Upload
others
View
5
Download
0
Embed Size (px)
Citation preview
Taiflex Scientific Co., Ltd.
HSBC Technology Day
Feb 25-26, 2015
The above statements that pertain to future projections constitute the expectations, opinions,
outlooks, or predictions of our company and its affiliates based on information available at the
time the statements were made. Such statements may be affected by known and unknown
risks and inherent uncertainties, the existence or emergence of facts or factors that differ from
the assumptions, suppositions, or judgments of the Company, or other factors. Consequently,
there may be significant discrepancies between actual results pertaining to the Company's
future earnings, management results, financial conditions, and other matters as explicitly or
implicitly referred to in the statements and the content of such statements.
The presentation is run exclusively for the purpose of providing information and not for the
purpose of soliciting investments or recommending the buying or selling of specific shares or
products. Company makes no warranty concerning the accuracy or completeness of the
information and will not be liable for any damages arising out of use of the Information thereof.
本報告內容係依現有資訊而做成,上述說明中的財務或相關資訊可能包含一些對本公司及
其子公司未來前景的說明,這些說明易受重大的風險和不確定性因素影響,致使最後結果
與原先的說明迥異,是本公司特此聲明,本報告中的內容,僅為資訊流通之目的而公佈,
並非投資建議,本公司不對報告內容的正確性、完整性或任何使用本報告內容所產生的損
害負任何責任。
2
Disclaimer
Taiflex Scientific Co., Ltd. All Rights Reserved
Outline
*Overview
*Industry
*Financial Results
Taiflex Scientific Co., Ltd. All Rights Reserved 3
Overview Date of Est. : Aug. 1997
Market Cap. :US$ 292 millions (as of Dec 31, 2014)
Shares Outstanding : 204,261 thousand.
Number of Employees: 1,066 ppl.
The Board of Directors & Management Team (11%)
Production Sites:
(1) 3 Kaohsiung Factory No. 1, No.2, and No.3,
(2) Kunshan, China Factory No. 4,
(3) Koatech Technology Corp. (53.86% owned) in Hsin Chu
Main Products:
(1) Electronic material :
FCCL, Cover layer, Stiffeners, Composite Film, Bonding sheet.
(2) PV Backsheet
Taiflex Scientific Co., Ltd. All Rights Reserved 4
Production Base inTaiwan
Location: Kaohsiung
/Taiwan
Guandong Sales office
Location:
Zhuhai.Shenzhen/China
Taipei Sales Office
Location: Taipei/Taiwan
Production base in China
Location: Kunshan/China
Beijing Sales Office.
Sales Office
Production Base
Plant#1
Plant#2
Plant#3
KunShan
Global Service Locations
Taiflex Scientific Co., Ltd. All Rights Reserved 5
Qinhuangda
o
Qinhuangdao Sales Office.
Xiamen Sales Office.
Outline
*Overview
*Industry-Electronic Material & PV
*Financial Results
Taiflex Scientific Co., Ltd. All Rights Reserved 6
Outline
*Overview
*Industry-Electronic Material
*Financial Results
Taiflex Scientific Co., Ltd. All Rights Reserved 7
Taiflex Scientific Co., Ltd. All Rights Reserved
Core Technologies
Source: Taiflex
8
S-sided FCCL
D-sided FCCL
S-sided FCCL
D-sided FCCL
Cu Ad PI
Cu Ad PI Ad Cu
Cu PI
Cu TPI Cu
Adhesive-Based ( 3 layer) Series
Adhesiveless ( 2-layer) Series
Cover Layer
Bonding
Sheet
Composite PI
Stiffener
Liner Ad PI
Liner Ad Liner
PI Ad PI
Patented
Liner Ad PI Ad PI Ad PI
FPC-related Series
Products Introduction: Electronic Material
9
Taiflex Scientific Co., Ltd. All Rights Reserved
Source: Taiflex
Global FPC Market Growth
Taiflex Scientific Co., Ltd. All Rights Reserved
Source: Fuji Chimera, 2014
10
2011 2012 2013 2014(e) 2015(f) 2016(f) 2017(f) 2018(f)
Single & Double side FPC (Y/Y) - 18.7% 26.6% 4.7% 4.1% 4.5% 4.3% 4.2%
Multi-Layer FPC(Y/Y) - 8.0% 5.4% -2.0% -0.3% -0.5% -0.6% -0.3%
Single & Double side FPC 765,900 909,500 1,151,000 1,205,000 1,254,000 1,310,000 1,366,300 1,423,600
Multi-Layer FPC 112,000 121,000 127,500 125,000 124,600 124,000 123,200 122,800
-10%
0%
10%
20%
30%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
Million Yen
FPC Application
Taiflex Scientific Co., Ltd. All Rights Reserved
Source: Prismark, 2014
11
Power/ Earphone Socket/
Loudspeaker Module
Home Key (Fingerprint Identification Key)
Battery Module
Touch Panel Module
LCM Module
Power Switch & Voice Control Module
Front Camera Module
Light Bar
Speaker Module Backend Camera Module
Wi-Fi Antenna
Antenna
FCCL Application – Smartphone Teardown
Taiflex Scientific Co., Ltd. All Rights Reserved Source : Taiflex 12
1. In 2014, the smartphone growth rate is 27.0%, while total mobile phone market
grows only 0.9%.
2. In 2014, it is expected to grow 16.4% in total smartphone. 13
Smartphone Growth Trend
Source : IEK 2014/11
14
Smartphone Top 10 in 2014 3Q
Source : Gartner 2014/11
UNIT: K
China and India's brand adopted low-cost strategy was worked, eroded the market share of international companies, had occupied six rankings.
Outline
*Overview
*Industry-PV
*Financial Results
Taiflex Scientific Co., Ltd. All Rights Reserved 15
16
Source: Taiflex
Products Introduction: PV Backsheet
Taiflex Scientific Co., Ltd. All Rights Reserved
Taiflex Backsheet
PolySilicon
• OCI (KR)
• GCL (CN)
• Wacker (DE)
• Hemlock
(US)
Solar Wafer
• GCL (CN)
• LDK (CN)
• Renesolar
(CN)
• Green
Energy (TW)
Solar Cell
• Yingli (CN)
• Renesolar (CN)
• JA Solar (CN)
• Canadian solar
(CN)
• Trina (CN)
Module
• Trina (CN)
• Yingli (CN)
• Canadian solar
(CN)
• Renesolar (CN)
• Hanwha (KR)
Solar System
• First Solar (US)
• SunEdison
(US)
• Belectric (DE)
• China Power
Investment
(CN)
17
Source: Taiflex
Products Introduction: PV Backsheet
Taiflex Scientific Co., Ltd. All Rights Reserved
Structure:
DuPontTM Tedlar@
Weather Resistant Film
DuPontTM Tedlar@
Weather Resistant Film
Adhesive
PET Film
Market Research
Source 2014 (GW) 2015 (GW) YOY(%)
Solarbuzz 49.8 60.2 21%
Photon 47.7 56.8 19%
IHS 45.4 52.5 16%
1. The growth rate of global solar installation in 2015 is overall estimated to be
19% compared to the one in 2014.
2. Solar market growth is motivated by China, Japan and America.
18
Global Solar Est-Installation in 2015
Outline
*Overview
*Industry
*Financial Results
Taiflex Scientific Co., Ltd. All Rights Reserved 19
Historical Business Performance:
2008 ~ 2014
Taiflex Scientific Co., Ltd. All Rights Reserved
Unit :NT$ Million
2012 to 2014 financial statement follows IFRSs
20
3,259
3,909
6,860 6,485 7,853
10,138 10,128
20.7% 22.6%
24.3%
21.5% 19.9%
21.4%
22.3%
0%
5%
10%
15%
20%
25%
30%
0
2,000
4,000
6,000
8,000
10,000
12,000
2008 2009 2010 2011 2012 2013 2014
Net Revenue GM (%)
Sales Breakdown: 2008 ~ 2014
Unit :NT$ Million
Taiflex Scientific Co., Ltd. All Rights Reserved
2012 to 2014 financial statement follows IFRSs
21
3,085 3,276 3,765 3,598 4,572
5,232 5,530 168
614
2,949 2,600
3,064
4,762 4,304
6 19
146 287
217
144 294
0
2,000
4,000
6,000
8,000
10,000
12,000
2008 2009 2010 2011 2012 2013 2014
Electronic Material PV Others
Sales Breakdown: 2008 ~ 2014
Taiflex Scientific Co., Ltd. All Rights Reserved 22
95%
84%
55% 55% 58% 52% 55%
5%
16%
43% 40% 39%
47% 42%
0% 0% 2% 4% 3% 1% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014
Electronic Material PV Others
NTD('million) 2008 2009 2010 2011 2012 2013 2014 YoY
Net Revenue 3,259 3,909 6,860 6,485 7,853 10,138 10,128 -0.1%
Gross Margin 673 883 1,665 1,393 1,564 2,170 2,257 4.0%
Operating
Expense 406 402 635 706 781 1,057 1,247 18.0%
Operating
Profit 267 481 1,030 687 783 1,112 1,011 -9.1%
Net Profit 230 364 780 563 623 1,005 885 -11.9%
EBITDA 506 671 1,182 1,010 1,070 1,557 1,456 -6.5%
EPS (dollars) 1.41 2.24 3.87 2.76 3.08 4.96 4.32 -12.9%
Consolidated Income Statement
Taiflex Scientific Co., Ltd. All Rights Reserved
2012 to 2014 financial statement follows IFRSs
23
NTD('million) 2008 2009 2010 2011 2012 2013 2014
Cash 1,569 1,816 3,300 2,945 2,571 3,529 3,406
Accounts
Receivable 1,030 1,313 1,684 1,874 3,010 4,191 4,684
Inventories 816 979 1,092 1,337 1,038 957 926
Total Assets 4,995 5,556 8,126 8,966 9,452 11,595 12,180
Short-term
loans 467 605 1,051 1,430 1,253 1,051 1,219
Total Liability 1,515 1,893 3,514 3,680 3,901 5,191 5,424
Total Equity 3,480 3,663 4,612 5,286 5,551 6,404 6,756
Balance Sheet Summary
Taiflex Scientific Co., Ltd. All Rights Reserved
2012 to 2014 financial statement follows IFRSs
24
Statement of Cash Flows Summary
NTD('million) 2008 2009 2010 2011 2012 2013 2014
Consolidated Net Profit 230 364 783 554 738 1,279 885
Bad debt expenses 7 5 10 30 21 74 238
Depreciation and Amortization
Expenses 196 194 222 241 265 256 282
Decrease (Increase) in Inventories (130) (224) (166) (315) 265 40 36
Decrease (Increase) in Receivables 23 (272) (346) (220) (1,174) (1,269) (828)
Increase (Decrease) Payables (225) 351 291 (161) 465 613 388
Net Cash Generated by (Used in)
Operating Activities 349 600 1,014 181 482 867 1,011
Capital Expenditures (63) (70) (416) (866) (150) (458) (308)
Net Cash Generated by (Used in)
Investing Activities (47) (18) (525) (860) (110) (356) (367)
Net Cash Generated by (Used in)
Financing Activities 314 (302) 1,018 261 (721) 416 (803)
Taiflex Scientific Co., Ltd. All Rights Reserved
2012 to 2014 financial statement follows IFRSs 25
2015Q1 Business Guidance
Taiflex Scientific Co., Ltd. All Rights Reserved
Guidance QoQ YoY
Consolidated Revenue 1,850– 2,250 Million -17.6% -6.8%
Electronic Materials 1,050 – 1,250 Million -18.8% 12.1%
PV Back sheet 750 – 900 Million -18.6% -26.7%
Consolidated Gross
Margin 21 ± 2%
Consolidated
Operating Profit 11 ± 2%
NOTE:QoQ & YoY are calculated by the median of expected revenue. 26
27
Taiflex Scientific Co., Ltd. All Rights Reserved