SUNON — Investor Presentation 2023

Jul 3, 2023

FIRST CHOICE GLOBALLY Cooling Solutions

2023 Q1 Operating Results Sunonwealth Electric Machine Industry Co., Ltd. 2421.TW / 2421 TT

Safe Harbor Notice

This presentation is based on the information obtained from various sources which the Company believes to be reliable. But at some point in the future, there are a variety of factors which could cause actual results to differ materially from those statements. Therefore, please refer to the information on MOPS website as the main basis if any adjustment has been made.

(http://mops.twse.com.tw/mops/web/index)

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

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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)

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Growth Pattern

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(NTD) 千元
16,000,000 COVID 19
Work From Home
14,000,000
Server, Data center
12,000,000
Electric Vehicles
Received orders from STB
AI Server, Data center
10,000,000 and automotive U.S.-China
manufactures trade war
8,000,000 LED Lighting PM2.5 Air Purifier and
Automotive electronics
6,000,000
4,000,000 SUNON enters Cloud Data Center
Received orders from Facebook , Google
Financial
Cisco, ZTE, Huawei major telecom
Received order from Crisis
and Cloud Data manufactures
2,000,000 major telecom
manufacture
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (Year)
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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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

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Reliability
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Bionic Blade Design

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

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More cooling options

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Pump
Liquid Immersion
Cooling and Heat
Exchanger
Liquid
Cooling
Solution 30KW~
1KW~
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Vapor Chamber
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Heat Pipe

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Liquid Immersion
Cooling and Heat
Exchanger
Liquid
Cooling
Solution 30KW~
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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Technology

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

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Cooling Solution Trend

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TDP (W)
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Immersion Cooling
Liquid Cooling
Open loop
Liquid
Close loop
cooling
Air
cooling Cooling fan + HS / HP / VC
~Y2022 Y2023 Y2024 Y2025 Y2026
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30KW
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1500W
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1KW

500W 350W

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

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AI+5G  AI X 5G  Generative AI into daily life

The development of AI technology and the 5G network draw up a blueprint for Artificial Intelligence of Things (IoT). Numerous electronics and applications have been applied to build smart connections and rapidly adopted by various industries and into our daily life, and thus thermal needs are increasingly required.

DATA Vehicle 5G SERVER CENTER Computing

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

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5G Cooling Solution SUNON is one of the top cooling suppliers for 5G servers/AI servers, and can provide cooling fans, cooling modules and liquid cooling systems

LEOS Low Earth Orbit Satellite,

Base Stations

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Small Cell
Wi-Fi 6
Router
Networking
Switch / Router
Data Center
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Server / Data Center cooling product development

Global server shipment forecast

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30000 8 Thermal solution
25000
6
20000 Cooling Fan Cooling Module
15000 4
10000 40x40x28mm Heat Pipe Cooling Module
5000 2 1U 40x40x56 mm Vapor Chamber Cooling Module
Remote Heatsink
0 0
2021 2022 2023(f)2024(f)2025(f)2026(f)2027(f) Active Cooling Module
60x60x38 mm
QTY (K PCs) YoY(%) 60x60x56 mm Heat Exchanger
60x60x76 mm Radiator
2U
80x80x56 mm
80x80x86mm
4U
80x80x80mm
UP
120x120x38mm
120x120x76mm
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Product Roadmap for Server CPU Cooler

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Whitely (TDP ~270W)
Eagle Stream (TDP~350W)
Intel
Birch Stream ( TDP ~500W)
Future Gen (TDP ~TBC)
Genoa (TDP ~ 400W)
AMD
Bergamo (TDP~500W)
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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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)

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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)

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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)

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Established Employees Turnover (USD) Factories
1980 9000 457.94 M 5
14
Subsidiary & Office
123
Distributor & Agent
1000+
Sales & Service sites
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Fan and Motor

Products and Applications

Air Flow Management

SUNON concentrated on its core motor technology and accumulated various inventions and innovations in this field. We now provide various sizes of motor and fan which featuring higher flexibility, energy-efficiency, lower noise, and longer service life.

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Telecom & Server
34%
NB
20%
Industrial & Energy
16% 2022
Other
13% Market
Automotive
8%
share
Home Application
6%
PC
3%
0% 5% 10% 15% 20% 25% 30% 35% 40%
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Air / Liquid Cooling Module

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Total Thermal Solution
As a world-renowned cooling leader,
we can provide customized and
integrated service to our clients easily
base on sophisticated experience and
innovative technology.
SUNON
Products HVLS Fan
Optimal air Circulation
It features an ultra slim motor and a stylish
shape. The patented silent winglet design,
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It features an ultra slim motor and a stylish shape. The patented silent winglet design, energy efficient and high airflow fan creates thermal comfort and healthy environment.

Air Exchanger

Total Air Fresh Solution

It implies a demand for craftsmanship and minimalist beauty in German design and creates an all-new experience in clean air quality for the new generation of healthy homes.

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

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Sufficient Capability

production bases in 2023 Cooling Fans

19.4 M pcs/ month Cooling Module

1.5M pcs/month

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Kaohsiung, Taiwan 1.2M pcs /month

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Beihai, Guangxi II 3M pcs/month

Bataan, Philippines 3M pcs/month

Kunshan, Jiangsu 5M pcs/month(FAN) 1.5 M pcs/month(CM)

Beihai, Guangxi I 7.2M pcs/month

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

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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

Products Application & YOY Growth

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50%
2019
2020
40%
2021 34.4%
36.7%
2022 36.0% 34.7%
30% 2023Q1 31.7%
28.2% 28.3%
25.7% 21.6%
24.5%
20%
14.1%
13.4%
14.6% 14.3% 14.6%
10% 8.4% 12.6% 6.8% 13.5%
8.0% 7.9% 7.7% 9.0% 8.4% 7.2% 7.4% 7.7%
1.3% 6.4% 5.2% 5.2%
1.4% 1.1% 1.1% 0.9%
0%
LED Lighting Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
10.1% 25.1% 39.3% -12.2% -9.2% 20.4% -38.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & QoQ Growth

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50%
2019
40% 2020
34.4%
2021 36.7% 36.0%
34.7%
30% 2022 31.7%
2023Q1 25.7% 28.2% 28.3% 21.6%
24.5%
20%
13.4% 14.1%
8.4% 13.5% 14.6% 14.3% 14.6%
10% 12.6% 6.8%
1.3% 6.4% 8.0% 7.9% 7.7% 9.0% 8.4% 7.2% 7.4% 7.7%
1.4% 1.1% 1.1% 0.9% 5.2% 5.2%
0%
LED Lighting Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
32% -32.7% -30.1% -13.3% -20.8% -27.3% -11.3%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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UNIT: NTD (K)

Revenue Performance

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16,000,000 20%
14,063,308
14,000,000 13,561,804
15%
12,781,281
11,965,298
12,000,000 10,946,728 11,659,915
10%
10,690,822
10,109,156 9.3% 9.6%
10,000,000
6.0% 6.1% 5%
5.8%
8,000,000
3.7%
2.4%
0%
6,000,000
-1.50%
-2.6%
-5%
4,000,000
3,075,327
2,000,000 -10%
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Q1
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Revenue Growth rate

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

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Profit Margin

Gross Margin

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30% 26.5% 26.5%
24.0% 24.5%
20% 25.7% 22.6% 25.0% 23.5% 22.6%
21.4% 18.6% 18.9% 18.7% 21.0% 19.5% 18.7%
17.5%
21.6% 23.3% 23.4% 22.1%
10% 19.4%
0.0% 0.0% 0.0%
0%
Q1 Q2 Q3 Q4 Y
Y2019 Y2020 Y2021 Y2022 Y2023
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Operating Margin 12% 11.3% 11.3%
11.9%
9% 10.6% 9.7%
8.5% 8.9% 9.0% 8.5% 8.7%
8.0%
6% 6.8%
5.8% 6.0% 5.9%
3% 3.8% 4.1%
3.4% 3.4%
2.7% 2.0% 1.9% 0.0% 0.0% 0.0%
0%
Q1 Q2 Q3 Q4 Y
Net Margin 12%
9.0% 9.0%
9% 10.3% 9.7%
8.6%
6% 7.9% 7.4% 6.7% 7.7%
5.9% 6.7% 5.8%
4.3% 4.9% 6.6% 4.6%
3% 3.9% 4.5% 3.2%
3.1% 0.0% 2.5% 0.0% 0.0%
0% 2.2%
Q1 Q2 Q3 Q4 Y
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Quarterly Earning

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In NTD
2.00
1.80
1.60
1.42
1.40 1.47
1.20
1.20 1.11 1.11
1.00
1.03
0.93
0.80 0.86
0.61
0.60 0.69
0.62 0.60
0.40
0.39 0.37 0.35
0.20 0.30
0.20
0.00
Q1 Q2 Q3 Q4
Y2019 Y2020 Y2021 Y2022 Y2023
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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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5.0
4.34
4.5
4.0
3.39
3.5
3.0 2.62 2.71 2.6
2.4
2.28 2.3
2.5 2.41
2.0 2.0 2.0
2.0 1.77 1.71
1.51 1.5
1.5 1.22 1.2 1.2
1.0 1.0
0.83
1.0
0.5
0.0
EPS Cash Dividend
Y2012 Y2013 Y2014 Y2015 Y2016 Y2017 Y2018 Y2019 y2020 Y2021 Y2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Payout R. 81.97% 79.47% 84.75% 87.72% 87.79% 82.99% 73.80% 70.80% 70.18% 60.00%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Appendix I

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CONSOLIDATED BALANCE SHEETS
2022 2023 成長率 YOY(%)
NT$ M 2020 2021 2022
Q1 Q1 2021 2022 2023Q1
TOTAL ASSETS 10,419 11,517 12,192 11,193 11,413 10.54% 5.86% 1.97%
Cash 1,575 1,912 2,457 1,679 2,370 21.40% 28.50% 41.16%
A/R, N/R 3,226 3,459 3,414 3,213 2,881 7.22% -1.30% -10.33%
Inventories 1,752 2,508 2,651 2,623 2,428 43.15% 5.70% -7.43%
PP&E 2,106 2,059 2,273 2,159 2,220 -2.23% 10.39% 2.83%
TOTAL LIABILITIES 5,825 7,150 6,989 6,596 5,915 22.75% -2.25% -10.32%
Short-term loans 671 1,950 1,288 1,712 1,378 190.61% -33.95% -19.51%
A/P 2,823 2,926 3,179 2,629 2,369 3.65% 8.65% -9.89%
Long-term loans 520 524 287 536 328 0.77% -45.23% -38.81%
TOTAL EQUITY 4,594 4,367 5,203 4,597 5,498 -4.94% 19.14% 19.60%
Days sales outstanding 94 90 89 97 93
Days sales of inventory 61 70 86 92 102
Current Ratio 1.4984 1.3448 1.4275 1.4104 1.602
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Appendix II

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2022 2023 Q1 Q1 OPERATING REVENUES 12,781 13,562 14,063 3,123 3,075 GROSS PROFIT 2,998 2,536 3,171 581 814 INCOME FROM OPERATIONS 1,114 464 1,122 129 348 INCOME BEFORE INCOME TAX 1,088 585 1,426 194 364 NET INCOME attribute to owners 852 429 1,089 153 278 EPS (NT$) 3.39 1.71 4.34 0.61 1.11 Gross Margin 23.46% 18.70% 22.55% 18.60% 26.47% Operating Margin 8.72% 3.42% 7.98% 4.13% 11.32% Net Margin() 6.67% 3.16% 7.74% 4.90% 9.04% NT$ M 2020 2021 2022*	2021 2022 2023Q1 Growth YOY(%)
	6.11% 3.69% -1.54%
	-15.41% 25.04% 40.10%
	-58.35% 141.81% 169.77%
	-46.23% 143.76% 87.63%
	-49.65% 153.85% 81.70%

(*)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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