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Sercomm Corporation
Company Profile
Safe Harbor Notice
The following presentation may contain forward-looking
statements regarding, among other things, our financial
condition, future expansion plans and business strategies
based 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.
The company undertakes no obligation to publicly update or
revise any forward-looking statements whether as a result of
new information, future events or otherwise. The actual
results could differ materially from those contained in these
forward-looking statements.
Introduction Established Year 1992
IPO Year 1999 (TWSE:5388)
Locations
Headquarters Taipei, Taiwan
Design Center Taipei & Suzhou (1,200+ RD Engineers)
Manufacturing Suzhou, China
Hsinchu, Taiwan Calamba, Philippines
Global Branches California, USA
Atlanta, USA
Paris, France Dusseldorf , Germany
Moscow, Russia
Tokyo, Japan
2018 Revenue US$ 1.1 Billion
Total Employees 7,000+
Main Products - xDSL Gateway - Cable DOCSIS 3.x
- FTTx / GPON - SMB Products
- Triple-Play / IAD - Small Cell Products
- Smart Home Control - IoT Devices
- An Embedded System Provider to
Timely Offer Total Networking Solutions
Time
To
Market
Simplicity Affordability
Reliability
Internet
Protocols
Intellectual
Properties
Embedded Software
“Embed IP Everywhere”-Our Mission
California
USA
Dusseldorf
Germany
Paris
France
Tokyo
Japan
Taipei
Taiwan
Suzhou
China
Manufacturing
Hsinchu, Taiwan
Manufacturing
Suzhou, China
Suzhou
China
Atlanta
USA
Moscow
Russia
Milan
Italy
Sales Center
RD Center
Manufacturing
Moscow
Russia
Global Offices
Manufacturing
Calamba, Philippines
Embedded Software
Product Assurance
Hardware Design
Manufacturing & Testing
Technology
Artificial Intelligence
(AI)
Operation Management
Software
Total IoT
Solution
Provider
Winning Value Proposition
Top 3 Supplier Worldwide for Wi-Fi CPE
Top 3 Supplier Worldwide for FTTx Products
Top 3 Supplier Worldwide for Small Cells
“Most Honored Companies” - Institutional Investor, 2018
“Best Mid-cap Company” - FinanceAsia, 2015~2018
“Best Managed Company ” - Asiamoney, 2015~2018
“Best Executive in Taiwan”
“Best for Corporate Social Responsibility”
Enrolled in MSCI Global Small Cap Index since 2011
Well-Recognized Market Position
Sercomm Product Portfolio
717928
1,886
3,7995,012
5,670
9,13310,255
8,535
7,089
8,640
13,242
19,26819,077
23,193
35,012
36,702
38,600
33,385
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
CAGR = 24%
NT$ MN
Sales Revenue Growth
EnterpriseProducts14%
Fixed-MobileProducts35%
HomeGateway39%
IoTProducts12%
Evolving Product Mix
2016
$36,702
2017
$38,600
2018
$33,385 NT$MN
HG64%IoT
12%
FM14%
Enterprise10%
HG54%
IoT10%
FM25%
Enterprise11%
Sercomm Manufacturing Centers
State-of-the-art Manufacturing Site
- Specialized in RF Integrated Products
- Eco-friendly Green Factory
Total 7,000+ Employees
- Manufacturing Engineers: 530
- RD Engineers: 1,200
Manufacturing Capacity
- 3.5 Million Units per Month
- AI Embedded Automated Production Lines
Certificates
- ISO 9001, ISO 14001, OHSAS 18001,
TL 9000, CMMI3
NT$ Million 1Q % 1Q % Change
Net Sales 6,480 100.0% 7,963 100.0% -18.6%
Cost of Goods Sold 5,320 82.1% 6,931 87.0% -23.2%
Gross Profit 1,160 17.9% 1,032 13.0% 12.4%
Operating Expenses 953 14.7% 822 10.3% 15.9%
Operating Profit 207 3.2% 210 2.7% -1.4%
Non-operating Income
& Expenses64 1.0% 26 0.3% 146.2%
Income Before Tax 271 4.2% 236 3.0% 14.8%
Net Income Attributable to
Owners of Parent211 3.3% 186 2.3% 13.4%
EPS After Tax (NT$1) 0.86 0.76
Weighted Average
Shares (MN)245 246
20182019
1Q’19 Income Statement - YoY
NT$ Million Amount % Amount % Change
Net Sales 33,385 100.0% 38,600 100.0% -13.5%
Cost of Goods Sold 28,907 86.6% 33,572 87.0% -13.9%
Gross Profit 4,478 13.4% 5,028 13.0% -10.9%
Operating Expenses 3,578 10.7% 3,494 9.0% 2.4%
Operating Profit 900 2.7% 1,534 4.0% -41.3%
Non-operating Income &
Expenses130 0.4% 49 0.1% 165.3%
Income Before Tax 1,030 3.1% 1,583 4.1% -34.9%
Net Income Attributable to
Owners of Parent808 2.4% 1,312 3.4% -38.4%
EPS After Tax (NT$1) 3.32 5.38
Weighted Average Shares
(MN)243 244
20172018
2018 Income Statement
NT$ Million Amount % Amount %
Cash Equivalents 5,782 25.5% 5,854 25.9%
A/R 5,163 22.8% 5,724 25.3%
Inventory 5,263 23.2% 5,890 26.1%
Other Current Assets 1,646 7.3% 671 3.0%
Non-current Assets 4,808 21.2% 4,447 19.7%
Total Assets 22,662 100.0% 22,586 100.0%
Loan 2,633 11.6% 1,960 8.7%
A/P 8,321 36.7% 9,370 41.5%
Leasehold Payable 401 1.8% 124 0.6%
Other Payable & Liabilities 3,772 16.7% 3,691 16.3%
Total Liabilities 15,127 66.8% 15,145 67.1%
Total Equity 7,535 33.2% 7,441 32.9%
A/R Turnover Days 82 74
Inventory Turnover Days 88 79
A/P Turnover Days 156 137
Mar. 31, 2019 Mar. 31, 2018
Balance Sheet
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