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TXC — Investor Presentation 2014
Nov 20, 2014
52274_rns_2014-11-20_755f86c1-0d10-48b8-b3cc-92e3b7babebb.pdf
Investor Presentation
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www.txccorp.com
Think of Frequency Think of
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法人說明會 2014/11/20
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1
全球據點
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Europe China Taiwan Japan America
• • • • •
Germany Ningbo Ping Cheng Yokohama San Jose
• • • •
Chongqing Peitou Osaka Los Angeles
•
Shenzhen
•
Shanghai
•
Suzhou
•
Beijing
•
Wuhan
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- 14 個業務及行銷據點, 150+ 個專業人員提供服務
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生產基地
Taiwan, Ping Cheng (PCF)
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China, Ningbo (NGB)
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China, Chongqing (CKG)
-
3 個生產基地
-
• 200+ 條自動化生產線
-
• 260M+ 月產能
-
• 2 個研發中心(PCF, NGB)
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• 400+ 個工程人員
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產品組合
以完整的解決方案，創新及整合為持續性的競爭優勢
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Crystals Oscillators & Modules Sensors
Metal Can Glass Seal Crystal Oscillators SAW Oscillators Light Sensors
(XO) (SO) (3-in-1)
Seam Seal Tuning MEMS Oscillators Temperature
Fork (MO) Compensated
(TCXO/VC-TCXO)
Coming Soon
Motion Sensors
Temperature Sensor Voltage Oven Real Time Bio Sensors
Crystal Controlled Controlled Clock
(TSX) (VCXO) (OCXO) (RTC)
Diverse product
•
10,000+ 種產品變化
for long-term
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營收趨勢
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4,000 (單位:新台幣百萬元)
2012:
3,500 10,928
2013:
2,974 2,981 9,504
3,000
2,579
2,519
2,500 2,394 2,327 2,331 [2,446 2,400 ] 2,358
2,166
2,000
1,500
1,000
500
0
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.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%
Revenue (YoY) 3.1% 4.2% 19.2% 14.4% ‐2.8% ‐9.6% ‐17.8% ‐19.5% ‐6.9% 1.2% 3.0%
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毛利趨勢
(單位:新台幣百萬元)
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24.3% 24.6%
24.1%
22.9% 22.9% 24.2%
23.5%
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
2012: 2013:
2,508 2,194
800 682 683
621 609
566 557 549 579
600 522 522 509
400
200
0
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.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%
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%
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淨利趨勢
(單位:新台幣百萬元)
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10.9%
12.2% 10.3% [10.6%]
10.1% 10.1% [10.2%]
9.4%
10.8%
8.3% 9.0%
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3
2012:
2013:
1,149
935
450
363
326
350
261 264 268
242 242
250 199 209 220 222
150
50
‐50
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.Q3
12.Q1 12.Q2 12.Q3 12.Q4 13.Q1 13.Q2 13.Q3 13.Q4 14.Q1 14.Q2 14.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%
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%
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2014年資本資出
(單位:新台幣 )
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重慶廠
寧波廠
平鎮廠
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金額:1.2 億 SMD X’TAL (Q3)*10 KK
金額:1.5 億 SMD TSX (Q2)3 KK (Q3)2 KK 金額:2.5 億 SMD TSX / VCXO/ OCXO/ Sensors / RTC Sapphire BW & PSS
總金額: 5.2億
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股利政策
(單位:新台幣元)
| 0 1 2 3 4 5 6 |
4.13 4.88 3.56 2.75 4.06 3.48 3.79 3.02 1.94 1.98 2 2 2.5 2.2 2.2 2.2 0.97 0.99 0.5 0.2 0.2 0 0 2006 2007 2008 2009 2010 2011 2012 2013 (單位:新台幣元) |
||||||||
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
| 每股盈餘 | 4.13 | 4.88 | 3.56 | 2.75 | 4.06 | 3.48 | 3.79 | 3.02 | |
| 現金股利 | 1.94 | 1.98 | 2 | 2 | 2.5 | 2.2 | 2.2 | 2.2 | |
| 股票股利 | 0.97 | 0.99 | 0.5 | 0.2 | 0.2 | 0 | 0 | 0 | |
| 3/31股價 | 60.6 | 54.6 | 32 | 52.1 | 55.9 | 43.55 | 44.85 | 40.7 | |
| 殖利率 | 3.20% | 3.63% | 6.25% | 3.84% | 4.47% | 5.05% | 4.91% | 5.41% |
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全球石英元件銷售現況
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VCXO
OCXO
0.52%
0.02%
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OCXO
VCXO 5.17%
7.14%
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Source: CS&A 2014.04
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2013年全球排名
| Rank | Company Name | Area | 2011 | 2012 | 2013 | (11-12) Change % |
(12-13) Change % |
2011 Market Share |
2012 Market Share |
2013 Market Share |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Epson Toyocom | Japan | 592 | 610 | 500 | 3.0% | -18.0% | 16.7% | 17.5% | 15.3% |
| 2 | NDK | Japan | 557 | 540 | 433 | -3.1% | -19.8% | 15.7% | 15.5% | 13.3% |
| 3 | TXC | Taiwan | 327 | 377 | 326 | 15.3% | -13.5% | 9.2% | 10.8% | 10.0% |
| 4 | KED | Japan | 265 | 292 | 298 | 10.2% | 2.1% | 7.5% | 8.4% | 9.1% |
| 5 | KDS | Japan | 389 | 309 | 260 | -20.6% | -15.9% | 11.0% | 8.9% | 8.0% |
| 6 | Ventron | USA | 196 | 166 | 170 | -15.3% | 2.4% | 5.5% | 4.8% | 5.2% |
| 7 | SiWard | Taiwan | 90 | 97 | 96 | 7.8% | -1.0% | 2.5% | 2.8% | 2.9% |
| 8 | Rakon | New Zealand | 111 | 106 | 95 | -4.5% | -10.4% | 3.1% | 3.0% | 2.9% |
| 9 | Hosonic | Taiwan | 101 | 92 | 94 | -8.9% | 2.2% | 2.9% | 2.6% | 2.9% |
| 10 | River | Japan | 52 | 73 | 66 | -5.8% | -9.6% | 1.5% | 1.4% | 2.0% |
| 11 | CTS | USA | 53 | 55 | 61 | 3.8% | 10.9% | 1.5% | 1.6% | 1.9% |
| 12 | Murata(TEW) | Japan | 59 | 57 | 59 | -5.1% | 3.5% | 1.7% | 1.6% | 1.8% |
| 13 | Taitien | Taiwan | 79 | 59 | 57 | -25.3% | -3.4% | 2.2% | 1.7% | 1.7% |
| 14 | Micro Crystal | Switzerland | 63 | 58 | 55 | -7.9% | -5.2% | 1.8% | 1.7% | 1.7% |
| 15 | Pericom | USA | 52 | 54 | 52 | 3.8% | -3.7% | 1.5% | 1.5% | 1.6% |
| - | Others | - | 553 | 570 | 642 | - | - | 15.6% | 16.3% | 19.7% |
| Total Revenue |
3,539 | 3,489 | 3,264 | -1.4% | -6.4% |
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Source: CS&A 2014.04
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11
台灣晶技於高階石英元件市場逐漸成長
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13.2% 14.5% 12.9%
MHz Crystal/kHz Crystal
3.4% 8.0% 7.6%
TCXO
9.0% 7.3% 7.0%
XO/MO
2.4% 3.5% 7.1%
VCXO
Source: CS&A 2014.04
Think of Frequency, Think of TXC
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台灣晶技-產品別銷售比重預估
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Sapphire
Others Automotive
3% 6%
6% Infrastructure
11%
3% 3%
9% 7%
Networking 32%
29% 31%
27% Mobile
Communication
18%
15%
Mobile
Computing
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市場焦點
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八大服務領域
四大技術
IT與網絡服務
公共安全
公共建設
工業監測
醫療應用
消費電子與家庭
交通運輸
智能建築/家居
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M2M 市場預估
30
25
2017 %
2016 %
17
15 TW:200M
2015 % TW:160M
2014 %
TW:140M
TW:60M
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基地台及微型基地台之解決方案
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Ultra Stability ±3ppb
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High stability ±100ppb
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Ultra Low Jitter 50fs
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Migrating to LTE… SDH/SONET
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Ultra Low Jitter 50fs
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Stability ±10ppm
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High Stability ±5ppm
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電信網路
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IEEE 3GPP
4G 3.75G 3.9G 4G B4G/5G
(WiMax, WiGrid) (HSPA+) (LTE) (LTE-A) (LTE-B,C,D)
2M shipped in
2012, 5M in 2013
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無線及智慧型穿戴式產品之解決方案
Wearable technology... BT/BLE, WiFi, GNSS Sensor
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Smallest and Thinnest
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Smallest and Thinnest
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Low Jitter 1ps
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ALS+PS+IR LED (Ceramic)
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High Stability ±5ppm
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High stability ±0.5ppm
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穿戴式產品潛在客戶
-
Qualcomm (USA) Broadcom (USA) CSR (Norway)
-
SONY Quintic (China) Samsung NXP (Holland) LG ST Micro (Geneva) Apple
-
Google Glasses Garmin
-
Qualcomm Toq Google TI (Norway) watch
-
Nike+ FuelBaned Microsoft Nodic (Norway) Jawbone UP
-
Tom Tom MOTO Fitbit Flex
-
SONY wristband
-
Time schedule 2014 Q1 2014Q2 2014 Q3 2014 Q4 可能之相關應用
-
• BLE Crystal Unit • ‧ Integrated combo chipset • WiFi Wireless • CrystalOscillator ‧ Improved transmission capacity and • GPS Communication • TCXO the effective distance
-
• NFC System • T/F ‧ Reduced power consumption • MCU Performance ‧ Improved operational efficiency
-
• CPU ‧ Smart system management
-
• Motion • 3-axis accelerometer Detection • ‧ Improved detected precision 3-axis gyroscope
-
• Ambient Sensor • 3-axis magnetometer ‧ Size miniaturization Detection MEMS Sensor • IR image sensor ‧ Multi-axis data sensing
-
• Bio Info. • Micro-Microphone
-
Detection • Oscillator 19
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智慧型醫療產品之解決方案
Healthcare monitoring... BT/BLE, WiFi, GNSS Sensor
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Smallest and Thinnest
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Smallest and Thinnest
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Low Jitter 1ps
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ALS+PS+IR LED (Ceramic)
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High Stability ±5ppm
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High stability ±0.5ppm
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醫療產品市場
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汽車類產品之解決方案
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Smart connected car….
Infotainment,
(Telematics, GPS,
AV)
Safety Electronics
System (Airbag,
ABS, TPMS)
ADAS
(Advanced Driver
Assisted System)
Crystal units(AEC Q200)
Metal Can: G2 XO (AEC Q100) TCXO (AEC Q100)
Glass: G0 Seam: G1 Seam: G2
Seam: G1
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Notes:
G3:-40~85ºC / G2: -40~105ºC / G1: -40~125ºC / G0: -40~150ºC
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無線充電& 4G LTE
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全球最小的三合一感測元件
感測元件通常應用於智慧型手機及其他各種智慧應用
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智慧型手機 平板手機
平板電腦
數位相機
(數位單眼相機)
智慧家庭
新產品
智慧型穿戴式產品
三合一光感測元件
2.5x2.0mm 運動及健身
醫療保健
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藍寶石基板應用趨勢
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機會
新應用之成長(行動裝置)
LED(4吋PSS) 之成長
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台灣晶技之策略 發展重心為4吋的SSP/PSS之 LED相關應用
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2014 H1 (Taiwan)
4”PSS demand & supply gap~20k/M
4”PSS demand
4”PSS demand for
keep increase to Q3
LED growth by Epistar
Mobile application
booming by Apple
iphone5
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營運總結
基於需求的因素，營收趨勢將趨於穩定;價格壓力落於合理 01 的範圍 02 毛利率預估將維持與2013年上半年相近的水準 汽車、網通及穿戴式相關之新產品將帶來新的營收動能 03 隨著雲端運算的發展，4G 應用將成為高階產品主要的 04 成長動能 新產品將穩步切入市場，並帶來營收成長動力 05
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Thank you
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