Potential of CMOS Image Sensors in Automotive Industry

Transcription

1 1 Potential of CMOS Image Sensors in Automotive Industry ADAS & AUTONOMOUS Nov. 2016

2 Safe Harbor Notice 2 KINGPAK s statements of its current expectations are forward-looking statements subject to significant risks and uncertainties and actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including but not limited to, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the electronic device industries; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates. Except as required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

3 Index: 3 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

4 Index: 4 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

5 1. CMOS Image Senor Market(in $%) 5 Market TAM: : $9.3B; 2015: $10.3B 2. Automotive CAGR( ) in $ ~23%

6 1. CMOS Image Senor Market(in $M) 6 Market TAM: : $10.3B; 2021: $18.77B 2. CAGR(2015~2021) in Revenue: 10.40% 15~ 21 Automotive Revenue CAGR 23%

7 2. CMOS Image Senor Market (in unit) billion Unit Market by 2021 Market TAM: B unit market by CAGR(2015~2021) in Unit: 8.95% 14~ 20 CAGR for Automotive(41%) & Security(34%) 15~ 21 CAGR for Automotive(25%) & Security(15%)

8 3. Who Are Major Players & Ranking (by Revenue) 8 SONY SAMSUNG OVT ON SEMI #1 in CCD Image sensor; leading BSI technology for Apple #1 Smartphone market share, plus leading Semiconductor Technology Working with TSMC, 1 st BSI release for Apple, leading in low-end market Merged Aptina in 2014, with a focus on Automobile & Security areas

9 Index: 9 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

10 How we target and position our market 10 A. CIS CAGR is higher than average 11% and market size is adequate B. Entry barrier is higher C. Free from "commodity trap"

11 A. Automotive 11

12 12 1. CMOS Automotive Camera Market (M units) 1. In 2015 the average number of camera per car is almost By 2021, roughly 3.5 cameras per car. 3. Some cars will require +10 cameras. 12

13 13 2. CMOS Automotive Market (Rev. Breakdown) a. After 3 years of intense growth the CIS automotive market is now well established. b. ON Semi is the dominant player in this market followed by Omnivision. c. The acquisition of Toshiba CIS Biz by Sony will modify the balance of power in the years to come.

14 3. Automotive Supply Chain 14 Audit Certification 資料來源 : Kingpak Management 1. The average timeline for camera module house to certify the system is ~ 1 to 2 years. 2. These Tier1 integrator have qualified Kingpak System/Products.

15 6. Automotive ADAS Trends 15

16 7. CMOS Automotive Market Trend Different Sensor Technology, including NIR, Infrared Cameras, etc 2. Up to 10 Cameras per car

17 8. Automotive Camera per Cars Roadmap Y2016(Current): Surround View(Display) 2. Y2020: Assistance for Driving Monitoring (Tesla) 3. After Y2020: more cameras due with Semi-Auto/ADAS demand

18 9. Automotive Market Trend for ADAS 18 Adoption(Built-in vs. Timing) Rate: years: 1~4ea per car for Surround View Display years: 4~8ea for Assistance(Driving Monitoring) 3. Over 10 years: 8~10ea per car for Semi-Auto(ADAS)

19 10. CMOS Automotive Market Trend 19

20 ADAS & Autonomous Sensor Technology Cameras are vital. 2. Strong growth in Camera 3. Volume demand for camera sensors to outstrip all other sensor types.

21 Image Sensors ADAS & Autonomous 21

22 Automotive Camera Market Trend A combination of sensor technology(sensor Fusion) brings a robust solution. 2. Current price/performance for Radars/Cameras do match industry expectation 3. Fusion with LiDAR will be particularly important onward of Autonomy.

23 Automotive LiDAR should be the start of LiDAR integration into every day automobile. 2. Autonomous vehicles are not accounted in this market prediction 3. It s expected the number of equipped vehicle to rise toward the million unit 2021.

24 Automotive Market Trend (Time of Flight) Gesture recognition is a the emerging stage. 2. Luxury vehicle such as BMW are implenting the approach. 3. Future of this technology is in the hands of those early Customers.

25 Why is ADAS Growing So Fast? 25

26 Image Sensor Are Vital Camera for the Image sensors is the dominant portion. 2. In 2015 the average number of camera per car is ~1.0ea. 3. Some Cars will require +10 cameras.

27 Camera Market Growth (1/2) 27

28 Camera Market Growth (2/2) Cameras are part of a broader range of sensing technology. 2. Front/Side Cameras tend to be Smartest with highest demanding.

29 29 Ranking--20 Leading ADAS Suppliers in

30 Leading Suppliers Ranking in the ADAS 30 30

31 B. Security /Surveillance 31

32 1. CMOS Security Market Forecast (M unit) 32 CMOS sensor sales for security systems and surveillance applications are expected to grow by a CAGR of ~+11.6%( )

33 2. CMOS Security/Surveillance(Revenue) 33

34 3. Security / Surveillance Supply Chain 34 資料來源 : Kingpak Management

35 Index: 35 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

36 A. ON Semiconductor : 1) Biz Strategies Headquarters: Phoenix, AZ Employees: ~23,000 globally Revenue: ~$3.5Bn (1) Market Capitalization: ~$4.2Bn (2) Ticker: ON Founded: Spun-off from Motorola 1999, IPO Remark: Strategies in Biz a. Investing in Automobile & Industrial Sectors to drive business Growth. b. #1 market share & expanding technology lead in automobile sectors. c. Strong position on Security / Surveillance sector. (1) 2014 revenue (2) According to NASDAQ - based on closing stock price on May 1, 2014 (3) Sector % based on 1Q14 results

37 2. ON Semiconductor -- Top Source: Gartner Dec 14, Preliminary Ranking of Top 25 Semiconductor Vendors by Revenue Remark: Rank in 2015: Top 20

38 3. ON Semiconductor CMOS in Automotive/Security Industrial ASIC #1 PC Core Power (DCDC) #1 Notebook Adapters (ACDC) #1 White Goods IPM #2 Adaptive Front Lighting #1 Automotive Image Sensors #1 Security Image Sensors #1 Audiology DSP Systems #1 Protection #1 GP Op Amps #2 Linear VREG #1 Automotiv e Wireless Devices Image Sensors Power Conversion & Motor Control Industrial IoT Sources: isuppli, IMS Research, Strategy Analytics, Fuji Chimera Research, ON Semiconductor Business Units and Corporate Marketing

39 39 B. SONY : 1. Image sensor Battle of the Giants : Sony invests $4B. What does it mean for the CIS industry? Sony s Core: 1. Sony CCD s Technology Transfer; Pioneer in BSI; 2. The new stacked sensors are presented as the next evolution step, right after BSI. 3. Capa expansion plan ~45% from60kpcs to 87Kpcs per month from Sept

40 1. Sony owns about 35% market share in CIS. 2. Now 3% share in automotive; to be No 1 in automotive sensors" by the time selfdriving cars are expected to hit the roads in early to mid-2020s. 3. Sony s new sensor is capable of capturing high-resolution color images in light conditions as low as lux, a level equivalent to that of a moonless night and one that is far below illumination levels under a star-filled night sky. New generation (higher resolution) products are also under mass production already. 2. Sony Aims at Automotive Cameras 40

41 C. Panasonic Towerjazz Panasonic Semiconductor Company is a joint venture 51% owned by Tower Semiconductor and 49% owned by Panasonic. 2. TPSCo manuafactures CMOS to meet the growing demand in high end photography, Security/surveillance and Automotive applications.

42 D. STMicroelectronics Since 1999 ST has been an industry leader in the CMOS design and manufacturing. 2. ST s sensors now address an increasing number of imaging applications in the automotive, security, medical and high-end traditional camera market.

43 Index: 43 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

44 1. Kingpak IPs 44 TechnolField Distribution (%) Memory card 11% Flip chip 3% Process/Test 4% ~550 patent applications BGA / CSP 19% CMOS 63% Remark 1 World#1 CSP Package Mass Production for DRAM 2 Y2000 started Micro SD PIP package, Y2005 World#1 MP 3 Most CMOS Image Sensor package IP Company Technology Field Distribution (Application count) 329 CMOS BGA / CSP Memory card Flip chip Process/Test CMOS BGA / CSP Memory card Flip chip Process/Test

45 2. Kingpak Product & Service a. Package Solutions 45

46 46 b. Kingpak Dedicated Reconstructed Assembly Class 10 clean room for CMOS Image Sensors Auto/Visual Inspection Polish Grinding Laser Grooving Auto/Visual Inspection

47 c. Kingpak Final Test Industrial Standard System In-house Developed System

48 3. Kingpak Quality System Qualification & Certification 48 Contin ental May 2012 Kostal Mar 2013 Hitachi AMS Aug 2013 Hyundai Oct 2013 Mando Oct 2013 LGIT (Innotek) Oct 2013 Bosch Apr 2014 Valeo Jun 2014 Delphi Jul 2014 Denso Aug 2014 Panasonic Nov 2015 Continuous +10 Automotive Customers Audit Pass at Excellence Grade Remark : The average timeline for camera module house to certify the system is around 1 to 2 years.

49 4. Entry Barriers for Package Stage 1: IP Patent Over 500 Patents, and 62% focus on CMOS Stage 2: Quality System System certify : TS16949 ; ISO dppm target : 6 sigma implement Passed Tier 1 customer audit Stage 3: Process Control High Level Clean room setup : Class 10 Good experience & Know-How at Particle control Stage 4: Technical Supporting Fully Turn-Key Solution Small Pixel size Handling experience Package development Know-How & Profile Stage 5: Management Team Over 15 years CMOS experience Elite Long term Relationship w/ Suppliers 49

50 Index: 50 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

51 1. CMOS Image Sensors Upstream/Down Stream Technology Drives 51 BSI (Back Side illuminated) Pixel isolation / CFA Tech. 3D Stack IC Quantum Dot Film Frond-End Packaging / Assembly Higher Level Reliability Small Form Factor Lower Cost PDAF (Phase Detection AF) edof (Extended Depth of Field ) HDR (High Dynamic Range ) Software / Design Optical Module WLO (Wafer Level Optical ) OIS (Optical Image Stabilization) Dual Camera Lens

52 2.1 Competition Technologies & Analysis ibga xx BGA CSP CLCC COB Strength Reliability Image Quality High Speed Design Reliability Image Quality High Speed Design Dimension Package Cost Weakness Dimension Dimension Reliability Image Quality Opportunit y Threat Potential Competito rs Coating glass embedded Electrical performance Lower package cost for 12 inch CSP Coating glass embedded Electrical performance Lower package cost for 12inch CSP 12 inch wafer for lower package cost Coating Glass High speed design limitation Reliability Thermal Performance Package Cost Module Reliability Dimension Easy Package Tech. Less material supplier Dimension Cost Reliability Module Yield Cycle Time After Market Yield control

53 2.2 Competition Technologies & Analysis 53

54 Index: 54 Ⅰ Climate Analysis Ⅱ Segmentation, Targeting and Positioning A. Automotive B. Security and Surveillance Ⅲ Target Customers Analysis Ⅳ Kingpak Company Analysis Ⅴ Kingpak Competition Analysis Ⅵ Performance Updated

55 KINGPAK 1~3Q 2016 Consolidated Statement of Financial Information(YoY) 55 Unit:USD K 1~3Q-2015 % 1~3Q-2016 % Y on Y. Revenue 58,846 56, % Gross profit 14, % 16, % 15.0% Operating income 8, % 10, % 24.6% EPS ROA 28.00% 19.62% -8.39% ROE 49.10% 35.65% -13.4% Debt/Assets 56.92% 49.68% -7.2% Current ratio % % -56.7% Quick ratio % % -30.0% Better product migration & mix

56 KINGPAK 1~3Q 2016 Consolidated Statement of Financial Information 56 Unit:USD K 70, ,000 50, ,000 30, ,000 10, ~3Q ~3Q-2016 Revenue 58,846 56,245 Gross profit 14,214 16,342 EPS

57 KINGPAK Q Consolidated Statement of Financial Information(QoQ) 57 Unit:USD K Q % Q % Q % Q % Q % Q % Q % 2016 Q2 o Q3 Revenue 22,503 16,217 20,127 21,668 22,029 17,554 16, % Gross profit 5, , , , , , , % Operating income 2, , , , , , , % EPS* ROA 25.33% 20.25% 28.00% 34.11% 28.38% 22.91% 19.62% -3.29% ROE 58.47% 40.97% 49.10% 49.38% 46.63% 42.94% 35.65% -7.29% Debt/Assets 72.39% 67.56% 56.92% 40.60% 38.79% 52.30% 49.68% -2.62% Current ratio % % % % % % % 15.25% Quick ratio 99.20% % % % % 98.42% % 16.34% EPS*:retroactive adjustment

58 KINGPAK Q Consolidated Statement of Financial Information 58 Unit:USD K 25,000 20, Unit:USD 15,000 10, , Q Q Q Q Q Q Q Revenue 22,503 16,217 20,127 21,668 22,029 17,554 16,662 Gross profit 5,007 3,486 5,720 6,316 7,183 5,211 3,948 EPS

59 KINGPAK Q ROE/ROA % 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Q Q Q Q Q Q Q ROE 58.47% 40.97% 49.10% 49.38% 46.63% 42.94% 35.65% ROA 25.33% 20.25% 28.00% 34.11% 28.38% 22.91% 19.62% 註 1: 當季資產 / 股東權益報酬率係年化比率

60 KINGPAK Q Key Financial Indices 60 Financial Structure (%) Ratios Analysis Q Q Q Q Q Q Q Ratio of Liabilities toassets Debt of Long Fund to Bank Property and Equipment Solvency Current Ratio (%) Quick Ratio Times Interest Earned Ratio Account Receivable Turnover Operationg Days Sales in Account Receivable Ability Account Payable Turnover Profitability Days Pay in Account Payable Cash Turnover Inventory Turnover Average Days in Sales Fixed Property and Equipment Turnover Total Assets Turnover Ratio of Return on Total Assets Ratio of Return on Shareholder s Equity Profit Ratio Earnings per share EBITDA 3,955 2,470 4,871 5,398 5,519 4,367 3,759 Net Equity per share

61 KINGPAK Q Business Segment (In Revenue) 61 Unit:USD in Million US$7.87 US$3.62 US$3.77 US$4.43 US$4.78 US$1.79 US$1.99 US$0.64 US$3.37 US$4.08 US$3.10 US$3.95 US$3.00 US$5.53 US$3.27 US$4.65 US$2.65 US$1.98 US$4.43 US$5.91 US$6.53 US$7.46 US$5.65 US$7.55 US$9.95 US$10.84 US$7.87 US$6.13 Q Q Q Q Q Q Q ~3Q-2016 YoY +21% For Automotive in Revenue. Automotive Security Consumers Memory

62 62 KINGPAK Q Business Segment (In %) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4% 10% 22% 19% 20% 22% 11% 20% 35% 9% 24% 27% 21% 20% 34% 18% 39% 12% 18% 16% 14% 46% 49% 45% 33% 35% 38% 37% Q Q Q Q Q Q Q Automotive Security Consumers Memory

63 63 ~THANK YOU~