TST Group — Investor Presentation 2021

Mar 25, 2021

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冠星-KY(4439) 2021年3月

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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。

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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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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

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- 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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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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- 主要產品 冠星合作夥伴

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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

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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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經營實績-近兩年各季營收趨勢

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單位：新台幣仟元

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2,500,000
2,000,000
1,500,000
1,000,000
500,000
-
2018 2019 2020
第㇐季 1,131,847 1,710,465 1,424,316
第二季 1,435,432 2,009,559 1,064,440
第三季 1,837,709 2,088,174 1,639,350
第四季 1,364,682 1,550,240 1,261,088
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經營實績

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單位：新台幣仟元
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
520,436
6
400,000 343,210 344,413
4
247,167
200,000
2
0 0
2016 2017 2018 2019 2020
營業毛利 675,114 811,573 883,908 1,276,221 1,169,454
稅前純益 247,167 343,210 344,413 520,436 537,533
EPS 8.25 11.27 11.45 13.92 13.25
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經營實績

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毛利率與營業利益率

2020年季度分區銷量與毛利變化關係

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120.0% 30.00%
毛利率 營業利益率
21.70%
100.0% 24.94% 25.00%
23.85%
18.42% 23.1% 21.6%
17.34% 33.7%
16.68% 80.0% 36.2% 20.00%
15.32% 18.83%
18.00%
13.50%
60.0% 15.00%
46.4%
10.30%
31.2%
59.9%
7.95%
7.50% 40.0% 49.4% 10.00%
6.09%
5.81%
4.00%
20.0% 5.00%
35.1%
30.5%
18.5%
14.4%
0.0% 0.00%
2015 2016 2017 2018 2019 2020 1Q20 2Q20 3Q20 4Q20
中國內銷 柬埔寨工廠 外銷中國生產 營業毛利
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- 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2 2019營業收入
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- 經營實績 客戶比例

2019年度

銷售比例

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4%
10%
8%
14%
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64%
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ADIDAS GAP PUMA 李寧 OTHERS

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2020年度

銷售比例

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1%
4%
5%
10%
15%
65%
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ADIDAS GAP PUMA 李寧 NIKE OTHERS

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經營實績-最近㇐季營運成果

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單位；新台幣仟元		2020	2019	同期對比	同期對比
		金額	金額	差額	%
營業收入		5,389,194	7,358,438	(1,969,244)	(26.76)
營業成本		(4,219,740)	(6,082,217)	1,862,477	(30.62)
營業毛利		1,169,454	1,276,221	(106,767)	(8.37)
營業費用
推銷費用		(140,437)	(179,155)	38,718	(21.61)
管理費用		(452,792)	(531,900)	79,108	(14.87)
研究發展費用		(15,653)	(18,159)	2,506	(13.80)
預期信用減損利益(損失)		(5,535)	4,951	(10,486)	(211.80)
營業費用合計		(614,417)	(724,263)	109,846	(15.17)
營業利益		555,037	551,958	3,079	0.56
營業外收支
其他收入		26,350	13,278	13,072	98.45
其他利益及損失		(36,522)	(18,691)	(17,831)	95.40
財務成本		(7,332)	(26,109)	18,777	(71.92)
營業外收支合計		(17,504)	(31,522)	14,018	(44.47)
稅前淨利		537,533	520,436	17,097	3.29
所得稅費用		(121,493)	(132,308)	10,815	(8.17)
本期淨利		416,040	388,128	27,912	7.19
EPS		~~1325~~	~~1392~~	~~(067)~~	15 ~~(4~~.81)
		~~.~~	~~.~~	~~.~~

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