穩懋半導體公司簡介

2024年8-9月

WIN Semiconductors Confidential

免責聲明

 本資料可能包含對於未來展望的表述。該類表述是基於對現況的預期，
但同時受限於已知或未知風險或不確定性的影響。因此實際結果將可
能明顯不同於表述內容。

 除法令要求外，公司並無義務因應新資訊的產生或未來事件的發生主
動更新對未來展望的表述。

WIN Semiconductors Confidential 2

大綱

 產業概況

 營運結果與展望

 Q&A

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產業概況

WIN Semiconductors Confidential 4

 The Megatrend

Ubiquitous AI Access

3D Holographic Teleoperation Autonomous Vehicle True Smart City

Meeting & UI Surgery & Vehicle >10X Devices
Connected/area

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快速增加的全球數據流量

To increase data transmission capacity:

1. Increase number of devices; and
2. Improve performance of devices (spectrum efficiency)

3000

1 EB=1 billion GB
2500 2443

568 Enterprise & Others

2000
EB / Month

468 Consumer Mobile

1500

1000

507 1407
500 Consumer Fixed

0
2022 2023 2024 2025 2026 2027 2028 2029 2030

Source: Nokia.
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 超高速數據傳輸
Driven by massive data generated by vast computing, storage,
and sensing devices.

Wi-Fi 7 World-Leading
SAW & BAW
7th
Filters
Gen. HBT

World Class Reliable InP

RF HBT with
B5G/6G GaN HEMT Cutoff Freq.
technology ≥300GHz
World-Leading
mmWave
pHEMT
Satellite comm.

InP-based
Telecom PIC and
laser sources

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Wi-Fi 7使得GaAs PA用量增加
• Wi-Fi 7 data rate increased by spectrum, channel bandwidth and modulation.
• GaAs provides the best performance for high linearity, high frequency and
broadband applications.
• External PA demand will grow with Wi-Fi 7.
Wi-Fi 6 Wi-Fi 6E Wi-Fi 7
Bands 2.4GHz, 5GHz 2.4GHz, 5GHz, 6GHz 2.4GHz, 5GHz, 6GHz

Channel Size 20,40,80, 80+80,160MHz Up to 320MHz

Modulation 1024-QAM 4096-QAM

4,500
4,000
3,500 Wi-Fi 7
3,000
Munits
2,500 Wi-Fi 6E
2,000
1,500 Wi-Fi 6
1,000
500
Wi-Fi 5
0
Source: TSR. 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

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5G智慧型手機增加PA用量

• 5G smartphone shipments surpassed 4G in 2023.

• Higher PA content in 5G smartphones compared to 4G.

Smartphone Market Breakdown by Cellular Standard

20.7% 55.0% 78.8%

PA volume in Smartphone
4G 4 ea
5G
6 ea
LTE
5G 7 ea (+N77)
8 ea (+N77, N79) 3G

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Source: TSR.
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 衛星通訊實現無縫接軌
• LEO launch and NTN for direct to cell application deployment.

<6GHz
pHEMT, GaN, 0.1/0.15/0.25μm HBT, GaN 0.25μm

UT Cell phone
Gateway

PtP
pHEMT, 0.15/0.1μm

Infrastructure

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 智慧型感測
Driven by innovative applications toward a safer, environmental friendlier,
and more immersive experience lifestyle for people.
SWIR/NIR Back-emitting
VCSEL VCSEL
AR / VR / XR
with Optics
On-VCSEL
Optics
Technology
3D Sensing
For
Mobile devices InP-based
Photodetectors
(APD & PIN)
Biometric
Sensors

SWIR EEL

Automotive Multi-junction Addressable

LiDAR & In-Cabin High power VCSEL
VCSEL Array (6”)

Industrial

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 下一個汽車應用重要趨勢 – LiDAR 及
DMS/OMS
• Market report estimates a strong CAGR of 62% for automotive LiDAR application.
• Hybrid and pure solid-state LiDAR are becoming the mainstream technology.
Semiconductor laser as the LiDAR light source will be beneficial from this
technology trend.
• Both GaAs VCSEL and InP EEL are the strong contenders each with its own merits.

LiDAR Market by shipment in M units

7.13

0.63

2022 2023 2024 2025 2026 2027 2028

Source: YOLE.
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 大數據計算與儲存
Driven by rapidly increased AI servers in data center and new computation technology.

100 Gbps/lane WIN pHEMT

VCSEL LD/Modulator
Hyper Scale
Driver IC
Data Center On
MMF Optics 800G/400G 6” wafer

InP-based InP-based
Inter-Chips BH DFB LD High-speed
Optical Interconnect Photodiodes
(APD&PIN)

Mid and Long- InP-based

Reach Photonic IC
SMF Optics
for AI Servers

Source: Trumpf

Quantum Computing

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AI Data Center
 AI資料中心催化雷射&驅動IC的需求
• Driven by rapidly increased AI servers demand, the high speed and short
range solution from VCSEL keep penetrating into DCI applications.

Data Center Interconnect

At Next
Distance Laser
Present Gen

Spine
400G 800G
Spine - Leaf >2km DFB/EML LR/ER/ER LR/ER/ER

Leaf
400G 800G
Leaf - Server <2km DFB/EML DR/FR DR/FR

400G 800G
Server - Server <100m VCSEL AOC/SR AOC/SR Servers

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 A Simplified Optical Transceiver

Receiver
Optical Electrical
Signal Signal
Detector
Rx (PIN or APD)
In Trans-Impedence Limiting Amplifier
Amplifier (TIA) (LA)

Transmitter
Optical Laser/Modulator
Signal Electrical
Driver IC
Tx Signal
Modulator Laser Diode
(EAM or MZM) (VCSEL or EEL)
Out
 穩懋的策略

Market-leading
Customers

#1 III-V Foundry
with Broadest
Technology Portfolio

World-leading
& Proven
III-V Technologies

Serve market-leading customers with our most comprehensive world-leading and proven
III-V manufacturing technologies in the fast growing markets along the megatrend.
WIN Semiconductors Confidential 17
營運結果與展望

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 營收及毛利趨勢
 第二季營收為新台幣49.61億元，較前一季增加12%，較去年同期增加26%。

 第二季因受到合併子公司所持有的中國客戶上市股票本季股價下跌而影響毛利率
-3.1個百分點，不過因優於上一季的產能利用率及產品組合，以致營業毛利率為
27.2%，營業淨利率為10.1%，分別較前一季增加4.8及6個百分點。

Quarterly revenue trend Quarterly margin trend

NT$M
6,000 80% 40%

60% 30%
5,000

40% 20%
4,000
20% 10%
3,000
0% 0%
2,000
-20% -10%

1,000 -40% -20%

0 -60% -30%
3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24

Revenue YoY % Gross margin Operating margin Net margin

Source: Company.

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 獲利趨勢

 第二季歸屬於母公司淨利為NT$4.85億元，前一季為NT$4.07億元；第二季EPS
為NT$1.14元，第一季為NT$0.96元。

NT$M
Earnings & growth trend NT$ EPS
800 1.50

600

400 1.00

200
0.50
0

-200 0.00
-400

-600 (0.50)

-800
1Q23

2Q24
3Q22

4Q22

2Q23

3Q23

4Q23

1Q24

(1.00)
3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24
Operating profit Profit attributable to owners of parent

Source: Company.

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產品組合
2Q23

Others*
18%
2Q24
Cellular
30-35%
Others*
12%
Wi-Fi
15-20%

Wi-Fi Cellular
Infra.
25-30%
15-20% 40-45%

1Q24

Others*
15%

Infra.
Wi-Fi
10-15% Cellular 25-30%
45-50%

* Others: 未歸屬於以上主要產品別之營收，以及因應IFRS要求而併入集團
Infra. 之合併營收
20-25%
Source: Company.

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未來展望

 2024年第三季營收預計較前一季下滑 high single digit百分比。

 2024年第三季毛利率預計約為 mid-twenties 的水準。

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附件 - 財務狀況

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合併綜合損益表 – 第二季
2Q'24
(新台幣 百萬元) 2Q'23 1Q'24 QoQ YoY
(自結數)
營業收入 3,944 4,442 4,961 +12% +26%
營業毛利 791 995 1,352 +36% +71%
營業毛利率(%) 20.1% 22.4% 27.2%
營業費用 (961) (811) (850) +5% -12%
營業費用率(%) -24% -18% -17%
營業淨利(損) (170) 184 501 +173% –
營業淨利(損)率(%) -4.3% 4.1% 10.1%
營業外收支淨額 (191) 125 (46)
稅前淨利(損) (362) 309 455 +47% –
所得稅(費用)利益 86 (42) (62)
本期淨利(損) (276) 267 393 +47% –
淨利(損)率(%) -7.0% 6.0% 7.9%
其他綜合損益(稅後淨額) 249 970 900
綜合損益總額 (27) 1,237 1,293 +5% –
本期淨利(損)歸屬於母公司業主 (97) 407 485 +19% –
每股純益(元) (0.23) 0.96 1.14 +19% –

年化ROE(%) -1% 5% 5%
約當產能利用率 (%) 40% 55% 65%
折舊費用 1,172 1,170 1,159
資本支出 540 303 343

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合併綜合損益表 – 上半年

2024H1
(新台幣 百萬元) 2023H1 YoY
(自結數)
營業收入 6,803 9,404 +38%
營業毛利 1,117 2,346 +110%
營業毛利率(%) 16.4% 24.9%
營業費用 (1,882) (1,661) -12%
營業費用率(%) -28% -18%
營業淨利(損) (765) 685 –
營業淨利(損)率(%) -11.2% 7.3%
營業外收支淨額 (152) 79
稅前淨利(損) (917) 764 –
所得稅(費用)利益 163 (103)
本期淨利(損) (755) 660 –
淨利(損)率(%) -11.1% 7.0%
其他綜合損益(稅後淨額) 680 1,870
綜合損益總額 (75) 2,530 –
本期淨利(損)歸屬於母公司業主 (499) 892 –
每股純益(元) (1.18) 2.10 –

年化ROE(%) -3% 5.1%

約當產能利用率 (%) 30% 60%
折舊費用 2,249 2,329
資本支出 1,076 646

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 營業外收支

2Q'24 2024H1
(新台幣 百萬元) 2Q'23 2023H1
(自結數) (自結數)
外幣兌換損益 (650) (12) (656) (33)

處分不動產、廠房及設備損益 - (0.2) (23) (0.2)

買回應付公司債利益 540 - 555 -

按攤銷後成本衡量之金融負債利益 - - - 254

透過損益按公允價值衡量之金融資產及負債淨損益 (8) 32 148 80

採用權益法認列之關聯企業及合資損益之份額 (18) 42 (34) 38

財務成本 (171) (203) (310) (403)

其他 115 96 167 144

總計 (191) (46) (152) 79

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 合併資產負債表
2024/6/30
2023/6/30 2024/3/31
(新台幣 百萬元) 重要科目 (自結數)
$ % $ % $ %
現金及約當現金 7,054 11% 5,592 9% 5,296 8%
透過損益按公允價值衡量之金融資產-流動 103 0.2% 142 0.2% 143 0.2%
應收票據及帳款淨額 971 1% 1,188 2% 1,533 2%
存貨 4,996 8% 5,314 8% 5,237 8%
長期投資 15,494 24% 16,807 26% 17,566 27%
不動產、廠房及設備 32,843 50% 31,978 49% 31,302 48%
資產總計 65,110 100% 64,745 100% 65,014 100%

流動負債 14,586 9,148 11,504

一年內可執行賣回權公司債 6,214 - -
一年內到期之長期借款 3,518 4,601 6,981
長期借款 15,366 17,943 14,600
負債總額 31,045 48% 28,156 43% 27,129 42%
普通股股本 4,239 4,239 4,239
歸屬於母公司業主之權益 32,477 35,304 36,679
權益總計 34,064 52% 36,590 57% 37,884 58%
1
每股淨值(元) 76.61 83.28 86.52
重要財務指標
流動比率 92% 139% 110%
負債比率 48% 43% 42%

1 每股淨值=歸屬於母公司業主權益/普通股股數

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 Q&A

For more information regarding WIN

www.winfoundry.com

For all inquiries, suggestions, and comments

[email protected]

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