旺矽科技股份有限公司 (6223.TT) 2025Q3 法說會簡報
Company Overview
旺矽科技股份有限公司 (MPI CORPORATION) 是一家提供測試解決方案的廠商，業務涵蓋半導體測試的各個環節。
Presentation Disclaimer: 本資料所含資訊包含前瞻性陳述。這些前瞻性陳述基於我們目前對未來事件的預期和預測。儘管我們認為這些預期和預測是合理的，但此類前瞻性陳述本質上受制於風險、不確定性和假設，包括但不限於：半導體和LED產業及市場的激烈競爭；半導體產業的週期性；與全球商業活動相關的風險；以及總體經濟和政治條件。本文討論的所有財務數據均根據IFRS編制。所有經審計的數據將在審計程序完成後公開發布。
Business Segments
MPI提供以下五大業務領域的測試解決方案：
- Probe Card (探針卡)
- 始於 1995 年
- Photonics Automation (光電自動化)
- 始於 2001 年
- Advanced Semiconductor Test (先進半導體測試)
- 始於 2014 年
- Thermal Test (熱測試)
- 始於 2015 年
- Celadon Systems (賽拉頓系統)
- 始於 2021 年
The Powerhouse of Testing Solutions (測試解決方案的動力來源): MPI的解決方案涵蓋IC測試的整個流程： IC Design (IC設計) → Wafer (~12", 晶圓) → Chip Probing (晶片探測) → IC Package/Assembly (IC封裝/組裝) → Function Test (功能測試) → IC Reliability Burn-in (IC可靠性老化測試) MPI在其中提供的解決方案包括：
- Advanced Semiconductor Test (先進半導體測試)
- Probe Card (探針卡)
- Photonics Automation (光電自動化)
- Thermal (熱測試)
Products & Technologies
Probe Card (探針卡)
MPI Probe Card: Advanced Wafer Sort Test Solutions (先進晶圓分類測試解決方案)
- Vertical / MEMS Cantilever (垂直 / 微機電懸臂樑)
- Features (特色): Fine Pitch (細間距), MEMS (微機電), High Pin Count (高針數), High Speed (高速), Substrate (基板), Hand-wired (手工佈線), RF (射頻)
Full range of products for the applications sufficient coverage solutions to IC markets (為IC市場提供應用廣泛的產品解決方案):
- CPC: Pitch 40um (Logic) or more, Pitch 7um (Display Driver) or more
- OSPREY (FW): Pitch 40um or more, Small pad size
- KESTREL (MW): Pitch 70um or more, Low force & High pin count
- EVS/FCB: Pitch 80um or more, High CCC (High Current Carrying Capacity)
應用領域 (Applications): PMIC, Multimedia Communication (多媒體通訊), Display Driver (顯示驅動), MCU, Automotive (汽車), ASIC, MPU, FPGA, AP, CPU, GPU
技術節點 (Technology Nodes) 範例:
- COF/COG: 28nm
- Wire-Bond: 5nm, 40nm, 3nm
- Soldering Bumps: 55nm, 7nm, 5nm, 3nm
- Cu-Pillar Bumps: 10nm, 28nm, 40nm, 7nm, 5nm, 10nm, 3nm
- COWOS: 28nm, 40nm, 7nm, 5nm, 10nm, 7nm
MPI Probe Card: 提供全方位解決方案 (Comprehensive Solutions):
- Comprehensive Product Range for Circuit Testing 全方位的產品布局: MPI provides omnidirectional products to global customers, including fine pitch CPC, high speed VPC and low force MEMS solutions.
- Solid Global Clientele 堅實的國際合作夥伴: MPI works closely with worldwide market leaders, especially for the AI, HPC application related.
- Complete Probe Card Solution 完整的探針卡整合方案: Provide probe head, substrate (MLO/MLC/MLOC) and PCB one-stop service.
Thermal Test (熱測試)
MPIThermal: Hot and Cold Air Flow Environmental Temperature Test (冷熱氣流環境溫度測試)
- Temperature Testing Systems (溫度測試系統): -100°C to +300°C ThermalAir Series
- Applications & Industry Segments (應用與產業領域): Semiconductor (半導體), Automotive (汽車), Aerospace (航空航天), Telecommunications (電信), Fiber Optic (光纖), Electronics (電子), Sensors (感測器), Advanced Technology (先進技術)
MPI Thermal: 客戶導向 (Customer-Oriented):
- Innovational Temperature System 創新的溫度測試系統: Ongoing R&D investments in platforms and improvements leads MPI to meet customer demands. Thermal systems have a number of patents to provide efficient energy saving products that helps clients to fulfill ESG responsibility.
- Top Skillful RD Team 頂尖優秀專業的研發團隊: MPI's thermal solutions are developed by industry veterans with over 100 years of combined experience.
- Deep Cooperation with Leading Customers for Engineering and Production demand 與世界領導級大廠深度合作, 提供工程及量產需求: Product application expands to automotive, 5G/RF communication, fiber optic, and sensing fields.
Advanced Semiconductor Test (AST)
MPI Advanced Semiconductor Test: Engineering Probe Systems and RF Probe Products (工程探針系統與射頻探針產品)
- Wafer size (晶圓尺寸): 50-300 mm
- Frequency (頻率): 26-110 GHz
- Applications & Industry Segments (應用與產業領域): Device Characterization High Power (高功率元件特性分析), RF & mmW (射頻與毫米波), Design Validation (設計驗證), Failure Analysis (故障分析), Wafer Level Reliability (晶圓級可靠性), Silicon Photonics (矽光子), Laser Cutter (雷射切割)
MPI AST: 獨特的市場領導者 (Unique Market Leader):
- Unique Global Position 全球獨特的市場地位: Combining Analytical probing solution and RF measurement core technology, MPI is top solution provider for full range hi-frequency response measurement.
- VOC Design 客戶導向設計: Design based on Voice of the customer to full-fill customers' needs.
- Complete Solution 提供完整的解決方案: Various series of products to cover wide range applications include Device Modeling (元件建模), RF & mmW, WLR (晶圓級可靠性), High-Power (高功率), Failure Analysis (故障分析), Extreme temperature test (極端溫度測試) ...etc.
Financial Highlights
2025 Q3 出貨分布 (Shipment Distribution)
- Probe Card (探針卡): 73.8%
- Equipment (設備): 24.6%
- Other (其他): 1.6%
MPI 營業表現 (Operating Performance)
Revenue (營收) (NT$M):
- 2021: 6,509
- 2022: 7,439
- 2023: 8,147
- 2024: 10,171
- 2025 1-3Q: 9,535
- 說明: Continuous revenue growth driven by high customer satisfaction (高客戶滿意度推動營收持續增長).
Gross Profit (毛利) (NT$M):
- 2021: 2,743
- 2022: 3,406
- 2023: 3,897
- 2024: 5,560
- 2025 1-3Q: 5,365
- 說明: Margin expansion is the result of strong RD investment (毛利率擴張是強勁研發投資的結果).
EPS (每股盈餘) (NT$):
- 2021: 7.44
- 2022: 12.89
- 2023: 13.92
- 2024: 24.42
- 2025 1-3Q: 23.65
- 說明: Accelerating profit earning shows MPI's shareholder commitment (加速的獲利能力展現了MPI對股東的承諾).
MPI 股東權益報酬率 (Return on Equity - ROE):
- 2019: 10.07%
- 2020: 14.24%
- 2021: 11.89%
- 2022: 18.73%
- 2023: 18.05%
- 2024: 27.21%
- 2025 1-3Q: 22.70%
MPI 資產負債表 (Balance Sheet) (NT$M)
| 項目 | 2025 3Q | 佔比 | 2024 3Q | 佔比 |
|---|---|---|---|---|
| Cash and Cash Equivalents | 5,138 | 25% | 2,754 | 19% |
| Fixed Assets | 8,963 | 43% | 5,954 | 42% |
| Total Assets | 20,757 | 100% | 14,290 | 100% |
| LT Debt | 1,346 | 7% | 1,354 | 9% |
| Shareholders' Equity | 10,905 | 53% | 8,710 | 61% |
| EBITDA | 2,697 | 28% | 1,938 | 27% |
- 註: EBITDA = operating income (營業收入) + depreciation & amortization expenses (折舊與攤銷費用)
MPI 綜合損益表 (Income Statement) (NT$K)
2025 1-3Q vs 2024 1-3Q:
| 項目 | 2025 1-3Q | 佔比 | 2024 1-3Q | 佔比 | QoQ |
|---|---|---|---|---|---|
| Net Sales | 9,535,264 | 100% | 7,169,036 | 100% | 33.0% |
| Cost of Goods Sold | (4,170,224) | (44%) | (3,295,826) | (46%) | 26.5% |
| Gross Profit | 5,365,040 | 56% | 3,873,210 | 54% | 38.5% |
| Operating Expense | (2,549,761) | (27%) | (2,143,738) | (30%) | 18.9% |
| Operating Income | 2,815,279 | 29% | 1,729,472 | 24% | 62.8% |
| Investment Income & Others | (118,509) | 208,915 | -156.7% | ||
| Net Income (after tax) | 2,227,632 | 23% | 1,584,880 | 22% | 40.6% |
| EPS (after tax) | 23.65 | 16.83 | 40.5% |
2025 3Q vs 2025 2Q vs 2024 3Q:
| 項目 | 2025 3Q | 佔比 | 2025 2Q | 佔比 | QoQ | 2024 3Q | 佔比 | YoY |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 3,413,781 | 100% | 3,292,785 | 100% | 3.7% | 2,729,350 | 100% | 25.1% |
| Cost of Goods Sold | (1,591,345) | (47%) | (1,373,511) | (42%) | 15.9% | (1,182,077) | (43%) | 34.6% |
| Gross Profit | 1,822,436 | 53% | 1,919,274 | 58% | -5.1% | 1,547,273 | 57% | 17.8% |
| Operating Expense | (926,563) | (27%) | (840,212) | (25%) | 10.3% | (802,172) | (29%) | 15.5% |
| Operating Income | 895,873 | 26% | 1,079,062 | 33% | -17% | 745,101 | 28% | 20.2% |
| Investment Income & Others | 156,941 | (322,830) | 148.6% | 26,671 | 488.4% | |||
| Net Income (after tax) | 876,674 | 26% | 627,916 | 19% | 39.6% | 649,279 | 24% | 35.0% |
| EPS (after tax) | 9.3 | 6.67 | 39.4% | 6.89 | 34.9% |
Clients & Markets
MPI全球探針卡市場 (Global Probe Card Market)
- Semiconductor Probe Cards (半導體探針卡): US$2.7B in 2025 / CAGR 8.9% 2024-29
- 市場份額 (Market Share) (2025):
- Memory (記憶體): 33%
- Non-Memory (非記憶體): 67%
- 市場規模 (Market Size) (按類型):
- Cantilever (懸臂樑): $235M, 9.5% CAGR
- Vertical (垂直): $353M, 5.8% CAGR
- MEMS (微機電): $1041M, 6.3% CAGR
- 資料來源: TechInsights (2025/5)
MPI 自製IC探針卡供應商 (MPI as an IC Probe Card Supplier)
Top 10 Probe Cards Revenue ($M) (前十大探針卡營收):
| 排名 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| 1 | FormFactor (USA) | FormFactor (USA) | FormFactor (USA) | FormFactor (USA) | FormFactor (USA) |
| 2 | Technoprobe (Italy) | Technoprobe (Italy) | Technoprobe (Italy) | Technoprobe (Italy) | Technoprobe (Italy) |
| 3 | Micronics Japan (Japan) | Micronics Japan (Japan) | Micronics Japan (Japan) | Micronics Japan (Japan) | Micronics Japan (Japan) |
| 4 | Japan Electronic Materials (Japan) | Japan Electronic Materials (Japan) | Japan Electronic Materials (Japan) | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) |
| 5 | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) | Japan Electronic Materials (Japan) | Japan Electronic Materials (Japan) |
- 資料來源: TechInsights (2025/5)
MPI 前五大非記憶體探針卡供應商 (MPI as a Top 5 Non-Memory Probe Card Supplier)
Top 5 Non-Memory Suppliers (前五大非記憶體供應商):
| 排名 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| 1 | FormFactor (USA) | Technoprobe (Italy) | Technoprobe (Italy) | Technoprobe (Italy) | Technoprobe (Italy) |
| 2 | Technoprobe (Italy) | FormFactor (USA) | FormFactor (USA) | FormFactor (USA) | FormFactor (USA) |
| 3 | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) | MPI Corporation (Taiwan) |
| 4 | Nidec SV Probe (Singapore) | Japan Electronic Materials (Japan) | Nidec SV Probe (Singapore) | Nidec SV Probe (Singapore) | Nidec SV Probe (Singapore) |
| 5 | Japan Electronic Materials (Japan) | Nidec SV Probe (Singapore) | Japan Electronic Materials (Japan) | Japan Electronic Materials (Japan) | Japan Electronic Materials (Japan) |
- 資料來源: TechInsights (2025/5)
Outlook & Strategy
MPI 2030 半導體市場~$1Trillion (2030 Semiconductor Market ~$1 Trillion)
- 市場份額 (Market Share) (2030):
- HPC/AI: 45%
- Smartphone (智慧型手機): 25%
- Automotive (汽車): 15%
- IoT (物聯網): 10%
- Others (其他): 5%
- 半導體營收 (Semiconductor Revenue) ($B) (2020-2030f):
- 2020: ~$300B
- 2030(f): ~$1,100B
- 營收細分 (Revenue breakdown) (按應用, 2030f):
- Humanoid Robotics (人形機器人): 2.5 Mu
- Robo Taxi (機器人計程車): 2.5 Mu
- AI AR/XR: 50 Mu
- AI Smartphone (AI智慧型手機): 200 Mu (總計 1,000 Mu)
- AI PC (AI個人電腦): 100 Mu (總計 280 Mu)
- Data Center AI Accelerator (資料中心AI加速器): 5 Mu (總計 50 Mu)
- 資料來源: TSMC
MPI HPC/AI 探針卡挑戰 (HPC/AI Probe Card Challenges)
- Data Center - GPU and ASIC Forecast (資料中心 - GPU和ASIC預測):
- 2023: GPC 77% ($1XB), AI ASIC 23%
- 2029: GPC 70%, AI ASIC 30% (總計 $6XB)
- CAGR 2023-2029 ~30%
- HPC/AI Probe Card Future Trend (HPC/AI探針卡未來趨勢):
- High Pin Count (高針數)
- High CCC (Current Carrying Capacity) (高電流承載能力)
- High Speed (高速)
- 資料來源: TSMC, Yole
MPI Interface Technical Complexity Check in (MPI介面技術複雜度檢視)
Following the "2 x 4 Scaling" trend demonstrated over last two decades (過去二十年「2 x 4 縮放」趨勢):
- Pin Density (針腳密度):
- Today (現今): 70 um pad pitch, 16,000 pins per cm², 150+ Kg (total contact)
- 2030: 30 um pad pitch, 64,000+ pins per cm², 300+ Kg (total contact)
- Challenge (挑戰): Increasing DUT sites and pin count drive up the pin area density; Routing the I/O and power to the DUT combined with an increasing mechanical load. (DUT站點和針腳數量的增加推高了針腳面積密度；將I/O和電源佈線到DUT，同時機械負載增加。)
- I/O (輸入/輸出):
- Today (現今): 112 Gbps (dig), 54 GHz (5G), 2 kV (automotive)
- 2030: 400+ Gbps (dig), 110+ GHz (6G), 8 kV (automotive)
- Challenge (挑戰): Signal integrity when combined with very tight pin and DUT spacing and high DUT count. (在針腳和DUT間距非常緊密以及DUT數量多的情況下，信號完整性面臨挑戰。)
- Power (電源):
- Today (現今): 700 mV (main power), 750 A (single rail), 100 µOhm (impedance)
- 2030: <500 mV (main power), 2000 A (single rail), 500 µOhm (impedance)
- Challenge (挑戰): Large number of high current (>25A) device supplies require excellent precision; Supply voltage reduction (<700mV) combined with increasing number of power rails. (大量高電流 (>25A) 設備供電需要極高的精度；電源電壓降低 (<700mV) 結合電源軌數量增加。)
- Thermal (熱):
- Today (現今): 0.5 KW (self heating), OC to +125C
- 2030: 1.0 KW (self heating), -40C to +160C
- Challenge (挑戰): Removal of the DUT thermal energy due to self heating and support increased operating temp ranges; Increasing transistor count combined with tight DUT spacing rapidly increases thermal density. (由於自熱和支持增加的工作溫度範圍，移除DUT的熱能；電晶體數量增加結合緊密的DUT間距迅速增加熱密度。)
- 資料來源: Teradyne
Additional Data
MPI CPC & VPC 成長趨勢 (Growth Trend)
CPC & VPC Revenue (營收) (NT$M) and Gross Margin (毛利率):
| 年度/季度 | CPC (NT$M) | VPC (NT$M) | Gross Margin (%) |
|---|---|---|---|
| 2021 | ~7,000 | ~4,000 | 42% |
| 2022 | ~8,000 | ~4,000 | 46% |
| 2023 | ~10,000 | ~5,000 | 48% |
| 2024 | ~18,000 | ~6,000 | 55% |
| 2025 1Q | ~7,000 | ~2,000 | 57% |
| 2025 2Q | ~6,000 | ~2,000 | 58% |
| 2025 3Q | ~6,000 | ~2,000 | 53% |
MPI 全球同業毛利率 (Global Peer Gross Margin)
MPI vs. Peers (F, T, M, J):
| 季度 | 23 1Q | 23 2Q | 23 3Q | 23 4Q | 24 1Q | 24 2Q | 24 3Q | 24 4Q | 25 1Q | 25 2Q | 25 3Q |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MPI | 47.3% | 48.4% | 47.8% | 47.7% | 50.1% | 54.3% | 56.7% | 56.2% | 57.4% | 58.3% | 53.4% |
MPI 全球同業營利率 (Global Peer Operating Margin)
MPI vs. Peers (F, M, J):
| 季度 | 23 1Q | 23 2Q | 23 3Q | 23 4Q | 24 1Q | 24 2Q | 24 3Q | 24 4Q | 25 1Q | 25 2Q | 25 3Q |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MPI | 18.3% | 19.2% | 18.7% | 16.2% | 18.9% | 25.0% | 27.3% | 25.1% | 29.7% | 32.8% | 26.2% |
Global Locations (MPI全球據點)
MPI Offices (辦公室) & Representatives (代表處):
- Worldwide (全球):
- MPI America, CA, USA (2017)
- MPI Suzhou, Jiangsu, CN (2017)
- Celadon Systems, MN, USA (2021)
- ATV Systems, Dresden, Germany (2025)
- Focus Microwaves, QC, Canada (2025)
- Taiwan (台灣):
- Headquarters (總部), Hsinchu, TW (2000)
- Luzhu Office (蘆竹辦公室), Kaohsiung, TW (2006)
- 2nd Production Site (第二生產基地), Hsinchu, TW (2012)
- Xinpu Office (新埔辦公室), Hsinchu, TW (2014)
- 3rd Production Site (第三生產基地), Hsinchu, TW (2021)