cryomax cooling system corp. · truck/heavy duty/bus industrial heater exchanger inverter ... auto...
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Cryomax Cooling System Corp.
Stock Code1587
3Q 2020 Operating Results
Disclaimer
• This presentation contains insights into future operations.Opinions of future operations are based on manyassumptions. Some of them are likely to be beyond thecompany’s control such as changes of economy trend.Therefore, forecasts mentioned in the report may haverisks and uncertainties.
• The actual results of the company's future developmentcould be changed due to some uncontrollable factors whichmight be different from the current opinions.
• The forward-looking statements contained in thispresentation based on our best knowledge as of the reportdate, and we undertake no obligation to update theforward-looking statements to reflect subsequent events orcircumstances, except as required by law.
Company Profile
Established on August 22, 1984
Paid-in Capital TWD NT $653,566,180
Company Name Cryomax Cooling System Corporation
Employees 622 employees
Chairman Andy Liu
HeadquarterNo.28 Gongqu Rd., Fangyuan Township, Changhua County ,
Taiwan
Subsidary China & United States
Main Business
Specializes in manufacturing, developing and
selling all kinds of automotive radiators , cooling
systems and related components.
1
1984 Formation of Cryomax, start the production for copper radiator
1990 Tooling Center Established
1994 Approval from Military, and start supplying for military vehicles including Hummer
1999 Establishment of complete Aluminum Radiator Manufacturing
2006 Establishment of China Factory (in Dongguan)
Establishment of CRYOMAX USA (Marketing Center and California warehouse)
2007 Establishment of the warehouse in the U.S. (Virginia warehouse)
TS16949 certification (Cryomax Taiwan)
2010 Cryomax approved as a OTC listing company
2011 Cooperation with DENSO Japan. Access to DENSO technology. Produce and supply
radiators to DENSO companies.
2013 Establishment of the China Factory (in Nanjing), and achieving a fully one-stop
production.
2016 Rewarded the only certification for U.S. Toyota OES
2017 Became the aluminum and HD radiator partner with a famous German OE client
2018 Listed in Taiwan Stock Exchange in April 16th.
Milestones
2
Global Operation Site
Cryomax Taiwan
(Headquarter)
Cryomax Nanjing
Cryomax DongGuanAmerica Office- LA
America Office-VA
3
Organization
4
Cryomax Group
Cryomax Taiwan
Date of Establishment:
8-22-1984
Headquarter
R&D Department
Manufacturing
Size of factory:
32,166/m2
Cryomax DongGuan
Date of Establishment:
04-10-2006
Tooling Center and
Manufacturing
Size of factory:
7,900/m2
Cryomax Nanjing
Date of Establishment:
05-29-2013
Manufacturing Center
One-stop production
Size of factory:
39,092/m2
Cryomax USA
Date of Establishment:
05-15-2006
Marketing Center (U.S.)
Warehouses(CA/VA)
Size of factory:
3,251/m2
CONDENSER
RADIATOR: copper/aluminum
RADIATOR: Plastic-Aluminum/copper/aluminum
OIL COOLER: plate / Concentric oil cooler/
motor oil cooler
PASSENGER CAR
TRUCK/HEAVY DUTY/BUS
INDUSTRIAL
HEATER
EXCHANGER
INVERTER
COOLER
RADIATOR: Copper/aluminum, oil/water/gas transmission oil cooler
EXTERNAL OIL
COOLER 5
Product - Radiators
Stamping Tooling6Injection Mold
Major Production of Mold and Tooling
Injection Mold Stamping Tooling
Production – Mold and Tooling
Professional
Molding
Factory
Product Application
7
Thermal Cycle
Original
Design
Manufacture
Assembly
(Product) (Application)
Large projectorProjector radiator
• Patent under examination
in 2020:An invention
patents(review) & two
utility model
patent(Approved)
Auto Parts Market
Vehicle Assembly
Repair Service
Original design and Manufacture (ODM)
Original Equipment Manufacturing (OEM)
Original Equipment Service (OES)
After Market(AM)
8
Auto Parts Market Breaks Down
• DENSO• MAHLE• VALEO
Cryomax
Molds
&
spare
parts
Radiator assembly
&
CM radiator(self-
brand)
Main supplier Cryomax
Customer:Denso Group & others
資料來源:Inkwood Research – GROWING POPULARITY OF PURE ELECTRIC VEHICLES WILL LEAD TO EXPANSION OF THE GLOBAL AUTOMOTIVE HEAT EXCHANGER MARKET 9
The aftermarket
is not influenced
by economic
conditions
10
S u p p l i e r
DENSO
DENSO/Taiwan
Cryomax
Competitors in China
/Cryomax Nanjing
(One stop production)
Cryomax Market’s Position
High Price
(OES)
Middle Price
(AM)
Low Price
(AM)
Operating Results Summary
Currency: TWD NT Thousands
2020 2020 2019
3Q / Sep. 2Q / Jun. 3Q / Sep.
Operating Revenues 512,397 373,402 399,431
Net Income Attributable to
Stockholders of the Parent37,151 96,143 -3,362
EPS(NTD) 0.56 1.46 -0.05
Cash and Cash Equivalents 346,700 303,033 295,868
Total Assets 2,625,737 2,544,842 2,547,335
Total Liabilities 1,375,020 1,338,119 1,349,570
Total Equity 1,250,717 1,206,723 1,197,765
11
Statement of Comprehensive Income – QoQ
Currency: TWD NT Thousands
2020 2019
3Q / Sep. % 3Q / Sep. %
Operating Revenues 512,397 100 399,431 100
Gross profit 142,982 28 85,938 22
Operating Expenses 84,981- 17- 84,276- 21-
Operating Income 58,001 11 1,662 0
Net Non-operating Income and Expenses 3,709- 1- 3,500- 1-
Income Tax Expense 17,141- 3- 1,524- 0-
Net Income 37,151 7 3,362- 1-
Net Income Attributable to
Stockholders of the Parent37,151 7 3,362- 1-
EPS(NTD) 0.56 0.05-
12
Statement of Comprehensive Income – YoY:9 Months
Currency: TWD NT Thousands
2020 2019
Jan.~Sep. % Jan.~Sep. %
Operating Revenues 1,240,316 100 1,131,021 100
Gross profit 315,485 25 254,255 22
Operating Expenses 238,393- 19- 237,167- 21-
Operating Income 77,092 6 17,088 2
Net Non-operating Income and Expenses 93,799 8 7,143- 1-
Income Tax Expense 31,420- 3- 5,966- 1-
Net Income 139,471 11 3,979 0
Net Income Attributable to
Stockholders of the Parent139,471 11 3,979 0
EPS(NTD) 2.12 0.08
13
Financial Results
Year
Item2017 2018 2019 Sep 2020
Operating revenue 1,353,380 1,460,985 1,516,467 1,240,316
Gross profit (loss) 288,272 326,134 342,043 315,485
Gross Margin (%) 21.30% 22.32% 22.56% 25.44%
Net operating
income (loss)31,995 46,475 25,279 77,092
Operating
Margin(%)2.36% 3.18% 1.67% 6.22%
EPS 0.27 0.58 0.05 2.12
Currency: TWD NT Thousands;%
14
Regional Revenue Ratio
0
20
40
60
80
2017 2018 2019 Sep-20
U.S. Taiwan Europe Asia Other
%
15
2017 2018 2019 Sep 2020
NT$ 000 % NT$ 000 % NT$ 000 % NT$ 000 %
U.S. 683,718 51 825,356 56 918,795 61 836,699 67
Taiwan 295,161 22 277,205 19 253,250 17 181,711 15
Europe 116,452 9 109,085 8 74,949 5 36,341 3
Asia 171,669 12 179,475 12 199,885 13 141,530 11
Other 86,380 6 69,864 5 69,588 4 44,035 4
Total 1,353,380 100 1,460,985 100 1,516,467 100 1,240,316 100
Currency: TWD NT Thousands;%
2020 Business Growth Trend
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018 109,424 81,732 104,698 107,286 129,793 128,613 120,072 130,331 124,475 149,062 150,047 125,452
2019 117,220 84,588 126,594 129,316 148,132 125,740 142,265 123,848 133,318 121,352 130,538 133,556
2020 128,019 94,524 131,974 106,226 105,127 162,049 155,055 163,865 193,477 186,584
Growth
Rate9% 12% 4% -18% -29% 29% 9% 32% 45% 54%
-50,000
0
50,000
100,000
150,000
200,000
250,000
16
Currency: TWD NT Thousands;%
Cryomax’s Core Competitiveness
17
Quality、Lead time、
Technical 、 production and
marketing advantages
Cryomax participates in
global network of DENSOLong-term
Partnership
• One stop production(in house) → Delivery
time advantages.
• Self-made components and molds
→Quality advantages.
• Technical background advantages
→ Denso & Mahle• Location wise advantages →Taiwan and
China factories located long trading
advantages
• CM USA
1. Further radiators equipment and manufacturing process to complete the mass production of condensers;
2. Existing customer orders growth and new customer development for radiators;
3. Cooperation and development of cross-field application products;
4. The capacity of both sides of the strait are increased and overseas manufacturing base will be evaluated.;
5. Shortening the delivery time continuously to increase market competitiveness。
18
Future development goals
Thank you