2014/5

信錦企業股份有限公司 Syncmold Enterprise Corp

International Professional Excellent!

主講⼈人：投資暨企業訊息處 張雅惠

信錦- 軸承與底座的領導廠商❖ 我們是軸承與底座的世界級領導廠商

Leadership in Hinge and Stand products!

❖ 擁有機構技術、︑模具設計製作及產品研發能⼒力，提供世界級⼀一流客⼾戶具競爭⼒力之服務及產品 Serve tier 1 customers with own masterly technology, molding design, product development and total solutions!

❖ 歷年營運績效優良、︑財務結構健全、︑優於同業的ROE Deliver good business results, solid financial structure and outstanding ROE!

❖ 持續領導地位並擴展產品應⽤用領域，創造更⼤大的股東利益 Keep ahead in current position and explore new apps for growth and create value for all shareholders

⼤大綱 Outline

❖ 公司概況 Company Profile !

❖ 產業概況 Industry Overview!

❖ 經營成果 Financial Results!

❖ 優勢、︑策略及展望 Strength, Strategy & Outlook

公司概況 Company Profile

公司簡介 Company IntroductionSyncmold, a worldwide hinge/stand leading provider, established in 1979 and listed on TWSE in 2009(code:1582)!❖ 總部Headquarter: 新北市 New Taipei City!

❖ 董事長Chairman: 陳秋郎 Mr. Chen !

❖ 員⼯工⼈人數Employees: 5,700 (Y2014/4)!

❖ 1Q14 資本額Capital: NT$1.498B; 資產Total Assets: NT$8.27B!

❖ Y2013 營收Revenue: NT$9.07B; 每股盈餘EPS: NT$4.43!

❖ 主要產品Major products: !

❖ 零組件產品component products(Monitor/TV/AIO hinge & stand)!

❖ 塑膠產品plastic products(plastic mold/ plastic injection)

快拆

觸控⼤大仰角

理線

⽣生產據點 Manufacturing Sites蘇州(100%)(S)：佳世達、︑和碩、︑仁寶、︑廣達!

昆山(100%)：沖壓、︑⾃自製!

武漢(100%)(S)：冠捷!

重慶(100%)(S)：富⼠士康、︑廣達、︑英業達!

福州區(100%)：!冠華(PM)：⾃自製、︑冠捷、︑捷星!

福州(S)：冠捷、︑捷星!福清：⾃自製!

⾼高誠(38%)：TV壁掛架!廣東區(100%)：!

東莞(SPM)：⾃自製、︑富⼠士康、︑船井!深圳(S)：富⼠士康、︑SONY、︑聯想!

中山(SPM)：緯創!

Note: S: Stand Assembly M: Mold P: Plastic Injection

產品組合 Product Mix

註：base on revenue breakdown 以營收為基準分類

Y2013

11%

15%

8%66%

Monitor AIO TV Mold

1Q14

12%

14%

7%67%

世界級客⼾戶 Major Customers

產業概況 Industry Overview

2010 2011 2012 2013 2014F 2015F

131134141155

167172

M units/ source: MIC, WitsView, Digitimes!

全球監視器出貨量 Global Monitor Shipments

2010 2011 2012 2013 2014F 2015F

AIO AIO Penetration rate

13%12%

11%

9%8%

7%171615

131311

7%8%

9%

11%12%

13%

M units/ source: Digitimes, IDC

全球AIO出貨量 Global AIO Shipment

2010 2011 2012 2013 2014F 2015F

LCD TV Smart TV Penetration rate

55%

40%36%

29%

22%

4%

236212204201203

190

4%

22%

29%

36%40%

55%

M units/ source: TRI, isuppli, Digitimes!

全球電視出貨量 Global TV Shipments

經營成果 Financial Results

2009-2013營收狀況 Annual Results

2009 2010 2011 2012 2013

EPS Revenue

9.18.48.4

6.75.9

4.45.3

3.73.9

5.75.7

3.9 3.7

5.34.4

Revenue:NT$B/ EPS: NT$!

各季營運狀況 Quarterly ResultsRevenue:NT$B!

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14

Revenue GM%

21%23%22%21%23%23%24%23%22%

2.02.22.52.4

2.02.02.22.22.1

22% 23% 24% 23% 23% 21% 22% 23% 21%

市佔率逐年增加 Monitor Market ShareM units/ source: MIC, WitsView, 市佔率為公司估算!

2009 2010 2011 2012 2013

Syncmold Market Share

26%24%

22%21%21%

3737373532

21% 21%22%

24%26%

穩健財務結構 Solid Financial Structure

0%13%25%38%50%

2009 2010 2011 2012 2013

37%45% 49%

41% 40%

Debt Ratio

0%75%

150%225%300%

2009 2010 2011 2012 2013

252%174% 189%

223% 199%

282%205% 226%

263% 234%Current Ratio Quick Ratio

0%6%

11%17%22%

2009 2010 2011 2012 2013

13%8% 6% 9% 7%

21%

14% 14%18%

14%

ROE NI

5yrs Avg: 42%

5yrs Avg: current: 242%, quick: 207%

5yrs Avg: ROE 16%, NI: 9%

重視股東利益 Deliver Higher ROE

註：信錦、︑軸承(包括信錦、︑新⽇日興、︑兆利)為2011-2013三年平均; ⼤大盤與電⼦子零組件產業為2011-2012兩年平均(採證交所資料)!註：ROE為稅後淨利/股東權益，並使⽤用簡單平均數計算⽽而成。︒!

0%

4%

8%

12%

16%

信錦 軸承 電⼦子零組件 台灣⼤大盤

8.8%10.3%9.3%

15.3%

2011-2013 2011-2012

歷年殖利率佳 Good Dividend Yield

2008 2009 2010 2011 2012 2013

6.5%8.4%

7.0%5.0%

7.6%

3.2%

註：以除息⽇日前⼀一天股價為基準

優勢、︑策略及展望 Strength, Strategy & Outlook

❖ 軸承與底座技術、︑顯⽰示器專利領先同業 Technology ahead of peers長期與世界級⼤大廠合作，提供具競爭⼒力的底座製造技術及成本結構!

❖ 專業研發服務、︑垂直整合 innovative and experienced R&D, vertical integration and one stop shopping 長期與客⼾戶共同開發產品，主導與制定產業規格, 從ID檢討到機構設計、︑模具製造，零件⽣生產及組裝，完整服務!

❖ ⽣生產據點貼近客⼾戶，提供靈活應對能⼒力及穩定供應鏈 production location close to clients, provide prompt solutions and reliable supply chain 貼近客⼾戶、︑跨區服務、︑相互⽀支援 ，與客⼾戶建⽴立長期合作關係!

❖ 正直的經營團隊、︑穩健的財務結構 Sound financial structure with well integrity management

經營優勢 Strength

經營策略 Strategy❖ 提升⾃自製 in house production!

‣ 強化服務品質 upgrade service quality!

‣ 降低採購成本 cost down!

‣ 掌控零組件⽣生產及供貨能⼒力 enhance component production and supply capability!

❖ 提升⽣生產效率 improve production efficiency!

‣ 零組件規格標準化 standardized component/ parts spec!

‣ ⽣生產⾃自動化 automatically in production!

❖ 擴展⾼高階產品市佔率 expand market share on higher end products!

‣ 朝向輕、︑薄、︑環保及設計難度⾼高之產品研發及⽣生產 focus on higher value-added products, i.e., light, thin, eco-friendly & high quality

營運展望 Outlook

❖ 提升產品附加價值 Design and upgrade products with higher value!

‣ 市場需求往⾼高階發展 high end TV(Smart, UHD, large size) keeps penetrating !

‣ 智慧型螢幕的演進 smart display with peripherals & operating system!

‣ 與電⼦子事業產品整合發展新型底座 (例如呼吸燈底座、︑平板充電底座） integration with electronic peripherals and pad stand

營運展望 Outlook❖ TV 底座出貨逐年增長

TV stand shipments grow in next few years!‣ 切入中國品牌，2015電視出貨可望呈現雙位數增長

double digit growth in 2015 by China brand shipment!

‣ 憑藉⾦金屬底座的技術優勢，帶領塑膠底座汰換潮 lead metal stand replacement

2010 2011 2012 2013 2014F

Syncmold TV

營運展望 Outlook

❖ 拓展新事業 explore new business!

‣ 跨入醫療器材與輔具(例如智慧助⾏行器、︑防跌倒警⽰示裝置) develop medical and assistive products!

‣ 特殊顯⽰示器週邊產品(例如醫療、︑專業繪圖) Special display products

3.7

3.925

4.15

4.375

4.6

2010 2015F

4.6

3.9

全球⾏行動輔具US$B/ BCC research, 2011

信錦企業股份有限公司（1582）!Syncmold Enterprise Corp

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