Merrill Lynch Taiwan Investor Forum October 3, 27 Hong Kong October 4-5, 27 Singapore 1
Industry & Corporate Updates 2 1
US$ M 2 18 SMBs demands relatively stronger than consumers WW SMB and SOHO Networking Market Incremental subscription for Broadband & WLAN in emerging markets CAGR 16% 16 14 12 1 8 6 4 2 24 25 26 27 28 29 SMB/SOHO Networking Equipment Demand Source:IDC, FY26 3 2
Unit: NT$ million Net Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Income Total Non-Op. Inc. (Loss) Income Before Tax Tax (Exp.) / Income Net Income Minority Interest Consolidated Income EPS (NT$) 1H7 Income Statement & YoY Comparison 1H7 AMT 15,345 1,5 5,34 4,148 1,192 699 1,891 56 1,947 (19) 1,928 2.82 1H6 % AMT % 1. 65.2 34.8 27. 7.8 4.5 12.3.4 12.7 (.1) 12.6 13,717 9,292 4,425 3,663 762 45 1,167 (163) 1,4 (17) 986 1.44 1. 67.7 32.3 26.7 5.6 2.9 8.5 (1.2) 7.3 (.1) 7.2 YoY % Change 11.9 7.7 2.7 13.2 56.4 72.6 62. (134.4) 93.9 11.8 95.5 95.5 * Calculated by fully diluted basis of 683.8mln shares * The numbers are pro forma 4 3
Quarterly Revenue by Regions Brand Only 2Q7 revenue up 4% QoQ Emerging markets & AsiaPac jumped 15% Europe decreased 7% NT$ mln N.A. dropped 2% 1, 7,5 5, 47% 47% 42% 45% 5% 2,5 24% 27% 32% 32% 28% 29% 26% 26% 23% 22% 2Q6 3Q6 4Q6 1Q7 2Q7 North America Europe Asia Pacific & Others 5 4
Quarterly Revenue by Products Brand Only 2Q/7 revenue QoQ comparison: Switch down 2% WLAN increased 12% Broadband inched 3% Digital Home up 13% NT$ mln 1, 8, 6, 4, 6% 12% 2% 38% 4% 11% 21% 38% 3% 12% 2% 39% 5% 11% 21% 36% 4% 11% 21% 39% 2, 26% 26% 27% 25% 24% 2Q6 3Q6 4Q6 1Q7 2Q7 Switch WLAN Broadband Digital Home NIC & Others 6 5
D-Link Switch NT$ Million SMB demands for switches seasonally strong Deferral shipments in Russia being processed 25 2 15 1 31% 33% 32% 36% 37% 43% 44% 44% 45% 5% 5 69% 67% 68% 64% 63% 57% 56% 56% 55% 5% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 F.E. GigE 7 6
D-Link WLAN NT$ Million Back-to-school for Pre-N in N.A. & Europe Commenced to ship Pre-N in major cities in emerging markets & APAC 35 3 25 2 8% 8% 7% 7% 4% 5% 9% 7% 11% 4% 12% 4% 15% 7% 17% 5% 15 82% 86% 89% 9% 89% 84% 85% 84% 78% 78% 1 5 1% 5% 4% 3% 2% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 82.11b 82.11g 82.11a+g MIMO/82.11n draft 8 7
D-Link Broadband NT$ Million 18 Remaining cutting down low margin business for ADSL VoIP/IAD/VDSL projects launched worldwide 16 14 12 7% 12% 11% 8% 12% 15% 23% 27% 28% 31% 1 8 93% 88% 89% 92% 88% 85% 77% 73% 72% 69% 6 4 2 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 ADSL VoIP/IAD/VDSL 9 8
#1 in SOHO/SMB Market 1Q/7 Netgear 17.5% Linksys 18.3% Allied Telesyn HP Procurve 3Com 2.8% 7.8% 12.2% Netgear 17.5% Linksys 18.3% 21.9% Motorola 2.1% Zyxel.9% Siemens 1.1% Thomson 1.2% Belken 1.4% Others 12.8% Source: Compiled from In-Stat Q1 27 Wireless LAN Equipment Market Share Report In-Stat Q127 Ethernet LAN Switch Market Share Report In-Stat Q1 27 Broadband Equipment Market Share Report 1 9
High Dividend Payout NT$ Per Share 6. 5. Payout more cash over stock Limited employees bonuses impact High yield rate 89% Dividend & EPS 1% 9% 8% 4. 3. 2. 1.. 61% 56% 47% 4% 41% 44% 35% 31% 23% 12% 1% 2.8% 4.7% 4.1% 4.81% 3.% 3.15% 21 22 23 24 25 26 7% 6% 5% 4% 3% 2% 1% % Stock Dividend EPS Payout ratio Employees' Bonuses as % of Net Income 11 Cash Dividend Adjusted EPS Yield rate 1
Longer Term Business Model FY5 FY6 FY7 Model Sales Growth(%) 5% 14% 12% 1-15% Gross Margin (%) 31% 34% 35% 35-36% Operating Margin (%) 5% 8% 9% 9-1% Tax Exp. (% of PBT) 2% 15% 17% 18-2% ROE (%) 14% 18% 19% 18-2% * All of the figures are pro forma & brand only ** FY7 & Model s figures are estimated 12 11
Safe Harbor Statement All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. 13
Q & A For complete financial and press releases, please visit http://ir.dlink.com 14
美林證券 台灣投資人論壇 27 年 1 月 3 日, 香港 27 年 1 月 4-5 日, 新加坡 1
產業 & 公司近況 2 1
US$ M 2 18 SMB 市場的需求相對較消費者市場強勁 新興市場對寬頻及無線網路的使用率持續增加 全球 SMB and SOHO 網路市場概況 CAGR 16% 16 14 12 1 8 6 4 2 24 25 26 27 28 29 SMB/SOHO Networking Equipment Demand Source:IDC, FY26 3 2
1H7 損益表 今年上半年與去年同期比較 Unit: NT$ million 1H7 AMT 1H6 % AMT % YoY % Change 銷貨收入淨額銷貨成本營業毛利營業費用營業收益總營業外費用 & 損失稅前淨利所得稅費用淨利少數股權合併淨利每股紅利 ( 台幣 $) 15,345 1,5 5,34 4,148 1,192 699 1,891 56 1,947 (19) 1,928 2.82 1. 65.2 34.8 27. 7.8 4.5 12.3.4 12.7 (.1) 12.6 13,717 9,292 4,425 3,663 762 45 1,167 (163) 1,4 (17) 986 1.44 1. 67.7 32.3 26.7 5.6 2.9 8.5 (1.2) 7.3 (.1) 7.2 11.9 7.7 2.7 13.2 56.4 72.6 62. (134.4) 93.9 11.8 95.5 95.5 * Calculated by fully diluted basis of 683.8mln shares * The numbers are pro forma 4 3
2Q7 營收較上一季成長 4% 各區域每季營收概況品牌營收 新興市場 & 亞太地區成長 15% 歐洲下降 7% NT$ mln 北美下降 2% 1, 7,5 5, 47% 47% 42% 45% 5% 2,5 24% 27% 32% 32% 28% 29% 26% 26% 23% 22% 2Q6 3Q6 4Q6 1Q7 2Q7 North America Europe Asia Pacific & Others 5 4
每季營收概況 產品別區分品牌營收 2Q/7 營收與上一季百分比較 : 交換器下降 2% 無線網路產品成長 12% 寬頻產品持平成長 3% 數位家庭產品成長 13% NT$ mln 1, 8, 6, 4, 6% 12% 2% 38% 4% 11% 21% 38% 3% 12% 2% 39% 5% 11% 21% 36% 4% 11% 21% 39% 2, 26% 26% 27% 25% 24% 2Q6 3Q6 4Q6 1Q7 2Q7 Switch WLAN Broadband Digital Home NIC & Others 6 5
交換器出貨 NT$ Million SMB 市場對交換器的季節性需求變強 蘇俄地區的遞延性出貨已獲解決 25 2 15 1 31% 33% 32% 36% 37% 43% 44% 44% 45% 5% 5 69% 67% 68% 64% 63% 57% 56% 56% 55% 5% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 F.E. GigE 7 6
無線網路產品出貨 NT$ Million 北美及歐洲市場 Pre-N 產品將於 9 月返校潮引發買氣 Pre-N 產品將於新興市場及亞太區主要城市上市 35 3 25 2 8% 8% 7% 7% 4% 5% 9% 7% 11% 4% 12% 4% 15% 7% 17% 5% 15 82% 86% 89% 9% 89% 84% 85% 84% 78% 78% 1 5 1% 5% 4% 3% 2% 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 82.11b 82.11g 82.11a+g MIMO/82.11n draft 8 7
寬頻產品出貨 NT$ Million 18 ADSL 出貨持續減少低利潤之業務 預計推出 VoIP/IAD/VDSL 等新產品 16 14 12 7% 12% 11% 8% 12% 15% 23% 27% 28% 31% 1 8 93% 88% 89% 92% 88% 85% 77% 73% 72% 69% 6 4 2 1Q5 2Q5 3Q5 4Q5 1Q6 2Q6 3Q6 4Q6 1Q7 2Q7 ADSL VoIP/IAD/VDSL 9 8
SOHO/ 中小型企業市場的領導品牌 1Q/7 Netgear 17.5% Linksys 18.3% Allied Telesyn HP Procurve 3Com 2.8% 7.8% 12.2% Netgear 17.5% Linksys 18.3% 21.9% Motorol a 2.1% Zyxel.9% Siemen s 1.1% Thomso n Belken 1.2% 1.4% Others 12.8% Source: Compiled from In-Stat Q1 27 Wireless LAN Equipment Market Share Report In-Stat Q127 Ethernet LAN Switch Market Share Report In-Stat Q1 27 Broadband Equipment Market Share Report 1 9
NT$ Per Share 6. 5. 現金股利發放高於股票股利 控制員工分紅配股衝擊 高報酬利潤 89% Dividend & EPS 高股息政策 1% 9% 8% 4. 3. 2. 1.. 61% 56% 47% 4% 41% 44% 35% 31% 23% 12% 1% 2.8% 4.7% 4.1% 4.81% 3.% 3.15% 21 22 23 24 25 26 7% 6% 5% 4% 3% 2% 1% % Stock Dividend EPS Payout ratio Employees' Bonuses as % of Net Income 11 Cash Dividend Adjusted EPS Yield rate 1
長期營運模式 FY5 FY6 FY7 Model 營收成長率 (%) 5% 14% 12% 1-15% 毛利率 (%) 31% 34% 35% 35-36% 營益率 (%) 5% 8% 9% 9-1% 所得稅率 (% of PBT) 2% 15% 17% 18-2% 股東權益報酬率 (%) 14% 18% 19% 18-2% * All of the figures are pro forma & brand only ** FY7 & Model s figures are estimated 12 11
Safe Harbor Statement All numbers are consolidated. Except for statements in respect of historical matters, the statements contained in this release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of D-Link Corporation to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. 13
問題與建議 關於友訊科技完整的財務與公開資訊, 請參考下方網址 http://ir.dlink.com 14