8016.TW Sitronix Technology Corp. 2025 Q1 法說會簡報
Company Overview
Company Name: 矽創電子 Sitronix Technology Corp. Group
Stock Code: 8016.TW
Founded / Listed: 1992 / 2003
Headquarters: Hsinchu, Taiwan (臺灣新竹)
Shares Outstanding (as of 2025/5/12): 120 million shares
Market Capitalization (as of 2025/5/12): US$0.84 billion / NT$25.17 billion
Major Shareholders (as of 2025/5/12):
- Foreign Investors (外資): 31.25%
- Investment Trusts & Dealers (投信 & 自營商): 6.75%
Mission and Vision:
“To achieve the highest customer satisfaction with the most competitive cost and quality.” ("以最有競爭力的成本和品質，達到最高的客戶滿意度。")
Operating Model:
- Global leader in small-size display driver ICs (DDIC) in mature technology fields, with significant market share in IoT and industrial control markets.
- Pioneer in zero-capacitor DDIC technology, introducing IoT, industrial control, automotive DDIC, and TDDI product lines.
- Continuously incubates new applications through subsidiaries to expand growth potential.
Market Position:
- IoT AloT (物聯網 AloT): Introduces touch driver and zero-capacitor technology, building a complete product line.
- Industrial (工控): Deep cultivation of extremely long-tail market opportunities.
- Sensor IC (感測器晶片): Main supplier for Android tier-one brand smartphone sensors.
- Automotive (車用): Leader in small and medium-size automotive DDICs.
Financial Highlights
Revenue Summary
- Jan-Apr 2025 YTD Consolidated Revenue: NT$5,867,799 thousand, YoY increase 5.01%.
- Full Year 2024 Consolidated Revenue: NT$17,826,505 thousand, YoY increase 6.60%.
- 1Q25 Consolidated Revenue: NT$4,332,354 thousand, QoQ decrease 6.16%, YoY increase 4.41%.
Financial Summary
| Metric | 1Q25 | 4Q24 | QoQ | 1Q24 | YoY |
|---|---|---|---|---|---|
| Revenue (NT'000) | 4,332,354 | 4,616,863 | -6.16% | 4,149,229 | +4.41% |
| Gross Margin % | 33% | 33% | - | 35% | -2% |
| Operating Margin % | 12% | 12% | - | 15% | -3% |
| EPS (NT$) | 3.45 | 3.50 | -0.05 | 3.62 | -0.17 |
Income Statement Summary
| NT$ | 2021 | 2022 | 2023 | 2024 | 1Q25 |
|---|---|---|---|---|---|
| Revenue (Millions) | 22,255 | 18,027 | 16,722 | 17,826 | 4,332 |
| Gross Profit % | 56% | 46% | 34% | 34% | 33% |
| Operating Expenses/Sales % | 19% | 19% | 19% | 20% | 21% |
| Operating Income Margin % | 37% | 27% | 15% | 14% | 12% |
| Non-operating Income (000') | 196,875 | 363,954 | 337,010 | 348,152 | 102,132 |
| Tax Rate*% | 15% | 17% | 15% | 14% | 11% |
| Net Profit Margin % | 27% | 20% | 11% | 10% | 9% |
| EPS (NTD) | 50.03 | 30.10 | 15.50 | 15.42 | 3.45 |
Operating Cycle Days
| Metric | 2021 | 2022 | 2023 | 2024 | 1Q25 |
|---|---|---|---|---|---|
| Inventory Turnover Days | 74 | 128 | 117 | 89 | 96 |
| Accounts Receivable Days | 27 | 32 | 31 | 33 | 34 |
| Accounts Payable Days | 81 | 65 | 49 | 68 | 71 |
Business Segments
Revenue Share by Product Category
| Product Category | 2021 | 2022 | 2023 | 2024 | 1Q25 |
|---|---|---|---|---|---|
| IoT AloT | 36% | 36% | 35% | 31% | 33% |
| Industrial | 14% | 18% | 14% | 13% | 14% |
| Sensor | 26% | 22% | 27% | 28% | 27% |
| Automotive | 16% | 16% | 16% | 17% | 15% |
| Other | 8% | 8% | 8% | 11% | 11% |
Group Composition Revenue Share
-
IoT DDIC
- Revenue Share: 33%
- Applications: Wearable devices, Consumer electronics, Feature phones
- Brand: Sitronix
-
Mobile Phone Sensors
- Revenue Share: 27%
- Applications: Optical sensing, MEMS sensing
- Subsidiary: sensortek
-
Industrial Control Equipment DDIC
- Revenue Share: 14%
- Applications: Office equipment, Industrial measurement instruments, Mobile medical equipment
- Brand: Sitronix
-
Automotive DDIC
- Revenue Share: 15%
- Applications: Automotive instrument clusters, Navigation displays, Central control displays
- Subsidiary: GFORCELEAD
Products & Technologies
Key Innovations
- IoT AloT: Zero-capacitor touch TDDI driving stable growth.
- Sensor Products: SAR and altimeter sensors in mass production for wearables and smartphones.
- Automotive DDIC: Shipment for new automotive instrument clusters and head-up display modules; upcoming launch of automotive touch TDDI.
Outlook & Strategy
Key Business Updates
- Monitoring potential impacts of the US Tariff War on customers and supply chain.
- IoT AloT expected to drive growth with zero-capacitor TDDI products.
- Industrial control revenue supported by government tenders for smart grid and electricity meters.
- Expansion in sensor applications across tier-one brands; development of new-generation smart sensors.
- Automotive DDIC sees growth in new specifications for instrument clusters and displays.
ESG / Sustainability
- Latest externally verified sustainability report available.
- Ranked in the top 6~20% in 2024 corporate governance evaluations.
- Greenhouse gas inventory completed and voluntarily reported since 2023.
- Included in multiple Taiwan sustainability and semiconductor index constituents since 2024.
- Established Risk Management Meeting in 2023.
Additional Data Points
(All charts and tables provided above under Financial Highlights and Business Segments.)