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...
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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
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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
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KGI 2016年第二季投資論壇
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
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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
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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
KGI 2016年第二季投資論壇
發光二極體事業部 (LED)
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核心技術
Optical
Turkey
Solution
LED 磊晶製程
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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
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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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Taiwan
China
Over Sea
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KGI 2016年第二季投資論壇
新產品事業部 (RF Probe & AST )
目標客戶
*IDM: Integrated Device Manufacturer. **OSAT: Outsourced Semiconductor Assembly and Test
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目標產業
Semiconductor Automotive
Electronics
Defense/
Aerospace
Biomedical/
Pharmaceutical
Telecom/
Fiber Optic
Company Confidential
RF Probe產品概覽
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AST產品概覽
Thermal產品概覽
http://www.mpi-thermal.com/media/
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KGI 2016年第二季投資論壇
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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