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WEC — Investor Presentation 2017
Jul 28, 2017
52017_rns_2017-07-28_899ca055-8180-4756-9d94-c6586be07ca3.pdf
Investor Presentation
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華邦電子股份有限公司 2Q’ 17 法人說明會
2017年7月28日
免責聲明
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This presentation contains forward-looking statements concerning, among other things, our financial condition, future expansion plans and business strategies. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements are inherently subject to significant risks, uncertainties and assumptions about us and based on our current expectations and projections about future events.
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We undertake no obligation to 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.
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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.
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Except for the numbers and information included in the our financial statements, the information contained in this presentation has not been audited nor reviewed by any accountant or independent expert. We make no express or imply representations or warranties as to the fairness, accuracy, completeness, or correctness of such information or opinions. This document is provided as of the date herein and will not be updated to reflect any changes hereafter. We and our representatives do not accept any responsibility or liability for any damage caused by their negligence or any other reasons, nor do they accept responsibility or liability for any loss or damages arising from the use of this presentation or the information contained herein or anything related to this document.
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財務報告
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2Q17 綜合損益表- 合併
| 2Q’17 | 1Q’17 | QoQ | ||||||||||||||
| 單位：新台幣百萬元 | 金額 | % | 金額 | % | 金額 | % | ||||||||||
| 營業收入 | 11,411 | 100 | 10,425 | 100 | 986 | 9 | ||||||||||
| 營業毛利 | 3,714 | 32 | 2,989 | 29 | 725 | 24 | ||||||||||
| 營業利益 | 1,398 | 12 | 925 | 9 | 473 | 51 | ||||||||||
| 稅前淨利 | 1,449 | 13 | 883 | 8 | 566 | 64 | ||||||||||
| 本期淨利 | 1,087 | 10 | 723 | 7 | 364 | 50 | ||||||||||
| 每股(損)益(元) | 0.28 | 0.19 | ||||||||||||||
| 息前稅前折舊與攤銷前利益 | 2,849 | 25 | 2,316 | 22 | 533 | 23 |
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2Q17 資產負債表- 合併
| Jun. 30 | ’17 | Mar. 31 | ’17 | QoQ | |||||||||||
| 單位：新台幣百萬元 | 金額 | % | 金額 | % | 金額 | % | |||||||||
| 流動資產 | 26,872 | 37 | 26,345 | 38 | 527 | 2 | |||||||||
| 固定資產淨額 | 39,846 | 54 | 35,622 | 52 | 4,224 | 12 | |||||||||
| 資產總計 | 73,609 | 100 | 68,861 | 100 | 4,748 | 7 | |||||||||
| 長期借款 | 7,984 | 11 | 6,642 | 10 | 1,342 | 20 | |||||||||
| 股東權益 | 46,210 | 63 | 47,267 | 69 | (1,057) | (2) | |||||||||
| 流動比率 | 1.50 | 1.96 | |||||||||||||
| 負債/ 權益比 | 0.59 | 0.46 |
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2Q17 現金流量表- 合併
| **2Q17 ** | 現金流量 | - 合併 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2Q’17 | 1Q’17 | QoQ | |||||||
| 單位：新台幣百萬元 | 金額 | 金額 | 金額 | ||||||
| 營運活動現金流量 | 2,333 | 2,045 |
288 |
||||||
| 投資活動現金流量 | (5,383) | (3,499) | (1,884) | ||||||
| 融資活動現金流量 | 2,812 | (15) |
2,827 | ||||||
| 現金與約當現金 | 5,903 | 6,124 |
(221) |
||||||
| 折舊與攤銷 | 1,451 | 1,391 |
60 |
||||||
| 資本支出 | (5,400) | (3,497) | (1,903) | ||||||
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- 2Q17 綜合損益表 記憶體
| 2Q’17 | 1Q’17 | QoQ | ||||||||||||||
| 單位：新台幣百萬元 | 金額 | % | 金額 | % | 金額 | % | ||||||||||
| 營業收入 | 8,943 | 100 | 8,248 | 100 | 695 | 8 | ||||||||||
| 營業毛利 | 2,616 | 29 | 2,099 | 25 | 517 | 25 | ||||||||||
| 營業利益 | 1,127 | 13 | 781 | 9 | 346 | 44 | ||||||||||
| 稅前淨利 | 1,298 | 15 | 814 | 10 | 484 | 59 | ||||||||||
| 本期淨利 | 990 | 11 | 687 | 8 | 303 | 44 | ||||||||||
| 每股(損)益(元) | 0.28 | 0.19 | ||||||||||||||
| 息前稅前折舊與攤銷前利益 | 2,512 | 28 | 2,107 | 26 | 405 | 19 | ||||||||||
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- 2Q17 資產負債表 記憶體
| Jun. 30 | ’17 | Mar. 31 | ’17 | QoQ | |||||||||||
| 單位：新台幣百萬元 | 金額 | % | 金額 | % | 金額 | % | |||||||||
| 流動資產 | 21,047 | 30 | 20,472 | 31 | 575 | 3 | |||||||||
| 固定資產淨額 | 39,000 | 56 | 34,832 | 53 | 4,168 | 12 | |||||||||
| 資產總計 | 69,947 | 100 | 65,333 | 100 | 4,614 | 7 | |||||||||
| 長期借款 | 7,984 | 11 | 6,642 | 10 | 1,342 | 20 | |||||||||
| 股東權益 | 44,944 | 64 | 45,932 | 70 | (988) | (2) | |||||||||
| 流動比率 | 1.32 | 1.75 | |||||||||||||
| 負債/ 權益比 | 0.56 | 0.42 |
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2Q17 現金流量表- 記憶體
| **2Q17現 ** | 金流量表 | - 記憶體 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2Q’17 | 1Q’17 | QoQ | |||||||
| 單位：新台幣百萬元 | 金額 | 金額 | 金額 | ||||||
| 營運活動現金流量 | 2,257 | 2,259 |
(2) |
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| 投資活動現金流量 | (5,320) | (3,399) | (1,921) | ||||||
| 融資活動現金流量 | 2,805 | 0 |
2,805 |
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| 現金與約當現金 | 3,476 | 3,734 |
(258) |
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| 折舊與攤銷 | 1,385 | 1,326 |
59 |
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| 資本支出 | (5,320) | (3,399) | (1,921) | ||||||
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營收與毛利- 合併
營收(新台幣十億元)
毛利率
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35%
12.0
32%
10.0 31%
30%
30%
8.0 29%
28% 28% 28%
28%
6.0
25%
4.0 11.4
10.7 10.8
10.5 10.4
10.1
9.8
2.0 9.5
20%
0.0
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
營業收入 營業毛利 毛利率
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營收與毛利- 記憶體
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營收(新台幣十億元) 毛利率
10.0
29% 30%
28%
8.0
27%
25%
6.0 24% 24% 24% 24% 25%
4.0 8.9
8.5 8.6
8.2 8.2
8.0 8.2 20%
7.5
2.0
0.0 15%
3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
營業收入 營業毛利 毛利率
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2017年記憶體資本支出
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用途 %
(新台幣十億 17.0
元) 產能擴充及製程推
18.0 57%
進相關設備
16.0
13.0
Fab C 廠務設施 20%
14.0
12.0 新產品 15%
10.0
其他 8%
8.0
4.8
總計 100%
6.0 3.9
3.0
2.1
4.0
2.0
0.0
2012 2013 2014 2015 2016 2017
(E)
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現金基礎資本支出，截至07/28/2017
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營運回顧與展望
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記憶體營運總覽 2Q17
季對季比較 年對年比較 營收 +8% +9% 毛利 +25% +35%
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網通與工業相關應用需求增加，帶動營收成長
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因產品組合優化及產品平均單價上揚，毛利率較上季 與去年同期均顯著上升
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記憶體營收分析- 依應用面 2Q17
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車用及工業用
通訊電子
19%
30%
消費性電子
26% 電腦
24%
車用及工業用 消費性電子 電腦 通訊電子
QoQ +14% QoQ +10% QoQ +9% QoQ +3%
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YoY +31% YoY +18% YoY +5% YoY 6%
NT$M NT$M NT$M NT$M
2,000 2,500 2,500 3,000
1,500 2,000
2,000 2,500
1,000 1,500
1,500 2,000
500 1,000
0 1,000 500 1,500
2016Q2 2017Q2 2016Q2 2017Q2 2016Q2 2017Q2 2016Q2 2017Q2
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2Q17 記憶體營收分析
營收(新台幣十億元)
8.9 8.5 8.6 9.0 8.2 8.2 8.2 8.0 7.5 8.0 7.0 36% 36% 37% 38% 45% QoQ YoY 37% 41% 36% 6.0 Flash快閃記憶體 +17% +36% 5.0 Specialty利基型記憶體 +5% -10% 4.0 51% 51% 50% 50% 47% 44% 42% Mobile行動記憶體 -5% +3% 3.0 54% 2.0 1.0 10% 12% 13% 14% 14% 15% 15% 13% 0.0 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
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2Q17 利基型記憶體事業
季對季比較 年對年比較 營收 +5% -10%
營收季度成長受限於產能
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因產能配置調整，營收較去年同期減少
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毛利率較上季小幅提升
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2Q17 行動記憶體事業
季對季比較 年對年比較 營收 -5% +3%
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需求較上季減少主因客戶機型轉換
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低密度行動記憶體需求持續增加
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逐步拓展顯示器相關應用市場
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2Q17 快閃記憶體事業
季對季比較 年對年比較 營收 +17% +36%
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市場需求強勁及產品組合優化，帶動平均價格上漲
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NOR Flash在各個應用面的需求均持續增長
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終端裝置的平均位元搭載量提升，驅使中高密度NOR Flash需求成長
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市場概況
DRAM
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市場供需維持平衡
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智慧型手機及伺服器的記憶體平均位元搭載量增加
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製程演進速度放緩，產能擴充幅度有限
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中低密度DRAM市場維持溫和，平均價格微幅上漲
NOR Flash
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2017年下半年仍將維持供不應求的市況
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新興應用及位元搭載量持續帶動需求成長
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需審慎觀察中國同業在2018年產能擴充的狀況
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影響幅度取決於其產品品質
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華邦營運展望
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因來自客戶及各種應用面的強勁需求，產能維持滿載
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產能自第四季起，將從每月44千片擴增為每月48千片，其中DRAM為 26千片，Flash為22千片
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3x奈米產品將於第三季起逐步進入量產，惟DRAM 下半年營收成長仍 將受限於產能
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新興應用及產品將為營運帶來新動能
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SLC NAND營收逐漸成長，特別是Serial NAND
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華邦DRAM 位元出貨量成長率 (2012~2018)
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1Gb-Equ. Bit Growth
(Mill. Pcs) YoY (%)
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華邦NOR Flash位元出貨量成長率 (2012~2018)
1Gb-Equ. Bit Growth (Mill. Pcs) YoY (%)
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編碼型快閃記憶體持續擴大產品組合
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編碼型快閃記體
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NOR
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SpiStack
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具編碼及資料存儲彈性 Ultra low Vcc 低功耗 低腳數 SLC NAND 通過AEC-Q100認證
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華邦SLC NAND出貨量持續成長
Serial NAND ONFI NAND
全球Serial NOR Flash 市場佔有率
華邦為全球第二(34% Share)
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Peer A Winbond Peer B Peer C
40%
35% 33% 33% 33% 35%
34%
33%
30% 29% 29% 30% 32% 32% 34%
25%
20%
15%
14%
14%
13% 13%
12% 12% 12%
10% 10%
8%
7%
6%
5% 5%
0%
2012 2013 2014 2015 2016 Q1-17
資料來源：iHS 2017/July
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全球 NOR Flash 市場佔有率
華邦為全球第三 (20% Share)
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Peer A Peer B Winbond Peer C
30%
25% 25% 26% 26%
24%
23% 24%
22%
22% 21% 22%
21%
20% 20%
19% 18% 20%
17%
18%
15% 15% 17%
16%
13%
12%
10%
10%
5%
0%
2012 2013 2014 2015 2016 Q1-17
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資料來源：iHS 2017/July