旺矽科技股份有限公司 (6223.TT)

Transcription

1 旺矽科技股份有限公司 (6223.TT) Credit Suisse 17th Annual Asian Technology Conference 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. 1

2 公司簡介 Founded July, 25, 1995 Paid-in Capital NTD$ 796M ( the latest ) Employees 148 ( ) 營業內容 216' Q2 79% 18% 3% 216' Q1 67% 3% 3% 215' Q4 71% 27% 2% 215' Q3 66% 33% 1% % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% Probe card LED New Business Unit 2

3 營收分布 Rest of Europe NT$ MM Asia Europe 3% 7% Taiwan 15% China 52% 1% Rest of China Asia 5% 8% USA 19% Taiwan 4,5 4, 3, Q2 Malaysia 23% 216 Q2 LED Equipment Div. 68% 216 Q2 Probe card Div. 3,969 3,788 3, 2,787 2,5 2, 1,876 1,697 1,884 1,519 1, , Taiwan China Sigapore EU USA RoW Total 216 Q2 55.3% 15.7% 2.3% 2.6% 14.3% 9.8% 1% 議程 Business Contents Semi-conductor (Probe Card) Photonics Automation (LED) RF Probe & AST Thermal Financial Statements 3

4 半導體事業部 ( 探針卡 ) Credit Suisse 17th Annual Asian Technology Conference 前十大 Probe Card 供應商 (29-215) (Rank) FormFactor, Inc. USA Micronics Japan Co., Ltd. Japan Technoprobe Italy Japan Electronic Materials Japan MPI Corporation Taiwan Cascade Microtech USA SV TCL Singapore Will Technology Korea Korea Instrument (KI) Korea Microfriend Korea Source: MPI/VLSI 4

5 產業併購 Cascade stockholders to receive per share1: Cash of $ shares of FormFactor Stock Total consideration value of ~$ ~$352M of total consideration to Cascade stockholders Founded in 1993 Headquartered in Livermore, CA FY 215 Revenue of ~$282M ~95 Employees Leadership in production probe card for: Microprocessors, Application processors, SoCs DRAM Locations in 8 countries Founded in 1983 Headquartered in Beaverton, OR FY 215 Revenue of ~$144M ~5 Employees Leadership in: RF Production Probe Cards Engineering Probe and Probe Systems Locations in 6 countries 出貨產品結構及主要客戶 9% 8% 78% Top 2 94% 7% 71% 71% 7% 6% 5% Top 15 91% 4% 3% 2% 21% 28% 28% 29% Top 1 86% 1% % 1% 1% 1% 1% 15'Q3 15'Q4 16'Q1 16'Q2 LCD Driver IC Logic Niche Memory Top 5 75% % 2% 4% 6% 8% 1% 5

6 CPC 月出貨針數及月接單出貨比 PIN 6, 5, 4, B/B Ratio , ,.6.4 1,.2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec. VPC 月出貨針數及月接單出貨比 PIN 5, B/B Ratio 1.6 4, 3, ,.6 1,.4.2 Jan. Feb. Mar Apr May Jun Jul Aug Sep Oct Nov Dec. 6

7 213~216 年 CPC 及 VPC 成長趨勢 PIN 6,, 5,, 4,, 65.6% 61.9% 61.4% 3,, 2,, 34.4% 38.1% 38.6% 49.5% 5.5% 1,, Q2 競爭對手毛利率比較 6% 5% 49.7% 49.1% 47.% 42.2% 46.2% 46.6% 45.4% 4.8% 44.5% 46.7% 4% 3% 2% 1% % 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 FFI MJC JEM MPI 7

8 競爭對手營益率比較 3% 2% 19.% 1% 7.6% 14.6% 9.9% 1.4% 1.7% 9.% 6.9% 13.7% % 1.8% -1% -2% -3% 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 FFI MJC JEM MPI 發光二極體事業部 (LED) Credit Suisse 17th Annual Asian Technology Conference 8

9 LED 磊晶製程 LED 潛在市場 9

10 215 LED 發展概覽 215 M&A 215 M&A 19% 33% 51% 3% 16% 51% EPI Packaging Lighting Cross-Industry Horizontal Integration Vertical Integration 216 每月出貨數量 Unit Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1

11 216 年出貨國別比率 Unit Taiwan China Over Sea Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 新產品事業部 (RF Probe & AST ) Credit Suisse 17th Annual Asian Technology Conference 11

12 目標客戶 *IDM: Integrated Device Manufacturer. **OSAT: Outsourced Semiconductor Assembly and Test 目標產業 Electronics Defense/ Aerospace Biomedical/ Pharmaceutical Automotive Semiconductor Telecom/ Fiber Optic 12

13 RF Probe 產品概覽 AST 產品概覽 13

14 Thermal 產品概覽 財務報表 Credit Suisse 17th Annual Asian Technology Conference 14

15 資產 Amount: NT$ Million 2Q 216 2Q 215 Cash and Cash Equivalents 61 8% 49 9% Fixed Assets 3,54 48% 2,973 48% Total Assets 7,445 1% 6,199 1% LT Debt 245 3% 53 1% Shareholders' Equity 3,634 49% 3,569 58% EBITDA *EBITDA=operating income + depreciation & amortization expenses 營收 NT$1, 216 Q2 215 Q2 Net Sales 2,2,552 1% 1,95,693 1% Cost of Goods Sold 1,193,941 54% 1,45,243 54% Gross Profit 1,6,611 46% 95,45 46% Operating Expense 767,143 35% 71,331 36% Operating Income 239,625 11% 26,592 11% Investment Income & Others 1,55 14,541 Net Income (before tax) 2,857 9% 176,179 9% EPS (before tax) Net Sales NT$ 1, 5, 4, 3, 2, 1, Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 15

16 研發費用, 資本支出及折舊 R&D Expenses CAPEX and Depreciation Expenses NT$ 1, 9, 8, 7, 6, 19% R&D % of Total Sales 2% 18% 18% 19% 3% 25% 2% NT$ million 1,2 1, 8 Capex Depreciation Expenses 1,73 5, 4, 3, 2, 1, 15% 1% 5% Q2 % Q2 Thank You 16