易華電子股份有限公司 (JMC ELECTRONICS CO., LTD) 2025/08 法說會簡報

Company Overview

• Company Name: 易華電子股份有限公司 (JMC ELECTRONICS CO., LTD)
• Stock Code: 6552
• Establishment Date: 1973年10月6日 (October 6, 1973)
  • Original Name: 台灣住礦電子股份有限公司 (Sumitomo Electric Industries (Taiwan) Co., Ltd.)
• Paid-in Capital: 新台幣8.3億元 (NT$ 830 million)
• Number of Employees: 603人 (As of end of July 2025)
• Address: 高雄市楠梓區新開發路8號 (No. 8, Xinkaifa Rd., Nanzi Dist., Kaohsiung City)
• Service: Professional Reel-to-Reel Fine-Pitch Service

Board of Directors & Management Team

• Chairman (董事長): 萬文財 (Wan Wen-Tsai)
• General Manager (總經理): 黃梅雪 (Huang Mei-Hsueh)

Major Shareholders

• 長華 (Chang Wah): 42.8%
• 南茂 (ChipMOS): 10%

Main Products

• 捲帶式高階覆晶薄膜IC基板 (Reel to Reel Chip on Film, COF)

Products, Services & Technology

Core Technology

• Reel to Reel

Manufacturing Processes

• Subtractive (減成法):

  • Competitive Advantages: Fast production speed, high efficiency; independent technical capability, stable production yield.
  • Product/Technical Capability:
    • COF
      • Copper thickness: #~8um
      • Line width: >=20um Pitch
      • Pin count: =<1440 Channel/48mm
  • Product Application: 1-Metal (單面) COF for LCD TV, LCD Monitor, Notebook, Vehicle.

• Semi-Additive (半加成法):

  • Competitive Advantages: High-precision dimension control for COF products, can improve panel module assembly yield; helps customers reduce Total Cost; high production yield and stable quality.
  • Product/Technical Capability:
    • COF
      • Copper thickness: #~12um
      • Line width: >=18/16/14um Pitch
      • Pin count: =<1900 Channel/48mm
      • Pin count: =<3000 Channel/70mm
  • Product Application: 1-Metal (單面) COF for TV, MNT, NB, Vehicle, Wearable, Mobile, Tablet.

• 2-Metal (雙面法):

  • Competitive Advantages: New process technology development capability; equipment design capability; good cost control capability.
  • Product/Technical Capability:
    • Micro LED IC Substrate: MIP0404, MIP0303, MIP0202
    • Thin Film IC Substrate
  • Product Application: 2-Metal for TV, Signage, NAND Flash.

Product Applications & Sizes

• LCD TV
• LCD Monitor
• Notebook (NB): 12.3"
• Wearable Device: ~2"
• Smartphone (Mobile): 6"
• Nand Flash
• Micro LED TV / Signage: 120" Up
• Micro LED in Package Substrate
• Tablet: 9"
• Vehicle: 15"
• Monitor (MNT): 32"
• TV: 65"-100"

MIP (Micro LED in Package) Structure Introduction

• Chip Size: 125um125um (micro-LED), <100um100um (miniLED)
• Product: MIP-0404
• Key Points:
  • The mass transfer process demands extremely high repeatability of substrate circuits.
  • Traditional circuit boards face insufficient precision, while glass/sapphire substrates have excessively high production costs.

MIP Substrate Process Differences Comparison

Financial Highlights and Key Metrics

Revenue (營業收入) - Unit: NT$ Thousand

Net Profit After Tax (稅後淨利) - Unit: NT$ Thousand

Financial Ratios

Historical Dividends

Future Outlook and Guidance

Market Conditions & Business Outlook - Market Development

1-Metal COF

• Current (目前):

  • Global consumer demand is affected by war, inflation, and economic stagnation.
  • The panel market is expected to return to traditional demand patterns post-2024.
  • Increasing COF demand in health management wearable devices.

• Future (未來):

  • Trends for 4K to 8K in TV panels and demand for high-resolution/refresh-rate display panels are anticipated.
  • Transitioning designs for wearable and automotive panels.

2-Metal IC Substrate

• Current (目前):

  • Development of mini and micro LED technologies is actively vibrant.
  • JMC's 2-Metal IC Substrate has begun applications in micro LED products.

• Future (未來):

  • Expansion of applications for Micro LED, increasing customer base.

Strategic Initiatives and Plans

• Overall Strategy: To be a provider of comprehensive flexible IC substrate products to customers.
• Market Expansion: Expanding 2-Metal IC Substrate applications for Micro LED and other IC Substrate fields.
• Product Development: Continuing new process technology development, equipment design, and cost control.

Key Charts, Graphs, and Data Points

Display Technology Development Trends

• Micro LED: Focus on current and future development.
• OLED: Focus on current and future development.
• LCD: Focus on current development.

COF Manufacturer Distribution (Capacity in KK)

Application Pin Count (Channel)/Bandwidth

• 1-Metal Subtractive: =<1400/48mm, =<2000/70mm
• 1-Metal Semi-Additive: 14001900/48mm, 20003000/70mm
• 2-Metal: 19002500/48mm, 30004000/70mm

Industry-Specific Terminology and Concepts

• COF (Chip on Film): 捲帶式高階覆晶薄膜IC基板
• Reel to Reel: A manufacturing process where materials are processed while moving from one reel to another.
• Fine-Pitch: Very small spacing between electrical contacts on an IC substrate.
• Subtractive: A process where material is removed from a substrate to form circuits.
• Semi-Additive: A process combining additive and subtractive techniques.
• 1-Metal: Single-sided substrate.
• 2-Metal: Double-sided substrate.
• Micro LED & Mini LED: Types of display technologies.
• MIP (Micro LED in Package): Micro LED integrated within a package.
• IC Substrate & COF: Base materials for integrated circuits.