WinWay Technology Co., Ltd. (穎崴科技股份有限公司) [6515] 2025Q2 法說會簡報

Company Overview

• Company Name: 穎崴科技股份有限公司 (WinWay Technology Co., Ltd.)
• Stock Code: 股票代號 6515
• Event: 法人說明會 (Investor Conference)
• Date: 2025.05.19
• Establishment Date: April 10, 2001
• Service Items: R&D, design, and manufacturing sales of semiconductor test interfaces
• Chairman & General Manager: 王嘉煌 (Wang, Chia-Huang)
• Paid-in Capital: NTD 358,603,260
• Number of Employees: 986
• Registered Address: No. 68, Chuangyi S. Rd., Nanzi Dist., Kaohsiung City
• Locations:
  • Kaohsiung Headquarters
  • Hsinchu Branch
• Global Presence:
  • Europe: Netherlands, Dresden, Munich, Israel
  • Asia: Korea, Japan, China, Taiwan, India, Philippines, Singapore, Malaysia
  • North America: Vancouver, Toronto, Santa Clara, Phoenix, Austin
• Business Philosophy: Focus on customer needs for semiconductor testing, emphasizing technological innovation and quality.

Financial Highlights and Key Metrics

• 2024 EPS: 34.31
• Dividend: 25.0
• Product Mix (1Q 2025):
  • Coaxial Socket: 41%
  • RF & Plastic Socket: 8%
  • Contact Element: 8%
  • Probe Card: 36%
  • Burn-in Socket: 3%
  • Others: 4%
• Product Applications (1Q 2025):
  • HPC & AI: 49%
  • PC & Gaming: 37%
  • Smart Phone: 6%
  • Networking & Others: 8%
• Customer Advanced Process Share (2024):
  • Advanced Node (7nm or below): 76%
  • Mature Node: 24%

Recent Performance and Results

• Quarterly Revenue (NTD Million):
  • 1Q24: 1,073
  • 2Q24: 1,256
  • 3Q24: 1,930
  • 4Q24: 1,539
  • 1Q25: 2,297
• Monthly Revenue (NTD Million):
  • Jan'25: 668
  • Feb'25: 907
  • Mar'25: 722
  • Apr'25: 657
• EPS (NT$):
  • 1Q24: 5.81
  • 2Q24: 6.52
  • 3Q24: 11.75
  • 4Q24: 10.23
  • 1Q25: 17.21
• Margins:
  • Gross Margin:
    • 1Q24: 43%
    • 2Q24: 43%
    • 3Q24: 41%
    • 4Q24: 48%
    • 1Q25: 49%
  • Operating Margin:
    • 1Q24: 21%
    • 2Q24: 20%
    • 3Q24: 25%
    • 4Q24: 26%
    • 1Q25: 32%
  • Net Margin:
    • 1Q24: 18%
    • 2Q24: 17%
    • 3Q24: 21%
    • 4Q24: 23%
    • 1Q25: 27%
• NET INCOME (NTD M):
  • 1Q24: 200
  • 2Q24: 224
  • 3Q24: 404
  • 4Q24: 358
  • 1Q25: 613

Future Outlook and Guidance

• AI Economic Impact: Projected to reach $19.9 Trillion by 2030, contributing to 3.5% of Global GDP.
• Worldwide AI Forecast (2024-2028):
  • 2024: $246B
  • 2025: $337B
  • 2028: $749B
• Semiconductor Total Market (2024-2028 Forecast) - USD Billion:
  • Total Market:
    • 2024E: $503.4B
    • 2025E: $569.4B (+13.1% growth)
    • 2026E: $581.9B (+2.2% growth)
    • 2027E: $624.8B (+7.4% growth)
    • 2028E: $695.1B (+11.2% growth)
  • Non-Memory Portion:
    • 2024E: $169.6B (+80.0% growth)
    • 2025E: $210.3B (+24.0% growth)
    • 2026E: $218.7B (+4.0% growth)
    • 2027E: $218.5B (-0.1% growth)
    • 2028E: $207.8B (-4.9% growth)
  • Memory Portion (calculated):
    • 2024E: $333.8B
    • 2025E: $359.1B
    • 2026E: $363.2B
    • 2027E: $406.3B
    • 2028E: $487.3B
• SLT&SFT (System Level Test & System Functional Test) 2024-2029 CAGR: More than 15%
• Probe Production Capacity:
  • 2025 Demand: 8M / Month
  • 2025 Capacity: 4.5M / Month

Strategic Initiatives and Plans

• Global Service: Aim to be a leading professional test service provider in IC testing.
• Leadership in Semiconductor Test Interfaces:
  • 2024 Test Socket Ranking: 1st
  • 2024 Test and Burn-in Socket Ranking: 2nd
  • 2024 Probe Card Ranking: 18th
• Addressing Advanced Packaging Trends:
  • CoWoS, Chiplet, CPO
• Importance of Wafer Test: Focus on K.G.D for CoWoS, Chiplet, and CPO.
• AI Products Driving System Test Growth: Focus on SLT&SFT.
• Future Trends in High-Speed Burn-in Test: Emphasis on Functional Burn-in.
• In-House Probe Manufacturing: Strategy of "Socket All in House" for cost reduction and customer expansion.

Key Charts, Graphs, and Data Points

• Worldwide AI Forecast (2024-2028): Bar chart.
• Semiconductor Total Market (2024-2028 Forecast): Stacked bar chart.
• Quarterly Revenue: Bar chart.
• Monthly Revenue: Bar chart.
• Profit Performance: Line and bar charts for margins and net income.
• Global Customer Revenue Share: Pie chart.
• Customer Advanced Process Share: Pie chart.
• Probe Production Data: Bar chart.

All Important Product Names, Terms, and Concepts

• Test Interface Products:
  • Spring Probe for Socket
  • Coaxial Socket
  • HyperSocket™
  • Vertical Probe Card
  • MEMS Probe Card
  • Burn-in Socket
  • RF & Plastic Socket
  • Contact Element
• Test Stages/Methodologies:
  • Wafer Sort
  • Final Test
  • System Level Test
  • System Functional Test
  • Functional Burn-in
  • DFT
  • DFM
• Advanced Packaging Technologies:
  • CoWoS
  • Chiplet
  • CPO
  • K.G.D
• Probe Card Types:
  • MEMS VPC
  • WLCSP Probe Card
  • Cobra VPC
• Key Concepts/Applications:
  • AI, HPC, ASIC, GPU, CPU
  • IoT, DTV, STB, NAND Flash
  • Data Centers, Automotive, High Power Consumption
• Silicon Photonics CPO Components:
  • PIC, ASIC, OE, EIC
• Industry Players/Roles:
  • IC Design, IDM, CSP, OSAT, Foundry

Products, Services & Technology

• Service Offerings: Comprehensive semiconductor test interfaces, IC testing services.
• Manufacturing Facilities:
  • Kaohsiung Probe Plant
  • Kaohsiung Plant
  • Hsinchu Plant
  • Suzhou Plant
• Complete Semiconductor Test Solutions:
  • Wafer Sort
  • Final Test
  • System Testing
  • Dynamic Aging Test
• Design Methodologies: Integrated DFT and DFM.
• WinWay HyperSocket™: Next-generation socket design for high-speed applications, possesses excellent heat dissipation.
• Silicon Photonics CPO Test Solution: Comprehensive testing solutions for Co-Packaged Optics components.
• High-Speed Burn-in Test: Focus on Functional Burn-in applications.
• In-House Probe Manufacturing: Initiative for cost-efficient customer service.

Disclaimer: The forward-looking information expressed could differ from actual results based on various external factors beyond the company's control.

Contact Information:

• Email: sales@winwayglobal.com
• Phone: +886 7 361 0999 / +886 3 656 8282
• Website: www.winwayglobal.com

Security Classification: RESTRICTED SECURITY C
Copyright: ©2024 WinWay Technology Co., Ltd. All rights reserved.