(Eng) IT Sensor - Invest Taiwan Eletricity Products 2383台光電 感測器EPS上升43%

純網路銀行一切服務都透過網路完成，可以節省掉實體銀行的店租、ATM 、行員、水電費、維護費之類的成本，進而提供更優惠的存款及貸款利率,促進金融產業邁向4.0

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Although there were unfavorable factors in the upstream raw material price increase in the first quarter of this year, Taiwan Optoelectronics, Lianmao and Tenghui-KY performed well due to product mix optimization. Among them, Taiwan Optoelectronics was adopted by international manufacturers due to high-end HDI and shipments were quarterly. Significant growth, coupled with increasing demand for 5G mobile phones, the first quarter after-tax surplus was 965 million yuan, a record high for the same period in the previous year, with a surplus of 2.89 yuan per share; cumulative consolidated revenue for the first five months was 14.175 billion yuan, an annual growth of 39.47% .

As new projects with high-speed and low-loss materials continue to be mass-produced and shipped, and the 5G mobile phone market has grown significantly, coupled with the upgrade demand for HDI boards for high-end laptops and high-end tablets based on ARM architecture, the production capacity of Taiwan Optoelectronics has increased by nearly 20% compared with last year. Supply is still in short supply, and the increase in cost after the soaring of raw material prices is gradually reflected in the selling prices in the second and third quarters.

Taiwan Optoelectronics estimates that the first quarter is the low point of this year’s operations, and the overall operation is expected to rise quarter by quarter to the fourth quarter. In the third quarter, the gross profit margin in the second quarter should increase significantly, and future revenue and profit will grow more significantly.

At present, the monthly production capacity of Taiwan's Guanyin Plant/Hsinchu Plant is about 650,000 pieces, the Kunshan plant in mainland China produces 1.35 million pieces per month, the Zhongshan plant produces 950,000 pieces per month, and the Huangshi plant produces 600,000 pieces per month. In the third quarter, the Kunshan plant will increase its monthly output to 1.65 million pieces, and the Huangshi plant is expected to increase to 900,000 pieces in the second quarter of 111. By then, Taiguang's total production capacity will reach 4.15 million pieces to meet future operational needs.

Benefited from the robust demand for automotive and high-speed materials, and the optimization of the product portfolio, Tenghui-KY's first quarter consolidated gross profit margin was 33%, after-tax surplus was 192 million yuan, both hit a record high in a single quarter, with earnings per share of 2.72 yuan , Second only to Taiwan Optoelectronics, ranked second in the copper foil substrate factory; cumulative consolidated revenue for the first 5 months was 2.972 billion yuan, an annual growth of 38.7%.

In the automotive sector, Zhong Jianren, general manager of Tenghui-KY, said that due to the ban on the sale of fuel vehicles in various countries, the explicit carbon emission regulations in Europe and the extension of China’s new energy vehicle subsidy policy, and the significant reduction in battery costs, plus Supporting policies to increase the proportion of public charging piles has boosted the demand for electric vehicles. According to the International Energy Agency's IEA, the stock of electric vehicles will increase from 10 million in 2020 to 145 million in 2030. If the government actively promotes it, it will even reach 230 million.

This brings huge business opportunities to heat dissipation materials. Tenghui has deployed heat dissipation products in the automotive and electric vehicle markets for many years. Its brand awareness and market rate are the highest in its peers. It has not only become the world's largest supplier of heat dissipation materials for automotive headlights, but also electric vehicles. Vehicle heat dissipation applications such as inverter inverters, battery car chargers OBC, etc. have also achieved a leading position, and are expected to become beneficiaries of the growth trend of electric vehicles. It is estimated that the revenue of automotive products this year is expected to increase by 40% to 50% annually.

We are optimistic that 5G, AI, Internet of Things, cloud, etc. are all mainstream technology trends. In addition to the market share of Tenghui-KY's existing niche products, the market share is expected to continue to increase. Under the strategy of developing diversified product lines, the company has successively launched a variety of military aerospace ,

5G communications, radar, semiconductor and heat dissipation applications, new models of products, high-end products such as: Teflon substrates for long-range radar detection and resin materials for semiconductor packaging applications are successively tested by various end customers, and it is expected to cut into the carrier board in the future. The application of high-end electronic materials has become a new driving force for revenue and profit growth


儘管今年第1季有上游原物料價格上漲不利因素，台光電、聯茂及騰輝-KY因產品組合優化業績表現亮眼，其中台光電因高階HDI獲國際大廠採用且出貨量逐季大幅成長，加上5G手機需求增溫，第1季稅後盈餘為9.65億元，創下歷年同期新高，每股盈餘為2.89元；累計前5月合併營收為141.75億元，年成長39.47%。


隨著高速低損耗的材料新案陸續量產出貨，且5G手機市場大幅成長，加上ARM架構的高階筆電及高階平板電腦對HDI板的升級需求，雖然台光電產能較去年增加近20%仍供不應求，且原物料價格飆漲後的成本增加在第2季及第3季售價上陸續反應，台光電預估，第1季是今年營運低點，整體營運可望逐季上揚至第3季，第2季毛利率應會明顯上升，未來營收及獲利將更顯著成長。
目前台光電台灣觀音廠/新竹廠月產能約65萬張，大陸昆山廠月產135萬張，中山廠月產95萬張，黃石廠月產60萬張，根據台光電規劃，預計111年第3季昆山廠將增至月產165萬張，黃石廠預計111年第2季增至90萬張，屆時台光總產能將達415萬張，以因應未來營運需求。


受惠於車用及高速材料需求暢旺，且產品組合優化，騰輝-KY第1季合併毛利率33%，稅後盈餘為1.92億元，雙雙創下單季歷史新高，每股盈餘為2.72元，僅次於台光電，居銅箔基板廠亞軍；累計前5月合併營收為29.72億元，年成長38.7%。
在車用部分，騰輝-KY總經理鍾健人表示，由於各國訂定禁售燃油車時程、歐洲明訂碳排放規範及中國新能源車補貼政策延長，且電池成本大幅降低，加上政策配套提升公用充電樁比例，推升了電動車需求，根據國際能源署IEA預測，2030年電動車存量將從2020年的1000萬保有量增加到1.45億輛，如果政府積極推廣甚至到2.3億輛，為散熱材料帶來龐大商機，

騰輝佈局汽車市場及電動車市場散熱產品應用多年，品牌知名度及市場率為同行之冠，不僅已成為全球汽車頭燈散熱材料第一大供應商，電動車散熱應用如：逆變器inverter、電池車充OBC等也取得領先地位，可望成為電動車成長趨勢的受惠者，預估今年車用產品營收可望年增40%到50%。
看好5G、AI、物聯網、雲端等均是主流科技趨勢，騰輝-KY除既有利基產品市占率可望持續提升，在發展多元化產品線的策略下，公司已陸續推出多種軍工航天、5G通訊、雷達、半導體與散熱應用的新型號產品，高階產品如：遠距雷達偵測使用的鐵氟龍基板及半導體封裝應用的樹脂材料陸續在各終端客戶測試，未來可望切入載板高端電子材料應用，成為營收及獲利成長新動能

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