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TXC — Interim / Quarterly Report 2016
Mar 15, 2017
52274_rns_2017-03-15_a98c4713-535f-42e7-820b-e9be78e58d8b.pdf
Interim / Quarterly Report
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www.txccorp.com
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法人說明會 106/3/16
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1991 1999 2013
Automotive ISO/TS16949 Automotive ISO/TS16949
Taiwan, Ping Cheng (PCF) China, Ningbo (NGB) China, Chongqing (CKG)
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•
3
manufacturing facilities
•
200+
automated production lines
•
310M+
monthly capacity
•
2 R&D centers (PCF, NGB)
•
400+
engineers
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Crystals Oscillators & Modules Sensors
Metal Can Glass Seal Crystal Oscillators SAW Oscillators Optical Sensors
(XO) (SO) (Ambient Light+Proximity)
Seam Seal Tuning Fork Voltage Controlled Oscillators CompensatedTemperature Strategic
(VCXO) Oscillators Innovation
(TCXO/S3TCXO)
Temperature Sensor Crystal Oven Controlled Real Time Clock
(TSX) Oscillators (RTC)
(OCXO)
Automotive Applications
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Notebook
Mobile Phone Bluetooth Earphone
Personal Stereo Crystals
Hard Drive
Automotive
Oscillators
Back-drift Radar Crystals
Monitor
Sensors
Tire Pressure Sensor
Digital Camera
Game Console
GPS
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Worldwide Crystal and Oscillator Forecast (Source: CS&A)
| kHz Crystal |
19.6% | 20.9% | 21.4% 21.7% 21.8% |
|---|---|---|---|
| MHz Crystal |
36.3% | 36.5% | 36.8% 36.9% 37.1% |
| XO | 12.9% | 13.0% | 13.0% 13.1% 13.1% |
| TCXO | 18.3% | 17.2% | 16.4% 15.8% 15.3% |
| VCXO | 7.4% | 7.1% | 7.1% 7.1% 7.1% |
| OCXO | 5.5% | 5.4% | 5.4% 5.4% 5.5% |
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Worldwide Crystal and Oscillator Forecast (Source: CS&A)
| kHz | ||||
| Crystal | 6,089 | 6,394 | 6,617 6,816 |
6,952 |
| MHz | ||||
| Crystal | 8,897 | 8,986 | 9,211 9,395 |
9,583 |
| XO | 765 | 776 | 792 807 |
824 |
| TCXO | 889 | 867 | 849 832 |
816 |
| VCXO | 88 | 87 | 88 90 |
92 |
| OCXO | 3.12 | 3.08 | 3.13 3.19 |
3.26 |
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| Company | Rank | Revenue (M, | Revenue (M, | USD) | Market Share |
|||
|---|---|---|---|---|---|---|---|---|
| 2013 | 2014 | 2015 | 2013 | 2014 | 2015 | 2015 | ||
| Epson | 1 | 1 | 1 | 500.10 | 449.00 | 427.00 | 13.8% | |
| NDK | 2 | 2 | 2 | 432.52 | 417.86 | 338.36 | 10.9% | |
| TXC | 3 | 3 | 3 | 326.00 | 323.00 | 301.50 | 9.7% | |
| KCD | 4 | 4 | 4 | 297.65 | 295.00 | 300.51 | 9.7% | |
| KDS | 5 | 5 | 5 | 259.65 | 214.08 | 201.24 | 6.5% | |
| Vectron | 6 | 6 | 6 | 169.80 | 176.60 | 163.35 | 5.3% | |
| SIWARD | 7 | 7 | 7 | 95.50 | 99.50 | 94.53 | 3.0% | |
| Hosonic | 9 | 8 | 8 | 93.50 | 95.10 | 91.40 | 2.9% | |
| RIVER | 10 | 13 | 9 | 66.06 | 59.45 | 77.28 | 2.5% | |
| Murata | 12 | 11 | 10 | 59.32 | 60.00 | 69.00 | 2.2% | |
| Others | 1,039.2 | 33.5% | ||||||
| Total | 3,101.8 | 100% |
(Source: CS&A)
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Unit: NT$ Million
| ~~14Q1~~ | ~~14Q2~~ | 2014: 9,526 (+0.23%) ~~14Q3~~ ~~14Q4~~ ~~15Q1~~ |
2014: 9,526 (+0.23%) ~~14Q3~~ ~~14Q4~~ ~~15Q1~~ |
2014: 9,526 (+0.23%) ~~14Q3~~ ~~14Q4~~ ~~15Q1~~ |
~~15Q2~~ | ~~15Q3~~ | 2015: 9,266 (-2.73%) ~~15Q4~~ ~~16Q1~~ |
2015: 9,266 (-2.73%) ~~15Q4~~ ~~16Q1~~ |
~~16Q2~~ | 2016: 9,637 (+4.00%) ~~16Q3~~ ~~16Q4~~ 13.8% 1.7% 7.6% 6.0% |
2016: 9,637 (+4.00%) ~~16Q3~~ ~~16Q4~~ 13.8% 1.7% 7.6% 6.0% |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue(QoQ) | ~~.~~ ‐9.8% |
~~.~~ 8.9% |
~~.~~ 6.8% |
~~.~~ ‐1.4% |
~~.~~ ‐14.0% |
~~.~~ 3.9% |
~~.~~ 8.9% |
~~.~~ 3.2% |
~~.~~ ‐15.5% |
8.3% | 13.8% | 1.7% |
| Revenue(YoY) | ‐6.9% | 1.2% | 3.0% | 3.5% | ‐1.4% | ‐5.9% | ‐4.0% | 0.5% | ‐1.2% | 2.9% | 7.6% | 6.0% |
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| 毛利 毛利率 |
~~14Q1~~ | 23.5% | 24.6% |
24.2% 25.5% 25.0% |
24.2% 25.5% 25.0% |
24.2% 25.5% 25.0% |
22.1% 24.0% 25.3% 28.9% |
22.1% 24.0% 25.3% 28.9% |
22.1% 24.0% 25.3% 28.9% |
24.7% | 2016: 2,554 (+14.27%) ~~16Q3~~ ~~16Q4~~ 20.2% 3.1% 16.9% 11.1% 26.1% 26.5% 16Q3 16Q4 Unit: NT$ Million |
2016: 2,554 (+14.27%) ~~16Q3~~ ~~16Q4~~ 20.2% 3.1% 16.9% 11.1% 26.1% 26.5% 16Q3 16Q4 Unit: NT$ Million |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ~~14Q2~~ 14.Q1 |
~~14Q3~~ 14.Q2 |
2014: 2,331 (+6.24%) ~~14Q4~~ ~~15Q1~~ ~~15Q2~~ 14.Q3 14.Q4 15.Q1 15. |
2015: 2,235 (-4.12%) ~~15Q3~~ ~~15Q4~~ ~~16Q1~~ Q2 15.Q3 15.Q4 16.Q1 |
~~16Q2~~ 16Q2 |
||||||||
| Gross Profit(QoQ) | ~~.~~ ‐7.3% |
~~.~~ 13.8% |
~~.~~ 5.2% |
~~.~~ 4.1% |
~~.~~ ‐15.9% |
~~.~~ ‐7.9% |
~~.~~ 18.3% |
~~.~~ 8.4% |
~~.~~ ‐3.2% |
‐7.4% | 20.2% | 3.1% |
| Gross Profit(YoY) | ‐2.5% | 2.3% | 9.3% | 15.5% | 4.7% | ‐15.2% | ‐4.6% | ‐0.6% | 14.4% | 15.1% | 16.9% | 11.1% |
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Unit: NT$ Million
淨利率
2014: 2015: 2016:
淨利 995 938 1,015
(+6.42%) (-5.73%) (+8.21%)
14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3 15.Q4 16.Q1 16Q2 16Q3 16Q4
Net Profit (QoQ) ‐8.3% 9.0% 10.7% ‐1.9% ‐16.0% ‐19.9% 61.6% ‐11.2% ‐11.0% ‐6.2% 26.4% 15.3%
Net Profit (YoY) 6.2% 10.0% 1.5% 8.7% ‐0.5% ‐26.9% 6.7% ‐3.4% 2.3% 19.8% ‐6.3% 21.7%
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Automotive
Automotive
Sapphire 4% Sapphire 4%
Others
5% 5%
Others IOT 7% IOT
7% 5% 5%
Mobile
Comm.
Mobile
26%
Comm.
Networking
24%
Networking 36%
Automotive
36% Sapphire
5% Mobile
Mobile 4%
Others
Computing
Computing IOT
6% 17%
19% 5%
Mobile
Networking
Comm.
35%
32%
Mobile
Computing
13%
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| 0 1 2 3 4 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
(Unit: $NT) 3.48 3.79 3.02 3.21 3.03 3.27(F) 2.2 2.2 2.2 2.5 2.5 - 43.55 46.00 43.55 39.90 41.10 - 63.22 58.05 72.84 77.88 82.51 - 5.05 4.78 5.05 6.27 6.08 - 2.2 2.2 2.2 2.5 2.5 2011 2012 2013 2014 2015 EPS Cash Dividends 2016 |
|---|---|---|---|---|---|---|
| Earning Per Share |
3.48 | 3.79 | 3.02 | 3.21 | 3.03 |
3.27(F) |
| Cash Dividend Per Share |
2.2 | 2.2 | 2.2 | 2.5 | 2.5 | - |
| Stock Price (4/E) |
43.55 | 46.00 | 43.55 | 39.90 | 41.10 | - |
| Payout Ratio(%) | 63.22 | 58.05 | 72.84 | 77.88 | 82.51 | - |
| Yields(%) | 5.05 | 4.78 | 5.05 | 6.27 | 6.08 | - |
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NGB (Unit: $NT)
Amount: 530M
PCF
TCXO/ Sensors /
Amount: 350M
New Products
SMD X’TAL 8KK
ACAP X’TAL
2015
CKG
NGB
Total Amount:
CKG
600 million
Amount: 80M
SMD X’TAL: 10KK
ACAP X’TAL
Factory + Facility
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高精準
小型化
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Source: TXC
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消費性電子、通訊與網路設備、車用電子仍是相對 成長快速的產業
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(Source: MARKETANDMARKETS)
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Source: IDC
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400 30%
26% 365.03
350 其他健身監測器
25%
322.69
運動手錶
300
274.59 胸部扣帶
18% 20%
250 18% 智慧服飾
232.01
智慧腕帶
200 183.79 13% 15%
藍牙耳機
150
10% 穿戴式攝影機
100 頭戴式顯示器(HMD)
5% 智慧型手錶
50
YoY
0 0%
(Unit: KK) 2014 2015 2016 2017 2018
(Source：DIGITIMES)
-2017年預估出貨量逼近3.2億台，智慧型手錶/手環
整體銷售成長快速
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Worldwide Mobile Phone Market by Device Type，2014-2020
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1,800 35%
31% 1,570 [1,621 1,657 1,678 ]
1,600 1,440 1,501 30%
1,400 1,297
25%
1,200
1,000 20%
800 11% 15%
600
10%
400 4% 5%
3%
200 2% 1% 5%
0 0%
2014 2015 2016(e) 2017(f) 2018(f) 2019(f) 2020(f)
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-SAMSUNG、Apple的微幅衰 退、中國手機市佔持續擴大
-Top 10中，陸系業者佔7席， Huawei/Oppo/Vivo分佔三至 五名
(Source：DIGITIMES)
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2016(e) 2017(f) YoY
350 25.00%
17.90% [18.60%] 17.10%
20.00%
300
11.90%10.60% 10.50% 15.00%
250 6.60%
4.40% 10.00%
2.20%
200 5.00%
150 0.00%
-5.00%
100
-10.00%
-16.50%
50
-15.00%
- -20.00%
(Unit: KK) (Source：TrendForce)
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PA246 Slim Bezel MI Mix
PA22X Invisible Window Samsung Note7
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PA22R RGB
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PAXXX RGB+ToF
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10x to 100x faster 10x faster, max speed 10.53Gbps Source: Inter Digital
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+28%
-汽車電子產品比重增加，新應用帶動零組件需求
120 6% 6%
5% 5%
111
100 107 5%
104
100
95 4%
80 87 90 4% 4%
84
81
77
4% 3%
4%
60 3% 3%
40 2%
20 1%
0 0%
(Unit: KK) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
全球汽車銷售量預估，2011-2020
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Crystals
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•
1210 Crystal (bevel) 1210 Crystal (Bi-Mesa) Small, high
performance crystals
1612 High Q/High DLD Crystal
for cellphones
•
1210 32.768kHz Tuning Folk (4 pads) Wide temperature
Crystal
Products 1612 TSX with high DLD range crystal and
TSX for automotive
6035 SMD SC-Cut Crystal applications
Automotive TSX up to 105°C Automotive crystals up to 150°C
Oscillators
•
Low phase noise XO,
9775 OCXO ±5~20ppb
S3-TCXO, and OCXO
Low Phase Noise S3 TCXO with extended temperature for telecomm
applications
Oscillator Low Profile/High thermal shock resistant TCXO •
Thin/robust TCXO for
Products
Low Jitter PLL XO up to 2.1GHz(7050) high-end cellphones
•
Wide temperature
Low Phase Noise VCXO (7050/5032)
range XO and TCXO
Automotive XO up to 125°C for automotive
applications
PM2.5 Sensing Devices PM2.5 Sensing Modules
Sensors
Sensor 3-in-1 RGB/Proximity Sensors Small PS
•
Products Optical sensors for
3-in-1 Sensors for cellphone
no-hole top plates
applications
•
PM2.5 modules
2017 Q1 Q2 Q3 Q4
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