旺矽科技股份有限公司 6223.TT

For BofAML 2019 APAC TMT Conference Only

2

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.

公司簡介

3

Founded July, 25, 1995

Paid-in Capital NTD$ 799M (2019.2.28-the latest )

Employees 1,525 (2019.2.28)

1995 2001

MPI Corporation Founded

Photonics Automation Division Established

2003

MPI on Taiwan OTC

2014

Advanced Semiconductor Test (AST) Division Established

2015

Thermal Test Division Established

營業內容

4

58%

53%

50%

54%

15% 17%

23% 22%

13% 14% 13%

15%

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000

1,800,000,000

0%

10%

20%

30%

40%

50%

60%

70%

2018' Q1 2018' Q2 2018' Q3 2018' Q4

Probe Card LED New Business Unit Revenue

營收分布

5

NT$ MM

2018 Probe card Div.

2018 LED Equipment Div.

2018 41.8% 20.9% 20.8% 16.5% 100%

1876

801

581 530

3788

2178

647 713 661

4199

1491

653 653 610

3407

1649

822 822 653

3946

0

500

1000

1500

2000

2500

3000

3500

4000

4500

TAIWAN CHINA USA RoW Total

2015 2016 2017 2018 China

63% USA

7%

Taiwan

16%

Europe

5%

Rest

of Asia

9%

USA

24%

Europe

3%

China

5%

Rest of

Asia

15%

Business Contents Semi-conductor (Probe Card)

Photonics Automation (LED)

Thermal & AST

Financial Statements

6

議程

半導體事業部 (探針卡)

7

全球探針卡市場概況

8

Probe Cards

Memory

Applications

Epoxy /CPC

Advanced P/C

Non-Memory

Applications

Cantilever

$202m

Vertical

$267m

MEMS

$419m

$1.6 bn in 2017 CAGR 5% 2016-2021

35%

65%

前十大探針卡供應商(2012-2017)

(Rank) 2012 2013 2014 2015 2016 2017

FormFactor, Inc. USA 2 1 1 1 1 1

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

Technoprobe Italy 5 3 3 3 3 3

Japan Electronic Materials Japan 3 4 4 4 4 4

MPI Corporation Taiwan 7 5 5 5 5 5

SV TCL Singapore 11 10 9 7 6 6

Microfriend Korea 18 7 8 10 7 7

Korea Instrument Korea 8 9 6 9 8 8

Cascade Microtech USA 9 8 7 6 9 -

FEINMETALL Germany 12 11 11 11 10 11

9

CPC & VPC

CPC VPC

10

出貨產品結構及主要客戶

11

75%

86%

91%

94%

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

Top

05

Top

10

Top

15

Top

20

76.7%

72.9%

77.9% 82.4%

23.1% 26.4%

21.6% 17.2%

0.2% 0.7% 0.5% 0.4% 0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

2018'Q1 2018'Q2 2018'Q3 2018'Q4

LCD Driver IC Logic Niche Memory

CPC月出貨針數及月接單出貨比

12

PIN

1.29

1.16

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

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

2017 2018 2019 B/B Ratio

VPC月出貨針數及月接單出貨比

13

PIN

0.68

1.10

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

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

2017 2018 2019 B/B Ratio

CPC及VPC成長趨勢

14

% PIN

45% 46%

40% 40%

0%

10%

20%

30%

40%

50%

60%

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

2015 2016 2017 2018

CPC VPC Gross Margin

全球同業毛利率比較

15

44.0%

49.7%

41.8% 41.1%

36.8%

38.4% 39.3%

34.4%

40.82%

0%

10%

20%

30%

40%

50%

60%

16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4

F M J MPI

全球同業營利率比較

16

16.7%

15.6%

12.3%

7.2%

0.2%

-3.5%

5.6%

-3.4%

9.6%

-15%

-10%

-5%

0%

5%

10%

15%

20%

16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4

F M J MPI

發光二極體事業部 (LED)

17

LED事業部概覽

18

RD > 200

8 BUs

Product LED, PD, LD, OLED, µLED or other

Production Capacity > 150/month

Green

部門里程碑

19

主要產品線

20

最大至8吋量測完整解决方案

21

3GS

P7202

P80C4

A2000P

M76FP M76V

4G

P7602P

P9000

P9000

P9002 4G

NEW

M60D

A3000

NEW

2019年每月出貨數量

22

Unit

66 67

132

101

56

123

185

85 87

9

77

105

63

118 130

85

42

117

25 26

43

90

25

7

15 25

0

20

40

60

80

100

120

140

160

180

200

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

2017 2018 2019

新產品事業部 (Thermal/AST)

23

Thermal

24

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

• Market size: roughly USD$30m • Industries: Telecom / Automotive

AST

• Market size: roughly USD$120m

• Industry: Foundry/IC design houses’ engineering stage process

25

財務報表

26

資產

3Q 2018 3Q 2017

Cash and Cash Equivalents 825 10% 871 11%

Fixed Assets 3,373 42% 3,578 46%

Total Assets 8,072 100% 7,788 100%

LT Debt 46 1% 233 3%

Shareholders' Equity 3,974 49% 3,826 49%

EBITDA 207 245 *EBITDA=operating income + depreciation & amortization expenses

27

營收

28

NT$1,000

Net Sales 3,762,041 100% 3,293,335 100%

Cost of Goods Sold 2,300,055 61% 1,976,647 60%

Gross Profit 1,461,986 39% 1,316,688 40%

Operating Expense 1,285,704 34% 1,095,189 33%

Operating Income 176,282 5% 221,529 7%

Investment Income & Others 31,411 23,626

Net Income (before tax) 178,353 5% 189,617 6%

EPS 2.20 2.33

2018' Q3 2017' Q3

Net Sales NT$ 1,000

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

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

2015

2016

2017

2018

Thank You

http://www.mpi-corporation.com