Tainergy Tech Co., Ltd. · TWSE:4934

Tainergy Tech — Investor Presentation (September 2020)

39 slides from Tainergy Tech's investor presentation, Sep 22, 2020

  1. Slide 1: 4934 Tainergy Report

    4934 Tainergy Report by：Beauty Yu、Vincent Hsieh

  2. Slide 2: Safe Harbor Notice

    Safe Harbor Notice The information provided in this presentation contains forward-looking statements. This forward-looking statement will be affected by risks, uncertainties and inferences, some beyond our control, and actual results may differ materially from these forward-looking statements. As a

  3. Slide 3: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  4. Slide 4: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  5. Slide 5: Company Profile

    Company Profile • Established : 2007/5/14 • Capital： NTD 2 Bil. • Major Investor：Kenmec Shareholding %：28.83% • IPO：Aug. 2011 (TSEC：4934) • Major Product：Solar Cells, PV System 5

  6. Slide 6: Organizational Chart

    Organizational Chart TAINERGY TAIWAN NTD$2 B 64% TAISIC Materials TAINERGY VN TAINERGY Samoa Star Solar NTD$ 10 M USD$ 42 M USD$ 70 M NTD$ 5 M (TAIWAN ) (Vietnam Hanoi) (Samoa) (TAIWAN ) TAINERY CN USD$ 70 M (CN KUNSHAM) SENSIC CN Jichang CN RMB$ 2 M (CN KUNSHAM) (CN KUNSHAM) 6

  7. Slide 7: Balance Sheet

    Balance Sheet In NT$ Millions category 2018 2019 2020/6/30 Cash & Cash equivalents 584 607 786 Receivables 545 218 21 Inventory 153 77 85 Current Assets 2,269 1,451 1,387 Non-Current Assets 2,775 2,719 2,113 Total asset 5,044 4,170 3,500 Current Liabilities 2,048 1,531 1,206 Long-term interest-beari

  8. Slide 8: Income Statement

    Income Statement In NT$ Millions category 2018 2019 2020 H1 2020Q1 2020Q2 After tax EPS (5.17) (2.42) 0.26 (0.04) 0.30 Net Sales 2,727 2,329 1,068 502 566 Gross Profit (802) (120) 199 43 156 Operating Expense 322 210 120 55 65 Operating Profit (1,124) (330) 79 (13) 92 Other Income/Expense (615) (180

  9. Slide 9: Cash Flows

    Cash Flows In NT$ Millions 2018 2019 2020 H1 cash from operating activities (313) 416 573 cashfrom investing activities (478) 55 (126) cash from financing activities 420 (415) (255) others 1 (33) (13) net cash flow (370) 23 179 beginning balance 954 584 607 ending balance 584 607 786 9

  10. Slide 10: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  11. Slide 11: 3 BU of Tainergy

    3 BU of Tainergy Solar Cells PV System SiC 11

  12. Slide 12: Solar Cells BU

    Solar Cells BU • Factory centralized in Vietnam • Major products: Bi-facial Mono PERC and Multi cells • Target capacity in 2020: 800MW, including 500 MW mono and 300MW multi 12

  13. Slide 13: Review and Prospect of PV market

    Review and Prospect of PV market 1. It was originally estimated that 2020 would increase by 6.3% to 129.1GW compared with 121.4GW in 2019. However, due to the impact of the COVID-19, it is estimated to decrease to 117.1GW. The market is estimated to be 134.8GW in 2021, an increase of about 15% over

  14. Slide 14: Tainergy's Regional Advantages in Vietnam

    Tainergy’s Regional Advantages in Vietnam Reduction of Investment Tax Credit U.S. Tariff on Bi-facial modules in 2020 (ITC) in the U.S. AD & CVD 14.70% 2019 30% 201 0% 2020 26% 301 25% 2021 22% All duties of China 39.70% AD 4.39% After Utility & Commercial 10% 201 0% 2022/1/1 Residential 0% All duti

  15. Slide 15: PV system BU

    PV system BU • Subsidiary Cheng Yang Energy was sold in 1H 2020. • Currently owns 3.44MW PV systems • Still focuses on development and investment of domestic PV systems • Expanding maintenance services . 15

  16. Slide 16: SiC BU Subsidiary: TAISIC Materials Corp.

    SiC BU Subsidiary: TAISIC Materials Corp. Founded：Jun. 2020 Representative：Kevin Hsieh Main Product：SiC Substrates Investors：Tainergy 64% Kenmec 10% 16

  17. Slide 17: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  18. Slide 18: Semiconductor Materials

    Semiconductor Materials • 1st Gen.：Ge, Si  Microelectronics, IE • 2nd Gen. : GaAs, InP  Communication, Illumination • 3rd Gen.：SiC, GaN  High Voltage Power、HF Communication 18

  19. Slide 19: Physical Properties of SiC

    Physical Properties of SiC Properties Si SiC Bandgap eV 1.12 3.2 ~3x Electron Mobility cm2/Vs 1500 650 Electron Field for MV/cm 0.3 3.5 ~10x Breakdown Saturated Drift Velocity x 107 cm/s 1.0 2.0 ~2x Thermal Conductivity W/cm/K 1.5 4.5 ~3x 19

  20. Slide 20: Advantages of SiC Devices

    Advantages of SiC Devices High Power Applications Ultra High Working Voltage Ultra High Frequencies More Stable at High Temp. Excellent Radiation Resistance Smaller Module Size 20

  21. Slide 21: SiC Device Applications

    SiC Device Applications SiC Substrates N-type SI Power Devices MW Devices LED (SBD、MOSFET…) (HEMT) LED UPS xEV PV 5G small cells Wind Power Satellite RADAR HSR 21

  22. Slide 22: Applications of High Power SiC & GaN Modules

    Applications of High Power SiC & GaN Modules Low-Voltage Medium-Voltage High-Voltage PFC/Power supply PV Inverter Motor Ship&Vessels Smart Power Grid Control Wind Rail EV/HEV UPS Audio Amplifer Mills Transport <200V 600V 900V 1.2kV 1.7kV 3.3kV 6.5kV+ SiC diodes GaN-on-Si Transistors Battle fields Si

  23. Slide 23: Reference Price of SiC Substrates

    Reference Price of SiC Substrates  N-type: USD 500/pcs 4”  SI: USD 1,800/pcs  N-type: USD 1,500/pcs 6”  SI: USD 4,000/pcs 23

  24. Slide 24: Industrial Chain of SiC

    Industrial Chain of SiC Material Ingot Wafer Epi-wafer IC Devices Modules In House Crystal Finishing Growth Epitaxy Foundry Package ACME、 USIO 4934Tainergy (Taisic) Cree、Ⅱ-Ⅵ、GTAT、Rohm Wolfspeed、Rohm、Infineon、ON Semi、 SK Siltron(DuPont)、NSC Qorvo、Mitsubishi、STMicroelectronics、 TenkeBlue、SICC、Semicore

  25. Slide 25: Market Forecast of SiC Power Devices

    Market Forecast of SiC Power Devices M$ 1.5 B USD 1600 1400 1200 1000 800 600 580M USD 400 200 0 2017 2018 2019 2020 2021 2022 2023 source：Yole Développement 25

  26. Slide 26: Market Forecast of SiC HF Devices

    M$ Market Forecast of SiC HF Devices 1400 1200 1000 800 600 400 200 0 2017 2023 source：Yole Développement 26

  27. Slide 27: Market Value of n-SiC Substrate

    Market Value of n-SiC Substrate M$ 300 250 200 4吋 150 6吋 100 50 0 2017 2018 2019 2020 2021 2022 2023 source：Yole Développement 27

  28. Slide 28: Market Demand of n-SiC Substrate

    Market Demand of n-SiC Substrate 450,000 400,000 350,000 300,000 250,000 4吋 200,000 6吋 150,000 100,000 50,000 - 2017 2018 2019 2020 2021 2022 2023 source：Yole Développement 28

  29. Slide 29: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  30. Slide 30: Crystal Growth of SiC

    Crystal Growth of SiC 方法 LPE HTCVD PVT 圖示 LPE: Liquid Phase Epitaxial HTCVD: High Temperature Chemical Vapor Deposition PVT: Physical Vapor Transport

  31. Slide 31: Schematic of SiC PVT Crystal Growth

    Schematic of SiC PVT Crystal Growth 1. it is impossible to in-situ observe the crystal growth in the black box of graphite crucible. The SiC crystal seeds, graphite crucible and high-purity SiC raw materials can not be used again. It has to destroy the crucible to confirm the success or failure of t

  32. Slide 32: Summary of SI-SiC Crystal Growth

    Summary of SI-SiC Crystal Growth High purity Crystal Growth Vanadium Doping  The resistance of SI-SiC substrate is required to be more than 1e6 Ω· cm. There are two technologies to meet requirements: 氮 硼 1. By doping vanadium to modify the electrical properties of the substrate. It will cause 釩 cry

  33. Slide 33: Features of SiC Crystal Growth

    Features of SiC Crystal Growth Long Time Short Length High Purity Si：3~4 days Si：200 cm Raw materials SiC：7 days SiC：2 cm and Seed 33

  34. Slide 34: Process Flow of SiC Ingot

    Process Flow of SiC Ingot crystal head and surface orientation growth tail cut grinding ingot check edge cut orientation rounding 34

  35. Slide 35: Process Flow of SiC Wafer

    Process Flow of SiC Wafer orientation cutting annealing grinding QC cleaning polishing chamfering 35

  36. Slide 36: The 3rd semiconductor EQs developed by Kenmec

    The 3rd semiconductor EQs developed by Kenmec

  37. Slide 37: Outline

    Outline 1. Company Profile & Financial Report 2. Summary of 3 BUs 3. SiC Application & Market 4. SiC Substrate Process 5. Conclusions

  38. Slide 38: Conclusions

    Conclusions • There will be explosively market growth in SiC applied in both power devices and HF communications in the near future. • It is the prime time to invest in SiC substrate business, as the technology barriers and demand more than supply. • Tainergy and the subsidiary TASIC have actively s

  39. Slide 39: Tainergy 4934

    Tainergy 4934 Into The New Semiconductor Era

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