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Disclaimer
All information relating to business performance and financial results included in this document have been prepared in
accordance with the Korean GAAP basis.
This document may contain forward looking statements including statements regarding our intent, belief or current
expectation with respect to TPC Mechatronics Corps.’s (TPC_ businesses and operations, market conditions, results of
operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are
cautioned not to place undue reliance on these forward looking statements. TPC does not undertake any obligation to
publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the
date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast
information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are
subject to uncertainty and contingencies outside TPC”s control. Past performance is not a reliable indication of future
performance.
This document cannot be used in any type or form as a material for legal responsibility.
Chapter I
Company Information
1. Business Overview
2. Company Roadmap (History)
3. Network
4. Tanhay Creative Cluster
5. R&D Infrastructure
6. Major Clients
1. Business Overview
Pneumatics
75%
Motion Control
23%
3D Printing
2%
2 . Compan y Roadmap
(History)
“Korea’s best productivity solutions provider”
Pneumatic business
Motion control business
Developing new items and new markets
Cartesian & Linear robot
Servo system & fan motor
Solution Innovation
Linear stage business
Leaping to become a Total
Solution Provider in pneumatic,
motion control program, sensor
and 3D printer
Expanding market share in China
New growth power
3D printer business area
Control/program sensor area
KOSDAQ
Establishment
Localizing pneumatic
components which
became one of the
core products in
factory automation
Current
Expanded in to motion
control business through
acquisitions and strategic
alliances.
Became the largest Korean
manufacturer of pneumatic
components with high
quality price
competitiveness with 3rd
largest in domestic market
share .
1973. 05: East Bamboo was found
1979. 01: Tanhay Pneumatics established.
1994. 10: R&D center launched
2000. 05: Award by Prime Minister
(valued in productivity)awarded by
ministry of commerce(discover a talent)
2001. 01: Listed on KOSDAQ
2002. 11: Awarded by Prime Minister
(new technologies)
2007. 07: TPC China established.
2008. 11: Factories launched in Shanghai.
2010. 12: Seoul Economic News Award.
2011. 03: Herald Economic Award.
2013. 02: M&A TPC ROBOTICS
2013. 10: M&A ANYWORKS(3D printer manufacturer)
2014. 04: Launched 3D printer FINEBOT
2014. 08: Opening of Tanhay Creation Cluster
2015. 11: Hochiminh sales office in Vietnam opened
3. Network
• Head Office : Seoul
• Overseas sales team and
accounting team
• Incheon 1 Factory : Incheon
• Factory automation system equipment (Pneumatics),
Tanhay R&D
• Chupungryung Factory : Chupungryung
• Factory automation system equipment
(Pneumatics)
• TPC Pneumatics : California, USA
Factory automation equipment sales
• Sonar Safety Systems, INC.
Vehicle back-up safety system
• Tanhay Creative Cluster : Incheon
• Factory automation system equipment
(Motion control), 3D Printing business
department
• TPC China Corp. : Shanghai, China
Factory automation system equipment
production line (Pneumatics & Motion
control) and sales
4 . Ta n h a y C r e a t i v e C l u s t e r
“New factory dedicated to Motion Control and 3D Printing”
Tanhay Creative Cluster
TPC Mechatronics Corp.
TPC
Tanhay
Total
1st Floor
Area
7,920m2
3,960m2
11,880m2
2nd Floor
Area
6,930m2
6,930m2
13,860m2
Total
14,850m2
10,890m2
25,740m2
Tanhay Corp.
☞ Motion Control / 3D Printer factory construction completed on August 2014
- Located in Incheon Ara Canal Logistics Park
- Dedicated to increase production capacity in motion control and 3D printing
5. R&D Infrastructure
“Operating its own R&D in Pneumatics and Motion Control,
currently building up unparalleled research and development capabilities.”
Maximizing Customer Satisfaction (Solution Innovation)
Increase industry-leading research and development capabilities and quality and technological competitiveness
TPC Motion R&D
(Since 2013)
TPC Pneumatics R&D
(Since 1994)
•
•
•
Employees: 22
Research: Actuator, Solenoid Valve,
Sensor, Shaft Linear Motor, Vacuum
Application, F.A related product
development
Posses S/W, PC, high-performance
testing equipment
•
•
•
Employees : 25
Research : Development of precision
stages utilizing Cartesian robots and
Linear robots
Equipped with world standard highprecision measuring devices from
Renishaw and other high-precision
test devices
TPC 3D R&D
(Since 2014)
•
•
•
Employees : 8
Research : 3D Printer (FDM, SLA, SLS,
DLP, etc.) , Filaments, S/W
Research not only in 3D printer, but
S/W, filaments, and scanners as well
6. Major Clients
“TPC strives to increase customer’s productivity and provide solutions to the customer’s problems”
IT / Electronics
Automotive / Industrial Machinery
Chapter II
C o m p a n y St a t u s a n d O u t l o o k
By Business and International Sales
1. Sales Analysis
2. Factory Automation Market Overview
3. Automation Equipment and
Development Trends
4. 2015 Sales Overview
5. Factory Automation Market
Development (China)
6. 2015 TPC China Overview
7. Market Expansion Strategy (China)
1. Sales Analysis
“Sales growth through economic recovery and increasing quality and delivery competitiveness”
Sales by Business
Breakdown of Major Customers
($ in millions)
80.00
74.2
70.00
Automotive
18.8%
64.5
60.00
50.00
40.00
36.8
30.00
Industrial Machinery
(Steel, Packaging, etc.)
60.1%
20.00
10.00
0.00
IT/Electronics
21.1%
FY2014
CY2014
CY2014
CY2015
(‘13.7~’13.12) (‘14.1~’14.12) (‘14.1~’14.12) (‘15.1~’15.12)
3D
Motion
Pneumatics
**Based on separate financial statements from the K-IFRS
**6 months for FY2014 due to change in fiscal year start date
2015 Sales
•
FY2014 (2013.7~2013.12), 6 months due to change in fiscal year start date
•
Expected increase of motion control sales from 20% of total revenue to 50% within the next 4 years
•
Increase market share by strengthening total solution (pneumatics, motion control) and expanding into emerging markets with new 3D
printer business
2 . Fa c to r y A u to m a t io n M a rket O ver v iew
“Sustainable growth due to pneumatics and motion control products being key
components for automation equipment systems in all industries ”
Technological Development along with
Demand Increase for Automation Systems
•
Increasing demand for process-related automation systems
due to a high degree of automation
Pneumatics
Actuators,
Valves, FRL, etc.
Korea Automation Industry (Pneumatics) Overview
•
•
$600~$700 million market, growth slowing
Increasing trend of composing and selling modules by using
pneumatic equipment, motion control products, and other
components
Motion Control
Linear modules,
Linear robots, etc.
($ in millions)
Major Equipment Industry
•
Relies on Automotive and Electronics(LCD, LED, Mobile
phones, Semiconductors) industries’ technological
development leading to a demand increase in high precision
automation systems
※ Estimated data (FSS disclosure and public company financial statements)
3 . A u t o m a t i o n E q u i p m e n t a n d D e v e l o p m e n t Tr e n d s
“Technological development in low-carbon, high-precision cleaning equipment due to increasing demand”
Modular automation components in progress
Optimized
Automation Solution
Pneumatics Solution
Hydraulics Solution
Development of automated equipment
• Increasing demand in green, clean equipment due to
domestic / international environmental regulations
• Promote domestic equipment material localization to 70% by
2015 (2010 Ministry of Knowledge Economy: Display
Industry Trends and Plans)
→ Growth expected in linear stages, linear robots, and motion
control products due to a demand increase in rechargeable
Battery-related projects such as renewable energy
Convergence
Modularity
Transmission Solution
•
•
Maglev Solution
For optimized automation equipment, many different Types of
automation components such as pneumatic actuators, valves,
controllers, including hydraulic and electric products are utilized
Increasing demand for dedicated equipment per industry
Motion Control Products (Cartesian robots, Linear stages)
4. 2015 Sales Overview
“Sustain growth through main business (pneumatics, motion control) and
overseas business; additional growth through 3D printer business and new business prospects”
Sales by Business
Business Overview
($ in millions)
100
86.7
•
78.6
80
60
40
1. Pneumatics Business
•
43.4
20
•
2013
Subsidiaries
2014
3D
Motion
2015
Pnematics
2. Motion Control Business
•
**2013.7.1 ~ 2013.12.31 (6 months / change in fiscal year start date)
2014.1.1 ~ 2014.12.31 (12 months)
2015.1.1 ~ 2015.12.31 (12 months / Before audit and shareholder meeting)
**Revenue from consolidated financial statements based on K-IFRS
- 10.7% sales increase compared to 2015
- Increase in sales due to investment increase in automotive
and IT industries, therefore increasing orders in pneumatics
and motion control products
- Increase in orders in China market (TPC China, exports)
Increase in investments in the automotive industry due to
companies Developing new cars and factories offshore
(currently following up on projects by Hyundai, Kia, and 15
others)
Increase in demand due to investments in secondary batteries,
solar cells, etc. in the electronics industry (Development of
Samsung Electronics semiconductor factory in Pyeongtaek, LG
secondary batteries factory investment, other investments in
progress
Market share growth made possible by anti-dumping complaint
made unto Japanese pneumatics equipment manufacturer
Sales increase expected due to large Korean corporations
investing in projects in Korea and abroad (China Tian Yi, BOE
B8E, CSOT, Xiamen Chunma, Samsung FIC P2, LG Display Yantai
Project, other domestic and International projects)
3. 3D Printer Business
•
Demand increase expected in education and medical
institutions
5 . Fa c to r y A u to m a t io n M a rket D evelo pm en t ( Ch i n a)
“Servicing the Chinese market effectively through foreign subsidiaries”
TPC China Co., Ltd. / Dongjuk Trading (Shanghai) Co., Ltd.
Founded
2008. 11. 11
Employees
111
Factory
Size
Land 23,303 ㎡
Factory 15,111 ㎡
Production
Capacity
Cylinders (6 series) 103,000 units per year
Valves (3 series) 200,000 units per year
China Automation Market (Pneumatics) Size and Trends
A. Market Overview
1) Due to the decline of the economy, this year’s growth rate is expected to be less than 7%
2) Continuous investment in major developed markets such as mobile phones, LCD, battery, and automotive industries
3) China’s pneumatics market size is estimated $3 billion and expected to sustain its growth .
4) Motion control market size is estimated $300 million and expected to grow due to increased demand for high-precision automation
equipment.
B. Sales Strategy
1) Continued expansion of localized products: improve price competitiveness and delivery time, therefore increasing profits.
2) Obtain sales orders for Central Coolant Systems (CCS) from Changchun Volkswagen
3) Development of new distributors and new customers.
4) Product line expansion : LM, Ball screw, etc.
6. 2015 TPC China Overview
“TPC China performance improved and achieved 2015 goals”
- TPC China Sales
$ in thousands
14,000
11,700
12,000
10,500
10,200
10,000
8,000
6,000
6,200
4,000
Dongjuk Trading Co., Ltd.
2,000
TPC China Co., Ltd.
0
2012
2013
2014
2015
$ in thousands
Company
2012
2013
2014
2015
TPC China Co., Ltd.
2,157
4,875
3,469
3,948
Dongjuk Trading Co., Ltd.
4,008
6,822
6,686
6,509
Total
6,165
11,697
10,155
10,457
7. Market Expansion Strategy (China)
“Subsidiary concentrating on new overseas markets and raising brand awareness”
TPC China Sales Growth
Strengthen TPC Competitiveness
Sales Growth Strategy
Other
37.21%
Improve company organization
(Japan)
33.79%
System improvements
TPC China
0.50%
CKD
FESTO
(Japan)
(Germany)
4.07%
10.86%
AIR TAC
(Taiwan)
New operating system (January 2016)
Establish and improve business processes
Improve online computer services
•
•
•
13.57%
China Pneumatics Industry Market Share(2013/Estimate)
1.
Operate new marketing team, strengthen strategy
Recruit excellent sales staff and improve incentives
Improve training (marketing, new products)
•
•
•
SMC
Target concentrated sales (focus areas, new customers,
custom equipment market)
2. Develop and expand new distributors
- Establish distributors in Huazhong and the western China(5)
- Expand motion control distributors (Currently 10)
3. Upgrade products
- Develop valves for valve intensive companies (DV, DK, DR, DS)
- Product localization (actuators, motion control, etc.)
4. Promotion (homepage, exhibitions, promotional items, etc.)
Strengthen factory competitiveness
•
•
•
•
Expand production items (TPC products and others)
Decrease costs (localize components and improve
production efficiency)
Ensure high quality : develop partnerships and make
system improvements
Strengthen human resources : Establish R&D and training
program
☞ Increase market competitiveness by improving the
company internally
Chapter III
New Industrial Revolution, “3D Printer”
3D Printer Market Overview
1. 3D Printer Industry Market Trends
2. 3D Printer Market in South Korea
3. 3D Printing Business
4. Three Circle Strategy
5. Types of 3D Printers
6. FINEBOT 3D Printer Line-up
1 . 3 D P r i n t e r I n d u s t r y M a r k e t Tr e n d s
“The 3rd industrial revolution of the 21st century-a paradigm shift in manufacturing!”
3D Printer Industry Development Trends
■ Variety of 3D printer applications : design mock up
and prototyping with FDM type, or print actual functioning
parts with SLS type
■ Growth expected in a wide market: personal, small-medium
Companies, large industrial corporations
■ Growth in 3D printer-related industries such as contents and
Online communities
Complex and
diversified
Variety, small
quantity
Shorten
develop time
Reduce
processing
costs
Global 3D Printer Market Overview
■ Global market expected to reach $1.08 billion by 2021
■ Selected as one of future innovations by Mckinsey, Time,
Samsung Economic Research Institute, etc.
■ Continuous technology development and market expansion
expected due to major economies like US and EU investing
vigorously in the sector.
80
Reduce
tooling costs
Increased value in 3D printer production
Development of the secondary industry
Technological development in 3D printers and
market expansion
 Increase the utilization of 3D printers by shortening
development times for companies with the technology’s highefficiency and low cost, as well as reducing investment costs.
Source : Credit Suisse, 2012.10. (Wohlers Report 2012)
2. 3D Printer Market in South Korea
“Expected increase in demand for 3D printers in 2015 Q4 ”
Market Expansion and Increased Competition
3D Printers and Growth of Related Industries
■ Market expansion through competition in the personal and
industrial 3D printing market
■ Expected large growth in 3D printing market by 2016,
including personal-use market
■ M&A by global 3D printer corporations
■ Growth indicators: declining prices, technological
development in 3D printer speed, reliability, and quality of
service
■ 2015: 3D printing market valued at ~$50 million (2.2% of
global market)
■ Korean 3D printer companies are mostly small-medium
companies selling open source, low-cost products
■ Expected demand increase in maintenance and service due
to increase of 3D printer users
3D Printer
3D Printouts
Education
Service
Quality
Increasing demand for ON/OFF LINE service
3. 3D Printing Business
“3D Printing Ecosystem”
3D Printer
- Entry-level and industrial 3D printers
released (9600, Z-420, Academy)
- Develop SLA or SLS 3D printer
- Developed by TPC’s own linear motion
technology
3D Printouts
- 3D printing services
- High end domestic filaments
- Develop variety of building materials to
target Niche markets
Education
- Train specialists for 3D printing
- Customized courses for customers
Depending on application
- Supported by Korea 3D Printing
Association
Service Quality
- Dedicated 3D website(tpc3d.com) for
product and software manuals, warranty,
and customer service
- Friendly customer support through A/S
videos
- Dedicated call center for 3D printing
(1588-5982)
4. Three Circle Strategy
“Increase competitive advantage and customer value through the 3 Circle Strategy”
3
Consortium
Strategy
Partner up with 3D Printer companies
3D TOTAL
SOLUTION
TPC Brand
3D Printer
Circle Strategy
•
•
•
Establish
3D Ecosystem
Diversify 3D printer line-up (Photopolymers
materials equipment and SLS type 3D printers)
Acquire market share by utilizing specialized 3D
equipment
Acquired 3D Systems distributorship in 2014
3D Printing Ecosystem
•
Increase sales through its own 3D printer model
•
•
•
•
Increase 3D printer sales by starting off with entry-level 3D printers
FB-Z420 new product released April 2015
FB-Touch S new product released May 2016
SLS type 3D printer for metals in development
•
•
Provide total service including manufacturing and
distributing 3D printers, education, 3D printing services,
aftermarket services, etc.
Korea 3D Printing Association selected to create general
training courses for 3D printing in order to strengthen
education contents related business
Acquire 3D design contents
5 . Ty p e s o f 3 D P r i n t e r s
F I N E B OT ( F F F )
SLA
FDM(FFF)
Fused Deposition Modeling
•
Nozzle melts the material and prints
Stereo Lithography Apparatus
•
layer by layer
•
The most common type of 3D
•
printer and most affordable
•
Uses materials like FDA approved
PLA plastic and industrial strength
plastics like ABS
Selective Laser Sintering
Cures liquid material with a laser or
•
Bonds powder material
UV light source
•
Uses an adhesive or laser depending
Prints with precision and a smooth
print surface
•
SLS
Expensive equipment and materials
on the material
•
Print speed is slow, but print quality is
high
3D Printer FINEBOT Applications
Industrial
Educational
Medical
6 . F I N E B OT 3 D P r i n t e r L i n e - u p
FB-Z420
FB-9600A
F B - To u c h S
Printer Type
FFF
Printer Type
FFF
Printer Type
FFF
Build Size(mm)
265 x 200 x 180
Build Size(mm)
265 x 200 x 420
Build Size(mm)
Ø150 x 160
Price
$2,400
Price
$3,800
Price
$1,600
Printer size
275 x 275 x 470mm (W x D x H)
Printer weight
8.9 kg
Printing technology
FFF(Fused Filament Fabrication)
Max. build size
Ø150mm X H 165mm
Printing table/bed
Aluminum
Extruder
Single extruder
Layer resolution
0.05~0.3mm
Positioning precision
0.01mm
Filament
PLA, ABS / 1.75mm
Power
100-240V, 350W
OS
Window, Linux, OSX
Print file type
STL, OBJ, DAE, AMF, Gcode
Characteristics
Heating bed, Auto-leveling
- 4.3” full color touch screen for easy use
- Delta type FDM 3D printer make it print ~20% faster
compared to Cartesian models
- 32bit ARM CPU allows faster processing of up to 10x
- Light and sturdy aluminum body for high quality prints
- Uses highly accessible USB drives
- Fast and accurate 25-point auto-calibration
- Powerful cooling fan for fast and high quality prints
- Closed chamber design for safety
•
Flexible filament printing (TPU)
Printing with the flexible filament TPU allows a wide variety of uses
and applications. TPU is also able to be used in sewing, riveting, and
dyeing.
<TPU filament>
<First in South Korea to print with flexible filament using a FDM 3D Printer>
Chapter IV
3 D P r i n t e r M a r k e t i n g St r a t e g y
1. Marketing Strategy
Marketing Strategy
“Maintaining a stable market with a strong sales network”
Sales Network
Nation wide sales network
•
Train 3D printer sales specialist in each 13 branch offices
•
Utilize over 380 existing TPC distributors to increase
competitiveness, develop 3D printer representative distributors
•
Establish new 3D printer resellers
Seoul
Gyeonggi
Suwon
Incheon
3D distributors
(existing)
Pyeongtaek
Cheonan
Daejeon
13 Branches
☞ Build market-leading dynamic network
Ulsan
Daegu
New 3D printer
resellers
Promote sales nationwide through TPC branches and
Cooperation with distributors/resellers
Gumi
Busan
Gwangju
•
Changwon
Target existing TPC customers in the
IT, electronic, automotive, and other
general industries (Over 4,000
customers in database)
Marketing Strategy
“Promote 3D printers utilizing online services along with customization”
3D Printer Applications in Manufacturing
Online services
Technology portal site and customer DB
•
Customized promotion throughout TPC customer database
•
TPC customer DB
TPC homepage members
65,000
TPC CRM members
50,000
Mechapia café members
110,000
Mechapia site members
50,000
Total
•
TPC pneumatics department utilizes 3D printers for
designing, manufacturing, and testing
Product design,
research (3D CAD)
275,000
Mechapia (TPC subsidiary) promotes 3D printers to over
110,000 engineers and implements 3D CAD education
Mold, tool design
(3D printout)
Education Market
•
Expand academic programs (training and demonstration)
and education support
•
3D printer instructor programs and entrepreneurship training
•
•
•
Prototyping, Testing
(3D printout)
Upgrade technological data and know-how by using TPC
3D printer in the research and development stages of a
product in the pneumatics department
Manufacturing role model investment (risk reduction)
Develop high-end(for production lines) 3D printer, 3D
printout services
M arketing Strategy
“Increase productivity and problem solving for customers through pre/post service”
Promotion channels
A/S and Training Infrastructure
On-site support services (A/S)
•
Conduct on-site support services for customers to use 3D
printers easily (field engineering service and application
engineering service)
Field Engineer
Hardware maintenance, repair
(on-site service)
Application Engineer
Software support
(Software, file conversion services )
•
Operate designated 3D call center
Customer education service
•
Designated 3D website (tpc3d.com)
•
Mechapia : 3D printer and software education
•
Distribute educational videos and textbooks online/offline
Distributor training service
•
•
Training programs per quarter → increase distributor’s
servicing skills
Secure customer service personnel through education and
professional training
Promotion through exhibitions, media, etc.
•
Exhibited in Inside 3D Printing Korea (June 2015)
•
Promotion and marketing by utilizing existing connections
•
Implement reference marketing on selected schools,
institutions, and companies
•
Promotion emails for TPC customer database
•
Key word advertisements on portal sites
Chapter V
Future Business Prospects
Future Business Prospects
“Currently reviewing the future prospects collaborative robots”
Collaborative Robots
Factory automation trend
•
•
•
Benefits of low cost labor is decreasing. Labor rates in places
like China, Mexico, and other countries with low labor costs
have increased dramatically over the past decade.
Difficulty finding and retaining skilled laborers. Turnover at
factories in China is as high as 15-20% per month.
Demand for flexibility in manufacturing is increasing due to
fast changes in consumer demand and the high turnover of
new products.
Industrial robots (old)
•
Caged: Industrial robots can hurt people, so they must be
caged which leads to taking up a large amount of
workspace.
•
Expensive: Takes months to develop and deploy the
solution and requires high level of engineering expertise to
operate.
•
Fixed: Industrial robots are specialized for one specific task.
“Although industrial robots have been used in factories for decades,
robots currently perform only around 10% of manufacturing tasks, on
% of tasks average. By 2025, BCG estimates, the portion of tasks performed by
automated robots will near 25% for all manufacturing industries worldwide.”
Boston Consulting Group. “Takeoff in Robotics Will Pow
er the Next Productivity Surge in Manufacturing.”
Press Release. Feb. 10, 2015
70%
60%
50%
150% Increase
40%
in automatable
tasks in 10 years
30%
20%
10%
0%
1960
2015 2025
Year
…
Collaborative robots (new)
•
•
•
Safe: Workers can work safely with collaborative robots and
requires no cage.
Flexible: Can be reused in different work cells and can easily
adapt to work with different parts.
Small footprint: With no cage and more space in the factory
floor, ROI is faster than a standard industrial robot.
ABI Research
Solution Innovation
Our priority is
Enhancing the customer’s productivity and
resolving their problems !