CHPT. Company Profile for Investor. August, Chunghwa Precision Test Tech. Co., Ltd.

Transcription

1 CHPT Company Profile for Investor August, 2017 Chunghwa Precision Test Tech. Co., Ltd.

2 Outline 1 Industry Trend 2 Business Model 3 Competitive Advantages 4 Financial Results 2

3 1-1 Global Semiconductor Market US$ million 800,000 Global Semiconductor Market Revenue Growth (%) 40% 700, , % 30% 20% 500, % 11.5% 10% 400, % 4.8% -2.7% -0.2% 1.1% 2.7% -0.2% 1.4% 0% 300,000-10% 200, , , , , , , , , , , , ,600-20% -30% (e) 2018(f) 2019(f) 2020(f) -40% Source : IEK ; CHPT, 2017/08 3

4 1-2 Taiwan Semiconductor Industry IC Design Industry IC Manufacturing Industry IC Packaging Industry IC Testing Industry Growth % US$ million 140, , ,000 80,000 60,000 40,000 20, % 12,497 21, % 15.6% 16.7% 15,160 12,853 13,717 12, % 29,990 26,223 27,640 19, % 4.6% 16,037 19,210 19, % 21,770 20, % 0.3% 39,103 41,000 44,413 45,447 33,217 8,123 7,327 9,567 8,987 9,067 9,480 10,533 10,330 10,793 11,050 3,543 3,220 4,260 4,027 4,050 4,220 4,597 4,380 4,667 4, (e) 40% 30% 20% 10% 0% -10% -20% Source : IEK ; CHPT, 2017/08 4

5 1-3 High Growth in Advanced Process Node US$ million 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Worldwide Foundry Revenue 2017~2021 CAGR 5.4% (e) 2018(f) 2019(f) 2020(f) 2021(f) 7 nm 10 nm 14/16 nm 20 nm 28/32 nm 40/45 nm and above Source : Gartner ; 2017 Q2 5

6 1-4 CHPT Expands in Advanced Node US$ million 0.45% 0.30% 0.15% 0.00% WW foundry 28 nm and below 0.22% 0.31% 0.40% CHPT in WW foundry 28nm and below (%) ,853 18,470 21,753 CHPT Revenue CHPT growth opportunities Both price and quantity of advanced testing boards demand increase New product (VPC) New applications (RF, PMIC ) New customers 6

7 1-5 AP Revenue by Node 7

8 Outline 1 Industry Trend 2 Business Model 3 Competitive Advantages 4 Financial Results 8

9 2-1 Wafer Testing and IC Testing IC Design Wafer Manuf. Wafer Testing IC Package Finish Goods Application Chip Probing Final Testing Stiffener Stiffener Probe PCB Load Board Interposer Probe Head Wafer Socket IC 9

10 2-2 Probe Card Market Value (in USD) 2021 US$ million 2017 FLASH 201 1,283 LOGIC 898 FLASH 249 LOGIC 1,753 1,139 DRAM 365 DRAM 328 LOGIC CAGR 6.1% FLASH CAGR 5.5% DRAM CAGR 2.7% Source : VLSI Research ; CHPT (2017/08) 10

11 2-3 Project and Order by Customer Type Foundry OSAT Fabless Probe Card Vender 100% 75% 50% 25% 5% 9% 25% 9% 18% 20% 50% 64% CHPT 0% H1 Foundry Fabless OSAT Probe Card Vender Others 11

12 2-4 Vertical Integration Mean Efficiency R&D Layout PCB Manuf. Verify PI/SI DFM, DFT A/R V93K PCBA In House, One Stop Shop Substrate Manuf. Fine Pitch Fine Line Non Skip Die Substrate Multi Die Substrate Probe Head MEMS Probe Head Reflow Probe Head Assembly Probe Card Mass Production After-Sales Service On Site Field Return 12

13 Outline 1 Industry Trend 2 Business Model 3 Competitive Advantages 4 Financial Results 13

14 3-1 Contact Die for Testing Pitch 80 um MEMS Needle Probe Head Bump Pitch 80 um Gate 10 nm Drain Die Source Process Technology node (10nm) Wafer 14

15 3-2 Bump Pitch And Technology Node Bump Pitch (um) ~100um ~80um 130~80um 50 90~60um 90~60um 28nm 20nm 14/16nm 10nm 7nm Advanced Process Technology Node 15

16 3-3 Competitive Advantages (I) Core Manufacture Capability PCB Max. 80 Layers Aspect Ratio 50 (Aspect Ratio =Thickness/Drill Diameter) Thickness 10 mm Drill Diameter 0.15 mm (Hair diameterx2) Interposer Multi DUT Test : 12 High Pin Count : 34,000 Fine Pitch: 50um Fine Line/Space : 20/20um Process : PCB+ST+Semi DUT: Device Under Test ST: Substrate Semi: Semiconductor 16

17 3-4 Competitive Advantages (II) High Frequency Power Integrity Impedance Impedance V.S Frequency Before Improvement VDD_GPU Impedance After Improvement Impedance V.S Frequency VDD_CPU Before Improvement After Improvement 17

18 Outline 1 Industry Trend 2 Business Model 3 Competitive Advantages 4 Financial Results 18

19 4-1 Financial Results 2Q17 Financial Results Net Revenue $839,680 K (vs. $789,489 k Prior Qtr) Gross Margin 55.4 % (vs % prior Qtr) Operating Exp. Ratio 25% (vs. 25% Prior Qtr) $651,429 6% 12% $839,680 $789,489 5% 6% 9% 12% NT$ Thousand Service & Others Load boards Probe Cards Operating Margin 30% (vs. 29% Prior Qtr) Net Income $ 203,895 K (vs. 188,096 k Prior Qtr) 82% 82% 86% Net Profit Margin 24% (vs. 24% Prior Qtr) EPS $6.62 (vs. $6.11 Prior Qtr) 2Q16 1Q17 2Q17 19

20 4-2 Annual Financial Results 3,000,000 Net Revenue YoY 50% Net Income YoY 46% CHPT (6510 TT) 60% 2,500,000 2,000,000 37% 41% 48% 52% 52% 50% 40% 1,500,000 2,595,197 30% 1,000,000 1,725,149 20% 500,000 1,064, , ,739 - NT$ thounsand Net Revenue 559, ,739 1,064,966 1,725,149 2,595,197 Gross margin 37% 41% 48% 52% 52% Net Income 39,940 55, , , ,779 EPS(NT$) % 0% Jan.-Jun Financial Results Net Revenue 1,629,169 仟元 YoY 41% Net Income 391,991 仟元 YoY 49% Gross Margin 54.9% YoY 4.1% EPS 元 YoY

21 4-3 Balance Sheets & Key Indices ( in NT$ thousand) 6/30,2016 3/31,2017 6/30,2017 Balance Sheets Amount % Amount % Amount % Cash and cash equivalents 1,536, , ,125, Account receivable, net 327, , , Inventories 400, , ,296 7 PP&E 864, ,902, ,926, Total Assets 3,188, ,566, ,828, Total current liabilities 810, , , Total noncurrent liabilities 847-1,305-1,305 - Total Liabilities 811, , , Capital stock 307, , ,890 8 Additional Paid-In Capital 1,388, ,388, ,388, Retained earnings 679, ,209, ,167, Total Equity 2,376, ,901, ,860, Key indices A/R Turnover Days Inventory Turnover Days ROE 30% 27% 28% 21

22 4-4 Cash Flow ( NT$ Thousand) 2Q16 1Q17 2Q17 Beginning Balance 1,545,841 1,011, ,357 Cash from operating activities 92, , ,226 Land & Buildings - (474,468) - equipment & Others (52,607) (105,895) (87,794) Capital expenditures (52,607) (580,363) (87,794) Short-term loans Long-term loans (50,000) - - Cash dividends Issuance of common stocks Investments and others (259,365) 231,637 (45,181) Ending Balance 1,276, ,357 1,069,608 Free Cash Flow 39,699 (421,422) 293,432 Depreciation 24,374 33,234 38,482 22

23 4-5 Fund Raising Plan Board of Directors approved to build a New Headquarter on Nov.4 th,2016 2million new shares. 15%, 300,000 shares to employees. 85%, 1.7million shares to new investors and will be placed onto competitive auction market. The advantages of competitive auction are Fair, Open, and Transparent. This proposal will be approved at the general shareholders' meeting on June 8 th. The minimum offering price shall not be lower than 90% of the closing price on the business day or of the average of closing prices over either the one, three or five business days prior to file to TSA, Taiwan Securities Association. Successful bidders are awarded the shares subject to maximum 10% of the portion of the offering put up for public sale. The Capital dilution will be around 6%. 23

24 Thank you!! Chunghwa Precision Test Tech. Co., Ltd.