Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
2
Content
Company OverviewCompany Overview
Sales & MarketingSales & MarketingProducts & TechnologyProducts & Technology
Financial OverviewFinancial Overview
New BusinessNew Business
3
Company Profile
• TXC Corporation, founded in 1983, is a leading professional frequency control
product manufacturer. We have devoted to the research, design, manufacture, and
sale of Dual-Inline-Package (DIP) and Surface Mount Device (SMD) quartz crystal
products. TXC now specializes in five categories of products such as high quality
Quartz Crystal, Crystal Oscillator (CXO), Tuning Fork (TF) Surface Acoustic Wave
(SAW) Filter, and Timing Module (TM). In addition, to develop the Group’s future
development and the application of core technical capabilities , in the Q2 of 2011,
the company imports the LED substrate and wafer process and formally enters into
the sapphire LED field.
• Our goal is to add value to our customers by providing a complete solution of
frequency devices and modules, design-in service to fully satisfy various needs of
the esteemed customers. We believe based upon the competence of cost
effectiveness, quality, lead-time, and customer service TXC will go beyond
customers' expectation.
• www.txccorp.com
4
1983
Established TCXO Production
Established SMD Production
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20061984 …
Implemented Oracle ERP
Founded- Capital US$ 95,000
IPO’ed- Increased Capital to US$ 34.8M
Listed in Taiwan Security Exchange (Code- 3042)
Completed Ningbo Factory in China
2007
Total Capacity up to 186 M/month
2008 2009
Ranked 4th
Business
TS16949
6 Sigma
IECQ QC080000
ISO 14001:1996 ISO 14001:2004
2010
Quality
Paid-in Capital: US$102M
Taiwan National Quality Award
2011 Establishing Chongqing Factory in China
Established SAW Production
2011
Green Product Policy & QS 9000
ISO 9001:2000
Production
PAS2050:2008
ISO 14064-1:2006
OHSAS18001:2007
Milestones
5
Headquarter - Taiwan Taipei
Factories(2)- Taiwan Ping-ChengChina NingboChina Chong-Qing (2012)
Sales FAEs(10) - Taiwan TaipeiField Application Engineer China Shanghai, Suzhou, Shenzhen, Wuhan
USA LAJapan Yokohama, OsakaEuropeSingapore
Distributors(12)- Europe-UK, Germany………
Representative (8)- Korea, India, Mexico…….
Worldwide Locations
66
Automotives
Communications & Telecom
Wireless & Wirelines
Security
Energy & Lighting
Industrial
Medical
Consumer Electronics
Audio, Video & Imaging
Computing & Peripherals
Crystal & OscillatorConnecting Technology Together
Miniaturization Stable(Ex. Smart Phone)(Ex. WLAN)
Ultra stableHigh FrequencyAOM/TCXO
(Ex. Base Station)(Ex. GPS)
MiniaturizationUltra stableZero Defect(Ex. Medical Device)
Ultra stable Zero defect
(Ex. Automotive products)
Miniaturization Price Competitive
(Ex. LED TV)
StablePrice Competitive
(Ex. Digital Camera)
Miniaturization Price Competitive(Ex. NB, Tablet PC)
Miniaturization Ultra stable
(Ex. Security Door System)
StableTCXO
(Ex. Smart Grid)
Stable High Frequency
(Ex. Industrial Monitoring System)
Application v.s. Frequency Control Unit applied
1Specific requirement for different industry
7
Business Model
8
Worldwide Revenue of the Top Crystal and Oscillator Suppliers (Unit: USD in Million)
Resource: CS&A
Rank Market Player Countries 2008 2009 2010 2011
(08-09)
Change
%
(09-10)
Change
%
(10-11)
Change %
2008
Market
Share
2009
Market
Share
2010
Market
Share
2011
Market
Share
1 Epson Toyocom Japan 675 641 793 592 -5.01% 23.69% -25.36% 19.90% 22.10% 22.72% 16.73%
2 NDK Japan 571 459 547 557 -19.60% 19.23% 1.75% 16.90% 15.80% 15.68% 15.74%
3 KDS Japan 327 271 391 389 -17.03% 44.01% -0.44% 9.70% 9.40% 11.19% 10.99%
4 TXC Taiwan 222 241 301 327 8.33% 25.16% 8.64% 6.60% 8.30% 8.62% 9.24%
5 Kyocera Kinseki Japan 304 292 297 265 -3.82% 1.47% -10.68% 9.00% 10.10% 8.50% 7.49%
6 Ventron USA 200 148 205 196 -26.05% 38.61% -4.39% 5.90% 5.10% 5.87% 5.54%
7 RakonNew
Zealand96 82 106 111 -15.10% 29.94% 4.82% 2.80% 2.80% 3.03% 3.14%
8 Hosonic Taiwan 119 97 109 101 -18.24% 11.61% -7.00% 3.50% 3.40% 3.11% 2.85%
9 Taitien Taiwan - - 75 79 - - 5.19% - - 2.15% 2.23%
10 TEW Japan 75 60 66 59 -19.87% 9.98% -10.74% 2.20% 2.10% 1.89% 1.67%
11 Micro Crystal Switzerland 56 48 57 63 -15.18% 20.00% 10.53% 1.70% 1.60% 1.63% 1.78%
12 Pericom USA 53 48 56 52 -10.19% 18.07% -7.47% 1.60% 1.60% 1.61% 1.47%
13 River Japan 51 41 47 52 -20.00% 14.95% 10.87% 1.50% 1.40% 1.34% 1.47%
14 Conner-Winfield Singaopre 44 35 39 41 -20.23% 10.26% 5.94% 1.30% 1.20% 1.11% 1.16%
- Others - - - 402 655 - - - - 11.52% 18.51%
Total
Revenue 3,388 2,900 3,490 3,539 -14.39% 20.36% 1.39%
9
TXC Competitors of Japan
Competitors of Taiwan
Competitors of China
Overhead Cost
Quotation advantage due to JPY appreciation
High Low High High
Market Focus
Flexibility
Relationship with ODM
High Low High Low
Diversification
Ability Of Production Line
Transfer
Economic Scale
Manufacturing Technology
Quality Control
LowMediumHighMedium
Asia(Growing)
High
HighPC, Automotive,
Networking, Mobile, Consumer, Global
High
High(SMD)High
2016,1612,1210
High
USA, Europe(Declining)
Low
HighAutomotive,
Networking, Mobile, Consumer, Global
High
Highest(SMD & TCXO)
High1612,1210
Highest
Asia(Growing)
High
LowSpecific to one or two
field
Medium
Low
Medium2520,2016
Medium
China(Growing)
High
LowPC, Consumer
Medium
High(DIP)Low
3225,2520
Low
10
Operating Revenue
31%19%
22%40%
20%
18%5%
25%
9%
Unit: USD in Million
PC20%
MOBILE30%
NETWORKING26%
CONSUMER9%
AUTOMOTIVE2% Others
11%
SAPPHIRE2%
PC25%
MOBILE28%
NETWORKING24%
CONSUMER8%
AUTOMOTIVE2%
Others13%
SAPPHIRE0.1%
11
KHz X'tal8%
MHz X'tal62%
Others8%
TCXO8%
VCXO1%
CXO13%
KHz X'tal4%
MHz X'tal58%
Others9%
TCXO16%
VCXO1% CXO
12%
12
12
13
Unit: $NT in Million
1414
Unit: $NT in Million
1515
Unit: $NT in Million
16
Amounts Notes Amounts Notes
Ping‐Cheng Factory 1,058 a. TCXO/AOM*5
b. Sapphire Equipment
c. RD Equipment
600 a. TCXO/AOM*5(Back‐end of line)b. Sapphire Euipment
NGB Factory 250 Tuning Fork*3
Miniature X'tal*2
250 Miniature X'tal*5
Total 1,308 850
CKG Factory 156 Factories & Equipments 348 Factories & Equipments
Mass Production
(2012/2013)
2011 2012(f)
Factories
c. RD Euipment
Unit: $NT in Million
17
• Compensation payable to directors and supervisors– 2%(2011)
• Employee Bonus– 12%(2011)
2005 2006 2007 2008 2009 2010 2011
Earning Per Share 2.73 4.13 4.88 3.56 2.75 4.06 3.48
Cash Dividend Per Share 0.99 1.94 1.98 2.00 2.00 2.50 2.2
Stock Dividend Per Share 0.59 0.97 0.99 0.50 0.20 0.20 0
Yield(%) 1.95% 3.20% 3.63% 6.25% 3.84% 4.47% 5.05%
Trend of Intelligentization
Cloud ComputingServersStorageSwitcher
3G/4G TelecomBase Station
Small Sell
Mobility PCUltrabookTablet PC
Smart PhoneSmart Grid
Smart TV
Digital Broadcasting
STB
GB/TBHDDSSD
Sensor/MotionGame ConcolePortable Game
Machine
AutomotiveTPMSRCM
Infotainment
SmartConnected
Wireless & Wired Connectivity
Source: TXC Marketing Q4 2012
18
1.5B 1.6B 1.7B 1.7B 1.8B
450M30%
650M41%
840M51%
1B60%
1.2B67%
4%10%
17% 21%25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0
500
1,000
1,500
2,000
2011 2012 2013 2014 2015
Qty (M)
Global Phone Smartphone Smartphone SR(%) LTE vs Smartphone SR(%)
Demand:Crystal 3~4pcs, TCXO 1~2pcs
China – Smart phoneChina – Smart phone SR
250M(38%)
400M(48%)
550M(54%)
600M(52%)
• China market will be major driver for growthof smart phone
• China 4G market is expected to commence in 2014
Smart Phone
Source: 元大證卷 Sep 2012
Global Mobile Phone Forecast
19
Notebook/Tablet PC
130M 129M 129M 130M 128M
195M 207M 230M 259M 294M
-
100,000
200,000
300,000
400,000
500,000
2011 2012 2013 2014 2015
Qty (K)
DT Vol NB Vol NB SR(%)
325M 336M 359M 388M 422M
Source: MIC Sep 2012
73M
123M
171M 196M
217M
0
50,000
100,000
150,000
200,000
250,000
2011 2012 2013 2014 2015
Qty (K)
Tablet
Source: MIC Jun 2012
Demand:Crystal 2~3pcs,XO 1~2pcs
Global DT/NB Forecast Global Tablet Forecast
20
Source: Pike Research
Demand:Crystal: 2pcsTuning Fork: 1pcsTCXO: 1pcs
E-Meter
0
200
400
600
2011 2012 2013 2014 2015 2016 2017 2018
Qty (M)
North America Latin America Western EuropeEastern Europe China Asia Pacific except China
55M73M 109M
155M222M
290M
384M
500M
Global E-Meter Forecast
21
Smart TV
215 225245
265280 290
1025
52
90
125
160
0%
10%
20%
30%
40%
50%
60%
70%
0
50
100
150
200
250
300
2010 2011 2012 2013 2014 2015
Qty (M)
LCD & PDP TV Smart TV Connected TV SR Smart TV SR
DemandCrystal 2~3pcs
Source: IEK Apr 2012
Global TV Forecast
22
Base Station/Small Cell
4M8M
16M30M
60M
90M
0
20
40
60
80
100
2011 2012 2013 2014 2015 2016
Qty (M)
Source: Small-cell Forum Q2 2012
Femtomcells Picocells
Source: GSA Oct 2012
Demand:CrystalXO/VCXO/TCXO/OCXO
Global LTE Operators(Oct, 2012)
Global Smallcell Deployments
0
20
40
60
80
100
120
2009 2010 2011 2012
(No.ofOperators)
New LTE Launch Total LTE operators
23
8,675
7,329 7,748 8,317
8,851 9,317 9,729 10,212 10,644
-
2,000
4,000
6,000
8,000
10,000
12,000
2008 2009 2010 2011 2012(e) 2013(f) 2014(f) 2015(f) 2016(f)
Qty (K)
Source: MIC Apr 2012shipmemt Volume
Server
Demand:Crystal & XO: 4~6pcs
Global Server Forecast
24
TXC LED BU Products
25
Taiwan
Japan
China
Korea
Focus on the 4” Sapphire Wafer Market. & Successfully approved and running into the warm-up production stage
Closely co-work with Japan partner to step into the Japan 4”& 6” Market. Product is approval and under line auditing
Hesitate and initially approach the potential China customers .
Contact with the potential customer and sampling approving of the 4”& 6” Wafers
26
27
Revenue will grow gradually and stably.
Gross margin is expected to be similar with Q3.
China market is still growing strongly, especially in smartphone, tablet and infrastructure sectors.
4G application is the major driving force for high-end products along with raising Cloud Computing.
New products are on market smoothly and will bring new growth momentum.