詮欣股份有限公司 法人說明會

Company Overview

• Company Name: 詮欣股份有限公司 (Chant Sincere Co., Ltd.)
• Event: 法人說明會 (Investor Conference)
• Speaker: 徐瑋莉 發言人 (Wei-Li Hsu, Spokesperson)
• Date: 2025/12/29
• Core Business: From Connectivity Components to System High-Speed Transmission.
• Company Positioning: COXOC is in the early stages of "Transformation Validation Completed, Entering Mass Production Ramp-up."
• Strategic Focus: A Key Supplier Seizing the Dual Dividends of AI Infrastructure and Automotive Electronic Platforms.

Financial Highlights

Monthly Consolidated Revenue 2023-2025.11 (單位:台幣仟元)

Annual Financial Indicators 2021-2025Q3

• Annual Revenue (NT$ Million):
  • 2021: ~1,600
  • 2022: ~1,850
  • 2023: ~1,380
  • 2024: ~1,400
  • 2025Q3: ~1,080
• Annual Gross Profit Margin (年度毛利率):
  • 2021: 29.3%
  • 2022: 36.2%
  • 2023: 37.6%
  • 2024: 41.7%
  • 2025Q3: 40.0%
• Annual Net Profit Margin (年度淨利率) and Annual Operating Profit Margin (年度利益率) are also tracked, showing general trends alongside gross margin.

Dividend Policy

• Stable Dividend Policy: 26 Consecutive Years of Dividends, Providing a Solid Foundation.
• Total Cash and Stock Dividends: NT$47.05.
• Dividend Payout Ratio 2022-2024:
  • 2022: 74%
  • 2023: 71%
  • 2024: 61%

Business Segments

Revenue Structure Shift (Our Strategy in Action: A Fundamental Shift in Our Revenue Structure)

Products & Technologies

Successful Transformation

• Transformed from "Traditional Networking Connectors" to a High-Frequency and High-Speed Solution Provider.

Dual Engines Activated

1. AI High-Speed Interconnect:

   • Products extend from connectors to thermal modules (CAGE), embracing the 800G/1.6T generational upgrade.
   • AI Era Requirements: High-speed network interfaces that offer 'many ports, fast transmission, and high heat dissipation.' QSFP-DD perfectly meets these three requirements.
   • Key Applications:
     • AI Switch: Front panel full of 32-64 800G high-speed ports.
     • NIC (網路卡): AI servers use 400G/800G NICs, with one port's traffic being greater than 8 times that of the past.
     • Accelerator Server: Responsible for high-speed data exchange between GPUs and servers.
   • Core Battlefield: Penetrating Platform-Level Supply Chains with 'CPO Connectors + Integrated Thermal Modules'.
     • Core Value: Provide system-level solutions that integrate 'High-Speed Signal Integrity (SI),' 'Thermal Management,' and 'Design for Manufacturing (DFM) Reliability,' rather than just individual components.
     • Strategic Positioning: Upgrade from a 'Component Supplier' to a 'Platform Collaboration Partner,' engaging in the customer's design-in process at an earlier stage.
     • Quote: "CPO does not replace connectors; instead, it raises the bar for connectors, mechanical design, and thermal management."
     • Products:
       • Cage 散熱模組 (Cage + Heatsink Module): Essential for 800G and above generations, ensuring stable operation under high power consumption (Chant Sincere's main product).
       • CPO 連接器 (CPO Connector): Located deep within this interface, connecting cables and motherboards (Chant Sincere's core product).

2. Automotive Electronic Platform:

   • Entered the Tier-1 supply chain of European and American car manufacturers.
   • Application Portfolio:
     • 車載電充 (Onboard Charging): USB / Type-C high-reliability connectivity solutions.
     • 車聯網通訊模組 (IoV Communication Module): High-end automotive antennas, high-speed data transmission modules.
     • 鏡頭與感測模組 (Camera and Sensing Module): FSD (Full Self-Driving) camera module connectors, pedestrian safety sensing module connectors.

Clients & Markets

• AI Interconnect: Entering the global tier-one high-speed interconnect AVL (Approved Vendor List) ecosystem using QSFP-DD Cage as a fulcrum.
• Automotive Electronic Platform: Entered the Tier-1 supply chain of European and American car manufacturers (歐系 Tier-1 車廠, 美系領導品牌).

Outlook & Strategy

• Overall Outlook: Chant Sincere is at the intersection of two major structural trends: AI and Automotive.
• Key Message: 2026 is the starting point for structural growth. Chant Sincere is no longer just a connector manufacturer but a key technology partner enabling next-generation computing and mobility.
• Transformation & Strategic Layout (Completed): Successfully shifted from traditional connectors to AI & Automotive.
• Customer Validation & Design-in (Completed): Entered US-based CPO and Euro-American OEM supply chains.
• Mass Production Ramp-up (In Progress): 2026 onwards as the critical growth starting point.
• Strategic Initiatives:
  • Positioning in AI Computing Interconnect: Starting with QSFP-DD, through system-level collaboration, ultimately aligning with CPO generational evolution.
  • Capturing Automotive Platform Value: Building a second growth curve through long-lifecycle platform businesses.
• Automotive Product Roadmap and Volume Ramp-up Schedule:
  • 2025 H2: Key platforms begin mass production, revenue contribution gradually emerges.
  • 2026: Revenue scale clearly takes shape, becoming one of the main growth drivers.
  • 2027: Challenge for automotive business revenue to account for 50% of total revenue.

Additional Data

Disclaimer

• This presentation contains forward-looking statements based on current expectations, beliefs, and assumptions of Chant Sincere Co., Ltd. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different. Factors include, but are not limited to, changes in the global economic environment, fluctuations in the semiconductor and electronics industries, market demand, competitive pressures, technological advancements, and regulatory changes. The Company undertakes no obligation to update or revise any forward-looking statements. Investors are cautioned not to place undue reliance on these statements.