旺矽科技股份有限公司 (6223.TT) · 2016 Q1 51.9% 24.2% 2.5% 3.5% 10.8% 7.0% 100% NT$ MM 營收分布 2016 Q1 Probe card Div. 2016 Q1 LED Equipment Div. Taiwan 65% USA 16%Malaysia

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旺矽科技股份有限公司 (6223.TT)

KGI 2016年第二季投資論壇

Presentation Disclaimer

The information herein contains forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us, including, among other things: the intensely competitive Semi-conductor, and LED industries and markets; Cyclical nature of the semiconductor industry; Risks associated with global business activities; General economic and political conditions. All financial figures discussed herein are prepared pursuant to IFRS. All audited figures will be publicly announced upon the completion of our audited process.

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Founded July, 25, 1995

Paid-in Capital NTD$ 796M (2016.5.31-the latest )

Employees 1398 (2016.5.31)

公司簡介

營業內容

65%

66%

71%

67%

34%

33%

27%

30%

1%

1%

2%

2% 1%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2015' Q2

2015' Q3

2015' Q4

2016' Q1

Probe card LED AST RF Probe

3

2016 Q1 51.9% 24.2% 2.5% 3.5% 10.8% 7.0% 100%

NT$ MM

營收分布

2016 Q1 Probe card Div.

2016 Q1 LED Equipment Div.

Taiwan

65%

USA

16%

Europe

3%

China

7%

Rest of

Asia

10%

China

64% Malaysia

8%

Taiwan

23%

Europe

5%

Rest of

Asia

1%

1,519

576

150 51

420

71

2,787

1,697

958

176 57

783

298

3,969

1,876

801

110 64

581 356

3,788

394 184

19 27 82 53

760

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Taiwan China Sigapore EU USA RoW Total

2013 2014 2015 2016 Q1

Business Contents Semi-conductor (Probe Card)

Photonics Automation (LED)

RF Probe & AST

Thermal

Financial Statements

議程

4


半導體事業部 (探針卡)

前十大Probe Card供應商(2009-2015)

Source: MPI/VLSI

(Rank) 2009 2010 2011 2012 2013 2014 2015

FormFactor, Inc. USA 1 1 2 2 1 1 1

Micronics Japan Co., Ltd. Japan 2 2 1 1 2 2 2

Technoprobe Italy 4 4 4 4 3 3 3

Japan Electronic Materials Japan 3 3 3 3 4 4 4

MPI Corporation Taiwan 6 5 6 6 5 5 5

Cascade Microtech USA 8 10 10 8 8 7 6

SV TCL Singapore 5 6 8 9 10 9 7

Will Technology Korea 7 7 7 5 6 10 8

Korea Instrument (KI) Korea 10 8 5 7 9 6 9

Microfriend Korea 9 9 9 10 7 8 10

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Founded in 1993

Headquartered in Livermore, CA

FY 2015 Revenue of ~$282M

~950 Employees

Leadership in production probe card for: Microprocessors, Application processors, SoCs

DRAM

Locations in 8 countries

Founded in 1983

Headquartered in Beaverton, OR

FY 2015 Revenue of ~$144M

~500 Employees

Leadership in:

RF Production Probe Cards

Engineering Probe and Probe Systems

Locations in 6 countries

產業併購

Cascade stockholders to receive per share1:

Cash of $16.00

0.6534 shares of FormFactor Stock

Total consideration value of ~$21.132

~$352M of total consideration to Cascade stockholders

75%

86%

91%

94%

0% 20% 40% 60% 80% 100%

Top 05

Top 10

Top 15

Top 20

出貨產品結構及主要客戶

77% 78%

71% 71%

22% 21%

28% 28%

1% 1% 1% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

15'Q2 15'Q3 15'Q4 16'Q1

LCD Driver IC Logic Niche Memory

http://hortekcrystal.com/index.asp

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PIN

CPC月出貨針數及月接單出貨比

1.40

1.14

1.28

0.69 0.74

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

0

100,000

200,000

300,000

400,000

500,000

600,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 2016 B/B Ratio

PIN

VPC月出貨針數及月接單出貨比

1.11

1.35

0.98

1.11 1.14

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

0

100,000

200,000

300,000

400,000

500,000

Jan. Feb. Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2014 2015 2016 B/B Ratio

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2013~2016年CPC及VPC成長趨勢

PIN

65.5%

60.8%

61.0%

56.4%

34.5%

39.2%

39.0%

43.6%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2013 2014 2015 2016 Q1

CPC VPC

競爭對手毛利率比較

49.5%

42.7%

49.7% 49.1%

47.0%

42.2%

46.2% 46.6%

45.4%

40.8%

44.5%

0%

10%

20%

30%

40%

50%

60%

13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1

FFI MJC JEM MPI

8

競爭對手營益率比較

14.4%

4.5%

7.6%

14.6%

19.0%

9.9% 10.4%

10.7% 9.0%

1.8%

6.9%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1

FFI MJC JEM MPI


發光二極體事業部 (LED)

9

核心技術

Optical

Turkey

Solution

LED 磊晶製程

10

LED 潛在市場

2015 LED 發展概覽

51%

16%

33%

2015 M&A

Cross-Industry

Horizontal Integration

Vertical Integration

19%

30%

51%

2015 M&A

EPI

Packaging

Lighting

11

Unit

2016每月出貨數量

130

16

104

37

7

108

180

49

16

30 26

38

10

43

196

73

108

0

50

100

150

200

250


2015 2016

Unit

2016年出貨國別比率

0 0

10 3 6

2

35

173

54

98

8 8 13 16

4

0

20

40

60

80

100

120

140

160

180

200


Taiwan

China

Over Sea

12


新產品事業部 (RF Probe & AST )

目標客戶

*IDM: Integrated Device Manufacturer. **OSAT: Outsourced Semiconductor Assembly and Test

13

目標產業

Semiconductor Automotive

Electronics

Defense/

Aerospace

Biomedical/

Pharmaceutical

Telecom/

Fiber Optic

Company Confidential

RF Probe產品概覽

14

AST產品概覽

Thermal產品概覽

http://www.mpi-thermal.com/media/




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財務報表

資產

Amount: NT$ Million 1Q 2016 1Q 2015

Cash and Cash Equivalents 631 9% 661 11%

Fixed Assets 3,592 52% 2,891 47%

Total Assets 6,976 100% 6,303 100%

LT Debt 247 4% 55 1%

Shareholders' Equity 3,746 54% 3,817 62%

EBITDA 61 114 *EBITDA=operating income + depreciation & amortization expenses

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營收

NT$1,000

Net Sales 908,246 100% 931,288 100%

Cost of Goods Sold 504,541 56% 501,260 54%

Gross Profit 403,705 44% 430,028 46%

Operating Expense 341,436 37% 334,781 36%

Operating Income 62,405 7% 97,031 10%

Investment Income & Others -910 17,117 2%

Net Income (before tax) 53,547 6% 95,597 10%

EPS (before tax) 0.69 1.20

2016' Q1 2015' Q1

Net Sales NT$ 1,000

0

100,000

200,000

300,000

400,000

500,000

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

2013

2014

2015

2016

研發費用, 資本支出及折舊

CAPEX and Depreciation Expenses R&D Expenses

NT$ million NT$ 1,000

19% 18% 18%

20% 20%

0%

5%

10%

15%

20%

25%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2012 2013 2014 2015 2016 1Q

R&D

424

83

409

1,073

126 81

112 140

268

88

0

200

400

600

800

1,000

1,200

2012 2013 2014 2015 2016 1Q

Capex Depreciation Expenses

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http://www.mpi-corporation.com

Thank You

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旺矽科技股份有限公司 (6223.TT) · 2016 Q1 51.9% 24.2% 2.5% 3.5% 10.8% 7.0% 100% NT$ MM 營收分布 2016 Q1 Probe card Div. 2016 Q1 LED Equipment Div. Taiwan 65% USA 16%Malaysia