Slide 1: TSEC Corporation Investor Conference
TSEC Corporation (6443) Investor Conference Date: 2023/08/18 1
Slide 2: Safe Harbor Notice
Safe Harbor Notice All of the predictive and financial information mentioned in the present briefing as promulgated simultaneously is based on the information and data obtained by the Company from internal and external sources. The actual operating and financial result and condition might be differe
Slide 3: Topics
Topics 1. Company Introduction 2. PV Market Overview 3. Financial Info. 3
Slide 4: Company Profile
Company Profile Module Plant Established Jun 24th, 2010 Module Plant Company Name TSEC Corporation Logo Taiwan Solar Energy Corporation Paid-in-Capital NTD 5.38 billion (including Preferred Stock) Plant Locations HsinChiu (Cells) / PingTung (Panels) Cell Plant 新竹湖口工廠 1.Solar Cell 2.Solar Panel Produ
Slide 5: Corporate Business in PV sectors
Corporate Business in PV sectors 5
Slide 6: Sales & Production
Sales & Production Production G1 and M6 will be discontinued this year, and M10 will be the main product. One M10 production line is counted for 400MW, and there are currently three production lines with total capacity of more than 1.2GW. The M10 product line is compatible with G12 (larger siz
Slide 7: TOPCON Solar Cell/Module Implementation
TOPCON Solar Cell/Module Implementation This advanced production technology of TopCon is aligned with global PV product main stream. M10 TopCon will be TSEC’s main product in 2H2024. TSEC will possess more than 1GW of TopCon capacity, which could meet more than half of domestic needs. Lands
Slide 8: Taiwan Cell Capacity Analysis
Taiwan Cell Capacity Analysis Company (G1) (M6) Advanced M10 MW M6~G12 (Compatible) TSEC 500 1200 1,700 U 600 400 1,000 SA 300 400 700 H 400 400 A 300 300 M 75 75 150 C 20 80 100 TOTAL 1,195 755 2,400 4,350 8
Slide 9: Taiwan Module Capacity Analysis
Taiwan Module Capacity Analysis Company (G1) (M6) Advanced M10 MW M6~G12 (Compatible) TSEC 300 1,200 1,500 U 600 400 1,000 H 400 400 SA 200 100 300 W 150 100 250 M 175 75 250 AJ 25 75 100 TY 25 75 100 TOTAL 1,475 425 2,000 3,900 Taiwan production capacity is self sufficient. 9
Slide 10: 2. PV Market Overview
TSEC 2. PV Market Overview "ae HESS 8
Slide 11: Global PV Installation
Global PV Installation 37% Annual Growth Source: IEA-PVPS 11
Slide 12: 2022 Regional PV Installation
2022 Regional PV Installation Unit: GW America 28.8 Asia 134.4 Europe 36 Africa/Middle East 9.6 Others 31.2 Source: IEA-PVPS TOTAL 240 12
Slide 13: 2023 PV Installation Forecasts
2023 PV Installation Forecasts According to Bloomberg, 2023 Total PV installation mid-value is around 319GW。 32.9% Higher than 2022’s 240GW。 2023 Main Installation Countries/Regions Region 市場 GW China 148.9 Asia India 17.2 Japan 8 German 11.8 Europe Holland 6.5 Span 11.4 USA 40.5 America Brazil
Slide 14: Taiwan PV Market
Taiwan PV Market Installation Unit: MW 2,500 2,024 2,000 1,883 1,668 1,500 1,411 970 998 1,000 523 500 361 - 105年 106年 107年 108年 109年 110年 111年 112年5月 1. According to Energy of Bureau, Taiwan completed about 2GW in 2022. The accumulation starting from May this year has come to 998MW. 2023 PV install
Slide 15: Taiwan PV Market
Taiwan PV Market Energy of Bureau reported 279.45billion kWh consumed in 2022. 20GW of PV will provide 8~9% of electricity for Taiwan. Calculation: (20,000,000kW X 3.3 DMY X 365Days) / 279,450,000,000 = 8.6% The country would require 60% of electricity generated from green energy in order to rea
Slide 16: Wafer price tumbles but MIT panel price remains stabled
Wafer price tumbles but MIT panel price remains stabled Global Wafer Global Mono Cell Global Panel Taiwan Panel 16
Slide 17: SWOT ANALYSIS
SWOT ANALYSIS STRENGTH WEAKNESS Brand name awareness (TSEC) Various products G1 M6 M10 Advanced Production Equipment resulting inventory management (M10 PERC / TOPCON) difficulties OPPORTUNITIES THREAT USA will impose anti-circumvention According to year 2022 Custom provision tariff on PV
Slide 18: Overseas Dumping Issues
Overseas Dumping Issues Taiwan makers are in talks with the government for necessary measures. Despites the overseas low price module, larger Taiwan PV makers will still possess the most market share due to the following issues: Quality Issues MIT panels are required to sent for testing in order t
Slide 19: 3. Financial Info.
3. Financial Info. 19
Slide 20: Consolidated Income Statement
Consolidated Income Statement Unit: NT thousand； EPS is NT ITEM Q2 2023 Q2 2022 YoY% H1 2023 H1 2022 YoY% Net Revenue 2,368,830 1,891,369 25.2 4,547,803 3,897,088 16.7 Gross Profit 247,516 124,866 98.2 456,202 266,511 71.2 Gross Margin 10.4% 6.6% 3.8% 10.0% 6.8% 3.2% Operating Expenses 127,257 103,7
Slide 21: TSEC Corporation
TSEC Corporation Taiwan Solar Energy 21