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朋程法說會8255
Actron Technology Corporation is an automotive electronic components manufacturer founded in 1998 in Taiwan. It produces pressfit diodes, regulators, and coils. Penetrating the automotive supply chain is difficult due to the need for qualification by tier 1 and automotive suppliers over a period of 2-5 years. Actron aims to expand globally and has seen steady revenue growth in recent years.
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朋程法說會8255
- 1. 說明會簡報 AAnnaallyysstt MMeeeettiinngg 朋程科技股份有限公司 AAccttrroonnTTeecchhnnoollooggyy CCoorrppoorraattiioonn (8255 TT)
- 2. Company Profile Founded: Nov. 17, 1998 www.actron.com.tw Capital : USD 25Million Main Business : Automotive Electronic Components Manufacturing Address : 1F, No.12, Sec. 2, Nan-Kan Rd., Luchu Hsiang, Taoyuan, Taiwan Telephone : +886-3-311-5555 Fax : +886-3-311-9977 Unified Business No : 16748101 Chairman : Michael (M.K.) Lu President : George Wu Factory Size : 9,764 m-m. Main Products : Pressfit diodes, Regulators, Coils
- 3. Difficult to penetratessuuppppllyy CChhaaiinn Automotive Tier 1 Supplier Tier 2 Supplier GGMM TTooyyoottaa VVWW FFoorrdd RReennaauulltt-- NNIISSSSAANN DDaaiimmlleerr BBMMWW DDeennssoo BBoosscchh VViisstteeoonn VVaalleeoo RReemmyy OOEE SSuupppplliieerr ((NNeeww CCaarr)):: AAccttrroonn KKeeyy CCoommppoonneennttss nneeeedd ttoo bbee qquuaalliiffiieedd bbyy TTiieerr 11 aanndd AAuuttoommoottiivvee 70% outsource Global Auto USD10 ~ 40 Billion Revenue Features: 1. There are over 8,000~15,000 components, for better management, only 2~3 suppliers are selected for each components 2. Difficult to acquire accreditation by Int’l Automaker, tight relationship between upper and lower stream. 3. The automotive market is a closed & concentrated market
- 4. Long & TediousOE Accreditation Process QQuuoottaattiioonn SSaammppllee IInniittiiaall VViissiitt QQuuaalliiffiiccaattiioonn AAuuttoommoottiivvee AApppprroovvee OOrrddeerrss Shipment TTiieerr 11 SSoouurrcciinngg SSuupppplliieerr OE background preferred Qualification : Factory Sample Duration : 2~ 5 Years Key Components need to be qualified by Automotive At least 3 years of huge & stable volume. Stable ASP with 1~2% drop per year. Global logistics and ability to fulfill JIT
- 5. Major Customers MajorProducts Major Customers •• PressFit Diodes •• Denso •• Hitachi •• Prestolite •• Remy Inc •• Valeo ••WAI / Transpo •• Regulators • Prestolite •• Remy Inc •• Coils for ABS •WABCO ----- Customers are listed by alphabet -----
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- 9. High Requirements iinnKKeeyy FFeeaattuurreess FFeeaattuurreess AAuuttoommoobbiillee IInndduussttrriiaall CCaappaacciittaannccee 2255--8800 aammppeerree 11--1155 aammppeerree HHeeaatt DDuurraattiioonn 221155℃℃-- 222255℃℃ 115500℃℃ RReelliiaabbiilliittyy 33 YYeeaarrss，，110000,,000000 kkmm LLooww iinn ccoommppaarriissoonn MMeecchhaanniiccaall OOvveerr 11,,000000kkgg wweeiigghhtt dduurraattiioonn rreeqquuiirreedd.. DDiiffffiiccuulltt LLooww iinn ccoommppaarriissoonn IIPP IIPP nneeeeddeedd ffoorr MMeecchhaanniiccaall ddeessiiggnn && pprroocceessss.. LLiittttllee ccoonncceerrnn
- 10. 2013 Key GlobalOE Alternator Makers (18.0M, (10.8M,12.9%) 21.5%) (11.7M, 14%) 10 2012 Global OE Alternator Sales, 81.1 Millions 2013 Projection 83.7M, which is 3.2% YoY growth. 2014 Forecast 87M, which is 4% YoY growth. (24.3M, 29%) (1.8M, 2.2%) (2.5M, 3.0%) (3.2M, 3.8%) (1.2M, 1.4%)
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- 12. Actron Regulator MonoChip Hybrid Chip Sets
- 13. Brush Holder 3DSimulation
- 14. 3 Total Solution •• Chip / Regulator IC : -- ActronMono-chip , Actron Chip Sets & Hybrid type design and make, -- Dedicated IC design for customer •• Assembly / Test Service : -- Die Bond / Wire Bond, Hybrid •• Brush Holder / Housing : -- All types housing per customer requirement •• Customer can choose anyone from above three, also in any kind of combination -- A, B, C, A+B, A+C, B+C, and/or A+B+C
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- 16. Actron Coils &Cores Actron Internal Use Only CCoorree CCooiill 2244VV CCooiill 1122VV
- 17. 2014 GLOBAL AUTOMOBILESALES GLOBAL 3.2% (2013) 4.0% (2014) 2012 81.1M 2013 83.7M 2014 87.0M KOREA -2% / 3% 0% / 1% JAPAN CHINA INDIA USA -1.5% / 0% 8% / 7% BRAZIL EU27 12% / 7% -9% / 0% 0% / 0% Source : Automotive New, Edmunds.com, Moody`s Investor service, 北京商報,盖世汽车网,
- 18. 2014 Global AutomobileSales Forecast by Countries 2013 Global Automobile Sales Projection: 83.7M 2014 Forecast 87.0M, 4.0% YoY growth
- 19. Quarterly RReevveennuuee TTrraaddeeCChhaarrtt 1000 800 600 400 200 0 1Q 2Q 3Q 4Q 2008 2009 2010 2011 2012 2013 2014
- 20. The Results ooffOOppeerraattiioonn EPS –0.35 EPS 5.70 EPS 3.11 6677%% 409 93 3400 2900 2400 1900 1400 900 400 244 -11 EPS 3.80 EPS7.99 EPS5.64EPS4.43 11% 3284 4% 2950 23% EPS5.51 2835 46% 2305 EPS 5.01 13% 1577 --6 % 6 1396 EPS 6.31 EPS 7.18 1111%% 1491 EPS 6.36 4477%% 1345 2299%% 913 7733%% 709 184 224 319 307 205 270 327 402 328 615 -100 2002 2004 2006 2008 2010 2012 Revenue Net Income EPS