TMT — Interim / Quarterly Report 2021

Nov 15, 2021

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Taiwan Polyimide We know Polyimide

Kevin Chen/Paul S. C. Wu

Nov. 15, 2021

Disclaimer

Taimide’s statements of its current expectations provided herein are forward-looking. These statements are subject to risks and uncertainties that might cause significant deviations from actual results, including but not limited to changes in business policy, possible fluctuations in economic situations, technology development, competition environment, and other circumstances beyond control. Taimide undertakes no obligation to update the forward-looking statements to reflect events or circumstances after the issuance of the statements.

Nothing contained herein constitutes an investment advice, offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, Taimide makes no representation that it is accurate or complete. Neither Taimide nor any of its officers or employees shall be liable for any direct, indirect or consequential loss, damage, cost or expense incurred or arising from any use of the information contained herein.

Company Profile

Operating Result & Application Market 2021Q1-Q3

Product Development Direction

Q & A

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Company Profile

Company Profile 簡介

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• Established: June, 2000

• Company capital: ~47M USD

• Plant sites: Hsinpu & Tongluo

• Employees: ~400

• IPO in TSE: October, 2011

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Polyimide Film Manufacturer

Milestones 大事紀

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Operating Result & Application Market 2021Q1-Q3

FPC production value 軟板產值變化

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Application of FPC 軟板應用

軟板應用範圍擴大

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、 5G high frequency & speed of FPC Market 、 5G 高頻高速軟板材料市場

終端支援5G、高頻高速軟板材料市場將持續成長

• 未來智慧型手機、平板、筆電、穿戴裝置等終端產品都將5G連網。 高頻高速軟板數量增加，高頻高速軟板材料需求隨之成長。

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Output value of PCB for electric vehicles 電動車用電路板產值

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Operating Result 2021Q1-Q3

Statements of Comprehensive Income

Selected Items from Statements of Comprehensive Income

Net Revenue Gross Margin Operating Expenses Net Operating Income Non-Operating Items Profit before tax Tax Expense Consolidated Net Income Net Profit Margin EPS(NT Dollar)	3Q21		2Q21 586.54 29.5% 88.83 83.99 (9.49) 74.51 0.70 73.80 12.6% 0.58	YT3Q21 1,833.71 32.0% 273.73 312.36 (12.71) 299.65 56.67 242.98 13.3% 1.91	YT3Q20 1,414.45 37.8% 236.27 297.82 (21.47) 276.34 12.75 263.59 18.6% 2.09	(NT$ million) 3Q21 over 2Q21 Y2021 over Y2020 10.7% 29.6% 0.6ppts -5.8ppts 3.7% 15.9% -99.8% 4.9% -149.2% -40.8% 45.4% 8.4% 3869.9% 344.4% 9.3% -7.8% -0.2ppts -5.3ppts 8.6% -8.6%
	649.55 30.1% 92.14 0.16 4.67 108.36 27.67 80.69 12.4% 0.63

*Diluted weighted average outstanding shares were 131 million units in 3Q21.

Consolidated Revenue

(NT$ million)

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1,000
QoQ
QoQ
10.7% 2,400 YoY
-1.9%
800 2,200 29.6%
649.55 2,000 1,833.71
597.62
586.54 1,800
600
1,600
1,414.45
1,400
1,200
400
1,000
800
200 600
400
200
0
0
1Q21 : 2Q21 : 3Q21
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YT3Q20 : YT3Q21

Regional Sales

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YTQ3 2020
YTQ3 2021
33%
49% 51%
67% Domestic Domestic
Overseas
Overseas
(NT$ million)
500 500 QoQ
Domestic Overseas
QoQ 11.5%
17.4%
400 400
QoQ QoQ
-29.1% 9.0%
300 300
200 200
100 100
0 0
1Q21 2Q21 3Q21 1Q21 2Q21 3Q2114
Revenue
Revenue
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Application Analysis

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YTQ3 2021
NON-FPC
36%
64%
FPC
NON-FPC 400
QoQ QoQ
30.2% 4.2%
300
200
100
-
1Q21 2Q21 3Q21
Revenue
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YTQ3 2020
8%
NON-FPC
92% FPC
(NT$ million)
FPC
700
QoQ QoQ
600
-15.7% 15.1%
500
400
300
200
100
-
1Q21 2Q21 3Q21
Revenue
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Consolidated Gross Margin

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60%
QoQ QoQ YoY
50%
-6.9ppt 0.6ppt -5.8ppts
37.8%
36.4%
40%
30.1%
29.5% 32.0%
30%
20%
10%
%
1Q21 : 2Q21 : 3Q21 YT3Q20 : YT3Q21
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Consolidated Operating Expenses (NT$ million)

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120
360 YoY
QoQ QoQ
-4.2% 3.7% 330 15.9%
100
300
273.73
270
236.27
80 R&D expenses
240
54.54 54.79 210
53.49 Administration
60
180
expenses
150
Selling expenses
40
120
90
27.55 27.54
26.6
20
60
30
10.68 8.74 9.81
0
0
1Q21 2Q21 3Q21
YT3Q20 : YT3Q21
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Consolidated Operating Income

0 20 40 60 80 100 120 140 160		124.69 83.99 103.69 1Q21 : 2Q21 : 3Q21 QoQ 23.5% 0 50 100 150 200 250 300 350 400 QoQ -32.6%	124.69 83.99 103.69 1Q21 : 2Q21 : 3Q21 QoQ 23.5% 0 50 100 150 200 250 300 350 400 QoQ -32.6%	124.69 83.99 103.69 1Q21 : 2Q21 : 3Q21 QoQ 23.5% 0 50 100 150 200 250 300 350 400 QoQ -32.6%		297.82 312.36 YT3Q20 : YT3Q21 YoY 4.9% (NT$ million)	297.82 312.36 YT3Q20 : YT3Q21 YoY 4.9% (NT$ million)	297.82 312.36 YT3Q20 : YT3Q21 YoY 4.9% (NT$ million)
						4.9%
		QoQ 23.5% QoQ -32.6%
						297.82 312.36
		124.69
		103.69
		83.99

Balance Sheets & Key Indices

Selected Items from Balance Sheets (NT$ million) Cash & Marketable Securities Accounts Receivable Inventories Net PP&E Total Assets Current Liabilities Long-term Interest-bearing Debts Total Liabilities Total Shareholders' Equity Key Indices Inventory Turnover Days Current Ratio (x) Asset Productivity (x)	3Q21		2Q21 Amount % 502.62 9.6% 572.71 10.9% 415.68 7.9% 3,392.29 64.5% 5,261.72 100.0% 900.61 17.1% 1,204.11 22.9% 2,309.61 43.9% 2,952.11 56.1% 85.25 1.77 0.70	1Q21 Amount % 379.39 7.4% 598.42 11.7% 342.55 6.7% 3,414.30 66.9% 5,104.15 100.0% 931.24 18.2% 1,087.05 21.3% 2,228.33 43.7% 2,875.82 56.3% 80.24 1.52 0.70	3Q20
	Amount %				Amount %
	407.32 7.9% 573.17 11.1% 425.00 8.2% 3,398.77 65.7% 5,169.53 100.0% 937.21 18.1% 1,190.29 23.0% 2,327.29 45.0% 2,842.24 55.0% 82.40 1.61 0.72				337.09 6.7% 556.93 11.1% 303.76 6.0% 3,458.86 68.8% 5,025.62 100.0% 874.60 17.4% 1,235.12 24.6% 2,328.78 46.3% 2,696.84 53.7% 94.66 1.47 0.56

*Diluted weighted average outstanding shares were 131 million units in 3Q21.

**Asset Productivity= Annualized net revenue/Average net PP&E

Product Development Direction

雙十展翼、再創新局 (第二講)

A. 兩支硬翅膀的 布局

a. 第一支翅膀: Fluomide® for 5G b. 第二支翅膀: OPI® for Foldable AMOLED

B. VCP 的發展 策略

達邁新格局: Not only PI film Manufacturer，but also a Value Chain Provider (VCP)

Trending Topic-1

從近期最夯的話題談起

虛實整合的元宇宙(Mataverse)

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資料來源:商周第1773期

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資料來源:商周第1773期

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資料來源:商周第1773期
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資料來源:以上取材自商業週刊1773 期，p80~84

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Trending Topic-2

近期產業最夯的話題之二

汽車變革的進行式 : 輔助駕駛、自動駕駛、油電車、電動車、燃料電池車••••

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資料來源:蘇文彥 5G世代軟板高頻材料及微細線路製程簡介

資料來源: Google

FPC for Automotive

• Total Cost Down

• Integration of PCB and Wiring

• Light Weight  Space Saving  Improve Reliability

 High Heat Resistance  3D Wiring  Components Assy

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資料來源: 2019 JPCA Show Mektec 簡介

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Sensor、Process 、 Actuator的關係

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資料來源:蘇文彥 5G世代軟板高頻材料及微細線路製程簡介

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柏彌蘭金屬化研究(PMR)公司簡介

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PMR發展歷程

• 成立於 ： 2012.6

• 資本額 ： 2.2億元

• 公司位置 ： 桃園平鎮

• 核心技術 ： RTR PI濕式金屬化

• 主要產品 ： 軟性超薄銅箔基板、微細線路軟板

• 專利件數 ： 申請45篇 ， 已核准29篇

• 2016 開發RTR PI pre-drilled技術與設立PI金屬化量產線 2018 開發FOG成為三合一方案

• 2019 王牌公司(客戶代號)成為首家採用PMR三合一方案 開發AR眼鏡

• ，

• 2020 國際醫療大廠評估採用 建立FOG製程產線

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PMR三合一方案

1. PI Pre-drill & Metallize (預鑽孔金屬化材料) -- TMT/ PMR

-2. Fine line Circuit FPC (MSAP線路加工) 協力廠商

3. FPC on Carrier with PI Deboned Film (FOG製程材料) – TMT/PMR

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量產案件 開發案件
D社 E社 F社 G社 H社
A社 B社
Thin FPS
MiniLED RGB Smart Credit
for credit card
AR眼鏡 Medical device FC Interposer Camera device Card
資料來源: Google
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未來FPC的發展趨勢

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資料來源:蘇文彥 5G世代軟板高頻材料及微細線路製程簡介

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達邁現在、未來的角色

A. 兩支硬翅膀的 布局

a. 第一支翅膀: Fluomide® for 5G

b. 第二支翅膀: OPI® for Foldable AMOLED

B. VCP 的發展 策略

達邁新格局: Not only PI film Manufacturer，but also a Value Chain Provider (VCP)

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Q&A
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THE END