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TXC Interim / Quarterly Report 2015

Dec 3, 2015

52274_rns_2015-12-03_e95da5cf-340f-4cc5-819f-a42ff4288804.pdf

Interim / Quarterly Report

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www.txccorp.com

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Think of Frequency Think of Investment Conference Dec., 2015

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Think of Frequency, Think of TXC

1

Content

  • FINANCIAL RESULTS

SALES & MARKETING

BUSINESS HIGHLIGHT

Q&A

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2

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3

Revenue Trend

Unit: $NT in Million

0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000		 2012:
10928		 2012:
10928		 2012:
10928		 2012:
10928		 2013:
4		 2013:
4		 2013:
4		 2014:
2		 2014:
2		 2014:
2
,
(+10.42%)
2,394
2,579
2,974
2,981		 2,327 2,331 9,50
(-13.03%)
2,446
2,400
2,166		 2,358 9,56
(+0.23%)
2,519
2,483
2,135		 2,219 2,417
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
Revenue(QoQ) ‐8.1% 7.7% 15.3% 0.2% ‐21.9% 0.2% 4.9% ‐1.9% ‐9.8% 8.9% 6.8% ‐1.4% ‐14.0% 3.9% 8.9%
Revenue(YoY) 3.1% 4.2% 19.2% 14.4% ‐2.8% ‐9.6% ‐17.8% ‐19.5% ‐6.9% 1.2% 3.0% 3.5% ‐1.4% ‐5.9% ‐4.0%

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4

Gross Profit Trend

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Unit: $NT in Million
25.5%
Gross 24.3% 24.6% 24.0%
Margin 24.1% 25.0%
22.9% 22.9% 24.2%
23.5%
22.1%
22.9%
22.8%
22.4%
21.8%
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
2012: 2013:
2014:
2,508 2,194
2,331
Gross (+4.46%) (-12.52%)
800 (+6.24%)
Profit 682 683
700 621 609 634
600 522 522 566 557 549 509 579 533 581
491
500
400
300
200
100
0
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
Gross Profit (QoQ) ‐10.9% 19.0% 9.8% 0.1% ‐23.6% 8.4% ‐1.6% ‐1.4% ‐7.3% 13.8% 5.2% 4.1% ‐15.9% ‐7.9% 18.3%
Gross Profit (YoY) ‐9.4% 2.0% 8.3% 16.6% 0.0% ‐8.9% ‐18.3% ‐19.6% ‐2.5% 2.3% 9.3% 15.5% 4.7% ‐15.2% ‐4.6%
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5

Net Profit Trend

Unit: $NT in Million

Net
Margin
Net
Profit
‐50
50
150
250
350
450
Net Profit(QoQ)
Net Profit(YoY)		 Net
Margin
Net
Profit
‐50
50
150
250
350
450
Net Profit(QoQ)
Net Profit(YoY)		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3		 2012:
1,149
(+9.43%)
Unit: $NT in Million
2014:
995
(+6.42%)
2013:
935
(-18.62%)
199
261
363
326
209
220
264
242
222
242
268
263
221
177
286
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
8.3%
10.1%
12.2%
10.9%
9.0%
9.4%
10.8%
10.1%10.2% 10.3%
10.6%
10.6%
10.4%
8.0%
11.8%
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1
13.Q2
13.Q3
13.Q4
14.Q1
14.Q2
14.Q3
14.Q4
15.Q1
15.Q2
15.Q3
2012:
1,149
(+9.43%)
199
261
363
326
209
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1
12.Q1
12.Q2
12.Q3
12.Q4
13.Q1		 13.Q2
220 264 242 .
222
242
268
263
221
177
286
13.Q2 13.Q3 13.Q4
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3
Net Profit(QoQ) ‐23.5% 31.2% 39.1% ‐10.2% ‐35.9% 5.3% 20.0% ‐8.3% ‐8.3% 9.0% 10.7% ‐1.9% ‐16.0% ‐19.9% 61.6%
Net Profit(YoY) ‐16.0% 5.2% 19.0% 25.4% 5.0% ‐15.7% ‐27.3% ‐25.8% 6.2% 10.0% 1.5% 8.7% ‐0.5% ‐26.9% 6.7%

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6

Capital Expenditure of 2015

(Unit: $NT)

Amount:100 million SMD X’TAL *10KK

Amount:200 million SMD X’TAL / VCXO/ OCXO/ Sensors / RTC Sapphire PSS

Amount:300 million SMD X’TAL *20 KK Factory + Facility

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7

Dividend Policy

(Unit: $NT)

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6
4.88
5
4.13 4.06
4 3.56 3.48 3.79
3.02 3.21
3 2.75 2.5 2.5
1.94 1.98 2 2 2.2 2.2 2.2
2
0.97 0.99
1
0.5
0.2 0.2
0 0 0 0
0
2006 2007 2008 2009 2010 2011 2012 2013 2014
2006 2007 2008 2009 2010 2011 2012 2013 2014
Earnin Per Share 4.13 4.88 3.56 2.75 4.06 3.48 3.79 3.02 3.21
g
Cash Dividend Per Share 1.94 1.98 2 2 2.5 2.2 2.2 2.2 2.5
Stock Dividend Per Share 0.97 0.99 0.5 0.2 0.2 0 0 0 0
Share Prices(3/31) 60.6 54.6 32 52.1 55.9 43.55 44.85 40.7 40.05
Yield (%) 3.20% 3.63% 6.25% 3.84% 4.47% 5.05% 4.91% 5.41% 6.24%
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8

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9

Worldwide X’tal & Oscillator Market Updates

Worldwide X'tal & Oscillator Shipment Y2008~2017

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20,000 30%
25% 25%
20%
15,000
15%
10%
10,000 5% 2% 2% 1% 1% 5%
2% ‐2% 2% 0%
5,000 ‐5%
‐9% ‐10%
0 ‐15%
2008 2009 2010 2011 2012 2013 2014 2015(f) 2016(e) 2017(e)
WW Shipment(Million pcs) YoY
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Worldwide X'tal & Oscillator Revenue Y2008~2017

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4,000 25%
3,500 20% 20%
15%
3,000
10%
2,500
1% 5%
2,000 ‐1.4%
‐3% ‐2% 0%
1,500 ‐6.5% ‐2% ‐1%
‐5% ‐5%
1,000 ‐10%
500 ‐14% ‐15%
0 ‐20%
2008 2009 2010 2011 2012 2013 2014 2015(f) 2016(e) 2017(e)
WW Revenue(Million USD) YoY
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10

2014 World Ranked No.3

2014
Rank		 Company Name 2014
Revenue (M)		 Percent of Total
1 Epson Toyocom $449 14.1%
2 NDK $417 13.1%
3 TXC $323 10.1%
4 KCD $293 9.2%
5 KDS $264 8.3%
6 Vectron $176 5.5%
7 SiWard $99 3.1%
8 Hosonic $95 3.1%
9 Rakon $71 2.2%
10 Failong $65 2.0%
Other Companies $938 29.3%
Total Revenue $3,190 100.0%

*TXC total revenue included others

Source: TXC, CS&A 2015

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11

2014 Shipping Record

2014 Crystals & Oscillators Shipping Record

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Units Share Position
kHz Crystal 140M+ 2% No. 4
No. 1
MHz Crystal 2.2B+ 25%
XO 90M+ 12% No. 3
TCXO No. 3
173M+ 12%
VCXO No. 4
9M+ 10%
-
OCXO
5K+ <1%
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Source: TXC, CS&A 2015

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Revenue Breakdown by Market Segments

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SAPPHIRE AUTOMOTIVE
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OTHERS
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NETWORKING &
INFRASTRUCTURE
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4% 4% MOBILE
8%
COMMUNICATION
27%
27%
37%
20%
18%
MOBILE
COMPUTING
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Revenue Breakdown by Products

KHz X’tal Others

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Sapphire
5% 4%
Sensor 4%
4%
[5%] 6%
1% [4%]
XO/SO 13%
13%
11%
11%
60%
59%
TCXO
MHz X’tal
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Market Outlook – The Internet of Things is already here

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We already have smartphone, smart TVs, cars, homes, industrial equipment and many things connected to the Internet, and they can automate systems, communicate easier, and collect data for us. These networked and connected things are the Internet of Things (IoT)

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Market Driver – IoT is driven by a combination of technologies. TXC already here to provide all possible solutions to IoT

Sensors Connectivity Process Accelerometer Gyro LTE Software Pressure Bluetooth, WiFi, NFC Apps Light & Proximity GNSS E-Compass ZigBee Develop higher Continue to introduce performance, Enhance Sensors more & more sensors miniature crystals and Software capability oscillators These are TXC focuses Source: TXC, IDC Think of Frequency, Think of TXC 16

For Smartphone, Tablet, and NB, TXC provides the smallest and thinnest designed package with high performance crystals and oscillators for wireless connectivity needs

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  • 3G/4G LTE

  • • WiFi

  • BT/BLE

  • • NFC

  • GNSS

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Source: BER
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Crystal

Smallest and Thinnest 0.30mm 1.2x1.0x0.30mm

Smallest and Thinnest 1.6x1.2x0.55mm

High stability ±0.5ppm Smallest: 1.6x1.2x0.55mm

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More sensors being used in Smartphone, TXC already started to provide sensors solutions, will continue to bring out more sensors solutions

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New

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2013 Q2 launched Combo Ambient Light + Proximity Sensors (LED/VCSEL) • Smallest package 2.5x2.0mm • Slim package 4.5x0.9mm

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2015 Q2 launched

Anti-magnetic interference and low power e-Compass Sensors • 3-Axis e-Compass, 1.6x1.6mm • 6-Axis e-Compass, 2.5x2.5mm (Magnetometer + Accelerometer)

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Source: Samsung

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Wireless connectivity and sensors technologies already being used in wearable, home, and healthcare devices, these are part of TXC growth market segments

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•
3G/4G
LTE
•
WiFi
•
BT/BLE
•
GNSS
•
HiFi
Audio
•
Sensors
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Source: Apple, Fitbit, CTimes

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New
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Ambient Light + Proximity e-Compass

Crystal

Smallest and Thinnest 0.30mm 1.2x1.0x0.30mm

Smallest and Thinnest 1.6x1.2x0.55mm

High stability ±0.5ppm Smallest: 1.6x1.2x0.55mm XO Phase noise  -100dBc/Hz @ 10Hz; 2.5x2.0x0.75mm

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Small cell and Base Station, also part of TXC growth market segments

Ultra Stability ±3ppb Ultra Stability ±3ppb Stratum 3/3E Grade Stratum 3/3E

High stability ±100ppb Ultra Stability ±100ppb Stratum 3 Stratum 3

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Source: Infonetics
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Ultra Low Jitter 50fs Ultra Low Jitter  50fs High Frequency  700MHz Frequency up to 700MHz

Ultra Low Jitter 50fs Ultra Low Jitter  50fs High Frequency  800MHz Frequency up to 800MHz

Crystal High Stability ±10ppm High Stability ±10ppm Fund. Frequency  400MHz Frequency up to 400MHz 32kHz RTC High Stability ±5ppm High Stability ±5ppm Temperature Compensated Temperature Compensated

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In Automotive, TXC provides high reliability crystals and oscillators solutions comply with AEC-Q100 and 200

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standards
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ISO/TS 16949 Certified

Metal Can: -40~105ºC Glass: -40~150ºC Seam: -40~125ºC

Seam: -40~105ºC

Seam: -40~105ºC

Notes: G3:-40~85ºC / G2: -40~105ºC / G1: -40~125ºC / G0: -40~150ºC

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New Opportunities: Professional drones require estimated 6 X’tals, 1 XO, and 1 TCXO

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New Opportunities: Head Mount Displays (HMD) require estimated 3~10 X’tals & 1 ~2 Sensors

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LED & PSS Market Trend

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Ref.: LED Forum, Epistar, Mar 25, 2015

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LED & PSS market keeps growth.
And no obvious replace tech. in short term.
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Ref.: LED inside, July, 2014

24

2015 LED Business Strategy

2015 Strategy: Stable growth

  • 2015 major product is 4”PSS

  • Develop and start 6”wafer and PSS sale

  • Focus on Taiwan major customer and develop China market

  • Improve product quality, yield and manufacturing efficiency

  • Improve cost structure

  • 2015 4”PSS shipment target is 400k， YoY +100%

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Wafer, 5%
Others,
1%
Wafer,
12%
PSS, 87%
PSS, 95%
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26

Summary

Q4 revenue will grow stably. Price Pressure incurs due 01 to competition. Gross margin is maintained and supposed to be 02 similar with 2014. New automotive, networking, Internet of things (IoT), 03 wearable device, head mount displays (HMD) and drones related products will bring new business. New products develop continuously and will bring new 04 opportunity.

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27

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Thank you

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28

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