ZIG SHENG — Interim / Quarterly Report 2015

Sep 2, 2015

創立於 1969年

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股票代號： 1455

2015年9月

INNOVATION

SPECIAL

FUNCTION

INTEGRATION

ENVIRONMENT

集盛公司簡介

• 創立於1969年，假撚一廠正式營運

• 1992年，全自動化假撚二廠正式營運

• 1998年，假撚三廠正式營運

• 1993年，股票上市掛牌

• 1997年，取得ISO-9001認證

• 1999年，尼龍紡絲一廠正式投產

生產工廠

纖維事業部

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3座假撚廠
假撚一廠 1969 假撚二廠 1992 假撚三廠 1998
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• 2000年，尼龍聚合一廠正式投產

• 2004年，成立「集盛創新研發中心」

• 2005年，尼龍聚合二廠正式投產

• 2006年，複合材料廠正式投產

• 2007年，取得OHSAS-18000職業安全衛生管理系統認證

• 2010年，取得ISO/TS 16949汽車行業品質管理系統認證

• 2011年，取得大園尼龍聚合三廠、尼龍紡絲二廠

• 2012年，氣撚廠、尼龍紡絲二廠正式投產

• 2013年，尼龍聚合三廠投產

• 2014年，取得ISO 14064-1 溫室氣體排放量查證聲明書

• 取得ISO 14001 環境管理系統認證書

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2座紡絲廠 1座氣撚廠
尼龍紡絲一廠 尼龍紡絲二廠 氣撚廠
1999 2012 2012
化材事業部
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3座聚合廠和1座複材廠

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尼龍聚合一廠 2000 尼龍聚合二廠 2005 尼龍聚合三廠 2013
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2

主要產品

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纖維事業部 Fiber Division 化材事業部 Chips Division
3 尼龍原絲 Vertical Integration 1 尼龍粒
4 尼龍/聚酯 加工絲 2 工程塑料
PTA , EG CPL
1
NYLON CHIP
POLYESTER
(尼龍粒)
CHIP
POLYESTER 3 NYLON 2 ENGINEERING
FILAMENT FILAMENT PLASTICS
(尼龍原絲) (工程塑料)
4 POLYESTER 4 NYLON
TEXTURED TEXTURED
YARN YARN
(聚酯加工絲) (尼龍加工絲)
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3

台灣市佔率

纖維事業部 化材事業部

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產能
60 57 220 12
(千噸/年)
市佔率(%) 22 % 8 % 22% 11 %
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4 4

資料來源：台灣區人纖製造公會，台灣區塑膠原料公會

產品銷售比重(1H 2015)

營業額：82.2億元

纖維事業部 化材事業部

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加工絲/氣撚紗 工程塑料 內銷 80.7％ 內銷 52.3％ 外銷 外銷 3.0 ％ - 中國 9.0% - 中國 21.2% - 其它 10.3% - 其它 26.5% 28.8 ％ 49.7 ％ 18.5 ％ 尼龍原絲 尼龍粒 內銷 75.9％ 內銷 27.3％ 外銷 外銷 - 中國 8.0% - 中國 50.2% - 其它 16.1% - 其它 22.5%

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5

各季損益表 Income Statements

	各季損益表 Income Statements
單位：新台幣百萬元 Unit: NTD million 會計科目 ITEM 2015 2014 2 Q 1 Q 4 Q 3 Q 2 Q Amount % Amount % Amount % Amount % Amount % 營業收入Operating Revenue 4025 100 4025 100 4701 100 4253 100 4751 100 營業毛利Gross Profit 319 7.6 (10 ) (0.2 ) 82 1.7 151 3.6 12 0.3 營業費用Operating Expenses 126 3.0 (115 ) (2.9) (119 ) (2.5) (110 ) (2.6) (110 ) (2.3) 營業淨利Operating Profit 193 4.6 (125 ) (3.1) (37) (0.8) 41 1.0 (98) (2.1) 營業外收(支) Non-operating Income & Expenses 99 2.4 48 1.2 66 1.4 (9) (0.2) 22 0.5 稅前淨利Profit Before Income Tax 292 7.0 (77 ) (1.9 ) 29 0.6 32 0.8 (76) (1.6) 所得稅(費用)利益Tax (Exp) Gain 22 0.5 10 0.2 (2) 0 (7) (0.2) 1 0 稅後淨利Profit after Income Tax 270 6.4 (67 ) (1.7) 27 0.6 25 0.6 (75) (1.6) 每股盈餘EPS ( NTD ) $ 0.44 $ ( 0.11) $ 0.04 $ 0.04 $ ( 0.12)
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6

Last 3 Years Major Financial Indices

單位：新台幣 億元 Unit:NTD 100 million

會計科目 ITEM	1H 2015	2014	2013	2012
應收款項淨額Receivables	17.40	17.12	14.82	17.84
存貨淨額Inventory	29.98	26.59	36.97	34.30
不動產廠房及設備Fixed assets	64.42	67.08	70.95	73.52
總資產Total assets	126.81	124.67	137.71	140.14
長短期借款Long short-term loans	28.27	25.62	44.25	41.68
股本Capital	61.18	61.18	61.18	60.57
營業收入Operating revenue	82.21	181.70	182.75	169.97
稅後淨利Profit after Income Tax	2.03	0.57	3.67	( 0.98)
稅後純益率Profit margin after tax	2.5%	0.3%	2.0%	( 0.6%)
總資產報酬率ROA	1.6%	0.8%	3.1%	( 0.33%)
股東權益報酬率ROE	2.7%	0.8%	5.0%	( 1.43%)
每股盈餘EPS(NTD)	0.33	0.09	0.60	( 0.17)
負債佔總資產比Liabilities ratio	40.5%	40.1%	45.4%	48.6%
流動比率Current ratio	186.0%	142.2%	128.4%	151.7%
每股淨值Book value per share(NTD)	12.34	12.20	12.30	11.90

*** 民國102年起採用國際會計準則(IFRS)之規定編製數表達。**

• 民國101年12月(含)以前採用台灣會計準則之規定編製數表達。

7

海峽兩岸化纖產業比較

• 化纖產業特性

• 兩岸化纖產業比較

中 國 台 灣 做大做強 做精 一條龍 產業分工 內需型計劃經濟 外銷型中小企業

• 一般規格絲無法獲利 No function, No fashion, No sales

• 成本導向是不夠的

• 重視研發，推陳出新，結合品牌，自身優化

• 避開紅色供應鏈

8

景氣回溫 2009 vs 2015

• 石化產品底部回升

• 化纖產業是景氣循環

2009 年 2015 年 需求委縮 供給過剩 去蕪存菁 精益求精 棉花帶動 原料低基期 有兩年好景氣 ?

9

現 況

1. 人民可支配所得増加

2. 四大經濟體景氣回溫 3. 消費力增加是事實 4. 石油反彈有利化纖產業 5. Q2 轉虧為盈，尼龍阻力變助力 ，

6. 加工絲 差異化 品牌加持 ，汰舊換新， 獲利穩定

10

儒鴻的供應鏈

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BRAND
GARMENT GARMENT
ECLAT
DYING &
FINISHING
FINISHING
ECLAT
FABRIC
GREY FABRIC
YARN DYED ECLAT YARN
ZIG SHENG
DTY, ATY
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11

使用集盛產品的終端客戶

• 纖維事業部的客戶

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• 化材事業部的客戶

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12

THANKS

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INNOVATION

SPECIAL

FUNCTION

INTEGRATION

ENVIRONMENT