8189144c6c0dd032914a7aa8383bd4fa.ppt
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財訊金融家聯誼會 ------座談會 半導體產業前景及敦南公司發展展望 敦南科技總經理盧明光先生 2005年 3月 11日 1
Safe Harbor Notice Any statements set forth that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, such factors as fluctuations in product demand, the introduction of new products, the Company's ability to maintain customer and vendor relationships, technological advancements, impact of competitive products and pricing, growth in targeted markets, risks of foreign operations, foreign exchange rates, and other information detailed from time to time. 2
PAST, PRESENT & FUTURE 12 Consecutive Years of Profits Started Dyna Image K : 190 M Merge Lite-On Power Semiconductor OTC listed • Started Color CIS Turn Profitable Core Tech development • Establishment of Philippines Branch • Color became Global Key Player • started CCM business K : 277 M S : 278 M ‘ 90 ‘ 92 ‘ 95 ‘ 00 ‘ 03 3 Portfolio concept with multiple growth factors Listed on the Main board July 19 th K : 3. 38 Billion S : 8. 7 Billion ‘ 04 • 2 X Sales Growth in 3 Years Future
Corporate Profile Focus: Image Mono CIS Color CIS Discrete CMOS Camera Module 41% 59% t Headquartered in Taipei t 3, 300 + employees t Certifications • ISO-9001, ISO 14001, QS 9000, TS 16949 4
Lite-On Semiconductor Corp Organization Chart Liteon Semiconductor Corp 敦南科技股份有限公司 32. 5% Image Division 影像事業部 100 % Wuxi Factory 敦南科技 (無錫) 有限公司 100 % The Philippines Hsin 菲律賓敦南 Tien 科技股份 新店廠 有限公司 Diodes Inc. (美國) 美國那斯達克掛牌 Symbol:DIOD Discrete Division 分離式元件事業部 100 % Seefull Factory 上海旭福 電子 有限公司 (上海) Wuxi Factory 敦南科技 (無錫) 有限公司 5 100 % Keelong Taiwan, Factory 美台二極體 基隆廠 股份有限 Hsin Chu 公司 新竹 (台灣) 95 % Fab. Tech Inc. USA (美國) Shanghai 上海凱虹 電子有限 公司 (上海)
Review of Achievements and Financial Results in 2004 6
2004 YTD Sales Breakdown Opto. Electronic Components 59% 7
Achievements in 2004 Mono Color Absolute #1 • 1 Q- Q 04 Revenue = NT$1. 7+B • 1 Q-4 Q 04 Revenue = NT$3+B (7+% Yo. Y) (60% Yo. Y) • 1 Q– 4 Q shipment = 9+M (75% Mkt Share) Discrete Top 2 W/W • 1 Q-4 Q Shipment = About 9 M (28% Market Share) Lite-On Semiconductor CCM #2 in Taiwan Most experienced COB in Taiwan • 1 Q- 4 Q 04 Shipment = Over 1 • 1 Q-4 Q 04 Revenue = NT$3. 6 B Million (22% Yo. Y) 8
*4 Q 2004 Results Highlight – Yo. Y Comparison In NT Millions 4 Q 2003 Amount 4 Q 2004* % Amount Yo. Y % % Net Sales 1, 843 100. 0 2, 185 100. 0 18. 5 COGS 1, 458 79. 1 1, 734 79. 4 0. 3 Gross Profit 385 20. 8 451 20. 6 17. 1 Operating Expense 175 9. 5 212 9. 7 0. 2 Operating Profit 210 11. 4 239 10. 9 13. 8 42 2. 3 7. 3 0. 3 - Profit Before Tax 251 13. 6 246 11. 3 - 1. 9 Profit After Tax 212 11. 5 184 8. 8 - 13. 2 After Tax EPS 0. 6 Other Income/Expense * Consolidated 0. 57 9 -5
*4 Q 2004 Results Highlight – Qo. Q Comparison In NT Millions 3 Q 2004 Amount 4 Q 2004 % Amount Qo. Q % % Net Sales 2, 569 100. 0 2, 185 100. 0 -14. 9 COGS 2, 013 78. 3 1, 734 79. 4 1. 1 Gross Profit 558 21. 7 451 20. 6 - 19. 2 Operating Expense 203 8% 212 9. 7 4. 4 Operating Profit 355 13. 8 239 10. 9 - 32. 6 77 3 7. 3 0. 3 - Profit Before Tax 432 16. 8 246 11. 3 - 43. 1 Profit After Tax 348 13. 5 184 8. 5 - 47. 1 After Tax EPS 1. 07 Other Income/Expense * Consolidated 0. 57 10 - 46. 7
*YTD 2004 Results Highlight – Yo. Y Comparison In NT Millions YTD 2003 Amount YTD 2004* % Amount Yo. Y % % Net Sales 6, 621 100. 0 8, 778 100. 0 32. 6 COGS 5, 304 80. 1 6, 903 78. 6 -1. 5 Gross Profit 1, 317 19. 9 1, 875 21. 4 42. 4 Operating Expense 646 9. 8 791 8. 8 -1 Operating Profit 671 10. 1 1, 083 12. 8 61. 4 Other Income/Expense (46) - 141 1. 6 - Profit Before Tax 763 11. 5 1, 224 13. 9 60. 4 Profit After Tax 615 9. 3 982 11. 2 60. 2 After Tax EPS 2. 01 *Consolidated 3. 01 11 49. 7
Revenue Trend 12
Quarterly SG&A Trend Quarter Q 1 Q 2 Q 3 Q 4 04 SGA 10 % 8. 8 % 7. 9 % 9. 7% 04 GPM 21. 8% 21. 3% 21. 7% 20. 6% 13
Records for Reference 14
UNIT: M. NTD ◎ PAYABLES 4 Q'02 1 Q'03 2 Q'03 3 Q'03 4 Q'03 1 Q'04 2 Q'04 3 Q'04 4 Q '04 671 816 931 1, 086 1, 211 1, 175 1, 493 1, 659 62 67 61 60 81 73 70 73 ◎ RECEIVABLE 954 1, 082 1, 324 1, 653 1, 484 1, 432 1, 865 2, 112 AR DAYS 74 73 70 69 82 71 68 73 81 567 651 612 513 587 608 704 744 754 52 52 42 31 38 38 33 33 39 (850) (916) (1, 005) (1, 080) (865) (1, 077) (1, 197) AP DAYS ◎ INVENTORY INV DAYS ◎ NET CASH FLOW 15 1, 442 79 1, 850 (1, 161)
Revenue Growth Consolidated M NTD 10, 000 31%↑ 8, 778 8, 000 43%↑ 43% 6, 000 6, 621 31%↑ 66%↑ 4, 000 42% 4, 643 3, 532 42%↑ 2, 134 2, 000 1, 220 1, 508 0 1998 1999 2000 16 2001 2002 2003 2004
Profit Growth - Consolidated Net Income Trend MNT$ 1200 1000 800 600 400 200 0 1998 1999 2000 2001 2002 2003 2004 YEAR 1998 1999 2000 2001 2002 2003 2004 NET INCOME 93 57 295 128 341 615 982 17
Earnings per Share NT$ 18
Return on Equity 19
High Growth Potential Index 2002 2003 2004 PEG 0. 11 0. 15 0. 12 PE Ratio 17 11 9 EPS Growth % 160 72 73 20
Experienced Management Team C. H Chen Vice Chairman M. K. Lu President R. J Hong B. U. G. M. of Image Division Mike Hsu B. U. G. M. of Discrete Division David Lee CFO Founder Dyna Image (Lite-On 14 yrs) President/CEO/Director of Diodes Inc 21 yrs with Texas Instruments, VP-Taiwan 24 yrs with Lite-On Group 8 yrs with Texas Instruments Production, Planning & IT Background 13 yrs with Lite-On Group 10 yrs with Texas Instruments Production, Planning Background 5 yrs with TI Taiwan, G. M. of IC assembly operations 20+ yrs with TI Taiwan, Desigh/ QC / Manufacture/Planning Engineering/ Equipment Maintenance Background CFO & Spokesperson of Lite-On Semi. Since 2000 6 yrs with Lite-On Power Semi. since 1994 9 yrs with Silitek since 1984 21
Growth Opportunities in 2005 22
Sales Breakdown in 2005 2004 Sales B/D Opto. Electronic Components 65% 23
Growth Driver for 2005 CCM • COB trend • Switch to 1 st tier Customers • Unique Advantages of Flexible Capacity Discrete Color CIS • New Products • Higher & more stable profit MOSFET • Gain Market Share • Expansion from Existing Customer • Gain New Customers From New (CCD) products 24
W/W Inkjet MFP Shipment (2003~2008 Forecast) Inkjet MFP accounted for 87% of total Global units and will increase to 91. 5% by 2008 23 AGR C % Year 2003 2004 2005 2006 2007 2008 units(000) 25, 455 39, 697 49, 260 57, 658 65, 065 71, 758 Growth % 117% 56% 24% 17% 13% 10% LSC Growth % 350% 80% 40+% 25 Outperform
Worldwide Phone Cam shipment Projection 2003 -2008 (M units) Year 2003 2004(E) 2005(E) 2006(E) 2007(E) 2008(E) Mobile Phone 539 650 703 779 872 945 Phone Cam 80 186 305 423 541 642. 2 % of Phone Cam 15% 29% 43% 54% 62% 68% Y-o-Y growth (Phone Cam) 257% 134% 64% 39% 28% 19% * Source : 2004 IDC 26
Camera Phone Resolution Migration 2004 1. 3 M => 35 M 2005 1. 3 M & above => 150 M + Source : IDC/TSR/ MAGIC PIXEL/TRI 2004/2005 27
COB VS CSP Total Solution For Customer • Cost Savings • Better Sensitivity • Quick delivery, Min 3 days • Stack Cost • Average 21~25 delivery days 28
CCM Future COB is projected to be the MAJOR SOLUTION in the near future Mega Handsets Companies like Nokia, Sony Ericisson will FOCUS on COB solution ONLY. Samsung, Moto PREFER COB solution. Source : Internal 29
Wafer Production Capability & Capacity LSC aims to be a Total Power Management Solution Provider ! STD/FR/UF GPP/RGPP UFGPP China Shanghai & Wuxi 3, 4 inch (200, 000 PCS/Mth) Schottky Zener S. S. Bipolar TVS/GPP RGPP/UFGPP Super Fast Damping Diode Thyristor USA Kansas 5 inch (40, 000 PCS/Mth) Taiwan Keelong 4 inch (60, 000 PCS/mth) 30 Power MOS Analog IC CMOS IC Power IC Taiwan, Hsin Chu 6 inch (30, 000~35, 000 PCS/Mth)
SIA World Semiconductor Forecast 2003 - 2007 Units : US$ Million Year 2003 2004 2005 2006 2007 IC 139, 965 179, 105 177, 170 187, 974 215, 121 Discrete 13, 347 15, 941 15, 911 16, 376 17, 642 Discrete Growth % 8 19 0 3 8 Opto 9, 545 13, 922 15, 709 17, 308 19, 972 Sensor 3, 569 4, 834 5, 021 5, 526 6, 665 Total 166, 434 213, 821 213, 811 227, 187 259, 408 Y-o-Y Growth 18% 28% 0% 6% 14% Source : SIA Nov 2004 31
Global Discrete Market Distribution Forecast 2003 - 2007 Unit : Million USD Discrete Total 2003 2004 2005 2006 2007 USA 1, 756 2, 010 1, 997 2, 008 2, 136 Europe 2, 465 2, 962 2, 944 3, 014 3, 223 Japan 3, 596 4, 002 3, 964 4, 061 4, 346 APAC 5, 530 6, 966 7, 026 7, 293 7, 938 Total 13, 347 15, 941 15, 911 16, 376 17, 642 Growth % Source : 8% SIA 2004 Nov 19% -0. 2% 32 3% 8%
SIA Global Discrete Market Breakdown Forecast Unit : Million USD Year 2002 2003 2004 2005 2006 2007 Diode 1, 745 1, 877 2, 295 2, 250 2, 260 2, 405 SST 2, 082 2, 042 2, 208 2, 129 2, 165 2, 299 Pwr-Trans 6, 105 6, 766 8, 150 8, 217 8, 578 9, 347 Rectifier 1, 681 1, 826 2, 200 2, 236 2, 379 Thyristor 560 631 771 813 845 909 Other Discrete 173 206 290 303 292 303 12, 345 13, 347 15, 941 15, 911 16, 376 17, 642 Total Source : SIA 2004 Nov 33
SIA Global Analog IC Market Growth Forecast Unit : Million USD Year 2003 2004 2005 2006 2007 26, 793 31, 321 31, 711 33, 735 39, 497 Growth Rate % 12 17 1 6 17 Analog IC/Total Semi 16 15 15 11, 009 12, 157 12, 193 13, 047 15, 398 17 9 0 7 15 15, 785 19, 164 19, 518 20, 688 24, 099 7 21 2 6 16 166, 426 213, 801 213, 811 227, 184 259, 401 Analog IC Standard Linear Growth Rate % Application Specific Growth Rate % Semiconductor Total Source : SIA 2004 Nov 34
Discrete Growth Distributions 2004 Discrete 42% 2005 Discrete 35% 35
2005 Outlook 36
2005 Corporate Strategy Themes Revenue Growth • 2 X Growth in 3 Years • ROE > 20+% • ROI > 30% Value Differentiation Expand Market Share • Committed to next generation technology • Expansion from Core Technology for best cost effectiveness • Best Quality management • Shortest Time to Market • Fastest Time to Volume 37
2005 Outlook – All cylinders are firing Financial Outlook l l Q 1 05 Revenue decline 10 - 13% Qo. Q 2005 Revenue Growth 20+% Expected Business Outlook l. Color l. CCM : Market share grow to #1 W/W : l. Mono Market share gain from competitors; : l. Discrete Sustain # 1 position in W/W Market share; : Aim to enlarge market share; Concentrate on key products, add more profitable product 38
Investment Highlights Demonstrated fiscal discipline Increasing market share and maintain profitability Scalable, cost-effective manufacturing capacity Diversification into higher-margin product lines Commitment to next-generation technology Strong Asian presence and European expansion 39
Conclusion Growth Strategy • Emphasize revenue, profit growth and market share growth • Optimize product portfolio management Consistent Performance • 20+ % CAGR growth in revenue • Aim to maintain 20+% ROE Focus on Strategic Investments • Expand from core technology to minimize cost & risks and maximize returns • Penetrate market and become Market Leader High Dividend Yield • about 70% pay-out ratio • 4+ % cash dividend yield 40
Thank You 41
8189144c6c0dd032914a7aa8383bd4fa.ppt