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1
Zhen Ding Technology Holding
3Q19 Earnings Conference
2
Note: annual average of total employees
143 119
2 8 18 28 20 31 94
168 230
347
443
554 645
760
857 824
1,092 1,179
0
200
400
600
800
1000
1200
1400
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revenue 2 8 18 28 20 31 94 143 119 168 230 347 443 554 645 760 857 824 1,092 1,179
Employees / / / / / 3,396 4,605 8,805 13,006 17,009 18,142 22,983 23,034 25,392 27,820 33,212 37,801 39,943 40,622 38,588
3
4
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Operating
revenue 22,988 34,696 44,280 55,369 64,483 75,954 85,738 82,393 109,238 117,913
Capital (Note)
6,640 6,464 6,699 7,034 7,386 7,386 8,047 8,047 8,047 8,047
ROE (%) 10.82 5.54 15.34 21.27 23.77 23.33 20.82 8.59 14.49 17.30
Note: As of April 23, 2019, the total capital is 9,022 million NTD as a result of the conversion of ECB.
5
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cash position 1,291 1,797 4,084 8,756 10,016 23,482 31,572 30,241 33,296 49,154
Debt 16,380 17,826 21,304 22,659 23,650 29,125 27,261 31,025 32,949 27,078
Accounts
receivable 6,825 8,412 11,138 14,983 23,822 21,463 15,822 19,033 30,619 24,276
Inventory 1,743 2,382 3,242 4,294 4,867 6,036 5,940 7,187 11,259 10,084
Property,
plant and
equipment 25,361 25,445 27,097 26,637 27,843 30,073 32,074 32,262 36,681 41,913
Depreciation &
Amortization 2,297 2,807 3,008 3,375 3,742 4,293 4,850 5,295 5,679 6,820
Total equity 12,782 12,891 17,832 20,394 25,714 32,023 42,253 38,230 55,261 78,109
Debt ratio (%) 67.08 69.70 67.03 66.28 64.06 62.54 53.70 59.72 55.33 44.25
Note 1: Debt = short-term debt + long-term debt + ECB
Note 2: Debt ratio is 38.9% as of September 30, 2019 due to the conversion of ECB.
6
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(E) 2020(F) 2021(F) 2022(F) 2023(F)
Revenue 41,226 52,468 55,409 55,039 56,151 57,437 55,325 54,207 58,843 62,396 60,705 62,444 67,978 71,550 77,009
YoY -14.7% 27.3% 5.6% -0.7% 2.0% 2.3% -3.7% -2.0% 8.6% 6.0% -2.7% 2.9% 8.9% 5.3% 7.6%
Year 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Revenue 22,288 24,851 28,828 32,287 33,100 36,368 41,570 32,694 30,842 33,311 38,391 40,639 45,143 47,685 48,342
YoY 14.2% 11.5% 16.0% 12.0% 2.5% 9.9% 14.3% -21.4% -5.7% 8.0% 15.3% 5.9% 11.1% 5.6% 1.4%
Computer Feature phone 5G + IoT Smart phone
WW PCB Market Revenue YoY Growth
21 21 22 20 20 22
25 29
32 33 36
42
33 31 33 38 41
45 48 48
41
52 55 55 56 57 55 54
59 62 61 62
68 72
77
-30%
-20%
-10%
0%
10%
20%
30%
0
10
20
30
40
50
60
70
80
90
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019E
2020F
2021F
2022F
2023F
Unit: Billion USD
Unit: Million USD
Source: Prismark (2019/10)
7
Location 2017 2018 2019E 2020F 2021F 2022F 2023F 2018-2023
CAGR
China 29,732 32,702 32,266 34,116 36,355 38,546 40,556 4.4%
Japan 5,256 5,439 5,446 5,549 5,638 5,726 5,828 1.4%
Americas 2,742 2,817 2,814 2,846 2,893 2,927 2,967 1.0%
Europe 1,963 2,016 2,004 2,043 2,076 2,108 2,142 1.2%
Other Asia 19,151 19,423 18,812 19,812 21,016 22,243 23,263 3.7%
Total 58,843 62,396 61,342 64,366 67,978 71,550 74,756 3.7%
Unit: Million USD
0
10
20
30
40
50
60
70
80
90
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020F 2022F
$ 40.6Bn
Growth drivers:
HDI, FPC and ICS
Annual growth in
1995-2000: 11.1%
Americas
Europe
Japan
China
$41.6Bn
Asia (excl. Japan/China)
It took more than 6
years for worldwide
recovery
PCB output has strong
growth in China
Emergent market
drive two-year
recovery
2018-2023E
CAGR:3.7%
31.1%
$19.4Bn
4.5% $2.8Bn
52.4%
$32.7Bn
8.7% $5.4Bn
3.2% $2.0Bn
31.1%
$23.3Bn
54.3%
$40.6Bn
7.8% $5.8Bn
2.9% $2.1Bn 4.0% $3.0Bn
CAGR
3.7%
CAGR
4.4%
CAGR
1.4%
1.2%
1.0%
Unit: Billion USD
Source: Prismark (2019/5)
8
Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
WW PCB Market 48,342 41,226 52,468 55,409 55,039 56,151 57,437 55,760 54,207 58,843 62,396
WW PCB Market
YoY Growth 1.4% -14.7% 27.3% 5.6% -0.7% 2.0% 2.3% -2.9% -2.8% 8.6% 6.0%
ZDT Revenue 534 696 1,101 1,507 1,872 2,172 2,506 2,701 2,554 3,590 3,911
ZDT Revenue
YoY Growth 47.1% 30.3% 58.2% 36.9% 24.3% 16.0% 15.4% 7.8% -5.5% 40.6% 8.9%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ZDT vs. WW PCB Revenue Growth
Source: Prismark; ZDT’s annual report
Unit: Million USD
ZDT’s Revenue YoY Growth WW PCB Market YoY Growth
9
Rank Company Name Location 2018 2017 2016 2015 2014 2013 2012 2011
1 ZDT Taiwan 3,911 3,590 2,554 2,701 2,506 2,172 1,872 1,507
2 Nippon Mektron Japan 2,856 3,323 3,212 3,591 3,154 2,556 2,632 2,240
3 TTM USA 2,847 2,658 2,533 2,525 2,376 2,380 2,430 1,428
4 UMTC Taiwan 2,620 2,240 2,036 2,113 2,144 2,133 2,377 2,370
5 Tripod Taiwan 1,727 1,510 1,351 1,368 1,400 1,372 1,325 1,395
6 Compeq Taiwan 1,681 1,778 1,415 1,395 1,116 1,041 905 811
7 SEMCO Korea 1,346 1,284 1,140 1,344 1,551 1,700 1,867 1,445
8 M-Flex China 1,308 967 495 637 632 710 870 830
9 AT&S Austria 1,202 1,093 876 844 829 780 698 690
10 PSAPCB Taiwan 1,186 1,094 983 825 958 972 1,100 1,290
11 Fujikura Japan 1,155 1,099 824 819 563 380 217 740
12 Shennan Circuit China 1,145 842 693 566 528 425 369 327
13 Ibiden Japan 1,083 973 951 1,297 1,455 1,567 2,094 2,126
14 Meiko Japan 1,074 947 869 788 828 690 695 740
15 WUS Group Taiwan 999 847 723 737 750 664 645 630
16 Nan Ya PCB Taiwan 955 876 905 944 1,154 1,088 975 1,290
17 Sumitomo Japan 945 1,134 1,099 1,616 1,279 1,315 1,184 880
18 Simmtech Korea 917 832 772 663 632 485 559 554
19 Daeduck Korea 900 882 828 923 1,215 1,190 1,080 970
20 FLEXium Taiwan 884 853 595 570 430 458 376 257
21 CMK Japan 818 758 676 609 687 627 845 845
22 Kinsus Taiwan 787 735 720 726 824 778 746 782
23 LG Innotek Korea 778 740 689 782 802 712 666 625
24 TPT Taiwan 765 741 681 713 790 702 748 544
25 Kinwong China 762 621 495 566 358 286 221 204
26 BH Co Ltd Korea 693 603 322 321 280 345 204 138
27 Gold Circuit Taiwan 683 630 605 611 664 598 510 575
28 Chin Poon Taiwan 672 774 743 712 701 651 593 540
29 Unitech Taiwan 647 598 393 434 458 446 402 502
30 Shinko Japan 620 562 578 601 578 846 867 904
Top 30-total 37,963 35,584 30,756 32,341 31,642 30,069 30,072 28,178
ZDT Ranking 1 1 2 2 2 3 5 4
ZDT Market Share 6.3% 6.1% 4.7% 4.8% 4.4% 3.9% 3.4% 2.7%
Worldwide PCB Market 62,396 58,843 54,207 55,760 57,437 56,151 55,039 55,409
Top 30-Market Share 60.8% 60.5% 56.7% 58.0% 55.1% 53.6% 54.6% 50.9%
Source: Prismark (2019/5)
Unit: Million USD
10
Fuyong, Shenzhen
Shenzhen Park I
Huaian Park
Qinhuandao Park
Huaian Zong Bao
Park
Yingko Park
Shenzhen Park II
11
項目總用地面積:101,172平方米/152畝
項目總建築面積:240,446平方米
Shenzhen Park I, Guangdong
Land area: 101,172 square feet /152 acres
Building space: 240,446 square feet
12
松 福 大 道
洋 涌 河
人行天橋
鵬鼎深圳 第一園區
鵬鼎深圳第二園區
朗 東 路
Land area: 45,115 square feet /68 acres
Building space: 180,460 square feet
Groundbreaking: Sep. 13, 2018
Shenzhen Park II, Guangdong
13
深圳东路
珠海东路
北
Land area: 336,423 square feet /505acres
Building space: 584,613 square feet
Groundbreaking: Jan. 8, 2015
Pilot production: Jan. 30, 2016
Huaian Park, Jiangsu
14
Width of bridge: 22m
Width of river: 36m
Height of bridge: 5~6m
Depth of river:2~3m
Huaian Park, Jiangsu
15
項目總用地面積:214,893平方米/322畝
項目總建築面積:221,470平方米
Huaian Zong Bao Park, Jiangsu
Land area: 214,893 square feet /322 acres
Building space: 221,470 square feet
16
Land area: 413,428 square feet /620 acres
Building space: 368,993 square feet
Qinhuandao Park, Hebei
17
Land area: 269,022 square feet /404 acres
Building space: 214,289 square feet
Yingko Park, Liaoning
18
Ranked 39 of “Taiwan’s Top 2000 Manufacturing Companies”
in 2018. (reported by CommonWealth magazine)
Ranked 2nd of Huaian Private Enterprise in 2018
Ranked 22 of Top 100 Shenzhen Industrial in 2018
Ranked 221 of “Greater-China Top 1000 Companies by
Market Cap” in 2018. (reported by Business Today magazine)
Ranked 1st of Top 100 Hebei Export Enterprises in 2018
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Monitor Router Gaming & Accessory
Portable Gaming
Storage
Switch
Wearable Device
Notebook
Automobile
Desktop
VR & MR
Tablet
Smart Phone
Server
SLP
RPCB
FPC
HDI One
ZDT
ICS
CoF
Rigid
Flex
Module
20
21
Samsung Note10 5G
S10 5G
OPPO Reno 5G
One plus 7pro 5G
Xiaomi
MIX 3 5G
Samsung Fold 5G
Qualcomm Snapdragon
855 +X50
Qualcomm Snapdragon
855 +X50
Qualcomm Snapdragon
855 +X50
Qualcomm Snapdragon
855 +X50
Qualcomm Snapdragon
855 +X50
Samsung S10 5G
HUAWEI
Mate 20X 5G Mate X
HiSilicon
Kirin980
+Balong 5000
Samsung
Exynos 9820
+M5100
HUAWEI
Mate 30
HiSilicon
5G SoC
Kirin 990
9
123
246
331
418
0%
5%
10%
15%
20%
25%
30%
0
50
100
150
200
250
300
350
400
450
2019 2020 2021 2022 2023
Unit: Million
Source: IDC (2019/10)
5G Smartphone Shipments 5G Smartphone Penetration
22
20171204
Light weight
Thinner
High frequency High accuracy
Fine pitch
Slim
3D architecture
Stretchable
Transparent
Smart equipment
Short Process
Small
dimension
Small
spring back
Low loss
Multi-function
Multi-layer
Fast R&D
Fast NPI
Low
pollution
Light density
Thin
thickness
Short lead time
Narrow
tolerance
Smart material
option
Light
Thin
Short
Small
High
Low
Multiple
Fast
High speed
High dissipation
Precise
Aesthetic
Fine
Smart
23
are invention patents
0
200
400
600
800
1000
2013 2014 2015 2016 2017 2018 2019
CN 111 142 163 218 274 310 356
TW 116 171 228 276 320 355 388
US 52 59 81 94 108 122 142
0
500
1000
1500
2000
2500
2013 2014 2015 2016 2017 2018 2019
CN 466 565 642 717 806 888 985
TW 500 540 583 613 654 684 712
US 168 181 205 216 249 279 312
1134 1286
1546 1430
1709 1851 2009
279
372
472
588
702 787
886
24
台灣中原大學
台灣中央大學
大陸廣東 工業大學
大陸中山大學 大陸清華大學 (深圳研究生院)
大陸北京大學 (深圳研究生院)
大陸燕山大學
台灣逢甲大學 台北科技大學
台灣科技大學 台灣清華大學 台灣成功大學 台灣交通大學
大陸深圳大學
台灣元智大學 台灣中興大學
大陸東南大學 大陸哈爾濱 工業大學
25
26
22 Awards Received
in Shenzhen, China
29 Awards
Received in
Huaian, China
5 Awards Received
from US Customers
14 Awards
Received in
Qinhuandao, China
• Green Factory
• Guangdong Green
Label Enterprise
• Guangdong Zero
Waste Certification
• Zero Waste Certification
• Green Factory
• Green Factory
• Jiangsu Green Label
Enterprise
• Huaian Water Saving
Certification
• A supplier goes above
and beyond for the
environment (APPLE)
• Best Energy Saving
• Best CSR 70 Awards
27
2018.03.07發行
28
Collecting Integration Compatibility
Process Streamline IT System Setup Problem Solving
29
Smart
ZDT 4.0
Big Data Center
Smart
logistics
Smart
warehouse
Smart
production
Smart
machinery
Smart
security
Smart
engineering
Smart
Environments
Smart
HR
Smart
supply chain
Intelligent
ERP
Smart
quality Smart
business
30
Community Strategic
Partners Employees Customers Shareholders
Mission
Technology development, benefit of mankind; environment
protection, make the planet a better place
Leading the PCB industry for related developments
Integrity, Responsibility, Innovation, Excellence, and
Helpfulness
Pentagon
Value
Vision
31
32
Core Technology New product, New Technology, New Equipment, New
Material, and New Process
Manufacturing
Technology
PCB Platform
Global Leading Customers
EMS providers to
ODM/OEM
EMS built by Global
Leading Brand
Strategic Equipment
Vendors
Specialized R&D
Institutions
Strategic Material
Suppliers
Innovation
Partnership
33
34
China domestic
demand
China capital
market Overseas
locations ONE
ZDT
Never Do Things which Hold You from Sleeping Team work and Resource sharing
Master the trend and learning organization There are Gains to Pay
ZDT is Found
35
1. To partner with academia and cultivate highly skilled
international talents.
2. To set up well digitized and information-processed
infrastructure for Big Data & Industry 4.0 development.
3. To navigate and pioneer the PCB industry.
36
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