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TXC Interim / Quarterly Report 2017

Mar 20, 2018

52274_rns_2018-03-20_5ffbaaa2-547e-47cd-be5f-410910153b57.pdf

Interim / Quarterly Report

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法人說明會 107年三月

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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 營收穩定成長

單位 : 新台幣百萬元

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14.Q1 14.Q2 14.Q3 14.Q4 15.Q1 15.Q2 15.Q3 15.Q4 16.Q1 16.Q2 16.Q3 16.Q4 17.Q1 17.Q2 17.Q3 17.Q4
Revenue(QoQ) -9.8% 8.9% 6.8% -1.4% -14.0% 4.0% 8.9% 3.2% -15.4% 8.3% 13.9% 1.7% -19.3% -0.9% 7.2% 0.1%
Revenue(YoY) -6.9% 1.2% 3.0% 3.5% -1.4% -5.9% -4.1% 0.5% -1.2% 2.9% 7.6% 6.0% 1.1% -7.5% -12.8% -14.2%

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TXC Confidential and Proprietary

3

每季財務績效 營業毛利

單位 : 新台幣百萬元

毛利率(%)

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28.9%
28.3%
26.1% 26.5%
25.5% 25.3%
24.6% 24.3%
24.8%
25.0%
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24.0% 23.6% 23.5%
23.5%
22.1%
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Gross Profit(QoQ) -7.3% 13.8% 5.2% 4.1% -15.9% -8.0% 18.4% 8.6% -3.3% -7.3% 20.0% 3.2% -13.9% -14.9% 4.3%
Gross Profit(YoY) -2.5% 2.3% 9.3% 15.5% 4.8% -15.3% -4.6% -0.5% 14.4% 15.2% 16.8% 11.0% -1.1% -9.2% -21.1%

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每季財務績效 稅後淨利

單位 : 新台幣百萬元

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15.1%
純益率%
11.7%
11.8%
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10.4%
10.3% [10.6% 10.6% ] 10.4% 10.2% [10.7% ]
10.0%
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8.0% 8.0%
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Net Profit(QoQ) -8.3% 9.0% 10.7% -1.9% -15.9% -19.9% 61.5% -11.0% -11.1% -6.3% 27.3% 14.3% 4.1% -47.5% 34.8% 8.3%
Net Profit(YoY) 6.2% 10.0% 1.5% 8.7% -0.4% -26.9% 6.7% -3.3% 2.3% 19.7% -5.6% 21.3% 42.0% -20.5% -15.8% -20.3%

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TXC Confidential and Proprietary

5

重要財務指標

損益表

單位:新台幣仟元 2015 2016 2017 年變化%
營業收入 9,265,656 9,637,101 8,781,552 -8.9%
營業毛利 2,235,175 2,554,069 2,186,077 -14.4%
營業淨利 908,335 1,114,394 802,056 -28.0%
稅前淨利 1,087,610 1,192,272 1,074,933 -9.8%
稅後淨利
(歸屬於母公司業主)		 938,203 1,016,164 962,655 -5.3%
營業毛利率(%) 24.1% 26.5% 24.9%
營業淨利率(%) 9.8% 11.6% 9.1%
稅前淨利率(%) 11.7% 12.4% 12.2%
純益率(%) 10.1% 10.5% 11.0%
基本每股盈餘(新台幣元) 3.03 3.28 3.11

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重要財務指標 資產負債表

單位:新台幣仟元 2015 2016 2017
現金及約當現金 2,727,944 2,092,897 2,331,366
應收帳款 2,878,003 3,033,271 2,585,287
存貨 1,534,026 1,520,049 1,504,066
流動資產 8,573,807 8,818,130 7,983,192
不動產、廠房及設備 4,570,352 4,277,905 4,369,810
總資產 15,580,415 14,841,968 13,402,799
流動負債 3,444,554 3,156,105 2,276,802
非流動負債 1,396,615 1,912,681 1,961,406
總負債 4,841,169 5,068,786 4,238,208
合併股東權益 10,739,246 9,773,182 9,164,591
平均收現日數 114 112 117
平均銷貨日數 83 79 84
流動比率(%) 248.9% 279.4% 350.6%
負債比率(%) 31.1% 34.2% 31.6%
每股淨值(元) 34.67 31.38 29.45

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7

每股盈餘與每股股利 穩定股利政策與高配息率

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每股盈餘 3.48 3.79 3.02 3.21 3.03 3.28 3.11
現金股利 2.2 2.2 2.2 2.5 2.5 2.8
股價(Apr. end) 43.55 46 43.55 39.9 41.1 44.5
股息發放率(%) 63.22 58.05 72.84 77.88 82.51 85.37
殖利率(%) 5.05 4.78 5.05 6.27 6.08 6.29

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TXC Confidential and Proprietary

8

資本支出 擴充產能規模、滿足市場需求

金額: 2.5億

單位: 新台幣元

  • MEMS

  • Oscillators

金額: 3.8億

  • SMD Crystal

  • • Facility

金額: 2.3億

  • SMD Crystal

  • • ACAP Crystal

總金額: 8.6億

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TXC Confidential and Proprietary

9

Roads to New Growth 趨勢, 機會, 成長

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10

石英元件產值

CS&A conservatively projected CAGR 0.62% which is about US$3.1B to 3.2B (Optimistic at US$4B TAM)

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XTAL & OSC Total YoY
3,500 1.10% 1.20%
3,000 1.00%
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0.74% 0.80%
2,000 0.67%
0.60%
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2015 2016 2017 2018 2019 2020
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IoT will drive the timing market growth – CISCO projected US$50B IoT devices by 2020. Growth market segments; Automotive, Smartphone & Wearable, Smart Home, Data Center, 5G

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TXC Confidential and Proprietary

11

市場需求 頻率與感測元件預估穩定成長

Global Timing Market

Estimated to reach US$3.8 billion by 2020 CAGR 4.2% (2015~2020)

TXC YoY 4% (NT$)

Forecasted 28 billion units by 2020 CAGR 8.5% (2015~2020)

TXC YoY (12%)

Source: CS&A, TXC

Cons:

MCU and AP integration will reduce the use of timing

Global Light Sensor (Ambient, Color, Proximity) Market in Smartphone, NB, Tablets, Wearables

Estimated to reach US$ 2.14 billion by 2022 CAGR 9.3% (2016 and 2022)

TXC great opportunity to grow

Forecasted 6 billion units by 2022 CAGR 18% (2016~2022)

Source: IHS, Yole, TXC

Cons:

Pros:

Everything connected is driving the timing growth

Sensors integration will reduce the use of standalone sensor

Pros:

Everything sense is driving the sensors growth

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12

市場排名 TXC #3 in Global, #1 in China

2015
Rank		 2016
Rank		 Company Name Revenue (M) Revenue (M) Revenue (M) Market Share (%) Market Share (%)
2015 2016 Percent
Change		 2015 2016
1 1 Seiko Epson $427 $409 -4.2% 13.8% 12.9%
2 2 NDK $338 $357 5.4% 10.9% 11.3%
3 3 TXC $302 $310 2.8% 9.7% 9.8%
4 4 KCD $301 $287 -4.5% 9.7% 9.1%
5 5 KDS $201 $212 5.5% 6.5% 6.7%
6 6 Vectron $163 $160 -2.0% 5.3% 5.1%
7 7 SIWARD $95 $103 8.8% 3.1% 3.3%
8 8 Hosonic $91 $94 2.8% 2.9% 3.0%
N/A 9 MegaChips $35 $73 108.6% 1.1% 2.3%
10 10 Murata $69 $72 5.0% 2.2% 2.3%
Others $1,080 $1,088 0.7% 34.8% 34.2%
Total Revenue $3,102 $3,165 2.0%

TXC started to gain Ambient Light Sensors market share, shipped over 120M units to Tier 1 Smartphones

Top 4 Suppliers for high-end smartphone AMS (TAOS, Heptagon) Broadcom (Avago) ROHM

TXC

TXC great opportunity to grow

(CS&A)

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物聯網連結應用

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Today
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They are capable of these… Sense > Connect > Communication > Analytics > Actions > Value They built-in these…

Sensors Sensors Timing Timing (TXC) (TXC)

Technology (Wireless) 4G/5G BT, WiFi, etc

A.I. Lock/ Unlock Lock/ Unlock Real time, Security, etc. Clouds (TSE Solenoid) Software/Apps

(August)

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TXC Confidential and Proprietary

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趨勢 數位化已存在，且趨向智慧化

The path to connect anything and anywhere is on going > Massive Internet of Things (大規模互聯網)

New mission-critical control services being introduced > Mission-Critical Control (關鍵任務服務)

Moving into the era of immersive experiences, and hyper connectivity > Enhanced Mobile Broadband (增強移動寬帶)

(Qualcomm)

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15

數位與智能 數據不斷成長, 人工智慧時代來臨

Mobile data will Data Storage will Big Data 6.4M Apps 30B grow grow to 1.8 volumes will reach available as of connected devices 18-fold in 5 years Zettabyte (1000[7] ) 247 Exabyte today, by 2020 (Cisco) By 2020, (1000[6] ) by 2020, CAGR 40% (IDC) CAGR 40% CAGR 58% (Statista) (Cisco) (Cisco) Mobility Cloud Big Data Apps Internet of Things

Intelligent Networks

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16

高傳輸速度, 高傳輸量 加速進入5G世代

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Multiple networks
Smart grid and monitoring Higher system capacity Multiple RATs
Smart cities (1000x capacity/km [2 ] Tough to have one-for-all
深刻體驗 mHealth Scalability 高密度
Automotive Cost-efficiency
Energy savings, Fitness Reduced latency Automated system management 高覆盖率
High resolution video/ Games/ Entertainment Coverage
cost reductionsPublic safety (<1 ms)HetNets
Green networks – low power
Virtualized networks
Tight sync for OFDM-based radio
Too much overhead for some traffic types 高容量 Cell edge problems 5G
IoT=Everything connected
Latency reductioReliability n Low power 低能耗
Mission critical integration
低成本 Targets Mobility D2D=Direct Communication between devices
Integration of overlaying cells Uplink too thin Higher data rate 4G  5G Massive device connectivity Universal software 攜帶性
超低延迟 More interferences Higher mobility (100x connected devices )
(100x typical data rate) Unsynchronized assignment for some apps
Base station still close to UE
Many applications each with different set of QoE Non-orthogonal signaling for some aps
Higher throughputs for some apps: 100x but still equalization in frequency domain 高可靠性
Lower latency for other apps: <1 ms 高傳輸速率 Massive MIMO = more MIMO
Higher netwrok capacity: 1000x More Carrier Aggregation 高安全性
Massive device connectivity: 100x TXC More interference coordination
Become the leader in 5G by delivering high quality, high performance, or cancelation (simultaneous TX/RX) More internode coordination
Beamforming
highly integrated timing and sensing solutions – zero risk concept
Network coding
(Qualcomm, IS Wireless)
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4G, 5G 與其他無線傳輸將共存

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(IS Wireless)

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機會 萬物互聯網時代來臨

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Drive the Timing and Sensing growth vs. Time for market adoption, change, regulation, etc.

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(Qualcomm)

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物聯網 頻率元件 (Crystal & Oscillator)

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(IDC)
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TXC #3 in Global Timing Market

  • Total Timing solutions provider

  • • Market leader in product miniaturization and integration

Coming in 2017

  • Miniature Crystals & Oscillators

  • Wide Temperature Range Crystals & Oscillators

  • High Frequency & Ultra Stability Oscillators

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20

物聯網 感測元件

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(IDC)
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TXC #1 to launch Smallest & High Performance

Ambient Light + Proximity Sensor in 2.5x2.0mm ceramic package

Coming in 2017

  • Color + Proximity Sensor

  • • PM2.5 Sensor Module

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21

成長動力 物聯網

NFC, BT, ZigBee, RF4CE Miniature Xtal (1210) Low package profile, low ESR

WiFi Module Low Profile Xtal (1210) High drive, low ESR, wide temp (105C)

Wireless Module

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Optical Sensor Module Miniature ALS+PS (2520) Single aperture and slim bezel smartphone Miniature Color+PS (2520) Single aperture and slim bezel smartphone

GNSS Module Miniature TCXO (1612) Low profile, low voltage, wide temp (105C)

5G Modem

Miniature TSX (1612) High frequency, high drive level Miniature VCTCXO (1612) High stability, wide temp (105C)

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Particulate Matter Sensor Module Miniature PM2.5 Sensor Module

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High accuracy, integrated humidity and temperature sensors for environment monitor and control

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22

成長動力 5G 基地台, 微型基地台與網通設備

5G & Synchronization RRU (Radio Remote Unit) Close-in Ultra Low Phase Noise VCXO (3225) BBU (Baseband Unit) Ultra Stability OCXO (1409, 9775) Ultra stability Stratum 3 TCXO (5032) High Freq. Stratum 3 TCXO (1409)

Data Center & Synchronization High Freq. up to 2.1GHz & Ultra Low Jitter XO and VCXO (7050)

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23

成長動力 汽車應用

Infotainment & Telematics

Car audio Glass AR(2016) WiFi/BT combo Seam AJ(1612) GPS TSX AF(2016) GPS/WiFi/BT TCXO AK(2016)

ADAS, V2X, Self-Driving Surround View XO AW(2520) Rear/Front View XO AN(2016) Radar (LR/SR) TCXO AL(2520)

Security Electronic System

BCM(MCU) Glass AX(8045) BCM(MCU) Glass AV(3225) Cluster XO AW(2520)

Safety Electronic System TPMS Seam AJ(1612) BMS XO AU(3225)

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ADAS

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新產品 小型化、創新與高度整合

Highly Integrated, Smallest, Ultra Stability Oven Controlled Crystal Oscillator (OCXO) integrated in 9x7mm SMD package (Heater Ceramic Package Patented)

Highly Integrated, Smallest, High Performance Color+Proximity Sensor integrated in 2.5x2.0mm ceramic package (3D Stacking Ceramic Package Patented)

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Baseband Radio Access Network, mall Cell, Synchronous Networks (IEEE 1588, SyncE)

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Smartphone, Tablet, Wearables, Camera, IoT

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總結 創造客戶價值、達成成長目標

Key Business Segments

  • IoT

  • Automotive

  • • 5G and Networking

1. Focus on new growth to achieve sales

2. Collaboration to accelerate technology and innovation development to achieve time to market

3. Highly market-driven strategy and trend alignment to maintain market leadership

4. Product mix and bundle strategy to achieve greater profits

5. Investment in facilities, technologies, and employees are crucial to achieve high standard of quality & performance, zero defect risk, and professional

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26

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Notice of Dividend Amount 2026
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Declaration of Voting Results & Voting Rights Announcements 2026
May 27
Declaration of Voting Results & Voting Rights Announcements 2026
May 27
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