Ticker: 4977 2016-12-6
眾達科技
PCL Technologies Inc.
This material has been prepared by PCL Technologies, Inc. (“PCL”).
Statements made in this material include forward-looking statements,
which include, without limitation, statements about the issues, plans and
expectations of PCL. Forward-looking statements reflect, among other
things, management plans and objectives for future operations, current
views with respect to future events and future economic performances
and projections of various financial items. These forward-looking
statements involve known and unknown risks, uncertainties, and other
factors which may cause actual results to differ materially from those
implied by such forward-looking statements.
PCL Technologies, Inc. (眾達科技股份有限公司)
Founded date: 2007.10.16
IPO date: 2013.11.20
Capital: NTD 557 Million
Production base: PCL Technologies (Suzhou), Inc.
Employees: 760 (2016.11.30)
Major Products:
- Optical Transceiver
- Optical Transmitter/Receiver
Sub-assembly
Company Overview
Page 1
100M USD
Optical Transceiver Market
Page 2
Source: Infonetics 2016
Page 3
Source: Lightcounting, 2016
Ethernet Optical
Transceiver Market
100M USD
High-Speed Optical
Transceiver Market
Page 4 Source: Infonetics 2016
Page 5
Source: Ovum, 2016
Data-Center Optical
Transceiver Market
Epitaxial Growth
Chip Process
Packaging Application
Cladding layer
Waveguide
Active region
Lithography
Dry/Wet etch
Deposition
Metalization
Wafer probing test
Lapping & Polishing
Scribing & Breaking
Bar & Chip test
TO-CAN
COB
OSA
Laser welding
Epoxy attach
Transceiver
AOC
Elaser (3450.TT)
Luxnet (4979.TT)
Truelight (3234.TT)
LandMark (3081.TT)
PCL (4977.TT) Page 6
Optical Transceiver
Supplier Chain
Summary: Revenue: 2016 Q1-Q3 YoY 9% 2016 Jan-Oct YoY 10% Profit: 2016 Q1-Q3 YoY 18% GM: 2016 Q1-Q3 28.4%; 2015 Q1-Q3 24.3%)
Finance Performance
營業收入 (百萬元新台幣) 稅後淨利 (百萬元新台幣)
Gross Margin ROE
Quarter Revenue (Mil NTD) Net Profit (Mil NTD)
Page 7
Produce TOSA & ROSA
Produce PCB & SMT
Solder TOSA and OSA
on PCBA
Assemble OSA 及 PCBA
into mechanical housings
Complete optical
transceiver assembly
Proprietary Process
TO-CAN COB (Chip on Board)
Die bond laser diode
/photo-diode and wire
bond to PCBA
Align and attach
optical lens to laser
diode and photodiode
Complete optical
transceiver
assembly
TO-CAN process is used in single-mode
products by using DFB/FP lasers and APD
detectors.
The process requires TO and flex-PCB.
Use standard laser welding process.
COB process is used in multi-mode products
by using VCSEL lasers and PIN detectors.
The process no need TO and flex-PCB.
PCL develops the process and equipment.
Page 8
Manufacture Triplex &
SMT
Solder Triplex on PCBA
Assemble Triplex & PCBA
into mechanical housings
Complete optical
transceiver assembly
10G EPON OLT Process
Process Application
Use10G EML / 1G DFB lasers and APD detectors.
The process requires TO material and flex PCB.
PCL develops the Triplex design including EML and APD packaging.
Page 9
DS (bit/s) US (bit/s) Asymmetric
(DS/US) Symmetric
(DS/US) Transmitter(TX) Receiver(RX)
EPON 1.25G 1.25G DML FP/DFB laser PIN
GPON 2.5G 1.25G DML FP/DFB laser PIN/APD
10G EPON 10G/1G 10G/10G 10G EML laser /1G DML laser 10G/1G APD
XG-PON1 (10G GPON)
10G/2.5G 10G/10G 10G EML laser
2.5G APD
Note: From PON to 10G PON the requirement of transmitter has to upgrade from DML laser to EML laser. Especially for EML laser, the package needs to change from Box type to TO type, the process is much more complicated. PCL has the capabilities of both EML and APD packaging, assembly and testing.
PON/10G PON Standard
Page 10
SWOT Analysis
Process advt.: intelligent operation, offer one-stop-
shop service from chip package to OC assembly
and test; sustain complex production with high
yield, high efficiency and high quality.
Proprietary integration technology of III-V optical
devices, micro optics alignment, and COB process.
Tighten partnership with 1st-tier customers: co-
development and co-CAPEX on new products; the
extension of customer RD team.
High customer concentration risk.
Flat revenue growth.
Factory operation: not yet fully utilization; not meet economic scale.
Competitions from other low-cost optical transceiver suppliers.
Competitions from other contracted manufacturers.
Co-developing high speed OCs with network
/telecom and web-scale customers.
Technology barriers of 100G and above OCs:
requires advanced micro-level optics packaging.
Datacom: infrastructure upgrade of enterprise
network.
Datacenter: CAGR 25% (2014 - 2019).
Telecom: MAN coverage.
Wireless: 5G & IOT.
Strength Weakness
Opportunity Threat
Page 11
8G/10G SFP+ SR
1.25G/2.5G
4G LTE SFP
1.25G/2.5G
SFP GbE/OC48
10G
XFP IR2/ZR
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
16G SFP+ LR
10G GPON
25G/32G SFP+ SR
40G QSFP+ SR4
100G QSFP28
PSM4
100G QSFP28
CWDM4
8G/10G SFP+ LR
16G SFP+ SR
10G SFP+ ER
6.1G/10G
4G LTE / LTE-A SFP+
DATACOM & DATACENTER
TELECOM
Wireless
Product Roadmap
25G SFP+ LR
5G
e-LTE
Page 12
Industry Comparison
Industry Comparison PCL Finisar (FNSR) Fabrinet (FN)
Hist. EPS Growth (3-5 yrs)1 15.54% 14.22% 15.00%
Sales Growth1 6.55% 8.69% 33.87%
Net Margin Growth1 19.41% 4.32% 6.34%
Return on Equity1 21.90% 7.61% 13.07%
Debt/Capital1 22.85% 16.27% 6.16%
Price/EPS1 10.21 53.96 22.50
Price/Sales1 1.73 2.36 1.40
Price/Book1 2.59 2.54 2.46
YTD% Price Change2 20.68% 194.36% 39.50%
Market Cap Change2 30.42% 194.36% 39.50%
Note 1: period ending 2016/09/30 Note 2: period ending 2016/11/30
Page 13
Dividend Policy
Dividend Total EPS Dividend Cash Dividend Stock
Year
Dividend
Cash
Dividend
Stock
Dividend
Total
EPS
Payout
Ratio
2016 4.0 0.7 4.7 5.1 92.0%
2015 4.5 0.5 5.0 5.0 100.0%
2014 3.8 0.3 4.1 4.5 91.1%
2013 1.7 0.3 2.0 3.3
Page 14
Company Goal
Short-term Goal Continue working with current customers to
increase business.
Expand business with 1st-tier network/telecom
and web-scale customers.
Developing ODM capabilities of 100G Ocs.
Long-term Goal Become a professional Optical / Electrical / Mechanical integration
manufacturer.
Co-develop Proprietary Optical Subsystem with global networking and
telecom system equipment suppliers.
Page 15
THANK YOU
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