(4572.tw) drewloong precision inc · 2018. 10. 18. · ams 2430 (northrop grumman) ams 2432...
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(4572.TW)
Drewloong Precision Inc
Aug 2018 rev 6
Aero Structure Aircraft Engine Landing Gear
駐龍精密機械股份有限公司
Excellence in Global Aerospace Manufacturing!
Aerospace Market
Future of Air Travel Growth(RPKs)
Excellence in Global Aerospace Manufacturing!
For the next 20 years
Growth will be
2.8% ~ 6.2%
RPK = Revenue Passenger-kilometers
(Aerospace Market 1/3)SOURCE : BOEING 2018 CMO
Commercial Aircraft : Delivery and Backlog Order
Excellence in Global Aerospace Manufacturing!
462 477 601 648 723 762 748 763
5856
510 534 588 626 627 635 688 718
7168
0
1000
2000
3000
4000
5000
6000
7000
8000
2010 2011 2012 2013 2014 2015 2016 2017 Backlog
BOEING AIRBUS
(Aerospace Market 2/3)
Updated at June 2018SOURCE : BOEING,AIRBUS website
Single-Aisle A320 6,058
Wide-body
A330 307
A350 700
A380 103
Total 7,168
Single-Aisle 737 4,664
Wide-body
747 14
767 83
777 428
787 658
Total 5,856
7~10 YearsTo Consume Backlog(New PO Not Considered)
Production Rate/Mon. from 2018:B737 52 57 60 63A320 55 63 70 75
Commercial Market Outlook(2018 – 2037)
Excellence in Global Aerospace Manufacturing!SOURCE : BOEING 2018 CMO
DREWLOONG
(Aerospace Market 3/3)
70%Sales in
Single-Aisle(A320Neo&B737Max)
Fleet will double
Excellence in Global Aerospace Manufacturing!
DPI
Excellence in Global Aerospace Manufacturing!
300Employees
18years
Management
18.8MTurnover(2017)
30MInvestment
Since2001
10MCapital
Currency : USD
GLANCE AT DPI
DPI 1/30)
Excellence in Global Aerospace Manufacturing!
Taiwan, The Center of Asia-Pacific
efficient and excellent logistical support for air and sea transportation
TAIPEI
KAOHSIUNG
DPI to Kaohsiung Airport – 25 Mins.
Two Highway – 3.5 Hrs. from Kaohsiung to Taipei
DPI to HSR Station – 5 Mins. (90 Min. from Kaohsiung to Taipei)
DPI to Kaohsiung Port – 25 Mins.
LOCATION
DPI 2/30)
Excellence in Global Aerospace Manufacturing!
PLANT 1
5 MINUTES
Building 1NDTAnodizingPaintingLab
HeadquarterMachiningHydraulic FormingHeat TreatmentCMM Inspection
PLANT 2
Building 2MachiningCMM InspectionShot PeenAssembly
PLANTS
DPI 3/30)
Excellence in Global Aerospace Manufacturing!
2001
2002
2006
2007
2012
2013
2015
2016
2017
Completion of DPI Plant 1
Sheet Metal Capability Extension
Boeing Quality System Approval
Spirit AeroSystems Qualified Supplier
Completion of Plant 2 and surface treatment facility. Boeing Special Process Approval
Nadcap Accreditation for Chemical Process
Shot Peen Approval by Nadcap & Boeing. 2nd phase of Plant 2 completed
Expanding to SAFRAN AE & LS business
Passivation establishment
MILESTONE2018 Initial Public Offering
DPI 4/30)
ORGANIZATION
Excellence in Global Aerospace Manufacturing!
K.S. Wang
Chairman
BOARD
Y.C. Liao
Audit Office
Y.C. Lin
Safety & Health office
H.I. Chen
Vice President
Bench Work
Q.L. Chen
Machining
Bryan Wu
Engineering
Bryan Wu
Production
Control
H.S. Huang
Q.A
Alex Liu
Chemical
Process
C.P. Chen
Business
Alinsa Ho
Admin
C.F. Pan
Finance
Summer Li
DIRECT
230
INDIRECT
70
TOTAL
300
DPI 5/30)
CORE COMPETENCE
Excellence in Global Aerospace Manufacturing!
Aerospace Parts & Components
OthersSpecial Tooling
(Aerospace)
MANUFACTURE3/4/5 Axis CNC Machining, Hydraulic Forming
SPECIAL PROCESS Heat Treatment, Shot Peening, Anodizing, passivation, Non Destructive Test, Painting
ASSEMBLY
95% 2% 3%
STRUCTURE PARTSB737 B747 B767 B777 B787 A320Bombardier-Challenger 350
ENGINE PARTSB737MAX A320NEO
LANDING GEAR PARTSA350
DPI 6/30)
MATERIAL TYPE RATIO
Excellence in Global Aerospace Manufacturing!
Aluminum Titanium
Stainless Steel Others
Type Plate, Sheet, ExtrusionSource TMX,TKAPercentage 89%
Type PlateSource TIMET,VSMPOPercentage 8%
Type Plate, Sheet, BarSource AK SteelPercentage 1%
Type Nickel, NylonSource HAYNESPercentage 2%
Annual Spend :13% of Revenue
DPI 7/30)
GLOBAL MAJOR CUSTOMERS
Excellence in Global Aerospace Manufacturing!DPI 8/30)
MAJOR OPERATING PROGRAMS
Excellence in Global Aerospace Manufacturing!
AIRCRAFT SPIRIT SAFRAN EGAP AIDC SPEQTRUM ATLAS HM Dunn
737NG V V V V V
737MAX V V V V V V
747 V
767 V V
777 V V V
777X V
787 V V V V
A320 V
A320NEO V
A350 V
DPI 9/30)
INTEGRATED FULL FABRICATION SERVICE
Excellence in Global Aerospace Manufacturing!
MaterialProcurement
Forming/ Machining
Surface Treatment Shot Peening
Heat Treatment
Assembly NDT
Bench Work
DPI 10/30)
GLANCE AT EQUIPMENT
Excellence in Global Aerospace Manufacturing!
Chemical Process (130” x 50” x 40” )Shot Peen (120” x 75” x 15”) Automated Warehouse
CNC Forming (70” x 27.5”)
List (set)
3 Axis CNC 31
5 Axis CNC 8
Flex Forming 2
Hydraulic Press 5
Heat Treatment 1
NDT Line 1
Shot Peen 1
Chemical Process 2
Painting Line 1
CMM 3
Laser Tracker 1
Automated Warehouse 1
Laboratory 1
DPI 11/30)
EQUIPMENT SERVICE AREA
Excellence in Global Aerospace Manufacturing!DPI 12/30)
Nadcap Boeing Safran Other
3 Axis CNC 5300 mm * 2300 mm (208.6" * 90.5")
5 Axis CNC 4394 mm * 1828 mm (173" * 71.9")
Flex Forming1. ψ1010 mm *145 mm (ψ39.8" x 5.71" (H) )
2. 700 mm * 1800 mm
Hydraulic Press 3000*2000*1200 mm
CMM 1500*4000*1400mm
Heat Treatment
Heat Treat Furnace – 40” x 40” x 50”
Aging Oven – 59” x 59” x 58”
Cold Storage – 59” x 59” x 59”
AC7102
AC7102/2
AC7102/8
BAC5602AMS2770
AMS2750
NDT Line (L)3100 * (W)1200 * (H)900 mmAC7114
AC7114/1
BAC5423
BSS7039
NAS 410
PCS-3200
PR5000
HPTR0126
ASTM E1417(Northrop Grumman)
Shot Peen (L)6350 (Conveyor) * (W)2032 * (H)355 mmAC7117
AC7117/2BAC5730 PCS-2300
AMS 2430 (Northrop Grumman)
AMS 2432 (Northrop Grumman)
Chemical Process (L)1370 * (W)3510 * (H)1485 mm
AC7108
AC7108/8
AC7108/11
AC7108/12
BAC5022
BAC5019
BAC5632
BAC5719
BAC5625
DMP12-031
PCS-2220
MIL-A-8625
914-032-037 (UTC)
914-032-093 to 099 (UTC)
914-032-059/060 (UTC)
MIL-DTL-5541(Northrop Grumman)
AMS2700
Painting Line (L)1500 * (W)800 * (H)1200 mmAC7108
AC7108/1BAC5736
PCS-2530
PCS-2531HPTR0015
QualificationCategory
Capability - Maximum(Table size)
SPECIAL PROCESS QUALIFICATION
Excellence in Global Aerospace Manufacturing!
Process NADCAP MIL Standard BOEINGSAFRAN
LANDING SYSTEMS
SAFRAN NACELLE
STELIANORTHROP GRUMMAN
UTC Aerospace Systems
LOCKHEEDMARTIN
SIKORSKY
Heat Treatment (Aluminum) ✓ ✓ ✓
NDT-Penetrant Inspection (Aluminum)
✓ ✓ ✓ ✓ ✓ ✓
Sulfuric Acid Anodizing ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Chromic Acid Anodizing ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Boric Acid-Sulfuric Acid Anodizing
✓ ✓
Chemical Conversion Coating ✓ ✓ ✓ ✓ ✓ ✓ ✓
Passivation ✓ ✓
Shot Peening ✓ ✓ ✓ ✓ ✓
Painting ✓ ✓ ✓ ✓
DPI 13/30)
NADCAP CERTIFICATIONS
Excellence in Global Aerospace Manufacturing!DPI 14/30)
駐龍 : 全球航太供應鏈定位
Excellence in Global Aerospace Manufacturing!
DPI IN GLOBAL AEROSPACE SUPPLY CHAIN
(Revenue in USD M)
DPI 15/30)
OEM : AIRBUS(78,300)
BOEING(93,400)TIER-1 : AIDC (900)
EGAP (EVA GROUP)
MHI (34,800)
SPIRIT (7,000)
SAFRAN (19,800)TIER-2 : ATLAS
APEXSPEQTRUM
80%
20%
DPI PARTS BY SECTIONS
Excellence in Global Aerospace Manufacturing!
AERO STRUCTURE
4000P/N in B737 B747 B767 B777 B787
4P/N in A350
LANDING GEAR
DPI
Aero Structure
Aircraft Engine
Landing Gear
30P/N in LEAP-1A/1B(A320Neo/B737Max)
DPI 16/30)
A/C ENGINE
ENGINE PARTS
Excellence in Global Aerospace Manufacturing!
A320 neoB737 Max
Machining
NDT
Anodizing
Bonding
Aluminum
Titanium
30 P/N
4,244 ea
DPI 17/30)
SIDE STAY – LANDING GEAR
Excellence in Global Aerospace Manufacturing!
A350
Machining
NDT
Shot Peen
Anodizing
Painting
Assembly
Aluminum
4 P/N
219 ea
DPI 18/30)
STRUCTURE PARTS
Excellence in Global Aerospace Manufacturing!
7372,440P/N
414,872ea
747408P/N
2,187ea
767178P/N
1,566ea
777794P/N
49,808ea
787651P/N
54,735ea
DPI 19/30)
Excellence in Global Aerospace Manufacturing!
SHIPMENTS FROM DPI(pieces)
14%(CAGR)
Annual Increase
with
Good Management
Sheet Metal Parts 247,121 301,672 285,835 310,932 299,504 360,000
Machines Parts 76,488 89,760 101,463 103,038 218,136 235,000
Assembled Parts 16,109 20,440 30,713 44,410 52,518 60,000
Total 339,718 411,872 418,011 458,380 570,158 655,000
339,718
411,872 418,011
458,380
570,158
655,000
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2013 2014 2015 2016 2017 2018(F)
DPI 20/30)
AWARD FROM CUSTOMERS
Excellence in Global Aerospace Manufacturing!
The 2015 International Supplier of the Year - Spirit The 2016 Superior Quality & Delivery - Spirit
DPI 21/30)
Performance Partner of 2018
SPIRIT, 41%
AIDC, 20%
SAFRAN, 14%
SPEQTRUM, 6%
Atlas, 6%
EGAP, 5%
Other, 3%MHI, 3%
Elbit , 1%SPIRIT
AIDC
SAFRAN
SPEQTRUM
Atlas
EGAP
Other
MHI
Elbit
2017 REVENUE SOURCE DISTRIBUTION
Excellence in Global Aerospace Manufacturing!
$ 18,803,000
Currency : USD
DPI 22/30)
FUTURE OUTLOOK – Mid-term Growth Forecast
Excellence in Global Aerospace Manufacturing!
North America30%
Europe30%
Asia 30%
other10%
Target Market Share
North America Europe Asia other
DPI had positive growth for the past 5 years. Forecast of the growth for the next 5 to 6 years is expected to reach between 10 and 20%.
North America54%
Europe14%
Asia28%
Other4%
2017 Market Share
North America Europe Asia Other
DPI 23/30)
THINK AND ACT AHEAD
Excellence in Global Aerospace Manufacturing!
In 2015, expand in advance.In 2018, take rapid demand.Already runs 30% capacity.
DPI 24/30)
ADVANTAGES - Technical
Excellence in Global Aerospace Manufacturing!
One-Stop-ShopFrom purchasing to machining, forming, HT, NDT, Shot Peen, Anodizing, Assembly and Inspection. All processes are fully integrated and in-house.
Sheet MetalIn Taiwan, only 2 companies has such aerospace hydroforming equipment.
BOEING D1-4426In Taiwan, only 3 companies are listed in chemical processes approval vendor.
Special ProcessesChemical Process, Shot Peen, NDT Level III and Heat Treatment are all NADCAP & Boeing qualified. Able to take direct business with global major customers.
DPI 25/30)
ADVANTAGES - Financial
Excellence in Global Aerospace Manufacturing!
EPSFor past 5 years, EPS are higher than 5NTD, even the capital is increased from 150M to 300M.
Revenue2012-2017 CAGR 15.6%
NET PROFIT27%, the best in Taiwan listed aerospace companies.
BACKLOG ORDER5 years.
DPI 26/30)
Operating Status from 2013
Excellence in Global Aerospace Manufacturing!
Unit : NTD Thousands
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
2013 2014 2015 2016 2017
Capital Unit : NTD (‘000)
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
550,000
600,000
2013 2014 2015 2016 2017
Revenue and Net ProfitRevenue Net Profit
Unit : NTD (‘000)
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
5.80
6.00
2013 2014 2015 2016 2017
Unit:NTDEPS
DPI 27/30)
Year 2013 2014 2015 2016 2017
Capital 150,000 175,000 215,000 260,000 260,000
Revenue 343,141 430,627 465,563 505,216 564,076
Net Profit 75,261 95,204 112,879 126,223 150,002
EPS 5.02 5.48 5.27 5.20 5.77
Revenue, GP% & NP%Unit : NTD Thousands
343,141
430,627 465,563
505,216
564,076
30.44% 29.24%
44.04% 45.17%48.19%
21.93% 22.11%24.25% 24.98% 26.59%
10%
20%
30%
40%
50%
60%
70%
0
100,000
200,000
300,000
400,000
500,000
600,000
2013 2014 2015 2016 2017
Revenue Gross Profit % Net Profit %
Excellence in Global Aerospace Manufacturing!DPI 28/30)
Operating Status in 2018
Excellence in Global Aerospace Manufacturing!
2017 2018
Jan~Sep Revenue
(USD Thousands)
Unit : NTD Thousands
39%YOY
Monthly 2017 2018 YOY
Sep 47,902 88,713 85.20%
Aug 57,348 86,993 51.69%
July 45,747 68,072 48.80%
June 59,145 67,976 14.93%
May 51,515 63,836 23.92%
Apr 43,358 62,863 44.99%
Mar 47,952 58,281 21.54%
Feb 39,778 49,157 23.58%
Jan 40,482 56,440 39.42%Total 433,227 602,331 39.03%
DPI 29/30)
Financial Ratio from 2013
Excellence in Global Aerospace Manufacturing!
Year 2013 2014 2015 2016 2017 2018H1
Current Ratio 392% 349% 361% 551% 629% 623%
Quick Ratio 247% 268% 253% 400% 460% 464%
Debt Asset ratio 21% 22% 28% 22% 25% 23%
ROE 20% 21% 19% 16% 16% 20%
200%
250%
300%
350%
400%
450%
500%
550%
600%
650%
2013 2014 2015 2016 2017 2018H1
Current Ratio Quick Ratio
DPI 30/30)
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
30%
2013 2014 2015 2016 2017 2018H1
Debt Asset ratio ROE
Excellence in Global Aerospace Manufacturing!
Thanks.For more information, please contact:
Investors – Mike Lan, Corporate Spokesman +886 0932 165 225 Email: [email protected]
Finance – Summer Li, Financial Manager +886 7 310 1000 Email: [email protected]