光紅建聖股份有限公司 [time:2017Q3] 法說會簡報

Company Overview

免責聲明 (Disclaimer)

本次法說會所提供之簡報內容包括對於未來狀況之預測及評估，這些關於未來狀況之陳述乃基於公司目前可得資料所做的預測，涉及風險及不確定性，並可能發生實際結果與預期狀況有重大差異的情形，提醒各位不要過度依賴這些資訊，另除非法律要求，本公司將不負責更新或公告這些預測的結果。

公司沿革及據點 (Company History & Locations)

• 公司沿革 (Company History):
  • 1996: 成立光紅光電股份有限公司 (Established EZconn Corporation).
  • 2002: 設立寧波廠 (Established Ningbo factory), 為中國生產營業據點 (as China production and business base).
  • 2003: 合併建聖 (Merged with Jian Sheng), 更名為光紅建聖 (renamed to EZconn).
  • 2005: 併購德國英飛凌 (Infineon) 光纖通訊部門 (Acquired Infineon's fiber optic communication division).
  • 2006: 設立德國子公司EZconn Europe GmbH (Established German subsidiary EZconn Europe GmbH).
  • 2007: 設立淡水廠 (Established Tamsui factory), 生產RF連接器 (producing RF connectors).
  • 2013: 設立捷克孫公司EZconn technologies CZ s.r.o. (Established Czech subsidiary EZconn technologies CZ s.r.o.).
  • 2014/3/17: 興櫃掛牌 (Listed on Emerging Stock Board).
  • 2015/7/14: 上市掛牌 (Listed on stock exchange).
• 資本額 (Capital): 6.6億元 (NTD 660 million).
• 公司人數 (Employee Count): 約1,237人 (Approximately 1,237 people).

營運據點 (Operating Locations)

• 捷克Trutnov (Czech Republic, Trutnov):
  • 人數 (Employees): 19人.
  • 前英飛凌研發團隊 (Former Infineon R&D team).
  • 半導體封裝技術客製化應用 (Customized application of semiconductor packaging technology).
  • 光通訊高階產品研發 (R&D of high-end optical communication products).
• 寧波 (Ningbo):
  • EZconn 量產基地 (EZconn mass production base).
  • 人數 (Employees): 756人.
  • 面積 (Area): 34,982m².
  • 產能 (Capacity):
    • 光次模組 (Optical sub-modules): 1,000,000 顆/月 (units/month).
    • 光跳接線 (Optical patch cords): 2,000,000 條/月 (units/month).
• 台灣 (Taiwan):
  • 地點 (Locations): 北投 (Beitou)、淡水 (Tamsui)、紅樹林 (Hongshulin).
  • 人數 (Employees): 462人.
  • RF 產品研發、量產 (RF product R&D, mass production).
  • RF 產品產能 (RF product capacity):
    • 機構零件 (Mechanical parts): 3,000,000 個/天 (units/day).
    • 連結器 (Connectors): 1,000,000 個/天 (units/day).
  • 光通訊主動、被動產品研發、試量產 (Optical communication active/passive product R&D, trial production).
  • 光通訊模組產品研發、量產 (Optical communication module product R&D, mass production).
• 圖例 (Legend): 研發 (R&D), 產品工程 (Product Engineering), 高階製造 (High-end Manufacturing), 主要製造 (Main Manufacturing).

Financial Highlights

營收與獲利 (Revenue & Profit)

單位: 新台幣仟元 (NTD thousands)

單位: 新台幣元 (NTD)

單位: %

財務分析 (Financial Analysis)

單位: % / 新台幣元 (NTD)

Recent Performance

106年前三季營運狀況 (Q1-Q3 2017 Operating Performance)

單位: 新台幣仟元 (NTD thousands); %

Products & Technologies

主要產品 (Main Products)

• RF產品 (RF Products): RF連接器 (RF connectors)、電子裝置 (electronic devices).
• OP產品 (OP Products): 主動、被動元件 (active and passive components)、傳輸模組 (transmission modules)、光通訊設備 (optical communication equipment).

RF產品簡介及應用 (RF Product Introduction & Applications)

• 同軸連接器功能介紹 (Coaxial Connector Function Introduction):
  • 纜線與設備以及不同類型線纜之間一般採用可拆卸的射頻連接器進行連接 (Used for connecting cables and equipment, and different types of cables, usually with detachable RF connectors).
  • 射頻同軸連接器 (RF連接器) 通常是裝接在同軸電纜上或安裝在儀器上的一種元件 (RF coaxial connectors are typically mounted on coaxial cables or instruments).
  • 作為傳輸線電氣連接或分離的元件 (Serve as components for electrical connection or separation of transmission lines).
  • 屬於機電一體化產品 (Belong to electromechanical integrated products).
  • 主要功用為橋樑作用 (Main function is as a bridge).
  • 工作在多兆赫無線電頻率範圍 (Operate in multi-megahertz radio frequency range).
• 連接器應用範圍 (Connector Application Scope):
  • 消費性電子 (Consumer Electronics):
    • 產品應用 (Applications): 有線電視系統 (Cable TV systems), 筆記型電腦 (laptops), 平板電視 (flat-panel TVs), 數位機上盒 (digital set-top boxes).
    • 產品 (Products): 窗型可繞折同軸連接線 (Window-type bendable coaxial cable), G型連接器 (G-type connector), F型連接器加遮蔽罩 (F-type connector with shield).
  • 通訊 (Communications):
    • 產品應用 (Applications): 基地台 (Base stations), 終端機房設備 (terminal room equipment), 通訊用設備 (communication equipment).
    • 產品 (Products): MCX型連接器 (MCX-type connector), 7/16型連接器 (7/16-type connector).
  • 電腦及週邊設備 (Computers & Peripherals):
    • 產品應用 (Applications): All-in-one電腦 (All-in-one computers), 機房通訊設備 (server room communication equipment).
    • 產品 (Products): 同軸連接線組 (Coaxial cable assemblies).
  • 汽車 (Automotive):
    • 產品應用 (Applications): 車用影音 (In-car audio/video), GPS, 車用通訊信號連接 (in-car communication signal connection).
    • 產品 (Products): HDMI E型 連接器 (HDMI E-type connector).

光通訊產品研發技術與製造優勢 (Optical Communication Product R&D Technology and Manufacturing Advantages)

• Ezconn 專利技術 (Ezconn Patented Technology):
  • 矽光微模組技術 (Silicon Photonics Micro-module Technology):
    • 可實現微型化8波長的合波分波技術 (Achieves miniaturization of 8-wavelength WDM/demultiplexing technology).
    • 可應用於未來400G 的產品 (Applicable to future 400G products).
    • 使用矽基板將矽透鏡將雷射與光偵測器的次模組裝自動化與微型化 (Uses silicon substrate to automatically assemble silicon lenses, lasers, and photodetector sub-modules, and miniaturize them).
  • 微型光合波分波器 (Micro-optical WDM/Demultiplexer).
  • DWDM 致冷式雷射封裝 (DWDM Thermoelectric Cooled Laser Packaging):
    • 基於可調式雷射技術 (Based on tunable laser technology).
    • 衍生出可應用於10G/25G-EML, 10G-PON, NG-PON2 的雷射封裝技術 (Derived for 10G/25G-EML, 10G-PON, NG-PON2 laser packaging technology).
  • 100G 光學引擎 (100G Optical Engine).
• Ezconn 特有研發技術 (Ezconn Unique R&D Strengths):
  • 整合微模組技術與微型光合波分波技術 (Integration of micro-module technology and micro-optical WDM/demultiplexing technology).
  • 可用於100G QSFP-CWDM 的光學引擎技術 (Applicable to 100G QSFP-CWDM optical engines).
  • 同時透過技術合作也擁有QSFP28-SR4 的光學引擎技術 (Also possesses QSFP28-SR4 optical engine technology through technical cooperation).
• 製造優勢 (Manufacturing Advantages):
  • 光機電整合 (Opto-electro-mechanical Integration).
  • 精密加工 (Precision Machining).
  • 自動化能力 (Automation Capability).

光通訊產品多元的市場策略與產品組合 (Diversified Market Strategy and Product Portfolio for Optical Communication Products)

• 強化垂直整合的產品開發技術 (Strengthen Vertical Integration of Product R&D Technology).
• 產品佈局 (Product Layout):
  • 封裝 (Packaging): 單TO封裝 (Single TO package), EML TO-CAN, Optical engine.
  • OSA (Optical Sub-Assembly): OSA/Passive Assembly, 10G TOSA, 10G ROSA.
  • 模組 (Module):
    • PON: XGS-PON, 10G-EPON ONU, 10G-EPON/OLT.
    • 行動通訊 (Mobile Communication): SFP+ SR, SFP+ LR, SFP+ ER.
    • 數據網DCI (Datacenter Interconnection): QSFP28 AOC, QSFP28 TRX, QSFP28 CWDM4.

新產品事業計劃 - 微機電雷射掃描模組應用範圍 (New Product Business Plan - MEMS Laser Scanning Module Application Scope)

• 微機電雷射掃描模組 (MEMS Laser Scanning Module)
• 3D 量測 (3D Measurement):
  • 3D自動深度掃描系統 (3D automatic depth scanning system).
  • 光達 (LiDAR).
• 雷射照明及顯示 (Laser Illumination & Display):
  • 智慧車燈 (Smart car lights).
  • 擴增實境抬頭顯示器 (Augmented reality head-up display).
• 自動掃描追蹤功能 (Automatic Scanning & Tracking Function):
  • 機器人辨識 (Robot recognition).
  • VR(虛擬實境)/AR(擴增實境) (VR (Virtual Reality)/AR (Augmented Reality)).
• 生醫影像系統 (Biomedical Imaging System).

Clients & Markets

市場趨勢分析 - RF產業及未來發展趨勢 (Market Trend Analysis - RF Industry & Future Development Trends)

• RF連接器未來發展預測 (RF Connector Future Development Forecast):
  • RF connector market will grow by a compound annual growth rate of 6.2% over the next five years (2014-2018) to a value of $3.0 Billion.
  • RF連接器市場於未來5年 (2014~2018) 預估以年複合成長率6.2%的趨勢持續成長，產值將達30億美元。
• 各類RF連接器預估分佈 (Estimated Distribution of Various RF Connectors):
  • Other: 26%
  • Miniature: 22%
  • Subminiature: 22%
  • Microminiature: 8%
  • Large: 8%
  • Medium: 14%
• 資料來源 (Data Source): Bishop & Associates Inc.

市場趨勢分析 - Next Generation PON

• ONT/OLT Transceivers/BOSAs Revenue ($m):
  • Projected revenue growth from 2016 to 2021 for XG-PON1, XGS-PON, NG-PON2, 10/1 EPON, and 10/10 EPON.
• 市場機會 (Market Opportunity):
  • 各營運商對下一世代PON (10G 下行) 技術已開始有較明確的佈建計畫 (Operators have begun to have clearer deployment plans for next-generation PON (10G downstream) technology).
  • 未來五年會明顯的成長 (Significant growth is expected in the next five years).
• 資料來源 (Data Source): Ovum

市場趨勢分析 - Mobile Optical Fronthaul & Backhaul Market

• Expenditure for fronthaul/backhaul Optical fiber-based ($m):
  • Shows expenditure from 2013 to 2020 across Americas, Europe, Middle East & Africa, Asia & Oceania, with consistent growth, especially in Asia & Oceania.
• Next-gen base station architecture (次世代基地台架構):
  • Mobile fronthaul is the transport of cellular traffic between a RRU and a BBU in a cellular network architecture. Fronthaul links can be 10's of meters up to ~ 40km.
  • RRU may be on tower to save coax loss.
  • Optical/Ethernet backhaul (2-4 GbE links for backhaul).
  • Up to 6 CPRI links for fronthaul (1 m to 40 km).
  • 5G has much to do fiber installation and site acquisition.
• 市場機會 (Market Opportunity):
  • LTE 與5G 無線行動通訊需要使用大量的光纖設備來連接天線與網路設備 (LTE and 5G wireless mobile communication require a large amount of fiber optic equipment to connect antennas and network equipment).
  • 未來幾年各營運商對光通訊元件(如SFP +光收發模組)的支出仍會逐年成長 (Operators' expenditure on optical communication components (such as SFP+ optical transceivers) will increase year by year in the coming years).
• 資料來源 (Data Source): Ovum

市場趨勢分析 - Datacenter Interconnection

• Revenue ($m) for 40G, 100G, 200G:
  • Projected revenue growth from 2015 to 2021 for 40G, 100G, and 200G datacenter interconnection, showing strong growth with 100G becoming dominant.
• 市場機會 (Market Opportunity):
  • 市場研究預測未來五年，資料中心互連(DCI) 的光元件需求，將是以100G (4x25G) 的光學收發模組為主 (Market research predicts that in the next five years, the demand for optical components for Datacenter Interconnection (DCI) will be mainly for 100G (4x25G) optical transceivers).
  • 預估市場年成長率約30-40% (The market is estimated to grow at an annual rate of approximately 30-40%).
• 資料來源 (Data Source): Ovum

Outlook & Strategy

RF未來發展及成長策略 (RF Future Development & Growth Strategy)

• 短期 (Short Term):
  • 產品 (Products): 自動阻絕電波干擾高頻連接器 (Automatic EMI shielding high-frequency connectors), 新型RF壓縮型高頻連接器 (new RF compressed high-frequency connectors), 低訊號損失與抗雷擊的高頻濾波器 (low signal loss and lightning-resistant high-frequency filters), 車用FAKRA SMB高頻連接器 (automotive FAKRA SMB high-frequency connectors).
  • 終端應用產品 (Terminal Applications): 汽車用連接器 (Automotive connectors), 通訊用產品 (communication products).
• 中期 (Mid Term):
  • 產品 (Products): 軍用高頻連接器 (Military high-frequency connectors), 自動化生產模組設備 (automated production module equipment).
  • 終端應用產品 (Terminal Applications): 通訊用產品 (communication products).
• 長期 (Long Term):
  • 產品 (Products): 醫療用連接器 (Medical connectors).
  • 終端應用產品 (Terminal Applications): 通訊用產品 (communication products).

對各成長中應用市場的產品佈局 (Product Layout for Each Growing Application Market)

• 下一世代PON市場 (Next-generation PON Market):
  • 已有完整的產品線 (Has a complete product line).
  • 除可提供光學次模組(OSA) (Can provide optical sub-modules (OSA)).
  • 也能因應客戶需求，提供光收發模組 (Can also provide optical transceivers to meet customer needs).
• Datacenter市場 (Datacenter Market):
  • 有自製100G 光學引擎的能力 (Has in-house 100G optical engine capability).
  • 於今年完成了QSFP28-SR (AOC及Transceiver type) 的開發 (Completed development of QSFP28-SR (AOC and Transceiver type) this year).
  • 目前已進入量產階段 (Currently in mass production phase).
  • 預計明年持續開發QSFP28長距離的產品 (Expected to continue developing QSFP28 long-distance products next year).

策略目標 (Strategic Goals)

• 短期目標 (Short Term Goal): 推廣10G 光收發模組及100G QSFP28-SR相關系列產品 (Promote 10G optical transceivers and 100G QSFP28-SR related series products).
• 中期目標 (Mid Term Goal): 加強產品的垂直整合，以提供PON、5G 行動通訊、Datacenter客戶更完整的服務 (Strengthen vertical integration of products to provide more complete services for PON, 5G mobile communication, and Datacenter customers).
• 長期目標 (Long Term Goal): 消費性市場應用 (Consumer market applications), On-board Optics.