C SUN MFG., LTD (志聖) 2024Q1 法說會簡報
Company Overview
- Company Name: C SUN MFG., LTD (志聖)
- Establishment: 1966
- Public Listing: Listed on Taiwan stock exchange in 2001
- Ownership: Family and employees hold over 40% of shares
- Business Scope: A leader in process equipment, ranging from Printed Circuit Boards (PCB), Flat Panel Displays (FPD), and IC Substrates to advanced packaging
- G2C+ Alliance Strategy (G2C+ 聯盟策略):
- Alliance Name: G2C+
- Slogan: 合力共創 同行致遠 (Collaborate to create, advance together)
- Members: 志聖 (c sun), 創峰 (tcf), 均豪 (GPM), 均華 (GMM), 祁昌 (UTRON), 視動 (M)
- Strategic Pillars:
- 市場第一 (Market Leader)
- 貼近領先客戶 (Close to Leading Customers)
- 技術創新 (Technological Innovation)
- Management Philosophy (司徒達賢 - Sī Tú Dá Xián): 『管理即整合』 (Management is Integration)
- Business Paradigm Shift (邱奕嘉 - Qiū Yì Jiā): 『經營典範的轉移在於: 競爭導向 → 共榮共生; 阻絕屏蔽 → 串連相通; 產品服務 → 生態系鏈; 一己之力 → 借力使力』 (The shift in business paradigm lies in: Competition-oriented → Co-prosperity and co-existence; Blocking barriers → Interconnection; Product services → Ecosystem chain; Individual strength → Leveraging external strength)
- Business Philosophy: ALL WIN
- Core Principle: Well-intentioned motives lead careers to success
- Quote (From 『Heart』Inamori Kazuo): "Whether it is starting a business or challenging a new job, the first thing I think about is: Is this good for the world? Is it altruistic? Any business that can be confidently based on altruistic and "good motives” will, without exception, achieve good results in the end"
Financial Highlights
| Metric | 2024/4~5月 | 2024Q1 | 2023Q1 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue-Consolidated | 823 | 1,080 | 967 | 3,626 | 5,367 | 5,723 | 4,086 | 4,438 | 5,700 |
| COGS | 613 (56.8%) | 606 (62.6%) | 2,120 (58.5%) | 3,459 (64.4%) | 3,781 (66.1%) | 2,538 (62.1%) | 3,170 (71.4%) | 3,902 (68.5%) | |
| Gross Margin | 467 (43.2%) | 361 (37.4%) | 1,506 (41.5%) | 1,908 (35.6%) | 1,942 (33.9%) | 1,547 (37.9%) | 1,268 (28.6%) | 1,798 (31.5%) | |
| Operating Expense | 312 (28.9%) | 236 (24.4%) | 1,104 (30.4%) | 1,178 (22.0%) | 1,202 (21.0%) | 1,017 (24.9%) | 954 (21.5%) | 1,119 (19.6%) | |
| Operating Income | 155 (14.3%) | 125 (12.9%) | 403 (11.1%) | 730 (13.6%) | 740 (12.9%) | 531 (13.0%) | 314 (7.1%) | 679 (11.9%) | |
| Net Non-Op. Profit | 86 (8.0%) | 21 (2.2%) | 181 (5.0%) | 231 (4.3%) | 135 (2.4%) | 75 (1.8%) | 104 (2.3%) | 106 (1.9%) | |
| Net Income before tax | 241 (22.3%) | 147 (15.2%) | 584 (16.1%) | 961 (17.9%) | 875 (15.3%) | 606 (14.8%) | 418 (9.4%) | 785 (13.8%) | |
| Net Income after tax | 178 (16.4%) | 141 (14.6%) | 530 (14.6%) | 783 (14.6%) | 716 (12.5%) | 475 (11.6%) | 338 (7.6%) | 598 (10.5%) | |
| Attribute to stockholder's of the parent | 172 (15.9%) | 130 (13.5%) | 486 (13.4%) | 719 (13.4%) | 660 (11.5%) | 439 (10.7%) | 312 (7.0%) | 556 (9.8%) | |
| ROE | 4.76% | 3.90% | 14.11% | 22.03% | 23.04% | 16.46% | 11.64% | 21.83% | |
| EPS (NT$/after tax) | $1.15 | $0.83 | $3.12 | $4.59 | $4.35 | $2.94 | $2.09 | $3.73 | |
| Debt Ratio | 58.18% | 57.34% | 57.34% | 57.52% | 58.44% | 60.26% | 58.66% | 58.23% |
Business Segments
- Recent Performance and Results:
- Award: 2023 EXCELLENT PERFORMANCE AWARD for Excellent Production Support from Taiwan Semiconductor Manufacturing Company, Ltd. (TSMC)
- 2024Q1 Industry/Product Portfolio (產業/產品組合): Approximately 49% of revenue in 2024Q1 came from CoWoS and HPC IC Substrates Related Tools
- Product Categories/Segments: SEMI (Semiconductor), IC Substrates, Other Electrics, PCB (Printed Circuit Board), FPD (Flat Panel Display)
Products & Technologies
- IC Substrate Equipment:
- Lamination
- Vacuum Lamination (e.g., WVL-A320 model)
- ABF Peeler
- HBM Packaging Equipment:
- Auto Oven
- Advanced Packaging Equipment:
- Lamination
- Bonder
- Auto Oven
- UV Cure
- Specific Process Equipment (CSUN's Contribution to 2.5D Process Flow):
- 光阻 Pre Bake (CSUN)
- 光阻 Post Bake (CSUN)
- 厚光阻 Pre Bake (CSUN)
- 厚光阻 Post Bake (CSUN)
- Under fill Bake (CSUN)
- Release Layer Post Bake (CSUN)
- Under fill Baking (CSUN)
- Device wafer & Carrier glass2 bond (CSUN)
- UV Cure (CSUN)
- DAF Lamination (CSUN)
- BG tape Lamination (CSUN)
- Pressure Anneal (CSUN)
Clients & Markets
- Southeast Asia Market Expansion (東南亞市場拓展):
- Thailand (泰國): IDM In-house Assembly and Test Services: NXP (恩智浦), ON Semiconductor (安森美)
- Malaysia (馬來西亞): IDM In-house Assembly and Test Services: Intel (英特爾), Texas Instruments (德州儀器), NXP (恩智浦), Infineon (英飛凌), STMicroelectronics (意法半導體), Renesas Electronics (瑞薩電子), ON Semiconductor (安森美), Micron (美光)
- Singapore (新加坡): Wafer Foundry Services: SSMC, UMC (聯電), GlobalFoundries (格羅方德), Vanguard International Semiconductor (世界先進)
ESG / Sustainability
- No specific information provided in the given content
Outlook & Strategy
- AI Server Shipments (AI伺服器出貨量):
- 2022: 855 units
- 2023(E): 1,183 units (YoY: 38.4%)
- 2024(F): 1,504 units (YoY: 27.1%)
- 2025(F): 1,895 units (YoY: 26%)
- 2026(F): 2,369 units (YoY: 25%)
- AI-capable PC Shipments:
- 150 million+ AI-capable PCs are projected to ship by the end of 2025
- AI-capable share of total PC shipments is expected to grow from 18% in 2024 to 70% in 2028
- AI-capable PC units show a +44% CAGR (2024 to 2028)
- Semiconductor Demand Trends:
- SoC Demands: For Consumer AI PC/Smartphone, more likely related to SoIC/PLP Processes
- HPC/GPU Demands: For Cloud Hyperscalers and CSPs, more likely related to CoWoS Processes
- Southeast Asia Semiconductor Market Forecast (東南亞半導體市場預估):
- Market revenue in billion U.S. dollars (Discrete semiconductors, Integrated circuits, Optoelectronics, Sensors and actuators):
- 2023: 92.05
- 2024*: 100.89
- 2025*: 110.37
- 2026*: 119.83
- 2027*: 130.05
- Market revenue in billion U.S. dollars (Discrete semiconductors, Integrated circuits, Optoelectronics, Sensors and actuators):
Additional Data
- Strategic Initiatives and Plans:
- AI Western Corridor: The Shining Diamond Chain of Advanced Packaging (AI西部走廊:先進封裝的閃耀鑽石鏈): Focus on advanced packaging solutions driven by AI growth
- CSUN/G2C Advanced Packaging Industry Positioning (志聖/G2C先進封裝產業定位): Strategic positioning within the advanced packaging sector
- AI Computing Power and Process Technology Development (AI算力與製程技術發展): Development in line with AI computing demands and process technology
- Exhibition News (展會快訊):
- Upcoming Exhibitions:
- 9/4~9/6 SEMICON TAIWAN
- 10/23~10/25 TPCA SHOW
- Noted for having The Largest Booth in 2023 SEMICON Taiwan
- Upcoming Exhibitions: