SUNON — Interim / Quarterly Report 2024

Nov 27, 2024

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FIRST CHOICE GLOBALLY Cooling Solutions

2024 Q3 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)

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Thermal Everywhere

■ Fan ■ Fan tray ■ Heat Pipe ■ Vapor Chamber ■ Heat Sink ■ Cooling Module ■ Cold Plate ■ Liquid Cooling

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5G Base Stations Networking electric vehicles Industry Inverter / Drive Renewable Energy surveillance medical
Gaming Metaverse IT Home Appliance AQI Air Purifier UVC Solution Industrial Ventilation
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Thermal Technology Keeps Pace With the Times

Future will be supported by powerful computing capacity and the ultra-speed Internet with high reliability, which tests the effectiveness of thermal solutions. The change in the world stimulates thermal technology to update and advance to be suitable for real-time computing systems' needs. Technological advancement in heat dissipation provides the most effective operating temperature management to achieve excellence.

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High Fan Efficiency
System
O.P.
Low Noise
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Low Vibration
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Energy Saving
Reliability
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Bionic Blade Design

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

FIRST CHOICE GLOBALLY Cooling Solutions

More cooling options

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Cold Vapor
Pump
Plate Chamber
Liquid Immersion
Liquid to Air CDU
Liquid
Cooling
Solution 80KW~
Advanced
1KW~
Cooling
Solutions
Enhanced
400W~
Phase-changed
Solutions
Traditional
100W~
Heat Sinks
～ 100W
Extrusion
Die-cast Heat Pipe
Vapor Chamber (3D) Cold Plate Immersion Cooling
Forged Vapor Chamber
High Power Heat Pipe Immersion Cooling Rear Door Heat Exchanger
Skived EVAC
Stacked
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Heat Cold
Pipe Plate
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Technology

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

FIRST CHOICE GLOBALLY Cooling Solutions

Cooling Solution Trend

TDP (W) 30KW

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30KW Immersion Cooling
Liquid Cooling
Open loop
1500W
1KW
Liquid
cooling Close loop
500W
350W Air
Cooling fan + HS / HP / VC
cooling
~Y2022 Y2023 Y2024 Y2025 Y2026
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Fan is still the key component for Liquid cooled AI

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Single B200 B200 B100 H200 H100
NVIDIA
GB200 NVL72 DGX/HGX HGX SXM SXM
NV Link Switch
GPU
architecture Blackwell Hopper Cooling Fan
X7
TDP 1200W 1000W 700W 700W 700W
Liquid Air Air Air Air
Cooling
Cooling Cooling Cooling Cooling Cooling
Compute trays
Estimated # of fans used for GB200 NVL72
Cooling Fan
X8
Rack: 6-8cm dual fan8 each tray, total #18 computer trays;
NV Link Switch: 4cm dual fan7 each tray, total #9 trays
Power Supplies: at least #50 fans
RDHx
In-rack system: Up to #257 cooling fans applied Cooling Fan
X16
At lease #16 200mm Axial fans installed in RDHx
Picture Source : Internet
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Data Center Thermal Layout

Existed Data Center Existed CRAC system (Compute Room Air Conditioner)

Air-cooling Fan + 3DVC  Hot air Liquid cooling (Liquid to Air) Cold Plate  Sidecar/RHDx  Hot air

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New Data Center Extra chiller and/or cooling tower Liquid cooling (Liquid to Liquid) Cold Plate  Chiller  Hot water Immersion cooling (Liquid to Liquid) Boiler/Heatsink  Chiller  Hot liquid

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Picture Source : Internet

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

FIRST CHOICE GLOBALLY Cooling Solutions

Air Cooling vs. Direct Liquid Cooling

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Air Cooling Direct Liquid Cooling
(Fan + 3DVC) (Fan + Cold Plate)
Refer to MGX platform
Refer to MGX platform
SMCI model ARS-111GL-DNHR-LCC
SMCI model ARS-111GL-NHR
For same chassis
layout, fan is
must needed key
component for
thermal solution
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Picture Source : Internet

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

FIRST CHOICE GLOBALLY Cooling Solutions

Air Cooling vs. Direct Liquid Cooling

Direct Liquid Cooling (Fan + Cold Plate) Refer to MGX platform SMCI model GPU ARS-111GL-DNHR-LCC

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Single Chassis Level
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Rear Door Sidecar Heat Exchanger Air Assisted Liquid Cooling (Larger axial fan) Larger axial fan Whole Rack Level

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Whole Rack Level
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Picture Source : Internet

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Pump Business for
Liquid to Air Cooling
SUNON RPU (80~120LPM)
Reservoir and Pumping Unit
SUNON RPU
Reservoir and Pumping Unit
Picture Source : Internet
Quick Water Pump
Connector
s
Water Leakage Sidecar
Detector System
Air Assisted Liquid Cooling
(4U RPU)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Heat Exchanger Business for Liquid to Air Cooling

SUNON Liquid Cooling Heat Exchanger Finned-Tube Type Plate-Fin Type

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Rear Door
Heat Exchanger
Picture Source : Internet
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Sidecar
Air Assisted Liquid Cooling
Heat Exchanger
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Rack-level Liquid Cooling Products

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SUNON 60~80kW AALC Air Assisted Liquid Cooling Sidecar

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

FIRST CHOICE GLOBALLY Cooling Solutions

Cooler Business for Immersion Cooling

SUNON Heatsink single-phase immersion cooling

SUNON Boiler two-phase immersion cooling

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Picture Source : Internet

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

FIRST CHOICE GLOBALLY Cooling Solutions

Electric Vehicles / Auto Cooling Solution

SUNON has more than 20 years of experience in cooling solutions for the automotive industry, and can provide various cooling fans, cooling modules and liquid cooling products that meet the quality standards of the automotive industry

IATF16949 AEC Q100/Q200 EMC CISPR25

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

FIRST CHOICE GLOBALLY Cooling Solutions

Net zero emissions by 2050

Energy Transition Energy Transition Business Opportunities Having an excellent thermal system is the key to stably maintain the operation of energy storage systems. Selecting an optimal thermal solution ensures the operation stability and high system effectiveness, and it also minimizes unnecessary maintenance costs.

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Energy Energy
Harvesting Storing
PV inverters Energy storage systems
Enclosure cabinet equipment Battery containers,
EV charging systems packs and racks
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Source: https://reurl.cc/NR85xk

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

FIRST CHOICE GLOBALLY Cooling Solutions

Renewable Energy Cooling Solution

SUNON is an important partner of global high-quality energy system cooling solutions, providing a full range of cooling solutions.

PV Inverter Cooling

ESS Cooling

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EV Charger Cooling

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EV Charger

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Established Employees Turnover (USD) Factories
1980 8420 414.1 M 5
14
Subsidiary & Office
130
Distributor & Agent
1000+
Sales & Service sites
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Sufficient Capability

production bases Cooling Fans

19 M pcs/ month

Cooling Module

2.68 M pcs/month

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Kaohsiung, Taiwan 1M pcs /month

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Bataan, Philippines 2.8 M pcs/month 180 K pcs/month(CM)

Kunshan, Jiangsu 5.3 M pcs/month(FAN) 2.5 M pcs/month(CM)

Beihai, Guangxi (C Building) Fans 2.7M pcs/month

Beihai, Guangxi 、 (A Building B Building) Fans 7.2M pcs/month

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

FIRST CHOICE GLOBALLY Cooling Solutions

EGS Performance Highlights

Governance

• Consolidated revenue reached 14.063 billion NTD, a 3.7% increase from 2021.

• The Company ranks among the top 3 leading brands in terms of market share.

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• Female directors account for 1/3 of the seats on the board of

• directors.

• A sustainability development committee has been established.

• • Zero cases of corruption.

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Society

Products

• Average employee training hours exceeded 66.8 hours per year.

• Production bases in Taiwan and China have both passed ISO 45001 certification.

• Saved 318 million kWh of electricity with product

• R&D. Reduced GHG emissions by 160,000 MTCO2e.

• Provided care to 8,060 households in the "Support and Care Campaign" from 2018 to 2022.

• 100.0% pass rate of hazardous substance

• inspection for three consecutive years from 2020 to 2022.

• Obtained 3,332 invention patents.

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Environment

• Implemented greenhouse gas

• inventory across the entire group, and passed third-party external verification.

Supply Chain

• The solar power generation of the Guangxing plant has exceeded 455,000 kWh.

• Implemented audits for new suppliers.

• • Conducted annual supplier audits.

• Local procurement rates exceed 90%.

• Continuously passed IECQ QC 080000 certification each year.

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

FIRST CHOICE GLOBALLY Cooling Solutions

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Quarterly Revenue
In B. NT
4.03
4.00
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)

FIRST CHOICE GLOBALLY Cooling Solutions

單位 : NT 千元

Revenue Performance

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16,000,000 20%
14,063,308
14,000,000 13,561,804
15%
12,914,686
12,781,281
11,965,298
11.6%
11,659,915
12,000,000
9.6%
9.3%
10,690,822 10,946,728 10,767,527 10%
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
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Revenue Growth rate

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

FIRST CHOICE GLOBALLY Cooling Solutions

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UNIT: NTD (M) Quarterly Revenue in Server
2,000 50%
44.6% 45.0%
1,800 45%
1,600 37.2% 38.0% 1,751 40%
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
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Revenue % of Sales

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

FIRST CHOICE GLOBALLY Cooling Solutions

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UNIT: NTD (M) Quarterly Revenue in AI Server
1,000 23.6% 25%
900
918
800 19.0% 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
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Revenue % of Sales

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

FIRST CHOICE GLOBALLY Cooling Solutions

Products Application & QoQ Growth

53.7%

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55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024Q3 28.2% 28.3%
24.5% 17.0%
22.2%
15% 9.8% 9.4%
12.6% 6.3% 14.6% 14.3% 14.6%
5% 8.0% 9.5% 7.7% 9.0% 8.3% 7.2% 7.4% 7.7% 3.2% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-8.0% 22.3% -3.7% 28.1% 7.2% 6.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Products Application & YoY Growth

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53.7%
55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024Q3 28.2% 28.3%
24.5% 17.0%
22.2%
15% 9.8% 9.4%
12.6% 6.3% 14.6% 14.3% 14.6%
5% 8.0% 9.5% 7.7% 9.0% 8.3% 7.2% 7.4% 7.7% 3.2% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
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36.6% 23.5% -22.9% 21.2% 45.9% -12.9%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Products Application & YoY Growth

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52.4%
55%
2020
45% 2021
2022 41.9%
35%
36.0%
2023 34.7%
31.7%
25% 2024YTD 28.2% 28.3%
24.5% 18.0%
22.2%
15% 11.0%
14.6% 14.3% 14.6% 8.8%
5% 8.0% 9.5% 7.7% 9.0% 12.6% 8.3%5.5% 7.2% 7.4% 7.7% 3.6% 11.3%
5.2% 5.2% 5.8%
-5% Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
45.1% -32.0% -32.9% -14.1% 46.3% -10.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Profit Margin

Gross Margin

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Gross Margin 30% 26.1% 28.3% 28.5% 27.7%
29.0%
28.1% 27.9% 27.9%
26.5%
24.0% 24.5%
22.6%
20% 22.6%
25.7% 25.0%
21.4% 18.6% 18.9% 21.0%19.5% 23.5%18.7%
18.7%
17.5%
10%
Q1 Q2 Q3 Q4 Y
Y2020 Y2021 Y2022 Y2023 Y2024
Operating Margin 13.0%
11.5% 11.3%
12%
9.0% 11.9% 12.4% 12.3% 11.9%
11.3% 11.4%
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%
2.0% 1.9% 3.4%
0%
Q1 Q2 Q3 Q4 Y
Net Margin
12% 10.7% 13.2%10.4%
9.8%
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
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Non Operation I&E

UNIT: NTD

UNIT: NTD
Exchange G/L	24Q3	23Q3	Diff.	EPS eq.
	(99,875,301)	**87,854,438 **	(187,729,739)	(0.69)
	24Q3	24Q2	Diff.
	(99,875,301)	**38,379,005 **	(138,254,306)	(0.51)
	24Q1-Q3	23Q1-Q3	Diff.
	38,131,616	**183,740,592 **	(145,608,976)	(0.53)

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

FIRST CHOICE GLOBALLY Cooling Solutions

Quarterly Earning

In NTD

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2.00
1.80
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

UNIT: NTD

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6
5.16
5
4.34
3.86
4
3.5
3.39
3 2.62 2.71 2.6
2.41 2.4
2.28 2.3
2 2 2
2 1.77 1.71
1.51 1.5
1.2 1.2
1
0
EPS Cash Dividend
Y2014 Y2015 Y2016 Y2017 Y2018 Y2019 y2020 Y2021 Y2022 Y2023 Y2024YTD
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Payout R. 81.97% 79.47% 84.75% 87.72% 87.79% 82.99% 73.80% 70.80% 70.18% 60.00% 67.80%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

	Appendix I vs. 2023.12.31 vs. 2023.9.30 TOTAL ASSETS 14,113 12,615 13,019 11.9% 8.4% Cash 3,998 4,031 3,829 -0.8% 4.4% A/R, N/R 4,137 3,079 3,510 34.4% 17.9% Inventories 2,091 2,052 2,107 1.9% -0.8% PP&E 2,363 2,171 2,221 8.8% 6.4% TOTAL LIABILITIES 6,661 5,396 5,974 23.4% 11.5% Short-term loans 1,079 458 938 135.6% 15.0% A/P 3,171 2,737 2,771 15.9% 14.4% Long-term loans 506 213 280 137.6% 80.7% TOTAL EQUITY 7,452 7,219 7,045 3.2% 5.8% Days sales outstanding 92 92 98 Days sales of inventory 73 92 94 Current Ratio 1.87 2.03 1.92 CONSOLIDATED BALANCE SHEETS NT$ M 2024.9.30 2023.12.31 2023.9.30 Change(%)
	TOTAL ASSETS 14,113 12,615 13,019 Cash 3,998 4,031 3,829 A/R, N/R 4,137 3,079 3,510 Inventories 2,091 2,052 2,107 PP&E 2,363 2,171 2,221 TOTAL LIABILITIES 6,661 5,396 5,974 Short-term loans 1,079 458 938 A/P 3,171 2,737 2,771 Long-term loans 506 213 280 TOTAL EQUITY 7,452 7,219 7,045 Days sales outstanding 92 92 98 Days sales of inventory 73 92 94 Current Ratio 1.87 2.03 1.92 NT$ M 2024.9.30 2023.12.31 2023.9.30

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	Appendix II
2024 2023 YTD YTD 2024Q3 2024YTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NT$ M 2024 Q3 2023 Q3 YOY(%)
OPERATING REVENUES	4,031 3,294 10,768	9,649		22.4%	11.6%
GROSS PROFIT	1,148 954 2,987	2,691		20.3%	11.0%
OPERATING EXPENSES	626 550 1,770	1,532		13.8%	15.5%
INCOME FROM OPERATIONS	522 404 1,217	1,159		29.2%	5.0%
NON-OPERATING INCOME AND EXPENSES	-70 118 204	266		-159.3%	-23.3%
INCOME BEFORE INCOME TAX	452 522 1,420	1,425		-13.4%	-0.4%
NET INCOME attribute to owners	349 386 1,055	1,096		-9.6%	-3.7%
EPS (NT$) Gross Margin Operating Margin Net Margin(*)	1.28 1.49 3.86 28.5% 29.0% 27.7% 13.0% 12.3% 11.3% 8.8% 11.7% 9.8%	4.32 27.9% 12.0% 11.4%

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

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