: : 3-5 IT 20% 2004 26%, IT 16.70 16.73 / 1 2004-5-17
2003 2003 3326.9 2002 15.4% 2003 1325.8 2002 17.6% 867.2 5.0% 1121.1, 11.5% 2003 79.7% 174.8 29.8 21.1% 5 5 2004 2008 20% 2003 122.3 77.4% 1036.8 443.4 9.2% 8.8% 1 2003 11.5 36.9 11.8 2 79.7 68.4 5.3 7 X86 21.1 55.3 4.4 6 IDC 2 2004-5-17
2003 399.6 2002 15.8% 2004 2008 19.5% 2003 399.6 2008 975.7 31.5% 15.3% 19.6% IT IT 2003 544 171.1 2002 26.7% 23.9% 2003 IT IT 2008 1567.0 2003 IT 3 2004-5-17
5 18.1% 2008 7630 IT PCB 2003 2003 52.52 16.38% 1.39 8.09% 2001 3 ITD2001 16 29.8% PC 18 PC 2001 8.9% 2002 9.1% 2003 PC 11.8% IDC 5 PC 2002 2003 4 2004-5-17
5 2004-5-17 PC PC
2002 9.1% 2003 11.8% PC PC PC PC 30 PC 2003 IDC 2003 PC 130 11.8% &ERP &ERP 6 2004-5-17
1472 4.1% 57.6% 2001 2003 9 2.38 1986 2003 30 2004 50 1996 478 1997 2001 6000 87 1000 2002 2.1 2002 7 2004-5-17
8000 7000 6000 5000 4000 3000 2000 1000 0-1000 -2000 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1 PCB 2002 PCB 315 2003 362 15% 2002 17800 2004 25000 15% 378.15 548.52 19% PCB ( HDI ) 2 PCB HDI 2003 PCB 12.4 HDI 8 2004-5-17
COB:Chip on board CSP:Chip scale package MCM:Multi chip module COB 10 PCB CSP BGA HDI 4-8 MCM CSP BGA HDI PCB 2 PCB PCB 1 NI/AU ENTEK HDI PCB Know-How 2 MOTOROLA PCB 9 2004-5-17
MOTOROLA UTSTARCOM 3 UL ISO9002 QS9000 ISO14000 IPC IPC PCB 8.66 13.47 7 8 4 HDI 2002 HDI 2002 HDI 2003 HDI RMB240 HDI 2003 HDI PCB 5 2003 5-6 HDI ERP 1+1>2 10 2004-5-17
2001 2003 36.85% 22.20% 16.39% PC 2003 8.09% 2003 7.95% 5.5% 2004 4 17 918.76 30.2% 2 2001-2003 2003 2002 2001 525206.50 451253.55 369287.01 41142.13 44505.09 35941.36 13948.37 12903.89 10030.50 0.287 0.346 0.268 % 16.39 22.20 36.85 % 8.09 28.65-19.65 51.60% 12.16 11 2004-5-17
3 2001-2003 2003 2002 2001 1.66 1.294 1.148 1.41 0.948 0.943 % 51.60 63.76 74.12 156118.56 127694.71 176271.36 1738.12 1229.02 939.01 4 2001-2003 2003 2002 2001 11.64 10.10 8.78 14.31 11.77 9.98 2.067 2.045 1.996 2003 0.259 111.73% 2003 2003 77276.74 12 2004-5-17
5 2001-2003 2003 2002 2001 0.259 0.628 1.50 12584.52 23432.84 56033.41-16594.39-1578.44-24686.60 81287.84-38783.61 15691.79 77276.74-16928.99 47038.52 % 111.73 126.29 134.14 2004 2004 2004 1. 2004 2. 2004 2003 2004 2003 3. PC 3C PC PCB 30% 4. PC PCB 3C 2001-2003 5. PC PCB 2004 2003 55% 6. PC PCB 2003 10% 7. 2003 2004 13 2004-5-17
PCB 3C 2003 2002 15% 8. 9. 2003 2004 6 6 2004 6,827,684,112.46 6,226,396,656.46 8,037,173.72 593,250,282.28 4,450,000.00 243,331,034.09 113,172,432.96 41,066,821.57 200,129,993.66-1,120,447.78 53,153.93 2,751,648.47 5,501,716.58 196,312,631.70 17,530,718.01 2,381,996.22 176,399,917.47 14 2004-5-17
IT IT Internet IT PC PCB IT IP 3C 3-5 IT IT IT PC 1 1 2 PC 2 3 IT 3 4 3C 2 1 HDI PCB 1 15 2004-5-17
2 PC PC 5 PC PC PC IT PCB PCB PC HDI PCB 3C IT IP 3C IP 3-5 PCB 16 2004-5-17
IT IT IT IT IT IT IT 3 2004-2006 ( 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 3.28 6.00 65.00 75.00 5.00 10.00 85.00 2004 2005 2006 PC PCB 17 2004-5-17
4 2004-2006 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0.46 0.50 0.72 1.20 1.30 1.50 1.62 2004 2005 2006 PC PCB P/E P/BV EV/EBIT 1 63.5 4.06 2004 4 23 2003 0.287 0.236 2.973 (1) 18 2004-5-17
= * =63.5*0.236 =14.99 (2) = * =4.06*2.973 =12.07 14.99 12.07 13.53 7 ( ) ( ) ( ) 000021 73293 20058 0.30 3.42 13.21 44.03 3.86 000066 45849 18098 0.23 2.75 13.33 57.96 4.85 000938 20608 6400 0.10 3.16 15.07 147.75 4.77 600100 57461 27303 0.20 5.03 17.44 88.53 3.47 600185 21780 7480 0.05 2.40 6.92 138.40 2.88 600734 35155 13273 0.06 1.72 6.37 106.17 3.70 600850 17103 4860 0.02 1.18 7.01 350.50 5.94 1 2004 4 23 2 2003 3 2003 4 / 5 / 19 2004-5-17
2 2004 1.764 0.36 / 16.5 3.40 / 1 = * =63.5X0.36=22.86 2 = * =4.06X3.40=13.80 22.86 13.80 18.33 3 2004 1307 4 7 1783 1307 1783 1/2 0.618 1550 1600 1876 2000 2001 20 2004-5-17
1783 1550 4 1783 1550 1876 1/2 1713 2004 4 23 1635 4.77% 4.77% 14.99X104.77%=15.71 12.07X104.77%=12.65 14.18 22.86X104.77%=23.95 13.80X104.77%=14.46 19.21 14.18 19.21 16.70 EV/EBIT EV/EBIT EV 2003 EBIT 2003 EV/EBIT 49.05 EV/EBIT = EV/EBIT X 2003 / =49.05X(13948.37+1213.96+1391.72)/48522.35 =16.73 21 2004-5-17
8 EV/EBIT EBIT EV EV/EBIT 000066 117850205.94 6809569673.32 57.78 600100 179909551.79 7197043339.57 40.00 000021 286622661.42 14146501947.61 49.36 194794139.7 69911704986.83 49.05 16.70 16.73 / 1. PC 2. 2003 14.3% 3. 22 2004-5-17