
3.33
3.06 3.28 3.29 3.27
3.00 3.12 3.08
3.03
2.50
2.25
2.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Revenue Performance

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單位 : NT 千元
16,000,000 20%
14,623,817
14,063,308
14,000,000 13,561,804
15%
12,781,281 12,914,686 13.2%
11,965,298
12,000,000 9.3% 11,659,915 9.6%
10,946,728 10%
10,690,822
6.1%
10,000,000 5.8%
3.7% 5%
2.4%
8,000,000
0%
6,000,000 -2.6%
-5%
4,000,000
-9.2%
2,000,000 -10%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Revenue Growth rate
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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UNIT: NTD (M)

Quarterly Revenue in Server

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2,000 50%
44.6% 45.0% 44.5%
1,800 45%
1,600 37.2% 38.0% 1,751 40%
1,670
1,615
33.9%
1,400 35%
30.4%
1,200 30%
1,159
1,000 1,114 25%
21.3% 1,075
958
800 20%
600 15%
615
400 10%
200 5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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UNIT: NTD (M) Quarterly Revenue in AI Server
1,000 23.6% 25%
23.2%
900
918
800 19.0% 870 20%
700 16.2%
688
14.1%
600 13.8% 15%
500 11.0%
473
400 438 437 10%
300 345
200 5%
3.2%
100
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4
Revenue % of Sales
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 6
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Products Application & QoQ Growth

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60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
8.7% -25.5% 2.7% -5.4% -1.0% -8.8%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 7 FIRST CHOICE GLOBALLY Cooling Solutions
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Products Application & YoY Growth

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60% 55.1%
2020
50% 2021
2022
40% 41.9%
2023
36.0%
30% 2024Q4 31.7% 34.7%
28.2% 28.3%
20% 24.5% 22.2%16.1%
11.1%
10% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%4.9% 7.2% 7.4% 7.7% 3.4% 14.6% 14.3% 14.6% 11.3%9.2%
5.2% 5.2% 5.8%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
9.6% 4.0% -14.8% 6.5% 44.3% -5.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & YoY Growth

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53.1%
55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024 28.2% 28.3%
24.5% 17.5%
22.2%
15% 11.0%
14.6% 14.3% 14.6% 8.9%
5% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%5.3% 7.2% 7.4% 7.7% 3.5% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
33.6% -25.8% -29.1% -9.3% 45.8% -9.2%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Profit Margin
Gross Margin 32% 28.3% 28.5% 30.3% 28.4%
26.1%
29.0%
28.1% 27.9% 27.9%
26.5%
22% 22.6% 24.0% 24.5%
22.6%
25.7% 25.0%
23.5%
21.4% 18.6% 18.9% 18.7% 21.0%19.5% 18.7%
17.5%
12%
Q1 Q2 Q3 Q4 Y
Y2020 Y2021 Y2022 Y2023 Y2024
Operating Margin 11.5% 13.0% 11.9% 11.5%
12%
11.3%9.0% 11.9% 12.4% 12.3% 11.4% 11.9%
9% 10.6%
8.5% 9.0% 9.7% 8.7%
6% 8.0%
6.0% 5.9%
3% 3.8% 4.1% 3.4%
0% 2.0% 1.9% 3.4%
Q1 Q2 Q3 Q4 Y
Net Margin 11.3%
12% 10.7% 13.2%10.4% 10.2%
11.7%8.8%
9% 10.3% 10.3%
9.7%
9.0%
8.6% 7.7%
6% 6.6% 7.4% 7.3% 6.7%
3% 4.3% 3.1% 4.9% 4.5% 4.6% 3.2%
2.2%
0% 2.5%
Q1 Q2 Q3 Q4 Y
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 10
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Quarterly Earning
In NTD
2.00
1.80
1.60
1.72
1.60
1.39
1.40 1.47 1.49 1.28
1.42
1.19
1.20
1.20
1.00 1.11 1.11
0.93
0.80
0.84
0.60 0.69
0.61 0.60
0.40
0.39 0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2020 Y2021 Y2022 Y2023 Y2024
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Earning & Cash Dividend

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UNIT: NTD
6
5.46
5.16
5
4.34
4 3.7
3.39 3.5
3 2.62 2.71 2.6
2.28 2.41 2.3 2.4
2 2 2
2 1.77 1.71
1.5
1.2
1
0
EPS Cash Dividend
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Payout Ratio 85% 88% 88% 83% 74% 68% 70% 60% 68% 68%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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			Appendix I	Appendix I	Appendix I
		CONSOLIDATED BALANCE SHEETS
	NT$ M	2021.12.31	2022.12.31	2023.12.31	2024.12.31	2022	2023 Change(%)	2024
	TOTAL ASSETS	11517	12,192	12,615	14,998	5.9%	3.5%	18.9%
	Cash	1912	2,457	4,031	4,678	28.5%	64.1%	16.1%
	A/R, N/R	3459	3,414	3,079	4,103	-1.3%	-9.8%	33.3%
	Inventories	2508	2,651	2,052	2,181	5.7%	-22.6%	6.3%
	PP&E	2059	2,273	2,171	2,461	10.4%	-4.5%	13.4%
	TOTAL LIABILITIES	7150	6,989	5,396	7,078	-2.3%	-22.8%	31.2%
	Short-term loans	1950	1,288	458	928	-33.9%	-64.4%	102.6%
	A/P	2926	3,179	2,737	3,435	8.6%	-13.9%	25.5%
	Long-term loans	524	287	213	478	-45.2%	-25.8%	124.4%
	TOTAL EQUITY	4367	5,203	7,219	7,920	19.1%	38.7%	9.7%
	Days sales outstanding	90	89	92	90
	Days sales of inventory	70	86	92	74
	Current Ratio	1.34	1.43	2.03	1.88

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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		Appendix II	Appendix II	Appendix II
	CONSOLIDATED	STATEMENT OF		COMPREHENSIVE INCOME
	NT$ M	2021	2022	2023	2024	2022	2023 YOY(%)	2024
	OPERATING REVENUES	13,562	14,063	12,915	14,624	3.7%	-8.2%	13.2%
	GROSS PROFIT	2,536	3,171	3,601	4,157	25.0%	13.6%	15.4%
	OPERATING EXPENSES	2,072	2,049	2,071	2,480	-1.1%	1.1%	19.7%
	INCOME FROM OPERATIONS	464	1,122	1,530	1,677	141.8%	36.4%	9.6%
	NON-OPERATING INCOME AND EXPENSES	121	304	221	305	151.2%	-27.3%	38.0%
	INCOME BEFORE INCOME TAX	585	1,426	1,751	1,982	143.8%	22.8%	13.2%
	NET INCOME attribute to owners	429	1,089	1,334	1,492	153.8%	22.5%	11.8%
	EPS (NT$)	1.71	4.34	5.16	5.46
	Gross Margin	18.7%	22.5%	27.9%	28.4%
	Operating Margin	3.4%	8.0%	11.8%	11.5%
	Net Margin(*)	3.2%	7.7%	10.3%	10.2%

(*)Net Margin=Net Income attribute to owners / Revenue

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Thanks for Your Attention !

WWW.SUNON.COM

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