MPI Corporation 6223.TT

Transcription

1 MPI Corporation 6223.TT 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. 2

2 Company at a Glance Photonics Automation Division Established Advanced Semiconductor Test (AST) Division Established MPI Corporation Founded MPI on Taiwan OTC Thermal Test Division Established Founded July, 25, 1995 Paid-in Capital NTD$ 798M ( the latest ) Employees 1481 ( ) 3 Business Portfolio Probe Card LED New Business Unit Revenue 80% 70% 70% 73% 68% 68% 1,800,000,000 1,600,000,000 60% 1,400,000,000 50% 1,200,000,000 1,000,000,000 40% 800,000,000 30% 20% 18% 20% 25% 20% 12% 600,000, ,000,000 10% 3% 7% 7% 200,000,000 0% 2016' Q2 2016' Q3 2016' Q4 2017'Q1 0 4

3 Net Sales by Geographic NT$ MM Europe 4% Taiwan 13% China 5% Europe 1% Rest of Asia 10% Taiwan Malaysia China 45% USA 33% 52% 4,500 4, Q1 37% 2017 Q1 LED Equipment Div Q1 Probe card Div. 4,199 3,969 3,788 3,500 3,000 2,500 2, ,697 1,500 1, TAIWAN CHINA USA RoW Total Q1 42.9% 14.2% 25.3% 17.6% 100% 5 Agenda Business Contents Semi-conductor (Probe Card) Photonics Automation (LED) Thermal & AST Financial Statements 6

4 Semi-conductor (Probe Card) 7 Global Probe Card Market Update 35% Memory Applications Epoxy /CPC Advanced P/C Probe Cards $1.37 bn in 2016 CAGR 6.2% Non-Memory 65% Applications Blade/ Tungsten $15.9m Epoxy/Cantilever $166m Advanced Probe Cards $660m 8

5 Top 10 Probe Card Vendors ( ) (Rank) FormFactor, Inc. USA Micronics Japan Co., Ltd. Japan Technoprobe Italy Japan Electronic Materials Japan MPI Corporation Taiwan SV TCL Singapore Microfriend Korea Korea Instrument Korea Cascade Microtech USA FEINMETALL Germany CPC & VPC CPC VPC 10

6 Product Mix of CPC (Cantilever) 80.0% 70.0% 69.6% 64.5% 65.1% 67.8% Top 20 94% 60.0% 50.0% Top 15 91% 40.0% 30.0% 29.1% 34.7% 33.9% 31.7% Top 10 86% 20.0% 10.0% 0.0% 1.3% 0.8% 1.0% 0.4% 16'Q2 16'Q3 16'Q4 17'Q1 LCD Driver IC Logic Niche Memory Top 75% 05 0% 20% 40% 60% 80% 100% 11 CPC Pin-Shipment PIN B/B Ratio 600, , , , , , Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

7 VPC Pin-Shipment PIN B/B Ratio 600, , , , , , Jan. Feb. Mar Apr May Jun Jul Aug Sep Oct Nov Dec CPC and VPC Yearly Status PIN 6,000,000 CPC VPC Gross Margin % 50% 49% 5,000,000 4,000,000 3,000,000 47% 45% 46% 48% 47% 46% 45% 2,000,000 1,000, Q1 42% 44% 43% 42% 41% 40% 14

8 Gross Margin Between Global Peers 60% 50% 47.0% 42.2% 46.2% 46.6% 45.4% 40.8% 44.5% 46.7% 44.0% 49.7% 41.8% 40% 30% 20% 10% 0% 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 F M J MPI 15 Operating Margin Between Global Peers 30% 20% 10% 19.0% 9.9% 10.4% 10.7% 9.0% 6.9% 13.7% 16.7% 15.6% 12.3% 1.8% 0% -10% -20% -30% 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 16Q4 17Q1 F M J MPI 16

9 Photonics Automation (LED) 17 Photonics Automation (PA) Overview Product LED, PD, LD, OLED, µled or other RD > 200 Production Capacity > 150/month 8 BUs Green 18

10 Milestone 推出第一台半自動 LED 晶圓點測機 推出 LEDA 品牌 正式推出 SkyWalker 品牌 PA 部門成立 推出自動化光學檢測 (AOI) 系列 挑揀速度突破 85ms 推出 3GP 點測機系列及 M76 挑揀機 推出 T200 Tester 及晶粒點測機 (DP76) 系列 部門英文名稱改為 Photonics Automation 全球累計銷售突破 10,000 台點測機 (Prober) 推出 M60D 全自動高速挑揀機並同時突破 55ms 挑揀速度 19 Main Product Line Probing System Wafer Flip chip Single die Testing System Mass production software Integrated spectrum meter Integrated source meter Chip Sorting Mapping sorter Inspection System Chip after dicing Chip after sorting Package Probing Panel Bottom probing Single package Package Testing From low to high power Package Level Chip Scale Package (CSP) Foil to Foil (FTF) Wafer Tape Die Packaging Substrate Photodiode(PD) LED Package Probing 20

11 Wafer Technology Migration P7202 P7602P P9000 3GS P80C4 4G P9000 4G P9002 NEW A2000P A3000 NEW M76FP M76V M60D Shipment Unit (741) (953) 28% YoY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 22

12 LED 2017 Targeting Markets Automotive Night Vision, Reverse Radar to Panorama View for Autopilot System IR LED Eye Scanning for E-wallet IR LED (Fujitsu and Samsung) VR (2016 Market size 14m USD) IR LED Inside-out Tracking : HTC Vive Outside-in Tracking : Oculus Rift (Facebook) More Manufacturers: Tencent, Nitendo, Microsoft and Dell 23 New Business Unit (Thermal/AST) 24

13 Thermal Market size: roughly USD$30m Industries: Telecom / Automotive 25 AST Market size: roughly USD$120m Industry: Foundry/IC design houses engineering stage process 26

14 Financial Statements 27 Balance Sheet Highlight Amount: NT$ Million 1Q Q 2016 Cash and Cash Equivalents 634 9% 631 9% Fixed Assets 3,583 50% 3,592 52% Total Assets 7, % 6, % LT Debt 238 3% 247 4% Shareholders' Equity 4,032 57% 3,746 54% EBITDA *EBITDA=operating income + depreciation & amortization expenses 28

15 Income Statement NT$1, ' Q1 2016' Q1 Net Sales 1,127, % 908, % Cost of Goods Sold 656,012 58% 504,541 56% Gross Profit 471,986 42% 403,705 44% Operating Expense 333,608 30% 341,436 37% Operating Income 138,388 12% 62,405 7% Investment Income & Others -19, Net Income (before tax) 106,004 9% 53,547 6% EPS (before tax) Net Sales NT$ 1, , , , , , ,000 0 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 29 Thank You