Fitipower Integrated Technology Inc. · TWSE:4961
Fitipower Integrated Technology — Q4 2020 Earnings Presentation
28 slides from Fitipower Integrated Technology's earnings presentation, Mar 10, 2021
Slide 1: Fitipower 2020 4Q Investor Conference
Fitipower 2020 4Q Investor Conference 2021.3.10 Drive your heart Power your life
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation contains forward looking statements which are estimated based on the current status of Fitipower Integrated Technology Inc. and general economic conditions. The actual results of operations, financial condition, and business prospects may differ from those expl
Slide 3: Agenda
AGENDA • 2020 Financial Results James Chen IR • 4Q20 Financial Results • Fitipower Overview • Key Growth Driver • Q&A 3
Slide 4: 2020 Financial Results
2020 Financial Results 4
Slide 5: Consolidated Income Statement
Consolidated Income Statement ITEM (In NT Thousands) 2020 2019 Y/Y 2018 2020/2018 Revenue 10,879,700 9,166,293 18.69% 8,852,376 22.90% Gross Profit 2,381,176 1,825,732 30.42% 1,782,213 33.61% Gross Margin 21.89% 19.92% 197bps 20.13% 175bps Selling expenses (260,681) (220,869) 18.03% (210,195) 24.02%
Slide 6: Key Ratio Chart
Key Ratio Chart Operating Margin Y/Y +344bps Gross Margin Y/Y +197bps 8.00% 23.00% 7.29% 22.00% 6.00% 21.89% 21.00% 4.00% 5.02% 3.85% 20.00% 20.13% 19.92% 2.00% 19.00% 18.00% 0.00% 2018 2019 2020 2018 2019 2020 ROE Y/Y +629bps Net Income Margin Y/Y +336bps 16.00% 14.00% 8.00% 14.50% 12.00% 6.73% 6.0
Slide 7: 2020 Revenues By Product Segment
2020 Revenues By Product Segment 17.01% 0.43% 2019 16.14% 0.46% 2020 Display IC Display IC Power IC 13.82% Mobile IC 14.39% Power IC Others Mobile IC 68.74% Others 69.01% Y/Y 2018 Segment 2018 2019 2020 20.60% 1.47% Change% Display IC Display IC 65.18% 68.74% +0.27% 69.01% Power IC Power IC 12.75% 1
Slide 8: Consolidated Balance Sheets & Key Indices
Consolidated Balance Sheets & Key Indices Selected Items from Balance Sheets 2020 2019 2018 (In NT Thousands) Amount % Amount % Amount % Cash&Marketable Securities 2,863,625 30.9 1,223,051 20.7 1,335,882 20.8 CFAFV 2,159,722 23.3 0 0.0 0 0.0 Accounts Receivable 1,802,679 19.4 2,295,273 38.8 2,516,88
Slide 9: Key Indices
Key Indices Cash from operating Inventories by activities Total Assets 4,000,000 40.00% 2,856,480 3,000,000 30.00% 2,000,000 20.00% 30.27% 25.22% 15.35% 1,000,000 -202,088 10.00% 728,154 0 0.00% -1,000,000 2018 2019 2020 2018 2019 2020 Inventories A/R Turnover Days Turnover Days 100 120 98.14 80 89.
Slide 10: Consolidated Financial Results in past 5 Years
Consolidated Financial Results in past 5 Years Item/Year 2016 2017 2018 2019 2020 Revenue(In NT Thounds) 6,902,506 7,169,758 8,852,376 9,166,293 10,879,700 Gross Margin 19.93% 18.77% 20.13% 19.92% 21.89% R&D expenses ratio 10.68% 11.88% 10.84% 11.71% 10.53% R&D expenses Amounts(In NT Thousands) 737,
Slide 11: Key Indices in past 5 Years
Key Indices in past 5 Years 1,400,000 11.88% 12.00% 12,000,000 23.00% 11.71% 1,200,000 10,000,000 22.00% 11.50% 1,000,000 R&D expenses 8,000,000 21.00% Revenue(In NT 11.00% Amounts(In NT 800,000 6,000,000 20.00% Thounds) Thousands) 10.84% 600,000 10.50% 10.68% R&D expenses ratio 4,000,000 19.00% Gro
Slide 12: CAGR in past 5 Years
CAGR in past 5 Years Total Revenue Power 108E 15E 12,000,000 Total Revenue 2,000,000 Power Revenue 10,000,000 CAGR 11.97% CAGR 9.68% 1,500,000 8,000,000 6,000,000 1,000,000 4,000,000 500,000 2,000,000 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Display Mobile 75E 17E 8,000,000 Display Reve
Slide 13: Dividend and Payout Ratio
Dividend and Payout Ratio Item/Year 2016 2017 2018 2019 2020 EPS 2.39 1.11 2.43 1.92 4.07 Dividend 1.2 0.5 1.3 1 Payout ratio 50.21% 45.05% 53.50% 52.08% 4.5 56.00% 4 53.50% 54.00% 52.08% 3.5 52.00% 3 50.21% 50.00% 2.5 Payout ratio 48.00% 2 EPS 45.05% 46.00% Dividend 1.5 44.00% 1 0.5 42.00% 0 40.00%
Slide 14: 4Q2020 Financial Results
4Q2020 Financial Results 14
Slide 15: Consolidated Income Statement
Consolidated Income Statement ITEM (In NT 4Q20 3Q20 Q/Q 4Q19 Y/Y Thousands) Revenue 3,637,539 2,936,721 23.86% 2,366,880 53.68% Gross Profit 1,003,675 564,707 77.73% 432,633 131.99% Gross Margin 27.59% 19.23% 836bps 18.28% 931bps Selling expenses (81,831) (64,939) 26.01% (52,547) 55.73% Administrati
Slide 16: Key Ratio Chart
Key Ratio Chart Gross Margin Operating Margin Y/Y +1246bps Y/Y +931bps 20.00% 30.00% 27.59% 15.00% 15.05% 20.00% 18.28% 19.23% 10.00% 10.00% 5.00% 2.59% 5.04% 0.00% 0.00% 4Q19 3Q20 4Q20 4Q19 3Q20 4Q20 Net Income Margin ROE Y/Y +813bps Y/Y +1166bps 10.00% 15.00% 9.36% 13.64% 8.00% 10.00% 6.00% 4.00%
Slide 17: 2020 Q4 Revenues By Product Segment
2020 Q4 Revenues By Product Segment 15.00% 2020Q3 0.82% 17.85% 0.43% 2020Q4 Display IC Display IC 15.00% Power IC Mobile IC Power IC 14.36% Others Mobile IC 69.18% Others 67.36% Q/Q 2019Q4 Segment 2019Q4 2020Q3 2020Q4 18.75% 1.20% Change% Display IC Display IC 64.46% 69.18% -1.82% 67.36% Power IC Po
Slide 18: Consolidated REV and GM in past 5 quarters
Consolidated REV and GM in past 5 quarter Revenue((Unit: NT Thousands) Highlights Revenue and GM ratio in past 5Q 2020 Q4 Revenue Q/Q+24.04%， 4,000,000 30.00% Y/Y+52.34%,record high in historical 3,637,539 3,500,000 period. 2,936,721 27.59% 25.00% Benefit from WFH and humans 3,000,000 2,207,811
Slide 19: Display IC
Display IC Revenue(Unit: NT Thousands) Highlights Display IC 20.77% Q/Q Quarterly growth rate mainly drive Display ICRevenue Revenue 59.19% Y/Y 3,000,000 by ESL/medium size(Pad, 3,000,000 2,500,000 2,453,765 Automotive Display, IPC)/TV. 2,453,765 2,500,000 2,031,710 Annual growth rate mainly dri
Slide 20: Power IC
Power IC Revenue(Unit: NT Thousands) Highlights 18.68% Q/Q Power IC Revenue 40.22% Y/Y Quarterly growth rate mainly drive 600,000 by Panel PMIC/QC.PD. 522,974 Annual growth rate mainly drive by 500,000 440,643 Panel PMIC/E-BOOK PMIC/BOOST. 400,000 372,955 334,287 300,000 267,902 200,000 100,000
Slide 21: Mobile IC
Mobile IC Revenue(Unit: NT Thousands) Highlights 47.56% Q/Q Mobile IC Revenue 45.00% Y/Y Mainly benefit from our China and 700,000 650,359 Korea client’s strong demand in two 600,000 consecutive seasons. 500,000 448,523 440,739 Our Subsidiary’s TDDI IC had small 400,000 394,383 shipment in 2020Q
Slide 22: Fitipower Overview
Fitipower Overview 22
Slide 23: Fitipower — An IC Design Platform Company
Fitipower — An IC DESIGN PLATFORM HQ： COMPANY Hsinchu Science Park Taiwan Headcount： 2020.10/651 2020.12/686 2021.2/717 Fitipower, an IC design house talent platform,we will play the role of the pioneer at the HCI area in the future. 23
Slide 24: Fitipower Overview
Fitipower Overview A Platform of HCI Brief History Revenue by Product line 1995：Founded in Taiwan 12,000,000 2006：Acquisition HongXin Semiconductor 2010：Acquisition TPower 10,000,000 2012：Foxconn Technology become a shareholder 2013：Innolux Corporation become a shareholder 2018：IPO on TWSE 8,000,000
Slide 25: Key Growth Driver
Key Growth Driver 25
Slide 26: Key Growth Driver
Key Growth Driver Large Size Total Solution PD/QC* Gray Scale EPD(E-BOOK) TDDI Our clients have high 1.Supply to China client in Number continues increase. 1.Already small shipment. acceptability of the solution, steady. (including Type A/C) Color EPD(E-BOOK) 2.2021 Q2 MP. because tight supply 2. Ca
Slide 27: Q&A
Q&A 27
Slide 28: Fitipower website and IR contact
https://www.fitipower.com IR@fitipower.com 28
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