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TXC Investor Presentation 2021

Sep 9, 2021

52274_rns_2021-09-09_7b217690-b571-41ae-8a66-4ebec7f8d96d.pdf

Investor Presentation

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Investor Conference September, 2021

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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

TXC over 37 years in Timing Industry

  • Founded in 1983, Headquarters in Taiwan

  • Since 2000

  • Listed in Taiwan Stock Exchange(3042),

  • CS&A 2020

  • Ranked No. 3 in Worldwide Timing Market,

  • Ranked No. 1 in Worldwide MHz Crystal Market, CS&A 2020 & TXC Shipment

  • 2008 ~ 2020

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

  • 2012 ~ 2020

  • Steady Growth in Automotive Market, 11% CAGR,

  • Market Leader in Product Miniaturization, 2012 ~ 2020

  • Since 2013

  • Smallest and Innovative Sensors Integration by Ceramic Packaging,

Mission

The world’s most trusted provider of electronic components. 全球最值得信賴的電子元件提供者。

Vision

To be the best company with commitment to business excellence and sustainability. 成為卓越績效、永續經營的頂尖企業。

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TXC Confidential and Proprietary

2

WW Timing Market Shares Strong Market Penetration

Source: CS&A 2020

Revenue( M_USD ) Revenue( M_USD ) Revenue( M_USD ) Market Share(%) Market Share(%)
2018 Rank 2019 Rank Company Name 2018 2019 Percent Change 2018 2019
1
1
Seiko Epson
$365
$355
-2.8%
11.7%
11.7%
2
2
NDK
$358
$336
-6.5%
11.5%
11.0%
4 3 $272 $281 3.2% 8.7% 9.2%
3
4
KCD
$285
$257
-10.9%
9.1%
8.5%
5
5
KDS
$191
$192
0.5%
6.1%
6.3%
6
6
Microchip (Vectron)
$176
$171
-2.9%
5.6%
5.6%
7
7
Murata
$94
$89
-5.6%
3.0%
2.9%
9
8
Harmony
$92
$88
-4.5%
2.9%
2.9%
8
9
Hosonic
$94
$86
-9.3%
3.0%
2.8%
11
10
SiTime
$85
$84
-1.2%
2.7%
2.8%
Other Companies
$1,110
$1,102
-0.7%
35.6%
36.2%
Total Revenue
$3,122
$3,041
-2.7%
100.0%
100.0%

TXC 2020 world ranking is estimated to be at least the top two in the world.

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TXC Confidential and Proprietary

3

Manufacturing Facilities Economy of Scale Productions

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1991
 Automotive IATF 16949
1130人
Taiwan, Ping Cheng 平鎮總部
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  • MHz Crystal

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1999
 Automotive IATF 16949
1311人
China, Ningbo 寧波廠
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  • kHz/MHz Crystal

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2013
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893人
China, Chongqing 重慶廠
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  • MHz Crystal

  • TSX

  • • OSC

  • TSX

  • OSC

  • TCXO

  • VCXO

  • OCXO

  • Sensors (10M/m)

  • 3 manufacturing facilities

  • 200+ automated production lines

  • 400M+ monthly capacity(Timing Devices)

  • 2 R&D centers (PCF, NGB)

  • 400+ engineers

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TXC Confidential and Proprietary

4

Product Portfolios Timing and Sensors

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Timing (Crystals and Oscillators) Sensors
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)
More Sensors in R&D
(Thermal, Gas, Pressure)
Temperature Sensor Crystal Oven Controlled Active Low EMI
(TSX) Oscillators Oscillators
(OCXO) (EMI XO)
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TXC Confidential and Proprietary

5

Product Applications

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Notebook
Mobile Phone Bluetooth Earphone
Personal Stereo
Crystals
Hard Drive
Automotive
Oscillators
Back-drift Radar Crystals
Monitor
Sensors
Tire Pressure Sensor
Digital Camera
GPS Game Console
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TXC Confidential and Proprietary

6

TXC’s Sales by Market Segments

Actual and Forecast (F)

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OTHERS AUTOMOTIVE
9% 6% IoT
Crystal, TCXO
10%
AUTOMOTIVE
OTHERS 5%
11% IoT
8%
NETWORKING 2021
MOBILE MOBILE
31%
2020 COMMUNICATION 30% (F) COMMUNICATION 33%
NETWORKING
28% Crystal, TSX , TCXO
Stratum 3 TCXO
HF VCXO
OCXO, Crystal
MOBILE
MOBILE
COMPUTING
COMPUTING
14%
15%
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Note: The current revenue revenues breakdown by market segments is classified by customer category definition. Regarding the proportion of actual automotive products, some automotive part numbers are classified into other industries.

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TXC Confidential and Proprietary

7

TXC’s Sales by Products

Actual and Forecast (F)

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OTHERS
6%
XO
5G
8%
Others
8%
TSX
GNSS, TSX
13%
3G/4G/5G 16% 2021
XO
9% 2020 (F)
GNSS/GPS
Small Cell TCXO
TCXO
Networking 7% CRYSTAL
5%
CRYSTAL
62%
SENSOR
64%
1%
PS,
SENSOR
ALS+PS
1%
Color+PS
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TXC Confidential and Proprietary

8

Financial Performance P&L, EPS, DPS, CAPEX

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9

TXC Confidential and Proprietary

Quarterly Performance

Sales Revenues

Sales Revenues 2018 2019 2020 (NT$ Million) NT$ 8,156M NT$ 8,431M NT$ 11,048M (yoy -7.1%) (yoy +3.4%) (yoy +31.1%)

18.Q1 18.Q2 18.Q3 **18.Q4 ** 19.Q1 19.Q2 19.Q3 19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Revenue(QoQ) -17.6% -0.4% 21.8% -4.8% -24.8% 19.9% 24.8% 0.3% -11.6% 17.3% 24.4% 3.0% 2.4% 31.1%
Revenue(YoY) -12.4% -11.9% 0.0% -4.9% -13.2% 4.5% 7.1% 12.8% 32.5% 29.7% 29.3% 32.8% 53.9% 72.0%

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10

TXC Confidential and Proprietary

Quarterly Performance

Gross Margin

Gross Margin (%)

Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%		 Gross Profit
(NT$ Million)
2018
NT$ 1,828M
(yoy -16.4%)
2019
NT$ 2,007M
(yoy +9.8%)
2020
NT$ 3,333M
(yoy +66.1%)
18.Q1
18.Q2
18.Q3
18.Q4
19.Q1
19.Q2
19.Q3
19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ)
-22.4%
0.1%
23.6%
-5.3%
-30.1%
34.3%
30.9%
2.9%
4.3%
17.8%
27.4%
1.4%
22.7%
32.5%
Gross Profit(YoY)
-31.3%
-19.2%
-4.2%
-9.1%
-18.1%
9.9%
16.5%
26.6%
88.7%
65.6%
61.1%
58.7%
86.8%
110.1%
18.Q1 18.Q2 18.Q3 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4
20.Q1
20.Q2
20.Q3
20.Q4
21.Q1
21.Q2
Gross Profit(QoQ) -22.4% 0.1% 23.6% -5.3% -30.1% 34.3% 30.9% 2.9% 4.3% 17.8% 27.4% 1.4% 22.7% 32.5%
Gross Profit(YoY) -31.3% -19.2% -4.2% -9.1% -18.1% 9.9% 16.5% 26.6% 88.7% 65.6% 61.1% 58.7% 86.8% 110.1%

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11

TXC Confidential and Proprietary

Quarterly Performance Operating Margin

Operating Operating
Margin
(%)
Operating
Profits
(NT$ Million)		 2018
NT$ 533M
(yoy -7.1%)		 2019
NT$ 632M
(yoy +3.4%)		 2020
NT$ 1,618M
(yoy +155.9%)
18.Q1 18.Q2 18.Q3 18.Q4
19.Q1		 19.Q2 19.Q3
19.Q4		 20.Q1 20.Q2
20.Q3		 20.Q4 21.Q1 21.Q2
Operating Profit(QoQ) -32.5% -30.9% 71.9% -8.3%
-60.5%		 130.0% 66.0%
-0.2%		 25.2% 29.1%
40.9%		 -3.9% 47.3% 46.2%
Operating Profit(YoY) -49.0% -41.7% -11.4% -26.5%
-57.0%		 43.2% 38.3%
50.6%		 377.4% 168.1%
127.5%		 118.9% 157.5% 191.6%

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12

TXC Confidential and Proprietary

Quarterly Performance Net Margin

Net Margin (%)

Net Income
(NT$ Million)		 Net Income
(NT$ Million)		 2018
NT$ 644M		 2019
NT$ 672M		 2019
NT$ 672M		 2020
NT$ 1,429M		 2020
NT$ 1,429M		 2020
NT$ 1,429M
(yoy -33.1%) (yoy +4.3%) (yoy +112.8%)
18.Q1 18.Q2
18.Q3		 18.Q4 19.Q1 19.Q2 19.Q3 19.Q4 20.Q1 20.Q2 20.Q3 20.Q4 21.Q1 21.Q2
Net Profit(QoQ) -65.8% 37.9%
108.7%		 -16.0% -61.7% 75.7% 71.6% -5.6% 16.1% 43.7% 13.4% -8.1% 64.2% 45.7%
Net Profit(YoY) -73.8% -31.3%
6.4%		 -17.5% -7.5% 17.9% -3.0% 9.0% 230.5% 170.2% 78.6% 73.9% 146.0% 149.3%

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13

TXC Confidential and Proprietary

Statements of Comprehensive Income

Unit：NT$ in Million
2015
2016
2017
2018
2019
2020		 2021'H1
Net Revenue
9,266
9,637
8,782
8,156
8,431
11,048
Gross Profit
2,235
2,554
2,186
1,828
2,007
3,333
Operating Profit
908
1,114
802
533
632
1,618
Non-Operating Items
179
78
273
200
132
91
Income before Tax
1,088
1,192
1,075
733
765
1,709
Net Income
to Shareholders of the Parent Company
938
1,016
963
644
672
1,429
Basic EPS (NT$)
3.03
3.28
3.11
2.08
2.17
4.61		 7,652
2,783
1,751
77
1,828
1,552
5.01
Gross Margin(%)
24.1%
26.5%
24.9%
22.4%
23.8%
30.2%
OPEX(%)
14.3%
14.9%
15.8%
15.9%
16.3%
15.5%
Operating Margin(%)
9.8%
11.6%
9.1%
6.5%
7.5%
14.6%
Income before Tax Margin(%)
11.7%
12.4%
12.2%
9.0%
9.1%
15.5%
Net Profit Margin(%)
10.1%
10.5%
11.0%
7.9%
8.0%
12.9%		 36.4%
13.5%
22.9%
23.9%
20.3%

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14

TXC Confidential and Proprietary

Balance Sheet

Unit：NT$ Million
2015
2016
2017
2018
2019
2020		 2021'H1
Cash & Marketable Securities
2,728
2,093
2,331
1,305
1,986
2,218
NR+AR
2,924
3,085
2,651
2,726
2,889
3,526
Inventories
1,534
1,520
1,504
1,817
2,039
2,817
Current Assets
8,574
8,818
7,983
7,117
7,945
9,588
PP&E
4,570
4,278
4,370
4,111
4,054
4,809
Total Assets
15,580
14,842
13,403
12,562
13,369
16,602
Current Liabilities
3,445
3,156
2,277
2,089
2,797
5,093
Non-current Liabilities
1,397
1,913
1,961
1,722
1,875
1,853
Total Liabilities
4,841
5,069
4,238
3,811
4,671
6,947
Total Shareholders' Equity
10,739
9,773
9,165
8,751
8,698
9,655		 2,858
3,839
2,849
10,626
5,165
18,230
6,386
1,612
7,998
10,232
88
106
78
166.4%
43.9%
33.03
A/R Turnover Days
116
114
119
120
122
106
Inventory Turnover Days
83
79
84
96
110
115
A/P Turnover Days
57
65
73
74
85
85
Current Ratio(%)
248.9%
279.4%
350.6%
340.7%
284.1%
188.2%
Debt Ratio(%)
31.1%
34.2%
31.6%
30.3%
34.9%
41.8%
Book Value Per Share(NT$)
34.67
31.55
29.59
28.25
28.08
31.17
ROA(%)
6.4%
6.7%
6.8%
5.0%
5.2%
9.5%
ROE(%)
9.6%
9.9%
10.2%
7.2%
7.7%
15.6%		 17.8%
31.2%

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15

TXC Confidential and Proprietary

EPS and DPS

Unit: $NT

High Dividends payout

YEAR
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5		 YEAR
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5		 Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ei P Sh Ch Diidd P Sh Ch Diidd P Sh Ch Diidd P Sh Ch Diidd P Sh Ch Diidd P Sh Ch Diidd P Sh
2.2
2.2
2.2
2.5
2.5
2.8
2.5
2.0
2.5
3.8
arnngs er are
as vens er are
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Earnings Per Share 3.48 3.79 3.02 3.21 3.03 3.28 3.11 2.08 2.17 4.61
Cash Dividends Per
Share		 2.2 2.2 2.2 2.5 2.5 2.8 2.5 2.0 2.5 3.8
Stock Price 43.6 46.0 43.6 39.9 41.1 44.5 39.0 36.0 44.0 99.8
Payout Ratio(%) 63.2 58.0 72.8 77.9 82.5 85.4 80.4 **96.2 ** 115.2 82.4
Yields(%) 5.1 4.8 5.1 6.3 6.1 6.3 6.4 5.6 5.7 3.8

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16

TXC Confidential and Proprietary

2021 Capital Expenditure

Amount: NT$1,310M

  • Facilities (clean room & related)

  • Advanced processMEMS

  • Miniature SMD Crystal & XO

Unit : NT$ Million

Amount: NT$140M

Miniature SMD CrystalProduct upgrade

  • Amount: NT$1,140MMiniature SMD CrystalACAP

Total Amount: NT$2,590M

The project budgets for MEMS and Advanced process are NT$1,000~1,100M。

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17

TXC Confidential and Proprietary

Growth Potential

  • The development of new product lines

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18

TXC Confidential and Proprietary

5G Complete Infrastructure & Device Ecosystem Development

Comprehensive Ecosystem

Network Infrastructure

Internet Data Center

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----- 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
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19

TXC Confidential and Proprietary

TXC 5G Applications Product Trends

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

  • TSX

  • XO

  • TCXO/S3TCXO

  • XTAL/HF XTAL

  • XO/Differential XO/VCXO

  • TCXO/S3TCXO

  • OCXO

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20

TXC Confidential and Proprietary

4G to 5G Smart Phone FCP Usage Overview

NR New Evolution Phone 2016 2018 2020 2021 2022 2023 Crystal 2.0x1.6 Advanced deployment in Ultra-Small Size & Ultra-High Frequency Crystal Product 1.6x1.2 Crystal Size(mm[2] ) 1.2x1.0 Crystal Crystal 0.8x0.6 1.0x0.8 0.6x0.4 TSX TSX Product TSX 7X.X 3X.X Crystal 1X.X Frequency Crystal 7X.X (MHz) Crystal 5X.X 3X.X

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21

TXC Confidential and Proprietary

Wi-Fi Application and Market TAM

 Wi-Fi 6/6E Devices Enable Penetration Rate

CPE Networking Mobile Device (Communication & Computing)

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

Smart Phone
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----- Start of picture text -----

Computing
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Networking

Wi-Fi 6/6E Forecast By Applications

Networking CAGR +40% Smart Phone CAGR +55% Computing CAGR +3%

Wi-Fi 6/6E Penetration (Unit M sets)

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

19% 38% 56% >70%
363
615
1,200
2,450
2020 2021 2022 2023
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----- Start of picture text -----

Non Wi-Fi 6/6E Wi-Fi 6/6E
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Source: ABI Research , Kargan Inc, TXC Estimation

Source: Wi-Fi chipset shipment forecast by IDC Forecast, TXC Estimation

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22

TXC Confidential and Proprietary

Comprehensive Devices Ecosystem Growth Engine

Rich Devices Ecosystem will require plenty of Miniature size XTAL to fit in various kinds of application scenarios

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

4G Mobile Devices/Wearable/IoT 5G/6G AIoT Devices Ecosystem
5,008
3,885
Global Miniature Size XTAL Forecast (Million pcs)
2,777
▄ 1612 ▄ 1210 ▄ 1008 ▄ 0806 (2020~30, CAGR: 41%)
▄ 0604, Smaller Size 1,574 1,985
1,021 1,185
683
2016 2018 2020 2022 2024 2026 2028 2030
Source: 1. CS&A, Combined WW SEMI-Timing Industry Report & Analysis, June 2019
Source: 2. Smart Phone Supplier Shipment & Forecast, 2016~2020
23
TXC Confidential and Proprietary
----- End of picture text -----

TXC Total Solutions for 5G Application

Solution Size Ke Parameters y

OCXO 7050 – 1409 Stability, ±10 ppb S3TCXO 5032/7050 Stability, ±0.28 ppm TCXO 1612 – 2520 Phase Noise@100kHz, -166dBc/Hz VCXO 2520 – 7050 Phase Jitter@12k - 20MHz, 0.05 ps Diff XO 2520 – 7050 Phase Jitter@12k - 20MHz, 0.05 ps PLL XO 2520 – 7050 Frequency, 10MHz - 2.1GHz XO 1612 – 2520 Phase Jitter@12k - 20MHz, 0.3 ps TSX 1210 – 2520 Frequency, 19.2 – 76.8MHz Crystal 0806 – 5032 Frequency, 8 – 320MHz

5G Main A lication pp AAU 5G New Core CU NR Infrastructure Small Cell DU (AAU, DU/CU, Core, Optical) Optical Module Intelligence Platform (Smart Device, Edge Computing, Automotive) Mobile/Multi Access Edge Computing

Intelligence Platform (Smart Device, Edge Computing, Automotive)

Device Interconnection NR (Mobile Phone, Mobile, Computing, CPE) CPE

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24

TXC Confidential and Proprietary

T P M S

ACAP Main Applications Deployment

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Device Connectivity (Wi-Fi, BT, UWB, etc) Connected Car (5G/LTE, V2X, GNSS, etc)

IVI System Smart Cockpit AI Applications

Infotainment

Communication

Security Instrument Cluster Interior Control Unit Camera Smart Key Radar/Lidar System Integrated ADAS

vs 傳統車廠 創新科技

Power Steering EV Applications Breaking System Battery Management System Engine/Fuel Control OBC(AC/DC), DC/DC, DC/AC Safety Electric Vehicle

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25

TXC Confidential and Proprietary

TXC Automotive Applications Growth Focus

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

V2X
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DSRC C-V2X 5G NR GNSS

40-50% of New Vehicles before 2030 will be equipped

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Infrastructure Vehicles Pedestrians Devices Smart Home

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

ADAS EV
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----- Start of picture text -----

Innovation
Branding
Software
----- End of picture text -----

Modularization System Integrated

30-40 of Sensors

30% of CAGR in the next coming decade EV Applications BMS Converter Inverter Charging Station

for Level 4/5 development

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Ultrasonic Camera Long/Short Lidar Long/Short Radar Thermal Imaging

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26

TXC Confidential and Proprietary

TXC Automotive Grade Total Solutions

TXC Automotive Grade Total Solutions TXC Automotive Grade Total Solutions TXC Automotive Grade Total Solutions TXC Automotive Grade Total Solutions TXC Automotive Grade Total Solutions TXC Automotive Grade Total Solutions
**Type ** Solution MHz Size Grade Application Focus
Glass
Seam
kHz (TF)
TSX
XO
Diff XO
TCXO
3225 – 8045
1612 – 5032
3215
2016/2520
1612 – 5032
2016/2520
3225
2016 – 3225
G3 – G0
G3 – G1
G3 – G1
G3 – G2
G3 – G1
G3 – G1
G3 – G1
G3 – G2
4 – 62.4
8 – 80
32.768 kHz
19.2/38.4
32k – 125
10 – 40
50 – 156.25
6 – 52
SMD
Crystal
AEC-Q200
Compliant
SMD
Oscillator
AEC-Q100
Compliant
(2/4 Pads)
(4 Pads)
(2 Pads)
(4 Pads)
(CMOS)
(LVPECL/LVDS)
(Clipped Sinewave)
Glass, Seam
All Applications Related
XO Series
Infotainment, Security
ADAS, EV Related
TSX, TCXO
Infotainment, Communication
kHz (TF)
Infotainment, Security
※Low EMI XO
※
※
※

Grade : Operating Temperature, G3: -40 to 85ºC, G2: -40 to 105ºC, G1: -40 to 125ºC, G0: -40 to 150ºC

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27

TXC Confidential and Proprietary

TXC Competitive Advantages

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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. The expansion of miniaturization capacity by more than 20% in 2020.

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.

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28

TXC Confidential and Proprietary

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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

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