信錦企業股份有限公司 (Syncmold Enterprise Corp) - 2024/6 法說會簡報

Company Overview

Electronic Components: Hinges and bases for Monitors, TVs, and All-in-One (AIO) PCs.
Manufacturing & Development: Plastic injection molding and mold development.
Magnesium-Aluminum Die-Casting: Applied through subsidiary 敬得科技 (Jingde Technology).
Precision Bearings & Stamping Parts: Provided by subsidiary 陸合企業 (Luhe Enterprise).

蘇州富鴻齊 (Suzhou Fuhongqi): Qisda, Pegatron, Compal, Quanta
昆山鴻嘉駿 (Kunshan Hongjiajun): In-house manufacturing
敬得太倉 (Jingde Taicang) (73% owned): Die-casting
陸合蘇州 (Luhe Suzhou) (70% owned): Stamping, Low Earth Orbit (LEO) satellites
重慶富鴻齊 (Chongqing Fuhongqi): Foxconn, Quanta, Inventec
福州富鴻齊 (Fuzhou Fuhongqi): TPV, Jetstar
福建冠華 (Fujian Guanhua): In-house manufacturing, TPV, Jetstar
福清富群 (Fuqing Fuqun): In-house manufacturing
東莞冠皇 (Dongguan Guanhuang): In-house manufacturing, Funai
中山富鴻齊 (Zhongshan Fuhongqi): Wistron, SONY
信錦桃園龜山 (Syncmold Taoyuan Guishan): Assembly, Automation
敬得觀音 (Jingde Guanyin) (73% owned): Die-casting
陸合台中 (Luhe Taichung) (70% owned): Stamping
高誠 (Gaocheng) (38% owned): TV wall mounts, Medical carts
陸合泰國 (Luhe Thailand) (70% owned): Stamping, Heat sinks, Low Earth Orbit (LEO) satellites, Hand tools
信錦越南 (Syncmold Vietnam): Qisda, Wistron

Patent Advantage: Over 140 invention patents obtained in 2022, with a cumulative total of 925 granted patents.
Good Customer Relationships: Long-term joint R&D with brand manufacturers, leading and setting industry standards, providing customized products and stable delivery, resulting in high customer switching costs.
Strong Operational Capability: Return on Equity (ROE) higher than peers, sufficient long-term free cash flow.

Year	Revenue (NT$10億)	EPS (NT$)	Gross Margin (%)
2019	8.6	7.61	26.4
2020	9.7	7.81	26.3
2021	10.2	2.03	15.7
2022	9.8	3.00	16.6
2023	8.8	5.12	22.1

Quarter	Revenue (NT$10億)	EPS (NT$)	Gross Margin (%)
1Q23	1.8	0.30	17.0
2Q23	2.2	1.38	19.6
3Q23	2.5	2.03	25.0
4Q23	2.3	1.30	25.4
1Q24	2.1	1.73	29.2

2022 Revenue Mix:
- Monitor: 60%
- AIO: 8%
- TV: 9%
- Subsidiaries: 16%
- Others: 7%
2023 Revenue Mix:
- Monitor: 63%
- AIO: 9%
- TV: 7%
- Subsidiaries: 18%
- Others: 3%
1Q23 Revenue Mix:
- Monitor: 58%
- AIO: 9%
- TV: 6%
- Subsidiaries: 18%
- Others: 10%
1Q24 Revenue Mix:
- Monitor: 59%
- AIO: 9%
- TV: 4%
- Subsidiaries: 20%
- Others: 8%

Long-term Goals:
- Expand group operational scale and enhance profitability.
  - Integrate customer resources and expand cooperation projects.
  - Diversify product applications.
  - Reduce production risks from single regions.
Short-term Goals:
- Enhance competitiveness and boost long-term operational momentum.
  - Continue to focus on innovation and R&D.
  - Deploy new product applications.
  - Expand business reach.
  - Adjust factory production layout and efficiency to effectively control costs.

Exact Product Names/Model Numbers: Not explicitly listed, but categories include:
- Monitor/TV/AIO Hinges
- Monitor/TV/AIO Bases
- Plastic Injection Molds
- Magnesium-Aluminum Die-Cast Parts
- Precision Bearings
- Stamping Parts
- Heat Sinks
- Hand Tools
- TV Wall Mounts
- Medical Carts
Technology Platforms/Software/System Designations: Not explicitly mentioned, but capabilities include:
- Plastic injection molding
- Mold development
- Magnesium-aluminum die-casting
- Stamping
- Assembly
- Automation
Service Offerings/Solution Names:
- Joint R&D with brand manufacturers
- Customized product provision
- Stable delivery
Industry-Specific Terminology/Technical Concepts:
- 軸承 (Hinge)
- 底座 (Base)
- 塑膠射出 (Plastic Injection Molding)
- 模具開發 (Mold Development)
- 壓鑄 (Die-Casting)
- 沖壓 (Stamping)
- 低軌衛星 (Low Earth Orbit Satellites)
- 散熱件 (Heat Sinks)
- 資本額 (Capital)
- 每股淨值 (Net Asset Value per Share)
- 營收 (Revenue)
- 每股盈餘 (EPS)
- 毛利率 (Gross Margin)
- 稅前ROE (Pre-tax Return on Equity)
- 自由現金流量 (Free Cash Flow)
- 發明專利 (Invention Patent)