Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
2014/5
信錦企業股份有限公司 Syncmold Enterprise Corp
International Professional Excellent!
主講⼈人:投資暨企業訊息處 張雅惠
信錦- 軸承與底座的領導廠商❖ 我們是軸承與底座的世界級領導廠商
Leadership in Hinge and Stand products!
❖ 擁有機構技術、︑模具設計製作及產品研發能⼒力,提供世界級⼀一流客⼾戶具競爭⼒力之服務及產品 Serve tier 1 customers with own masterly technology, molding design, product development and total solutions!
❖ 歷年營運績效優良、︑財務結構健全、︑優於同業的ROE Deliver good business results, solid financial structure and outstanding ROE!
❖ 持續領導地位並擴展產品應⽤用領域,創造更⼤大的股東利益 Keep ahead in current position and explore new apps for growth and create value for all shareholders
⼤大綱 Outline
❖ 公司概況 Company Profile !
❖ 產業概況 Industry Overview!
❖ 經營成果 Financial Results!
❖ 優勢、︑策略及展望 Strength, Strategy & Outlook
公司概況 Company Profile
公司簡介 Company IntroductionSyncmold, a worldwide hinge/stand leading provider, established in 1979 and listed on TWSE in 2009(code:1582)!❖ 總部Headquarter: 新北市 New Taipei City!
❖ 董事長Chairman: 陳秋郎 Mr. Chen !
❖ 員⼯工⼈人數Employees: 5,700 (Y2014/4)!
❖ 1Q14 資本額Capital: NT$1.498B; 資產Total Assets: NT$8.27B!
❖ Y2013 營收Revenue: NT$9.07B; 每股盈餘EPS: NT$4.43!
❖ 主要產品Major products: !
❖ 零組件產品component products(Monitor/TV/AIO hinge & stand)!
❖ 塑膠產品plastic products(plastic mold/ plastic injection)
快拆
觸控⼤大仰角
理線
⽣生產據點 Manufacturing Sites蘇州(100%)(S):佳世達、︑和碩、︑仁寶、︑廣達!
昆山(100%):沖壓、︑⾃自製!
武漢(100%)(S):冠捷!
重慶(100%)(S):富⼠士康、︑廣達、︑英業達!
福州區(100%):!冠華(PM):⾃自製、︑冠捷、︑捷星!
福州(S):冠捷、︑捷星!福清:⾃自製!
⾼高誠(38%):TV壁掛架!廣東區(100%):!
東莞(SPM):⾃自製、︑富⼠士康、︑船井!深圳(S):富⼠士康、︑SONY、︑聯想!
中山(SPM):緯創!
Note: S: Stand Assembly M: Mold P: Plastic Injection
產品組合 Product Mix
註:base on revenue breakdown 以營收為基準分類
Y2013
11%
15%
8%66%
Monitor AIO TV Mold
1Q14
12%
14%
7%67%
世界級客⼾戶 Major Customers
產業概況 Industry Overview
2010 2011 2012 2013 2014F 2015F
131134141155
167172
M units/ source: MIC, WitsView, Digitimes!
全球監視器出貨量 Global Monitor Shipments
2010 2011 2012 2013 2014F 2015F
AIO AIO Penetration rate
13%12%
11%
9%8%
7%171615
131311
7%8%
9%
11%12%
13%
M units/ source: Digitimes, IDC
全球AIO出貨量 Global AIO Shipment
2010 2011 2012 2013 2014F 2015F
LCD TV Smart TV Penetration rate
55%
40%36%
29%
22%
4%
236212204201203
190
4%
22%
29%
36%40%
55%
M units/ source: TRI, isuppli, Digitimes!
全球電視出貨量 Global TV Shipments
經營成果 Financial Results
2009-2013營收狀況 Annual Results
2009 2010 2011 2012 2013
EPS Revenue
9.18.48.4
6.75.9
4.45.3
3.73.9
5.75.7
3.9 3.7
5.34.4
Revenue:NT$B/ EPS: NT$!
各季營運狀況 Quarterly ResultsRevenue:NT$B!
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Revenue GM%
21%23%22%21%23%23%24%23%22%
2.02.22.52.4
2.02.02.22.22.1
22% 23% 24% 23% 23% 21% 22% 23% 21%
市佔率逐年增加 Monitor Market ShareM units/ source: MIC, WitsView, 市佔率為公司估算!
2009 2010 2011 2012 2013
Syncmold Market Share
26%24%
22%21%21%
3737373532
21% 21%22%
24%26%
穩健財務結構 Solid Financial Structure
0%13%25%38%50%
2009 2010 2011 2012 2013
37%45% 49%
41% 40%
Debt Ratio
0%75%
150%225%300%
2009 2010 2011 2012 2013
252%174% 189%
223% 199%
282%205% 226%
263% 234%Current Ratio Quick Ratio
0%6%
11%17%22%
2009 2010 2011 2012 2013
13%8% 6% 9% 7%
21%
14% 14%18%
14%
ROE NI
5yrs Avg: 42%
5yrs Avg: current: 242%, quick: 207%
5yrs Avg: ROE 16%, NI: 9%
重視股東利益 Deliver Higher ROE
註:信錦、︑軸承(包括信錦、︑新⽇日興、︑兆利)為2011-2013三年平均; ⼤大盤與電⼦子零組件產業為2011-2012兩年平均(採證交所資料)!註:ROE為稅後淨利/股東權益,並使⽤用簡單平均數計算⽽而成。︒!
0%
4%
8%
12%
16%
信錦 軸承 電⼦子零組件 台灣⼤大盤
8.8%10.3%9.3%
15.3%
2011-2013 2011-2012
歷年殖利率佳 Good Dividend Yield
2008 2009 2010 2011 2012 2013
6.5%8.4%
7.0%5.0%
7.6%
3.2%
註:以除息⽇日前⼀一天股價為基準
優勢、︑策略及展望 Strength, Strategy & Outlook
❖ 軸承與底座技術、︑顯⽰示器專利領先同業 Technology ahead of peers長期與世界級⼤大廠合作,提供具競爭⼒力的底座製造技術及成本結構!
❖ 專業研發服務、︑垂直整合 innovative and experienced R&D, vertical integration and one stop shopping 長期與客⼾戶共同開發產品,主導與制定產業規格, 從ID檢討到機構設計、︑模具製造,零件⽣生產及組裝,完整服務!
❖ ⽣生產據點貼近客⼾戶,提供靈活應對能⼒力及穩定供應鏈 production location close to clients, provide prompt solutions and reliable supply chain 貼近客⼾戶、︑跨區服務、︑相互⽀支援 ,與客⼾戶建⽴立長期合作關係!
❖ 正直的經營團隊、︑穩健的財務結構 Sound financial structure with well integrity management
經營優勢 Strength
經營策略 Strategy❖ 提升⾃自製 in house production!
‣ 強化服務品質 upgrade service quality!
‣ 降低採購成本 cost down!
‣ 掌控零組件⽣生產及供貨能⼒力 enhance component production and supply capability!
❖ 提升⽣生產效率 improve production efficiency!
‣ 零組件規格標準化 standardized component/ parts spec!
‣ ⽣生產⾃自動化 automatically in production!
❖ 擴展⾼高階產品市佔率 expand market share on higher end products!
‣ 朝向輕、︑薄、︑環保及設計難度⾼高之產品研發及⽣生產 focus on higher value-added products, i.e., light, thin, eco-friendly & high quality
營運展望 Outlook
❖ 提升產品附加價值 Design and upgrade products with higher value!
‣ 市場需求往⾼高階發展 high end TV(Smart, UHD, large size) keeps penetrating !
‣ 智慧型螢幕的演進 smart display with peripherals & operating system!
‣ 與電⼦子事業產品整合發展新型底座 (例如呼吸燈底座、︑平板充電底座) integration with electronic peripherals and pad stand
營運展望 Outlook❖ TV 底座出貨逐年增長
TV stand shipments grow in next few years!‣ 切入中國品牌,2015電視出貨可望呈現雙位數增長
double digit growth in 2015 by China brand shipment!
‣ 憑藉⾦金屬底座的技術優勢,帶領塑膠底座汰換潮 lead metal stand replacement
2010 2011 2012 2013 2014F
Syncmold TV
營運展望 Outlook
❖ 拓展新事業 explore new business!
‣ 跨入醫療器材與輔具(例如智慧助⾏行器、︑防跌倒警⽰示裝置) develop medical and assistive products!
‣ 特殊顯⽰示器週邊產品(例如醫療、︑專業繪圖) Special display products
3.7
3.925
4.15
4.375
4.6
2010 2015F
4.6
3.9
全球⾏行動輔具US$B/ BCC research, 2011
信錦企業股份有限公司(1582)!Syncmold Enterprise Corp
謝謝您 Q & A
Thank You for Listening