Win Semiconductors Corp. · TPEX:3105
Win Semiconductors — Investor Presentation (April 2022)
29 slides from Win Semiconductors's investor presentation, April 2022
Slide 1: WIN Semiconductors Company Presentation
WIN Semiconductors Company Presentation Feb - Apr 2022 WIN Semiconductors Confidential
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation contains certain forward-looking statements that are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Except as
Slide 3: Outline
Outline Market Outlook Advanced Technology Development Financial Review & Guidance Q&A WIN Semiconductors Confidential 3
Slide 4: Market Outlook
MARKET OUTLOOK WIN Semiconductors Confidential 4
Slide 5: 2021 Operating Highlights
2021 Operating Highlights Annual revenue hits the new record high Operating Highlights • > 30% revenue growth on Cellular & Satellite • > 10% revenue growth on Optics STSP Construction is on schedule (Clean room will be completed in Q2’ 23) Nurturing compound semiconductor talents • Established a jo
Slide 6: 2021 Revenue Trend of Semi. Industry
2021 Revenue Trend of Semi. Industry Source : (1) GaAs Market Estimation, Strategy Analytics, July 2021 (2) Worldwide Semiconductor Revenue, Gartner, Apr. 2021 and Jan. 2022 WIN Semiconductors Confidential 6
Slide 7: Growth Engines: 5G + Wi-Fi, Satellite, Optical Devices
Growth Engines 5G + Wi-Fi Satellite Optical Devices 2022 Outlook • The momentum is increasing with the coexistence of 4G and 5G network. Cellular and Infra products keep under mass production. WIN is continuously developing the new-generation technologies. • As market penetration of Wi-Fi 6 & 6E inc
Slide 8: 5G Is Expanding
5G Is Expanding Merchant RF GaAs MMIC Revenue for Cellular Terminals 6,000 CAGR: 19.5% 5,000 Revenue (US$M) 4,081M 4,000 3,336M 2,115M 3,000 2,000 1,000 0 2020 2021 2022 2023 2024 2025 WIN Semiconductors Confidential 8
Slide 9: Wi-Fi 6E Is the Next Wave
Wi-Fi 6E Is the Next Wave Wi-Fi 6 & 6E new frequency band and penetration rate growth • More than 3.5 billion Wi-Fi 6 product shipments in 2022, growing to 79% of Wi-Fi 6 Wi-Fi 6E product shipments. • Nearly 20% of all Wi-Fi 6 device shipments 5 GHz 6-7 GHz will support 6 GHz by 2022. • 5.2 billion
Slide 10: Wi-Fi 7 Is A Challenge
Wi-Fi 7 Is A Challenge Wi-Fi 7: Expect more complex modulation, wider bandwidth and higher frequency. • GaAs shows higher linearity (1K to 4K QAM) & operation freq. for complex modulation. • More MIMO requirements (from 8x8 to 16x16) WIN is developing advanced HBT for Wi-Fi 7. WIN Semiconductors
Slide 11: Satellite Communication
Satellite Communication Ubiquitous Communication Market is Augmenting ~December 21, 2021 MarketsandMarkets ․ The SATCOM on the move market is projected to grow from US$ 17.7 billion in 2021 to USD 42.8 billion by 2026, at a CAGR of 19.3%. Data Traffic is Increasing ~December 6, 2021 NSR Report ․
Slide 12: Satellite Communication
Satellite Communication Global LEO constellation plan: All the applications of NGSO to FCC are more than thousand sets. That will form Mega-constellation. sets sets USA sets sets SpaceX Starlink sets sets sets UK sets sets OneWeb sets USA sets sets Amazon Kuiper sets Canada sets sets Telesat Source:
Slide 13: 3D Sensing Applications
3D Sensing Applications AR/VR Structure-Light continuously be used for facial recognition. ToF for more 3D sensing applications will keep growing. • LiDAR at rear side of smartphone • AR/VR Metaverse • Proximity sensor • Camera focus assistant 13 WIN Semiconductors Confidential 13
Slide 14: LiDAR Applications
LiDAR Applications LiDAR ToF for LiDAR applications will keep growing. • High-power infrared VCSEL is in production for automotive applications. (in-vehicle sensing device DMS/OMS) • 150-200m long range LiDAR for robotaxis and passenger cars is in pilot stage. • AGV (Automated Guided Vehicle) is i
Slide 15: Advanced Technology Development for Future Markets
ADVANCED TECHNOLOGY DEVELOPMENT FOR FUTURE MARKETS WIN Semiconductors Confidential 15
Slide 16: Compound Semi. Technologies for Future
Compound Semi. Technologies for Future Future Compound Semi. 1550 ~ 850nm SWIR LiDAR Datacom 1PHz High speed, Light emitting, Light absorption, Insulating substrate WIN Semiconductors Confidential 16
Slide 17: GaN for RF
GaN for RF To leverage experienced skills, RF specialty and production advantage, WIN strategically focus on RF GaN market. The application market of GaN is about to boom, including satellite, PtP, and other consumer applications. WIN’s GaN solutions cover DC-40 GHz, which covers most of the a
Slide 18: InP for Optics
InP for Optics Proximity SWIR LiDAR RF THz Applications WIN Semiconductors Confidential 18
Slide 19: Financial Review & Guidance
FINANCIAL REVIEW & GUIDANCE WIN Semiconductors Confidential 19
Slide 20: Revenue & Margin Trend
Revenue & Margin Trend 4Q21 revenue was NT$7.2b, up 7% QoQ and 5% YoY. In 4Q21, driven by full capacity and better product mix, our gross margin increased by 1.7pp sequentially to 40.5% and operating margin increased by 1pp to 27.8%. NT$M Quarterly revenue trend Quarterly margin trend 8,000 50%
Slide 21: Earnings Trend
Earnings Trend 4Q21 net profit was NT$1.7b, up 13% QoQ and 32% YoY. EPS came in at NT$4.19, compared to NT$3.67 in 3Q21. NT$M Earnings & growth trend NT$ EPS 2,500 1000% 5.00 4.50 800% 2,000 4.00 600% 3.50 1,500 3.00 400% 2.50 1,000 200% 2.00 500 1.50 0% 1.00 0 -200% 0.50 1Q21 2Q21 3Q21 1Q20 2Q20
Slide 22: Product Mix
Product Mix 4Q20 Others* 22% 4Q21 Cellular 40-45% Others* Wi-Fi 15-20% 16% Infra. 15-20% Wi-Fi 5-10% 3Q21 Cellular Others* 50-55% 19% Infra. 20-25% Wi-Fi 10-15% Cellular 45-50% Infra. * Others: Revenue not attributable to main product segments and additional 15-20% revenue being consolidated in acco
Slide 23: 1Q22 Guidance
1Q22 Guidance Due to the annual maintenance of the fabs and the traditional slower season, we expect 1Q22 revenue to decline low-twenties QoQ. We expect 1Q22 gross margin to be around the level of mid-thirties. WIN Semiconductors Confidential 23
Slide 24: Appendix - Financial Summary
APPENDIX - FINANCIAL SUMMARY WIN Semiconductors Confidential 24
Slide 25: Consolidated Statements of Comprehensive Income - Quarterly
Consolidated Statements of Comprehensive Income - Quarterly 4Q'21 Unit: NTD Million 4Q'20 3Q'21 QoQ YoY (unaudited) Net revenue 6,861 6,761 7,217 +7% +5% Gross profit 2,399 2,623 2,923 +11% +22% Gross margin (%) 35.0% 38.8% 40.5% Operating expenses (735) (814) (914) +12% +24% Operating expenses rate
Slide 26: Consolidated Statements of Comprehensive Income - YTD
Consolidated Statements of Comprehensive Income - YTD 2021Y Unit: NTD Million 2020Y YoY (unaudited) Net revenue 25,546 26,182 +2% Gross profit 10,569 9,770 -8% Gross margin (%) 41.4% 37.3% Operating expenses (2,786) (3,347) +20% Operating expenses rate (%) -11% -13% Operating income 7,782 6,423 -17%
Slide 27: Non-operating Items
Non-operating Items 4Q'21 2021Y Unit: NTD Million 4Q'20 2020Y (unaudited) (unaudited) Foreign exchange gains (losses) (11) 21 (44) (127) Gains (losses) on disposals of property, plant and equipment 25 (45) 21 (49) Gains on financial assets (liabilities) at fair value through 42 23 23 243 profit or l
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets 2021/12/31 2020/12/31 2021/9/30 (Unit: NTD Million) Major Item (unaudited) $ % $ % $ % Cash and cash equivalents 8,356 15% 16,482 23% 16,332 22% Current financial assets at fair value through profit or loss 756 1% 56 0.1% 62 0.1% Notes and accounts receivable, net 2,038 4
Slide 29: Q&A
Q&A For more information regarding WIN www.winfoudry.com For all inquiries, suggestions, and comments ir@winfoundry.com WIN Semiconductors Confidential 29
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