力成科技股份有限公司 2018 年第四季法人說明會 1/30/2019 6239.TW 1
Safe Harbor Statement This following presentation may include predictions, estimates or other information that might be considered forward-looking. These forward-looking statements are based on information available to PTI as of the date of this conference and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements and please keep in mind that except as required by law, we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements. 2
Agenda 4Q18 營運成果 概況與展望 Q&A 3
4Q18 營運成果 4
2018 年第四季合併綜合損益表與前一季比較 ( 新台幣百萬 ) 科目 4Q18 % 3Q18 % QoQ % 營業收入淨額 16,640 100% 18,276 100% -9.0% 營業成本 13,617 81.8% 14,359 78.6% -5.2% 營業毛利 3,023 18.2% 3,917 21.5% -22.8% 營業費用 1,004 6.0% 1,103 6.0% -8.9% 營業淨利 2,019 12.1% 2,814 15.4% -28.3% 營業外收入及支出 (126) -0.8% (2) 0.0% 5730.6% 稅前淨利 1,893 11.4% 2,812 15.4% -32.7% 所得稅費用 300 1.8% 532 2.9% -43.6% 本期淨利 1,593 9.6% 2,280 12.5% -30.1% 淨利歸屬母公司 1,361 8.2% 1,903 10.4% -28.5% 淨利歸屬非控制權益 232 1.4% 377 2.1% -38.5% 每股盈餘 (NT$) 1.75 2.45-28.5% Remark 1. The financial statement of 4Q18 was un-audited. 2. Outstanding shares of 4Q18 were 777,197K shares. 5
2018 年第四季合併綜合損益表與去年同期比較 ( 新台幣百萬 ) 科目 4Q18 % 4Q17 % YoY % 營業收入淨額 16,640 100% 16,716 100% -0.5% 營業成本 13,617 81.8% 13,126 78.5% 3.7% 營業毛利 3,023 18.2% 3,590 21.5% -15.8% 營業費用 1,004 6.0% 1,000 6.0% 0.4% 營業淨利 2,019 12.1% 2,590 15.5% -22.0% 營業外收入及支出 (126) -0.8% (244) -1.5% -48.4% 稅前淨利 1,893 11.4% 2,346 14.0% -19.3% 所得稅費用 300 1.8% 332 2.0% -9.6% 本期淨利 1,593 9.6% 2,014 12.0% -20.9% 淨利歸屬母公司 1,361 8.2% 1,655 9.9% -17.7% 淨利歸屬非控制權益 232 1.4% 359 2.1% -35.5% 每股盈餘 (NT$) 1.75 2.12-17.7% Remark 1. The financial statement of 4Q18 was un-audited. 2. 4Q17 outstanding shares were 779,147K shares. 3. 4Q18 outstanding shares were 777,197K shares. 6
2018 年合併綜合損益表與去年比較 ( 新台幣百萬 ) 科目 2018 % 2017 % YoY % 營業收入淨額 68,039 100% 59,632 100% 14.1% 營業成本 54,209 79.7% 46,934 78.7% 15.5% 營業毛利 13,830 20.3% 12,698 21.3% 8.9% 營業費用 4,048 5.9% 3,624 6.1% 11.7% 營業淨利 9,782 14.4% 9,074 15.2% 7.8% 營業外收入及支出 (238) -0.4% (187) -0.3% 27.6% 稅前淨利 9,544 14.0% 8,887 14.9% 7.4% 所得稅費用 1,935 2.8% 1,596 2.7% 21.3% 本期淨利 7,609 11.2% 7,291 12.2% 4.4% 淨利歸屬母公司 6,234 9.2% 5,849 9.8% 6.8% 淨利歸屬非控制權益 1,375 2.0% 1,442 2.4% -4.6% 每股盈餘 (NT$) 8.02 7.51 6.8% Remark 1. The financial statement of 4Q18 was un-audited. 2. 4Q17 outstanding shares were 779,147K shares. 3. 4Q18 outstanding shares were 777,197K shares. 7
合併資產負債表 2018.12.31 ( 新台幣百萬 ) Account Amount % 流動資產 37,885 36.5% - 現金及約當現金 18,544 17.9% 非流動資產 65,967 63.5% 資產總計 103,852 100.0% 流動負債 18,775 18.2% 非流動負債 31,899 30.7% 負債合計 50,674 48.8% 本公司業主之權益合計 41,006 39.5% 非控制權益 12,172 11.7% 權益合計 53,178 51.2% 負債及權益總計 103,852 100.0% Remark 1. Net worth per share as of Dec 31, 2018 was NT$52.78. 2. The financial statement of 4Q18 was un-audited. 3. 4Q18 outstanding shares were 777,197K shares. 8
4Q18 營運總結 9
2018 第四季營運結果 4Q18 營業額 毛利率 EPS 18.2% QoQ down 3.3% YoY down 3.3% NT$16.64 b QoQ down 9.0% YoY down 0.5% NT$1.75/share QoQ down 28.6% YoY down 17.5% 2018 NT$68.04 b YoY up 14.1% 20.3% YoY down 1.0% NT$8.02/share YoY up 6.8% 2018 年營收創歷史新高. 10
(In NTD M) QoQ (9.0%) YoY (0.5%) 20,000 力成合併季營收 18,276 18,000 16,716 16,640 16,000 13,650 14,000 12,000 10,000 8,000 6,000 12,660 13,928 16,328 15,909 17,214 4,000 2,000-4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 11
(In NTD M) 70,000 力成合併年營收 59,632 68,039 YoY +14.1% 60,000 50,000 40,039 42,524 48,344 40,000 30,000 20,000 10,000-2014 2015 2016 2017 2018 12
季合併營業額比較 (In NTD M) QoQ (9.0%) YoY (0.5%) 13
(In NTD M) 20,000 季合併營業額比例 - 服務類型 18,276 20,000 18,000 16,716 16,640 18,000 16,000 14,000 12,000 10,000 31% 25% 6% 33% 25% 8% Testing 32% Testing 24% SiP/Module 8% QoQ 16,000 (12.0%) YoY (5.7%) 14,000 12,000 QoQ (14.2%) 10,000 YoY 38.9% 8,000 8,000 6,000 4,000 69% 67% Packaging 68% 6,000 QoQ (7.2%) 4,000 YoY (1.8%) 2,000 2,000 - - 4Q17 3Q18 4Q18 Testing SiP/Module Packaging Total Revenue 14
(In NTD M) 80,000 年合併營業額比例 - 服務類型 80,000 70,000 60,000 50,000 40,000 24% 48,344 19% 5% 28% 59,632 22% 6% Testing 33% 68,039 Testing 25% SiP/Module 8% 70,000 YoY +29.3% 60,000 50,000 YoY +44.6% 40,000 30,000 30,000 20,000 76% 72% Packaging 67% YoY +6.9% 20,000 10,000 10,000 - - 2016 2017 2018 Testing SiP/Module Packaging Total 15
(In NTD M) 季合併營業額比例 產品類型 20,000 18,000 16,717 18,276 16,640 QoQ (8.3%) YoY (14.7%) 16,000 14,000 34% 29% DRAM 29% 12,000 QoQ (7.8%) YoY +9.6% 10,000 8,000 39% 33% 45% 37% Flash 45% Flash 37% 6,000 4,000 6% 8% Sip/Module 8% QoQ (14.2%) YoY +38.9% 2,000-27% 26% Logic 26% QoQ (9.6%) YoY (3.3%) 4Q17 3Q18 4Q18 DRAM Flash Sip/Module Logic Total Revenue 16
(In NTD M) 年合併營業額比例 產品類型 80,000 70,000 68,039 YoY +1.7% 60,000 50,000 48,344 59,632 34% DRAM 31% 40,000 30,000 20,000 10,000 38% 34% 39% 33% 34% 6% 4% 28% 27% Flash 42% Flash 35% SiP/Module 7% Logic 27% YoY +21.3% YoY +44.6% - 2016 2017 2018 DRAM Flash SiP/Module Logic Total Revenue YoY +14.6% 17
季合併營收 毛利率及營業淨利率 (In NTD M) 17,000 16,328 16,716 15,909 17,214 18,276 16,640 33% Revenue QoQ (9.0%) YoY (0.5%) 15,000 13,000 13,650 22.7% 12,660 21.8% 13,928 20.9% 21.1% 21.5% 20.4% 21.2% 21.5% 28% 23% GM % QoQ (3.3%) YoY (3.3%) 11,000 18.2% 18% 9,000 7,000 5,000 16.4% 16.2% 14.7% 14.8% 15.5% 14.7% 15.2% 15.4% 12.1% 13% 8% OPM% QoQ (3.3%) YoY (3.4%) 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 Revenue (in NTD M) GM% OPM% 18
(In NTD M) 年合併營收 毛利率及營業淨利率 80,000 70,000 60,000 59,632 68,039 33% 28% Revenue YoY +14.1% 50,000 40,000 30,000 40,039 42,524 19.3% 48,344 21.6% 21.3% 20.3% 23% 18% GM % YoY (1.0%) 20,000 10,000 16.6% 13.3% 15.3% 15.2% 14.4% 13% OPM% YoY (0.8%) 0 10.6% 8% 2014 2015 2016 2017 2018 Revenue (in NTD M) GM OPM 19
1Q19 概況與展望 20
2019 年第一季市場展望 總體經濟疲弱 季節性需求減緩 及保守對待貿易戰隱憂 終端產品 : 通訊產品及 Data Center 庫存調整及需求疲弱 伺服器短缺狀況持續 保守看待消費型產品, 電競 數位電視 機上盒及物聯網相關 5G Big data 及 AI 相關產品需求成長為半導體產業創造龐大商機 DRAM : 擴產減緩及資本支出減少 伺服器 Data Center 及行動裝置庫存調整 保守看待 Niche DRAM 消費型產品 ( 數位電視 機上盒 及物聯網相關 ) Flash : 資本支出減少 行動裝置 及 SSD 應用於伺服器 Data Center 及雲端運算需求疲弱 Logic : 庫存調整通訊產品 消費型產品及車用產品 2019 下半年有機會回升 21
DRAM : Flash : Logic : 力成 2019 年第一季營運展望 標準型記憶體滿載產出穩定 繪圖記憶體庫存調整 Niche DRAM 用於消費型產品疲弱 行動記憶體需求疲弱 用於手機的 MCP (RAM + Flash) 需求疲弱 SSD 庫存調整 傳統封裝需求疲弱 高階封裝及測試需求疲弱 持續開發新興科技運用及封裝製程. 預估力成第一季營運疲弱 22
營運焦點 費用控管及降低成本 減少資本支出 現有主要客戶維持及成長 持續製造的優越表現 強化新商機的開發 擴展高階封裝, 例如 : Flip-chip, SiP/MCP, TSV (2.1D/2.5D/3D ) & FO 持續研發量產新科技以提供未來產品的需求 23
Q&A 24