Sysgration Ltd. · TPEX:5309
Sysgration — Sysgration Investor Conference 2024
45 slides from Sysgration's conference presentation, Jun 12, 2024
Slide 1: Sysgration Ltd. Investor Conference
法人說明會 系統電 Sysgration Ltd. 2024/6/12 (TPEX: 5309) Sysgration Ltd. 1 2024/6/12
Slide 2: Outline
2024/Q1營運績效 事業成長策略 Outline 美國設廠進展 ESG永續經營 Sysgration Ltd. 2 2024/6/12
Slide 3: 2024/Q1 Operating Performance
2024/Q1 營運績效 Sysgration Ltd. 3 2024/6/12
Slide 4: Quarterly Revenue and YoY Ratio
營業收入 NT$ M Quarterly Revenue and YoY Ratio 140% 1,000 920 890 886 880 898 118.8% 120% 835 800 759 777 736 100% 695 67886.2% 590 80% 600 72.3% 70.5% 490 60% 54.8% 408 41.4% 400 364 31.1% 32.4% 40% 28.9% 37.6% 285 270 25.7% 19.3% 20% 200 16.7% 1.4%… 0% -4.4% -11.8% -12.7% 0 -20% 2020Q1 2020Q2 2020Q3 2
Slide 5: Quarterly Gross Margin and Ratio
營業毛利 NT$ M 300 50% Quarterly Gross Margin and Ratio 45% 250 234 227 40% 217 211 203 35% 196 200 183 182 170 173 30% 25.4% 150 24.4% 23.4% 22.8% 24.9% 25.9% 25% 23.4… 127 22.7% 24.5% 23.5% 21.7% 18.4% 19.7% 104 18.7% 20% 18.8% 100 17.8% 17.6% 87 79 80 15% 52 51 10% 50 5% 0 0% 2020Q1 2020Q2 2020Q3 202
Slide 6: Quarterly OPEX and Ratio
營業費用 NT$ M 180 Quarterly OPEX and Ratio 50% 164 162 166 160 151 45% 150 140 40% 140 34.5% 128 121 123 35.3% 35% 120 106 98 30% 100 95 96 95 90 87 81 25% 22.1% 80 20.6% 21.1% 18.4% 22.2% 20% 18.4% 18.4% 60 17.7% 16.2% 14.0% 14.0% 16.3% 14.5% 13.9% 15.8% 15% 40 10% 20 5% 0 0% 2020Q1 2020Q2 2020Q3 2020
Slide 7: RD Expense and Ratio
研發費用 NT$ M RD Expense and Ratio 300 16% 14.9% 256 14% 250 12.1% 12% 202 200 189 10% 155 161 8.8% 8.4% 150 7.7% 7.8% 8% 129 112 7.4% 6% 100 5.9% 76 4% 50 2% 0 0% 2017 2018 2019 2020 2021 2022 2023 2024Q1 Sysgration Ltd. 7 2024/6/12
Slide 8: EBITDA and Ratio Over Revenue
EBITDA NT$ M EBITDA and Ratio Over Revenue 60% 220 210 50% 189 40% 160 141 121 115 113 25.0% 30% 110 100 101 103 20.6% 69 13.7% 15.8% 13.7% 13.4% 20% 61 13.2% 12.8% 13.2% 60 35 7.0% 10.0% 10% 4.0% 32 5.4% 15 9.0% 1.8% 7 10 0% -6.4% -5.0% (18) (14) (40) -10% 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2
Slide 9: Quarterly P/L after Tax and Ratio
稅後淨利 NT$ M Quarterly P/L after Tax and Ratio 120 107 22% 100 86 76 17% 80 73 72 67 63 62 12.1% 8.6% 12% 60 54 8.6% 45 10.3% 7.8% 9.7% 7.5% 7% 40 34 6.5% 7.1% 6.9% 5.0% 20 2.0% 2% -1.9% 10 7 1.1% 0 -3.8% -3% (20) (7) (15) -8% -13.9% (40) -13.5% -13% (40) (36) (60) -18% 2020Q1 2020Q2 2020Q3 2020Q4 202
Slide 10: Quarterly EPS
每股盈餘 NT$/Share Quarterly EPS 0.80 0.69 0.60 0.55 0.48 0.45 0.45 0.40 0.36 0.34 0.35 0.29 0.30 0.22 0.20 0.06 0.04 0.00 (0.04) (0.10) (0.20) (0.26) (0.24) (0.40) 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 Sysgration Ltd. 10 2
Slide 11: Net Worth Per Share
每股淨值 NT$/Share Net Worth Per Share 18 16.4 15.6 16 15.0 14.2 13.8 14 11.6 12 9.8 10 9.0 8.3 7.8 8 7.0 7.0 7.1 7.3 6.9 6.7 6.9 6 4 2 0 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 Sysgration Ltd. 11 2024/6/12
Slide 12: AR Collection and Inventory Periods
應收帳款與庫存周轉 Days AR Collection and Inventory Periods 160 140 120 110 112 113 103 101 96 100 90 91 88 80 74 65 59 60 56 56 55 60 52 48 40 AR Collection Period Inventory Period (Days) (Days) 20 - 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 Sysgration Ltd. 12 2024/6/12
Slide 13: Business Growth Strategy
事業成長策略 Sysgration Ltd. 13 2024/6/12
Slide 14: Sysgration Overview
系統電綜觀 1977 550+ 40+ 4 5309 Founded Worldwide Years Locations TW Stock Employees Design & Taiwan - Taipie/NanKang Publicly Trade Manufacturing China - Huizhou/ZhenJiang Capital: NT$1.8B Service Experiences Market Value NT$7B • Sysgration • Rear-Seat • BLE TPMS for OE • BLE TPMS ODM for • RF Dual-Band
Slide 15: Operating Strategy Direction
營運策略方向 著重 高成長市場 強調 強化服務 創新和品質 國際一流客戶 創造 價值差異化 Sysgration Ltd. 15 2024/6/12
Slide 16: Markets and Main Products
經營市場與主要產品 車用電子 Automotive Solutions 能源管理 Power and Energy Management Rugged Head-Mount Tire Pressure AI + AR Device Li-Ion Battery Pack Wireless Camera Monitoring Systems for Semiconductor Fab Li-Ion Based Around-View System 100+ Energy Storage Systems 40+ Patents Patents Body Control Module Infotai
Slide 17: Future Growth Drivers
未來成長動力 • Semiconductor Fab • Community • Data Center TPMS LIB Pack IPC • OE • Commercial & Industrial Vehicle • Replacement • Rugged Portable/Wearable • Fleet • AI-Driven Sysgration Ltd. 17 2024/6/12
Slide 18: Sysgration Growth Momentum
系統電成長脈動 LIB Pack IPC TPMS Sysgration Ltd. 18 2024/6/12
Slide 19: US-Mexico New Tariff Policies
美墨關稅新政策 ◆ 2024/4/22 Mexico Reinstates Tariff Hikes 5%~50% on 544+ Goods. ◆ 2024/5/14 US Tariff Increases on Chinese Imports, ~$18B of Goods. Category From To Date Battery Parts 7.5% 25.0% 2024/8/1 Electric Vehicles 25.0% 100.0% 2024/8/1 Facemasks 0 ~ 7.5% 25.0% 2024/8/1 Lithium-Ion EV Batteries 7.5%
Slide 20: TPMS Growth Trends
胎壓偵測器成長趨勢 ◆ 2023~2028 CAGR > 13%. ◆ Largest Market: North America. ◆ Fastest Growing Market: Asia-Pacific. ◆ New Geopolitical Growth Opportunity in North America and Europe OE Makers. Automotive TPMS Market Size CAGR > 13% 2023 2028 Data Source: www.mordorintelligence.com/industry-reports/automotive
Slide 21: Bluetooth Solutions Drive Global TPMS Growth
藍牙方案成為全球胎壓偵測器成長趨勢 ◆ Market Preference on ADAS Plays a Significant Role in TPMS Growth. ◆ “Phone as A Key” Drives VAS (Vehicle Access System) from RF to BLE/UWB. ◆ Adopting BLE TPMS Helps Automakers to Eliminate the Dedicated RF Receiver. ◆ Technology Matures to Reach Good Performance/Price Ratio for
Slide 22: Commercial Vehicle TPMS Growth Opportunity
商用車胎壓偵測器成長機會 ◆ TPMS Become a Compulsory Fitment for Commercial Vehicle across Europe: ➢ on M1, M2, M3, N1, N2, N3, O3, and O4 vehicles (trucks, trailers, buses, coaches) ➢ from 2022/7: new type approvals, and ➢ from 2024/7: all new vehicles for registration. ◆ BLE TPMS Excellent for Commercial Vehic
Slide 23: Sysgration TPMS Market Standing
系統電胎壓偵測器市場評價 ◆ Ranked by Key Component Suppliers as WW #5. ◆ Recognized by WW Market Reports as One Global Key Player. Data Source: www.researchforetell.com Sysgration Ltd. 23 2024/6/12
Slide 24: AI Computing Architecture Trends
AI產業運算架構趨勢 ◆ Computing power demanded by AI gradually shifts from Cloud Servers to Edge Computing and Smart Devices (on-device AI). ◆ Markets for Edge Computing & Smart Devices are expected to experience significant growth and expansion. ◆ USA President Biden signed a $1.2 trillion infrastructure in
Slide 25: New AI Direction: Distributed Edge Computing
AI新走向: 分散式邊緣運算 Cloud AI AMD MI325X 2,614 TOPS 100ms+ Latency NVIDIA H200 1,979 TOPS >2,000 TOPS Edge Computing NVIDIA Jetson AGX Orin 275 TOPS Qualcomm QCS9100 100 TOPS Edge devices with on-device AI AMD Ryzen AI 9 365/370 50TOPS Qualcomm X Elite 45 TOPS 4-20 TOPS < 8W 10-50 TOPS < 20W 30-70 TOPS <
Slide 26: AI Server and Edge Computing Growth Trends
AI伺服器與邊緣運算成長趨勢 Market Server PC Laptop Smartphone Industrial PC Current Value USD 153.9 billion USD 201.8 billion USD 120.84 billion USD 493.08 billion USD 6.05 billion (2024) Projected Growth USD 200 billion USD 300 billion USD 179 billion USD 735 billion USD 9.94 billion (2030) CAGR 11.40% 6.0% -
Slide 27: AI Value-Added Vertical Markets
AI增值應用場景垂直市場 Rugged AIoV Computing & Control Global Autonomous Construction Market Market forecast to grow at a CAGR of 10.4% Rugged Handheld AIoT Device Global Geospatial Analytics Market Market forecast to grow at a CAGR of 12.6% Enterprise Wearable AIR Device Global Augmented Reality Market Marke
Slide 28: Enterprise Wearable AI + AR Device
企業級穿戴式AI + AR設備 • Global No.1 Enterprise AR Head Mount Device/Smart Glasses. • 41 of Fortune 100 Companies have deployed RealWear devices. Telehealth Remote Assist Vision Picking AR SOP Design Manufacturing Distribution Service AI Integration Comprehensive Cooperation Strategy Partner Sysgration Ltd
Slide 29: Autonomous Mobile Robot Growth Trends
自主移動機器人成長趨勢 ◆Expected to see substantial growth over the next decade: ➢ Expert Market Research: $3.96B in 2024 → $9.47B by 2029, CAGR 18.5%. ➢ Coherent Insights: $2.96B in 2023 → $8.47B by 2030, CAGR 16.2%. ◆Key Application Areas: ➢ Manufacturing (75% of AMR revenue in 2022, based on Grand View Res
Slide 30: Energy Storage Market and Main Products
電統能源市場與主要產品 Energy Storage Systems (ESS) Active Power AI Data Center BBS/BBU Energy Brick Volume Up from 2025 Booming for Telecom SMR Battery Rack ESS Battery Rack AI Demands… Container ESS AC UPS Battery Rack Sysgration Ltd. 30 2024/6/12
Slide 31: AI Data Center Market Trends
AI資料中心市場趨勢 Global DC colocation market size was Global cloud computing market size was US$55B in 2022, with 14.2% CAGR from US$484B in 2022, with 14.1% CAGR from 2023~2030. 2023~2030 Global Data Center Market Size Global Cloud Computing Market $180 $1,400 $160 $1,200 $140 $1,000 $120 $100 $800 $80 $
Slide 32: Industrial UPS Market Trends
工業不斷電系統市場趨勢 Annual Battery Demands in US/EU Telecom & Data Center Market CAGR (2023~2025): Total 13.4%, LIB 38.9% GWh New Battery Demand Market Size 16 14 x50~x80 Taiwan’s Demand 12 10 8 6 4 2 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Lead Li-ion Lead-Acid vs Li-Ion Battery Discharge Efficiency
Slide 33: Telecom Base Station SMR Market Trends
電信基地台SMR市場趨勢 Li-Ion Battery Pack for Base Stations # of Worldwide Phone Users for Each Generation Billions 14 # of Taiwan 4G Base Stations (2022/03) 12 10 CHT 8 6 TWM 4 FET 2 0 0 10000 20000 30000 40000 50000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1G 2G 3G 4G 5G • 100K+ Base Stations
Slide 34: US Factory Progress
美國設廠進展 Sysgration Ltd. 34 2024/6/12
Slide 35: Global Footprint
SYSGRATION Global Footprint Headquarter with majority of High Speed SMT Line R&D located in Taipei, Taiwan. Sysgration Sysgration Nankang Sysgration US Multiple production bases Headquarter Factory (NKS) Location: Texas, US including 2 located in China, 1 Location: Neihu, Taipei, Location: Nankang,
Slide 36: Texas Plano Factory Exterior
美國德州Plano廠外觀 Sysgration Ltd. 36 2024/6/12
Slide 37: Plano Factory Timeline and Product Plan
美國德州Plano廠時程及產品規劃 ➢Product Portfolio: ✓ PCBA for AI Data Center Servers ✓ BBU for AI Data Centers ✓ Automotive TPMS, ECU, BCM, etc. • Datacenter BBU ✓ Industrial PC (IPC) • PCBA • TPMS • LIB Pack for UPS ✓ Autonomous Mobile Robot (AMR) • Energy Storage System ✓ AR/VR Head-Mount Devices (HMD) 2024 20
Slide 38: Plano Factory Main Target Markets
美國德州Plano廠主要目標市場 Sysgration Ltd. 38 2024/6/12
Slide 39: ESG Sustainability
ESG永續經營 Sysgration Ltd. 39 2024/6/12
Slide 40: Four Nominations at Asia Sustainability Reporting Awards
榮獲Asia Sustainability Reporting Awards 四項提名 Capital Report Environment Community Items of Award Taiwan Finalists (Large First Time Goverance CEO Letter Human Right SDG Materialty Stakeholder Climate Impact Workplace Diversity Supply Chain Impact Finalists Winner (NT$ B) Company) Innolux 90.8 Gold Si
Slide 41: Asia Sustainability Reporting Awards SDG Bronze
榮獲Asia Sustainability Reporting Awards SDG銅牌獎 Sysgration Ltd. 41 2024/6/12
Slide 42: Commonwealth TRIPs 1.5°C Carbon Reduction Label
榮獲天下雜誌TRIPs企業減碳溫度計1.5°C標章 Sysgration Ltd. 42 2024/6/12
Slide 43: Corporate Governance Evaluation: Top Ranking Again 2024
公司治理評鑑: 2024再度蟬聯雙料冠軍 2023 + 2024 Level 1~5%, Rank #1 for Both TPEX Companies 2022 Market Value NT$5B~10B Companies Level 6~20%, Rank #2 2021 Level 66~80% 臺灣證券交易所公司治理評鑑 https://cgc.twse.com.tw/evaluationCorp/listCh Sysgration Ltd. 43 2024/6/12
Slide 44: Q&A Discussion
提問討論 Sysgration Ltd. 44 2024/6/12
Slide 45: Thank You
Thank You Sysgration Ltd. 45 2024/6/12