Slide 1: ITEQ Corporation 2025 First Quarter Investor Presentation
ITEQ Corporation 2025 First Quarter Investor Presentation ITEQ INNOVATION. TEAMWORK. EXCELLENCE. QUALITY May 2025
Slide 2: Disclaimer Statement
Disclaimer Statement - This presentation and release contain “forward-looking statements” which may include projections of future results of operations, financial condition or business prospects based on our own information and other sources. - Our actual results of operations, financial condition o
Slide 3: Company Overview
Company Overview Establishment Headquarters Capital April 10th, 1997 HsinChu, Taiwan NT$3,630 million Employees Chairman CEO ~4,000 Dennis Chen Audrey Tsai Main Products Copper Clad Laminate (CCL) & Prepreg (PP) | Masslam service | Flexible CCL Revenue (NT$ billion) Revenue by Application (FY24) Aut
Slide 4: Key Technology Applications
Key Technology Applications Infrastructure Controlled Dk FR-4 Consumer Datacenter and Low Df Halogen Free Electronics Material Science Cloud Computing AI/5G Infrastructure Resin Mixture Process Engineering Low Dk High Ultrathin Reliability Smartphone Automotive Tablet Electronics 4
Slide 5: Growth Strategy Blueprint
Growth Strategy Blueprint ITEQ
Slide 6: Path of Innovation
Path of Innovation Widely adopted in consumer electronics New product for HDI PCB: Resin Coated Copper (RCC) Engaged with tier 1 No. 1 Taiwan CCL AI Applications CCL automotive players supplier for 5G base Dominant CCL supplier station for Intel Purley server platform Enhanced ultra-thin Biz kick-of
Slide 7: R&D and Capex to Pursue Sustainable Growth
R&D and Capex to Pursuit Sustainable Growth R&D expense (NTD $Million) R&D expense/Revenue (%) CAPEX (NTD $Million) CAPEX/Revenue (%) 700 3% 5,000 20% 4,500 600 4,000 15% 500 3,500 2% 3,000 400 2,500 10% 300 2,000 1% 200 1,500 5% 1,000 100 500 0 0% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 8: Optimized Mix with Product Innovation
Optimized Mix with Product Innovation Revenue Consumer Electronics Infrastructure Gross Margin Operating Margin (NTD $Million) Smartphone Automotive 25% 35,000 32,525 11% 29,130 29,378 20% 30,000 19% 20% 18% 25,422 9% 16% 25,079 20% 25,000 23,791 22,402 10% 7% 21,214 10% 19% 5% 15% 15% 15% 14% 19,68
Slide 9: Market Share Leader in Specialty Laminate
Market Share Leader in Specialty Laminate 2023 WW Specialty Laminate Market Share ITEQ: Leading CCL supplier • Worldwide top supplier in high speed / frequency laminate • Cutting-edge technology with MP track record • Secular growth momentum in network infrastructure and data centers upgrading oppor
Slide 10: Manufacturing Site & Capacity – Expansion Plan
Manufacturing Site & Capacity – Expansion Plan JiangXi Plant (Phase I) - 2020 Laminate (600K SHT/Month) Prepreq (3,500K M/Month) (Phase II) - 2021 Laminate (600K SHT/Month) Prepreq (3,500K M/Month) (Phase III) – 2022 & 2023 Laminate (1,200K SHT/Month) Prepreq (5,000K M/Month) WuXi Plant Laminate (1,
Slide 11: Market Trend & Growth Drivers
Market Trend & Growth Drivers ITEQ
Slide 12: Hunger for High-Speed / Frequency Transmission
Hunger for High-Speed / Frequency Transmission Global Mobile Network Data Traffic (EB per month) ⚫ The Expansion of Global Mobile Network Data Traffic Continues on the Rise - AI & High-Performance Computing & Big Data Analysis - Edge computing (Enterprise enhanced infrastructure, such as data center
Slide 13: Datacenter Server Platform Upgrade
Datacenter Server Platform Upgrade Platform Purley Whitley Eagle Stream Birch Stream Sapphire Emerald CPU Skylake Cascade Lake Ice lake Rapids Rapids Granite Rapids Nano Process 14 nm 14 nm+ 10 nm Intel 7 Intel 7 Intel 3 Intel PCIe Gen PCIe 3.0 PCIe 3.0 PCIe 4.0 PCIe 5.0 PCIe 5.0 PCIe 5.0 MP Time 20
Slide 14: Advanced Auto Application Opportunities
Advanced Auto Application Opportunities Green Power/EV Internet of Vehicle Active Safety Autonomous Driving • Energy Conservation • Infotainment • Active Safety System • HPC • Power Charging • Networking • ADAS • Graphic Processing • High Current & Voltage • 多層 HDI • Radar • Automated Driving • Heav
Slide 15: 1Q25 Financial Results
1Q25 Financial Results ITEQ
Slide 16: 1Q25 Income Statement
1Q25 Income Statement NTD $Million 1Q25 4Q24 1Q24 QoQ YoY Revenue 7,580 7,664 6,155 -1.1% 23.2% Gross Profit 1,080 1,022 784 5.6% 37.7% Operating Expense 558 636 538 -12.3% 3.8% Operating Profit 521 386 246 35.0% 111.6% Non-Op Income / Loss 13 (83) 25 Income before Tax 535 303 271 76.3% 97.0% Tax Ex
Slide 17: Revenue & Gross Margin Rate
Revenue & Gross Margin Rate (Million $NTD) 20.96% 19.89% 19.46% 18.84% 18.86% 18.86% 18.52% 15.52% 15.10% 14.92% 14.15% 14.24% 13.56% 13.34% 12.74% 12.50% 12.24% 11.51% 11.73% 10.70% 10.70% 8,930 8,168 8,030 8,269 7,963 7,472 7,397 7,646 7,596 7,664 7,580 6,863 6,645 6,744 6,220 6,112 6,352 6,260 6,
Slide 18: Product Mix
Product Mix Consumer Electronics Infrastructure Smartphone Automotive 14% 14% 1Q25 17% 17% 18% 18% 18% 18% QoQ YoY 20% 20% 20% 21% 20% Product Growth 8% 8% 6% 7% 5% 6% 5% 4% 5% 6% 6% 5% 5% Automotive -11.0% +10.8% Smartphone +23.6% +23.2% 57% 58% 58% 59% 58% Infrastructure +2.0% +31.1% 59% 60% 62% 6
Slide 19: 1Q25 Balance Sheet
1Q25 Balance Sheet NTD $Million 1Q25 4Q24 1Q24 Total Assets 36,256 34,844 34,180 Cash 4,791 4,583 5,418 NR / AR 12,561 12,790 11,903 Inventories 4,047 3,763 3,075 Fixed Assets 9,952 9,649 8,499 Total Liabilities 15,588 14,198 14,302 Short-term Debt 4,003 3,983 3,132 AP 6,995 6,286 5,300 Long-term De
Slide 20: Dividend Policy
Dividend Policy Cash Year EPS(NT$) Dividend(NT$) Pay-out Ratio(%) Dividend(NT$) 2018 5.86 3.8 3.8 65% 2019 8.13 5.0 5.0 62% 2020 8.19 5.0 5.0 61% 2021 9.00 5.0 5.0 56% 2022 4.94 3.0 3.0 61% 2023 1.86 1.5 1.5 81% 2024 2.26 1.8 1.8 80% *New shares issuance of 30 million common shares concluded on Marc
Slide 21: Thank you
Thank you Question and Comment
Slide 22: Appendix
Appendix ITEQ
Slide 23: Well-Expanded Product Line
Well-Expanded Product Line RF Application Super Ultra M8 IT-88GMW Low Loss Df 0.0015~0.0010 IT-999GSE IT-8300GA IT-998GSE IT-8350G IT988G/SE IT-8615G Ultra M7 IT988GL/SE Low Loss Df 0.005~0.0015 IT968GSE Very M6 Low Loss Df 0.006~0.005 IT968, IT968G M4 Low Loss IT958G, IT170GRA2, IT150DA Df 0.009~0.
Slide 24: CCL & PP Manufacturing Flow
CCL & PP Manufacturing Flow Core Technology 1: Material Science Resin Accelerator Hardener Copper Foil Core Technology 2: Copper Clad Resin Mixture Prepreg Laminate (CCL) ∞ (PP) Treating Mixture Glass Fiber Cutting Ply-up Lamination Inspection Core Technology 3: Process Engineering 24
Slide 25: CCL & PP Composite Structure
CCL & PP Composite Structure CCL/PP CCL Manufacturing Process Glass Mixture Fiber Resin Accelerator Hardener CCL Copper CCL PP Foil 25
Slide 26: HDI New Product: Resin Coated Copper (RCC)
HDI New Product: Resin Coated Copper (RCC) Resin Coated Copper (RCC) ✓ Glass-free solution which enables further thickness reduction of dielectric layer while satisfies the needs towards fine-line pattern design (smaller form factor) and hybrid HDI/Substrate-Like PCB production. Cover film Dielectri
Slide 27: AI Server Robust Demand to Drive CCL Content Growth
AI Server Robust Demand to Drive CCL Content Growth AI Server CPU*2 Mainboard AI Server GPU OAM*8 AI Server GPU UBB (Content Value – mid) (Content Value – high) (Content Value – high) CPU MB GPU Tray CCL: Very Low Loss CCL: Very Low Loss CCL: Ultra Low Loss / VLL Layer Count: 14 to 24 Layer count: 2