TXC — Interim / Quarterly Report 2019

Sep 2, 2019

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法人說明會 108年09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

歷年營收與出貨紀錄

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TXC Confidential and Proprietary

每季財務績效

營收

單位 : 新台幣百萬元

2017 2018 NT$ 8,782M NT$ 8,156M (yoy -8.9%) (yoy -7.1%)

2019’H1 NT$ 3,568M (yoy -4.4%)

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TXC Confidential and Proprietary

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每季財務績效

營業毛利

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單位 : 新台幣百萬元
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毛利率(%)

營業毛利

2018 2019’H1 2017 NT$ 1,828M NT$ 795M NT$ 2,186M (yoy -16.4%) (yoy -4.1%) (yoy -14.4%)

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TXC Confidential and Proprietary

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每季財務績效

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稅後淨利
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單位 : 新台幣百萬元
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純益率%

稅後淨利

2017 2018 2019’H1 NT$ 963M NT$ 644M NT$ 214M (yoy -5.3%) (yoy -33.1%) (yoy 7.3%)

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TXC Confidential and Proprietary

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合併損益表

單位：$NT 仟元	2016	2017	2018	2019 Q1	2019 Q2	2019 H1
營業收入	9,637	8,782	8,156	1,623	1,945	3,568
營業毛利	2,554	2,186	1,828	339	456	795
營業淨利	1,114	802	533	58	133	191
營業外收入及支出	78	273	200	29	28	57
稅前淨利	1,192	1,075	733	86	161	247
稅後淨利 (歸屬於母公司業主)	1,016	963	644	78	137	214
基本每股盈餘(新台幣元)	3.28	3.11	2.08	0.25	0.44	0.69
營業毛利率(%)	26.5%	24.9%	22.4%	20.9%	23.4%	22.3%
營業淨利率(%)	11.6%	9.1%	6.5%	3.6%	6.8%	5.3%
營業費用率(%)	14.9%	15.8%	15.9%	17.4%	16.6%	16.9%
稅前淨利率(%)	12.4%	12.2%	9.0%	5.3%	8.3%	6.9%
純益率(%)	10.5%	11.0%	7.9%	4.8%	7.0%	6.0%

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

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TXC Confidential and Proprietary

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每股盈餘與每股股利

單位: 新台幣元

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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

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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

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市場展望 產值, 排名, 產品應用

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TXC Confidential and Proprietary

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石英元件產值

Revenue

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WW Revenue(Millions of USD) YoY
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3,500 4.05% 5.00%
3,000 1.35% 0.00% 2.04%
0.00%
2,500
2,000
-5.00%
2.9B
1,500
-10.12%
1,000
-10.00%
500
0 -15.00%
2016 2017 2018 2019(e) 2020(f)
Shipment
WW Shipments(Millions of pcs) YoY
20,000 8.00%
5.88%
6.00%
15,000
4.00%
2.15%
1.24% 0.59% 2.00%
10,000
16.9B 0.00%
-2.00%
5,000 -4.51%
-4.00%
- -6.00%
2016 2017 2018 2019(e) 2020(f)
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Source: 2019/5 CS&A

Think of Frequency, Think of TXC

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市場排名

2017 Rank	2018 Rank	Company Name	Revenue(M)	Revenue(M)	Revenue(M)	Market Share(%)	Market Share(%)
			2017	2018	Percent Change	2017	2018
1	1	Seiko Epson	$382	$365	-4.5%	11.7%	12.4%
2	2	NDK	$354	$358	1.1%	10.8%	12.2%
3	3	KCD	$344	$285	-17.1%	10.5%	9.7%
4	4	TXC	$294	$272	-7.5%	9.0%	9.3%
5	5	KDS	$205	$191	-6.8%	6.3%	6.5%
7	6	SIWARD	$104	$95	-8.7%	3.2%	3.2%
9	7	Hosonic	$98	$94	-4.4%	3.0%	3.2%
10	8	Harmony	$98	$90	-8.2%	3.0%	3.1%
n/a	9	Diode - Pericom / Saronix	n/a	$90	n/a	n/a	3.1%
8	10	MegaChips (SiTime)	$103	$85	-17.4%	3.7%	2.9%
Other Companies $1,289 $1,015					-21.3%	38.8%	34.5%
Sorce 2019/5 CS&A Total Revenue $3,271 $2,940

Source: 2019/5 CS&A

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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

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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 市場動力

Network Infrastructure

Base Station(BBU/RRU) Small Cell Optical Module

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XTAL & OSC Usage:
10-100pcs
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WiFi - 6 XTAL & OSC Usage: 1-2pcs

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5G Smartphone
XTAL & OSC Usage:
5-10pcs
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NB-IoT AP Router
LoRa HUB
IoT
M2M Automotive
XTAL & OSC Usage:
2-6pcs
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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

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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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WiFi 在5G世界持續影響

AP Router ◆

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Gateway-Carrier ◆
STB/OTT ◆
Gaming ◆
Smart TV ◆
Smart Phone ◆
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3.2x2.5mm/2.5x2.0mm/2.0x1.6mm Ceramic Package

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• Small

• High Frequency

• High Temperature

◆ NB-IoT ◆ M2M ◆ Smart Speaker

◆ Wearable ◆ Automotive ◆ AI/Robotics

Source: WiFi Forum

TXC Confidential and Proprietary

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IoT市場成長動力

Intelligent

Worldwide Sensors CAGR 11.3% (2016 to 2021) Forecasted U$241B by 2021 (AMR)

Growing usage of all sorts of sensors and AI

Connected

Worldwide Crystals and Oscillators CAGR 1.4% (2016 to 2020) Forecasted U$3.5B by 2020 (CS&A)

Increasing usage, decreasing in price

Things

30 Billion Connected Devices by 2020 (Statista)

Massive number of devices are being embedded with sensors and connectivity

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TXC Confidential and Proprietary

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TXC新產品發展

Crystal

• Miniaturization

• High Freq

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Light Sensor
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• Under Display Color Sensor

• High Drive Level

• Wide OTR

Oscillator

• High Freq

• Ultra Stability

• Ultra Low Noise

• Wide OTR

EMI Oscillator Module

• EMI IC Integration

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IR Thermal Sensor
(Thermopile)
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IR Thermal Image Sensor (uBolometer)

Diversification & Strategic alliance

• Ceramic Package Solutions, Assembly & Contract Manufacturing

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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 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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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

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總結

• Market competition is always at intense

• Product specifications getting rigorous

• Exchange rate fluctuations in the dollar, Yen, CNY

• Risk and impact of US protectionism - Slowing down global productivity and trends – would likely to hit Asia, and China in particular

• Speed up the development of new revenuegenerating product lines for Automotive, 5G, IoT, Sensor

• Accelerate business strategy on product diversification and strategic alliance

• Continue to review vendors to lower the cost of goods sold and localized

• Continue to drive lean management in all aspects to maintain healthy business and increase competitiveness

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問與答 法人說明會

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