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TXC Annual Report 2020

Apr 14, 2020

52274_rns_2020-04-14_7e489c09-42ef-4395-8355-fe0529c80f75.pdf

Annual Report

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法人說明會 109年04月

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TXC Confidential and Proprietary

Disclaimer

  • Except for statements in respect of historical matters, the statements in this release are forwardlooking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance, financial condition or results of operations of TXC to be materially different form what may be implied by such forwardlooking statements.

  • The financial forecasts and forward-looking statements in the release reflect the current belief of TXC as of the date of this release and TXC undertakes no obligation to update these forecasts and forward-looking statements for events or circumstances that occur subsequent to such date.

  • The statements in respect of historical matters may contain unaudited information, which may have certain deficiency or weakness so as not to fairly present financial condition or the results of operations of TXC.

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TXC Confidential and Proprietary

1

財務績效 財務報告, 每股盈餘, 每股股利, 資本支出

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TXC Confidential and Proprietary

2

每季財務績效

營收

單位 : 新台幣百萬元

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3,500
2017 2018 2019
NT$ 8,782M NT$ 8,156M NT$ 8,431M
3,000 (yoy -8.9%) (yoy -7.1%) (yoy +3.4%)
2,428 2,434
2,500
2,267 2,269 2,267
2,133 2,114 2,158
1,945
2,000 1,869 1,862
1,623
1,500
1,000
500
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
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TXC Confidential and Proprietary

3

每季財務績效

毛利率(%)

營業毛利

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28.3% 營業毛利 單位 : 新台幣百萬元
25.2%
24.3% 24.6%
23.6% 23.6% 23.4%
22.6%
22.5%
22.2% 22.3%
20.9%
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
2017 2018 2019
NT$ 2,186M NT$ 1,828M NT$ 2,007M
800 (yoy -14.4%) (yoy -16.4%) (yoy +9.8%)
700
603 597 615
600 535 534
513 513
486
456
500
415 415
400 339
300
200
100
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
TXC Confidential and Proprietary 4
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每季財務績效

營業淨利率(%)

營業淨利

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營業淨利
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單位 : 新台幣百萬元
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12.4% 營業淨利 單位 : 新台幣百萬元
8.8% 9.1% 9.1%
7.5% 7.9%
7.2% 7.0% 6.8%
6.8%
5.0%
3.6%
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
2018 2019
2017
300
NT$ 533M NT$ 632M
264 NT$ 802M
(yoy -33.5%) (yoy +18.5%)
(yoy -28.0%)
250
221 220
199
200 180
159 160
146
150 134 133
93
100
58
50
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
TXC Confidential and Proprietary 5
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每季財務績效

純益率%

稅後淨利

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15.1%
8.0%
10.0%
10.8%
4.5%
6.2%
10.7%
9.4%
4.8%
7.0%
9.7%
9.1%
17.Q1
17.Q2
17.Q3
17.Q4
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
單位:新台幣百萬元
稅後淨利
8.0%
10.0%
10.8%
4.5%
6.2%
10.7%
9.4%
4.8%
7.0%
9.7%
9.1%
0
50
100
150
200
250
300
350
400		 321
169
227
246
84
116
242
203
78
137
234
221
17.Q1
17.Q2
17.Q3
17.Q4
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
6
TXC Confidential and Proprietary
2017
NT$ 963M
(yoy -5.3%)
2018
NT$ 644M
(yoy -33.1%)
2019
NT$ 672M
(yoy +4.3%)

合併損益表

單位：$NT 仟元 2015 2016 2017 2018 2019
營業收入 9,266 9,637 8,782 8,156 8,431
營業毛利 2,235 2,554 2,186 1,828 2,007
營業淨利 908 1,114 802 533 632
營業外收入及支出 179 78 273 200 132
稅前淨利 1,088 1,192 1,075 733 765
稅後淨利
(歸屬於母公司業主)		 938 1,016 963 644 672
基本每股盈餘(新台幣元) 3.03 3.28 3.11 2.08 2.17
營業毛利率(%)
營業費用率(%)
營業淨利率(%)
稅前淨利率(%)
純益率(%)		 24.1%
14.3%
9.8%
11.7%
10.1%		 26.5%
14.9%
11.6%
12.4%
10.5%		 24.9%
15.8%
9.1%
12.2%
11.0%		 22.4%
15.9%
6.5%
9.0%
7.9%		 23.8%
16.3%
7.5%
9.1%
8.0%

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TXC Confidential and Proprietary

7

資產負債表

單位：$NT 仟元 2015 2016 2017 2018 2019
現金及約當現金 2,728 2,093 2,331 1,426 1,986
應收票據及應收帳款 2,924 3,085 2,651 2,726 2,889
存貨 1,534 1,520 1,504 1,817 2,039
流動資產 8,574 8,818 7,983 7,117 7,945
不動產、廠房及設備 4,570 4,278 4,370 4,111 4,054
總資產 15,580 14,842 13,403 12,562 13,369
流動負債 3,445 3,156 2,277 2,089 2,797
非流動負債 1,397 1,913 1,961 1,722 1,875
總負債 4,841 5,069 4,238 3,811 4,671
合併股東權益 10,739 9,773 9,165 8,751 8,698
平均收現日數 116 114 119 120 122
平均銷貨日數 83 79 84 96 110
平均付現日數 57 65 73 74 85
流動比率(%) 248.9% 279.4% 350.6% 340.7% 284.1%
負債比率(%) 31.1% 34.2% 31.6% 30.3% 34.9%
每股淨值(元) 34.67 31.55 29.59 28.25 28.08

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TXC Confidential and Proprietary

8

每股盈餘與每股股利

單位: 新台幣元

0
0.5
1
1.5
2
2.5
3
3.5
4		 0
0.5
1
1.5
2
2.5
3
3.5
4		 每股盈餘 每股盈餘 每股盈餘 每股盈餘
2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
2.5

現金股利
2011
2012
2013
2014
2015
2016
2017
2018
2019
2011
2012
2013
2014
2015
2016
2017
2018
2019
每股盈餘 3.48 3.79 3.02 3.21 3.03 3.28 3.11 2.08 2.17
現金股利 2.2 2.2 2.2 2.5 2.5 2.8 2.5 2.0 2.5
股價(四月) 43.6 46.0 43.6 39.9 41.1 44.5 39.0 36.0 44.0
股息發放率(%) 63.2 58.0 72.8 77.9 82.5 85.4 80.4 96.2 115.2
殖利率(%) 5.1 4.8 5.1 6.3 6.1 6.3 6.4 5.6 5.7

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TXC Confidential and Proprietary

9

2020 資本支出計畫

單位: 新台幣元

  • 金額: 3.60億 • MEMS

  • • Oscillators

  • 金額: 3.70億 • SMD Crystal

  • • Facility

金額: 4.30億

  • SMD Crystal

  • • ACAP Crystal

總金額: 11.60億

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TXC Confidential and Proprietary

10

市場展望 產值, 排名, 產品應用

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TXC Confidential and Proprietary

11

石英元件產業產值

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WW Revenue YOY(%)
3,500 5.0%
4.0%
3,000
3.0%
2,500
1.0%
2,000 1.4% 0.2%
-0.2%
1,500 -1.2% -1.0%
3.1B
1,000
-4.5% -3.0%
500
0 -5.0%
2016 2017 2018 2019 (e) 2020 (f) 2021 (f)
WW Shipments YOY(%)
25,000 7.0%
5.5%
5.0%
20,000
3.0%
2.1%
15,000 18.3B 1.8% 1.7%
1.0%
1.2%
10,000 0.1%
-1.0%
5,000
-3.0%
0 -5.0%
2016 2017 2018 2019 (e) 2020 (f) 2021 (f)
Source: CS&A 2019 updated
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Revenue

Shipment

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TXC Confidential and Proprietary

12

石英元件產業排名

Revenue(M) Market Share(%) Market Share(%)
2017 Rank 2018 Rank Company Name 2017 2018 Percent Change 2017 2018
1 1 Seiko Epson 382 365 -4.6% 11.7% 11.7%
2 2 NDK 354 358 1.2% 10.8% 11.5%
3 3 KCD 344 285 -17.2% 10.5% 9.1%
4 4 TXC 294 272 -7.5% 9.0% 8.7%
5 5 KDS 205 191 -6.9% 6.3% 6.1%
6 6 Microchip (Vectron) 168 176 5.0% 5.1% 5.7%
9 7 Murata 100 94 -6.0% 2.1% 3.0%
9 8 Hosonic 98 94 -4.1% 3.0% 3.0%
10 9 Harmony 98 92 -6.0% 3.0% 2.9%
7 10 SIWARD 104 89 -14.4% 3.2% 2.9%
Other Companies 1123 1105 -1.6% 35.3% 35.4%
Total Revenue 3271 3122 -4.5% 100.0% 100.0%

Source: CS&A 2019 updated

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TXC Confidential and Proprietary

13

TXC’s 產業別銷售比重

實際 與 預估

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IoT OTHERS
Crystal, TCXO
11% 7%
AUTOMOTIVE
5%
AUTOMOTIVE
OTHERS 5%
9% IoT
10%
2020
MOBILE
MOBILE
NETWORKING COMMUNICATION
COMMUNICATION
31% 2019 (F) 30%
27%
NETWORKING
31% Crystal, TSX , TCXO
Stratum 3 TCXO
HF VCXO
OCXO, Crystal
MOBILE
MOBILE
COMPUTING
COMPUTING
16%
18%
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TXC Confidential and Proprietary

14

TXC’s 產品別銷售比重

實際 與 預估

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OTHERS
8%
XO
Others 8%
8%
XO GNSS TSX
13% 4G/5G 13%
2020
TSX
GNSS/GPS
10% 2019 Small Cell TCXO (F)
Networking 6%
TCXO
CRYSTAL
5%
CRYSTAL
64%
SENSOR
61% SENSOR
4G/5G Phone
3% 1%
Wearable/TWS
Wi-Fi 6
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TXC Confidential and Proprietary

15

成長潛力

  • 新產品開發

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TXC Confidential and Proprietary

16

5G NR 標準發展

3 Main Types of Usage Scenario – eMBB, mMTC & uRRLC

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TXC Confidential and Proprietary

17

5G 所需相關頻率元件產品

  • 手機

  • CPE

  • IOT/AIOT

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  • Infrastructure

  • Data Center

  • AP/Router

  • Modem

TXC Confidential and Proprietary

18

網通設備相關石英元件產品方案

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1 Ultra Stability SMD SC-Cut OCXO (9.7x7.5mm)+/-10ppb

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Ultra Stability S3 TCXO (7.0x5.0mm, 5.0x3.2mm); 2 +/-100ppb 3 High Frequency, XO/VCXO (7.0x5.0mm); Up to 2.1GHz, ultra low jitter 0.15pS 4 Ultra Low Phase Noise VCXO (3.2x2.5mm); Close-in phase noise -80dBc/Hz 5 High Frequency Crystal (MESA 3.2x2.5mm); 200MHz

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TXC Confidential and Proprietary

19

網通設備相關石英元件產品方案

Connected City Connected Things Connected Health Connected House Connected People Connected Car Refer to Automotive Solution MHz Crystal TSX (TH+Xtal) OSC (Differential/CMOS/HCSL) Active Low EMI CMOS OSC Miniature & Low Profile Miniature & Low Profile Low Phase Noise  -100dBc/Hz @ 10Hz; Reduced Electromagnetic Interference 1.0x0.8x0.30 (mm) 1.6x1.2x0.55 (mm) Miniature 2.5x2.0x0.75 (mm) Miniature 2.0x1.6x0.75 (mm) WiFi, BT, BLE, NFC LTE, 5G Modem High Speed, Low Noise Transmission * ADAS, Camera Module*

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TXC Confidential and Proprietary

20

小型化、薄型化石英元件

Miniature and low profile 1.0x0.8x0.3mm Crystals for Compact size module applications

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Source: ublox, OriginGPS
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GNSS/GPS WiFi, BT/BLE, ZigBee Module Module

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Module
Applications
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Miniature and low profile 1.6x1.2mmx0.6mm Oscillators

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TXC Confidential and Proprietary

21

光感測元件

Single Aperture Combo Light Sensor (ALS/RGB+PS) 2.5x2.0mm

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Slim Bezel

Combo Light Sensor (ALS/RGB+PS) 3.4x1.2mm

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Miniature Proximity Sensor 2.0x1.6mm

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TXC Confidential and Proprietary

22

TXC 車用聚焦產品與方案

Infotainment & Telematics System Crystal/XO: 5-10 units

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Multimedia V2X
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Safety Electronic System
Crystal/XO: 8-14 units
BMS/OBC/Inverter
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EPS
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Tire Pressure Monitoring System Crystal: 5 units (4T & 1R)

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TPMS
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Security Electronic System Crystal/XO: 7-12 units Cluster Smart Key

Advanced Driver Assistance System Crystal/XO: 10-16 units

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77/79G
ADAS Camera Radar
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Crystal (AEC-Q200 Compliant)

Glass (G0)

Seam (G1)

TSX (G2)

AX(8.0x4.5mm, 2pad) AB(5.0x3.2mm, 4pad) AA(5.0x3.2mm, 2pad) AM(3.2x2.5mm, 4pad) AV(3.2x2.5mm, 2/4 pad) AZ(2.5x2.0mm, 4pad) AR(2.0x1.6mm, 2pad) AY(2.0x1.6mm, 4 pad) AJ(1.6x1.2mm, 4 pad)

AE(2.5x2.0mm, 4pad) AF(2.0x1.6mm, 4pad) AG(1.6x1.2mm, 4pad)

[Oscillator (AEC-Q100 ] Compliant) XO (G1)

TCXO (G2)

AU(3.2x2.5mm, CMOS) AQ(3.2x2.5mm, CS) AW(2.5x2.0mm, AL(2.5x2.0mm, CS) CMOS) AK(2.0x1.6mm, CS) AN(2.0x1.6mm, CMOS) A5(1.6x1.2mm, CMOS)

G0: -40 to 150 ºC G1: -40 to 125 ºC G2: -40 to 105 ºC G3: -40 to 85 ºC

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TXC Confidential and Proprietary

23

車用輔助系統影像方案

Automotive

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Active Low EMI OSC Module
Automotive G1
2.5x2.0mm
2.0x1.6mm
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Source: Yole, Tesla, Sony
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TXC Confidential and Proprietary

24

問與答 法人說明會

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TXC Confidential and Proprietary

25

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