SYNCMOLD — Investor Presentation 2014

Jun 26, 2014

International Professional Excellent� 信錦企業股份有限公司 Syncmold Enterprise Corp

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張雅惠 主講⼈人：投資暨企業訊息處

2014/5

• 信錦 軸承與底座的領導廠商

• ❖ 我們是軸承與底座的世界級領導廠商 Leadership in Hinge and Stand products�

• ❖ 擁有機構技術、︑模具設計製作及產品研發能⼒力，提供世界級⼀一流客⼾戶具 競爭⼒力之服務及產品 Serve tier 1 customers with own masterly technology, molding design, product development and total solutions�

• ❖ ROE

• 歷年營運績效優良、︑財務結構健全、︑優於同業的 Deliver good business results, solid financial structure and outstanding ROE�

• ❖ 持續領導地位並擴展產品應⽤用領域，創造更⼤大的股東利益 Keep ahead in current position and explore new apps for growth and create value for all shareholders

Outline ⼤大綱

❖ 公司概況 Company Profile �

❖ 產業概況 Industry Overview� ❖ 經營成果 Financial Results� ❖ 優勢、︑策略及展望 Strength, Strategy & Outlook

公司概況 Company Profile

公司簡介 Company Introduction

Syncmold, a worldwide hinge/stand leading provider, established in 1979 and listed on TWSE in 2009(code:1582)�

• ❖ 總部Headquarter: 新北市 New Taipei City�

• ❖ 董事長Chairman: 陳秋郎 Mr. Chen �

• ❖ 員⼯工⼈人數Employees: 5,700 (Y2014/4)�

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理線
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快拆
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• ❖ 1Q14 資本額Capital: NT$1.498B; 資產Total Assets: NT$8.27B�

• ❖ Y2013 營收Revenue: NT$9.07B; 每股盈餘EPS: NT$4.43�

• ❖ 主要產品Major products: �

• ❖ 零組件產品component products(Monitor/TV/AIO hinge & stand)�

• ❖ 塑膠產品plastic products(plastic mold/ plastic injection)

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觸控⼤大仰角
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Manufacturing Sites ⽣生產據點

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Note: S: Stand Assembly M: Mold P: Plastic Injection
蘇州(100%)(S)
：佳世達、︑和碩、︑仁寶、︑廣達
昆山(100%)
：沖壓、︑⾃自製
武漢(100%)(S)：冠捷
重慶(100%)(S)
：富⼠士康、︑廣達、︑英業達
：
福州區(100%)
冠華(PM)
：⾃自製、︑冠捷、︑捷星
福州(S)
：冠捷、︑捷星
福清：⾃自製
：
廣東區(100%)
東莞(SPM)：⾃自製、︑富⼠士康、︑船井 (38%)：TV壁掛架
⾼高誠
深圳(S) SONY
：富⼠士康、︑ 、︑聯想
中山(SPM)：緯創
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Product Mix 產品組合

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Y2013 1Q14 11% 12% 15% 14% 7% 8% 66% 67% Monitor AIO TV Mold

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註：base on revenue breakdown 以營收為基準分類

Major Customers 世界級客⼾戶

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產業概況 Industry Overview

全球監視器出貨量 Global Monitor Shipments

M units/ source: MIC, WitsView, Digitimes�

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172
167
155
141
134
131
2010 2011 2012 2013 2014F 2015F
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AIO 全球 出貨量 Global AIO Shipment

M units/ source: Digitimes, IDC

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AIO AIO Penetration rate
13%
12%
11%
9%
8%
7%
17
16
15
13 13
11
2010 2011 2012 2013 2014F 2015F
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全球電視出貨量 Global TV Shipments

M units/ source: TRI, isuppli, Digitimes�

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LCD TV
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Smart TV Penetration rate

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236
55%
212
203 204
201
190
40%
36%
29%
22%
4%
2010 2011 2012 2013 2014F 2015F
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經營成果 Financial Results

2009-2013 Annual Results 營收狀況

Revenue:NT$B/ EPS: NT$�

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EPS Revenue
9.1
8.4 8.4
6.7
5.9
5.7
5.3
4.4
3.9
3.7
2009 2010 2011 2012 2013
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各季營運狀況 Quarterly Results

Revenue:NT$B�

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Revenue GM%
24%
22% 23% 23% 23% 22% 23%
21% 21%
2.5
2.4
2.2 2.2 2.2
2.1
2.0 2.0 2.0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
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Monitor Market Share 市佔率逐年增加

M units/ source: MIC, WitsView, 市佔率為公司估算

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Syncmold Market Share
26%
24%
22%
21% 21%
35 37 37 37
32
2009 2010 2011 2012 2013
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Solid Financial Structure 穩健財務結構

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Debt Ratio 5yrs Avg: 42%
49%
45%
50% 41% 40 %
37%
38%
25%
13%
0%
2009 2010 2011 2012 2013
Current Ratio Quick Ratio 5yrs Avg: current: 242%, quick: 207%
282%
263%
300% 226% 234 %
205%
225%
252%
223%
150% 199 %
189%
174%
75%
0%
2009 2010 2011 2012 2013
ROE NI 5yrs Avg: ROE 16%, NI: 9%
21%
22% 18%
14% 14% 14%
17%
11%
13%
6%
9%
8%
7%
6%
0%
2009 2010 2011 2012 2013
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• 重視股東利益 Deliver Higher ROE

16%

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8%
15.3%
10.3%
9.3%
8.8%
4%
0%
信錦 軸承
電⼦子零組件 台灣⼤大盤
2011-2013 2011-2012
註：信錦、︑軸承(包括信錦、︑新⽇日興、︑兆利)為2011-2013三年平均; ⼤大盤與電⼦子零組件產業為2011-2012兩年平均(採證交所資料)�
註：ROE為稅後淨利/股東權益，並使⽤用簡單平均數計算⽽而成。︒
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12%

• Good Dividend Yield

• 歷年殖利率佳

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8.4%
7.6%
7.0%
6.5%
5.0%
3.2%
2008 2009 2010 2011 2012 2013
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註：以除息⽇日前⼀一天股價為基準

優勢、︑策略及展望 Strength, Strategy & Outlook

經營優勢 Strength

• ❖ 軸承與底座技術、︑顯⽰示器專利領先同業 Technology ahead of peers 長期與世界級⼤大廠合作，提供具競爭⼒力的底座製造技術及成本結構

• ❖ 專業研發服務、︑垂直整合 innovative and experienced R&D, vertical integration and one stop shopping ID

• , 從

• 長期與客⼾戶共同開發產品，主導與制定產業規格 檢討到機構設計、︑模 具製造，零件⽣生產及組裝，完整服務

• ❖ ⽣生產據點貼近客⼾戶，提供靈活應對能⼒力及穩定供應鏈 production location close to clients, provide prompt solutions and reliable supply chain 貼近客⼾戶、︑跨區服務、︑相互⽀支援 ，與客⼾戶建⽴立長期合作關係

• ❖ 正直的經營團隊、︑穩健的財務結構 Sound financial structure with well

• integrity management

經營策略 Strategy

❖ 提升⾃自製 in house production�

• ‣ 強化服務品質 upgrade service quality�

• ‣ 降低採購成本 cost down�

• ‣ 掌控零組件⽣生產及供貨能⼒力 enhance component production and supply capability�

• ❖ 提升⽣生產效率 improve production efficiency�

• ‣ 零組件規格標準化 standardized component/ parts spec�

• ‣ ⽣生產⾃自動化 automatically in production�

• ❖ 擴展⾼高階產品市佔率 expand market share on higher end products�

‣ 朝向輕、︑薄、︑環保及設計難度⾼高之產品研發及⽣生產 focus on higher value-added products, i.e., light, thin, eco-friendly & high quality

營運展望 Outlook

• ❖ 提升產品附加價值 Design and upgrade products with higher value�

• ‣ 市場需求往⾼高階發展 high end TV(Smart, UHD, large size) keeps penetrating �

• ‣ 智慧型螢幕的演進 smart display with peripherals & operating system�

• ‣ (

• 與電⼦子事業產品整合發展新型底座 例如呼吸燈底座、︑平板充電底座） integration with electronic peripherals and pad stand

營運展望 Outlook

• ❖ TV 底座出貨逐年增長

• TV stand shipments grow in next few years�

• ‣ 切入中國品牌，2015電視出貨可望呈現雙位數增長 double digit growth in 2015 by China brand shipment�

• ‣ 憑藉⾦金屬底座的技術優勢，帶領塑膠底座汰換潮 lead metal stand replacement

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S ncmold TV y 2011 2012 2013 2014F

2010

營運展望 Outlook

• ❖ 拓展新事業 explore new business�

• ‣ 跨入醫療器材與輔具( ) 例如智慧助⾏行器、︑防跌倒警⽰示裝置

• develop medical and assistive products�

‣ ( ) 特殊顯⽰示器週邊產品 例如醫療、︑專業繪圖 Special display products 4.6 4.375 4.15

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3.925
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3.9
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全球⾏行動輔具 US$B/ BCC research, 2011

4.6

3.7

2010

2015F

信錦企業股份有限公司（ 1582 ） Syncmold Enterprise Corp

謝謝您 Q & A Thank You for Listening

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