TXC — Investor Presentation 2020

Jun 17, 2020

==> picture [275 x 98] intentionally omitted <==

法人說明會 109年06月

==> picture [208 x 132] intentionally omitted <==

==> picture [59 x 21] intentionally omitted <==

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.

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

1

TXC 石英元件產業地位

• Founded in 1983, Headquarters in Taiwan

• 2000

• Listed in Taiwan Stock Exchange,

• CS&A 2019

• Ranked No. 3 in Worldwide Timing Market,

• CS&A 2012 ~ 2018

• Ranked No. 1 in Worldwide MHz Crystal Market,

• 2008 ~ 2019

• Preferred Supplier for Tier 1 in Network and Telecom Markets,

• 2012 ~ 2018

• Steady Growth in Automotive Market, 11% CAGR,

• 2013

• Smallest and Innovative Sensors Integration by Ceramic Packaging,

• Market Leader in Product Miniaturization, 2012 ~ 2019

Mission

To achieve a Win-Win-Win partnership in the Supplier-TXC-Customer relationships

==> picture [237 x 39] intentionally omitted <==

2

TXC Confidential and Proprietary

生產據點

Economy of Scale Productions

==> picture [236 x 146] intentionally omitted <==

----- Start of picture text -----

1991
 Automotive IATF 16949
Taiwan, Ping Cheng (PCF)
----- End of picture text -----

• MHz Crystal

• TSX

• OSC

• TCXO

• VCXO

• OCXO

• Sensors

==> picture [35 x 11] intentionally omitted <==

----- Start of picture text -----

1999
----- End of picture text -----

==> picture [33 x 11] intentionally omitted <==

----- Start of picture text -----

2013
----- End of picture text -----

==> picture [242 x 139] intentionally omitted <==

----- Start of picture text -----

 Automotive IATF 16949
China, Ningbo (NGB)
----- End of picture text -----

==> picture [241 x 137] intentionally omitted <==

----- Start of picture text -----

China, Chongqing (CKG)
----- End of picture text -----

• kHz/MHz Crystal

  • MHz Crystal

• TSX

• OSC

• 3 manufacturing facilities

• 200+ automated production lines

• 330M+ monthly capacity(Timing Devices)

• 3,000 employees (PCF-1,000、NGB-1280、CKG-720)

• 2 R&D centers (PCF, NGB)

==> picture [59 x 21] intentionally omitted <==

• 400+ engineers

TXC Confidential and Proprietary

3

產品組合

頻率元件 與 感測元件

==> picture [791 x 370] intentionally omitted <==

----- Start of picture text -----

頻率元件 (石英元件 與石英震盪器) 感測元件
Metal Can Glass Seal Crystal Oscillators SAW Oscillators
Proximity and Light Sensor
(XO) (SO)
Seam Seal Tuning Fork Voltage Controlled Temperature
Oscillators Compensated
(VCXO) Oscillators
(TCXO/S3TCXO)
μBolometer
Coming in 2020 2H
Temperature Sensor Crystal Oven Controlled Active Low EMI
(TSX) Oscillators Oscillators
(OCXO) (EMI XO)
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

4

產品應用

==> picture [889 x 379] intentionally omitted <==

----- Start of picture text -----

NB/ Tablet
Mobile Phone
Ture wireless Stereo
Wireless Head Phone
Crystals
Wearable
Automotive
Oscillators
Back-drift Radar Crystals
Sensors
Tire Pressure Sensor
Smart Home/Speaker
GPS
Game Console
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

5

銷售據點

Localized Service, Responsive and Dedicate

==> picture [826 x 360] intentionally omitted <==

----- Start of picture text -----

    


 Technical & lab supports
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

6

歷年營收與出貨量 Steady and Organic Volume Growth

==> picture [700 x 311] intentionally omitted <==

----- Start of picture text -----

單位:美金百萬元
單位: 十億顆
REVENUE SHIPPING QUANTITY
US$350 6.0
US$323
US$310
US$302
US$294
US$300 US$281
US$272 5.0
US$250
4.0
3.4
3.3 3.3
US$200 3.1
2.8
2.6 3.0
US$150
2.0
US$100
1.0
US$50
US$0 -
2014 2015 2016 2017 2018 2019
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

7

石英元件產業排名

Strong Market Penetration

2018 Rank	2019 Rank	Company Name	Revenue	(USD :M)	Percent Change	Market Share (%)	Market Share (%)
			2018	2019		2018	2019
1	1	Seiko Epson	$365	$355	-2.7%	11.7%	11.7%
2	2	NDK	$358	$336	-6.0%	11.5%	11.1%
4	3	TXC	$272	$281	3.3%	8.7%	9.2%
3	4	KCD	$285	$257	-10.0%	9.1%	8.4%
5	5	KDS	$191	$192	0.2%	6.1%	6.3%
6	6	Microchip(Vectron)	$176	$171	-3.0%	5.7%	5.6%
7	7	Murata	$94	$89	-6.0%	3.0%	2.9%
9	8	Harmony	$92	$88	-4.6%	2.9%	2.9%
8	9	Hosonic	$94	$86	-8.3%	3.0%	2.8%
11	10	SiTime	$85	$84	-1.1%	2.7%	2.8%
		Others	$1,110	$1,103	-0.6%	35.6%	36.3%
		Total Revenue	$3,122	$3,041	-2.6%	100%	100%

==> picture [59 x 21] intentionally omitted <==

Source: CS&A May 2020 draft

TXC Confidential and Proprietary

8

TXC’s 產業別銷售比重

實際 與 預估

==> picture [911 x 355] intentionally omitted <==

----- Start of picture text -----

IoT OTHERS
Crystal, TCXO
11% 7%
AUTOMOTIVE
5%
AUTOMOTIVE
OTHERS 5%
9% IoT
10%
2020
MOBILE
MOBILE
NETWORKING COMMUNICATION
COMMUNICATION
31% 2019 (F) 30%
27%
NETWORKING
31% Crystal, TSX , TCXO
Stratum 3 TCXO
HF VCXO
OCXO, Crystal
MOBILE
MOBILE
COMPUTING
COMPUTING
16%
18%
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

9

財務績效 財務報告, 每股盈餘, 每股股利, 資本支出

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

10

每季財務績效

營收

單位 : 新台幣百萬元

==> picture [841 x 319] intentionally omitted <==

----- Start of picture text -----

2017 2018 2019
NT$ 8,782M NT$ 8,156M NT$ 8,431M
3,500 (yoy -8.9%) (yoy -7.1%) (yoy +3.4%)
3,000
2,428 2,434
2,500 2,267 2,269 2,267
2,133 2,114 2,158 2,151
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 19.Q4 20.Q1
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

11

每季財務績效

營業毛利

毛利率 (%)

營業毛利

單位: 新台幣百萬元

==> picture [59 x 21] intentionally omitted <==

==> picture [787 x 444] intentionally omitted <==

----- Start of picture text -----

29.8%
28.3%
25.2%
24.3% 24.6%
23.6% 23.6% 23.4%
22.5%
22.2% 22.3% [22.6% ]
20.9%
17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4 20.Q1
2017 2018 2019
NT$ 2,186M NT$ 1,828M NT$ 2,007M
(yoy -14.4%) (yoy -16.4%) (yoy +9.8%)
800
641
603 597 615
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 19.Q4 20.Q1
TXC Confidential and Proprietary 12
----- End of picture text -----

每季財務績效

0 50 100 150 200 250 300 350 400 純益率 (%) 稅後淨利 新台幣百萬元	15.1% 8.0% 10.0% 10.8% 4.5% 6.2% 10.7% 9.4% 4.8% 7.0% 9.7% 9.1% 11.9% 17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4 20.Q1 稅後淨利
	321 169 227 246 84 116 242 203 78 137 234 221 257 2017 NT$ 963M (yoy -5.3%) 2018 NT$ 644M (yoy -33.1%) 2019 NT$ 672M (yoy +4.3%)
	17.Q1 17.Q2 17.Q3 17.Q4 18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4 20.Q1

稅後淨利 單位: 新台幣百萬元

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

13

合併損益表

單位：$NT 仟元	2016	2017	2018	2019	2020 Q1
營業收入	9,637	8,782	8,156	8,431	2,151
營業毛利	2,554	2,186	1,828	2,007	641
營業淨利	1,114	802	533	632	276
營業外收入及支出	78	273	200	132	22
稅前淨利	1,192	1,075	733	765	298
稅後淨利 (歸屬於母公司業主)	1,016	963	644	672	257
基本每股盈餘(新台幣元)	3.28	3.11	2.08	2.17	0.83
營業毛利率(%)	26.5%	24.9%	22.4%	23.8%	29.8%
營業費用率(%)	14.9%	15.8%	15.9%	16.3%	16.9%
營業淨利率(%)	11.6%	9.1%	6.5%	7.5%	12.8%
稅前淨利率(%)	12.4%	12.2%	9.0%	9.1%	13.9%
純益率(%)	10.5%	11.0%	7.9%	8.0%	11.9%

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

14

資產負債表

單位：$NT 仟元	2016	2017	2018	2019	2020 Q1
現金及約當現金	2,093	2,331	1,305	1,986	2,059
應收票據及應收帳款	3,085	2,651	2,726	2,889	2,704
存貨	1,520	1,504	1,817	2,039	2,400
流動資產	8,818	7,983	7,117	7,945	8,229
不動產、廠房及設備	4,278	4,370	4,111	4,054	4,070
總資產	14,842	13,403	12,562	13,369	13,817
流動負債	3,156	2,277	2,089	2,797	2,753
非流動負債	1,913	1,961	1,722	1,875	2,104
總負債	5,069	4,238	3,811	4,671	4,857
合併股東權益	9,773	9,165	8,751	8,698	8,960
平均收現日數	114	119	120	122	119
平均銷貨日數	79	84	96	110	134
平均付現日數	65	73	74	85	98
流動比率(%)	279.4%	350.6%	340.7%	284.1%	298.9%
負債比率(%)	34.2%	31.6%	30.3%	34.9%	35.2%
每股淨值(元)	31.55	29.59	28.25	28.08	28.93

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

15

每股盈餘與每股股利

單位: 新台幣元

0 0.5 1 1.5 2 2.5 3 3.5 4	0 0.5 1 1.5 2 2.5 3 3.5 4															每股盈餘	每股盈餘	每股盈餘	每股盈餘
		2.2 2.2 2.2 2.5 2.5 2.8 2.5 2.0 2.5 現金股利
		2011 2012 2013 2014 2015 2016 2017 2018 2019 2011 2012 2013 2014 2015 2016 2017 2018 2019
每股盈餘		3.48	3.79		3.02		3.21		3.03		3.28		3.11	2.08			2.17
現金股利		2.2	2.2		2.2		2.5		2.5		2.8		2.5	2.0			2.5
股價(四月)		43.6	46.0		43.6		39.9		41.1		44.5		39.0	36.0			44.0
股息發放率(%)		63.2	58.0		72.8		77.9		82.5		85.4		80.4	96.2			115.2
殖利率(%)		5.1	4.8		5.1		6.3		6.1		6.3		6.4	5.6			5.7

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

16

2020 資本支出計畫

單位: 新台幣元

• 金額: 3.60億 • MEMS

• • Oscillators

• 金額: 3.70億 • SMD Crystal

• • Facility

金額: 4.30億

• SMD Crystal

• • ACAP Crystal

總金額: 11.60億

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

17

成長潛力

• 新產品開發

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

18

4G 到 5G

==> picture [633 x 185] intentionally omitted <==

QORVO, 2017

==> picture [501 x 223] intentionally omitted <==

----- Start of picture text -----

(1M units / km [2] ) (Latency <1ms)
(~10Gbps)
----- End of picture text -----

5G Use Cases – Drivers

• eMBB (增强移動寬帶)

• Enhanced Mobile Broadband

• mMTC (大規模裝置互聯)

• Massive Machine Type. Communications

• uRLLC (超可靠低延遲)

• Ultra-Reliable and Low Latency Communications

Ericsson, 2017 TPE 5G Summit

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

19

5G完整基礎架構與設備之生態系統

Comprehensive Ecosystem

Network Infrastructure

Internet Data Center

==> picture [844 x 193] intentionally omitted <==

----- Start of picture text -----

AIoT Device
Mobile Phone AAU 5GC
(Core Network)
CU
25/50/100G 100/200/400G 200/400G Cloud
Multiple Automotive
Usage NR
Equipment
Small Cell DU
Optical Module Server/Storage/Security
CPE
Mobile Computing
----- End of picture text -----

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

20

TXC 5G應用產品趨勢

Device Interconnection

Infrastructure

Intelligence Platform

Mobile Phone

• (5G NR, GPS, Wi-Fi 6/6E, BT, NFC, etc.) Mobile Computing

(NB, Tablet, Mobile Device, Server, etc.)

CPE

(5G NR, Wi-Fi 6, NB-IoT, LoRA, etc.)

Macro Base Station (AAU, DU/CU, Transport & Core) Small Cell

(Micro, Pico, Femto, etc.) Optical Module

(100/200/400G PAM4 & Coherent Solution)

Smart Device

(Home, City, Industry, Logistic, Medical, etc.) Edge Computing

(Server, CPU/GPU, MCU, etc.) Automotive

(V2X & ADAS)

Support Roles in Timing Solution

• 5G NR • LTE • GPS • LoRA

• NB-IoT • Wi-Fi • BT • NFC

• Clock Synchronizer (SyncE & IEEE1588) • DSP

• Clock Generator • Jitter Attenuator • Ethernet

Crystal & Oscillator Specification Development Trend

• Miniature • Low Hysteresis

• High Frequency Accuracy & Stability

• High Temperature Operating

• Miniature • Ultra High Frequency Accuracy & Stability

• Reliability • Ultra Low Phase Noise

• Anti-Air Flow • Ultra Low Jitter

• G-Sensitivity • High Temperature Operating

Crystal & Oscillator Type Demand

• XTAL/HF XTAL • XTAL/HF XTAL • TSX • XO/Differential XO/VCXO • XO • TCXO/S3TCXO • TCXO/S3TCXO • OCXO

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

21

TXC 5G應用石英元件全產品方案

Solution Size Ke Parameters 5G Main A lication y pp AAU 5G New Core OCXO 9775/1409 Stability, ±10 ppb CU S3TCXO 5032/7050 Stability, ±0.28 ppm NR Small Cell Infrastructure DU (AAU, DU/CU, Core, Optical) TCXO 1612 – 2520 Phase Noise@100kHz, -166dBc/Hz Optical Module VCXO 2520 – 7050 Phase Jitter@12k - 20MHz, 0.05 ps Intelligence Platform Diff XO 2520 – 7050 Phase Jitter@12k - 20MHz, 0.05 ps (Smart Device, Edge Computing, Automotive) PLL XO 2520 – 7050 Frequency, 10MHz - 2.1GHz Mobile/Multi Access Edge Computing XO 1612 – 2520 Phase Jiter@12k - 20MHz, 0.3 ps Device Interconnection NR TSX 1210 – 2520 Frequency, 19.2 – 76.8MHz (Mobile Phone, Mobile, Computing, CPE) CPE Crystal 1008 – 5032 Frequency, 8 – 320MHz

(Smart Device, Edge Computing, Automotive)

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

22

TXC 車用聚焦產品與方案

Infotainment & Telematics System Crystal/XO: 5-10 units

==> picture [269 x 75] intentionally omitted <==

----- Start of picture text -----

Multimedia V2X
----- End of picture text -----

Safety Electronic System Crystal/XO: 8-14 units BMS/OBC/Inverter

==> picture [39 x 33] intentionally omitted <==

----- Start of picture text -----

EPS
----- End of picture text -----

==> picture [313 x 129] intentionally omitted <==

Tire Pressure Monitoring System Crystal: 5 units (4T & 1R) TPMS

Security Electronic System Crystal/XO: 7-12 units Cluster Smart Key

Advanced Driver Assistance System Crystal/XO: 10-16 units

==> picture [268 x 78] intentionally omitted <==

----- Start of picture text -----

77/79G
ADAS Camera Radar
----- End of picture text -----

Crystal (AEC-Q200 Compliant)

[Oscillator (AEC-Q100 Compliant) ]

Glass (G0)

Seam (G1)

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)

TSX (G2)

AE(2.5x2.0mm, 4pad) AF(2.0x1.6mm, 4pad) AG(1.6x1.2mm, 4pad)

XO (G1)

TCXO (G2)

AU(3.2x2.5mm, CMOS) AQ(3.2x2.5mm, CS) AW(2.5x2.0mm, CMOS) AL(2.5x2.0mm, CS) AN(2.0x1.6mm, CMOS) AK(2.0x1.6mm, CS) 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

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

23

TXC 競爭優勢

==> picture [305 x 397] intentionally omitted <==

==> picture [61 x 60] intentionally omitted <==

==> picture [61 x 60] intentionally omitted <==

==> picture [61 x 60] intentionally omitted <==

==> picture [61 x 60] intentionally omitted <==

No. 1 Largest Suppler in MHz Crystal for 7 Consecutive Years and Leading Edge Technology in Crystal Miniaturization.

Out of Top 5 Ranking Suppliers TXC is the only Profitable and Financially Healthy with Organic Growth without acquisitions.

TXC Manufactures MHz Crystal in all three manufacturing facilities to offset potential impacts caused by natural disasters.

Quick response and fulfillment to customer requirements

No. 1

Largest Supplier in MHz Crystals

TXC is Currently the No. 1 Largest Suppliers in the World for MHz Crystal alone.

No. 1

Largest Supplier Outside Japan

TXC is Currently No. 1 Largest Supplier in Frequency Control Products outside of Japan and introduced healthy competition into the Frequency market.

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary

24

Thank You

No.4, Kung Yeh 6[th] Rd., Ping Cheng Industrial District Ping Cheng District 32459, Tao Yuan City, Taiwan

TEL: +886-3-4698121 FAX: +886-3-4696954 www.txccorp.com

==> picture [59 x 21] intentionally omitted <==

TXC Confidential and Proprietary