TXC — Investor Presentation 2021

Sep 27, 2021

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法人說明會 110年09月27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 cause the actual financial condition or may performance,

• 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

議程 14:30~16:00

內容

開場 財務績效 主要技術趨勢 Q & A

主講者

林萬興, 董事長

洪冠文, 財務副總

郭雅屏, 總經理 林萬興, 董事長

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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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TXC頻率元件銷售金額與出貨數量 穩中帶進持續增長

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ASP
Revenue ; Shipment
(Unit: NT$)
(Unit：NT$ B; PCS B)
16 Revenue (NT$_B) Shipment (Unit_B) ASP(NT$) 4
14
12 3
11.0
10
8.2 8.4
8 2
6 > 4.7
4.1
3.4 3.3
4 1
2
0 0
2018 2019 2020 2021(F)
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TXC Confidential and Proprietary

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每季財務績效

營收(扣除開發案銷售收入)

2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2018 NT$ 8,156M (yoy -7.1%) Sales Revenues (NT$ Million) 2019 NT$ 8,431M (yoy +3.4%) 2020 NT$ 11,048M (yoy +31.1%)	2021’H1 NT$ 6,853M (yoy +46.6%)	2021’H1 NT$ 6,853M (yoy +46.6%)
	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%	7.0%
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%	40.3%

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TXC Confidential and Proprietary

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每季財務績效

每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效	每季財務績效
營業毛利 (NT$ Million) 營業毛利率 (%) 2018 NT$ 1,828M (yoy -16.4%) 2019 NT$ 2,007M (yoy +9.8%) 2020 NT$ 3,333M (yoy +66.1%) 營業毛利(扣除開發案銷售收入)
	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%	11.3%
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%	76.4%

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TXC Confidential and Proprietary

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每季財務績效

稅後淨利(扣除開發案銷售收入)

稅後淨利率 (%) 稅後淨利 (NT$ Million) 2018 2019 2020 NT$ 644M NT$ 672M 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% 15.6% 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% 97.8%

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TXC Confidential and Proprietary

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綜合損益表

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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資產負債表

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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TXC Confidential and Proprietary

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每股盈餘與每股股利

High dividends payout

		每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t	每股盈餘與每股股利 Hih diidd t
Unit: $NT		g vens payou
YEAR 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5		Ei 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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TXC Confidential and Proprietary

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2021 資本支出計畫

Amount: NT$1,310M

• Facilities (clean room & related)

• Advanced process

• MEMS

• Miniature SMD Crystal & XO

Unit : NT$ Million

Amount: NT$140M

• Miniature SMD Crystal

• Product upgrade

Amount: NT$1,140M

• Miniature SMD Crystal

• ACAP

Total Amount: NT$2,590M

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

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TXC Confidential and Proprietary

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頻率元件市場 重要性, 排名, TXC產品應用比重

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扮演關鍵角色支持各項應用場景所需的頻率元件

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Crystal (Xtal) U Oscillator (XO)

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Clock Reference/Generation Clock Synchronization/Attenuation
5G NR Interface Access
GPS GPU/MCU Front/Mid/Backhau
Wi-Fi 6/BT CPU PMIC l
U NFC DRAM Core
UWB USB IDC
SyncE & IEEE 1588 Optical Module
RF Modules Electronic Devices Network Infrastructure & Advanced Equipments
U
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頻率元件世界排名

Strong Market Penetration

~~FACTs~~

~~ACTs~~	~~ACTs~~	~~ACTs~~	Revenue (Million_USD)	Revenue (Million_USD)	Revenue (Million_USD)	Market Share (%)	Market Share (%)
2019 Rank	2020 Rank	Company Name	2019	2020	YoY%	2019	2020
3 1 TXC $281				$381	36% 9.20%		11.06%
1 2 Epson $355				$370	4% 11.70%		10.74%
2	3	NDK	$336	$321	-4.46%	11.10%	9.32%
4 4 KCD(Kyocera) $257				$320	24.51%	8.40%	9.29%
5 5 KDS $192				$209	8.93%	6.30%	6.07%
6 6 Microchip (Vectron) $171				$179	4.91%	5.60%	5.21%
10 7 SiTime $84				$116	38.10%	2.80%	3.37%
9 8 Harmony $88				$106	20.90%	2.90%	3.08%
8 9 Hosonic $89				$100	12.58%	2.90%	2.91%
7 10 Murata $86				$98	13.97% 2.80%		2.84%
Other Companies $1,102				$1,245	13% 36.30%		36.13%
Total Revenue $3,041				$3,446	13% 100.00%		100.00%

Source: CS&A Sep. 2021 draft

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頻率元件市場同業營收比較

Unit: NTD B

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2019 2020
14.0 +31.0% -4.8% +8.7%
12.0 11.0
11.0 10.5
10.0
8.5
8.4
7.9
8.0
6.0 +14.9% +12.7% +5.4% +3.4% +8.8% +25.1% +24.7%
4.0 3.0
2.6 2.3 2.6 2.0 2.1 2.5 2.8 1.7
2.0 1.5 1.6 1.4 0.9 1.1
-
TXC HELE SIWARD TST TAITIEN NDK KDS TKD FCTC ECEC
20'H1 21'H1
10.0
+46.6%
8.0
6.9 +25.4% +43.1%
5.5
6.0 5.1
4.7
4.4 +131.4% +130.8% +44.1%
4.0 +28.9% +33.9% +27.0% +34.1% 3.6
2.4
1.7
2.0 1.3 1.2 1.6 1.1 1.3 0.7 1.0 1.1 0.6 1.4 0.7
0.5
-
TXC HELE SIWARD TST TAITIEN NDK KDS TKD FCTC ECEC
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Source: public financial statements information of each company

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TXC’s 營收市場比重

Actual and Forecast (F)

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OTHERS
AEC-Q100/200,
10% 8% AUTOMOTIVE
Crystal, XO, TCXO
Crystal, XO,
IoT
TCXO 8%
5%
12%
MOBILE
7%
30%
COMMUNICATION
28%
2020 TSX, TCXO,
MOBILE COMPUTING 16% 16% Sensors
Crystal, XO
32%
2021(F)
HF Crystal & HF VCXO
28% NETWORKING Stratum 3 TCXO
OCXO
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TXC’s 營收產品比重

Actual and Forecast (F)

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PS, ALS+PS,
SENSOR OTHERS
Color PS
1% [6%]
GNSS 4G/5G &
TCXO 7%
5G Infrastructure
8%
1%
All 5G 5%
XO 8%
Scenarios
All Applications in
9% 62% CRYSTAL
Network Ecosystem
2020 64%
13%
TSX 16%
GNSS
4G/5G 2021(F)
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主要技術趨勢 發展與機會

~~G~~ ROWTH

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應用端產業發展帶動頻率元件全面性需求

AIoT Devices (3-10 PCS)

滿足萬物互聯並永遠連線的網絡生態系統

(5-15 PCS) 5G PC/Computing Devices

(3-8 PCS) Test Equipment 5G CPE

(2-6 PCS) 5G CPE 5G Smart Phone Connected (3-8 PCS) EV (100-150 PCS) Anything Low Orbit Satellite to Small Cell Always On, Always Connected

(4-8 PCS)

Low Orbit Satellite

Small Cell AAU IDC

PCS: Crystal/XO units usage per devices/systems

5G Infrastructure & O-RAN (30-60 PCS)

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2021-2024 重點應用產業發展趨勢

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2021 2022 2023 2024
Key Segments CAGR
YoY , %
28% 31%
15%
Infrastructure 8% 24%
25%
19%
18%
Networking 15% 20%
37%
30%
25% 23%
Automotive 30%
77%
34%
31%
Mobile Phone 22% 31%
500kk
(5G Version) 670kk 920kk 1,118kk
23% 22% 23%
Consumer 20% 21%
-1.2%
-2.5% -1.8%
Computing -3.2% -2%
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Source: CANALYS, Omdia, DIGITIMES Research, Small Cell Forum, 中國營運商年報, 工信部 2021, LIGHTCOUNTING, www.grandviewreaserch.com, etc.

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電動車占比與汽車電子化發展逐年提升

Unit : Million

0 20 40 60 80 100	0% 10% 20% 30% 40% 50% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Electric Vehicle Gasoline Vehicle EV(%) of Total Vehicle Sales Prediction of CAGR for Electric Vehicle in the next coming decade (2021-2030) 30% 5.2% 17% 40% Source: Canalys estimated, Jan 2021, DIGITIMES Research, AlixPartners, etc.

40% penetration rate of Electric Vehicle in total Vehicle sales by 2030

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掌握汽車電子生態系統發展

PCS: Crystal/XO Units per vehicle

~~T~~ oward Mobile Smart Computer Electric Vehicle (100-150 PCS) (Battery, Motor, Control & Charging) (Active & Passive) Safety Systems Communication AI & Information Security Software Applications

Satellite

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Gasoline Vehicle (60-100 PCS) (Electronization)

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Base Station 5G NR

Connectivity for Vehicle Access & Control

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Note: Reference to AVG 30 PCS of Usage in Traditional Vehicle

Network Infrastructure

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汽車電子重點應用佈局

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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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EV
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ADAS

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Innovation
Branding
Software
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Modularization System Integrated

30-40 of Sensors for Level 4/5 development

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

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

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Product Solutions

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終端智能裝置高頻與小型化方案發展

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Live Navigation
Always
Satellite
Connected GPS, Maps, Traffic Alerts
Smart Remote Control
5G NR
(Sub-6GHz & Industry, City, Home, Healthcare
5G AAU & Small Cell mmWave)
Big Data Exchange
Entertainment, Data Access
CPE Router
Devices Connectivity
Wearable, AIoT, Automotive
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AIoT Devices

~~H~~ IGH Frequency Accuracy & Stability

MHz Crystal Crystal

MHz Crystal Crystal TSX (TH+Xtal) XO (CMOS/Differential/PLL) Miniature, 1.0 x 0.8 (mm) Miniature, 1.6 x 1.2 (mm) PJ@12k – 20MHz, 0.05 – 0.3 ps 1612 1210 1008 8 – 320 MHz 19.2 – 76.8MHz Low EMI CMOS XO (Next 0806)

TCXO (CMOS/Clipped) PN@100kHz, -166 dBc/Hz Stability, ±0.5 ppm

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5G基礎網絡建設高階方案規劃

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Data Center
AAU (Servers/Storages)
CU Core/Aggregation
(Switches/Routers)
DU
Cloud Service
Small Cell on Internet
NR
Optical Module
Edge Cloud (PAM4 100/200/400G)
Operations
(Optical & Electrical)
Network Interface Cards
Stratum 3E Phase Jitter@12k - 20MHz, 0.05 ps
OCXO VCXO
ThermSym [[TM]] , ±10 ppb Phase Noise@10Hz, -80dBc/Hz
L
Stratum 3 T Phase Jitter@12k - 20MHz, 0.05 ps
S3TCXO Diff XO
Stability, ±100 ppb R Frequency up to 2.1GHz
A
Stratum 3 Phase Jitter@12k - 20MHz, 0.3 ps
VCTCXO CMOS XO
Stability, ±280 ppb Optimized Design per Applications
High Low
Stability PJ & PN
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Phase Jitter@12k - 20MHz, 0.05 ps Phase Noise@10Hz, -80dBc/Hz

Stratum 3E OCXO ThermSym[[TM]] , ±10 ppb L T Stratum 3 S3TCXO R Stability, ±100 ppb A Stratum 3 VCTCXO Stability, ±280 ppb

Phase Jitter@12k - 20MHz, 0.05 ps Frequency up to 2.1GHz

Phase Jitter@12k - 20MHz, 0.3 ps Optimized Design per Applications

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致力發展汽車電子高可靠度方案

Device Connectivity IVI System Instrument Cluster (Wi-Fi, BT, UWB, etc) Smart Cockpit Interior Control Unit Connected Car AI Applications (5G/LTE, V2X, GNSS, etc) Smart Key Infotainment Communication Security 15-25 PCS 8-20 PCS 20-30 PCS T Power Steering EV Applications Camera P Breaking System BMS, OBC, Inverter Radar/Lidar M Safety Electric Vehicle ADAS S 10-15 PCS 8-12 PCS 10-16 PCS 5 PCS PCS: Crystal/XO Unit

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eliability with AEC-Q100/200 & Other Specified Compliances

Seam Crystal

Glass Crystal

TSX

XO

TCXO

1.6 x 1.2 – 5.0 x 3.2 (mm) 2.0 x 1.6 – 8.0 x 4.5 (mm) 2.0 x 1.6 – 2.5 x 2.0 (mm) G3 – G1 G3 – G0 G3 – G2

1.6 x 1.2 – 5.0 x 3.2 (mm) 2.0 x 1.6 – 3.2 x 2.5 (mm) G3 – G1 G3 – G2 Low EMI One Cavity Version

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全面重點布局5G與汽車電子產業

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AEC-Q100/200
TSX
OCXO, 1409/9775
Seam Glass TSX
Mobile
2520 2016 Infrastructure Automotive
Communication
VCTCXO, MA384 CMOS XO
1612 1210
S3TCXO TCXO
MHz Crystal
Smart Optical CMOS XO Data
3225 2520 2016 Connectivity Diff XO, 3225/2520 Module Computing
Diff XO
1210 1008(Next 0806)
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ESG 永續經營發展承諾

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Environmental

Social

Governance

• ISO 14064 Greenhouse Gas Emissions verification.

• PAS 2050 Product Carbon Footprint verification.

• Five-year rolling plans of carbon reduction and offset initiatives to achieve longterm Carbon Neutral.

• Employee Volunteering Program and TXC Foundation dedicated to schools, community and charity organizations.

• Employee safety, health and human rights come first.

• Maintain the integrity, trust and responsibility in all relationship.

• 5% or 6~20% top position listed in Corporate Governance Assessment required by Financial Supervisory Commission.

• Annual CSR Report.

• ESG Committee directly led by chairman.

To enforce the corporate sustainability and communicate with stakeholders clearly, we redefined existing CSR Committee to ESG Committee which is organized by executives leadership team, reports to the board directly, and will work with Risk Management Committee as well.

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