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TST Group Investor Presentation 2021

Oct 21, 2021

52395_rns_2021-10-21_20bf5aa2-5b5f-4605-9694-7231199aeebf.pdf

Investor Presentation

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冠星-KY(4439) 2021年10月

1

免責聲明

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  • 本簡報及同時發佈之相關訊息內容，取自於公司內部及外部資料，其 中包含營運成果、財務狀況與業務發展等內容。

  • 本公司並未發佈財務預測，有關本簡報所做之本公司財務、業務及 Q&A說明，若涉及本公司對未來公司經營與產業上發展之見解，可能 存在與未來實際有差異。此差異其造成之原因可能包含市場需求變 化、價格波動、競爭行為、國際經濟變化、匯率波動等其他各種本公 司不能掌控之風險因素。

  • 本簡報中對於未來展望，為公司迄今對未來之見解。若有任何改變或 調整，本公司不負責隨時更新或提醒。

2

目錄

1.公司簡介 2.主要產品 3.競爭優勢 4.經營實績 5.Q&A

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3

公司簡介-基本資料

  • 成立日期：1995年

  • 資本額：新臺幣3億1,500萬元

  • 經營團隊：董事⾧林錦茂

  • 總經理林經偉 營運⾧洪享民

  • 主要產品：運動休閒之棉混紡針織布

  • 營運地點：香港、中國、柬埔寨、

  • 越南

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  • 員工人數：約1100人

4

- 公司簡介 集團分布

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台巨紡織(上海)有限公司
 主要營業項目:紡織品內銷
廣州市良威針紡織品有限公司 冠星集團台灣辦事處
主要營業項目:紡織品出口贸易
冠星紡織有限公司
 主要營業項目: 紡織品外銷
Top Sports Textile Ltd.
 主要營業項目: 紡織品生產 Top Star Textile Vietnam Company
Limited
 主要營業項目: 紡織品生產
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5

主要產品

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高品質的純棉以及半純棉運動休閒布料

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6

- 主要產品 冠星合作夥伴

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7

競爭優勢

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傑出的訂單及 生產管理能力

佈局東南亞 貼近下游供應鏈

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優異的品質控制

品牌直接對接 的營銷模式

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  • 靈活配單能力：生產兩大據點，大陸認證⾧期 合作夥伴及柬埔寨自有工廠，提供生產彈性、 交貨迅速及產品多樣化等優勢

  • 柬埔寨唯㇐最具規模針織布料供應廠

  • 品牌授予自檢認證

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 直接與品牌接單及談價格

8

公司價值

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  • 具品牌價值國際級客戶：adidas, NIKE , PUMA, GAP ,李寧等國際知名 品牌，擁有產業㇐定地位

  • 穩健成⾧的業務：過去每年(2017年至2020年)冠星獲利能力穩健，該 期間每年獲利皆為㇐個股本

  • 穩定股利發放率：冠星承諾將獲利回饋給股東，今年發放率約快五成

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9

- 經營實績 各年每月自結營收

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900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月
2021營業收入 2020營業收入 2019營業收入
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10

經營實績-近兩年各季營收趨勢

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單位：新台幣仟元
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
- 2019 2020 2021
第㇐季 1,710,465 1,424,316 1,505,177
第二季 2,009,559 1,064,440 1,813,118
第三季 2,088,174 1,639,350 2,268,257
-
第四季 1,550,240 1,261,088
總計 7,358,438 5,389,194 5,586,552
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註：2021年第三季為自結數

11

- 經營實績 客戶比例

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2020 H1 2020年度 2021 H1
5.7% 3.6% 4.0% 0.5%
0.2% 1.0% [5.0%]
5.1%
6.4%
11.1% 10.0%
13.5%
10.6%
15.0% 53%
68.8% 65%
21.6%
ADIDAS GAP PUMA ADIDAS GAP PUMA ADIDAS GAP PUMA
NIKE 李寧 OTHERS NIKE 李寧 OTHERS NIKE 李寧 OTHERS
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12

經營實績

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單位：新台幣仟元

1,400,000

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1,400,000 16
1,276,221
13.92 1,169,454 14
1,200,000
13.25
11.45
11.27
12
1,000,000
883,908
8.25 811,573 10
800,000
675,114
8
600,000 537,533 556,256
520,436 6.48
6
400,000 343,210 344,413
4
247,167 256,234
200,000
2
0 0
2016 2017 2018 2019 2020 2021H1
營業毛利 675,114 811,573 883,908 1,276,221 1,169,454 556,256
稅前純益 247,167 343,210 344,413 520,436 537,533 256,234
EPS 8.25 11.27 11.45 13.92 13.25 6.48
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經營實績

毛利率與營業利益率

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毛利率 營業利益率
21.70%
18.42%
17.34%
16.68% 16.76%
15.32%
10.30%
7.95%
7.50% 7.26%
6.09%
5.81%
2016 2017 2018 2019 2020 2Q21
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各季度分區銷量與毛利變化關係
100%
90%
80% 40% 41%
51% 53% 52%
70% 59%
69%
60%
50%
48% 57%
40% 58%
46%
30% 47%
40%
30%
20% 25% 24%
19% 21%
18%
10% 13%
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
柬埔寨工廠 中國加工廠 毛利
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經營實績

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棉花趨勢
120
100
80
60
40
20
0
國際棉花指數 美國棉花
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15

經營實績-2021年Q2 VS 2020年Q2

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單位；新台幣仟元 2021Q2 % 2020Q2 % 同期對比 同期對比
營業收入 1,813,118
100.00
1,064,440
100.00
748,678
70.34%
營業成本 1,568,452
86.51
872,856
82.00
695,596
79.69%
營業毛利 244,666
13.49
191,584
18.00
53,082
27.71%
營業費用
推銷費用 43,490
2.40
37,171
3.49
6,319
17.00%
管理費用 119,153
6.57
84,957
7.98
34,196
40.25%
研究發展費用 2,381
0.13
4,970
0.47
(2,589)		 -52.09%
預期信用減損利益(損失) (1,169) (0.06) (1,477) (0.14) 308
-20.85%
營業費用合計 166,193
9.16
128,575
12.08
37,618
29.26%
營業利益 78,473
4.33
63,009
5.92
15,464
24.54%
營業外收支
利息收入 2,124
0.12
2,797
0.26
(673)		 -24.06%
其他收入 17,129
0.94
4,075
0.38
13,054
320.34%
其他利益及損失 (575) (0.03) (1,726) (0.16) 1,151
-66.69%
財務成本 (1,390) (0.08) (1,951) (0.18) 561
-28.75%
營業外收支合計 17,288
0.95
3,195
0.30
14,093
441.10%
稅前淨利 95,761
5.28
66,204
6.22
29,557
44.65%
所得稅費用 18,932
1.04
16,401
1.54
2,531
15.43%
本期淨利 76,829
4.24
49,803
4.68
27,026
54.27%
EPS 2.45 1.58 0.87 55.06%

經營實績-2021年H1 VS 2020年H1

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單位；新台幣仟元 2021H1 % 2020H1 % 同期對比 同期對比
營業收入 3,318,295
100.00
2,488,756
100.00
829,539
33.33%
營業成本 2,762,039
83.24
2,029,026
81.53
733,013
36.13%
營業毛利 556,256
16.76
459,730
18.47
96,526
21.00%
營業費用
推銷費用 73,540
2.22
71,048
2.85
2,492
3.51%
管理費用 241,208
7.27
198,949
7.99
42,259
21.24%
研究發展費用 4,478
0.13
8,198
0.33
(3,720)		 -45.38%
預期信用減損利益(損失) 3,875
0.12
(1,377)		 (0.06) 5,252
-381.41%
營業費用合計 315,351
9.50
279,572
11.23
35,779
12.80%
營業利益 240,905
7.26
180,158
7.24
60,747
33.72%
營業外收支
利息收入 5,135
0.15
3,941
0.16
1,194
30.30%
其他收入 17,509
0.53
15,321
0.62
2,188
14.28%
其他利益及損失 (4,389) (0.13) (583) (0.02) (3,806) 652.83%
財務成本 (2,926) (0.09) (4,686) (0.19) 1,760
-37.56%
營業外收支合計 15,329
0.46
13,993
0.57
1,336
9.55%
稅前淨利 256,234
7.72
194,151
7.81
62,083
31.98%
所得稅費用 52,982
1.60
47,979
1.93
5,003
10.43%
本期淨利 203,252
6.12
146,172
5.88
57,080
39.05%
EPS 6.48 4.65 1.83 39.35%

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THANK YOU FOR YOUR ATTENTION

18

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