穎崴科技股份有限公司 (TWSE:6515) [time:2026Q1] 法說會簡報

Name: FinmoConf 台股法說會簡報資料集
Creator: FinmoAI
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Keywords: FinmoConf,台股,法說會,法人說明會,財報,簡報,PDF

Company Overview

公司名稱 (Company Name): 穎崴科技股份有限公司 (WinWay Technology Co., Ltd.)
股票代號 (Stock Code): TWSE:6515
標語 (Slogan): Your Trusted Partner in Semiconductor Testing
成立日期 (Established Date): 西元2001年4月10日 (April 10, 2001)
董事長兼總經理 (Chairman & General Manager): 王嘉煌 (Wang, Chia-Huang)
實收資本額 (Paid-in Capital): NTD 360,416,420
員工人數 (Number of Employees): 1408人
服務項目 (Services): 半導體測試介面研發設計及製造銷售 (R&D, design, manufacturing, and sales of semiconductor test interfaces)
登記地址 (Registered Address): 高雄市楠梓區創意南路68號 (No. 68, Chuangyi S. Rd., Nanzi Dist., Kaohsiung City)
主要據點 (Key Locations):
- 高雄總公司 (Kaohsiung Headquarters)
- 美國分公司 (US Branch)
- 新竹分公司 (Hsinchu Branch)
- 蘇州廠 (Suzhou Plant)
- 仁武廠 (Renwu Plant)
經營理念 (Business Philosophy):
- 始終站在客戶的角度思考半導體測試需求, 並透過客戶參與、技術創新、製造管理及供應鏈整合, 持續堅持品質, 服務全球, 致力於為客戶、員工、供應商及股東創造最大的福利並善盡社會責任。
- 持續創新 (Continuous Innovation): 透過技術創新為客戶打造最佳測試介面解決方案。
- 堅持品質 (Insist on Quality): 提供整體解決方案並於全球準時交付, 超越客戶的品質要求。
- 全球服務 (Global Service): 致力成為全球領先的專業測試服務供應商, 在IC測試各階段提供最佳服務。

Financial Highlights

2025 現金股利 (2025 Cash Dividend): 50 NTD

Recent Performance and Results (First 4 Months of 2026)

營收獲利持續成長 (Revenue and Profit Continue to Grow)
- 單位 (Unit): NTD MILLION (除每股盈餘外) | 項目 (Item) | 1Q26 | 4Q25 | 1Q25 | 1Q26 Over 4Q25 | 1Q26 Over 1Q25 | | :----------------- | :---- | :---- | :---- | :------------- | :------------- | | 營業收入 (Revenue) | 2,980 | 2,234 | 2,297 | +33% | +30% | | 營業毛利率 (Gross Profit Margin) | 43% | 42% | 49% | +1ppts | -6ppts | | 營業費用 (Operating Expenses) | 505 | 457 | 393 | +11% | +29% | | 營業淨利率 (Operating Profit Margin) | 26% | 21% | 32% | +5ppts | -6ppts | | 本期淨利 (Net Income) | 699 | 483 | 613 | +45% | +14% | | 純益率 (Net Profit Margin) | 24% | 22% | 27% | +2ppts | -3ppts | | 每股盈餘 (EPS) (NTD) | 19.54 | 13.53 | 17.21 | +44% | +14% |

Business Segments

全球客戶營收概況 (Global Customer Revenue Overview) (First 4 Months of 2026):
- 區域分佈 (Regional Distribution):
  - North American: 81%
  - Taiwan: 12%
  - China: 7%
- 前十大客戶 (Top10 Customers): 佔總營收 90%
  - 主要應用領域 (Main Application Areas): AI, HPC (High-Performance Computing), ASIC (Application-Specific Integrated Circuit)
  - 客戶產品類型 (Customer Product Types): CPU (Central Processing Unit), GPU (Graphics Processing Unit), AP (Application Processor)
- 活躍客戶 (Active Customers): 200+
  - 客戶類型 (Customer Types): IC Design, CSP (Cloud Service Provider), Foundry
  - 客戶商業模式 (Customer Business Models): ASIC, OSAT (Outsourced Semiconductor Assembly and Test), IDM (Integrated Device Manufacturer)
客戶先進製程占比續增 (Increasing Proportion of Advanced Process Customers) (First 4 Months of 2026):
- 成熟製程 (Mature Node): 11%
  - 應用領域 (Applications): Automotive, Networking, IoT (Internet of Things), DTV (Digital Television) & STB (Set-Top Box), NAND Flash
- 先進製程 (Advanced Node): 89% (7nm or equivalent node and below)
  - 應用領域 (Applications): AI, HPC, GPU, CPU, Smart Phone

Products & Technologies

半導體測試介面產品線 (Semiconductor Test Interface Product Line):
- 晶圓測試 (Wafer Sort) (CP - Circuit Probe):
  - 產品 (Products): Vertical Probe Card, MEMS Probe Card, Cobra Probe Head
  - 關鍵技術 (Key Technology): K.G.D (Known Good Die)
- 最終測試 (Final Test) (FT):
  - 產品 (Products): Coaxial Socket, PoP Socket
  - 關鍵技術 (Key Technologies): CPO/CPC substrate, Optical Engine, WMCM/SIP/MoP
- 高頻高速系統測試 (SLT - System Level Test, SFT - System Functional Test):
  - 產品 (Products): HyperSocket™, Coaxial Socket
  - 關鍵技術 (Key Technologies): 2.5D&3D PKG (Package), WMCM/SIP/MoP, CPO Module
- 高速老化測試 (Functional Burn-in):
  - 產品 (Products): Production Burn-in Socket, Functional Burn-in
- 溫控設備 (Thermal System):
  - 產品 (Products): Liquid Cooling HyperSocket™, Active Thermal Controller
2026產品組合 (2026 Product Mix) (First 4 Months of 2026):
- Coaxial Socket: 46%
- Probe Card: 27%
- PoP & Plastic Socket: 15%
- Contact Element: 7%
- Others: 3%
- Burn-in Socket: 2%
產品應用廣泛 (Broad Product Applications) (First 4 Months of 2026):
- HPC & AI: 68% (主要產品: HyperSocket™, Coaxial Socket)
- Networking, Auto / Others: 22% (主要產品: Plastic Socket)
- Smart Phone: 8% (主要產品: POP Plastic Socket)
- PC & Gaming: 2% (主要產品: POP Plastic Socket)
高階測試座革新半導體測試方案 (High-End Test Socket Innovates Semiconductor Test Solutions):
- 產品名稱 (Product Name): 雙層超導 HyperSocket™ (Dual-layer Superconducting HyperSocket™)
- 專利號碼 (Patent NO.): TWI862047, TWI884802, TWI862191, TWI901161, TWI922268, TWI923382, CN220584352
- 專利申請中 (Patent Pending): USA, Malaysia
- 主要特色 (Key Features):
  - 大封裝 (Large Package): 加大接觸面積, 提升散熱效益, 提高測試穩定性。
  - 大功耗 (High Power Consumption): 平行電流路徑, 大幅降低溫升。
  - 高速率 (High Speed): 全金屬屏蔽, 短迴路設計, 滿足224Gbps以上測試。
  - 高腳數 (High Pin Count): 零預壓創新設計, 延長維護週期。
全球首推半導體液冷測試方案 (World's First Semiconductor Liquid Cooling Test Solution):
- 產品名稱 (Product Name): 高電流液冷 Liquid Cooling Socket (High Current Liquid Cooling Socket)
- 專利號碼 (Patent NO.): TWI901181, US12625162
- 主要效益 (Key Benefits): 提升測試散熱效率, 提高先進封裝測試穩定性, 延長探針使用壽命。
矽光子CPO測試方案全面導入 (Full Introduction of Silicon Photonics CPO Test Solution):
- 概念 (Concept): CPO 全域性測試架構 (CPO Global Test Architecture)
- 測試層級與產品 (Testing Levels & Products):
  - Wafer Level → Die Level: WLCSP Probe Head (PIC & EIC Wafer test)
  - Package Level: Optical and Electrical Test Socket (Optical Engine)
  - Module Level: Double Sided Probing System, HyperSocket™ (CPO Module Source: ASE官網)
全球首推超高功率溫控方案 (World's First Ultra-High Power Thermal Control Solution):
- 產品名稱 (Product Name): E-Flux6 3500W 液冷溫控系統 (E-Flux6 3500W Liquid Cooling Thermal Control System)
- 趨勢 (Trend): AI晶片帶動高功率散熱需求 (AI chips drive demand for high-power heat dissipation)
- 功率散熱趨勢 (Power Dissipation Trend):
  - 2026: ~2,500W
  - 2028: ~6,000W
  - 2030: ~8,000W

Outlook & Strategy

AI驅動未來產業價值鏈 (AI Drives Future Industry Value Chain) (Source: NVIDIA):
- 應用 (Applications): AI Agent, LLM (Large Language Model) / Gen AI (Generative AI), AI PC, Humanoid Robot, Smart Factory, Self-driving car, AR/VR (Augmented Reality/Virtual Reality), Digital Twins, Smart City。
- 模型 (Models): AI Framework, Foundation Model, MLOps (Machine Learning Operations) / Platform, AI Training Platform。
- 基礎設施 (Infrastructure): AI Factory, Liquid Cooling, Hyperscale Datacenter, Optical Network。
- 晶片 (Chips): GPU, AI ASIC, XPU, CPU, CoWoS (Chip-on-Wafer-on-Substrate) / SolC (System-on-Integrated-Circuit), HBM (High Bandwidth Memory), Chiplet, CPO (Co-Packaged Optics) / CPC (Co-Packaged Computing)。
- 能源 (Energy): Power Delivery, Green Energy, Electric power。
半導體產業核心驅動力 (Core Drivers of Semiconductor Industry): AI, Agentic AI, Collaborative Robots, Edge Computing, Data Center, High Speed Networking, AI PC & Phone。
封裝技術再進化突破效能極限 (Advanced Packaging Technology Evolves, Breaking Performance Limits) (Source: TSMC, IDTechEx Research):
- Interposer Size 演進 (Evolution):
  - 2024: 3.3-reticle, 8xHBM3
  - 2025: 5.5-reticle, 12xHBM3E/4
  - 2026: 9.5-reticle, 12xHBM4E
  - 2028: 14-reticle, 20xHBM5
  - 2029: >40-reticle, 64HBM (SoW-X)
- Interposer 類型 (Interposer Types): Si-based Interposer (2.5D Si interposer, 2.5D Si bridge-fan-out), Organic-based Interposer (2.5D fan-out), Glass-based Interposer (2.5D Glass interposer)。
先進封裝推動高階測試需求 (Advanced Packaging Drives High-End Test Demand): 高速, 大封裝, 大功耗, 高頻。

晶圓測試將成IC測試挑戰 (Wafer Test Becomes IC Test Challenge):

At Speed Test and K.G.D (Known Good Die)

Cobra vs. MEMS 探針卡比較 (Probe Card Comparison):

特性 (Feature)	Cobra	MEMS
Pin Count	Less, limited to probe force design	Higher (More flexible to design)
CCC(A)	2.2 @ 4mil probe diameter	2.2 @ 3mil probe diameter
High Speed	32G	★ 112G
Force(g)	2~25	★ 1.5~4.5
Pitch (um)	80~200	★ 40~200
Operating Temp.	-50°C to 150°C	★ -50°C to 175°C

Chiplet Multiple Probe Card Demand (Source: Trend Force): COMOS 28nm, GPU 7nm, SENSOR 28nm, CPU 7nm, MEMORY 14nm, I/O, PCle 22nm。

AI持續帶動系統測試高速成長 (AI Continues to Drive High-Speed Growth in System Testing):
- 提供全面解決方案 (Comprehensive solution for all test insertions)。
- 需求 (Requirements): Ultra Large Package (>100X100mm²), High Pin Count (>20KPin), High-Speed Testing (>224Gbps), High Heat Density (>4000W)。
自製探針產能持續擴充 (Continuous Expansion of In-house Probe Production Capacity):
- 效益 (Benefits):
  - 成本優化 (Cost Optimization): 自製率提升, 優化毛利結構。
  - 技術自主 (Technological Autonomy): 掌握關鍵製程技術, 優化探針特性。
  - 品質控管 (Quality Control): 產品品檢嚴謹, 卓越客戶體驗。
  - 交期彈性 (Delivery Flexibility): 物料彈性調度, 快速應變需求。
- WinWay Spring Probe Capacity (Pin / Month):
  - 2026 H1: 6M
  - 2026 H2: 9M
  - 2027 H1: 14M
高雄仁武廠 Socket產線加速擴增 (Accelerated Expansion of Kaohsiung Renwu Socket Production Line):
- 仁武一廠 (Renwu Plant I): 2026年4月開始投產。
- 仁武二廠 (Renwu Plant II):
  - 動土日 (Groundbreaking Date): 2026年5月29日
  - 預計投產 (Estimated Production Start): 2027 Q2
  - 總面積 (Total Area): 約6300坪
- WinWay Socket Capacity (Set / Month - 5,000-pin equivalent sockets):
  - 2026 H1: 3.3K
  - 2026 H2: 4.2K
  - 2027 H1: 7.2K
先進製程與封裝複雜度倍增 (Advanced Process and Packaging Complexity Doubled):
- 主要驅動因素 (Key Drivers): CoWoS, CoPoS, CPO。
- 影響 (Implications):
  - Fab and OSAT expansion drive equipment demand。
  - Longer and Longer Fab In-process Time。
  - HyperSocket™ -DH: Bigger and Bigger Device Package, Higher and Higher Device Power Consumption。
  - Functional Burn-In Requirement: More Reliability Test Insertion。
半導體測試時間大幅增加 (Semiconductor Test Time Significantly Increased):
- MEMS and Cobra Probe card: Longer Wafer Sort Test Time。
- Plastic, Coaxial and HyperSocket™: Longer FT (ATE) Test Time。
- Coaxial and HyperSocket™: Longer SLT Test Time。
半導體多元應用驅動營收長期成長 (Diverse Semiconductor Applications Drive Long-Term Revenue Growth):
- 應用領域 (Application Areas): GPU, CPU, TPU (Tensor Processing Unit), AI ASIC, Automotive, Edge Computing, Smart Phone, High Speed Networking。
- WinWay 產品支援 (WinWay Product Support): MEMS Probe Card, HyperSocket™, Functional Burn-in。

Additional Data

仁武產業園區廠房動土典禮 (Renwu Industrial Park Plant Groundbreaking Ceremony):
- 日期 (Date): 2026.05.29
- 地點 (Location): 仁武產業園區高雄市仁武區仁發六路6號對面 (Renwu Industrial Park, opposite No. 6, Renfa 6th Road, Renwu District, Kaohsiung City)
2026年度股東會 (2026 Annual Shareholders' Meeting):
- 日期 (Date): 2026.06.17
- 地點 (Location): 莊敬堂高雄市楠梓區加昌路600號 (Zhuangjing Hall, No. 600, Jiachang Road, Nanzi District, Kaohsiung City)

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