TXC — Interim / Quarterly Report 2019

Nov 21, 2019

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法人說明會 108年11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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4,000 2017 2018 2019’Q 1~Q3
NT$ 8,782M NT$ 8,156M NT$ 5,996M
3,500 (yoy -8.9%) (yoy -7.1%) (yoy -0.04%)
3,000
2,428
2,500 2,267 2,269 2,267
2,133 2,114 2,158
1,945
1,869 1,862
2,000
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
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TXC Confidential and Proprietary

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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
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
2017 2018 2019’Q1~Q3
NT$ 2,186M NT$ 1,828M NT$ 1,393M
(yoy -14.4%) (yoy -16.4%) (yoy +3.8%)
800
603 597
600 535 534
513 513
486
456
415 415
400 339
200
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3
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TXC Confidential and Proprietary
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4

純益率%

稅後淨利

每季財務績效

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15.1%
稅後淨利 單位 : 新台幣百萬元
10.8%
10.7%
10.0%
9.4%
9.7%
8.0%
7.0%
6.2%
4.8%
4.5%
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3
400
2017 2018 2019’Q1~Q3
350 321 NT$ 963M NT$ 644M NT$ 449M
(yoy -5.3%) (yoy -33.1%) (yoy +1.6%)
300
246 242
234
250 227
203
200
169
137
150
116
84
100 78
50
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3
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單位 : 新台幣百萬元

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TXC Confidential and Proprietary

5

合併損益表

單位：$NT 仟元	2016	2017	2018	2019 Q1	2019 Q2	2019 Q3	2019Q1~Q3
營業收入	9,637	8,782	8,156	1,623	1,945	2,428	5,996
營業毛利	2,554	2,186	1,828	339	456	597	1,393
營業淨利	1,114	802	533	58	133	221	412
營業外收入及支出	78	273	200	29	28	42	99
稅前淨利	1,192	1,075	733	86	161	263	510
稅後淨利 (歸屬於母公司業主)	1,016	963	644	78	137	234	449
基本每股盈餘(新台幣元)	3.28	3.11	2.08	0.25	0.44	0.76	1.45
營業毛利率(%)	26.5%	24.9%	22.4%	20.9%	23.4%	24.6%	23.2%
營業淨利率(%)	11.6%	9.1%	6.5%	3.6%	6.8%	9.1%	6.9%
營業費用率(%)	14.9%	15.8%	15.9%	17.4%	16.6%	15.5%	16.4%
稅前淨利率(%)	12.4%	12.2%	9.0%	5.3%	8.3%	10.8%	8.5%
純益率(%)	10.5%	11.0%	7.9%	4.8%	7.0%	9.7%	7.5%

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TXC Confidential and Proprietary

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資產負債表

單位：$NT 仟元	2016	2017	2018	2019 Mar.	2019 Jun.	2019 Sep.
現金及約當現金	2,093	2,331	1,426	1,771	1,942	2,020
應收票據及應收帳款	3,085	2,651	2,726	2,221	2,432	2,775
存貨	1,520	1,504	1,817	1,853	1,843	1,963
流動資產	8,818	7,983	7,117	6,956	7,370	7,949
不動產、廠房及設備	4,278	4,370	4,111	4,070	3,953	3,999
總資產	14,842	13,403	12,562	12,409	12,731	13,163
流動負債	3,156	2,277	2,089	1,947	2,567	2,585
非流動負債	1,913	1,961	1,722	1,478	1,722	2,053
總負債	5,069	4,238	3,811	3,425	4,289	4,638
合併股東權益	9,773	9,165	8,751	8,984	8,442	8,525
平均收現日數	114	119	120	139	132	126
平均銷貨日數	79	84	96	130	120	112
平均付現日數	65	73	74	79	95	86
流動比率(%)	279.4%	350.6%	340.7%	357.4%	287.1%	307.5%
負債比率(%)	34.2%	31.6%	30.3%	27.6%	33.7%	35.2%
每股淨值(元)	31.55	29.59	28.25	29.00	27.25	27.52

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TXC Confidential and Proprietary

7

每股盈餘與每股股利

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單位: 新台幣元
4 每股盈餘
現金股利
3.5
3 2.8
2.5 2.5
2.5
2.5 2.2 2.2 2.2
2
2.0
1.5
1
0.5
0
20112011 20122012 20132013 20142014 20152015 20162016 20172017 20182018
每股盈餘 3.48 3.79 3.02 3.21 3.03 3.28 3.11 2.08
現金股利 2.2 2.2 2.2 2.5 2.5 2.8 2.5 2.0
股價 (Apr. end) 43.6 46.0 43.6 39.9 41.1 44.5 39.0 36.0
股息發放率(%) 63.2 58.0 72.8 77.9 82.5 85.4 80.4 96.2
殖利率(%) 5.1 4.8 5.1 6.3 6.1 6.3 6.4 5.6
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TXC Confidential and Proprietary

8

2019 資本支出計畫

單位: 新台幣元

金額: 3.4億

• MEMS

• Oscillators

• 金額: 1.5億 • SMD Crystal

• • Facility

金額: 2.3億

• SMD Crystal

• • ACAP Crystal

總金額: 7.2億

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TXC Confidential and Proprietary

9

市場展望 產值, 排名, 產品應用

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TXC Confidential and Proprietary

10

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

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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

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TXC’s 產業別銷售比重

實際 與 預估

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IoT OTHERS
Crystal, XO,
TCXO 9% 7% AUTOMOTIVE
Crystal, XO
5%
AUTOMOTIVE
OTHERS 5%
9% IoT
8%
2019
MOBILE
MOBILE
NETWORKING COMMUNICATION
COMMUNICATION
34% 2018 (F) 24%
24%
NETWORKING
37% Sensors, TSX ,
TCXO
Stratum 3 TCXO
HF VCXO
OCXO
MOBILE
MOBILE
COMPUTING
COMPUTING
18%
20%
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TXC Confidential and Proprietary

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TXC’s 產品別銷售比重

實際 與 預估

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OTHERS
7%
XO
5G
Others 13%
10%
XO GNSS, TSX
12% 3G/4G/5G 10%
2019
TSX
GNSS/GPS
7% 2018 Small Cell TCXO (F)
Networking 4%
TCXO
CRYSTAL
4%
CRYSTAL 61%
PS,
SENSOR SENSOR
64% ALS+PS
3% 5%
Color+PS
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TXC Confidential and Proprietary

14

成長潛力

• 新產品開發

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TXC Confidential and Proprietary

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5G NR 標準發展

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

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TXC Confidential and Proprietary

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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

17

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

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網通設備相關石英元件產品方案

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Connected City
Connected Things
Connected Health
Connected House
Connected People Connected Car
Refer to Automotive Solution
Source: IDC, Cisco
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

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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

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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

21

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)

G0: -40 to 150 ºC XO (G1) TCXO (G2) G1: -40 to 125 ºC AU(3.2x2.5mm, CMOS) AQ(3.2x2.5mm, CS) G2: -40 to 105 ºC AW(2.5x2.0mm, AL(2.5x2.0mm, CS) G3: -40 to 85 ºC CMOS) AK(2.0x1.6mm, CS) AN(2.0x1.6mm, CMOS) A5(1.6x1.2mm, CMOS)

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22

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

23

問與答 法人說明會

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