Slide 1: Primax 4915 TT 1Q21 Earning conference
Primax 4915 TT 26 February 2021 1Q21 Earning conference
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer • Primax’s presentation contains forward-looking statements subject to significant risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In this context, you can identify forward-looking statemen
Slide 3: Primax 1Q2021 Earning Summary
Primax 1Q2021 Earning Summary • Revenue up 27% YoY • Historical 1Q record high(Better than expected YoY growth) • Revenue down 12% QoQ • Better than normal seasonality • Gross Profit up 41% YoY • Gross margin reached 12.5% • Increased by 1.2ppt(YoY) • Operating profit up 188% YoY • Operating margin
Slide 4: Revenue up 27% YoY, down 12% QoQ
Revenue up 27% YoY, down 12% QoQ Amount: NT$ million 30,000 25,291 25,014 25,000 20,000 18,907 19,559 16,251 17,159 16,704 13,524 15,000 13,641 10,000 5,000 0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Slide 5: 1Q2021 Revenue breakdown by segment
1Q201 Revenue breakdown by segment Interface VT Business Equipment Audio 29% 37% 35% 39% 39% 45% 54% 52% 57% 6% 6% 10% 4% 12% 10% 9% 17% 14% 13% 11% 5% 8% 14% 5% 12% 15% 12% 53% 40% 41% 43% 39% 33% 31% 23% 26% 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021 Note: Audio represents reve
Slide 6: Gross Profit up 41% YoY, Gross Margin up 1.2ppt (YoY)
Gross Profit up 41% YoY, Gross Margin up 1.2ppt( YoY) Gross Profit Gross Margin 16.0% 3,500 3,010 14.0% 2,936 3,000 13.0% 12.5% 11.8% 11.9% 11.7% 11.7% 2,500 2,454 12.0% 11.2% 11.3% 11.3% 2,290 2,148 2,000 1,871 1,842 10.0% 1,614 1,525 1,500 8.0% 1,000 6.0% 500 4.0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q2
Slide 7: Operating Profit up 188%, Operating Margin up 1.9ppt (YoY)
Operating Profit up 188%, Operating Margin up 1.9ppt(YoY) Operating profit Operating margin Amount: NT$ million 7.0% 1,300 1,212 1,200 6.0% 1,100 4.8% 1,000 934 5.0% 4.7% 896 900 4.1% 801 800 4.0% 3.7% 3.5% 700 592 600 3.0% 2.4% 2.4% 500 396 398 400 2.0% 1.6% 1.5% 300 221 205 200 1.0% 100 0 0.0% 1Q1
Slide 8: Record high 1Q EPS
Record high 1Q EPS Amount：NTD 1.80 1.72 1.73 1.60 1.40 1.35 1.20 1.13 1.13 1.00 0.93 0.80 0.82 0.80 0.62 0.60 0.40 0.20 0.00 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Slide 9: 1Q2021 Income Statement
1Q2021 Income Statement Amount： NTD M Q1 21 Q4 20 Q1 20 QoQ YoY Net Sales 17,159 19,559 13,524 -12.3% 26.9% COGS 15,011 17,269 11,999 Gross Profit 2,148 2,290 1,525 -6.2% 40.8% Gross Margin 12.5% 11.7% 11.3% 0.8% 1.2% Operating Expense 1,556 1,490 1,320 Operating Expense % 9.1% 7.6% 9.8% 1.5% -0.7%
Slide 10: 1Q2021 Balance Sheet
1Q2021 Balance Sheet Selected items from Balance Sheet 2021/3/31 2020/3/31 (Amount： NTD M) Amt % Amt % Cash * 6,167 12% 15,639 31% Notes and Accounts receivable 12,145 23% 11,016 22% Inventory 10,242 19% 8,840 17% Total Current Assets 39,547 75% 38,139 75% Fixed Assets 6,497 12% 6,447 13% Total Asse
Slide 11: 1Q2021 Balance sheet Major indicators
1Q2021 Balance sheet Major indicators Key Indices 2021/3/31 2020/3/31 AR Turnover (days) 78 82 AP Turnover (days) 120 119 Inventory Turnover (days) 56 64 Cash Conversion Cycle (days) 14 27 Current Ratio (%) 126.3 119.6 Total Liabilities-to-Assets Ratio (%) 69.7 71.4 Return on Equity (%) 3.2% 1.4% Re
Slide 12: 1Q2021 Cashflow Statement
1Q2021 Cashflow Statement Amount：NTD M 2021Q1 2020Q1 From Operation (8,572) 2,088 - Income Before Tax 634 266 - Depreciation and Amortization 515 590 - Notes and Accounts Receivable 1,434 8,601 - Notes and Accounts Payable (3,796) (7,771) - Inventory 14 1,549 - Other Operating Sources / (Uses) * (7,
Slide 13: 2021 Outlook
2021 Outlook Deepen 3 Senses in 1 strategy: Continue to expand new smart devices to inject growth momentum, Increase high value-added new products mix gradually each year, such as AIOT and Smart Access Profit growth > Revenue Growth: Due to optimizing product and customer mix, gross margin and o
Slide 14: 2Q21 Outlook
2Q21 Outlook Sales outlook: Anticipate positive YoY growth but growth rate could be affected by component shortage Due to Cov-19, WFH demand lead to overall strength in PC/Gaming/consumer segments, expect double digit YoY growth Car electronics demand continue to grow robustly( ADAS camera mod
Slide 15: Dividend Payout History
Dividend Payout History Cash dividend(NT$) Payout ratio Dividend yield 3.5 7.00% 3.2 6.20% 5.60% 3.0 3 6.00% 5.10% 2.5 2.5 2.4 2.4 5.00% 4.72% 2.1 5.00% 2 4.00% 4.00% 1.5 3.00% 1 70% 2.00% 61% 50% 52% 57% 70% 0.5 1.00% 0 0.00% 2015 2016 2017 2018 2019 2020 Notes: Yields are based on Primax’s closing
Slide 16: Thank You!
Q&A Thank You! Contact: IR@primax.com.tw 16