Wt Microelectronics Co., Ltd. · TWSE:3036
Wt Microelectronics — Q4 2020 Earnings Presentation
21 slides from Wt Microelectronics's earnings presentation, Feb 25, 2021
Slide 1: 2020 Fourth Quarter Investor Conference
2020 Fourth Quarter Investor Conference February 25, 2021
Slide 2: Agenda
Agenda 1. Overview 2. Financial Update 3. Business Outlook 4. Questions and Answers 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement WT’s forward-looking statements, which may include statements regarding its results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on WT’s current expectations. Actual results may differ materially
Slide 4: 1. Overview
1. Overview A leading Asian semiconductor distributor, founded in 1993 and listed in 2000 (ticker: 3036 TT), providing supply chain management such as capital flow, information flow, inventory, and technical support Sophisticated frameworks in Asia (total 45 offices in China, Taiwan, Korea, and
Slide 5: Offices Across Asia
1. Overview China Offices (28) Korea Offices (4) Seoul Harbin Shenyang Dalian Offices Across Asia Gyeonggi-do Daegu Beijing Gwangju Qingdao Zhengzhou Taiwan Offices (4) Jinan Taipei, Headquarters Xian Ningbo Hsinchu Shanghai Taichung Wuxi Suzhou Tainan Nanjing South Asia Offices (9) Hangzhou Wenzhou
Slide 6: Net Revenue 2000-2020
1. Overview NR (Net Revenue) CAGR(2016~2020)=25% NT$B 400 353 350 335 300 273 250 200 189 144 150 108 114 100 80 88 64 71 39 41 47 50 30 34 14 21 5 9 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 6
Slide 7: Statement of Comprehensive Income 4Q20
2. Financial Update Statement of Comprehensive Income Unit: NT$M 4Q20 3Q20 4Q19 Key accounts QoQ YoY Amount % Amount % Amount % Net Operating revenues 109,090 100.00% 91,862 100.00% 19% 96,774 100.00% 13% Gross profit 3,031 2.78% 2,761 3.01% 10% 2,814 2.91% 8% Operating expenses (1,463) -1.34% (1,35
Slide 8: Statement of Comprehensive Income 2020
2. Financial Update Statement of Comprehensive Income Unit: NT$M Y2020 Y2019 Key accounts YoY Amount % Amount % Net Operating revenues 353,152 100.00% 335,187 100.00% 5% Gross profit 10,775 3.05% 10,800 3.22% 0% Operating expenses (5,458) -1.55% (5,547) -1.65% -2% Operating income 5,316 1.51% 5,253
Slide 9: Balance Sheet
2. Financial Update Balance Sheet Unit: NT$M 4Q20 3Q20 4Q19 Key accounts Amount % Amount % Amount % Cash and cash equivalents 3,627 3 4,675 4 3,107 3 Accounts receivable 60,850 46 49,840 42 44,666 44 Inventory 44,314 34 41,881 36 45,795 45 Other current assets 2,301 2 2,388 2 2,591 3 Non-current ass
Slide 10: NR by Geography (Quarterly)
2. Financial Update NR by Geography (Ship-to Destination) 100 QoQ +22% 0.4% 0.4% 0.3% 0.6% 0.7% 1.0% 1.3% 1.5% 100% 2.5% 2.3% 3.0% 90 3Q20 3.3% 4.5% 3.6% 3.2% 2.9% 6.6% 6.3% 6.2% 5.4% 80 (Left) Revenue (NT$B) 5.8% 4.8% 5.6% 3.6% 2.8% 2.0% 2.2% 5.4% 4.6% 70 vs. 8.0% 6.4% 8.4% 60 4Q20 80% (Right) 50 4
Slide 11: NR by Geography (Annual)
2. Financial Update NR by Geography (Ship-to Destination) 0.5% 0.5% 0.4% 0.4% 1.2% 100.0% 1.8% 2.0% 2.3% 2.8% 6.1% 7.8% 7.4% 4.3% 3.5% 6.0% 5.4% 2.6% 7.7% 7.5% 6.6% 80.0% Others 60.0% ASEAN 82.2% 82.5% 87.0% 87.9% 83.6% Korea 40.0% Taiwan 20.0% China 0.0% 2016 2017 2018 2019 2020 350 YoY +0% 300 201
Slide 12: NR by Customer Base (Quarterly)
2. Financial Update NR by Customer Base 100.0% 90 QoQ +25% 2.1% 2.0% 2.0% 2.3% 4.7% 4.2% 3.0% 3.0% 3Q20 4.7% 4.2% 3.8% 3.3% 3.1% 2.4% 2.3% 80 4.1% (Left) 70 vs. Revenue (NT$B) 22.9% 60 4Q20 80.0% 26.7% 26.7% 26.6% (Right) 30.4% 32.3% 27.8% 50 31.7% 40 QoQ +2% 30 20 60.0% QoQ +14% QoQ +19% 10 0 Taiwa
Slide 13: NR by Customer Base (Annual)
2. Financial Update NR by Customer Base 100.0% 1.9% 1.9% 2.3% 2.1% 3.6% 8.3% 8.1% 4.7% 3.9% 2.9% 80.0% 28.7% 28.7% 26.8% 38.5% 35.6% 60.0% ASEAN Customer Korea Customer 40.0% China Customer 64.4% 65.3% 66.7% Taiwan Customer 51.2% 54.4% 20.0% 0.0% 2016 2017 2018 2019 2020 260 YoY +8% 240 220 2019 200
Slide 14: NR by Application (Quarterly)
2. Financial Update NR by Application 70 QoQ +41% 3Q20 100.0% 2.5% 3.4% 3.1% 2.6% 3.1% 3.2% 3.0% 2.7% 5.3% 4.9% 5.0% 5.3% 5.3% 5.1% 60 (Left) 5.6% 5.7% Revenue (NT$B) 50 vs. 8.4% 8.2% 7.4% 8.5% 6.7% 6.5% 10.5% 7.9% 4Q20 40 (Right) 80.0% 12.1% 13.0% 10.4% 30 15.2% 14.1% 14.1% 13.6% QoQ -10% 20 QoQ -5
Slide 15: NR by Application (Annual)
2. Financial Update NR by Application 100.0% 3.2% 3.8% 3.1% 2.9% 3.0% 6.9% 6.1% 5.2% 5.3% 8.5% 7.3% Others 10.3% 13.4% 13.2% 80.0% 12.6% 14.1% 16.5% Automotive 18.3% 17.6% 60.0% 21.1% 23.3% Industry & Instrument 20.7% 20.4% 20.6% 40.0% Consumer 48.3% 48.5% Computing 20.0% 37.9% 43.2% 37.4% Communica
Slide 16: ROE vs. EPS
2. Financial Update ROE vs. EPS EPS 2.00 20% ROE% 14.2% 1.50 12.0% 15% 12.3% 10.8% 10.7% 11.7% 10.8% 1.00 10% 6.8% 0.50 5% 0.67 1.06 1.38 1.21 1.04 1.07 1.46 1.57 0.00 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 6.00 EPS 20% ROE% 5.00 13.6% 15% 13.3% 4.00 11.2% 10.9% 3.00 10.1% 10% 2.00 5% 1.00 3.61
Slide 17: ROWC vs. NWC/Sales
2. Financial Update ROWC vs. NWC/Sales 0.30 25% NWC/Sales 0.25 20% ROWC 0.20 13.5% 15% 12.1% 12.2% 0.15 12.5% 10.6% 10% 0.10 10.1% 8.2% 8.1% 0.05 5% 0.18 0.17 0.12 0.12 0.18 0.16 0.13 0.12 0.00 0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 0.30 25% NWC/Sales 0.25 20% ROWC 0.20 15% 11.7% 11.7% 10.6% 0.1
Slide 18: Operating Cash Cycle
2. Financial Update Operating Cash Cycle AR INV AP Operating cash cycle 90 65 64 62 60 60 46 46 42 40 30 0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 AR INV AP Operating cash cycle 90 77 72 59 60 49 49 30 0 2016 2017 2018 2019 2020 18
Slide 19: 3. Business Outlook
3. Business Outlook We currently expect 1Q21 : Revenue : between NT$92 billion ~ NT$98 billion, at a forecast exchange rate of 28.3 NT Dollars to 1 US Dollar Revenue guidance between 10% ~ 15% QoQ decrease and 19% ~ 26% YoY growth Gross profit margin : between 3.15% ~ 3.35% Operating profit
Slide 20: Questions and Answers
nswers
Slide 21: Thank You !
Thank You ! WT Microelectronics Co., Ltd. Website : www.wtmec.com 21