TXC — Investor Presentation 2019

May 21, 2019

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法人說明會 108年05月21日

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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

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內容 主講者
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議程

14:00~15:00

開場 林萬興, 總經理 財務績效 洪冠文, 財務長 市場展望 & 成長潛力 郭雅屏, 執行副總 總結 郭雅屏, 執行副總 Q & A

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TXC Confidential and Proprietary

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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

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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 NT$ 8,782M (yoy -8.9%)

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

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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

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800
2017 2018
700 NT$ 2,186M NT$ 1,828M
603 (yoy -14.4%) (yoy -16.4%)
600
535 534
513 513
486
500
415 415
400
339
300
200
100
0
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1
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TXC Confidential and Proprietary

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每季財務績效

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

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2017 2018
NT$ 963M NT$ 644M
(yoy -5.3%) (yoy -33.1%)
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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
營業收入	9,637	8,782	8,156	1,623
營業毛利	2,554	2,186	1,828	339
營業淨利	1,114	802	533	58
營業外收入及支出	78	273	200	29
稅前淨利	1,192	1,075	733	86
稅後淨利 (歸屬於母公司業主)	1,016	963	644	78
基本每股盈餘(新台幣元)	3.28	3.11	2.08	0.25
營業毛利率(%)	26.5%	24.9%	22.4%	20.9%
營業淨利率(%)	11.6%	9.1%	6.5%	3.6%
營業費用率(%)	14.9%	15.8%	15.9%	17.4%
稅前淨利率(%)	12.4%	12.2%	9.0%	5.3%
純益率(%)	10.5%	11.0%	7.9%	4.8%

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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 Q1
現金及約當現金	2,093	2,331	1,426	1,771
應收票據及應收帳款	3,085	2,651	2,726	2,221
存貨	1,520	1,504	1,817	1,853
流動資產	8,818	7,983	7,117	6,956
不動產、廠房及設備	4,278	4,370	4,111	4,070
總資產	14,842	13,403	12,562	12,409
流動負債	3,156	2,277	2,089	1,947
非流動負債	1,913	1,961	1,722	1,478
總負債	5,069	4,238	3,811	3,425
合併股東權益	9,773	9,165	8,751	8,984
平均收現日數	114	119	120	139
平均銷貨日數	79	84	96	130
平均付現日數	65	73	74	79
流動比率(%)	279.4%	350.6%	340.7%	357.4%
負債比率(%)	34.2%	31.6%	30.3%	27.6%
每股淨值(元)	31.55	29.59	28.25	29.00

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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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市場展望 產值, 排名, 產品應用

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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’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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5G NR 標準發展

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

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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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世界級領導公司之5G發展情形

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As of December 2018 Source: IPlytics

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TXC Confidential and Proprietary

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超高穩定度 SMD 9775 SC-Cut OCXO

5G Small Cell and Base Station

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In mass production 9775 OCXO

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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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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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新產品發展

Intelligent

Miniature and Slim Color Sensor High Accuracy Thermal Sensor High Resolution uBolometer Sensor

Connected

Active EMI Integrated Oscillator Module Ultra Stability SMD OCXO

High Freq, Miniature Crystal and Oscillator

Things

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IoT
5G
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ACAP Sensor
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Industry 1[st]

Industry 1[st]

Target Markets

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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

Diversification & Strategic alliance

Oscillator

• High Freq

• Ultra Stability

IR Thermal Sensor (Thermopile)

• Ceramic Package Solutions, Assembly & Contract Manufacturing

• Ultra Low Noise

• Wide OTR

EMI Oscillator Module

• EMI IC Integration

IR Thermal Image Sensor (uBolometer)

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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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小型化、窄邊框、屏下化 感測元件

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In mass production In mass production In development
Miniature Slim Bezel Under Display
2.0x1.6mm 3.4x1.2mm
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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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新感測器元件

高解析度熱輻射感測元件

高準確率熱電堆紅外線感測元件

Automotive Night Vision by Thermal Image (uBolometer Solution)

Source: FLIR

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320x240 QVGA
uBolometer Sensor
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Non-contact temperature measurement solutions – by TO5 package

Non-contact temperature measurement solutions – by ceramic package

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Source: Panasonic, Heiman

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陶瓷封裝服務方案 Ceramic Package Assembly & Contract Manufacturing

陶瓷封裝種類

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陶瓷封裝優點

• Excellent mechanical stiffness, hardness and wear resistance

• Excellent isolators

• Coefficient of thermal expansion

• Good thermal conductivity, good thermal resistance

• High processing temperatures

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Source: Kyocera

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總結

• Market competition is always at intense

• • Competitors keeps Price going down with unreasonable negative margin

• 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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