WEC — Call Transcript 2024

Feb 6, 2024

~~2023年下半年法說~~ 會

Feb. 6[th] , 2024

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免責聲明

• We have made forward-looking statements in this presentation. Our forward-looking statements contain information regarding, among other things, our financial condition, future expansion plans and business strategies. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us.

• We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

• The information contained herein shall also not constitute an offer to sell or a solicitation of an offer to buy the company’s securities nor shall there be any sale of such securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.

2

Agenda

01 財務報告 周致中財務長

02 營運回顧及展望 陳沛銘總經理

03 Q & A

陳沛銘總經理 & 周致中財務長

3

財務報告

4

– 綜合損益表 合併

單位：新台幣百萬元 營業收入 營業毛利 營業毛利率 營業利益 營業外收入及支出 所得稅(費用)利益 本期淨(損)利 每股(損)益 (新台幣元) 息前稅前折舊與攤銷前利益
	2H23	1H23	HoH	2023	2022	YoY
	38,679 36,327 2,352 75,006 94,530 (19,524)
	11,642 10,753 889 22,396 43,051 (20,655)
	30% 30% +0 ppts 30% 46% -16 ppts
	(219) (1,411) 1,192 (1,630) 16,535 (18,165)
	219 713 (494) 932 1,512 (580)
	148 584 (436) 732 (3,060) 3,792
	148 (114) 262 34 14,987 (14,953)
	(0.13) (0.16) 0.03 (0.29) 3.25 (3.54)
	5,757 4,469 1,288 10,226 26,084 (15,858)

5

– 營收及毛利 合併

(新台幣十億元) 26.0 26.5 26.6 49% 48% 22.1 45% 46% 19.2 19.5 18.8 19.2 17.5 37% 31% 32% 28% 28% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 營業毛利 營業收入

6

– 資產負債表 合併

單位：新台幣百萬元 現金及約當現金 存貨 不動產、廠房、設備及使用權資產 資產總計 長期負債 負債總計 股東權益 負債/權益比 流動比率	Dec. 31, '23 % Jun. 30, '23 % Dec. 31, '22 % 16,963 9% 17,640 10% 20,403 11% 23,870 13% 22,383 12% 21,448 11% 105,747 55% 94,456 52% 97,829 53% 190,788100%180,863100%184,165100% 46,006 25% 42,470 23% 44,247 25% 90,328 47%84,676 47%81,431 44% 100,460 53%96,187 53%102,734 56% 0.90 0.88 0.79 1.85 2.04 2.47

7

– 現金流量表 合併

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單位：新台幣百萬元 2H23 1H23 HoH 2023 2022 YoY
營運活動現金流量 3,508 93 3,415 3,601 15,754 (12,153)
折舊與攤銷費用 5,976 5,880 96 11,856 9,549 2,307
投資活動現金流量 (8,341) (4,691) (3,650) (13,032) (44,482) 31,450
資本支出 (9,177) (4,610) (4,567) (13,787) (42,165) 28,378
籌資活動現金流量 4,170 2,180 1,990 6,350 17,879 (11,529)
本期現金及約當現金增加(減少)數 (678) (2,762) 2,084 (3,440) (10,511) 7,071
期末現金及約當現金 16,963 17,640 (677) 16,963 20,403 (3,440)
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記憶體事業 (1)

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單位：新台幣百萬元 2H23 1H23 HoH 2023 2022 YoY
營業收入 20,481 17,603 2,878 38,085 51,772 (13,687)
銷貨成本 16,725 14,981 1,744 31,706 27,226 4,480
營業毛利 3,756 2,622 1,134 6,378 24,547 (18,169)
營業毛利率 18% 15% +3 ppts 17% 47% -30 ppts
營業費用 4,970 5,031 (61) 10,001 12,506 (2,505)
營業利益 (1,214) (2,409) 1,196 (3,623) 12,040 (15,663)
營業利益率 -6% -14% +8 ppts -10% 23% -33 ppts
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記憶體事業 (2)

(新台幣十億元)

51% 52% 11.5 48% 47% 10.1 10.3 9.4 9.5 33% 8.1 21% 20% 16% 10% 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q214Q23 營業毛利 營業收入

10

邏輯事業 (1)

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單位：新台幣百萬元 2H23 1H23 HoH 2023 2022 YoY
營業收入 17,439 17,909 (470) 35,348 41,872 (6,524)
營業毛利 7,110 7,233 (123) 14,343 17,494 (3,151)
營業毛利率 41% 40% +1 ppts 41% 42% -1 ppts
營業利益 864 826 38 1,690 4,478 (2,788)
營業外收入及支出 549 487 62 1,036 629 407
所得稅(費用)利益 (107) (199) 92 (306) (886) 580
本期淨(損)利 1,306 1,114 192 2,420 4,221 (1,801)
每股(損)利益 (新台幣元) 3.12 2.65 0.47 5.77 10.06 (4.29)
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邏輯事業 (2)

單位：新台幣百萬元 現金及約當現金 存貨 不動產、廠房、設備及使用權資產 資產總計 長期負債 負債總計 股東權益 負債/權益比 流動比率	Dec. 31, '23 % Jun. 30, '23 % Dec. 31, '22 % 6,325 20% 9,035 25% 10,398 28% 7,756 24% 8,431 24% 8,459 23% 7,856 25% 7,620 21% 8,186 22% 31,740100%35,709100%36,852100% 857 3% 1,357 4% 1,429 4% 15,009 47%20,397 57%19,286 52% 16,731 53%15,312 43%17,566 48% 0.90 1.33 1.10 2.35 1.87 2.20

12

記憶體事業資本支出

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(新台幣十億元)
40.8
17.4
12.7
9.3
7.9
2020 2021 2022 2023 2024(E)
已支出 預估
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現金基礎資本支出截至02/06/2024

13

營運回顧及展望

14

記憶體營收分析

營收 (新台幣十億元)

16
14
12	46%	45%	47%
10				40%
8						35%		33%	35%	41%
							37%
6
4	54%	55%	53%	60%		65%	63%	67%	65%	59%
2
0
	4Q21	1Q22	2Q22	3Q22	4Q22		1Q23	2Q23	3Q23	4Q23 23
				Flash		DRAM

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– 記憶體營收 依應用面

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車用&工業用 通訊電子
27% 29%
消費電子
電腦
20%
24%
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車用&工業用 通訊電子
26% 25%
消費電子 電腦
25% 24%
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Note: Rev excluded foundry and others

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車用 & 工業用 消費電子 電腦 通訊電子
YoY -27% YoY -9% YoY -25% YoY -36%
NT$M NT$M NT$M NT$M
16,000 16,000 16,000 16,000
14,000 14,000 14,000 14,000
12,000 12,000 12,000 12,000
10,000 10,000 10,000 10,000
8,000 8,000 8,000 8,000
6,000 6,000 6,000 6,000
4,000 4,000 4,000 4,000
2,000 2,000 2,000 2,000
0 0 0 0
2022 2023 2022 2023 2022 2023 2022 2023
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Flash事業

• ❑ 2023年營收年減20%，但32奈米營收持續增加

• ❑ 2023年NOR Flash產品線位元出貨量與去年持平

• ❑ 2023年SLC NAND產品線位元出貨量年增低四十位數百分比

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17%
18% 1.1%
4.5%
2.7%
19% 1.3% 6.2%
12%
15%
21% 3.2% 14%
18%
66%
65%
65% 65%
67% 61%
63%
63%
17% 17% 15% 15% 16% 15% 19% 19%
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1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q234Q23
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90nm 58nm 46nm 32nm

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DRAM事業

• ❑ 2023年營收年減36%

• ❑ 2023年位元出貨量年增低二十位數百分比，主要來自4G D3出貨量持續成長 ❑ ≦ 25奈米營收貢獻持續增加

1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23

65nm 46nm 38nm 25nm 25Snm

18

市場與營運展望 (1)

❑ Code Storage Flash

• ❖ 溫和的需求成長: 1)終端需求成長約5%；2)content per box增加

• ❖ SLC NAND可望於2024年下半年達到供需平衡、於2025年供給吃緊

• ❖ NOR Flash市場供給量未有明顯變化

❑ Specialty DRAM

• ❖ 高階市場因庫存調整完畢及控制產出致價格反彈，而利基型市場價格亦 正逐步回升中

• ❖ 可望於2024下半年達到供需平衡

• ❖ 強勁需求: IoT, Networking, Surveillance, and TV

• ❖ 邊緣AI將是下一個關注焦點

19

市場與營運展望 (2)

❑ 整體市場

• ❖ 經濟活動及個人行為已回歸正常

• ❖ 中美競爭及中國+1的策略正逐漸形成新的投資環境

• ❖ 記憶體產業正處於新的週期上升階段

❑ 華邦營運

• ❖ 45奈米NOR Flash及20奈米DRAM皆開始貢獻營收

• ❖ 高雄廠準備於2024年初將產能提升至每月1萬4千片

• ❖ 與供應鏈合作以提供客戶完整解決方案，尤其著重在AI應用領域 ❖ 拓展再生能源來源，以符合客戶需求

20

Q & A

21

Thank you

22